Document:

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                                                                   Exhibit 10.24

                                                               EXECUTION VERSION

           THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT

              OF 1933 AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE

                  DISPOSED OF UNLESS REGISTERED UNDER THAT ACT

                 OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

                                 IFX CORPORATION

                           CONVERTIBLE PROMISSORY NOTE

$1,100,000.00                                           Dated: September 9, 2002

          FOR VALUE RECEIVED IFX CORPORATION, a Delaware corporation (the
"Company"), hereby promises to pay to ROF/IFX, LLC, a Delaware limited liability
company (the "Payee"), or its registered assigns, the principal amount of One
Million One Hundred Thousand and 00/100 Dollars ($1,100,000.00) together with
interest thereon calculated from the date hereof in accordance with the
provisions of this Convertible Note.

          Certain capitalized terms are defined in Section 8 hereof.

          1. Payment of Interest. Interest shall accrue at a rate equal to ten
percent (10%) per annum (the "Interest Rate") on the unpaid principal amount of
this Convertible Note outstanding from time to time; provided that so long as
any Event of Default has occurred and is continuing, interest shall accrue to
the extent permitted by law at the rate of the Interest Rate plus two percent
(2%) per annum on the unpaid principal amount of this Convertible Note
outstanding from time to time for the period beginning on the date on which such
Event of Default occurs and ending on the date on which such Event of Default
ceases to exist. Interest shall be computed on the basis of the actual number of
days elapsed and a 360-day year.

          2. Maturity Date. Unless previously converted in accordance with
Section 3 below, all of the principal amount of this Convertible Note plus
accrued and unpaid interest thereon shall automatically be converted into shares
of the Series D Preferred Stock at a conversion price equal to $1.20 per share
of Series D Preferred Stock (the "Series D Conversion Price") on June 30, 2003
(the "Maturity Date"). The Series D Preferred Stock to be issued upon any such
conversion shall have the same rights, preferences and privileges as the shares
of the Series D Preferred Stock issued in the Series D Financing. The Payee,
upon making such conversion, and as a condition thereof, shall enter into a
registration rights agreement and shareholders agreement substantially in the
form of the Third Amended and Restated Registration Rights Agreement and the
Fourth Amended and Restated Stockholders Agreement among the Company and the
holders of the Series D Preferred Stock. No fractional shares shall be issued
upon a conversion into Series D Preferred Stock. In lieu of any fractional
shares to which Payee would otherwise be entitled, the Company shall pay cash
equal to such fraction multiplied by the Series D Conversion Price.

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          3.    Conversion. (i) In the event that the Company enters into a
Qualified Financing Purchase Agreement prior to the Maturity Date (the date
thereof being the "Qualified Financing Date"), then at the election of the Payee
(the "Payee Election"), this Convertible Note plus accrued and unpaid interest
thereon may be converted, in whole and not in part, into Qualified Financing
Securities at a conversion price equal to the purchase price per Qualified
Financing Security set forth in the Qualified Financing Purchase Agreement (the
"Qualified Financing Conversion Price"). The Company shall provide Payee timely
notice of the Qualified Financing Date, and Payee shall make the Payee Election
within ten (10) business days of receiving such notice. The Payee, upon making
such conversion, and as a condition thereof, shall enter into any registration
rights agreement, shareholders agreement or other material agreements entered
into by other investors in the Qualified Financing. In the absence of a timely
election by Payee, or if Payee elects to convert to Series D Preferred Stock,
the Convertible Note shall be converted, in whole and not in part, into the
Series D Preferred Stock in accordance with the provisions of Section 2, but
within thirty (30) days of the Qualified Financing Date.

          (ii)  At such time as such conversion or a conversion under Section 2
has been effected, the rights of the holder of this Convertible Note as the
holder of such note shall cease, and the Person or Persons in whose name or
names any certificate or certificates for shares of the Series D Preferred Stock
or Qualified Financing Securities, as the case may be, are to be issued upon
such conversion shall be deemed to have become the holder or holders of record
of the shares of such Series D Preferred Stock or Qualified Financing Securities
represented thereby.

          (iii) The Company shall deliver to the converting holder a certificate
or certificates representing the number of shares of Series D Preferred Stock or
Qualified Financing Securities, as the case may be, issuable by reason of such
conversion in such name or names and such denomination or denominations as the
converting holder has specified.

          (iv)  The issuance of certificates for shares of Series D Preferred
Stock or Qualified Financing Securities, as the case may be, upon conversion of
this Convertible Note shall be made without charge to the holder hereof for any
issuance tax in respect thereof or other cost incurred by the Company in
connection with such conversion and the related issuance of shares of Series D
Preferred Stock or Qualified Financing Securities, provided that such holder
shall pay any transfer taxes associated therewith.

          (v)   The Company shall at all times reserve and keep available out of
its authorized but unissued shares of Series D Preferred Stock or Qualified
Financing Securities, as the case may be, solely for the purpose of issuance
upon conversion hereunder, such number of shares of Series D Preferred Stock or
Qualified Financing Securities issuable upon conversion. All such securities
which are so issuable shall, when issued, be duly and validly issued, fully paid
and nonassessable and free from all taxes, liens and charges (other than the
applicable shareholders agreement and securities laws). The Company shall take
all such actions as may be necessary to assure that all such securities may be
so issued without violation of any applicable law or governmental regulation or
any requirements of any domestic securities exchange upon which such shares of
capital stock may be listed; provided, that in no event will the Company be
obligated to register Series D Preferred Stock or Qualified Financing Securities
under the Securities Act of 1933.

                                       -2-

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          (vi) In addition to the conversion provisions under paragraphs 5(i)
through 5(v) above, the Company shall provide Payee the opportunity to convert 1
(one) share of IFX common stock in exchange for 0.16667 shares of such class of
Company preferred stock as described in paragraph 3(a) of the Amended And
Restated Put Agreement among the Company, UBS Capital Americas III, L.P. and UBS
Capital LLC, up to a maximum of 400,000 (Four Hundred Thousand) shares of IFX
common stock. Within 10 days of the funding of this Convertible Note by Payee,
Payee must provide the Company notice of its intension to convert and the number
of IFX common shares that will be tendered for conversion.

          4.   Method of Payments.

          (a)  Payment. Except with respect to an Event of Default,
notwithstanding anything contained elsewhere in this Convertible Note to the
contrary, the Company will pay all sums for principal, interest, premiums,
dividends or otherwise becoming due on this Convertible Note not later than 5:00
p.m. New York time, on the Maturity Date, in Series D Preferred Stock or
Qualified Financing Securities, as the case may be, in accordance with the
payment instructions that the Payee may designate in writing. Any payment made
after 5:00 p.m. New York time, on a Business Day will be deemed made on the next
following Business Day. If the Maturity Date falls on a day that is not a
Business Day, such due date shall be extended to the next succeeding Business
Day, and interest shall be payable on any principal so extended for the period
of such extension. All amounts payable under this Convertible Note shall be paid
free and clear of, and without reduction by reason of, any deduction, set-off or
counterclaim. The Company will afford the benefits of this Section to the Payee
and to each other Person holding this Convertible Note.

          (b)  Transfer and Exchange. Upon surrender of any Convertible Note for
registration of transfer or for exchange to the Company at its principal office,
the Company at its sole expense will execute and deliver in exchange therefor a
new Convertible Note or Convertible Notes, as the case may be, as requested by
the holder or transferee, which aggregate the unpaid principal amount of such
Convertible Note, registered as such holder or transferee may request, dated so
that there will be no loss of interest on the Convertible Note and otherwise of
like tenor. The issuance of new Convertible Notes shall be made without charge
to the holder(s) of the surrendered Convertible Note for any issuance tax in
respect thereof or other cost incurred by the Company in connection with such
issuance, provided that each Convertible Noteholder shall pay any transfer taxes
associated therewith. The Company shall be entitled to regard the registered
holder of this Convertible Note as the holder of the Convertible Note so
registered for all purposes until the Company or its agent, as applicable, is
required to record a transfer of this Convertible Note on its register.

          (c)  Replacement. Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of any Convertible
Note and, in the case of any such loss, theft or destruction of any Convertible
Note, upon receipt of an indemnity reasonably satisfactory to the Company or, in
the case of any such mutilation, upon the surrender and cancellation of such
Convertible Note, the Company, at its expense, will execute and deliver, in lieu
thereof, a new Convertible Note of like tenor and dated the date of such lost,
stolen, destroyed or mutilated Convertible Note.

                                       -3-

<PAGE>

          5.  Representations and Warranties of Payee. Payee represents and
warrants to Company that:

          (a) Investment Purpose. Payee is acquiring this Convertible Note and
any and all securities into which this Convertible Note is convertible solely
for its own account for the purpose of investment and not with a view to or for
sale in connection with any distribution thereof, and has no present intention
or plan to effect any distribution thereof. The securities issuable upon
conversion hereof will bear a legend to the following effect:

                    "The securities represented by this certificate
                    have not been registered under the Securities
                    Act of 1933, as amended (the "Act"), or the laws
                    of any state and may not be sold or transferred
                    except in compliance with the Act and such laws."

          (b) Information. Payee has had the opportunity to conduct and complete
customary business, financial, and operational due diligence investigations and
Payee is satisfied with the results of the due diligence investigations
conducted by Payee. Payee has been furnished with all materials relating to the
business, finances and operations of the Company that has been requested by
Payee, including but not limited to those documents specified in Attachment A
hereto. In addition, Payee has reviewed the public filings made by the Company
with the SEC. Payee understands and acknowledges that its investment in this
Convertible Note involves a high degree of risk.

          (c) Sophistication. Payee is able to bear the economic risk of an
investment in the Convertible Note and can afford to sustain a total loss of
such investment, and has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of the proposed
investment and therefore has the capacity to protect its own interests in
connection with the purchase of such Convertible Note.

          (d) Illiquidity. Payee understands that there is no public market for
the Convertible Note to be acquired by it and that there may never be a public
market for such Convertible Note or the preferred stock or other security to be
issued at conversion on the Maturity Date, and that such Purchaser may have to
bear the risk of its investment in such securities for a substantial period of
time.

          (e) Accredited Investor. Payee is an "accredited investor" within the
meaning of Regulation D promulgated under the Securities Act. In addition, Payee
has received such information as it considers necessary or appropriate for
deciding whether to acquire the Convertible Note.

          (f) Requisite Power and Authority. Payee has all necessary power and
authority to execute this Convertible Note. This Convertible Note has been duly
executed and

                                       -4-

<PAGE>

delivered by Payee, and when executed by Payee will constitute the legal, valid
and binding obligations of Payee, enforceable in accordance with their terms,
subject to applicable bankruptcy, insolvency, or other similar laws affecting
the enforceability of creditors' rights generally and court decisions with
respect thereto, and the discretion of courts in granting equitable remedies.

          (g) No Conflict. The execution by Payee of this Convertible Note and
the consummation of the transactions contemplated hereby by Payee will not
result in any violation of or default under, any provision of the organizational
documents of Payee, any contract to which Payee is a party or any applicable
law, rule or regulation, which violation or default could reasonably be expected
to (i) affect the validity of this Convertible Note, (ii) affect in any material
respect any action taken or to be taken by Payee pursuant to this Convertible
Note, or (iii) have a material adverse effect on the properties, assets,
business or operations of such Payee.

          (h) Confidentiality. The terms and conditions of the Mutual
Non-Disclosure Agreement ("NDA") previously entered into by Payee and the
Company, shall govern the exchange of all confidential information between the
parties. The NDA shall survive execution of this Convertible Note.

          6.  Representations and Warranties of the Company. The Company
represents and warrants to Payee that:

          (a) Organization and Qualification. The Company and each of its
subsidiaries is an entity duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization, with power and authority to
conduct its business as it is now being conducted, to own or use its properties
and assets that it purports to own or use and, in the case of the Company, to
perform its obligations under this Convertible Note. The Company and each of its
subsidiaries is duly qualified to do business as a foreign company and is in
good standing under the laws of each state or other jurisdiction in which either
the ownership or use of the properties owned or used by it, or the nature of the
activities conducted by it, requires such qualification.

          (b) Absence of Conflicts. Neither the execution, delivery and
performance of this Convertible Note by the Company, nor the consummation of the
transactions contemplated hereby, nor compliance by the Company with any of the
provisions hereof, will (a) violate, conflict with, or result in a breach of any
provision of, constitute a default under, or permit or result in the termination
of, acceleration of any obligation under, or creation of a lien under any of the
terms, conditions or provisions of, (i) the certificate of incorporation, bylaws
or stockholders agreements of the Company, or (ii) any note, mortgage,
indenture, contract, agreement or license by which the Company or any of the
properties or assets thereof may be bound, or to which the Company or any
subsidiary thereof or any of the properties or assets thereof may be subject, or
(b) violate or conflict with any law, rule, regulation, judgment, ruling, order,
writ, injunction or decree applicable to the Company or any subsidiary thereof
or any of the properties or assets thereof.

                                       -5-

<PAGE>

          (c)  Authorization of Agreements, Etc. Each of (i) the execution and
delivery by the Company of this Convertible Note, (ii) the performance by the
Company of its obligations hereunder, and (iii) the issuance, sale and delivery
by the Company of this Convertible Note and the shares of Series D Preferred
Stock or other security issuable upon conversion thereof has been duly
authorized by all necessary corporate action of the Company.

          (d)  Validity. This Convertible Note has been duly executed and
delivered by the Company and constitutes the legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms.

          7.   Events of Default. If any of the following events takes place
before the Maturity Date (each, an "Event of Default"), Payee at its option may
declare all principal and accrued and unpaid interest thereon and all other
amounts payable under this Convertible Note immediately due and payable in
immediately available cash funds; provided, however, that this Convertible Note
shall automatically become due and payable without any declaration in the case
of an Event of Default specified in clause 3 or 5, below:

          (1)  The Company fails to make payment of the full amount due under
               this Convertible Note by the issuance of Series D Preferred Stock
               or Qualified Financing Securities, as the case may be; or

          (2)  A receiver, liquidator or trustee is appointed by a court order
               (i) of the Company or (ii) for any substantial part of the
               Company's assets or properties; or

          (3)  The Company is adjudicated bankrupt or insolvent; or

          (4)  A substantial part of the Company's property is sequestered by or
               in consequence of a court order and such order remains in effect
               for more than 30 days; or

          (5)  The Company files a petition in voluntary bankruptcy or requests
               reorganization under any provision of any bankruptcy,
               reorganization or insolvency law or consents to the filing of any
               petition against it under such law, or

          (6)  Any petition against the Company is filed under bankruptcy,
               receivership or insolvency law; or

          (7)  The Company makes a formal or informal general assignment for the
               benefit of its creditors, or admits in writing its inability to
               pay debts generally when they become due, or consents to the
               appointment of a receiver, liquidator or trustee of the Company
               or for all or any part of its property; or

          (8)  An attachment or execution is levied against any substantial part
               of the Company's assets that is not released within 30 days; or

          (9)  The Company dissolves, liquidates or ceases business activity, or
               transfers the majority of its assets other than in the ordinary
               course of business; or

          (10) The Company breaches any material covenant or agreement on its
               part contained in this Convertible Note;

          (11) There exists any material inaccuracy or untruthfulness of any
               representation or warranty of the Company set forth in this
               Convertible Note; or

                                       -6-

<PAGE>

          (12) The Company shall default under any promissory note, credit
               agreement, loan agreement, conditional sales contract, guarantee,
               lease, indenture, bond, debenture or other material obligation to
               which it is a party whatsoever having an aggregate outstanding
               amount greater than $1,000,000 and a party thereto or a holder
               thereof is entitled to accelerate the obligations of the Company.

          8.   Definitions.

          "Business Day" means a day (other than a Saturday or Sunday) on which
banks generally are open in New York, New York for the conduct of substantially
all of their activities.

          "Convertible Note" shall mean this Convertible Promissory Note,
together with any other convertible notes in the form hereof issued upon
transfer or exchange hereof, in whole or in part.

          "Convertible Noteholder" with respect to any Convertible Note, means
at any time each Person then the record owner of such Convertible Note and
"Convertible Noteholders" means all of such Convertible Noteholders
collectively.

          "Person" means any person or entity of any nature whatsoever,
specifically including an individual, a firm, a company, a corporation, a
partnership, a limited liability company, a trust or other entity.

          "Series D Preferred Stock" means the series of convertible preferred
stock of the Company issued in the Series D Financing.

          "Series D Financing" means the issuance of convertible preferred stock
of the Company to one or more investors for cash pursuant to the Series D Stock
Purchase Agreement.

          "Series D Stock Purchase Agreement" means the IFX Corporation Series D
Convertible Preferred Stock Purchase Agreement dated as of February 19, 2002,
among the Company and the other parties named therein.

          "Qualified Financing" means the future issuance of Qualified Financing
Securities to one or more investors following the date of issuance of this
Convertible Note pursuant to a Qualified Financing Purchase Agreement, if any.

          "Qualified Financing Securities" means a new series of convertible
preferred stock or debt, any common stock or any convertible debentures of the
Company to be issued pursuant to a Qualified Financing Purchase Agreement, if
any.

          "Qualified Financing Purchase Agreement" means an agreement executed
by the Company after the date hereof which provides the Company with debt or
equity financing in the minimum amount of $2.5 million in connection with the
issuance of securities by the Company that are convertible, exercisable, or
exchangeable into shares of IFX common stock.

                                       -7-

<PAGE>

          9.   Expenses of Enforcement, etc. The Company agrees to pay all
reasonable fees and expenses incurred by the Payee in connection with the
negotiation, execution and delivery of this Convertible Note. The Company agrees
to pay all reasonable fees and expenses incurred by the Payee in connection with
any amendments, modifications, waivers, extensions, renewals, renegotiations or
"workouts" of the provisions hereof or incurred by the Payee in connection with
the enforcement or protection of the Payee's rights in connection with this
Convertible Note, or in connection with any pending or threatened action,
proceeding, or investigation relating to the foregoing, including but not
limited to the reasonable fees and expenses of counsel for the Payee. The
Company indemnifies the Payee and its directors, managers, affiliates, partners,
members, officers, employees and agents against, and agrees to hold the Payee
and each such person and/or entity harmless from, any and all losses, claims,
damages, liabilities and related expenses, including reasonable counsel fees and
expenses, incurred by or asserted against the Payee or any such person or entity
arising out of, in any way connected with, or as a result of (i) the
consummation of the loan evidenced by this Convertible Note and the use of the
proceeds thereof or (ii) any claim, litigation, investigation or proceedings
relating to any of the foregoing, whether or not the Payee or any such person or
entity is a party thereto.

          10. Amendment and Waiver. The provisions of this Convertible Note may
not be modified, amended or waived, and the Company may not take any action
herein prohibited, or omit to perform any act herein required to be performed by
it without the written consent of the Payee.

          11. Remedies Cumulative. No remedy herein conferred upon the Payee is
intended to be exclusive of any other remedy and each and every such remedy
shall be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing at law or in equity or by statute or
otherwise.

          12. Remedies Not Waived. No course of dealing between the Company and
the Payee or any delay on the part of the Payee in exercising any rights
hereunder shall operate as a waiver of any right of the Payee.

          13. Assignments. The Payee may assign, participate, transfer or
otherwise convey this Convertible Note and any of its rights or obligations
hereunder or interest herein to any Person, and this Convertible Note shall
inure to the benefit of the Payee's successors and assigns. The Company shall
not assign or delegate this Convertible Note or any of its liabilities or
obligations hereunder.

          14. Headings. The headings of the sections and paragraphs of this
Convertible Note are inserted for convenience only and do not constitute a part
of this Convertible Note.

          15. Severability. If any provision of this Convertible Note is held
invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Convertible Note will remain in full force and effect. Any
provision of this Convertible Note held invalid or unenforceable only in part or
degree will remain in full force and effect to the extent not held invalid or
unenforceable.

                                       -8-

<PAGE>

          16. Cancellation. After all principal, premiums (if any) and accrued
interest at any time owed on this Convertible Note have been paid in full, or
this Convertible Note has been converted in accordance with its terms, this
Convertible Note will be surrendered to the Company for cancellation and will
not be reissued.

          17. Maximum Legal Rate. If at any time an interest rate applicable
hereunder exceeds the maximum rate permitted by law, such rate shall be reduced
to the maximum rate so permitted by law.

          18. Place of Payment and Notices. Subject to Section 4(a) above,
payments of principal and interest and notices deliverable to the Payee
hereunder are to be delivered to the Payee at the address as the Payee has
specified by prior written notice to the Company. No notice shall be deemed to
have been delivered until the first Business Day following actual receipt
thereof at the foregoing address.

          19. Waiver of Jury Trial. The Payee and the Company each hereby waives
any right it may have to a trial by jury in respect of any litigation directly
or indirectly arising out of, under or in connection with this Convertible Note
or the transactions contemplated hereunder.

          20. Submission to Jurisdiction. (a) Any legal action or proceeding
with respect to this Convertible Note may be brought in the courts of the State
of New York or of the United States of America for the Southern District of New
York, and, by execution and delivery of this Convertible Note, the Company
hereby accepts for itself and in respect of its property, generally and
unconditionally, the jurisdiction of the aforesaid courts.

          (b) The Company hereby irrevocably waives, in connection with any such
action or proceeding, any objection, including, without limitation, any
objection to the laying of venue or based on the grounds of forum non
conveniens, which they may now or hereafter have to the bringing of any such
action or proceeding in such respective jurisdictions.

          (c) Nothing herein shall affect the right of the Payee to serve
process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against the Company in any other jurisdiction.

          21. GOVERNING LAW. ALL ISSUES AND QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS CONVERTIBLE NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR
PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT
WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE
OF FLORIDA.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       -9-

<PAGE>

          IN WITNESS WHEREOF, the Company has executed and delivered this
Convertible Promissory Note on the date first written above.

                                              IFX CORPORATION

                                              By: /s/  Joel Eidelstein
                                                  -------------------------
                                                   Name:  Joel Eidelstein
                                                   Title: President

Agreed to and accepted:

PAYEE:

ROF/IFX, LLC

By: /s/ Mark Rice
    -----------------------
    Name:  Mark Rice
    Title: Manager

                                      -10-<PAGE>

                                                                     Exhibit 4.1

                               LNR CDO 2002-1 LTD.
                                     ISSUER

                                       AND

                           LNR CDO 2002-1 CORPORATION
                                    CO-ISSUER

                                       AND

                       LASALLE BANK NATIONAL ASSOCIATION
                                     TRUSTEE

                                    INDENTURE

                            Dated as of July 9, 2002

                         COLLATERALIZED DEBT OBLIGATIONS

<PAGE>

                                TABLE OF CONTENTS

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                                         PRELIMINARY STATEMENT

                                            GRANTING CLAUSE

                                              DEFINITIONS

Section 1.1   Definitions ........................................................................     -2-
Section 1.2   Assumptions as to Collateral Securities ............................................    -34-
Section 1.3   Rules of Construction ..............................................................    -34-

                                               ARTICLE II

                                               THE NOTES

Section 2.1   Forms Generally ....................................................................    -34-
Section 2.2   Forms of Notes and Certificate of Authentication. ..................................    -34-
Section 2.3   Authorized Amount; Note Interest Rate; Stated Maturity; Denominations ..............    -36-
Section 2.4   Execution, Authentication, Delivery and Dating .....................................    -37-
Section 2.5   Registration, Registration of Transfer and Exchange ................................    -38-
Section 2.6   Mutilated, Destroyed, Lost or Stolen Notes .........................................    -49-
Section 2.7   Payment of Principal and Interest; Principal and Interest Rights Preserved .........    -49-
Section 2.8   Persons Deemed Owners ..............................................................    -54-
Section 2.9   Cancellation .......................................................................    -54-
Section 2.10  Global Notes; Temporary Notes ......................................................    -55-
Section 2.11  Tax Forms and Treatment ............................................................    -56-
Section 2.12  No Gross Up ........................................................................    -56-
Section 2.13  Notes Beneficially Owned by Non-Permitted Holders ..................................    -56-
Section 2.14  DTC Notice to Investors ............................................................    -57-

                                               ARTICLE III

                    CONDITIONS PRECEDENT; CERTAIN PROVISIONS RELATING TO COLLATERAL

Section 3.1   General Provisions .................................................................    -58-
Section 3.2   Security for the Notes .............................................................    -60-
Section 3.3   Delivery of Collateral Securities and Eligible Investments .........................    -61-

                                               ARTICLE IV

                                        SATISFACTION AND DISCHARGE

Section 4.1   Satisfaction and Discharge of Indenture ............................................    -62-
Section 4.2   Application of Trust Money .........................................................    -63-
Section 4.3   Repayment of Monies Held by Paying Agent ...........................................    -63-

                                               ARTICLE V

                                               REMEDIES

Section 5.1   Events of Default ..................................................................    -63-
</TABLE>

                                       -i-

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Section 5.2    Acceleration of Maturity; Rescission and Annulment ............................................  -64-
Section 5.3    Collection of Indebtedness and Suits for Enforcement by Trustee ...............................  -65-
Section 5.4    Remedies ......................................................................................  -67-
Section 5.5    Optional Preservation of Collateral ...........................................................  -68-
Section 5.6    Trustee May Enforce Claims Without Possession of Notes ........................................  -69-
Section 5.7    Application of Money Collected ................................................................  -69-
Section 5.8    Limitation on Suits ...........................................................................  -70-
Section 5.9    Unconditional Rights of Noteholders to Receive Principal and Interest .........................  -70-
Section 5.10   Restoration of Rights and Remedies ............................................................  -72-
Section 5.11   Rights and Remedies Cumulative ................................................................  -72-
Section 5.12   Delay or Omission Not Waiver ..................................................................  -72-
Section 5.13   Control by Noteholders ........................................................................  -72-
Section 5.14   Waiver of Past Defaults .......................................................................  -72-
Section 5.15   Undertaking for Costs .........................................................................  -73-
Section 5.16   Waiver of Stay or Extension Laws ..............................................................  -73-
Section 5.17   Sale of Collateral ............................................................................  -73-
Section 5.18   Action on the Notes ...........................................................................  -74-

                                                        ARTICLE VI

                                                        THE TRUSTEE

Section 6.1    Certain Duties and Responsibilities ...........................................................  -74-
Section 6.2    Notice of Default .............................................................................  -76-
Section 6.3    Certain Rights of Trustee .....................................................................  -76-
Section 6.4    Not Responsible for Recitals or Issuance of Notes .............................................  -77-
Section 6.5    May Hold Notes ................................................................................  -77-
Section 6.6    Money Held in Trust ...........................................................................  -77-
Section 6.7    Compensation and Reimbursement ................................................................  -77-
Section 6.8    Corporate Trustee Required; Eligibility .......................................................  -79-
Section 6.9    Resignation and Removal; Appointment of Successor .............................................  -79-
Section 6.10   Acceptance of Appointment by Successor ........................................................  -80-
Section 6.11   Merger, Conversion, Consolidation or Succession to Business of Trustee ........................  -81-
Section 6.12   Co-Trustees and Separate Trustee ..............................................................  -81-
Section 6.13   Certain Duties of Trustee Related to Delayed Payment of Proceeds ..............................  -82-
Section 6.14   Representations and Warranties of the Trustee .................................................  -82-
Section 6.15   Authenticating Agents .........................................................................  -83-
Section 6.16   Fiduciary for Noteholders Only; Agent for all other Secured Parties ...........................  -83-
Section 6.17   The Securities Intermediary ...................................................................  -84-

                                                        ARTICLE VII

                                                        COVENANTS

Section 7.1    Payment of Principal and Interest .............................................................  -85-
Section 7.2    Compliance With Laws ..........................................................................  -86-
Section 7.3    Maintenance of Books and Records ..............................................................  -86-
Section 7.4    Maintenance of Office or Agency ...............................................................  -86-
Section 7.5    Money for Note Payments to be Held in Trust ...................................................  -87-
Section 7.6    Existence of Co-Issuers .......................................................................  -88-
Section 7.7    Protection of Collateral ......................................................................  -89-
</TABLE>

                                      -ii-

<PAGE>

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Section 7.8   Performance of Obligations ............................................................   -90-
Section 7.9   Representations and Warranties of the Co-Issuers ......................................   -91-
Section 7.10  Negative Covenants ....................................................................   -92-
Section 7.11  Statement as to Compliance ............................................................   -94-
Section 7.12  Co-Issuers May Consolidate, Etc., Only on Certain Terms ...............................   -95-
Section 7.13  Successor Substituted .................................................................   -97-
Section 7.14  No Other Business .....................................................................   -98-
Section 7.15  Compliance with Collateral Administration Agreement ...................................   -98-
Section 7.16  Reaffirmation of Rating; Annual Rating Review .........................................   -98-
Section 7.17  Reporting .............................................................................   -98-
Section 7.18  Calculation Agent .....................................................................   -99-
Section 7.19  Representations and Warranties of the Issuer ..........................................   -99-
Section 7.20  Waiver of Rights ......................................................................  -101-
Section 7.21  Certain Tax Matters ...................................................................  -101-

                                                    ARTICLE VIII

                                               SUPPLEMENTAL INDENTURES

Section 8.1   Supplemental Indentures without Consent of Holders ....................................  -102-
Section 8.2   Supplemental Indentures with Consent of Holders .......................................  -103-
Section 8.3   Execution of Supplemental Indentures ..................................................  -105-
Section 8.4   Effect of Supplemental Indentures .....................................................  -105-
Section 8.5   Reference in Notes to Supplemental Indentures .........................................  -105-

                                                     ARTICLE IX

                                                 REDEMPTION OF NOTES
Section 9.1   Optional Redemption ...................................................................  -106-
Section 9.2   Tax Redemption ........................................................................  -106-
Section 9.3   Mandatory Redemption ..................................................................  -107-
Section 9.4   Redemption Procedures .................................................................  -107-
Section 9.5   Notice to Trustee of Redemption .......................................................  -108-
Section 9.6   Notice of Redemption by the Co-Issuers ................................................  -108-
Section 9.7   Notes Payable on Redemption Date ......................................................  -109-

                                                     ARTICLE X

                                          ACCOUNTS, ACCOUNTINGS AND RELEASES

Section 10.1  Collection of Money ...................................................................  -109-
Section 10.2  Collection Account; Custodial Account .................................................  -110-
Section 10.3  Payment Account .......................................................................  -111-
Section 10.4  Contingent Reserve Account ............................................................  -111-
Section 10.5  Reports by Trustee ....................................................................  -112-
Section 10.6  Accountings ...........................................................................  -112-
Section 10.7  Custodianship and Release of Collateral ...............................................  -116-
Section 10.8  Reports by Independent Accountants ....................................................  -117-
Section 10.9  Additional Reports ....................................................................  -117-
Section 10.11 Coverage Test Calculations ............................................................  -118-
</TABLE>

                                      -iii-

<PAGE>

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                                                ARTICLE XI

                                           APPLICATION OF MONIES

Section 11.1   Disbursements of Monies from Payment Account ..........................................  -118-

                                                ARTICLE XII

                                 SALE OF COLLATERAL SECURITIES; SUBSTITUTION
Section 12.1   Sale of Impaired Securities ...........................................................  -124-
Section 12.2   Hedge Agreement Provisions; Defaulted Hedge Agreements ................................  -127-
Section 12.3   Substitution ..........................................................................  -129-

                                                ARTICLE XIII

                                            NOTEHOLDERS' RELATIONS

Section 13.1   Subordination .........................................................................  -130-
Section 13.2   Standard of Conduct ...................................................................  -133-
Section 13.3   Right to List of Holders ..............................................................  -133-
Section 13.4   Beneficial Ownership Certifications ...................................................  -134-

                                                ARTICLE XIV

                                                MISCELLANEOUS

Section 14.1   Form of Documents Delivered to Trustee ................................................  -134-
Section 14.2   Acts of Holders .......................................................................  -135-
Section 14.3   Notices ...............................................................................  -135-
Section 14.4   Notices to Holders; Waiver ............................................................  -136-
Section 14.5   Effect of Headings and Table of Contents ..............................................  -137-
Section 14.6   Successors and Assigns ................................................................  -137-
Section 14.7   Severability ..........................................................................  -137-
Section 14.8   Benefits of Indenture .................................................................  -137-
Section 14.9   GOVERNING LAW .........................................................................  -137-
Section 14.10  SUBMISSION TO JURISDICTION ............................................................  -137-
Section 14.11  Counterparts ..........................................................................  -138-
Section 14.12  WAIVER OF JURY TRIAL ..................................................................  -138-
Section 14.13  Legal Holiday .........................................................................  -138-
Section 14.14  Liability of Co-Issuers ...............................................................  -138-

                                                ARTICLE XV

                              ASSIGNMENT OF COLLATERAL ADMINISTRATION AGREEMENT

Section 15.1   Assignment of Collateral Administration Agreement .....................................  -138-
</TABLE>

                                      -iv-

<PAGE>

                                    EXHIBITS

Exhibit A-1     Form of Rule 144A Global Note
Exhibit A-2     Form of Temporary Regulation S Global Note
Exhibit A-3     Form of Permanent Regulation S Global Note
Exhibit A-4     Form of Certificated Note (including Form of IAI Certificated
                Note)
Exhibit B-1     Form of Transfer Certificate for Transfer from Rule 144A Global
                Note to Regulation S Global Note
Exhibit B-2     Form of Transfer Certificate for Transfer from Rule 144A Global
                Note to IAI Certificated Note
Exhibit C-1     Form of Transfer Certificate for Transfer from Regulation S
                Global Note to Rule 144A Global Note
Exhibit C-2     Form of Transfer Certificate for Transfer from Regulation S
                Global Note to IAI Certificated Note
Exhibit C-3     Form of Transfer Certificate for Transfer from IAI Certificated
                Note to Regulation S Global Note
Exhibit C-4     Form of Transfer Certificate for Transfer from IAI Certificated
                Note to Rule 144A Global Note
Exhibit D       Form of Clearing System Certificate
Exhibit E       Form of Beneficial Ownership Certification
Exhibit F       Form of Investment Representation Letter
Exhibit G       Form of Purchase Option Notice
Exhibit H       Form of DTC Notice to Investors
Exhibit I       Form of Website Certification
Exhibit J-1     Form of Noteholder Certification
Exhibit J-2     Form of Prospective Purchaser Certification

                                    SCHEDULES

Schedule A      Collateral Securities as of the Closing Date
Schedule B      LIBOR Formula
Schedule C      List of Rated Collateral Securities
Schedule D      Moody's, Fitch and S&P Recovery Rate
Schedule E      S&P's Notching of Asset-backed Securities
Schedule F      S&P's CDO Industry Code

                                       -v-

<PAGE>

           INDENTURE, dated as of July 9, 2002, among LNR CDO 2002-1LTD., a
company incorporated and existing under the laws of the Cayman Islands (the
"Issuer"), LNR CDO 2002-1 CORPORATION, a corporation organized and existing
under the laws of the State of Delaware (the "Co-Issuer," and together with the
Issuer, the "Co-Issuers"), and LASALLE BANK NATIONAL ASSOCIATION, a national
banking association organized and existing under the laws of the United States.

                              PRELIMINARY STATEMENT

           The Co-Issuers are duly authorized to execute and deliver this
Indenture to provide for the Notes issuable as provided in this Indenture. All
covenants and agreements made by the Co-Issuers herein are for the benefit and
security of the Secured Parties and the Trustee. The Co-Issuers are entering
into this Indenture, and the Trustee is accepting the trusts created hereby, for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

           All things necessary to make this Indenture a valid agreement of the
Co-Issuers in accordance with the terms of this Indenture have been done.

                                 GRANTING CLAUSE

           The Issuer hereby Grants to the Trustee for the benefit and security
of the Secured Parties, all of its right, title and interest in, to and under,
in each case, whether now owned or existing, or hereafter acquired or arising,

           (a)        the Collateral Securities (listed in Schedule A to this
Indenture) which the Issuer causes to be delivered to the Trustee (directly or
through a Securities Intermediary or bailee) herewith and all payments,
proceeds, earnings, distributions and interest thereon or with respect thereto,

           (b)        the Collateral Administration Agreement as set forth in
Article XV hereof and the Issuer's rights thereunder,

           (c)        the Issuer Accounts, Eligible Investments on deposit
therein or credited thereto, all money, investment property, instruments and
other property on deposit therein and all income from the investment of funds
therein,

           (d)        the Hedge Agreement, all payments thereunder and the
Issuer's rights thereunder (including any collateral pledged for the benefit of
the Issuer thereunder),

           (e)        the Transfer Agreements and the Issuer's rights
thereunder,

           (f)        all Cash or money (as defined in the UCC) delivered to the
Trustee (or its bailee),

           (g)        all securities, loans, investments, accounts, instruments,
financial assets, investment property and other property of any type or nature
in which the Issuer has an interest, including any part thereof which consists
of general intangibles (as defined in the UCC) (except for the proceeds of any
ordinary share capital issued in favor of the Depositor or any of its
Affiliates, any transaction fee received by the Issuer for issuing the Notes and
any interest thereon, the account in the Cayman Islands in which such money is
deposited and the account established pursuant to the Preferred Shares Paying
Agency Agreement entered into with respect to the Preferred Shares and all funds
deposited in or credited to such account (collectively, the "Excepted
Property"), and

<PAGE>

           (h)        all proceeds, profits, rents, products, earnings,
interest, dividends (whether in the form of Cash, securities, instruments or
other property), distributions (whether of rights, options, stock, warrants,
securities or other properties) of any of the foregoing (other than the Excepted
Property specified in (g)).

Such Grants are made, however, in trust, to secure the Secured Obligations
equally and ratably without prejudice, priority or distinction between the
Secured Obligations by reason of difference in time of issuance or incurrence or
otherwise, except as expressly provided in this Indenture (including Section
2.7, Article XI and Article XIII), and to secure (i) the payment of all amounts
due on the Secured Obligations in accordance with their terms and (ii)
compliance with the provisions of this Indenture and each related document, all
as provided herein and therein.

           Except to the extent otherwise provided in this Indenture, this
Indenture shall constitute a security agreement under the laws of the State of
New York applicable to agreements made and to be performed therein, for the
benefit of the Secured Parties. Upon the occurrence of any Event of Default
hereunder, and in addition to any other rights available under this Indenture or
any other Instruments included in the Collateral held, subject to Section 6.16
hereof, for the benefit and security of the Secured Parties or otherwise
available at law or in equity but subject to the terms hereof, the Trustee shall
have all rights and remedies of a secured party on default under the laws of the
State of New York and other applicable law to enforce the assignments and
security interests contained herein and, in addition, shall have the right,
subject to compliance with any mandatory requirements of applicable law and the
terms of this Indenture, to sell or apply any rights and other interests
assigned or pledged hereby in accordance with the terms hereof at public and
private sale.

           The Trustee acknowledges such Grants, accepts the trusts hereunder in
accordance with the provisions hereof, and agrees to perform the duties herein
to the best of its ability such that, subject to Section 6.16 hereof, the
interests of the Secured Parties may be adequately and effectively protected.

                                    ARTICLE I

                                   DEFINITIONS

           Section 1.1        Definitions. Except as otherwise specified herein
or as the context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this Indenture, and the definitions
of such terms are equally applicable both to the singular and plural forms of
such terms and to the masculine, feminine and neuter genders of such terms.
Whenever any reference is made to an amount the determination or calculation of
which is governed by Section 1.2, the provisions of Section 1.2 shall be
applicable to such determination or calculation, whether or not reference is
specifically made to Section 1.2, unless some other method of determination or
calculation is expressly specified in the particular provision.

           "Accountants' Certificate": A certificate of a firm of Independent
certified public accountants of international reputation appointed by the
Co-Issuers.

           "Act" and "Act of Holders": The meanings specified in Section 14.2.

           "Administration Agreement": An agreement dated as of the Closing
Date, by and between the Issuer and the Administrator relating to the
administration of the Issuer.

           "Administrative Expenses": Amounts due or accrued with respect to any
Payment Date to (i) the Trustee pursuant to Section 6.7; (ii) the Preferred
Shares Paying Agent under the Preferred Shares

                                      -2-

<PAGE>

Paying Agency Agreement; (iii) the Independent accountants, agents and counsel
of the Issuer for fees (including retainers) and expenses, including the
Administrator in accordance with the Administration Agreement; (iv) each of the
Rating Agencies for fees and expenses in connection with any rating of the
Notes, including surveillance fees; (v) any other Person in respect of any
governmental fee (including all filing, registration and annual return fees
payable to the Cayman Islands government and registered office fees), charge or
tax (other than withholding taxes); (vi) the Irish Stock Exchange and the Irish
Listing and Paying Agent for all fees and expenses; (vii) Trepp, LLC for its
monthly fee and (viii) any other Person in respect of any other fees or expenses
permitted under this Indenture and the other documents delivered pursuant to or
in connection with this Indenture and the Notes.

           "Administrator": QSPV Limited, a licensed trust company incorporated
in the Cayman Islands.

           "Affiliate" or "Affiliated": With respect to a Person, (i) any other
Person who, directly or indirectly, is in control of, or controlled by, or is
under common control with, such Person or (ii) any other Person who is a
director, officer or employee (a) of such Person, (b) of any subsidiary or
parent company of such Person or (c) of any Person described in clause (i)
above. For the purposes of this definition, control of a Person shall mean the
power, direct or indirect, (i) to vote more than 50% of the securities having
ordinary voting power for the election of directors of any such Person or (ii)
to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise. This definition shall exclude the
Administrator or any other special purpose vehicle to which the Administrator is
or will be providing administrative services.

           "Agent Members": Members of, or participants in, the Depository.

           "Aggregate Principal Amount": When used with respect to any or all of
the Collateral Securities, Eligible Investments or Cash, the aggregate of the
Principal Balances of such Collateral Securities, Eligible Investments or Cash
on the date of determination.

           "Annual Payment Date": The Payment Date that occurs in July of each
year.

           "Annual Price": With respect to each Annual Payment Date and the
Junior Notes, the price set forth for such Class for such Payment Date under the
definition of "Tax Redemption Percentage Price" herein.

           "Applicable Period": (i) for the first Interest Accrual Period, the
period from and including the Closing Date to but excluding the first Payment
Date, (ii) for the last Interest Accrual Period, the period from and including
the Payment Date occurring in June 2022, in the case of the Class A Notes, and
June 2037, in the case of each Class of Floating Rate Notes other than the Class
A Notes, to but excluding the Stated Maturity and (iii) for each Interest
Accrual Period other than those set forth in clauses (i) and (ii), the period
from and including each Payment Date to but excluding the following Payment
Date.

           "Appraisal Reduction" With respect to any Commercial Mortgage Loan, a
projected amount of principal and accrued interest on such Commercial Mortgage
Loan which might not be ultimately recoverable upon a realization on such
Commercial Mortgage Loan determined based on an appraisal or internal valuation
of the related commercial mortgaged property as more particularly defined in the
related Underlying Instrument.

           "Authenticating Agent": With respect to the Notes or a Class of the
Notes, the Person designated by the Trustee to authenticate such Notes on behalf
of the Trustee pursuant to Section 6.15 hereof.

                                      -3-

<PAGE>
           "Authorized Officer": With respect to the Issuer or the Co-Issuer,
any Officer who is authorized to act for the Issuer or the Co-Issuer, as
applicable, in matters relating to, and binding upon, the Issuer or the
Co-Issuer. With respect to the Collateral Administrator, any officer, employee
or agent of the Collateral Administrator who is authorized to act for the
Collateral Administrator in matters relating to, and binding upon, the
Collateral Administrator with respect to the subject matter of the request,
certificate or order in question. With respect to the Trustee or any other bank
or trust company acting as trustee of an express trust or as custodian, a Trust
Officer. Each party may receive and accept a certification of the authority of
any other party as conclusive evidence of the authority of any person to act,
and such certification may be considered as in full force and effect until
receipt by such other party of written notice to the contrary.

           "Available Distribution Amount": With respect to each Payment Date,
the sum of (i) the Interest Proceeds with respect to such Payment Date and (ii)
the Principal Proceeds with respect to such Payment Date.

           "Balance": On any date, with respect to Cash or Eligible Investments
in any account, the aggregate of (i) the current balance of Cash, demand
deposits, time deposits, certificates of deposit and federal funds; (ii) the
principal amount of interest-bearing corporate and government securities, money
market accounts and repurchase obligations; and (iii) the purchase price (but
not greater than the face amount) of non-interest-bearing government and
corporate securities and commercial paper.

           "Bank": LaSalle Bank National Association, in its individual capacity
and not as Trustee.

           "Bankruptcy Code": The Federal Bankruptcy Code, as set forth in Title
11 of the United States Code, as amended.

           "Beneficial Ownership Certification": The meaning specified in
Section 13.4.

           "Benefit Plan Investor": A "benefit plan investor" as defined in
Section 2510.3-101(f)(2) of the Department of Labor Regulations.

           "Board of Directors": With respect to the Issuer, the directors of
the Issuer duly appointed by the shareholders of the Issuer or otherwise duly
appointed from time to time and with respect to the Co-Issuer, the directors of
the Co-Issuer duly appointed by the stockholders of the Co-Issuer; provided,
that with respect to each of the Issuer and the Co-Issuer, there shall at all
times be one director who is not Affiliated with the Collateral Administrator.

           "Board Resolution": With respect to the Issuer, a resolution of the
Board of Directors of the Issuer and with respect to the Co-Issuer, a resolution
of the Board of Directors of the Co-Issuer.

           "Business Day": Any day other than (i) Saturday or Sunday or (ii) a
day on which commercial banking institutions are authorized by law, regulation
or executive order to close in New York, New York, in Chicago, Illinois, Dublin,
Ireland (so long as any of the Senior Notes are listed on the Irish Stock
Exchange), the Cayman Islands, or , if there is a successor Trustee, in the city
where the Corporate Trust Office of the successor Trustee is located, or, for
final payment of principal, in the relevant place of presentation.

           "Calculation Agent": The meaning specified in Section 7.18(a).

           "Cap Hedge Agreement": The Cap Hedge Agreement, dated July 9, 2002,
between the Issuer and the Hedge Counrterparty.

                                      -4-

<PAGE>
           "Cash": Such coin or currency of the United States of America as at
the time shall be legal tender for payment of all public and private debts.

           "Certificate of Authentication": The Trustee's or Authenticating
Agent's certificate of authentication on any Note.

           "Certificated Note": (i) any Note delivered in exchange for a Global
Note under Section 2.10 and (ii) the meaning specified in Section 2.2(d).

           "Class": All of the Notes having the same class designation, Note
Interest Rate and Stated Maturity.

           "Class A Note Interest Amount": With respect to each LIBOR
Determination Date, the amount of interest for such Interest Accrual Period
payable in respect of each $1,000 principal amount of the Class A Notes.

           "Class A Note Interest Rate": With respect to any Class A Note and
Interest Accrual Period, the annual rate at which interest accrues on such Note,
which will be equal to LIBOR for such Interest Accrual Period plus 0.470% per
annum.

           "Class A Notes": The Co-Issuers' Class A Floating Rate Notes having
the applicable Note Interest Rate and Stated Maturity as set forth in Section
2.3.

           "Class B Interest Coverage Ratio": On any Payment Date, the ratio
(expressed as a percentage) obtained by dividing:

           (a) the Interest Proceeds for such Payment Date, net of the amounts
payable pursuant to subclauses (i) through (v) of Section 11.1(b) on such
Payment Date; by

           (b) the sum of the scheduled interest payments due on the Class A
Notes and the Class B Notes on such Payment Date, including Default Interest and
interest thereon, if applicable.

           "Class B Interest Coverage Reserve Test": A test satisfied as of any
Payment Date if the Class B Interest Coverage Ratio is equal to or greater than
230.0%.

           "Class B Note Interest Amount": With respect to each LIBOR
Determination Date, the amount of interest for such Interest Accrual Period
payable in respect of each $1,000 principal amount of the Class B Notes.

           "Class B Note Interest Rate": With respect to any Class B Note and
Interest Accrual Period, the annual rate at which interest accrues on such Note,
which will be equal to LIBOR for such Interest Accrual Period plus 0.905% per
annum.

           "Class B Notes": The Co-Issuers' Class B Floating Rate Notes, having
the applicable Note Interest Rate and Stated Maturity as set forth in Section
2.3.

           "Class B Overcollateralization Ratio": On any Payment Date, the ratio
(expressed as a percentage) obtained by dividing:

           (a) the sum of:

                                      -5-

<PAGE>
                           (i)  the Imputed Principal Balance of the Collateral
                      Securities as of the related Determination Date; and

                           (ii) the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b)  the aggregate Note Balance of the Class A Notes and
the Class B Notes.

                      "Class B Overcollateralization Reserve Test": A test
satisfied as of any Payment Date if the Class B Overcollateralization Ratio is
equal to or greater than 215.0%.

                      "Class C Coverage Tests": The Class C Interest Coverage
Test, the Class C Rated Overcollateralization Test and the Class C
Overcollateralization Test.

                      "Class C Interest Coverage Ratio": On any Payment Date,
the ratio (expressed as a percentage) obtained by dividing:

                      (a) the Interest Proceeds for such Payment Date, net of
the amounts payable in respect of subclauses (i) through (v) of Section 11.1(b)
on such Payment Date by

                      (b) the sum of the scheduled interest payments on the
Class A Notes, the Class B Notes and the Class C Notes due on such Payment Date,
including Default Interest and interest thereon, if applicable.

                      "Class C Interest Coverage Test": A test satisfied as of
any Payment Date if the Class C Interest Coverage Ratio is at least equal to or
greater than 192.5%.

                      The calculation of the Class C Interest Coverage Test on
any Payment Date shall be made by giving effect to all payments to be made
pursuant to Sections 11.1(b) and 11.1(c) on such Payment Date.

                      "Class C Notes": The Co-Issuers' Class C 6.313% Notes
having the applicable Note Interest Rate and Stated Maturity as set forth in
Section 2.3.

                      "Class C Overcollateralization Ratio": As of any Payment
Date, the ratio (expressed as a percentage) obtained by dividing:

                      (a)  the sum of:

                           (i)  the Imputed Principal Balance of the Collateral
                      Securities as of the related Determination Date; and

                           (ii) the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b)  the aggregate Note Balance of the Class A Notes, the
Class B Notes and the Class C Notes.

                      "Class C Overcollateralization Test": A test satisfied as
of any Payment Date if the Class C Overcollateralization Ratio is equal to or
greater than 175.0%.

                                       -6-

<PAGE>

                      The calculation of the Class C Overcollateralization Test
on any Payment Date shall be made by giving effect to all payments to be made
pursuant to Sections 11.1(b) and 11.1(c) on such Payment Date.

                      "Class C Rated Overcollateralization Ratio": On any
Payment Date, the ratio (expressed as a percentage) obtained by dividing:

                      (a) the sum of:

                          (i)  the Collateral Principal Balance of the Rated
                      Collateral Securities as of the related Determination
                      Date; and

                          (ii) the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b) the aggregate Note Balance of the Class A Notes, the
Class B Notes and the Class C Notes.

                      "Class C Rated Overcollateralization Test": A test
satisfied as of any Payment Date if the Class C Rated Overcollateralization
Ratio is equal to or greater than 147.5%.

                      "Class D-FL Note Interest Amount": With respect to each
LIBOR Determination Date, the amount of interest for such Interest Accrual
Period payable in respect of each $1,000 principal amount of the Class D-FL
Notes.

                      "Class D-FL Note Interest Rate": With respect to any Class
D-FL Note and Interest Accrual Period, the annual rate at which interest accrues
on such Note, which will be equal to LIBOR for such Interest Accrual Period plus
1.400% per annum.

                      "Class D-FL Notes": The Co-Issuers' Class D-FL Floating
Rate Notes having the applicable Note Interest Rate and Stated Maturity as set
forth in Section 2.3.

                      "Class D Coverage Tests": The Class D Interest Coverage
Test, the Class D Rated Overcollateralization Test and the Class D
Overcollateralization Test.

                      "Class D-FX Notes": The Co-Issuers' Class D-FX 6.727%
Notes having the applicable Note Interest Rate and Stated Maturity as set forth
in Section 2.3.

                      "Class D Interest Coverage Ratio": On any Payment Date,
the ratio (expressed as a percentage) obtained by dividing:

                      (a) the Interest Proceeds for such Payment Date, net of
the amounts payable in respect of subclauses (i) through (v) of Section 11.1(b)
on such Payment Date by

                      (b) the sum of the scheduled interest payments on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes and
the Class D-FL Notes due on such Payment Date, including Default Interest,
interest on Default Interest and interest on Deferred Interest, if applicable.

                      "Class D Interest Coverage Test": A test satisfied as of
any Payment Date if the Class D Interest Coverage Ratio is at least equal to or
greater than 150.0%.

                                       -7-

<PAGE>
                      The calculation of the Class D Interest Coverage Test on
any Payment Date shall be made by giving effect to all payments to be made
pursuant to Sections 11.1(b) and 11.1(c) on such Payment Date.

                      "Class D Overcollateralization Ratio": As of any Payment
Date, the ratio (expressed as a percentage) obtained by dividing:

                      (a)  the sum of:

                           (i)   the Imputed Principal Balance of the Collateral
                      Securities as of the related Determination Date; and

                           (ii)  the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b)  the aggregate Note Balance of the Class A Notes, the
Class B Notes, the Class C Notes, the Class D-FX Notes and the Class D-FL Notes
plus any accrued and unpaid Deferred Interest on the Class D-FX Notes and the
Class D-FL Notes.

                      "Class D Overcollateralization Test": A test satisfied as
of any Payment Date if the Class D Overcollateralization Ratio is equal to or
greater than 160.0%.

                      The calculation of the Class D Overcollateralization Test
on any Payment Date shall be made by giving effect to all payments to be made
pursuant to Sections 11.1(b) and 11.1(c) on such Payment Date.

                      "Class D Rated Overcollateralization Ratio": On any
Payment Date, the ratio (expressed as a percentage) obtained by dividing:

                      (a)  the sum of:

                           (i)   the Collateral Principal Balance of the Rated
                      Collateral Securities as of the related Determination
                      Date; and

                           (ii)  the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b)  the aggregate Note Balance of the Class A Notes, the
Class B Notes, the Class C Notes, the Class D-FX Notes and the Class D-FL Notes
plus any accrued and unpaid Deferred Interest on the Class D-FX Notes and the
Class D-FL Notes.

                      "Class D Rated Overcollateralization Test": A test
satisfied as of any Payment Date if the Class D Rated Overcollateralization
Ratio is equal to or greater than 135.0%.

                      "Class E-FL Note Interest Amount": With respect to each
LIBOR Determination Date, the amount of interest for such Interest Accrual
Period payable in respect of each $1,000 principal amount of the Class E-FL
Notes.

                      "Class E-FL Note Interest Rate": With respect to any Class
E-FL Note and Interest Accrual Period, the annual rate at which interest accrues
on such Note, which will be equal to LIBOR for such Interest Accrual Period plus
2.450% per annum.

                                       -8-

<PAGE>

                      "Class E-FL Notes": The Co-Issuers' Class E-FL Floating
Rate Notes having the applicable Note Interest Rate and Stated Maturity as set
forth in Section 2.3.

                      "Class E Coverage Tests": The Class E Interest Coverage
Test, the Class E Rated Overcollateralization Test and the Class E
Overcollateralization Test.

                      "Class E-FX Notes": The Co-Issuers' Class E-FX 7.781%
Notes having the applicable Note Interest Rate and Stated Maturity as set forth
in Section 2.3.

                      "Class E-FXD Notes": The Co-Issuers' Class E-FXD 7.502%
Notes having the applicable Note Interest Rate and Stated Maturity as set forth
in Section 2.3.

                      "Class E Interest Coverage Ratio": On any Payment Date,
the ratio (expressed as a percentage) obtained by dividing:

                      (a) the Interest Proceeds for such Payment Date, net of
the amounts payable in respect of subclauses (i) through (v) of Section 11.1(b)
on such Payment Date by

                      (b) the sum of the scheduled interest payments on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the
Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL
Notes due on such Payment Date, including Default Interest, interest on Default
Interest and interest on Deferred Interest, if applicable.

                      "Class E Interest Coverage Test": A test satisfied as of
any Payment Date if the Class E Interest Coverage Ratio is at least equal to or
greater than 120.0%.

                      The calculation of the Class E Interest Coverage Test on
any Payment Date shall be made by giving effect to all payments to be made
pursuant to Sections 11.1(b) and 11.1(c) on such Payment Date.

                      "Class E Overcollateralization Ratio": As of any Payment
Date, the ratio (expressed as a percentage) obtained by dividing:

                      (a)  the sum of:

                           (i)  the Imputed Principal Balance of the Collateral
                      Securities as of the related Determination Date; and

                           (ii) the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b)  the aggregate Note Balance of the Class A Notes, the
Class B Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes,
the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes plus any
accrued and unpaid Deferred Interest on the Class D-FX Notes, the Class D-FL
Notes, the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes.

                      "Class E Overcollateralization Test": A test satisfied as
of any Payment Date if the Class E Overcollateralization Ratio is equal to or
greater than 140.0%.

                      The calculation of the Class E Overcollateralization Test
on any Payment Date shall be made by giving effect to all payments to be made
pursuant to Sections 11.1(b) and 11.1(c) on such Payment Date.

                                       -9-

<PAGE>

                      "Class E Rated Overcollateralization Ratio": On any
Payment Date, the ratio (expressed as a percentage) obtained by dividing:

                      (a)  the sum of:

                           (i)  the Collateral Principal Balance of the Rated
                      Collateral Securities as of the related Determination
                      Date; and

                           (ii) the Aggregate Principal Amount of any Cash and
                      Eligible Investments in the Payment Account and the
                      Collection Account that constitute Principal Proceeds; by

                      (b)  the aggregate Note Balance of the Class A Notes, the
Class B Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes,
the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes plus any
accrued and unpaid Deferred Interest on the Class D-FX Notes, the Class D-FL
Notes, the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes.

                      "Class E Rated Overcollateralization Test": A test
satisfied as of any Payment Date if the Class E Rated Overcollateralization
Ratio is equal to or greater than 117.5%.

                      "Class F-FL Note Interest Amount": With respect to each
LIBOR Determination Date, the amount of interest for such Interest Accrual
Period payable in respect of each $1,000 principal amount of the Class F-FL
Notes.

                      "Class F-FL Note Interest Rate": With respect to any Class
F-FL Note and Interest Accrual Period, the annual rate at which interest accrues
on such Note, which will be equal to LIBOR for such Interest Accrual Period plus
2.750% per annum.

                      "Class F-FL Notes": The Co-Issuers' Class F-FL Floating
Rate Notes having the applicable Note Interest Rate and Stated Maturity as set
forth in Section 2.3.

                      "Class F Coverage Tests": The Class F Interest Coverage
Test, the Class F Rated Overcollateralization Test and the Class F
Overcollateralization Test.

                      "Class F-FX Notes": The Co-Issuers' Class F-FX 6.400%
Notes having the applicable Note Interest Rate and Stated Maturity as set forth
in Section 2.3.

                      "Class F Interest Coverage Ratio": On any Payment Date,
the ratio (expressed as a percentage) obtained by dividing:

                      (a)  the Interest Proceeds for such Payment Date, net of
the amounts payable in respect of subclauses (i) through (v) of Section 11.1(b)
on such Payment Date by

                      (b)  the sum of the scheduled interest payments due on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the
Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL
Notes, the Class F-FX Notes and the Class F-FL Notes on such Payment Date,
including Default Interest, interest on Default Interest and interest on
Deferred Interest, if applicable.

                      "Class F Interest Coverage Test": A test satisfied as of
any Payment Date if the Class F Interest Coverage Ratio is at least equal to or
greater than 110.0%.

                                      -10-

<PAGE>

           The calculation of the Class F Interest Coverage Test on any Payment
Date shall be made by giving effect to all payments to be made pursuant to
Sections 11.1(b) and 11.1(c) on such Payment Date.

           "Class F Overcollateralization Ratio": As of any Payment Date, the
ratio (expressed as a percentage) obtained by dividing:

           (a)   the sum of:

                 (i)      the Imputed Principal Balance of the Collateral
           Securities as of the related Determination Date; and

                 (ii)     the Aggregate Principal Amount of any Cash and
           Eligible Investments in the Payment Account and the Collection
           Account that constitute Principal Proceeds; by

           (b)   the aggregate Note Balance of the Class A Notes, the Class B
Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes, the Class
E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes
and the Class F-FL Notes plus any accrued and unpaid Deferred Interest on the
Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD
Notes, the Class E-FL Notes, the Class F-FX Notes and the Class F-FL Notes.

           "Class F Overcollateralization Test": A test satisfied as of any
Payment Date if the Class F Overcollateralization Ratio is equal to or greater
than 135.0%.

           The calculation of the Class F Overcollateralization Test on any
Payment Date shall be made by giving effect to all payments to be made pursuant
to Sections 11.1(b) and 11.1 (c) on such Payment Date.

           "Class F Rated Overcollateralization Ratio": On any Payment Date, the
ratio (expressed as a percentage) obtained by dividing:

           (a) the sum of:

                 (i)      the Collateral Principal Balance of the Rated
           Collateral Securities as of the related Determination Date; and

                 (ii)     the Aggregate Principal Amount of any Cash and
           Eligible Investments in the Payment Account and the Collection
           Account that constitute Principal Proceeds; by

           (b)   the aggregate Note Balance of the Class A Notes, the Class B
Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes, the Class
E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes
and the Class F-FL Notes plus any accrued and unpaid Deferred Interest on the
Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD
Notes, the Class E-FL Notes, the Class F-FX Notes and the Class F-FL Notes.

           "Class F Rated Overcollateralization Test": A test satisfied as of
any Payment Date if the Class F Rated Overcollateralization Ratio is equal to or
greater than 115.0%.

           "Class G Notes": The Issuer's Class G 6.400% Notes having the
applicable Note Interest Rate and Stated Maturity as set forth in Section 2.3.

                                      -11-

<PAGE>

           "Class H Notes": The Issuer's Class H 6.400% Notes having the
applicable Note Interest Rate and Stated Maturity as set forth in Section 2.3.

           "Clearing Agency": An organization registered as a "clearing agency"
pursuant to Section 17A of the Exchange Act.

           "Clearing Agency Participant": A broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

           "Clearing Corporation": The meaning specified in Section 8-102(a)(5)
of the UCC.

           "Clearstream": Clearstream Banking, societe anonyme, a corporation
organized under the laws of the Grand Duchy of Luxembourg.

           "Closing Date": July 9, 2002.

           "Co-Issuer": LNR CDO 2002-1 Corporation, a corporation incorporated
under the laws of the State of Delaware, unless and until a successor Person
shall have become the Co-Issuer pursuant to the applicable provisions of this
Indenture, and thereafter "Co-Issuer" shall mean such successor Person.

           "Co-Issuer Cap": The meaning specified in Section 11.1(b)(iv).

           "Co-Issuers": The Issuer and the Co-Issuer.

           "Code": The United States Internal Revenue Code of 1986, as amended.

           "Collateral": All money, instruments, financial assets, securities,
investment property, accounts, general intangibles and other property and rights
subject or intended to be subject to the lien of this Indenture for the benefit
of the Secured Parties as of any particular time, including all Proceeds
thereof.

           "Collateral Administration Agreement": An agreement dated as of the
Closing Date, between the Issuer and the Collateral Administrator, as amended
from time to time in accordance with the terms thereof.

           "Collateral Administration Fee": The fee payable to the Collateral
Administrator in arrears on each Payment Date pursuant to the Collateral
Administration Agreement, equal to 1/12 of 0.05% of the sum of the Aggregate
Principal Amount of the Collateral Securities, Eligible Investments purchased
with Principal Proceeds and Cash representing Principal Proceeds outstanding
immediately following the prior Payment Date, or outstanding on the Closing
Date, in the case of the first Payment Date.

           "Collateral Administrator": Lennar Partners, Inc., until a successor
Person shall have become the collateral administrator pursuant to the provisions
of the Collateral Administration Agreement, and thereafter "Collateral
Administrator" shall mean such successor Person. Each reference herein to the
Collateral Administrator shall be deemed to constitute a reference as well to
any agent of the Collateral Administrator and to any other Person to whom the
Collateral Administrator has delegated any of its duties hereunder, in each case
during such time as and to the extent that such agent or other Person is
performing such duties.

           "Collateral Principal Balance": With respect to any date of
determination, the sum of (i) for each Collateral Security that is not a
Defaulted Security, the Aggregate Principal Amount for such

                                      -12-

<PAGE>
Collateral Security; provided, however, that the Aggregate Principal Amount of
any Collateral Security will not be deemed increased by any amount deemed added
to the principal of any Collateral Security by operation of an interest deferral
feature, provided, further, that the outstanding principal amount of any
Collateral Security will be reduced by the portion of the principal balance of
such Collateral Security that has been written down as a result of a Collateral
Security Realized Loss or an Appraisal Reduction affecting such Collateral
Security, and (ii) for each Defaulted Security, the Defaulted Security
Calculation Amount for such Collateral Security.

           "Collateralization Rating": With respect to the rating of the Hedge
Counterparty or the Hedge Counterparty's credit support provider, as an issuer
or with respect to the long-term senior unsecured debt of such party, as
applicable: (i) "A1" or better by Moody's (only if the short-term debt of such
party is rated "P-1") or "Aa3" (if such party does not have a short-term debt
rating of "P-1" or above) and (ii) a short-term debt rating by Fitch of "F-1"
(so long as any of the Notes deemed outstanding hereunder are rated by such
Rating Agency); provided, that should a Rating Agency effect an overall downward
adjustment of its short-term or long-term ratings, then the Collateralization
Rating shall be adjusted downward accordingly; provided, further, that any
adjustment to the Collateralization Rating will be subject to the satisfaction
of the Rating Condition with respect to the applicable Rating Agency.

           "Collateral Securities Assumptions": The assumptions that (i) there
will be no delinquencies or defaults on the Commercial Mortgage Loans underlying
the Collateral Securities and (ii) there will be no prepayments on the
Commercial Mortgage Loans underlying the Collateral Securities (except that
anticipated repayment date loans are assumed to be repaid on their anticipated
repayment dates) and (iii) the assumptions set forth in Section 1.2 hereof.

           "Collateral Security": Each of the commercial mortgage-backed
securities pledged to secure the Notes, as identified on Schedule A hereto.

           "Collateral Security Realized Loss": Pursuant to any Collateral
Security's Underlying Instrument, a "write-down" to such Collateral Security's
Principal Balance that is not accompanied by a corresponding payment of
principal due to a "realized loss," "collateral support deficit," "additional
trust fund expense" or similar event.

           "Collection Account": The trust account or accounts established
pursuant to Section 10.2(a).

           "Commercial Mortgage Loans": The commercial mortgage loans underlying
the Collateral Securities.

           "Contingent Reserve Account": The trust account or accounts
established pursuant to Section 10.4.

           "Controlling Class": The Class A Notes or, if the Class A Notes have
been paid in full, the Senior Notes Outstanding (acting as a collective whole).

           "Controlling Class Representative": With respect to each Underlying
CMBS Series, a directing certificateholder, controlling class representative or
holder of the subordinate certificates of such Underlying CMBS Series with
rights under the related Underlying Instrument to consent to certain matters
regarding the related Commercial Mortgage Loans.

                                      -13-

<PAGE>
           "Controlling Party": The Holders of a Majority of the Notes of the
Controlling Class; provided, that with respect to Article V, "Controlling Party"
shall mean 66 2/3% in Note Balance of the Controlling Class.

           "Controlling Person": Any person, other than a Benefit Plan Investor,
who has discretionary authority or control with respect to the assets of the
Issuer or any person who provides investment advice for a fee (direct or
indirect) with respect to such assets, or any affiliate of such a person.

           "Corporate Trust Office": The principal corporate trust office of the
Trustee, currently located at 135 South LaSalle Street, Suite 1625, Chicago,
Illinois 60603, Attention: CDO Trust Services--LNR CDO 2002-1 Ltd., telephone
number (312) 904-2498, or such other address as the Trustee may designate from
time to time by notice to the Noteholders, the Collateral Administrator, each
Hedge Counterparty and the Co-Issuers or the principal corporate trust office of
any successor Trustee.

           "Coverage Tests": The Class C Coverage Tests, the Class D Coverage
Tests, the Class E Coverage Tests and the Class F Coverage Tests.

           "Custodial Account": The trust account or accounts established
pursuant to Section 10.2(c).

           "Default": Any Event of Default or any occurrence that is, or with
notice or the lapse of time or both would become, an Event of Default.

           "Defaulted Hedge Termination Payment": Any termination payment
required to be made by the Issuer to a Hedge Counterparty pursuant to a Hedge
Agreement in the event of a termination of such Hedge Agreement in respect of
which such Hedge Counterparty is the Defaulting Party (as defined in the Hedge
Agreement) or with respect to a Termination Event (as defined in the Hedge
Agreement) with respect to which the Hedge Counterparty is the sole Affected
Party (as defined in the Hedge Agreement).

           "Defaulted Security": Any Collateral Security with respect to which:

                 (i)      there has occurred and is continuing a failure to pay
           with respect to the payment of interest or principal on such
           Collateral Security in whole or in part for five Business Days even
           if by its terms it provides for the deferral and capitalization of
           interest thereon; provided, the Collateral Security will not
           constitute a Defaulted Security if and when such failure to pay has
           been cured;

                 (ii)     any bankruptcy, insolvency or receivership proceeding
           has been initiated in connection with the issuer of such Collateral
           Security and is unstayed and undismissed; provided, that, if such
           proceeding is an involuntary proceeding, the condition of this clause
           (ii) will not be satisfied until the earliest of the following: (x)
           the issuer consents to such proceeding, (y) an order for relief under
           the Bankruptcy Code, or any similar order under a proceeding not
           taking place under the Bankruptcy Code, has been entered, and (z)
           such proceeding remains unstayed and undismissed for 45 days;

                 (iii)    there has occurred and is continuing a failure to pay
           with respect to the payment of principal on such Collateral Security,
           which failure to pay entitles the holder of such Collateral Security
           to accelerate the maturity of all or a portion of the principal
           amount of such Collateral Security;

                                      -14-

<PAGE>
                 (iv)     the issuer has proposed a distressed exchange or other
           debt restructuring and offered the holder of such Collateral Security
           new security, which has the effect of diminishing the financial
           obligations of such issuer or allowing such issuer to avoid a
           default;

                 (v)      the issuer has defaulted in the payment of principal
           and/or interest on another security in the related offering, which is
           senior or pari passu in right of payment to such Collateral Security;
           or

                 (vi)     such Collateral Security has an S&P Rating of "CC,"
           "D" or "SD."

           "Defaulted Security Calculation Amount": With respect to any
Defaulted Security, the lesser of (a) the Market Value of such Collateral
Security and (b) the product of the principal balance of such Collateral
Security (taking into account any Collateral Security Realized Loss thereon)
multiplied by the lesser of (x) the Moody's Recovery Rate (y) the S&P Recovery
Rate and (z) the Fitch Recovery Rate.

           "Default Interest": Any interest due and payable in respect of the
Class A Notes, Class B Notes and Class C Notes (or if none of the Class A Notes,
the Class B Notes or the Class C Notes are outstanding, the most senior Class of
Notes then outstanding) which is not punctually paid or duly provided for on the
applicable Payment Date or at the Stated Maturity, as the case may be. To the
extent lawful and enforceable, interest on any Default Interest will accrue at
the Note Rate applicable to such Notes until paid in accordance with the
Priority of Payments and will compound monthly.

           "Defect": The meaning specified in Section 12.3.

           "Defective Collateral Security": A Collateral Security that has been
removed pursuant to Section 12.3.

           "Deferred Interest": With respect to the Class D-FX Notes, the Class
D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes,
the Class F-FX Notes, the Class F-FL Notes, the Class G Notes and the Class H
Notes, the meaning specified in Section 2.7(a).

           "Deleted Security Payment": As defined in Section 12.3.

           "Depositor": DEBI Equity Inc., or any successor or successors thereto

           "Depositor Transfer Agreement": The depositor transfer agreement
dated as of July 9, 2002, by and between the Depositor and the Issuer, relating
to the transfer of the Collateral Securities to the Issuer.

           "Depository": The Depository Trust Company, its nominees, and their
respective successors.

           "Determination Date": With respect to each Payment Date, the date
that is two Business Days prior to such Payment Date.

           "Directing Holder": With respect to each Underlying CMBS Series, the
majority holder or holders of the controlling class of such Underlying CMBS
Series.

           "Discount Rate": With respect to the Class F-FX Notes, the rate
which, when compounded monthly, is equivalent to the Treasury Rate for such
Class when compounded semi-annually.

                                      -15-

<PAGE>
           "Distribution": Any payment of principal or interest or any dividend,
premium or fee payment made on, or any other distribution in respect of, a
Collateral Security or Eligible Investment.

           "Distribution Compliance Period": The period ending on the 40th day
after the later of the conclusion of the offering of the Notes and the Closing
Date, it being assumed that such period shall end on the 40th day after the
Closing Date.

           "Dollar" or "$": A dollar or other equivalent unit in such coin or
currency of the United States of America as at the time shall be legal tender
for all debts, public and private.

           "Due Date": Each date on which a Distribution is due on a Pledged
Security.

           "Due Period": With respect to any Payment Date, the period commencing
immediately following the Determination Date with respect to the preceding
Payment Date (or, in the case of the Due Period relating to the first Payment
Date, beginning on the Closing Date) and ending on (and including) the
Determination Date with respect to such Payment Date.

           "Eligible Account": A separate and identifiable account from all
other funds held by the holding institution that is either (i) an account or
accounts maintained with a federal or state-chartered depository institution or
trust company which has a long-term unsecured debt rating of at least "AA-" and
a short-term unsecured debt rating of at least "A1+" by S&P, which has a
long-term unsecured debt rating of at least "Aa3" and a short-term unsecured
debt rating of at least "P-1" by Moody's and has a long-term unsecured debt
rating of at least "AA-" and a short-term unsecured debt rating of at least
"F-1+" by Fitch or (ii) a segregated trust account or accounts maintained with a
federal or state chartered depository institution or trust company acting in its
fiduciary capacity which, in the case of a state chartered depository
institution or trust company is subject to regulations substantially similar to
12 C.F.R. (S)9.10(b), having in either case a combined capital and surplus of at
least $200,000,000 and subject to supervision or examination by federal and
state authority. An Eligible Account will not be evidenced by a certificate of
deposit, passbook or other instrument.

           "Eligible Investment": Any U.S. Dollar denominated investment that,
at the time it is delivered to the Trustee (directly or through a Securities
Intermediary or bailee), is one or more of the following obligations or
securities (or security entitlements), including, without limitation, any
Eligible Investments for which the Trustee or an Affiliate of the Trustee
provides services:

                 (i)    direct Registered obligations of, and Registered
           obligations the timely payment of principal of and interest on which
           is fully and expressly guaranteed by, the United States of America or
           any agency or instrumentality of the United States of America the
           obligations of which are expressly backed by the full faith and
           credit of the United States of America;

                 (ii)   demand and time deposits in, certificates of deposit of,
           bankers' acceptances issued by, or federal funds sold by any
           depository institution or trust company incorporated under the laws
           of the United States of America (including the Bank) or any state
           thereof and subject to supervision and examination by federal and/or
           state banking authorities so long as the commercial paper and/or the
           debt obligations of such depository institution or trust company (or,
           in the case of the principal depository institution in a holding
           company system, the commercial paper or debt obligations of such
           holding company) at the time of such investment or contractual
           commitment providing for such investment have a credit rating of at
           least "P-1," "A-1" and "F-1" in the case of commercial paper and
           short term obligations or at least "A1," "A+" and "A+"

                                      -16-

<PAGE>

           in the case of long term obligations by Moody's, S&P and Fitch,
           respectively; provided, that in the case of commercial paper and
           short-term debt obligations with a maturity of longer than 91 days,
           the issuer thereof must also have at the time of such investment a
           long-term credit rating of "A1," "AA-" and "A+" or better by Moody's,
           S&P and Fitch, respectively;

                 (iii)   commercial paper or other short-term obligations having
           at the time of such investment a credit rating of "P-1," "A-1+" and
           "F-1+" by Moody's, S&P and Fitch, respectively, and that are
           Registered and either are bearing interest or are sold at a discount
           from the face amount thereof and have a maturity of not more than 183
           days from their date of issuance; provided, that if such security has
           a maturity of longer than 91 days, the issuer thereof must also have
           at the time of such investment a long-term credit rating of "A1,"
           "AA" and "A+" or better by Moody's, S&P and Fitch, respectively; and

                 (iv)    off-shore money market funds the investments of which
           are limited to any investments described in clause (i) and which
           funds have, at all times, a credit rating of "Aa2 " and "AA/AAm" by
           Moody's and "AAA/AAAm/AAAm-G " and "AA " by S&P;

and, in each case, with a Stated Maturity (giving effect to any applicable grace
period) no later than the Business Day immediately preceding the Payment Date
next following the acquisition of such securities or instruments; provided,
however, that Eligible Investments shall not include any interest-only security;
any security purchased at a price in excess of 100% of par; any investment that
has a rating from S&P, if such investment shall have an "r" or "t" highlighter
affixed to its rating from S&P; any security whose repayment is subject to
substantial non-credit related risk as determined by the Collateral
Administrator; or any mortgage-backed security.

           "Entitlement Order": The meaning specified in Section 8-102(a)(8) of
the UCC.

           "ERISA": The United States Employee Retirement Income Security Act of
1974, as amended.

           "ERISA Plan": An "employee benefit plan" as defined in Section 3(3)
of ERISA or "plan" described in Section 4975 of the Code that is subject to the
provisions of Section 406 of ERISA or Section 4975 of the Code or any
substantially similar federal, state or other applicable law.

           "Euroclear": Euroclear Bank S.A./N.V., as operator of the Euroclear
           System.

           "Event of Default": The meaning specified in Section 5.1.

           "Excepted Property": The meaning specified in the Granting Clause.

           "Exchange Act": The United States Securities Exchange Act of 1934, as
           amended.

           "Financial Asset": The meaning specified in Section 8-102(a)(9) of
           the UCC.

           "Fitch": Fitch Ratings and any successor or successors thereto.

           "Fitch Rating": With respect to any Collateral Security, will be
           determined as follows:

                                      -17-

<PAGE>

                 (a)     if such Collateral Security is rated by Fitch, the
           Fitch Rating shall be such rating;

                 (b)     if such Collateral Security is not rated by Fitch and a
           rating is published by both S&P and Moody's, the Fitch Rating shall
           be the lower of such ratings;

                 (c)     if such Collateral Security is not rated by Fitch and a
           rating is published by only one of S&P and Moody's, in the case of a
           Collateral Security that is investment grade, the Fitch Rating shall
           be one rating subcategory below the rating published by S&P or
           Moody's, as the case may be, and in the case of a Collateral Security
           that is non-investment grade, the Fitch Rating shall be two rating
           subcategories below the rating published by S&P or Moody's, as the
           case may be; and

                 (d)     if such Collateral Security is not rated by Fitch, S&P
           or Moody's, the Fitch Rating shall be the shadow rating assigned by
           Fitch upon request of the Collateral Administrator.

           "Fitch Recovery Rate": The meaning specified in Schedule D attached
hereto.

           "Floating Rate Note Interest Amounts": Collectively, the Class A Note
Interest Amount, the Class B Note Interest Amount, the Class D-FL Note Interest
Amount, the Class E-FL Note Interest Amount and the Class F-FL Note Interest
Amount.

           "Floating Rate Note Interest Rates": Collectively, the Class A Note
Interest Rate, the Class B Note Interest Rate, the Class D-FL Note Interest
Rate, the Class E-FL Note Interest Rate and the Class F-FL Note Interest Rate.

           "Floating Rate Notes": Collectively, the Class A Notes, the Class B
Notes, the Class D-FL Notes, the Class E-FL Notes and the Class F-FL Notes.

           "Global Notes": Notes in global form with respect to which ownership
and transfers are made through book entries by the Depository.

           "Grant": To grant, bargain, sell, warrant, alienate, remise, demise,
release, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of setoff against, deposit, set over or confirm. A Grant
of the Collateral, or of any other Instrument, shall include all rights, powers
and options (but none of the obligations) of the granting party thereunder,
including the immediate continuing right to claim for, collect, receive and
receipt for principal and interest payments in respect of the Collateral, and
all other monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the granting party or otherwise,
and generally to do and receive anything that the granting party is or may be
entitled to do or receive thereunder or with respect thereto.

           "Granting Date": With respect to any Collateral Security other than a
Replacement Collateral Security, the Closing Date, and with respect to a
Replacement Collateral Security the date such Replacement Collateral Security
was Granted to the Trustee.

           "Hedge Agreement": Any interest rate exchange or protection agreement
or agreements entered into between the Issuer and a Hedge Counterparty, as
amended from time to time, including any confirmations evidencing the
transactions thereunder; provided, however, that each Rating Agency shall have
confirmed in writing that entering into such agreement or any amendment to such
agreement will not, at that

                                      -18-

<PAGE>

time, result in the downgrade or withdrawal of its ratings (to the extent
ratings have been assigned) of any of the Notes (which confirmation with respect
to the Hedge Agreement entered into on the Closing Date shall be evidenced by
the delivery of the letters described in Section 3.1(h) hereof).

           "Hedge Counterparty": Initially as of the Closing Date, Deutsche Bank
AG, New York Branch and thereafter, any one or more institutions that meets the
requirements for a successor Hedge Counterparty set forth in Section 12.2.

           "Hedge Payment Amount": With respect to a Hedge Agreement and any
Payment Date, the amount, if any, then payable to the Hedge Counterparty by the
Issuer (including any applicable termination payments) net of all amounts then
payable to the Issuer by the Hedge Counterparty.

           "Hedge Receipt Amount": With respect to a Hedge Agreement and any
Payment Date, the amount, if any, then payable to the Issuer by the Hedge
Counterparty (including any applicable termination payments) net of all amounts
then payable to the Hedge Counterparty by the Issuer.

           "Hedge Replacement Proceeds": Any amounts received from a replacement
counterparty in consideration for entering into a replacement agreement for a
terminated Hedge Agreement.

           "Hedge Termination Receipt Account": The meaning specified in Section
12.2(b).

           "Hedge Termination Receipts": The meaning specified in Section
12.2(b).

           "Holder" or "Noteholder": With respect to any Note, the person in
whose name such Note is registered, or, for purposes of voting and
determinations hereunder, as long as such Note is in global form, a beneficial
owner thereof.

           "IAI Certificated Note": Any Certificated Note held by an
Institutional Accredited Investor.

           "Impaired Security": Either (a) a Collateral Security whose rating
has been downgraded, qualified or withdrawn by any Rating Agency from the
ratings that were in place as of the Granting Date or has been put on "credit
watch" or similar status for possible downgrading, qualification or withdrawal
by any Rating Agency, (b) a Collateral Security whose Principal Balance as of
the Granting Date has been reduced without receipt of a corresponding principal
distribution as a result of the allocation of a Collateral Security Realized
Loss to such Collateral Security, (c) a Collateral Security as to which an
"appraisal reduction event", as defined in the related Underlying Instrument,
has been allocated or (d) a Defaulted Security; provided, however, that any
Collateral Security that is not rated on the Granting Date by any Rating Agency
will not be deemed to be an "Impaired Security" unless both (x) such Collateral
Security meets the criteria in clauses (b), (c) or (d) above and (y) at least
one other class of securities from the same Underlying CMBS Series that is
senior to such Collateral Security meets the criteria in clauses (a), (b), (c)
or (d) above.

           "Imputed Loss Amount": With respect to any date of determination for
any Collateral Security that is a part of an Underlying CMBS Series in which the
commercial mortgaged property for any Commercial Mortgage Loan that is 90 or
more days delinquent has not been appraised in accordance with the terms of the
Underlying Instrument, the portion of the principal balance of such Collateral
Security that would be written down as a result of an Appraisal Reduction which
assumed the appraised value of such commercial mortgaged property was zero. Any
Imputed Loss Amount will cease to exist upon the earlier to occur of (a) the
liquidation of the commercial mortgaged property, (b) such time as the appraisal
procedures required by the Underlying Instrument have been followed and (c) such
time as the Commercial Mortgage Loan becomes current.

                                      -19-

<PAGE>

           "Imputed Principal Balance": With respect to any date of
determination and any Collateral Security, the Aggregate Principal Amount for
such Collateral Security; provided, however, that the Aggregate Principal Amount
of any Collateral Security will not be deemed increased by any amount deemed
added to the principal of any Collateral Security by operation of an interest
deferral feature, provided, further, that the Aggregate Principal Amount of any
Collateral Security will be reduced by (a) the portion of the principal balance
of such Collateral Security that has been written down as a result of a
Collateral Security Realized Loss or an Appraisal Reduction affecting such
Collateral Security and (b) any Imputed Loss Amount in respect of such
Collateral Security.

           "Indenture": This instrument as originally executed and, if from time
to time supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, as so supplemented or
amended.

           "Independent": As to any Person, any other Person (including a firm
of accountants or lawyers and any member thereof) who (i) does not have and is
not committed to acquire any material direct or any material indirect financial
interest in such Person or in any Affiliate of such Person, (ii) is not
connected with such Person as an officer, employee, promoter, underwriter,
voting Trustee, partner, director or Person performing similar functions and
(iii) is not Affiliated with a firm that fails to satisfy the criteria set forth
in (i) and (ii). "Independent" when used with respect to any accountant may
include an accountant who audits the books of any Person if in addition to
satisfying the criteria set forth above the accountant is independent with
respect to such Person within the meaning of Rule 101 of the Code of Ethics of
the American Institute of Certified Public Accountants. Whenever any Independent
Person's opinion or certificate is to be furnished to the Trustee, such opinion
or certificate shall state that the signer has read this definition and that the
signer is Independent within the meaning hereof.

           "Initial Purchasers": Deutsche Bank Securities Inc., Banc of America
Securities LLC, Bear, Stearns & Co. Inc., CDC IXIS CM and Credit Suisse First
Boston Corporation.

           "Institutional Accredited Investor": Any Person meeting the
requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act or entities in which all the equity owners meet this requirement.

           "Instruments": The meaning specified in Section 9-102(a)(47) of the
UCC.

           "Interest Accrual Period": With respect to each Payment Date, (i)
with respect to the Floating Rate Notes, the period commencing on and including
the 24/th/ day of the month preceding such Payment Date (or, in the case of the
first Payment Date, commencing on and including the Closing Date) to but
excluding the 24/th/ day of the current month and (ii) with respect to the Class
C Notes, the Class D-FX Notes, the Class E-FX Notes, the Class E-FXD Notes, the
Class F-FX Notes and the Junior Notes, the preceding calendar month.

           "Interest Proceeds": With respect to any Payment Date, without
duplication, (i) all Cash payments of interest or dividends received during the
related Due Period on (A) Collateral Securities and (B) Eligible Investments,
excluding (a) prepayments or mandatory sinking funds, (b) payments in respect of
optional redemptions, exchange offers, tender offers or recoveries on or other
payments in respect of Defaulted Securities, (c) call, prepayment or redemption
premiums, and (d) all Cash payments of interest or dividends received during the
related Due Period on Eligible Investments invested with amounts on deposit in
the Collection Account, (ii) accrued interest received in connection with a sale
of Collateral Securities (other than a sale of a Defaulted Security or an
Impaired Security, unless such Defaulted Security or Impaired Security is sold
for an amount greater than par) or Eligible Investments (other than a sale of
Eligible Investments invested with amounts on deposit in the Collection
Account), (iii) all payments pursuant to the

                                      -20-

<PAGE>

Hedge Agreements scheduled to be received on or prior to such Payment Date
(other than payments received in connection with a termination of a Hedge
Agreement) and not included in Interest Proceeds with respect to a prior Payment
Date, (iv) all amendment, waiver or late payment fees and other fees and
commissions received in cash by the Issuer during the related Due Period in
respect of (A) Collateral Securities that are not Defaulted Securities or
restructured securities and (B) Eligible Investments that are not in default or
restructured securities, (v) upon the payment in full of the Class A Notes and
the Class B Notes, Interest Proceeds on deposit in the Contingent Reserve
Account, (vi) all payments of principal on Eligible Investments purchased with
proceeds of items (i), (ii), (iii) and (iv) of this definition (but excluding
any funds received from Excepted Property) and (vii) all amounts described in
items (i) through (vi) of this definition received during any prior Due Period
and not distributed therein.

           "Investment Company Act": The United States Investment Company Act of
1940, as amended.

           "Investment Grade": With respect to a Note, having received a rating
from a Rating Agency at the time of transfer that is in one of the four highest
generic rating categories.

           "Irish Listing and Paying Agent": NCB Stockbrokers Limited, and any
successor or successors thereto.

           "Issuer": LNR CDO 2002-1 Ltd., an exempt limited liability company
incorporated under the laws of the Cayman Islands, unless and until a successor
Person shall have become the Issuer pursuant to the applicable provisions of
this Indenture, and thereafter "Issuer" shall mean such successor Person.

           "Issuer Account": The Payment Account, the Contingent Reserve
Account, the Collection Account, the Custodial Account, the Trustee Expense
Account and the Hedge Termination Receipt Account.

           "Issuer Order" and "Issuer Request": A written order or request dated
and signed in the name of the Issuer by an Authorized Officer of the Issuer or
the Co-Issuer or by an Authorized Officer of the Collateral Administrator where
permitted pursuant to the Collateral Administration Agreement, as the context
may require or permit.

           "Issuer Ordinary Shares": The ordinary shares, par value $1.00 per
share, of the Issuer which have been issued by the Issuer and are outstanding
from time to time.

           "Junior Notes": Collectively, the Class G Notes and the Class H
Notes.

           "Knowledgeable Employee": The meaning assigned to such term in the
Investment Company Act.

           "LIBOR": The meaning set forth in Schedule B attached hereto.

           "LIBOR Determination Date": The meaning set forth in Schedule B
attached hereto.

           "Liquidation Proceeds": In connection with a Redemption, the Sale
Proceeds resulting from the sale of the Collateral in accordance with Article
IX, plus all Eligible Investments maturing on or prior to the Redemption Date
and all funds expected to be on deposit in the Issuer Accounts on the Redemption
Date.

                                      -21-

<PAGE>

           "Majority": With respect to the Notes or any Class thereof, the
Holders of more than 50% of the aggregate Note Balance of the Notes or such
Class. A "Majority" of the Notes of the Controlling Class means more than 50% of
the aggregate Note Balance of the Notes of the Controlling Class.

           "Mandatory Redemption": The redemption of the Notes pursuant to and
in accordance with Section 9.3.

           "Maturity": With respect to any Note, the date on which the unpaid
principal of such Note becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for
redemption or otherwise.

           "Market Value": With respect to any date of determination, the lower
of two bids obtained by the Collateral Administrator at such time from two
recognized active investors or dealers in securities comparable to the subject
Collateral Security that are independent from one another and from the
Collateral Administrator.

           "Minimum Hedge Counterparty Rating": (i) With respect to the rating
of the Hedge Counterparty or its credit support provider, as an issuer or with
respect to the long-term senior unsecured debt of such party, as applicable,
"A2" or better by Moody's; (ii) with respect to the short-term debt of the Hedge
Counterparty or its credit support provider, "P-1" by Moody's and "F-2" by
Fitch; and (iii) either, with respect to the Hedge Counterparty or its credit
support provider as an issuer or with respect to the long-term senior unsecured
debt of such party, as the case may be, "A+" by S&P, or with respect to the
short-term debt of such party, "A-1" by S&P (so long as any of the Notes
outstanding hereunder are rated by such Rating Agency); provided, that should a
Rating Agency effect an overall downward adjustment of its short-term or
long-term ratings, then the applicable Minimum Hedge Counterparty Rating shall
be adjusted downward accordingly; provided further, that any adjustment to the
Minimum Hedge Counterparty Rating will be subject to the satisfaction of the
Rating Condition with respect to the applicable Rating Agency.

           "Moody's": Moody's Investors Service, Inc. and any successor or
successors thereto.

           "Moody's Rating": With respect to any Collateral Security, will be
determined as follows:

                (a)    if such Collateral Security is rated by Moody's, such
           rating;

                (b)    if such Collateral Security is not rated by Moody's, then
           the Moody's Rating of such Collateral Security shall be deemed to be
           the rating thereof as may be assigned by Moody's upon the request of
           the Issuer or the Collateral Administrator;

                (c)    with respect to the Collateral Securities that are
           commercial mortgage-backed conduit securities (i.e., Collateral
           Securities representing interests in a pool of commercial mortgage
           loans), if such Collateral Security is not rated by Moody's, and no
           other security or obligation of the issuer or the obligor is rated by
           Moody's and neither the Issuer nor the Collateral Administrator
           obtains a Moody's Rating for such Collateral Security pursuant to
           clause (b) above, then the Moody's Rating of such Collateral Security
           may be determined using any one of the following methods:

                       (i)    if such Collateral Security is rated by both S&P
                and Fitch or if such Collateral Security is only rated by either
                S&P or Fitch but Moody's has rated other classes in the same
                transaction then the Moody's rating will be 2 subcategories

                                      -22-

<PAGE>

                lower than the lowest Moody's equivalent rating then outstanding
                on the Collateral Security; or

                        (ii)    if such Collateral Security is only rated by
                one rating agency, then the Issuer or the Collateral
                Administrator on behalf of the Issuer may request that Moody's
                assign a rating for such Collateral Security, which shall be
                such Collateral Security's Moody's Rating.

           Notwithstanding the foregoing, no more that 20% of the aggregate
           principal balance of the Collateral Securities may be rated pursuant
           to clause (c) above and no single Collateral Security that represents
           more than 5% of the aggregate principal balance of the Collateral
           Securities can be rated pursuant to clause (c) above.

           "Moody's Recovery Rate": The meaning specified in Schedule D attached
hereto.

           "Non-Permitted Holder": The meaning specified in Section 2.13(b).

           "Note Balance": With respect to any Class of Notes or any individual
Note, the aggregate of the original principal balance of such Class of Notes or
individual Note less any amounts of principal previously paid in respect of such
Class of Notes or individual Note.

           "Note Interest Rate": With respect to the Notes of any Class, the
annual rate at which interest accrues on the Notes of such Class, as specified
in Section 2.3 and in such Notes.

           "Note Owner Certificate": A certificate to be signed by the
beneficial owner of a Note in the form attached hereto as Exhibit E.

           "Note Purchase Agreement": An agreement dated as of June 28, 2002,
among the Issuer, the Co-Issuer and the Initial Purchasers, as amended from time
to time in accordance with the terms thereof.

           "Note Register": The register maintained by the Trustee or any Note
Registrar with respect to the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes, the Class F-FL
Notes, the Class G Notes and the Class H Notes pursuant to Section 2.5.

           "Note Registrar": The meaning specified in Section 2.5(a).

           "Note Valuation Report": The meaning specified in Section 10.6(a).

           "Noteholder": The meaning specified in the definition of "Holders".

           "Notes": Collectively, the Senior Notes and the Junior Notes.

           "Notional Balance": With respect to the Preferred Shares as of any
date of determination, the initial notional balance of such Preferred Shares of
$290,228,578, less any redemptions thereof made pursuant to the Preferred Shares
Paying Agency Agreement.

           "Offer": With respect to any security, any offer by the issuer of
such security or by any other Person made to all of the holders of such security
to purchase or otherwise acquire such security (other than pursuant to any
redemption in accordance with the terms of any related Underlying Instrument or
for

                                      -23-

<PAGE>

the purpose of registering the security) or to exchange such security for any
other security, Cash or other property.

           "Officer": With respect to the Issuer, the Co-Issuer or any other
corporation, the Chairman of the Board of Directors, any Director, the
President, any Vice President, the Secretary, an Assistant Secretary, the
Treasurer or an Assistant Treasurer of such entity; with respect to any
partnership, any general partner thereof; with respect to the Trustee or any
bank or trust company acting as trustee of an express trust or as custodian, any
Trust Officer.

           "Officer's Certificate": With respect to any Person, a certificate
signed by an Authorized Officer of such Person.

           "Opinion of Counsel": A written opinion addressed to the Trustee,
each Hedge Counterparty and each of the Rating Agencies (or on which any of them
may expressly rely), in form and substance reasonably satisfactory to the
Trustee and each of the Rating Agencies, of an attorney at law admitted to
practice before the highest court of any state of the United States of America
or the District of Columbia (or the Cayman Islands, in the case of an opinion
relating to the laws of the Cayman Islands, as the case may be), which attorney
may, except as otherwise expressly provided in this Indenture, be counsel for
the Issuer or the Collateral Administrator and which attorney shall be
reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is
required hereunder, such Opinion of Counsel may rely on opinions of other
counsel who are so admitted and so satisfactory which opinions of other counsel
shall accompany such Opinion of Counsel and shall either be addressed to the
Trustee, each Hedge Counterparty, the Issuer and each of the Rating Agencies or
shall state that the Trustee, each Hedge Counterpary, the Issuer and each of the
Rating Agencies shall be entitled to rely thereon.

           "Optional Redemption": The redemption of the Notes pursuant to and in
accordance with Section 9.1 hereof.

           "Optional Redemption Date": Any Payment Date on or after the Payment
Date on which the Aggregate Principal Amount of the Collateral Securities is
equal to or less than 10% of the Aggregate Principal Amount of the Collateral
Securities as of the Closing Date, as to which the Collateral Administrator has
elected to cause an Optional Redemption of the Notes on such date.

           "Optional Redemption Price": With respect to the Senior Notes, the
sum of the aggregate Note Balance of such Class of Notes plus accrued and unpaid
interest thereon (including Default Interest and interest thereon and, in the
case of the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes and the Class F-FL Notes, Deferred
Interest and interest thereon). With respect to the Class F-FX Notes, the
greater of (i) the Tax Redemption Price for the related Payment Date and (ii)
the present value of the remaining payments of principal and interest
(including, without limitation, Default Interest, Deferred Interest and, in each
case, interest thereon) on the Notes of such Class (determined on the basis of
the Collateral Securities Assumptions), discounted monthly at a rate equal to
the Discount Rate for such Class. With respect to the Junior Notes, an amount
equal to the Tax Redemption Price for the related Payment Date. For purposes of
calculating the Optional Redemption Price for the Class F-FX Notes and the
Junior Notes, it shall be assumed that any and all Collateral Security Realized
Losses that have occurred after the Granting Date have been allocated (i) first
to the Notional Balance of the Preferred Shares and (ii) second to the aggregate
Note Balance of each Class of Notes, in reverse alphabetical order, in each case
until such Notional Balance or aggregate Note Balance, as applicable, has been
reduced to zero.

           "Optional Redemption Purchase Price": The meaning specified in
Section 9.1(b)

           "Option Price": The meaning specified in Section 12.1(b).

                                      -24-

<PAGE>

           "Outstanding": With respect to the Notes or any Class of Notes, as of
any date of determination, all of such Notes or Class of Notes theretofore
authenticated and delivered under this Indenture except:

           (a)  Notes theretofore cancelled by the Note Registrar or delivered
to the Note Registrar for cancellation;

           (b)  Notes or portions thereof for whose payment or redemption funds
in the necessary amount have been theretofore irrevocably deposited with the
Trustee or any Paying Agent in trust for the Holders of such Notes; provided
that, if such Notes or portions thereof are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made;

           (c)  Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture, unless proof
satisfactory to the Trustee is presented that any such original Notes are held
by a Holder in due course; and

           (d)  Notes alleged to have been mutilated, destroyed, lost or stolen
for which replacement Notes have been issued as provided in Section 2.6 of this
Indenture;

provided, that in determining whether the Holders of the requisite aggregate
Note Balance of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Notes owned by the Issuer or the
Co-Issuer shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes
that the Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee's right so to
act with respect to such Notes and that the pledgee is not the Issuer, the
Co-Issuer or any other obligor upon the Notes. Notes owned by the Collateral
Administrator and its Affiliates will be deemed to be Outstanding for all
purposes under this Indenture; provided, however, that such Notes shall be
deemed not to be Outstanding for purposes of conducting any vote regarding the
removal of the Collateral Administrator for "cause" (as defined in the
Collateral Administration Agreement).

           "Paying Agent": Any Person authorized by the Co-Issuers to pay the
principal of or interest on any Notes on behalf of the Co-Issuers, as specified
in Section 7.4.

           "Payment Account": The trust account established pursuant to Section
10.3.

           "Payment Date": The 24/th/ day of such month or, if the 24/th/ day of
such month is not a Business Day, the next Business Day, commencing in August,
2002.

           "Permanent Regulations S Global Note": The meaning specified in
Section 2.2(b).

           "Person": An individual, corporation (including a business trust),
partnership, limited liability company, joint venture, association, joint stock
company, trust (including any beneficiary thereof), bank, unincorporated
association or government or any agency or political subdivision thereof or any
other entity of similar nature.

           "Pledged Securities": On any date of determination, the Collateral
Securities and the Eligible Investments owned by the Issuer that have been
Granted to the Trustee.

                                      -25-

<PAGE>
           "Preferred Shares": 29,022,857.8 preferred shares issued by the
Issuer having a par value of $0.001 per share, and an aggregate issue price or
an initial Notional Balance of $290,228,578, and entitled to receive preferred
dividends, in accordance with the Priority of Payments and the Preferred Shares
Paying Agency Agreement.

           "Preferred Shares Paying Agent": LaSalle Bank National Association,
in its capacity as paying agent with respect to the Preferred Shares under the
Preferred Shares Paying Agency Agreement.

           "Preferred Shares Paying Agency Agreement": The Preferred Shares
Paying Agency Agreement, dated as of July 9, 2002, by and between the Issuer and
the Preferred Shares Paying Agent.

           "Principal Balance": With respect to Cash, the face amount thereof,
and with respect to any Pledged Security, as of any date of determination, the
outstanding principal amount of such Pledged Security; provided, however, that
the Principal Balance shall not be deemed increased by any amount deemed added
to the principal of any Collateral Securities by operation of an interest
deferral feature. The Principal Balance of any Collateral Security will exclude
any portion of the Principal Balance of such Collateral Security that has been
written down as a result of a Collateral Security Realized Loss.

           "Principal Proceeds": With respect to any Payment Date, (i) all
principal payments (including prepayments, mandatory sinking fund payments,
payments in respect of optional redemptions, exchange offers, tender offers or
recoveries in respect of Defaulted Securities) received in cash during the
related Due Period on (A) Eligible Investments (other than Eligible Investments
purchased with Interest Proceeds and any amount representing the accreted
portion of a discount on the face value of such Eligible Investments), and (B)
Collateral Securities, (ii) Sale Proceeds received during such Due Period
(excluding accrued interest included in Sale Proceeds), (iii) all amounts
received with respect to amendments, waivers, late payment fees and commissions
in respect of Collateral Securities that are Defaulted Securities or
restructured securities received in cash by the Issuer during the related Due
Period, (iv) all payments received in cash by the Issuer during the related Due
Period that represent call, prepayment or redemption premiums, (v) any amounts
received by the Issuer in respect of a termination of any Hedge Agreement
scheduled to be received on or prior to such Payment Date to the extent such
amounts exceed the cost of entering into a replacement Hedge Agreement, (vi) any
other amounts received during the related Due Period that do not constitute
Interest Proceeds (but excluding any funds received from Excepted Property),
(vii) upon the payment in full of the Class A Notes and the Class B Notes,
Principal Proceeds on deposit in the Contingent Reserve Account and (viii) all
amounts described in items (i) through (vii) of this definition received during
any prior Due Period and not distributed therein.

           "Priority of Payments": The meaning specified in Section 11.1(a).

           "Proceeds": (i) Any property (including but not limited to Cash and
securities) received as a Distribution on the Collateral or any portion thereof,
(ii) any property (including but not limited to Cash and securities) received in
connection with the sale, liquidation, exchange or other disposition of the
Collateral or any portion thereof, and (iii) all proceeds (as such term is
defined in Section 9-102(a)(64) of the UCC) of the Collateral or any portion
thereof.

           "Proceeding": Any suit in equity, action at law or other judicial or
administrative proceeding.

           "Protected Purchaser": The meaning specified in Section 8-303 of the
UCC.

           "Purchase Option": The meaning specified in Section 12.1(b).

                                      -26-

<PAGE>

           "Purchase Option Notice"" The meaning specified in Section 12.1(c).

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

           "QIB/QP": Any Person that, at the time of its acquisition, purported
acquisition or proposed acquisition of Notes, is both a QIB and a Qualified
Purchaser.

           "Qualified Purchaser": Any Person that, at the time of its
acquisition, purported acquisition or proposed acquisition of Notes, is a
qualified purchaser for the purposes of Section 3(c)(7) of the Investment
Company Act.

           "Rated Collateral Securities": The Collateral Securities identified
on Schedule C attached hereto.

           "Rating Agencies": Moody's and any successor or successors thereto,
S&P and any successor or successors thereto, and Fitch and any successor or
successors thereto, or, if at any time Moody's or any such successor, S&P or any
such successor or Fitch or any such successor ceases to provide rating services
generally, any other nationally recognized investment rating agency selected by
the Issuer and reasonably satisfactory to the Controlling Party. In the event
that at any time the Rating Agencies do not include Moody's, Fitch or S&P,
references to rating categories of Moody's, Fitch or S&P in this Indenture shall
be deemed instead to be references to the equivalent categories of such other
rating agency as of the most recent date on which such other rating agency and
Moody's, Fitch or S&P published ratings for the type of security in respect of
which such alternative rating agency is used. References to Rating Agencies with
respect to a Class of Notes shall apply only to Rating Agencies that assigned a
rating (public or confidential) to such Class of Notes on the Closing Date.

           "Rating Condition": With respect to the applicable Notes or any Class
thereof and with respect to any action or event or proposed action or event, the
provision by each Rating Agency then rating the applicable Notes of such Class
of confirmation in writing that such action or event will not result in the
downgrade, qualification or withdrawal of its then current ratings of such
applicable Notes or the applicable Notes of such Class.

           "Record Date": The date on which the Holders of Notes entitled to
receive a payment in respect of principal or interest on the succeeding Payment
Date are determined, such date as to any Payment Date being the 5/th/ Business
Day prior to the applicable Payment Date with respect to the Certificated Notes
and being the last day (whether or not a Business Day) of the related Interest
Accrual Period with respect to the Global Notes.

           "Redemption": An Optional Redemption, Tax Redemption or Mandatory
Redemption.

           "Redemption Date": With respect to any Redemption, the related
Optional Redemption Date or Tax Redemption Date, as applicable.

           "Redemption Price": With respect to any Redemption, the related
Optional Redemption Price or Tax Redemption Price, as applicable.

           "Redemption Record Date": With respect to any Redemption of Notes, a
date fixed pursuant to Section 9.4(c).

           "Reference Date": May 24, 2002.

                                      -27-

<PAGE>
           "Registered": A debt obligation that is issued after July 18, 1984
and that is in registered form within the meaning of Section 881(c)(2)(B)(i) of
the Code and the Treasury regulations promulgated thereunder.

           "Regulation S": Regulation S under the Securities Act.

           "Regulation S Global Notes": The meaning specified in Section 2.2(b).

           "Regulation U": Regulation U issued by the Board of Governors of the
Federal Reserve System.

           "Remaining Average Life": With respect to any Note and any date of
determination, the number of years (calculated to the nearest one-twelfth year)
from such date to the date such Note is repaid in full, based upon the actual
cashflows of the Collateral Securities at the time of calculation of the
Remaining Average Life (calculated based on the Collateral Securities
Assumptions).

           "Replacement Collateral Security": A Collateral Security that the
Sponsor substitutes for a Defective Collateral Security and either (i) meets the
Replacement Criteria set forth in Section 5 of the Seller Transfer Agreement, or
(ii) satisfies the Rating Condition.

           "Rule 144A": Rule 144A under the Securities Act.

           "Rule 144A Global Note": The meaning specified in Section 2.2(b).

           "Rule 144A Information": Such information as is specified pursuant to
Section (d)(4) of Rule 144A (or any successor provision thereto).

           "Sale": A sale of the Collateral pursuant to an Event of Default.

           "Sale Proceeds": All proceeds (including accrued interest) received
with respect to Collateral Securities as a result of sales of such Collateral
Securities pursuant to Section 9.1, Section 9.2 or Section 12.1, net of any
reasonable amounts expended by the Collateral Administrator or the Trustee in
connection with such sale.

           "Schedule of Collateral Securities": The Collateral Securities listed
on Schedule A hereto and securing the Notes, which Schedule shall include the
Principal Balance, interest rate, the stated final maturity and the Moody's
Rating, S&P Rating and Fitch Rating, if any, of each Collateral Security, as
amended from time to time to reflect the sale and release of Collateral
Securities pursuant to Article XII and Section 10.7 hereof.

           "Scheduled Distribution": With respect to any Pledged Security, for
each Due Date, the Distribution scheduled on such Due Date, determined in
accordance with the assumptions specified in Section 1.2 hereof.

           "Secured Obligations": Collectively, all of the indebtedness,
liabilities and obligations owed from time to time by the Issuer to any of the
Secured Parties whether for principal, interest, fees, costs, expenses or
otherwise (including all amounts which would become due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code and the operation
of Sections 502(b) and 506(b) thereof or any analogous provisions of any similar
laws).

                                      -28-

<PAGE>
           "Secured Parties": The Trustee, the Collateral Administrator, the
Holders of the Notes, and the Hedge Counterparties.

           "Securities Act": The United States Securities Act of 1933, as
amended.

           "Securities Intermediary": The meaning specified in Section
8-102(a)(14) of the UCC.

           "Security Entitlement": The meaning specified in Section 8-102(a)(17)
of the UCC.

           "Seller": Delaware Bonds Holdings, Inc., or any successor or
successors thereto.

           "Seller Transfer Agreement": The seller transfer agreement dated as
of July 9, 2002, by and among the Depositor, the Sponsor and the Seller,
relating to the transfer of the Collateral Securities to the Depositor.

           "Senior Notes": The Class A, Class B, Class C, Class D-FX, Class
D-FL, Class E-FX, Class E-FXD, Class E-FL, Class F-FX and Class F-FL Notes
authorized by, and authenticated and delivered under, this Indenture or any
supplemental indenture.

           "S&P": Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. and any successor or successors thereto.

           "S&P CDO Industry Code": The meaning specified in Schedule F attached
hereto.

           "S&P Rating": With respect to any Collateral Security, will be
determined as follows:

               (a) if S&P has assigned a rating to such Collateral Security
           either publicly or privately (in the case of a private rating, with
           the appropriate consents for the use of such private rating), the S&P
           Rating shall be the rating assigned thereto by S&P;

               (b) if such Collateral Security is not rated by S&P but the
           Issuer or the Collateral Administrator on behalf of the Issuer has
           requested that S&P assign a rating to such Collateral Security, the
           S&P Rating shall be the rating so assigned by S&P; and

               (c) if such Collateral Security has not been assigned a rating by
           S&P pursuant to clause (a) or (b) above (or a request pursuant to
           clause (b) is pending), the S&P Rating of such Collateral Security
           shall be the rating determined in accordance with Schedule E;
           provided that if any Collateral Security is, at the time of its
           purchase by the Issuer, on watch for a possible upgrade or downgrade
           by either Moody's or Fitch, the S&P Rating of such Collateral
           Security shall be one subcategory above or below, respectively, the
           rating otherwise assigned to such Collateral Security in accordance
           with Schedule E; provided further, that the aggregate principal
           balance of all Collateral Securities that are assigned an S&P Rating
           pursuant to this clause (c) may not exceed 20% of the aggregate
           principal balance of all Collateral Securities;

           Notwithstanding the foregoing, if any Collateral Security shall, at
           the time of its purchase by the Issuer, be listed for possible
           upgrade or downgrade on S&P's then current credit rating watch list,
           then the S&P Rating of such Collateral Security shall be one
           subcategory above or below, respectively, the Rating then assigned to
           such item by S&P, as applicable; provided that if such Collateral
           Security is removed from such list at any time, it shall be deemed to
           have its actual rating by S&P.

                                      -29-

<PAGE>
           "S&P Recovery Rate": The meaning specified in Schedule D attached
hereto.

           "Sponsor": Delaware Securities Holdings, Inc., or any successor or
successors thereto.

           "Sponsor Transfer Agreement": The sponsor transfer agreement dated as
of July 9, 2002, by and between the Sponsor and the Seller, relating to the
transfer of certain of the Collateral Securities to the Seller.

           "Stated Maturity": With respect to any security, including a Note,
the date specified in such security as the fixed date on which the final payment
of principal of such security is due and payable or, if such date is not a
Business Day, the next following Business Day.

           "Subordinate Interests": The rights of the Holders of the Class B
Notes (in relation to the rights of the Class A Notes), the rights of the
Holders of the Class C Notes (in relation to the rights of the Class A Notes and
the Class B Notes), the rights of the Holders of the Class D-FX Notes and the
Class D-FL Notes (in relation to the rights of the Class A Notes, the Class B
Notes and the Class C Notes), the rights of the Holders of the Class E-FX Notes,
the Class E-FXD Notes and the Class E-FL Notes (in relation to the rights of the
Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes and
the Class D-FL Notes), the rights of the Holders of the Class F-FX Notes and the
Class F-FL Notes (in relation to the rights of the Class A Notes, the Class B
Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes, the Class
E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes), the rights of the
Holders of the Class G Notes (in relation to the rights of the Class A Notes,
the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL
Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes, the
Class F-FX Notes and the Class F-FL Notes), the rights of the Holders of the
Class H Notes (in relation to the rights of the Class A Notes, the Class B
Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes, the Class
E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes,
the Class F-FL Notes and the Class G Notes) and of the Issuer in and to the
Collateral.

           "Supermajority": With respect to the Notes or any Class thereof, the
Holders of more than 66 2/3% of the aggregate Note Balance of the Notes or such
Class, as the case may be.

           "Swap Hedge Agreement": The Swap Hedge Agreement, dated July 9, 2002,
between the Issuer and the Hedge Counrterparty.

           "Tax Redemption": The redemption of the Notes on account of the
occurrence of a Withholding Tax Event pursuant to and in accordance with Section
9.2 hereof.

           "Tax Redemption Date": Any Payment Date on which a Withholding Tax
Event is continuing as to which a majority of the Preferred Shares has elected
to cause a Tax Redemption on such date.

           "Tax Redemption Percentage Price": With respect to the Class A Notes,
the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL
Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes and the
Class F-FL Notes, 100%. With respect to any Tax Redemption of the Class F-FX
Notes and the Junior Notes on an Annual Payment Date, the Annual Price for such
Class for such Annual Payment Date as set forth in the table below. With respect
to any Tax Redemption of the Class F-FX Notes and the Junior Notes on a Payment
Date other than on Annual Payment Date, such Tax Redemption Price that is
determined by linear interpolation of the Annual Prices for such Class for the
next preceding and next following Annual Payment Dates.

                        ANNUAL PRICES FOR TAX REDEMPTION

                                      -30-

<PAGE>

              ------------------------------------------------------------------
                         Annual             Class F-FX    Class G    Class H
                   Payment Dates in           Notes       Notes      Notes
              ------------------------------------------------------------------
                July 2002                     85.05%      58.09%     43.63%
                July 2003                     86.12%      60.31%     45.89%
                July 2004                     87.26%      62.78%     48.52%
                July 2005                     88.49%      65.63%     51.70%
                July 2006                     89.83%      68.92%     55.54%
                July 2007                     91.30%      72.72%     60.18%
                July 2008                     92.89%      77.09%     65.79%
                July 2009                     94.63%      82.13%     72.56%
                July 2010                     96.53%      87.95%     80.74%
                July 2011                     98.60%      94.66%     90.61%
                July 2012 and thereafter     100.00%     100.00%    100.00%

                "Tax Redemption Price": When used with respect to any Note of
any Class, an amount equal to the product of (i) the Tax Redemption Percentage
Price of the Note to be redeemed and (ii) the aggregate Note Balance of such
Note, together with accrued and unpaid interest on such Note (including, without
limitation, any Default Interest and interest thereon, and, in the case of a
Class D-FX Note, Class D-FL Note, Class E-FX Note, Class E-FXD Notes, Class E-FL
Note, Class F-FX Note, Class F-FL Note, Class G Note or Class H Note, any
Deferred Interest and interest thereon) at the applicable Note Interest Rate to
the Tax Redemption Date. For purposes of calculating the Tax Redemption Price
for the Notes of any Class, it shall be assumed that any and all Collateral
Security Realized Losses that have occurred after the Granting Date have been
allocated (i) first to the Notional Balance of the Preferred Shares and (ii)
second to the aggregate Note Balance of each Class of Notes, in reverse
alphabetical order, in each case until such Notional Balance or aggregate Note
Balance, as applicable, has been reduced to zero.

                "Tax Redemption Purchase Price": The meaning specified in
Section 9.2(b)

                "Temporary Regulation S Global Note": The meaning specified in
Section 2.2(b).

                "Total Redemption Amount": The meaning specified in Section
9.4(c).

                "Transaction Documents": The Indenture, the Transfer Agreements,
the Collateral Administration Agreement, the Preferred Shares Paying Agency
Agreement, the Administration Agreement and the Note Purchase Agreement.

                "Transfer Agent": The Person or Persons, which may be the
Issuer, authorized by the Issuer to exchange or register the transfer of Notes.

                "Transfer Agreements": The Depositor Transfer Agreement, the
Seller Transfer Agreement and the Sponsor Transfer Agreement.

                "Treasury": The United States Department of Treasury.

                "Treasury Rate": With respect to the Class F-FX Notes, the yield
per annum equal to the sum of (i) the yield to maturity of the comparable
treasury security based on the Remaining Average Life of such Class (determined
based on the Collateral Securities Assumptions), plus (ii) 50% of the Treasury
Spread for such Class. The yield of the comparable Treasury security will be
calculated by the linear interpolation (rounded to the nearest one-thousandth of
one percent (i.e., 0.001%)) of the yields of noncallable Treasury obligations
with terms (one longer and one shorter) most nearly approximating the term of
the comparable Treasury Security, as determined by the Trustee on the basis of
Federal Reserve Statistical Release

                                      -31-

<PAGE>

H.15--Selected Interest Rates under the heading "U.S. Governmental
Security/Treasury Constant Maturities" or other recognized source of financial
market information selected by the Trustee.

                "Treasury Spread": With respect to the Class F-FX Notes, 4.00%.

                "Trustee": LaSalle Bank National Association, a national banking
association organized and existing under the laws of the United States, in its
capacity as trustee for the Noteholders, unless a successor Person shall have
become the Trustee pursuant to the applicable provisions of this Indenture, and
thereafter "Trustee" shall mean such successor Person.

                "Trustee Expense Account": The trust account or accounts
established pursuant to Section 10.3(b).

                "Trustee Expense Payment": The meaning specified in Section
11.1(d).

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

                "UCC": The Uniform Commercial Code as in effect in the State of
New York on the Closing Date, and as in effect from time to time.

                "Underlying CMBS Series": With respect to each Collateral
Security, the related series of commercial mortgage-backed securities that the
Collateral Security is part of.

                "Underlying Instrument": The pooling and servicing agreement,
trust and servicing agreement, indenture, or other agreement pursuant to which a
Pledged Security has been issued or created and each other agreement that
governs the terms of or secures the obligations represented by such Pledged
Security or of which the holders of such Pledged Security are the beneficiaries.

                "Unregistered Securities": Securities issued without
registration under the Securities Act.

                "U.S. Person": The meaning specified under Regulation S.

                "U.S. Resident": A Person considered resident in the United
States for purposes of Section 7(d) of the Investment Company Act under the
doctrine commonly known in the United States as the "Touche Remnant Doctrine,"
as articulated and applied by the staff of the United States Securities and
Exchange Commission in various "no-action" or interpretive letters issued by the
staff.

                "Weighted Average Coupon": With respect to any date of
determination, the number (rounded up to the next 0.0001%) obtained by (i)
multiplying the per annum coupon rate for each Collateral Security that is a
fixed rate security by the Principal Balance of such Collateral Security; (ii)
summing the amounts determined pursuant to clause (i) for all of such Collateral
Securities; and (iii) dividing the sum determined pursuant to clause (ii) by the
aggregate Principal Balance of all Collateral Securities that are fixed rate
securities; provided that for purposes of this calculation, Collateral
Securities that are Defaulted Securities shall be excluded except for those
Defaulted Securities that at the time of such calculation are paying current
interest pursuant to the terms of their respective underlying instruments.

                                      -32-

<PAGE>

                "Withholding Tax Event": A new, or change in any, U.S., state,
local or foreign tax statute, treaty, regulation, rule, ruling, practice,
procedure or judicial decision or interpretation which results in any portion of
any payment due from any issuer or obligor under any Collateral Security
becoming properly subject to the imposition of U.S., state, local or foreign
withholding tax, which withholding tax is not compensated for by a "gross up"
provision under the terms of the Collateral Securities, and such a tax or taxes
amounts, in the aggregate, to three percent (3%) or more of the aggregate
interest payments on all of the Collateral Securities during the related Due
Period.

                Section 1.2   Assumptions as to Collateral Securities.

         (a)    In connection with all calculations required to be made pursuant
to this Indenture with respect to Scheduled Distributions on any Pledged
Securities, or any payments on any other assets included in the Collateral, and
with respect to the income that can be earned on Scheduled Distributions on such
Pledged Security and on any other amounts that may be received for deposit in
the Collection Account, the provisions set forth in this Section 1.2 shall be
applied.

         (b)    All calculations with respect to Scheduled Distributions on the
Pledged Securities shall be made on the basis of information as to the terms of
each such Pledged Security and upon report of payments, if any, received on such
Pledged Security that are furnished by or on behalf of the issuer of or borrower
with respect to such Pledged Security and, to the extent they are not manifestly
in error, such information or report may be conclusively relied upon in making
such calculations.

         (c)    For each Due Period, the Scheduled Distribution on any Pledged
Security shall be the total amount of payments and collections in respect of
such Pledged Security (including the proceeds of the sale of such Pledged
Security) received during the Due Period.

         (d)    Each Scheduled Distribution receivable with respect to a Pledged
Security shall be assumed to be received on the applicable Due Date, and each
such Scheduled Distribution shall be assumed to be immediately deposited in the
Collection Account and, except as otherwise specified, not to be reinvested.

                Section 1.3   Rules of Construction.

All references in this instrument to designated "Articles," "Sections,"
"Subsections" and other subdivisions are to the designated Articles, Sections,
Subsections and other subdivisions of this instrument as originally executed.
The words "herein," "hereof," "hereunder," and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section,
Subsection or other subdivision. The term "including" shall mean "including
without limitation."

                                   ARTICLE II

                                    THE NOTES

                                      -33-

<PAGE>

                Section 2.1   Forms Generally. The Notes and the Certificate of
Authentication shall be in substantially the forms required by this Article,
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon, as may be consistent herewith, determined by the Authorized Officers of
the Co-Issuers, or, in the case of the Junior Notes, the Issuer executing such
Notes as evidenced by their execution of such Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

                Section 2.2   Forms of Notes and Certificate of Authentication.

         (a)    The form of the Notes, including the Certificate of
Authentication, shall be as set forth respectively as Exhibits A-1 through A-4
hereto.

         (b)    Senior Notes offered and sold to Persons who are non-U.S.
Persons and non-U.S. Residents in reliance on Regulation S shall be issued
initially in the form of temporary global notes in fully registered form without
interest coupons, authenticated and delivered in substantially the forms
attached hereto as Exhibit A-2 (each, a "Temporary Regulation S Global Note").
After the expiration of the Distribution Compliance Period, beneficial interests
in a Temporary Regulation S Global Note will be exchangeable for permanent
global notes in fully registered form without interest coupons, authenticated
and delivered in substantially the forms attached hereto as Exhibit A-3 (each, a
"Permanent Regulation S Global Note", and together with the Temporary Regulation
S Global Notes, the "Regulation S Global Notes"). The Regulation S Global Notes
will be deposited on behalf of the subscribers for such Notes represented
thereby with the Trustee as custodian for the Depository and registered in the
name of a nominee of the Depository for the respective accounts of Euroclear and
Clearstream, duly executed by the Co-Issuers and authenticated by the Trustee as
hereinafter provided. The aggregate principal amount of the Regulation S Global
Notes may from time to time be increased or decreased by adjustments made on the
records of the Trustee or the Depository or its nominee, as the case may be, as
hereinafter provided.

         Notes offered and sold to QIBs in reliance on Rule 144A shall be issued
initially in the form of one or more permanent global notes in definitive, fully
registered form without interest coupons in substantially the forms attached
hereto as Exhibit A-1 (each a "Rule 144A Global Note"), which shall be deposited
with the Trustee, as custodian for and registered in the name of the Depository
or a nominee of the Depository, duly executed by the Co-Issuers and
authenticated by the Trustee as hereinafter provided. The aggregate principal
amount of the Rule 144A Global Notes of a Class may from time to time be
increased or decreased by adjustments made on the records of the Trustee or the
Depository or its nominee, as the case may be, as hereinafter provided.

         Notes offered and sold to Institutional Accredited Investors shall be
issued initially in the form of certificated notes in definitive, fully
registered form without interest coupons in substantially the form attached
hereto as Exhibit A-4 (each an "IAI Certificated Note") which shall be
registered in the name of the beneficial owner or nominee thereof, duly executed
by the Co-Issuers or the Issuer, as the case may be, and authenticated by the
Trustee as hereinafter provided. The aggregate principal amount of the IAI
Certificated Notes of a Class may from time to time be increased or decreased by
adjustments made on the records of the Trustee as hereinafter provided.

         (c)    This Section 2.2(c) shall apply only to Global Notes deposited
with or on behalf of the Depository.

         The Co-Issuers shall execute and the Trustee shall, in accordance with
this Section 2.2(c), authenticate and deliver initially one or more Global Notes
per Class that (i) shall be registered in the name of the Depository for such
Global Note or Global Notes or the nominee of such Depository and (ii) shall be

                                      -34-

<PAGE>

delivered by the Trustee to such Depository or pursuant to such Depository's
instructions or held by the Trustee, as custodian for the Depository.

         Agent Members shall have no rights under this Indenture with respect to
any Global Note held on their behalf by the Depository or under the Global Note,
and the Depository may be treated by the Co-Issuers, the Trustee, and any agent
of the Co-Issuers or the Trustee as the absolute owner of such Global Note for
all purposes whatsoever (except to the extent otherwise provided herein).
Notwithstanding the foregoing, nothing herein shall prevent the Co-Issuers, the
Trustee, or any agent of the Co-Issuers or the Trustee, from giving effect to
any written certification, proxy or other authorization furnished by the
Depository or impair, as between the Depository and its Agent Members, the
operation of customary practices governing the exercise of the rights of a
Holder of any Note.

         (d)    Except as provided in Section 2.10 hereof, owners of beneficial
interests in Global Notes will not be entitled to receive physical delivery of
Certificated Notes. The Junior Notes sold to any U.S. Person or U.S. Resident
that is either (i) a QIB/QP or (ii) an Institutional Accredited Investor and a
Qualified Purchaser, shall be issued in the form of certificated notes in
definitive fully registered form without interest coupons in substantially the
form attached hereto as Exhibit A-4 (each, a "Certificated Note"), which shall
be registered in the name of the beneficial owner or nominee thereof, duly
executed by the Issuer and authenticated by the Trustee as hereinafter provided.

                Section 2.3   Authorized Amount; Note Interest Rate; Stated
                              Maturity; Denominations.

         Subject to the provisions set forth below, the aggregate principal
amount of Notes that may be authenticated and delivered under this Indenture is
limited to $510,000,000, except for (i) Notes authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Section 2.5, 2.6 or 8.5 of this Indenture and (ii) Notes issued
pursuant to supplemental indentures in accordance with Article VIII.

         Such Notes shall be divided into seven classes having designations,
original Note Balances, Note Interest Rates and Stated Maturities as follows:

                                      -35-

<PAGE>

<TABLE>
<CAPTION>
                               Original                 Note
                                Note                   Interest               Stated
Designation                    Balance                   Rate                Maturity
--------------------     -------------------   ----------------------   ----------------
<S>                      <C>                   <C>                      <C>
Class A Notes              $ 98,077,000.00        LIBOR/1/ +0.470%          July 2022
Class B Notes              $ 80,000,000.00        LIBOR/1/ +0.905%          July 2037
Class C Notes              $ 25,000,000.00              6.313%              July 2037
Class D-FX Notes           $ 40,150,000.00              6.727%              July 2037
Class D-FL Notes           $ 45,000,000.00        LIBOR/1/ +1.400%          July 2037
Class E-FX Notes           $ 22,000,000.00              7.781%              July 2037
Class E-FXD Notes          $ 33,059,000.00              7.502%              July 2037
Class E-FL Notes           $ 21,000,000.00        LIBOR/1/ +2.450%          July 2037
Class F-FX Notes           $ 25,000,000.00              6.400%              July 2037
Class F-FL Notes           $ 27,041,000.00        LIBOR/1/ +2.750%          July 2037
Class G Notes              $ 40,032,000.00              6.400%              July 2037
Class H Notes              $ 54,042,000.00              6.400%              July 2037
</TABLE>

______________
/1/LIBOR refers to LIBOR for the Applicable Period.

       The Notes shall be issuable in minimum denominations of $100,000 and
integral multiples of $1 in excess thereof.

              Section 2.4   Execution, Authentication, Delivery and Dating.

       The Notes shall be executed on behalf of the Issuer and, in the case of
the Senior Notes, the Co-Issuer, by one of the Authorized Officers of the Issuer
and, in the case of the Senior Notes, the Co-Issuer. The signature of such
Authorized Officer on the Notes, may be manual or facsimile.

       Notes bearing the manual or facsimile signatures of individuals who were
at any time the Authorized Officers of the Issuer or the Co-Issuer shall bind
the Issuer and the Co-Issuer, notwithstanding the fact that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of issuance of
such Notes.

       At any time and from time to time after the execution and delivery of
this Indenture, the Issuer and the Co-Issuer may deliver Notes executed by the
Issuer and the Co-Issuer to the Trustee or the Authenticating Agent for
authentication, and the Trustee or the Authenticating Agent, upon Issuer Order,
shall authenticate and deliver such Notes as provided in this Indenture and not
otherwise.

       Each Note authenticated and delivered by the Trustee or the
Authenticating Agent to or upon Issuer Order on the Closing Date shall be dated
as of the Closing Date. All other Notes that are authenticated after the Closing
Date for any other purpose under this Indenture shall be dated the date of their
authentication.

       Notes issued upon transfer, exchange or replacement of other Notes shall
be issued in authorized denominations reflecting the original aggregate
principal amount of the Notes so transferred, exchanged or replaced, but shall
represent only the current Outstanding principal amount of the Notes so
transferred, exchanged or replaced. In the event that any Note is divided into
more than one Note in accordance with this Article II, the original principal
amount of such Note shall be proportionately divided among the Notes delivered
in exchange therefor and shall be deemed to be the original aggregate principal
amount of such subsequently issued Notes.

                                      -36-

<PAGE>
       No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a Certificate
of Authentication, substantially in the form provided for herein, executed by
the Trustee or by the Authenticating Agent by the manual signature of one of
their Authorized Officers, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

              Section 2.5   Registration, Registration of Transfer and Exchange.

       (a)    The Issuer shall cause to be kept the Note Register in which,
subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Notes and the registration of transfers of
Notes. The Trustee is hereby initially appointed as agent of the Issuer to act
as "Note Registrar" for the purpose of registering and recording in the Note
Register the Notes and transfers of such Notes as herein provided. Upon any
resignation or removal of the Note Registrar, the Issuer shall promptly appoint
a successor.

       If a Person other than the Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of a Note Registrar and of the location, and any change in the
location, of the Note Registrar, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof and the
Trustee shall have the right to rely upon a certificate executed on behalf of
the Note Registrar by an Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts of such Notes.

       Subject to this Section 2.5, upon surrender for registration of transfer
of any Notes at the office of the Note Registrar, the surrendered Notes shall be
returned to the Issuer marked "canceled," or retained by the Trustee in
accordance with its standard retention policy and the Issuer (and solely in the
case of the Senior Notes, the Co-Issuer) shall execute, and the Trustee or the
Authenticating Agent, as the case may be, shall authenticate and deliver in the
name of the designated transferee or transferees, one or more new Notes of any
authorized denomination and of a like aggregate principal amount.

       The Issuer or the Collateral Administrator, as applicable, will notify
the Trustee in writing of any Note beneficially owned by or pledged to the
Issuer, the Co-Issuer or the Collateral Administrator or any of their respective
Affiliates promptly upon its knowledge of the acquisition thereof or the
creation of such pledge.

       At the option of the Holder, Notes may be exchanged for Notes of like
terms, in any authorized denominations and of like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or agency. Whenever
any Note is surrendered for exchange, the Issuer (and solely in the case of the
Senior Notes, the Co-Issuer) shall execute and the Trustee shall authenticate
and deliver the Notes that the Holder making the exchange is entitled to
receive.

       All Notes issued and authenticated upon any registration of transfer or
exchange of Notes shall be the valid obligations of the Issuer and, in the case
of the Senior Notes, the Co-Issuer, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange.

       A Note and the rights to payments evidenced thereby may be assigned or
otherwise transferred in whole or in part pursuant to the terms of this Section
2.5 only by the registration of such assignment and transfer of such Note on the
Note Register (and each Note shall so expressly provide). Any assignment or
transfer of all or part of such Note shall be registered on the Note Register
only upon presentment or surrender for registration of transfer or exchange of
the Note duly endorsed, or be accompanied by a written instrument

                                      -37-

<PAGE>

of transfer in form satisfactory to the Note Registrar, the Issuer and, in the
case of the Senior Notes, the Co-Issuer, duly executed by the Holder thereof or
his attorney duly authorized in writing.

       No service charge shall be made to a Holder for any exchange of Notes,
but the Trustee or Note Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any exchange of Notes.

       The Issuer and the Co-Issuer shall not be required (i) to issue, register
the transfer of or exchange any Note during a period beginning at the opening of
business 15 days before any selection of Notes to be redeemed and ending at the
close of business on the day of the first publication in the Irish Stock
Exchange Daily Official List of the relevant notice of redemption or, if there
is no publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Note so selected for redemption.

       (b)    No Note may be sold or transferred (including by pledge or
hypothecation) unless such sale or transfer is exempt from the registration
requirements of the Securities Act and is exempt under applicable state
securities laws.

       (c)    General ERISA Transfer Restrictions.

       Notwithstanding anything herein to the contrary:

              (i)    No Note or interest therein may be sold or transferred
       unless the transferee represents and warrants or, if applicable, is
       deemed to represent and warrant, either (A) that such transferee is not,
       or is not purchasing the Note with assets of, an ERISA Plan or (B) its
       purchase, holding and disposition of a Note will not result in a
       prohibited transaction under Section 406 of ERISA or Section 4975 of the
       Code (or any substantially similar federal, state or other applicable
       law) for which an exemption is not available.

              (ii)   No non-Investment Grade Note or interest therein may be
       sold or transferred if such sale or transfer shall result in Benefit Plan
       Investors holding more than 24.9% of the non-Investment Grade Notes
       outstanding (such percentage to be determined in accordance with Section
       2510.3-101(f) of the Department of Labor Regulations). As a condition to
       any sale or transfer of a non-Investment Grade Note (except for the
       initial transfer of a non-Investment Grade Note from the Issuer to an
       Affiliate of the Issuer), the transferee shall deliver a letter to the
       Note Registrar in the form of Exhibit F, making certain disclosures so
       that the Note Registrar may determine whether such transfer would comply
       with the requirements of the preceding sentence. No non-Investment Grade
       Note may be sold or transferred to a Benefit Plan Investor or, unless the
       transferor is the Issuer or a Controlling Person, a Controlling Person,
       who is not a U.S. Person or U.S. Resident.

       (d)    Upon final payment due on the Maturity of a Note, the Holder
thereof shall present and surrender such Note at the Corporate Trust Office of
the Trustee or at the office of any Paying Agent (outside the United States if
then required by applicable law in the case of a definitive Note issued in
exchange for a beneficial interest in a Regulation S Global Note pursuant to
Section 2.10) on or prior to such Maturity; provided, however, that if there is
delivered to the Issuer, the Co-Issuer and the Trustee such security or
indemnity as may be required by them to save each of them harmless and an
undertaking thereafter to surrender such certificate, then, in the absence of
notice to the Issuer, the Co-Issuer or the Trustee that the applicable Note has
been acquired by a Protected Purchaser, such final payment shall be made without
presentation or surrender.

                                      -38-

<PAGE>
       (e)    Notwithstanding any provision to the contrary herein, so long as a
Global Note remains Outstanding and is held by or on behalf of the Depository,
transfers of a Global Note, in whole or in part, shall only be made in
accordance with Section 2.2(b), Section 2.5(c) and this Section 2.5(e).

              (i)    Subject to clauses (ii), (iii), (iv), (v) and (vi) of this
       Section 2.5(e), transfers of a Global Note shall be limited to transfers
       of such Global Note in whole, but not in part, to nominees of the
       Depository or to a successor of the Depository or such successor's
       nominee.

              (ii)   Temporary Regulation S Global Note to Permanent Regulation
       S Global Note. If a holder of a beneficial interest in a Temporary
       Regulation S Global Note deposited with the Depository wishes to exchange
       its interest in such Temporary Regulation S Global Note for an interest
       in a Permanent Regulation S Global Note, or to transfer its interest in
       such Temporary Regulation S Global Note to a Person who wishes to take
       delivery thereof in the form of an interest in a Permanent Regulation S
       Global Note, such holder, provided such holder or, in the case of a
       transfer, the transferee is not a U.S. Person or U.S. Resident, may,
       subject to the rules and procedures of the Depository, exchange or
       transfer, or cause the exchange or transfer of, such interest for an
       equivalent beneficial interest in the Permanent Regulation S Global Note
       only after the Distribution Compliance Period. Upon receipt by the
       Trustee, as Note Registrar, of (A) instructions given in accordance with
       the Depository's procedures from an Agent Member directing the Trustee,
       as Note Registrar, to cause to be credited a beneficial interest in a
       Permanent Regulation S Global Note in an amount equal to the beneficial
       interest in such Temporary Regulation S Global Note, but not less than
       the minimum denomination applicable to such holder's Senior Notes held
       through a Permanent Regulation S Global Note, to be exchanged or
       transferred, (B) a written order given in accordance with the
       Depository's procedures containing information regarding the participant
       account of the Depository and the Euroclear or Clearstream account to be
       credited with such increase and (C) a certificate in the form of Exhibit
       D attached hereto given by the holder of such beneficial interest, the
       Trustee, as Note Registrar, shall instruct the Depository to reduce the
       principal amount of the Temporary Regulation S Global Note and to
       increase the principal amount of the Permanent Regulation S Global Note
       by the aggregate principal amount of the beneficial interest in the
       Temporary Regulation S Global Note to be exchanged, and to credit or
       cause to be credited to the securities account of the Person specified in
       such instructions a beneficial interest in the Permanent Regulation S
       Global Note equal to the reduction in the principal amount of the
       Temporary Regulation S Global Note.

              (iii)  Rule 144A Global Note To Regulation S Global Note. If a
       holder of a beneficial interest in a Rule 144A Global Note deposited with
       the Depository wishes at any time to exchange its interest in such Rule
       144A Global Note for an interest in the corresponding Regulation S Global
       Note, or to transfer its interest in such Rule 144A Global Note to a
       Person who wishes to take delivery thereof in the form of an interest in
       the corresponding Regulation S Global Note, such holder, provided such
       holder or, in the case of a transfer to another Person, such Person is
       not a U.S. Person or U.S. Resident, may, subject to the immediately
       succeeding sentence and the rules and procedures of the Depository,
       exchange or transfer or cause the exchange or transfer of such Interest
       for an equivalent beneficial interest in the Regulation S Global Note.
       Upon receipt by the Trustee, as Note Registrar, of (A) instructions given
       in accordance with the Depository's procedures from an Agent Member
       directing the Trustee to cause to be credited a beneficial interest in
       the Regulation S Global Note in an amount equal to the beneficial
       interest in the Rule 144A Global Note to be exchanged or transferred, (B)
       a written order given in accordance with the Depository's procedures
       containing information regarding the participant account of the
       Depository and the Euroclear and Clearstream account to be credited with
       such increase and (C) a certificate in the form of Exhibit B-1 attached
       hereto given by the holder of such beneficial interest stating that the
       exchange or transfer of such interest has been made in compliance with
       the transfer restrictions applicable to the Global

                                      -39-

<PAGE>

       Notes, including in accordance with Rule 903 or 904 of Regulation S, the
       Trustee, as Note Registrar, shall instruct the Depository to reduce the
       principal amount of the Rule 144A Global Note and to increase the
       principal amount of the Regulation S Global Note by the aggregate
       principal amount of the beneficial interest in the Rule 144A Global Note
       to be exchanged or transferred, and to credit or cause to be credited to
       the account of the Person specified in such instructions a beneficial
       interest in the Regulation S Global Note equal to the reduction in the
       principal amount of the Rule 144A Global Note.

              (iv)   Rule 144A Global Note To IAI Certificated Note. If a holder
       of a beneficial interest in a Rule 144A Global Note deposited with the
       Depository wishes at any time to exchange its interest in such Rule 144A
       Global Note for an interest in the corresponding IAI Certificated Note,
       or to transfer its interest in such Rule 144A Global Note to a Person who
       wishes to take delivery thereof in the form of an interest in the
       corresponding IAI Certificated Note, such holder, provided such holder
       or, in the case of a transfer to another Person, such Person is an
       Institutional Accredited Investor and a Qualified Purchaser, may, subject
       to the immediately succeeding sentence and the rules and procedures of
       the Depository, exchange or transfer or cause the exchange or transfer of
       such Interest for an equivalent beneficial interest in the IAI
       Certificated Note. Upon receipt by the Trustee, as Note Registrar, of (A)
       instructions given in accordance with the Depository's procedures from an
       Agent Member directing the Trustee to cause to be authenticated an IAI
       Certificated Note in an amount equal to the beneficial interest in the
       Rule 144A Global Note to be exchanged or transferred, (B) a written order
       given in accordance with the Depository's procedures containing
       information regarding the participant account of the Depository to be
       debited for such interest and (C) a certificate in the form of Exhibit
       B-2 attached hereto given by the transferee and stating that it is an
       Institutional Accredited Investor and a Qualified Purchaser, the Trustee,
       as Note Registrar, shall instruct the Depository to reduce the principal
       amount of the Rule 144A Global Note and shall authenticate an IAI
       Certificated Note in the name of the transferee in the aggregate
       principal amount of the beneficial interest in the Rule 144A Global Note
       to be exchanged or transferred.

              (v)    Regulation S Global Note to Rule 144A Global Note. If a
       holder of a beneficial interest in a Regulation S Global Note deposited
       with the Depository wishes at any time to exchange its interest in such
       Regulation S Global Notes for an interest in a Rule 144A Global Note or
       to transfer its interest in such Regulation S Global Note to a Person who
       wishes to take delivery thereof in the form of an interest in the
       corresponding Rule 144A Global Note, such holder may, subject to the
       immediately succeeding sentence and the rules and procedures of Euroclear
       and Clearstream or the Depository, as the case may be, cause the exchange
       or transfer of such interest for an equivalent beneficial interest in the
       Rule 144A Global Note. To the extent that the Trustee, as Note Registrar,
       has received (A) instructions from Euroclear and Clearstream or the
       Depository, as the case may be, directing the Trustee, as Note Registrar,
       to cause to be credited a beneficial interest in the Rule 144A Global
       Note equal to the beneficial interest in the Regulation S Global Note to
       be exchanged or transferred but not less than the minimum denomination
       applicable to Senior Notes held through Rule 144A Global Notes, such
       instructions to contain information regarding the participant account
       with the Depository to be credited with such increase, and (B) a
       certificate in the form of Exhibit C-1 attached hereto given by the
       holder of such beneficial interest and stating that, in the case of a
       transfer, the Person transferring such interest in the Regulation S
       Global Note reasonably believes that the Person acquiring such interest
       in the Rule 144A Global Note is a QIB and is obtaining such beneficial
       interest in a transaction meeting the requirements of Rule 144A and in
       accordance with any applicable securities laws of any state of the United
       States or any other jurisdiction and that such Person is a Qualified
       Purchaser, or that, in the case of an exchange, the holder is a QIB/QP,
       then Euroclear or Clearstream or the Trustee, as Note Registrar, as the
       case may be, will instruct the Depository to reduce the Regulation S
       Global Note by the aggregate principal amount of the beneficial interest
       in the Regulation S Global Note to be transferred or exchanged, and the
       Trustee,

                                      -40-

<PAGE>

as Note Registrar, shall instruct the Depository, concurrently with such
reduction, to credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Rule 144A Global
Note equal to the reduction in the principal amount of the Regulation S Global
Note.

         (vi)   Regulation S Global Note To IAI Certificated Note. If a holder
of a beneficial interest in a Regulation S Global Note deposited with the
Depository wishes at any time to exchange its interest in such Regulation S
Global Note for an interest in the corresponding IAI Certificated Note, or to
transfer its interest in such Regulation S Global Note to a Person who wishes to
take delivery thereof in the form of an interest in the corresponding IAI
Certificated Note, such holder may, subject to the immediately succeeding
sentence and the rules and procedures of Euroclear and Clearstream or the
Depository, as the case may be, exchange or transfer or cause the exchange or
transfer of such Interest for an equivalent beneficial interest in the IAI
Certificated Note. To the extent that the Trustee, as Note Registrar, has
received (A) instructions from Euroclear and Clearstream or the Depository, as
the case may be, directing the Trustee, as Note Registrar, to cause to be
authenticated an IAI Certificated Note in an amount equal to the beneficial
interest in the Regulation S Global Note to be exchanged or transferred and (B)
a certificate in the form of Exhibit C-2 attached hereto given by the transferee
stating that it is an Institutional Accredited Investor and a Qualified
Purchaser, the Trustee, as Note Registrar, shall instruct the Depository to
reduce the principal amount of the Rule 144A Global Note and shall authenticate
an IAI Certificated Note in the name of the transferee in the aggregate
principal amount of the beneficial interest in the Rule 144A Global Note to be
exchanged or transferred.

         (vii)  IAI Certificated Note To Regulation S Global Note. If a holder
of a beneficial interest in an IAI Certificated Note wishes at any time to
exchange its interest in such IAI Certificated Note for an interest in the
corresponding Regulation S Global Note, or to transfer its interest in such IAI
Certificated Note to a Person who wishes to take delivery thereof in the form of
an interest in the corresponding Regulation S Global Note, such holder, provided
such holder or, in the case of a transfer to another Person, such Person is not
a U.S. Person or U.S. Resident, may, subject to the immediately succeeding
sentence and the rules and procedures of the Depository, exchange or transfer or
cause the exchange or transfer of such Interest for an equivalent beneficial
interest in the Regulation S Global Note. Upon receipt by the Trustee, as Note
Registrar, of (A) instructions given in accordance with the Depository's
procedures from an Agent Member directing the Trustee to cause to be credited a
beneficial interest in the Regulation S Global Note in an amount equal to the
beneficial interest in the IAI Certificated Note to be exchanged or transferred,
(B) a written order given in accordance with the Depository's procedures
containing information regarding the participant account of the Depository and
the Euroclear and Clearstream account to be credited with such increase and (C)
a certificate in the form of Exhibit C-3 attached hereto given by the holder of
such beneficial interest stating that the exchange or transfer of such interest
has been made in compliance with the transfer restrictions applicable to the
Global Notes, including in accordance with Rule 903 or 904 of Regulation S, the
Trustee, as Note Registrar, shall instruct the Depository to increase the
principal amount of the Regulation S Global Note by the aggregate principal
amount of the beneficial interest in the IAI Certificated Note to be exchanged
or transferred, and to credit or cause to be credited to the account of the
Person specified in such instructions a beneficial interest in the Regulation S
Global Note equal to the reduction in the principal amount of the IAI
Certificated Note.

         (viii) IAI Certificated Note to Rule 144A Global Note. If a holder of a
beneficial interest in an IAI Certificated Note wishes at any time to exchange
its interest in such IAI Certificated Notes for an interest in a Rule 144A
Global Note or to transfer its interest in such IAI Certificated Note to a
Person who wishes to take delivery thereof in the form of an interest in the
corresponding Rule

                                      -41-

<PAGE>

144A Global Note, such holder may, subject to the immediately succeeding
sentence and the rules and procedures of the Depository, cause the exchange or
transfer of such interest for an equivalent beneficial interest in the Rule 144A
Global Note. To the extent that the Trustee, as Note Registrar, has received (A)
instructions from the Depository directing the Trustee, as Note Registrar, to
cause to be credited a beneficial interest in the Rule 144A Global Note equal to
the beneficial interest in the IAI Certificated Note to be exchanged or
transferred,(B) a written order given in accordance with the Depository's
procedures containing information regarding the participant account of the
Depository account to be credited with such increase and (C) a certificate in
the form of Exhibit C-4 attached hereto given by the holder of such beneficial
interest and stating that, in the case of a transfer, the Person transferring
such interest in the IAI Certificated Note reasonably believes that the Person
acquiring such interest in the Rule 144A Global Note is a QIB and is obtaining
such beneficial interest in a transaction meeting the requirements of Rule 144A
and in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction and that such Person is a Qualified Purchaser,
or that, in the case of an exchange, the holder is a QIB/QP, then the Trustee,
as Note Registrar, shall instruct the Depository, to credit or cause to be
credited to the account of the Person specified in such instructions a
beneficial interest in the Rule 144A Global Note equal to the reduction in the
principal amount of the IAI Certificated Note.

         (ix)   Other Exchanges. In the event that a Global Note is exchanged
for Class A Notes, Class B Notes, Class C Notes, Class D-FX Notes, Class D-FL
Notes, Class E-FX Notes, Class E-FXD Notes, Class E-FL Notes, Class F-FX Notes
or Class F-FL Notes in definitive registered form without interest coupons,
pursuant to Section 2.10 hereof, such Class A Notes, Class B Notes, Class C
Notes, Class D-FX Notes, Class D-FL Notes, Class E-FX Notes, Class E-FXD Notes,
Class E-FL Notes, Class F-FX Notes or Class F-FL Notes may be exchanged for one
another only in accordance with such procedures and restrictions as are
substantially consistent with the provisions above (including certification
requirements intended to insure that such transfers comply with Rule 144A, Rule
501(a) of Regulation D or another exemption from registration requirements of
the Securities Act, or are to non-U.S. Persons and non-U.S. Residents, or
otherwise comply with Regulation S, as the case may be, and as may be from time
to time adopted by the Co-Issuers and the Trustee.

         (x)    Transfer of Interests in the Global Notes. Notwithstanding
anything herein to the contrary, transfers of interests in a Global Note may be
made (a) by book-entry transfer of beneficial interests within the relevant
Clearing Agency or (b)(i) in the case of transfers of interests in a Rule 144A
Security, in accordance with Section 2.5(e)(iii) and Section 2.5(e)(iv) hereof
or (ii) in the case of transfers of interest in a Regulation S Global Note, in
accordance with Section 2.5(e)(ii), Section 2.5(e)(v) and Section 2.5(e)(vi)
hereof; provided that, in the case of any such transfer of interests pursuant to
clause (a) or (b) above, such transfer is made in accordance with subsection
(xii) below.

         (xi)   Transfer of IAI Certificated Notes and Junior Notes. Except for
the initial transfer of the Junior Notes from the Issuer to an affiliate of the
Issuer, if a Holder of an IAI Certificated Note or a Junior Note wishes at any
time to transfer such IAI Certificated Note or Junior Note to a Person who
wishes to take delivery thereof in the form of one or more IAI Certificated
Notes or Junior Notes, as the case may be, such Holder may transfer or cause the
transfer of such Note as provided below. Upon receipt by the Note Registrar of
(A) such Holder's IAI Certificated Note or Junior Note, as the case may be,
properly endorsed for assignment to the transferee, (B) an investment
representation letter in the form of Exhibit F attached hereto given by the
transferee of such IAI Certificated Note or Junior Note, as the case may be, and
(C) if such certificate does not include a certification that the transferee is
a (i) a QIB/QP, (ii) an Institutional Accredited Investor and a Qualified
Purchaser or (iii) a non-U.S. person and non-U.S. Resident, the Note Registrar
may require an opinion of counsel acceptable to the Note Registrar, at the
expense of the transferee, that such transfer may be made pursuant to an
exemption from registration under the Securities Act, then the

                                      -42-

<PAGE>

         Note Registrar shall cancel such IAI Certificated Note or Junior Note,
         as the case may be, in accordance with Section 2.9, record the transfer
         in the Note Register in accordance with Section 2.5(a) and upon
         execution by the Issuer, authenticate and deliver one or more IAI
         Certificated Notes or Junior Notes, as the case may be, bearing the
         same designation as the IAI Certificated Notes or Junior Notes, as the
         case may be, endorsed for transfer, registered in the names specified
         in the assignment described in clause (A) above, in the aggregate Note
         Balances designated by the transferee (the aggregate Note Balances
         being equal to the aggregate Note Balance of the IAI Certificated Notes
         or Junior Notes, as the case may be, surrendered by the transferor),
         and in authorized denominations.

                (xii)    Restrictions on Transfers.

         (A)    Transfers of Interests in a Regulation S Global Note to a U.S.
Person or a U.S. Resident shall be made by delivery of an interest in a Rule
144A Global Note or an IAI Certificated Note and shall be limited to transfers
made pursuant to the provisions of Section 2.5(e)(v) and Section 2.5(e)(vi).
Beneficial interests in a Regulation S Global Note may only be held through
Euroclear and Clearstream.

         (B)    Any transfer of an interest in a Rule 144A Global Note or a
definitive Note (including an IAI Certificated Note) to a U.S. Person or a U.S.
Resident that is not a Qualified Purchaser, shall be null and void and shall not
be given effect for any purpose hereunder, and the Trustee shall hold any funds
conveyed by the intended transferee of such interest in such Rule 144A Global
Note or such definitive Note in trust for the transferor and shall promptly
reconvey such funds to such Person in accordance with the written instructions
thereof delivered to the Trustee at its address listed in Section 14.3.

         (f)    Each Person who becomes a holder of Notes represented by an
interest in a Rule 144A Global Note will be deemed to have represented and
agreed as follows (terms used in this paragraph that are defined in Rule 144A,
Rule 501(a) of Regulation D or Regulation S under the Securities Act are used
herein as defined therein):

                (i)      The holder (A) is a QIB (B) is aware that the sale of
         the Notes to it is being made in reliance on the exemption from
         registration provided by Rule 144A and (C) is acquiring the Notes for
         its own account or for one or more accounts, each of which is a QIB,
         and as to each of which the holder exercises sole investment
         discretion, and in a principal amount of not less than the minimum
         denomination for such Note for the holder and for each such account.
         The holder has such knowledge and experience in financial and business
         matters as to be capable of evaluating the merits and risks of its
         investment in the Notes, and the holder, and any accounts for which it
         is acting are each able to bear the economic risk of the holder's or
         its investment.

                (ii)     The holder understands that the Notes are being offered
         only in a transaction not involving any public offering in the United
         States within the meaning of the Securities Act, the Notes have not
         been and will not be registered under the Securities Act, and, if in
         the future the holder decides to offer, resell, pledge or otherwise
         transfer the Notes, such Notes may be offered, resold, pledged or
         otherwise transferred only in accordance with the applicable legend on
         such Notes set forth in Exhibit A. The holder acknowledges that no
         representation is made by the Co-Issuer, the Issuer, the Trustee or the
         Initial Purchasers, as the case may be, as to the availability of any
         exemption under the Securities Act or any state securities laws for
         resale of the Notes.

                (iii)    The holder understands that an investment in the Notes
         involves certain risks, including the risk of loss of a substantial
         part of its investment under certain circumstances. The holder has had
         access to such financial and other information concerning the
         Co-Issuers and the Notes as it deemed necessary or appropriate in order
         to make an informed investment decision with

                                      -43-

<PAGE>

respect to its purchase of the Notes, including an opportunity to ask
questions of and request information from the Co-Issuers.

         (iv)   In connection with the purchase of the Notes (provided, that no
such representation is made with respect to the Collateral Administrator by any
Affiliate of the Collateral Administrator): (i) none of the Co-Issuers, the
Trustee or the Initial Purchasers or the Collateral Administrator is acting as a
fiduciary or financial or investment adviser for the holder; (ii) the holder is
not relying (for purposes of making any investment decision or otherwise) upon
any advice, counsel or representations (whether written or oral) of the
Co-Issuers, the Trustee, the Initial Purchasers or the Collateral Administrator
other than any in a current offering memorandum for such Notes and any
representations expressly set forth in a written agreement with such party;
(iii) none of the Co-Issuers, the Trustee, the Initial Purchasers or the
Collateral Administrator has given to the holder (directly or indirectly through
any other Person) any assurance, guarantee, or representation whatsoever as to
the expected or projected success, profitability, return, performance, result,
effect, consequence, or benefit (including legal, regulatory, tax, financial,
accounting, or otherwise) of its purchase or the documentation for the Notes;
(iv) the holder has consulted with its own legal, regulatory, tax, business,
investment, financial, and accounting advisers to the extent it has deemed
necessary, and it has made its own investment decisions (including decisions
regarding the suitability of any transaction pursuant to the documentation for
the Notes) based upon its own judgment and upon any advice from such advisers as
it has deemed necessary and not upon any view expressed by the Co-Issuers, the
Trustee, the Initial Purchasers or the Collateral Administrator; (v) the holder
has determined that the rates, prices or amounts and other terms of the purchase
and sale of the Notes reflect those in the relevant market for similar
transactions; (vi) the holder is purchasing the Notes with a full understanding
of all of the terms, conditions and risks thereof (economic and otherwise), and
it is capable of assuming and willing to assume (financially and otherwise)
those risks; and (vii) the holder is a sophisticated investor familiar with
transactions similar to its investment in the Notes.

         (v)    The holder and each account for which the holder is acquiring
Notes is a Qualified Purchaser or a Knowledgeable Employee, the holder (or if
the holder is acquiring Notes for any account, each such account) is acquiring
the Notes as principal for its own account for investment and not for sale in
connection with any distribution thereof, the holder and each such account was
not formed solely for the purpose of investing in the Notes (unless each of its
beneficial owners is a Qualified Purchaser or a Knowledgeable Employee) and is
not a (A) partnership, (B) common trust fund or (C) special trust, pension,
profit sharing or other retirement trust fund or plan in which the partners,
beneficiaries or participants, as applicable, may designate the particular
investments to be made, and the holder and each such account agrees that it
shall not hold such Notes for the benefit of any other Person and shall be the
sole beneficial owner thereof for all purposes and that it shall not sell
participation interests in the Notes or enter into any other arrangement
pursuant to which any other Person shall be entitled to a beneficial interest in
the distributions on the Notes and further that the Notes purchased directly or
indirectly by it constitute an investment of no more than 40% of the holder's
and each such account's assets. The holder is neither (A) a dealer described in
paragraph (a)(1)(ii) of Rule 144A unless such transferee owns and invests on a
discretionary basis at least U.S.$25 million in securities of issuers that are
not affiliated persons of such dealer, nor (B) a plan referred to in paragraph
(a)(1)(i)(D) or (E) of Rule 144A or a trust fund referred to in paragraph
(a)(1)(i)(F) of Rule 144A that holds the assets of such plan, unless investment
decisions are made solely by the fiduciary, trustee or sponsor of such plan. The
Holder is purchasing Notes in at least the minimum denomination. The holder will
provide written notice of the foregoing and any other applicable transfer
restrictions to any transferee. The Holder understands and agrees that any
purported transfer of the Notes to a Holder or beneficial owner that does not
comply with the requirements of this clause (v) shall be null and void ab
initio.

                                      -44-

<PAGE>

                  (vi)   The Holder understands that the Notes offered in
         reliance on Rule 144A will bear the applicable legend set forth in
         Exhibit A-1 hereto, and will be represented by one or more Rule 144A
         Global Notes. The Notes may not at any time be held by or on behalf of
         U.S. Persons or U.S. Residents that are not QIBs or Institutional
         Accredited Investors. Before any interest in a Rule 144A Global Note
         may be offered, resold, pledged or otherwise transferred to a Person
         who takes delivery in the form of an interest in a Regulation S Global
         Note, the transferor will be required to provide the Trustee with a
         written certification in the form of Exhibit B-1 hereto as to
         compliance with the transfer restrictions. Before any interest in a
         Rule 144A Global Note may be offered, resold, pledged or otherwise
         transferred to a Person who takes delivery in the form of an interest
         in an IAI Certificated Note, the transferor will be required to provide
         the Trustee with a written certification in the form of Exhibit B-2
         hereto and the transferee will be required to provide the Trustee with
         a written certification in the form of Exhibit F hereto, as to
         compliance with the transfer restrictions.

                (vii)    The Holder will not, at any time, offer to buy or offer
         to sell the Notes by any form of general solicitation or advertising,
         including, but not limited to, any advertisement, article, notice or
         other communication published in any newspaper, magazine or similar
         medium or broadcast over television or radio or seminar or meeting
         whose attendees have been invited by general solicitations or
         advertising.

                (viii)   With respect to any Notes that are not Investment
         Grade, the Holder, and any account on behalf of the Holder, is not a
         Benefit Plan Investor or, unless the transferor is the Issuer or a
         Controlling Person, a Controlling Person.

                (ix)     Either (A) such Holder is not, or is not purchasing the
         Note with assets of, an ERISA Plan or (B) its purchase, holding and
         disposition of a Note will not result in a prohibited transaction under
         Section 406 of ERISA or Section 4975 of the Code (or any substantially
         similar federal, state or other applicable law) for which an exemption
         is not available.

                (x)      The Holder acknowledges that it is its intent and that
         it understands that it is the intent of the Co-Issuers that, for
         purposes of U.S. federal, state and local income and franchise tax and
         any other income taxes, the Issuer will be treated as a corporation,
         the Notes will be treated as indebtedness of the Issuer, and the
         Preferred Shares will be treated as equity in the Issuer; it agrees to
         such treatment and agrees to take no action inconsistent with such
         treatment unless required by law.

                (xi)     The purchaser understands that the Indenture permits
         the Issuer to require any Holder of Notes represented by the Rule 144A
         Global Notes who is a U.S. Person or a U.S. Resident who is determined
         not to have been both a QIB and a Qualified Purchaser at the time of
         acquisition of the Note to sell such interest to a Person that is both
         a QIB and a Qualified Purchaser in a transaction meeting the
         requirements of Rule 144A or to a Person that is neither a U.S. Person
         nor a U.S. Resident in a transaction meeting the requirements of
         Regulation S.

         (g)    Each Person who becomes a holder of the Notes represented by an
interest in a Regulation S Global Note will be deemed to have made the
representations set forth in clauses (iv), (vii), (viii) and (ix) of Section
2.5(f) and to have further represented and agreed as follows:

                (i)      The Holder is aware that the sale of such Notes to it
         is being made in reliance on the exemption from registration provided
         by Regulation S and understands that the Senior Notes offered in
         reliance on Regulation S will bear the applicable legend set forth in
         Exhibit A-2 or A-3, as applicable, hereto, and be represented by one or
         more Regulation S Global Notes. The Notes so represented may not at any
         time be held by or on behalf of U.S. Persons or U.S. Residents. The

                                      -45-

<PAGE>

holder and each beneficial owner of the Notes that it holds is not, and will
not be, a U.S. Person as defined in Regulation S under the Securities Act or a
U.S. Resident for purposes of the Investment Company Act, and its purchase of
the Notes will comply with all applicable laws in any jurisdiction in which it
resides or is located. Before any interest in a Regulation S Global Note may be
offered, resold, pledged or otherwise transferred to a Person who takes delivery
in the form of an interest in a Rule 144A Global Note, the transferor will be
required to provide the Trustee with a written certification in the form of
Exhibit C-1 hereto as to compliance with the transfer restrictions. Before any
interest in a Regulation S Global Note may be offered, resold, pledged or
otherwise transferred to a Person who takes delivery in the form of an interest
in an IAI Certificated Note, the transferor will be required to provide the
Trustee with a written certification in the form of Exhibit C-2 hereto and the
transferee will be required to provide the Trustee with a written certification
in the form of Exhibit F hereto, as to compliance with the transfer
restrictions.

                (ii)    The Holder understands that an investment in such Notes
         involves certain risks, including the risk of loss of a substantial
         part of its investment under certain circumstances. The holder has had
         access to such financial and other information concerning the
         Co-Issuers as it deemed necessary or appropriate in order to make an
         informed investment decision with respect to its purchase of such
         Notes, including an opportunity to ask questions of and request
         information from the Co-Issuers.

         (h)    Each Person who becomes a Holder of the Notes represented by an
interest in an IAI Certificated Note will make the representations set forth in
clauses (ii) through (v) and (vii) through (x) of Section 2.5(f) and to have
further represented and agreed as follows:

                (i)     The Holder (A) is an Institutional Accredited Investor
         and (B) is acquiring the Notes for its own account or for one or more
         qualified institutional accounts, and in a principal amount of not
         less than the minimum denomination for such Note for the holder and
         for each such account. The holder has such knowledge and experience in
         financial and business matters as to be capable of evaluating the
         merits and risks of its investment in the Notes, and the Holder, and
         any accounts for which it is acting are each able to bear the economic
         risk of the Holder's or its investment.

                (ii)    The Holder understands that the Notes offered in
         reliance on Rule 501(a) of Regulation D will bear the applicable legend
         set forth in Exhibit A-4 hereto, and will be represented by one or more
         IAI Certificated Notes. The Notes may not at any time be held by or on
         behalf of U.S. Persons or U.S. Residents that are not QIBs or
         Institutional Accredited Investors. Before any interest in an IAI
         Certificated Note may be offered, resold, pledged or otherwise
         transferred to a Person who takes delivery in the form of an interest
         in a Regulation S Global Note, the transferor will be required to
         provide the Trustee with a written certification in the form of Exhibit
         C-3 hereto as to compliance with the transfer restrictions. Before any
         interest in an IAI Certificated Note may be offered, resold, pledged or
         otherwise transferred to a Person who takes delivery in the form of an
         interest in an Rule 144A Global Note, the transferor will be required
         to provide the Trustee with a written certification in the form of
         Exhibit C-4 hereto as to compliance with the transfer restrictions.
         Before any interest in an IAI Certificated Note may be offered, resold,
         pledged or otherwise transferred to a Person who takes delivery in the
         form of an interest in an IAI Certificated Note, the transferee will be
         required to provide the Trustee with a written certification in the
         form of Exhibit F hereto, as to compliance with the transfer
         restrictions.

                (iii)   The purchaser understands that the Indenture permits the
         Issuer to require any Holder of Notes represented by the IAI
         Certificated Notes who is a U.S. Person or a U.S. Resident who is
         determined not to have been both an Institutional Accredited Investor
         and a Qualified Purchaser at the time of acquisition of the Note to
         sell such interest to a Person that is both an Institutional

                                      -46-

<PAGE>

         Accredited Investor and a Qualified Purchaser in a transaction meeting
         the requirements of Rule 144A or to a Person that is neither a U.S.
         Person nor a U.S. Resident in a transaction meeting the requirements of
         Regulation S.

         (i)    Notwithstanding a request made to remove the applicable legends
set forth in Exhibits A-1 through A-4 or any legend pursuant to Section 4(1) of
the Securities Act from any of the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes, the Class F-FL
Notes, the Class G Notes and the Class H Notes, such Notes shall bear the
applicable legend, and the applicable legend shall not be removed unless there
is delivered to the Co-Issuers or, with respect to the Junior Notes, the Issuer,
such satisfactory evidence, which may include an Opinion of Counsel satisfactory
to the Co-Issuers or, with respect to the Junior Notes, the Issuer, as may be
reasonably required by the Co-Issuers or, with respect to the Junior Notes, the
Issuer, to the effect that neither the applicable legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply
with the provisions of Rule 144A, Rule 501(a) of Regulation D, Regulation S or
Section 4(1) of the Securities Act, as applicable, and the Investment Company
Act. Upon provision of such satisfactory evidence, the Trustee, at the direction
of the Co-Issuers, (or in the case of the Junior Notes, the Issuer) shall
authenticate and deliver the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes, the Class F-FL
Notes, the Class G Notes or the Class H Notes, as the case may be, that do not
bear such legend.

         (j)    Any transfer of a Class A Note, Class B Note, Class C Note,
Class D-FX Note, Class D-FL Note, Class E-FX Note, Class E-FXD Note, Class E-FL
Note, Class F-FX Note, Class F-FL Note, Class G Note or Class H Note in
definitive registered form to a U.S. Person or a U.S. Resident that is not a
Qualified Purchaser shall be null and void and shall not be given effect for any
purpose hereunder, and the Trustee shall hold any funds conveyed by the intended
transferee of such definitive registered Note in trust for the transferor and
shall promptly reconvey such funds to such Person in accordance with the written
instructions thereof delivered to the Trustee at its address listed in Section
14.3.

         (k)    Any purported transfer of a Note or any stock of the Issuer or
the Co-Issuer not in accordance with this Section 2.5 shall be null and void and
shall not be given effect for any purpose hereunder.

         (l)    Nothing in this Section 2.5 shall be construed to limit any
contractual restrictions on transfers of Notes or interests therein that may
apply to any Person.

                Section 2.6   Mutilated, Destroyed, Lost or Stolen Notes.

         If (i) any mutilated Note is surrendered to a Transfer Agent, or if
there shall be delivered to the Issuer, the Co-Issuer, the Trustee and the
relevant Transfer Agent evidence to their reasonable satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Issuer, the Co-Issuer, the Trustee and such Transfer Agent such security or
indemnity as may be required by them to save each of them and any agent of any
of them harmless (an unsecured indemnity agreement delivered to the Trustee by
an institutional investor organized under the laws of the United States with a
net worth at least U.S.$200,000,000 being deemed sufficient to satisfy such
security or indemnity requirement), then, in the absence of notice to the
Issuer, the Co-Issuer, the Trustee or such Transfer Agent that such Note has
been acquired by a Protected Purchaser, the Issuer and the Co-Issuer shall
execute and, upon Issuer Request, the Trustee shall authenticate and deliver, in
lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of same
tenor and principal amount and bearing a number not contemporaneously
outstanding.

         If, after delivery of such new Note or, a Protected Purchaser of the
predecessor Note presents for payment, transfer or exchange such predecessor
Note, the Issuer, the Co-Issuer, the Transfer Agent and the

                                      -47-

<PAGE>

Trustee shall be entitled to recover such new Note from the Person to whom it
was delivered or any Person taking there from, and shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuer, the Co-Issuer, the Trustee and
the Transfer Agent in connection therewith.

         In case any such mutilated, destroyed, lost or stolen Note has become
due and payable, the Issuer and the Co-Issuer in their discretion may, instead
of issuing a new Note pay such Note without requiring surrender thereof except
that any mutilated Note shall be surrendered.

         Upon the issuance of any new Note under this Section 2.6, the Issuer,
the Co-Issuer, the Trustee or a Transfer Agent may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

         Every new Note issued pursuant to this Section 2.6 in lieu of any
mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, and in the case of the Senior
Notes, the Co-Issuer, and such new Note shall be entitled, subject to the second
paragraph of this Section 2.6, to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section 2.6 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

                Section 2.7   Payment of Principal and Interest; Principal and
                              Interest Rights Preserved.

         (a)    The Notes of each Class shall accrue interest during each
Interest Accrual Period, on the Note Balance thereof, at the applicable Note
Interest Rate specified in Section 2.3. Interest on the Notes shall be due and
payable on each Payment Date immediately following the related Interest Accrual
Period; provided, however, that

                (i)     payment of interest on the Class B Notes is subordinated
         to the payment on each Payment Date of the interest due and payable on
         the Class A Notes (including Default Interest relating thereto, if
         any), interest on Default Interest, and other amounts in accordance
         with the Priority of Payments;

                (ii)    payment of interest on the Class C Notes is subordinated
         to the payment on each Payment Date of the interest due and payable on
         the Class A Notes (including Default Interest relating thereto, if any)
         and the Class B Notes (including Default Interest relating thereto, if
         any), interest on Default Interest and other amounts in accordance with
         the Priority of Payments;

                (iii)   payment of interest on the Class D-FX Notes and the
         Class D-FL Notes is subordinated to the payment on each Payment Date of
         the interest due and payable on the Class A Notes (including Default
         Interest relating thereto, if any), the Class B Notes (including
         Default Interest relating thereto, if any) and the Class C Notes
         (including Default Interest relating thereto, if any), interest on
         Default Interest and other amounts in accordance with the Priority of
         Payments;

                (iv)    payment of interest on the Class E-FX Notes, the Class
         E-FXD Notes and the Class E-FL Notes is subordinated to the payment on
         each Payment Date of the interest due and payable on the Class A Notes
         (including Default Interest relating thereto, if any), the Class B
         Notes (including Default Interest relating thereto, if any), the Class
         C Notes (including Default Interest relating thereto, if any), the
         Class D-FX Notes (including Default Interest relating thereto, if any)
         and the Class D-FL

                                      -48-

<PAGE>
         Notes (including Default Interest relating thereto, if any), interest
         on Default Interest and other amounts in accordance with the Priority
         of Payments;

                (v)     payment of interest on the Class F-FX Notes and the
         Class F-FL Notes is subordinated to the payment on each Payment Date of
         the interest due and payable on the Class A Notes (including Default
         Interest relating thereto, if any), the Class B Notes (including
         Default Interest relating thereto, if any), the Class C Notes
         (including Default Interest relating thereto, if any), the Class D-FX
         Notes (including Default Interest relating thereto, if any), the Class
         D-FL Notes (including Default Interest relating thereto, if any), the
         Class E-FX Notes (including Default Interest relating thereto, if any),
         the Class E-FXD Notes (including Default Interest relating thereto, if
         any) and the Class E-FL Notes (including Default Interest relating
         thereto, if any), interest on Default Interest and other amounts in
         accordance with the Priority of Payments; and

                (vi)    payment of interest on the Class G Notes is subordinated
         to the payment on each Payment Date of the interest due and payable on
         the Class A Notes (including Default Interest relating thereto, if
         any), the Class B Notes (including Default Interest relating thereto,
         if any), the Class C Notes (including Default Interest relating
         thereto, if any), the Class D-FX Notes (including Default Interest
         relating thereto, if any), the Class D-FL Notes (including Default
         Interest relating thereto, if any), the Class E-FX Notes (including
         Default Interest relating thereto, if any), the Class E-FXD Notes
         (including Default Interest relating thereto, if any), the Class E-FL
         Notes (including Default Interest relating thereto, if any), the Class
         F-FX Notes (including Default Interest relating thereto, if any) and
         the Class F-FL Notes (including Default Interest relating thereto, if
         any), interest on Default Interest and other amounts in accordance with
         the Priority of Payments.

                (vii)   payment of interest on the Class H Notes is subordinated
         to the payment on each Payment Date of the interest due and payable on
         the Class A Notes (including Default Interest relating thereto, if
         any), the Class B Notes (including Default Interest relating thereto,
         if any), the Class C Notes (including Default Interest relating
         thereto, if any), the Class D-FX Notes (including Default Interest
         relating thereto, if any), the Class D-FL Notes (including Default
         Interest relating thereto, if any), the Class E-FX Notes (including
         Default Interest relating thereto, if any), the Class E-FXD Notes
         (including Default Interest relating thereto, if any), the Class E-FL
         Notes (including Default Interest relating thereto, if any), the Class
         F-FX Notes (including Default Interest relating thereto, if any), the
         Class F-FL Notes (including Default Interest relating thereto, if any)
         and the Class G Notes (including Default Interest relating thereto, if
         any), interest on Default Interest and other amounts in accordance with
         the Priority of Payments.

         So long as any Class of Notes with a higher alphabetical designation is
Outstanding, any payment of interest due on the Class D-FX Notes, the Class D-FL
Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes, the
Class F-FX Notes, the Class F-FL Notes, the Class G Notes or the Class H Notes,
as applicable, which is not available to be paid in accordance with the Priority
of Payments on any Payment Date shall not be considered "due and payable" for
the purposes of Sections 5.1(a) and 5.9 (and the failure to pay such interest
shall not be an Event of Default) but shall instead be deferred until the
Payment Date on which such interest is available to be paid in accordance with
the Priority of Payments (such deferred interest, "Deferred Interest"), shall
bear interest, compounded monthly and shall be payable on the first Payment Date
on which funds are permitted to be used for such purpose in accordance with the
Priority of Payments.

         To the extent lawful and enforceable, interest on any Default Interest
or Deferred Interest shall accrue at the applicable Note Interest Rate.

                                      -49-

<PAGE>

         (b)    The principal of each Note shall be due and payable on the
Stated Maturity thereof unless the unpaid principal of such Note becomes due and
payable at an earlier date by declaration of acceleration, call for redemption
or otherwise; provided, however, that unless otherwise provided herein,

                (i)     the payment of principal of the Class B Notes may only
         occur on or after the date that the principal of the Class A Notes has
         been paid in full and is subordinated to the payment on each Payment
         Date of the principal and interest due and payable on the Class A Notes
         and other amounts in accordance with the Priority of Payments (and the
         failure to pay such principal amount of the Class B Notes shall not be
         considered an Event of Default);

                (ii)    the payment of principal of the Class C Notes may only
         occur on or after the date that the principal of the Class A Notes and
         the Class B Notes have been paid in full and is subordinated to the
         payment on each Payment Date of the principal and interest due and
         payable on the Class A Notes and the Class B Notes and other amounts in
         accordance with the Priority of Payments (and the failure to pay such
         principal amount of the Class C Notes shall not be considered an Event
         of Default);

                (iii)   the payment of principal of the Class D-FX Notes and the
         Class D-FL Notes (other than amounts constituting Deferred Interest on
         the Class D-FX Notes and the Class D-FL Notes ) may only occur on or
         after the date that the principal of the Class A Notes, the Class B
         Notes and the Class C Notes have been paid in full and is subordinated
         to the payment on each Payment Date of the principal and interest due
         and payable on the Class A Notes, the Class B Notes and the Class C
         Notes and other amounts in accordance with the Priority of Payments
         (and the failure to pay such principal amount of the Class D-FX Notes
         and the Class D-FL Notes shall not be considered an Event of Default);

                (iv)    the payment of principal of the Class E-FX Notes, the
         Class E-FXD Notes and the Class E-FL Notes (other than amounts
         constituting Deferred Interest on the Class E-FX Notes, the Class E-FXD
         Notes and the Class E-FL Notes) may only occur on or after the date
         that the principal of the Class A Notes, the Class B Notes, the Class C
         Notes, the Class D-FX Notes and the Class D-FL Notes have been paid in
         full and is subordinated to the payment on each Payment Date of the
         principal and interest due and payable on the Class A Notes, the Class
         B Notes, the Class C Notes, the Class D-FX Notes and the Class D-FL
         Notes and other amounts in accordance with the Priority of Payments
         (and the failure to pay such principal amount of the Class E-FX Notes,
         the Class E-FXD Notes and the Class E-FL Notes shall not be considered
         an Event of Default);

                (v)     the payment of principal of the Class F-FX Notes and the
         Class F-FL Notes (other than amounts constituting Deferred Interest on
         the Class F-FX Notes and the Class F-FL Notes) may only occur on or
         after the date that the principal of the Class A Notes, the Class B
         Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes,
         the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes
         have been paid in full and is subordinated to the payment on each
         Payment Date of the principal and interest due and payable on the Class
         A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes,
         the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes and
         the Class E-FL Notes and other amounts in accordance with the Priority
         of Payments (and the failure to pay such principal amount of the Class
         F-FX Notes and the Class F-FL Notes shall not be considered an Event of
         Default);

                (vi)    the payment of principal of the Class G Notes (other
         than amounts constituting Deferred Interest on the Class G Notes) may
         only occur on or after the date that the principal of the Class A
         Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the
         Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the
         Class E-FL Notes, the Class F-FX Notes and the

                                      -50-

<PAGE>
         Class F-FL Notes have been paid in full and is subordinated to the
         payment on each Payment Date of the principal and interest due and
         payable on the Class A Notes, the Class B Notes, the Class C Notes, the
         Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class
         E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes and the Class
         F-FL Notes and other amounts in accordance with the Priority of
         Payments (and the failure to pay such principal amount of the Class G
         Notes shall not be considered an Event of Default); and

                  (vii)    the payment of principal of the Class H Notes (other
         than amounts constituting Deferred Interest on the Class H Notes) may
         only occur on or after the date that the principal of the Class A
         Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the
         Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the
         Class E-FL Notes, the Class F-FX Notes, the Class F-FL Notes and the
         Class G Notes have been paid in full and is subordinated to the payment
         on each Payment Date of the principal and interest due and payable on
         the Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX
         Notes, the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD
         Notes, the Class E-FL Notes, the Class F-FX Notes, the Class F-FL Notes
         and the Class G Notes and other amounts in accordance with the Priority
         of Payments (and the failure to pay such principal amount of the Class
         H Notes shall not be considered an Event of Default).

         (c)      As a condition to the payment of principal and interest on any
Note, the Issuer, the Co-Issuer, the Trustee or any Paying Agent may require
certification acceptable to it to enable the Issuer, the Co-Issuer, the Trustee
or any Paying Agent to determine its duties and liabilities with respect to any
taxes or other charges that they may be required to deduct or withhold from
payments in respect of such Note under any present or future law or regulation
of the United States or any present or future law or regulation of any political
subdivision thereof or taxing authority therein or to comply with any reporting
or other requirements under any such law or regulation.

         (d)      Interest and principal due on any Payment Date on the Global
Notes shall be payable by the Paying Agent by wire transfer in immediately
available funds to a Dollar account maintained by the Depository or its nominee
or, if a wire transfer cannot be effected, by a Dollar check in immediately
available funds delivered to the Depository or its nominee. Payments in respect
of the Certificated Notes shall be payable by wire transfer in immediately
available funds to a Dollar account maintained by each Noteholder in accordance
with wire transfer instructions received by any Paying Agent on or before the
Record Date or, if no wire instructions are received by a Paying Agent, by a
Dollar check drawn on a bank in the United States mailed to the address of such
Noteholder as it appears on the Note Register at the close of business on the
Record Date for such payment. In the case of a check, such check shall be mailed
to the Person entitled thereto at his address as it appears on the Note Register
and, in the case of a wire transfer, such wire transfer shall be sent in
accordance with written instructions provided by such Person. Upon final payment
due on the Maturity of a Note, the Holder thereof shall present and surrender
such Note at the Corporate Trust Office of the Trustee or at the office of any
Paying Agent (outside of the United States if then required by applicable law in
the case of a definitive Note issued in exchange for a beneficial interest in
the Regulation S Global Note) on or prior to such Maturity; provided, however,
that if there is delivered to the Co-Issuers or, in the case of the Junior
Notes, the Issuer and the Trustee such security or indemnity as may be required
by them to save each of them harmless and an undertaking thereafter to surrender
such certificate, then, in the absence of notice to the Co-Issuers or, in the
case of the Junior Notes, the Issuer or the Trustee that the applicable Class A
Note, Class B Note, Class C Note, Class D-FX Note, Class D-FL Note, Class E-FX
Note, Class E-FXD Note, Class E-FL Note, Class F-FX Note, Class F-FL Note, Class
G Note or Class H Note has been acquired by a Protected Purchaser, such final
payment shall be made without presentation or surrender. In the case where any
final payment of principal and interest is to be made on any Note (other than at
the Stated Maturity thereof), the Co-Issuers or, in the case of the Junior
Notes, the Issuer or, upon Issuer Request, the Trustee, in the name and at the
expense of the Co-Issuers or, in the case of the Junior Notes, the Issuer shall,
not more than 30 nor less than 10 days prior to the date on which such payment
is to be made, mail to the

                                      -51-

<PAGE>

Persons entitled thereto at their addresses appearing on the Note Register, a
notice which shall state the date on which such payment will be made, the amount
of such payment per $1,000 initial principal amount of Notes and shall specify
the place where such Notes may be presented and surrendered for such payment.

         (e) Subject to the provisions of Sections 2.7(a) and (b) hereof, the
Holders of Notes as of the Record Date in respect of a Payment Date shall be
entitled to the interest accrued and payable in accordance with the Priority of
Payments and principal payable in accordance with the Priority of Payments on
such Payment Date. All such payments that are mailed or wired and returned to
the Corporate Trust Office of the Trustee or at the office of any Paying Agent
shall be held for payment as herein provided at the office or agency of the
Co-Issuers or, in the case of the Junior Notes, the Issuer to be maintained as
provided in Section 7.4.

         (f) Interest on any Note which is payable, and is punctually paid or
duly provided for, on any Payment Date shall be paid to the Person in whose name
that Note (or one or more predecessor Notes) is registered at the close of
business on the Record Date for such interest. Payments of principal to Holders
of Notes of each Class shall be made in the proportion that the aggregate Note
Balance of the Notes of such Class registered in the name of each such Holder on
such Record Date or Redemption Record Date bears to the aggregate Note Balance
of all Notes of such Class on such Record Date or Redemption Record Date.

         (g) Payment of any Default Interest may be made in any other lawful
manner in accordance with the priorities set forth in Sections 11.1(b) and
11.1(c) hereof if notice of such payment is given by the Trustee to the
Co-Issuers and the Noteholders, and such manner of payment shall be deemed
practicable by the Trustee.

         (h) Interest accrued with respect to each Class of Floating Rate Notes
shall be computed on the basis of the actual number of days elapsed in the
applicable Interest Accrual Period divided by 360. Interest accrued with respect
to the Class C Notes, the Class D-FX Notes, the Class E-FX Notes, the Class
E-FXD Notes, the Class F-FX Notes and the Junior Notes shall be computed on the
basis of a 360 day year consisting of twelve months of 30 days each.

         (i) All reductions in the principal amount of a Note (or one or more
predecessor Notes) effected by payments of installments of principal made on any
Payment Date or Redemption Date shall be binding upon all future Holders of such
Note and of any Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, whether or not such payment is noted on
such Note.

         (j) Notwithstanding any other provision of this Indenture, the
obligations of the Issuer and the Co-Issuer under this Indenture and the Notes
are limited recourse obligations of the Co-Issuers (with respect to the Senior
Notes) or the Issuer (with respect to the Junior Notes) payable solely from the
Collateral in accordance with the terms of this Indenture. To the extent such
Collateral is insufficient to meet the obligations of the Co-Issuers under this
Indenture in full, the Co-Issuers shall have no further liability and any
outstanding obligations shall be extinguished and shall not revive. No recourse
shall be had for the payment of any amount owing in respect of the Notes against
any officer, director, employee, shareholder or incorporator of the Co-Issuers
or any successors or assigns thereof for any amounts payable under the Notes or
this Indenture. It is understood that the foregoing provisions of this paragraph
(j) shall not (i) prevent recourse to the Collateral for the sums due or to
become due under any security, instrument or agreement which is part of the
Collateral or (ii) constitute a waiver, release or discharge of any indebtedness
or obligation evidenced by the Notes or secured by this Indenture, and the same
shall continue until paid or discharged. It is further understood that the
foregoing provisions of this paragraph (j) shall not limit the right of any
person to name the Issuer or the Co-Issuer as a party defendant in any action or
suit or in the exercise of any other remedy under the Notes or this Indenture,
so long as no judgment in the nature of a deficiency

                                      -52-

<PAGE>

judgment or seeking personal liability shall be asked for or (if obtained)
enforced against any such person or entity.

         (k) Subject to the foregoing provisions of this Section 2.7, each Note
delivered under this Indenture and upon registration of transfer of or in
exchange for or in lieu of any other Note shall carry the rights of unpaid
interest and principal that were carried by such other Note.

         (l) Notwithstanding any of the foregoing provisions with respect to
payments of principal of and interest on the Notes, if the Notes have become or
been declared due and payable following an Event of Default and such
acceleration of Maturity and its consequences have not been rescinded and
annulled and the provisions of Section 5.5 are not applicable, then payments of
principal of and interest on such Notes shall be made in accordance with Section
5.7.

             Section 2.8   Persons Deemed Owners.

         The Issuer, the Co-Issuer, the Trustee, and any agent of the Co-Issuers
or the Trustee may treat the Person in whose name any Note is registered as the
owner of such Note on the Note Register on the applicable Record Date or
Redemption Record Date for the purpose of receiving payments of principal and
interest on such Note and on any other date for all other purposes whatsoever
(whether or not such Note is overdue), and neither the Co-Issuers nor the
Trustee nor any agent of the Co-Issuers or the Trustee shall be affected by
notice to the contrary; provided, however, that the Depository, or its nominee,
shall be deemed the owner of the Global Notes, and owners of beneficial
interests in Global Notes will not be considered the owners of any Notes for the
purpose of receiving notices.

             Section 2.9   Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption, or deemed lost or stolen,
shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee and shall be promptly cancelled by it. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section
2.9, except as expressly permitted by this Indenture. All cancelled Notes held
by the Trustee shall be destroyed or held by the Trustee in accordance with its
standard retention policy unless the Issuer and the Co-Issuer shall direct by an
Issuer Order that they be returned to the Issuer.

             Section 2.10  Global Notes; Temporary Notes. (a) A Global Note
deposited with the Depository pursuant to Section 2.2 shall be transferred to
the beneficial owners thereof only if such transfer complies with Section 2.5 of
this Indenture and the Depository notifies the Co-Issuers that it is unwilling
or unable to continue as Depository for such Global Note or if at any time such
Depository ceases to be a Clearing Agency and a successor depository is not
appointed by the Co-Issuers within 90 days of such notice.

       (b)   Any Global Note that is transferable to the beneficial owners
thereof pursuant to this Section 2.10 shall be surrendered by the Depository to
the Trustee's office or agent located in Chicago, Illinois, to be so
transferred, in whole or from time to time in part, without charge, and the
Trustee shall authenticate and deliver, upon such transfer of each portion of
such Global Note, an equal aggregate principal amount of Class A Notes, Class B
Notes, Class C Notes, Class D-FX Notes, Class D-FL Notes, Class E-FX Notes,
Class E-FXD Notes, Class E-FL Notes, Class F-FX Notes or Class F-FL Notes, as
applicable, of authorized denominations. Any portion of a Rule 144A Global Note
or a Regulation S Global Note transferred pursuant to this Section 2.10 shall be
executed, authenticated and delivered only in denominations of $100,000 and any
integral multiple of $1 in excess thereof and in each case, registered in such
names as the Depository shall direct. Any Senior Note delivered by the Trustee
or its agent in exchange for an interest in a Rule 144A Global Note shall,
except as otherwise provided by Section 2.5(h), bear the legend set forth in the
applicable Exhibit. Any Note delivered in exchange for an interest in a
Regulation S Global Note shall, except as otherwise provided by Section 2.5(h),
bear the legend set forth in the applicable Exhibit.

                                      -53-

<PAGE>

         (c) Subject to the provisions of Section 2.10(b) above, the registered
Holder of a Global Note may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

         (d) Upon receipt of notice from the Depository of the occurrence of the
event specified in paragraph (a) of this Section 2.10, the Issuer shall use its
best efforts to make arrangements with the Depository for the exchange of
interests in the Global Notes for individual definitive Class A Notes, Class B
Notes, Class C Notes, Class D-FX Notes, Class D-FL Notes, Class E-FX Notes,
Class E-FXD Notes, Class E-FL Notes, Class F-FX Notes or Class F-FL Notes and
cause the requested individual definitive Class A Notes, Class B Notes, Class C
Notes, Class D-FX Notes, Class D-FL Notes, Class E-FX Notes, Class E-FXD Notes,
Class E-FL Notes, Class F-FX Notes or Class F-FL Notes to be executed and
delivered to the Note Registrar in sufficient quantities and authenticated by or
on behalf of the Trustee for delivery to Noteholders.

         Pending the preparation of certificates for such Class of Notes,
pursuant to this Section 2.10, the Co-Issuers may execute, and upon Issuer Order
the Trustee shall authenticate and deliver, temporary certificates for such
Class of Notes, that are printed, lithographed, typewritten, mimeographed or
otherwise reproduced, in any authorized denomination, substantially of the tenor
of the definitive certificates in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the
Officers executing such temporary certificates may determine, as conclusively
evidenced by their execution of such certificates.

         If temporary certificates for a Class of Notes are issued, the
Co-Issuers will cause such Notes to be prepared without unreasonable delay. The
definitive certificates shall be printed, lithographed or engraved, or provided
by any combination thereof, or in any other manner permitted by the rules and
regulations of any applicable securities exchange, all as determined by the
Officers executing such definitive certificates. After the preparation of
definitive certificates, the temporary certificates shall be exchangeable for
definitive certificates upon surrender of the temporary certificates at the
office or agency maintained by the Co-Issuers for such purpose, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary
certificates, the Co-Issuers shall execute, and the Trustee shall authenticate
and deliver, in exchange therefor the same aggregate principal amount of
definitive certificates of authorized denominations. Until so exchanged, the
temporary certificates shall in all respects be entitled to the same benefits
under this Indenture as definitive certificates.

         Persons exchanging interests in a Global Note for individual definitive
Class A Notes, Class B Notes, Class C Notes, Class D-FX Notes, Class D-FL Notes,
Class E-FX Notes, Class E-FXD Notes, Class E-FL Notes, Class F-FX Notes or Class
F-FL Notes will be required to provide to the Trustee, through the Depository,
(i) written instructions and other information required by the Issuer and the
Trustee to complete, execute and deliver such individual definitive Class A
Notes, Class B Notes, Class C Notes, Class D-FX Notes, Class D-FL Notes, Class
E-FX Notes, Class E-FXD Notes, Class E-FL Notes, Class F-FX Notes or Class F-FL
Notes, (ii) in the case of an exchange of an interest in a Rule 144A Global
Note, such certification as to QIB status pursuant to Rule 144A and that such
Person is a Qualified Purchaser as the Issuer shall require and (iii) in the
case of an exchange of an interest in a Regulation S Global Note, such
certification as the Issuer shall require. In all cases, individual definitive
Notes delivered in exchange for any Global Note or beneficial interests therein
will be registered in the names, and issued in any approved denominations,
requested by the Depository.

             Section 2.11  Tax Forms and Treatment.

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<PAGE>

         (a) Each Holder shall timely furnish the Trustee any U.S. federal
income tax form or certification (such as IRS Form W-8BEN (Certification of
Foreign Status of Beneficial Owner) (with Part III marked), Form W-8IMY
(Certification of Foreign Intermediary Status), IRS Form W-9 (Request for
Taxpayer Identification Number and Certification), or IRS Form W-8ECI
(Certification of Foreign Person's Claim for Exemption from Withholding on
Income Effectively Connected with Conduct of a U.S. Trade or Business) or any
successors to such IRS forms) that the Issuer or its agents may reasonably
request and shall update or replace such form or certification in accordance
with its terms or its subsequent amendments.

         (b) Each Holder acknowledges that it is its intent and that it
understands it is the intent of the Issuer that, for purposes of U.S. federal,
state and local income and franchise tax and any other income taxes, the Issuer
will be treated as a corporation, the Notes will be treated as indebtedness of
the Issuer, and the Preferred Shares will be treated as equity in the Issuer; it
agrees to such treatment and agrees to take no action inconsistent with such
treatment, unless required by law.

             Section 2.12  No Gross Up.

         The Issuer or, in the case of the Senior Notes, the Co-Issuers, shall
not be obligated to pay any additional amounts to the Holders or beneficial
owners of the Notes as a result of any withholding or deduction for, or on
account of, any present or future taxes, duties, assessments or governmental
charges.

             Section 2.13  Notes Beneficially Owned by Non-Permitted Holders.

         (a) Notwithstanding anything to the contrary elsewhere in this
Indenture, any transfer of a beneficial interest in any Global Note, IAI
Certificated Note or Certificated Note to a U.S. Person or U.S. Resident that is
not a QIB/QP or an Institutional Accredited Investor and a Qualified Purchaser,
as the case may be, shall be null and void ab initio and any such purported
transfer of which the Issuer, the Co-Issuer or the Trustee shall have notice may
be disregarded by the Issuer, the Co-Issuer and the Trustee for all purposes.

         (b) If any U.S. Person or U.S. Resident that is not a QIB/QP or an
Institutional Accredited Investor and a Qualified Purchaser, as the case may be,
at the time it acquires an interest in a Global Note, IAI Certificated Note or
Certificated Note shall become the beneficial owner of any Global Note, IAI
Certificated Note or Certificated Note (any such person, a "Non-Permitted
Holder"), the Issuer shall, promptly after discovery that such person is a
Non-Permitted Holder by the Issuer, the Co-Issuer or the Trustee (and notice by
the Trustee or the Co-Issuer to the Issuer, if either of them makes the
discovery), send notice to such Non-Permitted Holder demanding that such
Non-Permitted Holder transfer its interest to a Person that is not a
Non-Permitted Holder within 30 days of the date of such notice. If such
Non-Permitted Holder fails to transfer its Notes, the Issuer shall have the
right, without further notice to the Non-Permitted Holder, to sell such Notes or
interest in Notes to a purchaser selected by the Issuer that is not a
Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the
Trustee acting on behalf of the Issuer, may select the purchaser by soliciting
one or more bids from one or more brokers or other market professionals that
regularly deal in securities similar to the Notes, and selling such Notes to the
highest such bidder. However, the Issuer or the Trustee may select a purchaser
by any other means determined by it in its sole discretion. The Holder of each
Note, the Non-Permitted Holder and each other Person in the chain of title from
the Holder to the Non-Permitted Holder, by its acceptance of an interest in the
Notes, agrees to cooperate with the Issuer and the Trustee to effect such
transfers. The proceeds of such sale, net of any commissions, expenses and taxes
due in connection with such sale shall be remitted to the Non-Permitted Holder.
The terms and conditions of any sale under this subsection shall be determined
in the sole discretion of the Issuer, and neither the Issuer nor the Trustee
shall be liable to any Person having an interest in the Notes sold as a result
of any such sale or the exercise of such discretion.

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<PAGE>

           Section 2.14  DTC Notice to Investors.

     The Co-Issuers shall (a) request of the Depository, and cooperate with the
Depository to ensure, that the Depository's security description and delivery
order include a "3(c)(7) marker" and confirm that the Depository's user's manual
contains an accurate description of the restrictions on the holding and transfer
of the Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX
Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes, the
Class F-FX Nots and the Class F-FL Notes due to the Co-Issuer's reliance on the
exclusion to registration provided by Section 3(c)(7) of the Investment Company
Act, (b) request of the Depository, and cooperate with the Depository to ensure,
that the Depository send to its Agent Members in connection with the initial
offering of the Class A Notes, the Class B Notes, the Class C Notes, the Class
D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes,
the Class E-FL Notes, the Class F-FX Notes and the Class F-FL Notes a notice
substantially in the form attached as Exhibit H hereto, and (c) request of the
Depository, and cooperate with the Depository to ensure, that the Depository's
Reference Directory include the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes and the Class F-FL
Notes in the listing of 3(c)(7) issues together with an attached description of
the limitations as to the distribution, purchase, sale and holding of the Class
A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class
D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes,
the Class F-FX Notes and the Class F-FL Notes.

                                   ARTICLE III

                    CONDITIONS PRECEDENT; CERTAIN PROVISIONS
                             RELATING TO COLLATERAL

           Section 3.1   General Provisions.

     The Notes to be issued on the Closing Date may be executed by the Issuer
and, with respect to the Senior Notes, the Co-Issuer, and delivered to the
Trustee for authentication and thereupon the same shall be authenticated and
delivered by the Trustee upon Issuer Request, upon compliance with Section 3.2
and upon receipt by the Trustee of the following:

     (a)   (i)   an Officer's Certificate of the Issuer (A) evidencing the
authorization by Board Resolution of the execution and delivery of, among other
documents, this Indenture, the Collateral Administration Agreement, the
Preferred Shares Paying Agency Agreement, the Administration Agreement, any
Hedge Agreements, and the execution, authentication and delivery of the Notes
and specifying the Stated Maturity, the original Note Balance and Note Interest
Rate of each Class to be authenticated and delivered; and (B) certifying that
(1) the attached copy of the Board Resolution is a true and complete copy
thereof, (2) such resolutions have not been rescinded and are in full force and
effect on and as of the Closing Date and (3) the Officers authorized to execute
and deliver such documents hold the offices and have the signatures indicated
thereon; and

           (ii)  an Officer's Certificate of the Co-Issuer (A) evidencing the
     authorization by Board Resolution of the execution and delivery of this
     Indenture and the execution, authentication and delivery of the Senior
     Notes and specifying the Stated Maturity, the original Note Balance and
     Note Interest Rate of the Senior Notes to be authenticated and delivered;
     and (B) certifying that (1) the attached copy of the Board Resolution is a
     true and complete copy thereof, (2) such resolutions have not been
     rescinded and are in full force and effect on and as of the Closing Date
     and (3) the Officers authorized to execute and deliver such documents hold
     the offices and have the signatures indicated thereon;

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<PAGE>

     (b)   (i) either (A) a certificate of the Issuer or other official document
evidencing the due authorization, approval or consent of any governmental body
or bodies, at the time having jurisdiction in the premises, together with an
Opinion of Counsel that no other authorization, approval or consent of any
governmental body is required for the valid issuance of the Notes and the
Preferred Shares or (B) an Opinion of Counsel of the Issuer that no such
authorization, approval or consent of any governmental body is required for the
valid issuance of such Notes and Preferred Shares except as may have been given
for the purposes of the foregoing, it being agreed that the Opinions of Counsel
of Thacher Proffitt & Wood and Maples and Calder, shall satisfy this clause (i);
and

           (ii)  either (A) a certificate of the Co-Issuer or other official
     document evidencing the due authorization, approval or consent of any
     governmental body or bodies, at the time having jurisdiction in the
     premises, together with an Opinion of Counsel that no other authorization,
     approval or consent of any governmental body is required for the valid
     issuance of the Senior Notes, or (B) an Opinion of Counsel of the Co-Issuer
     that no such authorization, approval or consent of any governmental body is
     required for the valid issuance of the Senior Notes except as may have been
     given for the purposes of the foregoing, the Opinions of Counsel of Thacher
     Proffitt & Wood and Maples and Calder shall satisfy this clause (b);

     (c)   Opinions of Counsel of Thacher Proffitt & Wood, counsel to the
Co-Issuers, satisfactory in form and substance to the Trustee, dated the Closing
Date;

     (d)   an Opinion of Counsel of Maples and Calder, Cayman Islands counsel to
the Issuer, satisfactory in form and substance to the Trustee, dated the Closing
Date;

     (e)   an Officer's Certificate stating that the Issuer is not in Default
under this Indenture and that the issuance of the Notes and the Preferred Shares
applied for will not result in a breach of any of the terms, conditions or
provisions of, or constitute a Default under, the Memorandum and Articles of
Association of the Issuer, any indenture or other agreement or instrument to
which the Issuer is a party or by which it is bound, or any order of any court
or administrative agency entered in any Proceeding to which the Issuer is a
party or by which it may be bound or to which it may be subject; and that all
conditions precedent provided in this Indenture, the Memorandum and Articles of
Association and the Preferred Shares Paying Agency Agreement relating to the
authentication and delivery of the Notes and the Preferred Shares applied for
have been complied with;

     (f)   an Officer's Certificate stating that the Co-Issuer is not in Default
under this Indenture and that the issuance of the Senior Notes applied for will
not result in a breach of any of the terms, conditions or provisions of, or
constitute a default under, the Certificate of Incorporation or By-laws of the
Co-Issuer, any indenture or other agreement or Instrument to which the Co-Issuer
is a party or by which it is bound, or any order of any court or administrative
agency entered in any Proceeding to which the Co-Issuer is a party or by which
it may be bound or to which it may be subject; and that all conditions precedent
provided in this Indenture relating to the authentication and delivery of the
Senior Notes applied for have been complied with;

     (g)   an Accountants' Certificate (i) confirming the information with
respect to each Collateral Security set forth on the Schedule of Collateral
Securities attached hereto as Schedule A; and (ii) specifying the procedures
undertaken by them to review data and computations relating to the Collateral
Securities;

     (h)   true and correct copies of letters signed by each of the Rating
Agencies confirming that the Class A Notes have been rated no lower than "AAA"
by S&P and Fitch and "Aaa" by Moody's, that the Class B Notes have been rated no
lower than "AA" by S&P and Fitch and "Aa2" by Moody's, that the Class C Notes
have been rated no lower than "A" by S&P and Fitch and "A2" by Moody's, that the
Class D-FX Notes and the Class D-FL Notes have been rated no lower than "A-" by
S&P and Fitch and "A3" by Moody's, that

                                      -57-

<PAGE>

the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes have been
rated no lower than "BBB" by S&P and Fitch and "Baa3" by Moody's, that the Class
F-FX Notes and the Class F-FL Notes have been rated no lower than "BBB-" by S&P
and Fitch, that the Class G Notes have been rated no lower than "BB" by S&P and
Fitch, that the Class H Notes have been rated no lower than "B" by S&P and Fitch
and that such ratings are in full force and effect on the Closing Date;

     (i)   an executed counterpart of the Collateral Administration Agreement;

     (j)   an executed copy of any outstanding Hedge Agreements;

     (k)   an executed copy of the Preferred Shares Paying Agency Agreement;

     (l)   an executed counterpart of the Transfer Agreements;

     (m)   evidence of application for a certificate from the Cayman Islands tax
authorities stating that the Issuer will be exempt from certain Cayman Islands
taxes, in form and substance satisfactory to the Trustee; and

     (n)   such other documents as the Trustee may reasonably require.

           Section 3.2   Security for the Notes.

     Notes to be issued on the Closing Date may be executed by the Issuer and,
with respect to the Senior Notes, by the Co-Issuer and delivered to the Trustee
for authentication, and thereupon the same shall be authenticated and delivered
to the Issuer by the Trustee upon Issuer Order and upon delivery by the Issuer
to the Trustee, and receipt by the Trustee, of the following:

     (a)   Grant of Collateral Securities. Fully executed copies of this
Indenture and copies of any other Instrument or document, fully executed (as
applicable), necessary to consummate and perfect the Grant set forth in the
Granting Clauses of this Indenture of a perfected security interest that is of
first priority, free of any adverse claim or the legal equivalent thereof in
favor of the Trustee on behalf of the Noteholders in all of the Issuer's right,
title and interest in and to the Collateral Securities pledged to the Trustee
for inclusion in the Collateral on the Closing Date, including compliance with
the provisions of Section 3.3.

     (b)   Certificate of the Issuer. A certificate of an Authorized Officer of
the Issuer, dated as of the Closing Date, to the effect that, in the case of
each Collateral Security pledged to the Trustee for inclusion in the Collateral
on the Closing Date and immediately prior to the delivery thereof on the Closing
Date:

           (i)    the Issuer has good and marketable title to the Collateral
     Security free and clear of any liens, claims, encumbrances or defects of
     any nature whatsoever except for those which are being released on the
     Closing Date and except for those encumbrances arising from due bills, if
     any, with respect to interest, or a portion thereof, accrued on such
     Collateral Security prior to the Closing Date and owed by the Issuer to the
     seller of such Collateral Security;

           (ii)   the Issuer has acquired its ownership in such Collateral
     Security in good faith without notice of any adverse claim, except as
     described in paragraph (i) above;

           (iii)  the Issuer has not assigned, pledged or otherwise encumbered
     any interest in such Collateral Security (or, if any such interest has been
     assigned, pledged or otherwise encumbered, it has been released) other than
     interests Granted pursuant to this Indenture;

                                      -58-

<PAGE>

           (iv)   the Issuer has full right to Grant a security interest in and
     assign and pledge such Collateral Security to the Trustee;

           (v)    the information set forth with respect to such Collateral
     Security in the Schedule of Collateral Securities is correct;

           (vi)   upon Grant by the Issuer, the Trustee has a perfected security
     interest in the Collateral that is of first priority, free of any adverse
     claim or the legal equivalent thereof, as applicable; and

           (vii)  each Collateral Security satisfies the following eligibility
     criteria: (i) it either (A) is treated as indebtedness for U.S. federal
     income tax purposes, or (B) the Issuer has received advice from Thacher
     Proffitt & Wood or an opinion of other counsel to the effect that the
     ownership of such security will not cause the Issuer to be treated as
     engaged in a trade or business within the United States for U.S. federal
     income tax purposes or otherwise subject the Issuer to U.S. federal income
     tax on a net income basis; and (ii) it does not have a coupon or other
     payments that are subject to U.S. or foreign withholding tax, unless the
     issuer of such Collateral Security is required to make "gross-up" payments
     pursuant to the related Underlying Instrument that cover the full amount of
     any such withholding tax on an after-tax basis (including any tax on such
     additional payments).

     (c)   Issuer Accounts. Evidence of the establishment of the Issuer
Accounts.

     (d)   Issuers' Requests. A request from each of the Issuer and the
Co-Issuer, with respect to the Senior Notes, and the Issuer, with respect to the
Junior Notes, directing the Trustee to authenticate the Notes in the amounts and
names set forth therein.

           Section 3.3  Delivery of Collateral Securities and Eligible
                        Investments.

     Collateral Securities and Eligible Investments relating to, or made from
funds from, the Issuer Accounts, shall be transferred to the Trustee as follows:

     (a)   with respect to such of the Collateral Securities and Eligible
Investments as constitutes an instrument, tangible chattel paper or money,
causing the Trustee to take possession of such instrument endorsed to the
Trustee or in blank, or such money or tangible chattel paper in the State of
Illinois;

     (b)   with respect to such of the Collateral Securities and Eligible
Investments as constitutes a certificated security in bearer form, causing the
Trustee to acquire possession of the related security certificate in the State
of Illinois;

     (c)   with respect to such of the Collateral Securities and Eligible
Investments as constitutes a certificated security in registered form, causing
the Trustee to acquire possession of the related certificated security
certificate in the State of Illinois, endorsed to the Trustee or in blank by an
effective endorsement, or registered in the name of the Trustee, upon original
issue or registration of transfer, by the issuer of such certificated security.

     (d)   with respect to such of the Collateral Securities and Eligible
Investments as constitutes an uncertificated security, causing the issuer of
such uncertificated security to register the Trustee as the registered owner of
such uncertificated security;

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     (e)   with respect to such of the Collateral Securities and Eligible
Investments as constitutes a security entitlement, causing the Securities
Intermediary to indicate by book entry that such security entitlement, and the
financial asset relating thereto has been credited to the appropriate Issuer
Account;

     (f)   with respect to such of the Collateral Securities and Eligible
Investments as constitutes an account or a general intangible, causing a
financing statement describing such portion of the Collateral Securities and
Eligible Investments (or all personal property of the Issuer) as collateral and
naming the Issuer as the debtor and the Trustee as the secured party, to be
effectively filed with the Recorder of Deeds of the District of Columbia;

     (g)   in the case of each of paragraphs (a) through (f) above, such
additional or alternative procedures as may hereafter become appropriate to
Grant a first priority perfected security interest in such items of the
Collateral Securities and Eligible Investments to the Trustee, consistent with
applicable law or regulations.

     In each case contemplated in this Section 3.3, the Trustee shall make
appropriate notations on its records, and shall cause the same to be made on the
records of its nominees, if any, indicating that such securities are held for
the benefit of the Secured Parties pursuant to and as provided herein.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

           Section 4.1  Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments of
principal thereof and interest, (iv) the rights, obligations and immunities of
the Trustee hereunder, (v) the rights, obligations and immunities of the
Collateral Administrator hereunder and under the Collateral Administration
Agreement, (vi) the rights of Holders and the other Secured Parties as
beneficiaries hereof with respect to the property deposited with the Trustee and
payable to all or any of them and (vii) the obligations to make payments, if
any, to the Preferred Shares Paying Agent pursuant to the Priority of Payments,
and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when:

     (a)   either

           (i)  all Notes theretofore authenticated and delivered (other than
     (A) Notes which have been mutilated, destroyed, lost or stolen and which
     have been replaced or paid as provided in Section 2.6 and (B) Notes for
     whose payment money has theretofore irrevocably been deposited in trust and
     thereafter repaid to the Issuer or discharged from such trust as provided
     in Section 7.5) have been delivered to the Trustee for cancellation; or

           (ii) all Notes not theretofore delivered to the Trustee for
     cancellation (A) have become due and payable, or (B) will become due and
     payable at their Stated Maturity within one year, or (C) are to be called
     for redemption within one year pursuant to Article IX under an arrangement
     satisfactory to the Trustee and there has been given notice of redemption
     by the Issuer and the Co-Issuer pursuant to Section 9.5 and, in the case of
     (A), (B) or (C) the Issuer or the Co-Issuer has irrevocably deposited or
     caused to be deposited with the Trustee in an account which account shall
     be maintained for the benefit of the Holders and the other Secured Parties,
     in trust for such purpose, Cash or non-callable direct obligations of the
     United States of America, provided that (x) the

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     obligations are Eligible Investments, in an amount sufficient, as verified
     by a firm of certified public accountants which are nationally recognized,
     to pay and discharge the entire indebtedness on such Notes not theretofore
     delivered to the Trustee for cancellation, for principal and interest to
     the date of such deposit (in the case of Notes which have become due and
     payable), or to the Stated Maturity or the Redemption Date, as the case may
     be, and any other amounts (including amounts payable to any Hedge
     Counterparty) to become payable under this Indenture and the Hedge
     Agreements, and shall have Granted to the Trustee a valid perfected
     security interest in such Eligible Investment that is of first priority,
     free of any adverse claim or legal equivalent thereof, as applicable, and
     shall have furnished an Opinion of Counsel with respect thereto and (y) the
     obligations constitute all of the Eligible Investments owned by the Issuer
     and the Issuer owns no Collateral Securities; provided, however, that this
     subsection (ii) shall not apply if an election to act in accordance with
     the provisions of Section 5.5(a) shall have been made and not rescinded;

     (b)  the Co-Issuers have paid or caused to be paid all other sums payable
hereunder and under the Collateral Administration Agreement by the Co-Issuers;
and

     (c)  the Co-Issuers have delivered to the Trustee an Officer's Certificate
and an Opinion of Counsel stating that all conditions precedent relating to the
satisfaction and discharge of this Indenture have been complied with;

provided, however, that in the case of (a)(ii) above, the Issuer has delivered
to the Trustee an Opinion of Counsel of Independent U.S. tax counsel to the
effect that the Holders of Notes would recognize no income gain or loss for U.S.
federal income tax purposes as a result of such deposit and satisfaction and
discharge of this Indenture.

     Notwithstanding the satisfaction and discharge of this Indenture, the
rights and obligations of the Co-Issuers, the Trustee and, if applicable, the
Holders, as the case may be, under Sections 2.5, 2.6, 2.7, 4.2, 5.4(d), 5.9,
5.18, 6.1, 6.3, 6.4, 6.6, 6.7, 6.8, 7.1, 7.4, 7.5 and 7.20, and Article XIII and
Article XIV hereof shall survive the satisfaction and discharge of this
Indenture.

          Section 4.2  Application of Trust Money. All monies deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by it in
accordance with the provisions of the Notes and this Indenture, including the
Priority of Payments, to the payment of the principal, interest and either
directly or through any Paying Agent, as the Trustee may determine, to the
Person entitled thereto of the principal and interest for whose payment such
money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required herein or required by law.

          Section 4.3  Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Trustee under the
provisions of this Indenture shall, upon demand of the Co-Issuers, be paid to
the Trustee to be held and applied pursuant to Section 7.5 hereof and in
accordance with the Priority of Payments and thereupon such Paying Agent shall
be released from all further liability with respect to such monies.

                                      -61-

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                                    ARTICLE V

                                    REMEDIES

          Section 5.1  Events of Default. "Event of Default"; wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

     (a)  a default for four Business Days in the payment, when due and payable,
of any interest on any Class A Note, any Class B Note or any Class C Note, or,
if there are no Class C Notes or other Notes of a Class having an earlier
alphabetical designation outstanding, on any Class D-FX Note or Class D-FL, or,
if there are no Class D-FX Notes, Class D-FL Notes or other Notes of a Class
having an earlier alphabetical designation outstanding, on any Class E-FX Note,
Class E-FXD Note or Class E-FL Note or, if there are no Class E-FX Notes, Class
E-FXD Notes or Class E-FL Notes or other Notes of a Class having an earlier
alphabetical designation outstanding, on any Class F-FX Note or Class F-FL Note
or, if there are no Class F-FX Notes or Class F-FL Notes or other Notes of a
Class having an earlier alphabetical designation outstanding, on any Class G
Note, or, if there are no Class G Notes or other Notes of a Class having an
earlier alphabetical designation outstanding, on any Class H Note;

     (b)  any failure to pay all interest on and principal (including Deferred
Interest) of any Note at its Stated Maturity, or if the Notes have been redeemed
in a Redemption, on the applicable Redemption Date;

     (c)  the failure on any Payment Date to disburse amounts available
(including, without limitation, amounts payable to the Hedge Counterparty) in
the Payment Account in accordance with the Priority of Payments (except as
provided in paragraphs (a) and (b) above) and a continuation of such failure for
four Business Days;

     (d)  either of the Co-Issuers or the pool of Collateral becomes an
investment company required to be registered under the 1940 Act;

     (e)  a default in the performance, or breach, of any other covenant or
warranty of either of the Co-Issuers under this Indenture, or if any
representation or warranty of either of the Co-Issuers made in this Indenture or
in any certificate or writing delivered pursuant hereto proves to be incorrect
in any material respect when made, which default or failure has a material
adverse effect on the Holders of the Notes and which default or breach continues
for a period of 45 calendar days after notice by any one of the Trustee, the
Collateral Administrator, the Co-Issuers or 25% of the Noteholders of any Class,
to the Co-Issuers, the Collateral Administrator or the Trustee;

     (f)  the entry of a decree or order by a court having competent
jurisdiction adjudging the Issuer or the Co-Issuer as bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Issuer or the Co-Issuer under
the Bankruptcy Code or any other applicable law, or appointing a receiver,
liquidator, assignee, or sequestrator (or other similar official) of the Issuer
or the Co-Issuer or of any substantial part of its property, or ordering the
winding up or liquidation of its affairs, and the continuance of any such decree
or order unstayed and in effect for a period of 90 consecutive days; or

     (g)  the institution by the Issuer or the Co-Issuer of proceedings to be
adjudicated as bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under the
Bankruptcy Code or

                                      -62-

<PAGE>

any other similar applicable law, or the consent by it to the filing of any such
petition or to the appointment of a receiver, liquidator, assignee, trustee or
sequestrator (or other similar official) of the Issuer or the Co-Issuer or of
any substantial part of its property, respectively, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due, or the taking of
any action by the Issuer or the Co-Issuer in furtherance of any such action.

Upon the occurrence of an Event of Default, the Co-Issuers shall promptly notify
the Trustee, the Collateral Administrator, each Hedge Counterparty, the
Noteholders, the Paying Agent, the Preferred Shares Paying Agent, the Depository
and each of the Rating Agencies in writing.

          Section 5.2  Acceleration of Maturity; Rescission and Annulment.

     (a)  If an Event of Default occurs and is continuing (other than an Event
of Default specified in Section 5.1(f) or 5.1(g)) (i) the Trustee by notice to
the Co-Issuers and each Hedge Counterparty or (ii) the Controlling Party by
notice to the Co-Issuers, the Trustee (and the Trustee shall in any case provide
notice to the Holders of all Notes then Outstanding), and each Hedge
Counterparty, may declare the principal of all the Notes to be immediately due
and payable, and upon any such declaration such principal, together with all
accrued and unpaid interest thereon, and other amounts payable hereunder, shall
become immediately due and payable. If an Event of Default specified in Section
5.1(f) or (g) occurs, all unpaid principal, together with all accrued and unpaid
interest thereon, of all the Notes, and other amounts payable hereunder, shall
automatically become due and payable without any declaration or other act on the
part of the Trustee or any Noteholder.

     (b)  At any time after such a declaration of acceleration of Maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter provided in this Article V, such
Noteholders of the Controlling Class, by written notice to the Co-Issuers, the
Holders of the Notes, the Trustee, and each Hedge Counterparty may rescind and
annul such declaration and its consequences; provided that, if such rescission
and annulment is made by Holders of the Controlling Class (acting as the
Controlling Party), the following conditions must be satisfied:

          (i)  the Issuer or the Co-Issuer has paid or deposited with the
     Trustee a sum sufficient to pay, and shall pay:

     (A)  all overdue installments of interest on and principal of the Notes;

     (B)  to the extent that payment of such interest is lawful, interest upon
any Deferred Interest and Default Interest at the applicable Note Interest
Rates;

     (C)  all unpaid taxes and Administrative Expenses and other sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and counsel;

     (D)  all amounts then due and payable to any Hedge Counterparty; and

          (ii) the Trustee has determined that all Events of Default of which it
     has actual knowledge, other than the non-payment of the interest on or
     principal of Notes that have become due solely by such acceleration, have
     been cured and the Controlling Party by written notice to the Trustee has
     agreed with such determination or waived as provided in Section 5.14.

At any time after such a declaration of acceleration of Maturity has been made
and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article

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V, the Trustee shall rescind and annul such declaration and its consequences if
the Trustee is required to preserve the Collateral in accordance with the
provisions of Section 5.5 with respect to the Event of Default that gave rise to
such declaration; provided, however, that if such preservation of the Collateral
is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to
the first paragraph of this Section 5.2, notwithstanding any previous rescission
and annulment of a declaration of acceleration pursuant to this paragraph.

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

          Section 5.3  Collection of Indebtedness and Suits for Enforcement by
                       Trustee.

     If an Event of Default has occurred and is continuing and the Notes have
been declared due and payable and such declaration and its consequences have not
been rescinded and annulled, or at any time on or after the Stated Maturity of
the Notes, the Trustee may in its discretion after written notice to the Holders
of the Notes, each Hedge Counterparty and the Controlling Party and shall upon
written direction of the Controlling Party proceed to protect and enforce its
rights and the rights of the Holders of the Notes and the Controlling Party by
such appropriate Proceedings, in its own name and as trustee of an express
trust, as the Trustee shall deem most effective (if no direction by the
Controlling Party is received by the Trustee) or as the Trustee may be directed
by the Controlling Party to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy
or legal or equitable right vested in the Trustee by this Indenture or by law.

     In case there shall be pending Proceedings relative to the Issuer or the
Co-Issuer or any other obligor upon the Notes under the Bankruptcy Code, the
bankruptcy or insolvency laws of the Cayman Islands or any other applicable
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuer, the
Co-Issuer or their respective property or such other obligor or its property, or
in case of any other comparable Proceedings relative to the Issuer, the
Co-Issuer or other obligor upon the Notes, or the creditors or property of the
Issuer, the Co-Issuer or such other obligor, the Trustee, regardless of whether
the principal of any Notes shall then be due and payable as therein expressed or
by declaration or otherwise and regardless of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 5.3, shall be
entitled and empowered by intervention in such Proceedings or otherwise:

     (a)  to file and prove a claim or claims for the whole amount of principal
and interest owing and unpaid in respect of each of the Notes and to file such
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for reasonable compensation to the
Trustee and each predecessor Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and all
advances made, by the Trustee and each predecessor Trustee) and the Noteholder
allowed in any Proceedings relative to the Issuer, the Co-Issuer or other
obligor upon the Notes or to the creditors or property of the Issuer, the
Co-Issuer or such other obligor;

     (b)  unless prohibited by applicable law and regulations, to vote on behalf
of the Holders of the Notes in any election of a trustee or a standby trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency
Proceedings or a Person performing similar functions in comparable Proceedings;
and

     (c)  to collect and receive any monies or other property payable to or
deliverable on any such claims, and to distribute all amounts received with
respect to the claims of the Noteholder and of the Trustee on its behalf; and
any trustee, receiver or liquidator, custodian or other similar official is
hereby authorized by each of the Holders of the Notes to make payments to the
Trustee, and, in the event that the Trustee shall

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consent to the making of payments directly to the Holders of the Notes, to pay
to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other reasonable expenses and liabilities
incurred, and all advances made, by the Trustee and each predecessor Trustee,
except as a result of its negligence or bad faith.

All rights of action and of asserting claims under this Indenture, or under any
of the Notes, may be enforced by the Trustee without the possession of any of
the Notes or the production thereof in any trial or other Proceedings relative
thereto, and any action or Proceedings instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of
judgment, subject to the payment of the reasonable expenses, disbursements and
compensation of the Trustee, each predecessor trustee and their respective
agents and attorneys and counsel, shall be for the ratable benefit of the
Holders of the Notes of each Class payable to the Holders in accordance with the
Priority of Payments.

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may
not sell or liquidate the Collateral or institute Proceedings in furtherance
thereof pursuant to this Section 5.3 unless either of the conditions set forth
in Section 5.5(a) is met.

Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Noteholder in any such Proceeding except, as aforesaid, to
vote for the election of a Trustee in bankruptcy or similar Person.

In any Proceedings brought by the Trustee on behalf of the Holders (and any such
Proceedings involving the interpretation of any provision of this Indenture to
which the Trustee shall be a party), the Trustee shall be held to represent all
the Holders of the Notes.

          Section 5.4  Remedies.

     (a)  If an Event of Default shall have occurred and be continuing, and the
Notes have been declared due and payable and such declaration and its
consequences have not been rescinded and annulled, the Co-Issuers agree that the
Trustee may (and shall, upon direction by the Controlling Party), to the extent
permitted by applicable law, exercise one or more of the following rights,
privileges and remedies:

          (i)    institute Proceedings for the collection of all amounts then
     payable on the Notes or otherwise payable under this Indenture, whether by
     declaration or otherwise, enforce any judgment obtained, and collect from
     the Collateral monies adjudged due;

          (ii)   subject to Section 5.05, sell all or a portion of the
     Collateral or rights of interest therein, at one or more public or private
     sales called and conducted in any manner permitted by law and in accordance
     with Section 5.17 hereof;

          (iii)  institute Proceedings from time to time for the complete or
     partial foreclosure of this Indenture with respect to the Collateral;

          (iv)   exercise any remedies of a secured party under the UCC and take
     any other appropriate action to protect and enforce the rights and remedies
     of the Secured Parties hereunder; and

          (v)    to the extent not inconsistent with clauses (i) through (iv),
     exercise any other rights and remedies that may be available at law or in
     equity;

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provided, however, that the Trustee may not sell or liquidate the Collateral
or institute Proceedings in furtherance thereof pursuant to this Section 5.4
unless either of the conditions specified in Section 5.5(a) is met.

The Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking firm of national reputation as to the feasibility of any
action proposed to be taken in accordance with this Section 5.4 and as to the
sufficiency of the Proceeds and other amounts receivable with respect to the
Collateral to make the required payments of principal and interest on any Class
of Notes, which opinion shall be conclusive evidence as to such feasibility or
sufficiency.

     (b)  If an Event of Default as described in Section 5.1(e) hereof shall
have occurred and be continuing the Trustee may, and at the request of the
Holders of not less than 25% of the aggregate Note Balance of the Controlling
Class shall, institute a proceeding solely to compel performance of the covenant
or agreement or to cure the representation or warranty, the breach of which gave
rise to the Event of Default under such Section, and enforce any equitable
decree or order arising from such proceeding.

     (c)  Upon any sale, whether made under the power of sale hereby given or by
virtue of judicial proceedings, any Secured Party may bid for and purchase the
Collateral or any part thereof and, upon compliance with the terms of sale, may
hold, retain, possess or dispose of such property in its or their own absolute
right without accountability; and any purchaser at any such sale may, in paying
the purchase money, turn in any of the Notes in lieu of Cash equal to the amount
which shall, upon distribution of the net proceeds of such sale, be payable on
the Notes so turned in by such Holder (taking into account the Class of such
Notes, the Priority of Payments and Article XIII). Said Notes, in case the
amounts so payable thereon shall be less than the amount due thereon, shall be
returned to the Holders thereof after proper notation has been made thereon to
show partial payment. Upon any sale, whether made under the power of sale hereby
given or by virtue of judicial proceedings, the receipt of the Trustee, or of
the officer making a sale under judicial proceedings, shall be a sufficient
discharge to the purchaser or purchasers at any sale for its or their purchase
money, and such purchaser or purchasers shall not be obliged to see to the
application thereof.

Any such sale, whether under any power of sale hereby given or by virtue of
judicial proceedings, shall bind the Co-Issuers, the Trustee and the Secured
Parties, shall operate to divest all right, title and interest whatsoever,
either at law or in equity, of each of them in and to the property sold, and
shall be a perpetual bar, both at law and in equity, against each of them and
their successors and assigns, and against any and all Persons claiming through
or under them.

     (d)  Notwithstanding any other provision of this Indenture, the Trustee, in
its own capacity, or on behalf of any Holder of Notes, may not, prior to the
date which is one year and one day (or, if longer, the applicable preference
period) after the payment in full of all Notes, institute against, or join any
other Person in instituting against, the Issuer or the Co-Issuer any bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings,
or other proceedings under federal or state bankruptcy or similar laws. Nothing
in this Section 5.4 shall preclude, or be deemed to stop, the Trustee (i) from
taking any action prior to the expiration of the aforementioned one year and one
day (or longer) period in (A) any case or proceeding voluntarily filed or
commenced by the Issuer or the Co-Issuer or (B) any involuntary insolvency
proceeding filed or commenced by a Person other than the Trustee, or (ii) from
commencing against the Issuer or the Co-Issuer or any of its properties any
legal action which is not a bankruptcy, reorganization, arrangement, insolvency,
moratorium or liquidation proceeding.

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          Section 5.5  Optional Preservation of Collateral.

     (a)  If an Event of Default shall have occurred and be continuing and an
acceleration has been declared, the Trustee shall retain the Collateral intact,
collect and cause the collection of the proceeds thereof and make and apply all
payments and deposits and maintain all accounts hereunder in accordance with the
provisions of Article X, Article XI, Article XII and Article XIII unless:

          (i)  the Trustee determines that the anticipated proceeds of a sale or
     liquidation of the Collateral (after deducting the expenses of such sale or
     liquidation) would be sufficient to pay in full the sum of (A) the
     principal and accrued interest with respect to all the Outstanding Notes,
     and (B)(1) all Administrative Expenses; (2) the Collateral Administration
     Fee and expenses payable to the Collateral Administrator under the
     Collateral Administration Agreement, and (3) any termination payment due
     under the Hedge Agreement, and the Controlling Party agrees with such
     determination; or

          (ii) the Holders of at least a Majority of each Class of Notes then
     Outstanding directs the sale and liquidation of the Collateral.

The Trustee shall give written notice of its determination not to retain the
Collateral to the Issuer with a copy to the Co-Issuer and each Hedge
Counterparty. So long as such Event of Default is continuing, any such
determination may be made at any time when the conditions specified in clause
(i) or (ii) exist.

     (b)  Nothing contained in Section 5.5(a) shall be construed to require the
Trustee to sell the Collateral if the conditions set forth in Section 5.5(a) are
not satisfied. Nothing contained in Section 5.5(a) shall be construed to require
the Trustee to preserve the Collateral if prohibited by applicable law or if the
Trustee is directed to liquidate the Collateral pursuant to Section 5.5(a)(ii).

     (c)  In determining whether the condition specified in Section 5.5(a)(i)
exists, the Trustee or an Independent investment banking firm of national
reputation engaged by the Trustee pursuant to the last paragraph of Section
5.4(a) shall obtain bid prices with respect to each security contained in the
Collateral from three nationally recognized dealers meeting the requirements for
bidders in Section 12.1(a) hereof, as specified by the Collateral Administrator
in writing, at the time making a market in such securities and shall compute the
anticipated proceeds of sale or liquidation on the basis of the lowest of such
bid prices for each such security. In addition, for the purposes of determining
issues relating to the market value of the Pledged Securities and the execution
of a sale or other liquidation thereof in connection with a determination
whether the condition specified in Section 5.5(a)(i) exists, the Trustee may
retain and rely on an opinion of an Independent investment banking firm of
national reputation.

          The Trustee shall promptly deliver to the Noteholders, the Hedge
Counterparty and the Collateral Administrator a report stating the results of
any determination required pursuant to Section 5.5(a)(i). The Trustee shall make
the determinations required by Section 5.5(a)(i) within 60 days after an Event
of Default and at the request of the Controlling Party at any time during which
the Trustee retains the Collateral pursuant to Section 5.5(a)(i). In the case of
each calculation made by or on behalf of the Trustee pursuant to Section
5.5(a)(i), the Trustee or the investment bank engaged on its behalf shall obtain
a letter of an Independent certified public accountant confirming the accuracy
of the computations of the Trustee and certifying their conformity to the
requirements of the Indenture. In determining whether the Holders of the
requisite aggregate Note Balance of the Notes of the Controlling Class have
given any direction or notice or have agreed pursuant to Section 5.5(a), any
Person that owns or is a pledgee of the Notes of the Controlling Class or any
Affiliate of any such Holder shall be counted as a Holder of each such Note for
all purposes.

                                      -67-

<PAGE>

     (d)  Collateral may not be sold or liquidated pursuant to Section 5.5(a)(i)
after the last date on which such sale or liquidation is permitted under Section
5.5(a)(i) with respect to a determination made pursuant thereto (such last
permitted date being determined based upon the anticipated proceeds of such sale
or liquidation, as described in Section 5.5(a)(i)), unless a new determination
is made in accordance with such Section 5.5(a)(i) and the Collateral is sold or
liquidated prior to the last sale date permitted in accordance with such new
determination.

          Section 5.6 Trustee May Enforce Claims Without Possession of Notes.
All rights of action and claims under this Indenture or the Notes may be
prosecuted and enforced by the Trustee without the possession of any of the
Notes or the production thereof in any Proceeding relating thereto, and any such
Proceeding instituted by the Trustee shall be brought in its own name as Trustee
of an express trust, and any recovery of judgment, subject to the payment of the
reasonable expenses, disbursements in compensation of the Trustee, each
predecessor Trustee and its agents and attorneys in counsel, shall be applied as
set forth in Section 5.7 hereof.

          Section 5.7 Application of Money Collected. Any money collected by the
Trustee with respect to the Notes pursuant to this Article V and any money that
may then be held or thereafter received by the Trustee with respect to the Notes
hereunder shall be applied subject to Section 13.1 and in accordance with the
provisions of Section 11.1, at the date or dates fixed by the Trustee.

          Section 5.8 Limitation on Suits. No Holder of any Note shall have any
right to institute any Proceedings, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or Trustee, or for any other
remedy hereunder, unless:

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

     (b)  except as otherwise provided in Section 5.9, the Holders of at least
25% of the aggregate Note Balance of the Notes of the Controlling Class shall
have made written request to the Trustee to institute Proceedings in respect of
such Event of Default in its own name as the Trustee hereunder;

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

     (d)  the Trustee for 30 days after its receipt of such notice, request and
offer of indemnity has failed to institute any such Proceeding; and

     (e)  no direction inconsistent with such written request has been given to
the Trustee during such 30-day period by the Controlling Party;

it being understood and intended that no one or more Holders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders
of Notes of the same Class or to obtain or to seek to obtain priority or
preference over any other Holders of the Notes of the same Class or to enforce
any right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all the Holders of Notes of the same Class, subject
to and in accordance with Section 13.1 and the Priority of Payments. In
addition, any action taken by any one or more Holders of Notes shall be subject
to the restrictions of Section 5.4(d) hereof.

In the event the Trustee shall receive conflicting or inconsistent requests and
Indemnity from two or more groups of Holders of the Controlling Class, each
representing less than a Majority of the Controlling Class,

                                      -68-

<PAGE>

the Trustee in its sole discretion may determine what action, if any, shall
be taken, notwithstanding any other provisions of this Indenture.

          Section 5.9  Unconditional Rights of Noteholders to Receive Principal
                       and Interest.

          (a) Notwithstanding any other provision in this Indenture (other than
Section 2.7(j), the Holder of any Class A Note shall have the right, which is
absolute and unconditional, to receive payment of the principal of and interest
on such Class A Note as such principal and interest becomes due and payable and,
subject to the provisions of Section 5.8, to institute proceedings for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.

          (b) Notwithstanding any other provision in this Indenture (other than
Section 2.7(j)), the Holder of any Class B Note, Class C Note, Class D-FX Note,
Class D-FL Note, Class E-FX Note, Class E-FXD Note, Class E-FL Note, Class F-FX
Note, Class F-FL Note, Class G Note or Class H Note shall have the right, which
is absolute and unconditional, to receive payment of the principal of and
interest on such Class B Note, Class C Note, Class D-FX Note, Class D-FL Note,
Class E-FX Note, Class E-FXD Note, Class E-FL Note, Class F-FX Note, Class F-FL
Note, Class G Note or Class H Note, as the case may be, as such principal and
interest become due and payable in accordance with Section 13.1 and the Priority
of Payments. Holders of Class B Notes shall have no right to institute
Proceedings for the enforcement of any such payment until such time as no Class
A Note remains Outstanding, which right shall be subject to the provisions of
Section 5.8, and shall not be impaired without the consent of any such Holder.
Holders of Class C Notes shall have no right to institute Proceedings for the
enforcement of any such payment until such time as no Class A Note or Class B
Note remains Outstanding, which right shall be subject to the provisions of
Section 5.8, and shall not be impaired without the consent of any such Holder.
Holders of Class D-FX Notes and the Class D-FL Notes shall have no right to
institute Proceedings for the enforcement of any such payment until such time as
no Class A Note, Class B Note or Class C Note remains Outstanding, which right
shall be subject to the provisions of Section 5.8, and shall not be impaired
without the consent of any such Holder. Holders of Class E-FX Notes, the Class
E-FXD Notes and the Class E-FL Notes shall have no right to institute
Proceedings for the enforcement of any such payment until such time as no Class
A Note, Class B Note, Class C Note, Class D-FX Note or Class D-FL Note remains
Outstanding, which right shall be subject to the provisions of Section 5.8, and
shall not be impaired without the consent of any such Holder. Holders of Class
F-FX Notes or the Class F-FL Notes shall have no right to institute Proceedings
for the enforcement of any such payment until such time as no Class A Note,
Class B Note, Class C Note, Class D-FX Note, Class D-FL Note, Class E-FX Note,
Class E-FXD Note or Class E-FL Note remains Outstanding, which right shall be
subject to the provisions of Section 5.8, and shall not be impaired without the
consent of any such Holder. Holders of Class G Notes shall have no right to
institute Proceedings for the enforcement of any such payment until such time as
no Class A Note, Class B Note, Class C Note, Class D-FX Note, Class D-FL Note,
Class E-FX Note, Class E-FXD Note, Class E-FL Note, Class F-FX Note or Class
F-FL Note remains Outstanding, which right shall be subject to the provisions of
Section 5.8, and shall not be impaired without the consent of any such Holder.
Holders of Class H Notes shall have no right to institute Proceedings for the
enforcement of any such payment until such time as no Class A Note, Class B
Note, Class C Note, Class D-FX Note, Class D-FL Note, Class E-FX Note, Class
E-FXD Note, Class E-FL Note, Class F-FX Note, Class F-FL Note or Class G Note
remains Outstanding, which right shall be subject to the provisions of Section
5.8, and shall not be impaired without the consent of any such Holder For so
long as any of the Class A Notes are Outstanding, the Class B Notes shall not
constitute a claim against the Issuer unless there are sufficient funds to make
payments on the Class B Notes in accordance with the Priority of Payments and
Article XIII. For so long as any of the Class B Notes are Outstanding, the Class
C Notes shall not constitute a claim against the Issuer unless there are
sufficient funds to make payments on the Class C Notes in accordance with the
Priority of Payments and Article XIII. For so long as any of the Class C Notes
are Outstanding, the Class D-FX Notes and the Class D-FL Notes shall not
constitute a claim against the Issuer unless there are sufficient funds to make
payments on the Class D-FX Notes and the Class D-FL Notes in accordance with the
Priority of

                                      -69-

<PAGE>

Payments and Article XIII. For so long as any of the Class D-FX Notes and the
Class D-FL Notes are Outstanding, the Class E-FX Notes, the Class E-FXD Notes
and the Class E-FL Notes shall not constitute a claim against the Issuer unless
there are sufficient funds to make payments on the Class E-FX Notes, the Class
E-FXD Notes and the Class E-FL Notes in accordance with the Priority of Payments
and Article XIII. For so long as any of the Class E-FX Notes, the Class E-FXD
Noes and the Class E-FL Notes are Outstanding, the Class F-FX Notes and the
Class F-FL Notes shall not constitute a claim against the Issuer unless there
are sufficient funds to make payments on the Class F-FX Notes and the Class F-FL
Notes in accordance with the Priority of Payments and Article XIII. For so long
as any of the Class F-FX Notes and the Class F-FL Notes are Outstanding, the
Class G Notes shall not constitute a claim against the Issuer unless there are
sufficient funds to make payments on the Class G Notes in accordance with the
Priority of Payments and Article XIII. For so long as any of the Class G Notes
are Outstanding, the Class H Notes shall not constitute a claim against the
Issuer unless there are sufficient funds to make payments on the Class H Notes
in accordance with the Priority of Payments and Article XIII.

          Section 5.10 Restoration of Rights and Remedies. If the Trustee or any
Holder of Notes has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such Holder of
Notes, then and in every such case the Co-Issuers, the Trustee and the Holder of
Notes shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and the Holders of Notes shall continue
as though no such Proceeding had been instituted.

          Section 5.11 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Trustee or to the Holders of the Notes is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing by law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

          Section 5.12 Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given
by this Article V or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be.

          Section 5.13 Control by Noteholders. Notwithstanding any other
provision of this Indenture, the Controlling Party, shall have the right to
cause the institution of and direct the time, method and place of conducting any
Proceeding for any remedy available to the Trustee or exercising any trust,
right, remedy or power conferred on the Trustee; provided that:

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

          (b)  the Trustee may take any other action deemed proper by it that is
not inconsistent with such direction; provided, however, that, subject to
Section 6.1, it need not take any action that it determines might involve it in
liability;

          (c)  the Trustee shall have been provided with indemnity satisfactory
to it; and

          (d)  any direction to the Trustee to undertake a sale of the
Collateral shall be by the Holders of Notes secured thereby representing the
percentage of the aggregate Note Balance of Notes specified in Section 5.4 or
5.5.

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<PAGE>

          Section 5.14   Waiver of Past Defaults. Prior to the time a judgment
or decree for payment of the money due has been obtained by the Trustee as
provided in this Article V, the Controlling Party may on behalf of the Holders
of all the Notes waive any past Default and its consequences, except a Default:

          (a)  in the payment of the principal of any Note, in the payment of
interest on the Notes; or

          (b)  in respect of a covenant or provision hereof that under Section
8.2 cannot be modified or amended without the consent of the Holder of each
Outstanding Note materially adversely affected thereby.

In the case of any such waiver, the Co-Issuers, the Trustee and the Holders
shall be restored to their former positions and rights hereunder, respectively,
but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto. The Trustee shall promptly give notice of any such
waiver to each Hedge Counterparty, the Collateral Administrator and to each of
the Rating Agencies.

Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture, but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereto; provided that no such waiver
shall restore any Hedge Agreement which has terminated pursuant to its terms.

          Section 5.15   Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by his acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder of Notes, or
group of Holders of Notes, holding in the aggregate more than 10% of the
aggregate Note Balance of the Controlling Class, or to any suit instituted by
any Holder of Notes for the enforcement of the payment of the principal of or
interest on any Class A Note (or after the Class A Notes have been paid in full,
payment of principal of any Class B Note) (or after the Class B Notes have been
paid in full, payment of the principal of or interest on any Class C Note) (or
after the Class C Notes are paid in full, payment of the principal of or
interest on any Class D-FX Note or Class D-FL Note) (or after the Class D-FX
Notes and the Class D-FL Notes are paid in full, payment of the principal of or
interest on any Class E-FX Notes, Class E-FXD Notes or Class E-FL Notes) (or
after the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes are
paid in full, payment of the principal of or interest on any Class F-FX Notes or
Class F-FL Notes) (or after the Class F-FX Notes and the Class F-FL Notes are
paid in full, payment of the principal of or interest on any Class G Notes) (or
after the Class G Notes are paid in full, payment of the principal of or
interest on any Class H Notes) on or after the Stated Maturity expressed in such
Note (or, in the case of redemption, on or after the applicable Redemption
Date).

                                      -71-

<PAGE>

          Section 5.16   Waiver of Stay or Extension Laws. The Co-Issuers
covenant (to the extent that they may lawfully do so) that they will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants, the performance of
or any remedies under this Indenture; and the Co-Issuers (to the extent that
they may lawfully do so) hereby expressly waive all benefit or advantage of any
such law, and covenant that they will not hinder, delay or impede the execution
of any power herein granted to the Trustee and each Hedge Counterparty but will
suffer and permit the execution of every such power as though no such law had
been enacted.

          Section 5.17   Sale of Collateral.

     (a)  Any Sale shall be conducted by the Trustee in accordance with the same
procedures set forth in Section 12.1 to determine the fair value of an Impaired
Security, provided, however, that the Collateral Administrator will not have an
assignable Purchase Option and the Collateral Securities will be sold to the
highest bidder. The power to effect any sale of any portion of the Collateral
pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more sales
as to any portion of such Collateral remaining unsold, but shall continue
unimpaired (subject to Section 5.5(d) in the case of sales pursuant to Section
5.5) until the entire Collateral shall have been sold or all amounts secured by
the Collateral shall have been paid. The Trustee may and shall, upon direction
of the Controlling Party upon notice to the Hedge Counterparty, from time to
time postpone any sale by public announcement made at the time and place of such
sale. The Trustee hereby expressly waives its rights to any amount fixed by law
as compensation for any sale, provided that the Trustee shall be authorized to
deduct the reasonable costs, charges and expenses incurred by it in connection
with such sale from the proceeds thereof notwithstanding the provisions of
Section 6.7 hereof.

     (b)  If any portion of the Collateral consists of Unregistered Securities,
the Trustee shall sell such Unregistered Securities in compliance with the
applicable transfer restrictions set forth in the related Underlying Instruments
and shall in no event be required to cause the registration of such Unregistered
Securities under the Securities Act..

     (c)  The Trustee shall execute and deliver an appropriate instrument of
conveyance transferring its interest in any portion of the Collateral in
connection with a sale thereof. In addition, the Trustee is hereby irrevocably
appointed the agent and attorney-in-fact of the Issuer to transfer and convey
its interest in any portion of the Collateral in connection with a sale thereof,
and to take all action necessary to effect such sale. No purchaser or transferee
at such a sale shall be bound to ascertain the Trustee's authority, to inquire
into the satisfaction of any conditions precedent or see to the application of
any monies.

          Section 5.18   Action on the Notes. The Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking or obtaining of or application for any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights or
remedies of the Trustee or the Holders of the Notes shall be impaired by the
recovery of any judgment by the Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Collateral or upon any of
the assets of the Issuer.

                                   ARTICLE VI

                                   THE TRUSTEE

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<PAGE>

          Section 6.1    Certain Duties and Responsibilities.

     (a)  Except during the continuance of an Event of Default:

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

          (ii)   in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture; 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 be under a duty to examine the same to determine whether
     or not they substantially conform on their face to the requirements of this
     Indenture and shall promptly notify the party delivering the same if such
     certificate or opinion does not conform. If a corrected form shall not have
     been delivered to the Trustee within fifteen (15) days after such notice
     from the Trustee, the Trustee shall so notify the Noteholders.

     (b)  In case an Event of Default known to a Trust Officer of the Trustee
has occurred and is continuing, the Trustee shall, prior to the receipt of
directions, if any, from a Majority of the Controlling Class (or from the
Collateral Administrator or the Issuer, to the extent such parties are permitted
by this Indenture to issue directions to the Trustee in case of an Event of
Default, including without limitation pursuant to Sections 10.6 and 7.9 hereof),
or in the case of a sale pursuant to Section 5.5(a)(ii), from the Holders of at
least a Majority of each Class of Notes, exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its
exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person's own affairs.

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

          (i)    this Subsection shall not be construed to limit the effect of
     Subsection (a) of this Section 6.1;

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

          (iii)  the Trustee shall not be liable with respect to any action
     taken or omitted to be taken by it in good faith in accordance with the
     direction of the Co-Issuers or the Collateral Administrator or the Holders
     of a Majority (or such larger percentage as may be required by the terms
     hereof) of the Controlling Class or any other required Classes relating to
     the time, method and place of conducting any Proceeding for any remedy
     available to the Trustee, or exercising any trust or power conferred upon
     the Trustee, under this Indenture; and

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

                                      -73-

<PAGE>

     (d)  For all purposes under this Indenture, the Trustee shall not be deemed
to have notice or knowledge of any Event of Default described in Section 5.1(d),
5.1(f) or 5.1(g), or any Default described in Section 5.1(e), unless a Trust
Officer assigned to and working in the Corporate Trust Office has actual
knowledge thereof or unless written notice of any event which is in fact such an
Event of Default or Default is received by the Trustee at the Corporate Trust
Office, and such notice references the Notes generally, the Issuer, the
Co-Issuer, the Collateral or this Indenture. For purposes of determining the
Trustee's responsibility and liability hereunder, whenever reference is made in
this Indenture to such an Event of Default or a Default, such reference shall be
construed to refer only to such an Event of Default or Default of which the
Trustee is deemed to have notice as described in this Section 6.1.

     (e)  Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 6.1
and Section 6.3 hereof.

          Section 6.2    Notice of Default. Promptly (and in no event later than
two Business Days) after the occurrence of any Default known to the Trustee or
after any declaration of acceleration has been made or delivered to the Trustee
pursuant to Section 5.2, the Trustee shall transmit by mail to each of the
Rating Agencies, for so long as any Notes are Outstanding, to the Preferred
Shares Paying Agent, to the Collateral Administrator, each Hedge Counterparty
and to all Holders of Notes, as their names and addresses appear on the Note
Register and, upon written request therefor in the form of Exhibit E attached
hereto certifying that it is a holder of a beneficial interest in any Note, to
such holder (or its designee), notice of all Defaults hereunder known to a Trust
Officer of the Trustee, unless such Default shall have been cured or waived.
Notwithstanding the foregoing, the Trustee may withhold from Holders notice of
any continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal, premium or interest) if the Trustee
determines that withholding notice is in the interest of the Holders.

          Section 6.3    Certain Rights of Trustee. Except as otherwise provided
in Section 6.1:

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

     (b)  any request or direction of the Issuer or the Co-Issuer mentioned
herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as
the case may be;

     (c)  whenever in the administration of this Indenture the Trustee shall (i)
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer's Certificate or (ii) be required to determine the value of
any Collateral or funds hereunder or the cashflows projected to be received
therefrom, the Trustee may, in the absence of bad faith on its part, rely on
reports of nationally recognized accountants, investment bankers or other
persons qualified to provide the information required to make such
determination, including nationally recognized dealers in securities of the type
being valued and securities quotation services;

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

                                      -74-

<PAGE>

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

     (f)  the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other paper
or documents, but the Trustee, in its discretion, may and, upon the written
direction of the Controlling Party, shall make such further inquiry or
investigation into such facts or matters as it may see fit or as it shall be
directed, and the Trustee shall be entitled to receive copies of the books and
records of the Collateral Administrator relating to the Notes and the
Collateral, and on reasonable prior notice to the Co-Issuers, to examine the
books and records relating to the Notes and the Collateral and the premises of
the Co-Issuers personally or by agent or attorney during the Co-Issuers' normal
business hours; provided, that, the Trustee shall, and shall cause its agents,
to hold in confidence all such information, except (i) to the extent disclosure
may be required by law and (ii) except to the extent that the Trustee in its
sole judgment, may determine that such disclosure is consistent with its
obligations hereunder;

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

     (h)  the Trustee shall not be liable for any action it takes or omits to
take in good faith that it reasonably and, after the occurrence and during the
continuance of an Event of Default, subject to Section 6.1(b) hereof, prudently
believes to be authorized or within its rights or powers hereunder; and

     (i)  the permissive right of the Trustee to take or refrain from taking any
actions enumerated in this Indenture shall not be construed as a duty.

          Section 6.4    Not Responsible for Recitals or Issuance of Notes. The
recitals contained herein and in the Notes, other than the Certificate of
Authentication thereon with respect to the Trustee, shall be taken as the
statements of the Issuer and the Co-Issuer, as applicable, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no
representation as to the validity or sufficiency of this Indenture (except as
may be made with respect to the validity of the Trustee's obligations
hereunder), of the Collateral or of the Notes. The Trustee shall not be
accountable for the use or application by the Issuer of the Notes or by the
Co-Issuer of the Senior Notes or the Proceeds thereof or any money paid to the
Co-Issuers pursuant to the provisions hereof.

          Section 6.5    May Hold Notes. The Trustee, any Paying Agent, Note
Registrar or any other agent of the Co-Issuers, in its individual or any other
capacity, may become the owner or pledgee of Notes and, may otherwise deal with
the Co-Issuers or any of their Affiliates, with the same rights it would have if
it were not Trustee, Paying Agent, Note Registrar or such other agent.

                                      -75-

<PAGE>

          Section 6.6  Money Held in Trust. All monies held by, or deposited
with the Trustee in the Collection Account, the Contingent Reserve Account, the
Payment Account and the Custodial Account pursuant to the provisions of this
Indenture, and not invested in Collateral Securities or Eligible Investments as
herein provided, shall be deposited in one or more Eligible Accounts, to be held
in trust for the benefit of the Secured Parties. To the extent monies deposited
in a trust account exceed amounts insured by the bank insurance fund or savings
association insurance fund administered by the Federal Deposit Insurance
Corporation, or any agencies succeeding to the insurance functions thereof, and
are not fully collateralized by direct obligations of the United States of
America, such excess shall be invested in Eligible Investments pursuant to an
Issuer Order.

          Section 6.7  Compensation and Reimbursement.

     (a)  The Issuer agrees:

          (i)   except as otherwise expressly provided herein, to reimburse the
     Trustee (subject to any written agreement between the Issuer and the
     Trustee) in a timely manner upon its request for all reasonable expenses,
     disbursements and advances incurred or made by the Trustee in accordance
     with any provision of this Indenture, relating to the maintenance and
     administration of the Collateral or in the enforcement of any provisions
     hereof (including securities transaction charges and the reasonable
     compensation and expenses and disbursements of its agents and legal counsel
     and of any accounting firm or investment banking firm employed by the
     Trustee pursuant to Section 5.4, 5.5, 10.6 or 10.8, except any such
     expense, disbursement or advance as may be attributable to its negligence,
     willful misconduct or bad faith); provided, however, that the securities
     transaction charges referred to above shall, in the case of certain
     Eligible Investments specified by the Collateral Administrator, be waived
     in the event that any amounts are received by the Trustee during a Due
     Period from a financial institution in consideration of purchasing such
     Eligible Investments.

          (ii)  to indemnify the Trustee and its officers, directors, employees
     and agents for, and to hold them harmless against, any loss, liability or
     expense incurred without negligence, willful misconduct or bad faith on
     their part, arising out of or in connection with the acceptance or
     administration of this trust, including the costs and expenses of defending
     themselves against any claim or liability in connection with the exercise
     or performance of any of its powers or duties hereunder; and

          (iii) to pay the Trustee reasonable additional compensation together
     with its expenses (including reasonable counsel fees) for any collection
     action taken pursuant to Section 6.13 hereof.

     (b)  The Issuer may remit payment for such fees and expenses to the Trustee
or, in the absence thereof, the Trustee may from time to time deduct payment of
its fees and expenses hereunder from moneys on deposit in the Payment Account
for the Notes pursuant to Section 11.1; provided, however, that any such funds
deducted from the Payment Account by the Trustee during the related Due Period
shall not exceed and shall reduce the maximum amount payable to the Trustee on
any Payment Date pursuant to Section 11.1(b)(ii).

     (c)  The Trustee hereby agrees not to cause the filing of a petition in
bankruptcy against the Issuer for the non-payment to the Trustee of any amounts
provided by this Section 6.7 until at least one year and one day (or, if longer,
the applicable preference period) after the payment in full of all of the Notes.

     (d)  The amounts payable to the Trustee on any Payment Date pursuant to
Section 6.7(a)(i) (other than amounts received by the Trustee from financial
institutions as described in Section 6.7(a)(i) above and other than amounts
payable to the Trustee pursuant to Section 11.01(b)(xxv) and Section
11.01(c)(xxv)), or

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which may be deducted by the Trustee pursuant to Section 6.7(b) shall equal
accrued and unpaid Administrative Expenses constituting expenses and indemnities
of the Trustee, up to a maximum of $6,250, and the Trustee shall have a lien
ranking senior to that of the Holders upon all property and funds held or
collected as part of the Collateral to secure payment of amounts payable to the
Trustee under this Section 6.7 not to exceed such amount with respect to any
Payment Date; and provided, however, that the Trustee shall not institute any
Proceeding for the enforcement of such lien except in connection with an action
pursuant to Section 5.3 hereof for the enforcement of the lien of the Indenture
for the benefit of the Secured Parties; provided, further, that the Trustee may
only enforce such a lien in conjunction with the enforcement of the rights of
Holders in the manner set forth in Section 5.4 hereof.

The Trustee shall apply amounts pursuant to Section 5.7 and Section 11.1 only to
the extent that the payment thereof will not result in an Event of Default and
the failure to pay such amounts to the Trustee will not, by itself, constitute
an Event of Default. Subject to Section 6.9, the Trustee shall continue to serve
as Trustee under this Indenture notwithstanding the fact that the Trustee shall
not have received amounts due it hereunder and hereby agrees not to cause the
filing of a petition in bankruptcy against the Co-Issuers for the non-payment to
the Trustee of any amounts provided by this Section 6.7 until at least one year
and one day (or, if longer, the applicable preference period) after the payment
in full of all Notes issued under this Indenture. No direction by the
Controlling Party shall affect the right of the Trustee to collect amounts owed
to it under this Indenture.

If, on any date when a fee shall be payable to the Trustee pursuant to this
Indenture, insufficient funds are available for the payment thereof, any portion
of a fee not so paid shall be deferred and payable, together with compensatory
interest thereon (at a rate not to exceed the federal funds rate), on such later
date on which a fee shall be payable and sufficient funds are available therefor
in accordance with Section 11.1.

          Section 6.8  Corporate Trustee Required; Eligibility. There shall at
all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America or of any state
thereof, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $200,000,000, subject to supervision or
examination by federal or state authority, having a long-term debt rating of at
least "A" and "A" and a short-term debt rating of at least "A-1" and "F-1" by
S&P and Fitch, respectively, and a long-term debt rating of at least "A2" and a
short-term debt rating of at least "P-1" by Moody's, respectively (or in each
case such other rating provided that the Rating Condition has been met), and
having an office within the United States. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 6.8, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 6.8, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article VI.

          Section 6.9  Resignation and Removal; Appointment of Successor.

     (a)  No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article VI shall become effective until the
acceptance of appointment by the successor Trustee under Section 6.10. The
indemnification in favor of the Trustee in Section 6.7 hereof shall survive any
resignation or removal, to the extent of any indemnified liabilities, costs,
expenses and other amounts arising or incurred prior to, or arising out of
actions or omissions occurring prior to such resignation or removal).

     (b)  The Trustee may resign at any time by giving written notice thereof to
the Co-Issuers, the Noteholders, each Hedge Counterparty, the Preferred Shares
Paying Agent and each of the Rating Agencies.

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     (c)  The Trustee may be removed at any time by Act of the Holders of a
Majority of the Notes voting together as a single class, or may be removed at
any time when an Event of Default shall have occurred and be continuing, by Act
of at least 66 2/3% of the Controlling Class, delivered to the Trustee and to
the Co-Issuers.

     (d)  If at any time:

          (i)  the Trustee shall cease to be eligible under Section 6.8 and
     shall fail to resign after written request therefor by the Co-Issuers or by
     any Holder or the Controlling Party; or

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

then, in any such case (subject to Section 6.9(a)), (A) the Co-Issuers, by
Issuer Order, may remove the Trustee, or (B) subject to Section 5.15, any Holder
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

     (e)  Upon (i) receiving any notice of resignation of the Trustee, (ii) any
determination that the Trustee be removed, or (iii) any vacancy in the position
of Trustee, then the Co-Issuers shall promptly appoint a successor Trustee or
Trustees by written instrument, in duplicate, executed by an Authorized Officer
of the Issuer or Co-Issuer, one copy of which shall be delivered to the Trustee
so resigning and one copy to the successor Trustee or Trustees, provided that
such successor Trustee shall be appointed only upon the written consent of the
Controlling Party (which consent shall not be unreasonably withheld). If the
Co-Issuers shall fail to appoint a successor Trustee within 30 days after such
notice of resignation, determination of removal or the occurrence of a vacancy,
a successor Trustee may be appointed by Act of the Holders of a Majority of the
Controlling Class. If no successor Trustee shall have been appointed and an
instrument of acceptance by a successor Trustee shall not have been delivered to
the Trustee within 60 days after the giving of such notice of resignation,
determination of removal or the occurrence of a vacancy, then the Trustee to be
replaced, or any Noteholder, on behalf of himself and all others similarly
situated, may petition any court of competent jurisdiction for the appointment
of a successor Trustee. Notwithstanding the foregoing, at any time that an Event
of Default shall have occurred and be continuing, the Controlling Party shall
have in lieu of the Co-Issuers the Co-Issuers' rights to appoint a successor
Trustee, such rights to be exercised by notice delivered to the Issuer and the
retiring Trustee. Any successor Trustee shall, forthwith upon its acceptance of
such appointment in accordance with Section 6.10, become the successor Trustee
and supersede any successor Trustee.

     (f)  The Co-Issuers shall give prompt notice of each resignation and each
removal of the Trustee and each appointment of a successor Trustee by mailing
written notice of such event by first-class mail, postage prepaid, to each of
the Rating Agencies, the Preferred Shares Paying Agent, the Irish Paying Agent
(so long as any of the Senior Notes are listed on the Irish Stock Exchange) and
to the Holders of the Notes as their names and addresses appear in the Note
Register. Each notice shall include the name of the successor Trustee and the
address of its Corporate Trust Office. If the Co-Issuers fail to mail any such
notice within 10 days after acceptance of appointment by the successor Trustee,
the successor Trustee shall cause such notice to be given at the expense of the
Co-Issuers.

     (g)  In the event that the Trustee resigns or is removed as Trustee, the
Trustee shall also be automatically removed as Paying Agent, Authenticating
Agent, Transfer Agent, Note Registrar, Calculation Agent and Preferred Shares
Paying Agent. Any replacement Trustee shall automatically become the

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replacement Paying Agent, Authenticating Agent, Transfer Agent, Note Registrar,
Calculation Agent and Preferred Shares Paying Agent.

              Section 6.10  Acceptance of Appointment by Successor. Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to
the Co-Issuers, each Hedge Counterparty and the retiring Trustee an instrument
accepting such appointment. Upon delivery of the required instruments, the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts, duties and obligations of the
retiring Trustee; but, on request of the Co-Issuers or the Controlling Party or
the successor Trustee, such retiring Trustee shall, upon payment of its charges
then unpaid, including any costs and expenses associated with such transfer,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee, and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder, subject nevertheless to its lien, if any,
provided for in Section 6.7(d). Upon request of any such successor Trustee, the
Co-Issuers shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts.

No successor Trustee shall accept its appointment unless at the time of such
acceptance, either (a) such successor shall be qualified under this Article VI
or (b) the Rating Condition has been met.

              Section 6.11  Merger, Conversion, Consolidation or Succession to
Business of Trustee. Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee (which for
purposes of this Section 6.11 shall be deemed to be the Trustee) shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article VI, without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In case any of the Notes
have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Notes so authenticated with the
same effect as if such successor Trustee had itself authenticated such Notes.

              Section 6.12  Co-Trustees and Separate Trustee. At any time or
times, for the purpose of meeting the legal requirements of any jurisdiction in
which any part of the Collateral may at the time be located, the Co-Issuers and
the Trustee shall have power to appoint one or more Persons to act as
co-Trustee, jointly with the Trustee of all or any part of the Collateral, with
the power to file such proofs of claim and take such other actions pursuant to
Section 5.4 herein and to make such claims and enforce such rights of action on
behalf of the Holders of the Notes as such Holders themselves may have the right
to do, subject to the other provisions of this Section.

The Co-Issuers shall join with the Trustee in the execution, delivery and
performance of all instruments and agreements necessary or proper to appoint a
co-Trustee. If the Co-Issuers do not join in such appointment within 15 days
after the receipt by them of a request to do so, the Trustee shall have power to
make such appointment.

Should any written instrument from the Co-Issuers be required by any co-Trustee
so appointed for more fully confirming to such co-Trustee such property, title,
right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Co-Issuers. The Co-Issuers agree to pay (but
only from and to the extent of the Collateral, after payment in full of the
amounts payable pursuant to clauses (i) through (xxv) of Section 11.1(b) and
clauses (i) through (xxv) of Section 11.1(c)) for any reasonable fees and
expenses in connection with such appointment.

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<PAGE>

Every co-Trustee shall, to the extent permitted by law, but to such extent only,
be appointed subject to the following terms:

              (i)    the Notes shall be authenticated and delivered by, and all
       rights, powers, duties and obligations hereunder in respect of the
       custody of securities, Cash and other personal property held by, or
       required to be deposited or pledged with, the Trustee hereunder, shall be
       exercised solely by, the Trustee;

              (ii)   the rights, powers, duties and obligations hereby conferred
       or imposed upon the Trustee in respect of any property covered by the
       appointment of a co-Trustee shall be conferred or imposed upon and
       exercised or performed by the Trustee or by the Trustee and such
       co-Trustee jointly as shall be provided in the instrument appointing such
       co-Trustee, except to the extent that under any law of any jurisdiction
       in which any particular act is to be performed, the Trustee shall be
       incompetent or unqualified to perform such act, in which event such
       rights, powers, duties and obligations shall be exercised and performed
       by a co-Trustee;

              (iii)  the Trustee at any time, by an instrument in writing
       executed by it, with the concurrence of the Co-Issuers evidenced by an
       Issuer Order, may accept the resignation of or remove any co-Trustee
       appointed under this Section 6.12, and in case an Event of Default has
       occurred and is continuing, the Trustee shall have the power to accept
       the resignation of, or remove, any such co-Trustee without the
       concurrence of the Co-Issuers. A successor to any co-Trustee so resigned
       or removed may be appointed in the manner provided in this Section 6.12.

              (iv)   no co-Trustee hereunder shall be personally liable by
       reason of any act or omission of the Trustee hereunder;

              (v)    for so long as the co-Trustee meets the Rating Agency
       requirements set forth in Section 6.8 or upon satisfaction of the Rating
       Condition with respect to each Class of Notes outstanding, the Trustee
       shall not be liable by reason of any act or omission of a co-Trustee; and

              (vi)   any Act of Noteholders delivered to the Trustee shall be
       deemed to have been delivered to each co-Trustee.

              Section 6.13 Certain Duties of Trustee Related to Delayed Payment
of Proceeds. In the event that in any month the Trustee shall not have received
a payment with respect to any Pledged Security on its Due Date, (a) the Trustee
shall promptly notify the Issuer and the Collateral Administrator in writing and
(b) unless within three Business Days (or the end of the applicable grace period
for such payment, if longer), after such notice such payment shall have been
received by the Trustee, or the Issuer, in its absolute discretion (but only to
the extent permitted by Section 10.1), shall have made provision for such
payment satisfactory to the Trustee in accordance with Section 10.1, the Trustee
shall request the issuer of such Pledged Security, the trustee under the related
Underlying Instrument or paying agent designated by either of them, as the case
may be, to make such payment as soon as practicable after such request but in no
event later than three Business Days after the date of such request. In the
event that such payment is not made within such time period, the Trustee,
subject to the provisions of clause (iv) of Section 6.1(c), shall take such
action as the Collateral Administrator shall direct in writing. Any such action
shall be without prejudice to any right to claim a Default or Event of Default
under this Indenture. In the event that the Issuer or the Collateral
Administrator requests a release of a Pledged Security in connection with any
such action under the Collateral Administration Agreement, such release shall be
subject to Section 10.7 and Article XII of this Indenture, as the case may be.
Notwithstanding any other provision hereof, the Trustee shall deliver to the
Issuer or its designee any payment with respect to any Pledged Security received
after the Due Date thereof

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<PAGE>

to the extent the Issuer previously made provisions for such payment
satisfactory to the Trustee in accordance with this Section 6.13 and such
payment shall not be deemed part of the Collateral.

              Section 6.14  Representations and Warranties of the Trustee. The
Trustee represents and warrants that: (a) the Trustee is a national banking
association with trust powers, duly and validly existing under the laws of the
United States, with power and authority to execute, deliver and perform its
obligations under the Indenture, and is duly eligible and qualified to act as
Trustee under this Indenture; (b) this Indenture has been duly authorized,
executed and delivered by the Trustee and constitutes the valid and binding
obligation of the Trustee, enforceable against it in accordance with its terms
except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer,
insolvency, reorganization, liquidation, receivership, moratorium or other
similar laws now or hereafter in effect relating to creditors' rights generally
and by general equitable principles, regardless of whether considered in a
proceeding in equity or at law, and (ii) that the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefor
may be brought; (c) neither the execution or delivery by the Trustee of this
Indenture nor performance by the Trustee of its obligations under this Indenture
requires the consent or approval of, the giving notice to or the registration or
filing with, any governmental authority or agency under any existing law of the
United States, governing the banking or trust powers of the Trustee; (d) there
is no charge, investigation, action, suit or proceeding before or by any court
pending or, to the best knowledge of the Trustee, threatened that, if determined
adversely to the Trustee, would have a material adverse effect upon the
performance by the Trustee of its duties under, or on the validity or
enforceability of, this Indenture; and (e) the Trustee is not in breach or
violation of or in default under any contract or agreement to which it is a
party or by which it or any of its property may be bound, or any applicable
statute or any rule, regulation or order of any court, government agency or body
having jurisdiction over the Trustee or its properties, the breach or violation
of which or default under which would have a material adverse effect on the
validity or enforceability of this Indenture or the performance by the Trustee
of its duties hereunder.

              Section 6.15  Authenticating Agents. Upon the request of the
Co-Issuers, the Trustee shall, or if the Trustee so chooses the Trustee may,
appoint one or more Authenticating Agents with power to act on its behalf and
subject to its direction in the authentication of Notes in connection with
issuances, transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.5, as
fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by those Sections to authenticate such Notes. For all
purposes of this Indenture, the authentication of Notes by an Authenticating
Agent pursuant to this Section 6.15 shall be deemed to be the authentication of
Notes by the Trustee.

Any corporation or banking association into which any Authenticating Agent may
be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any
Authenticating Agent shall be a party, or any corporation succeeding to the
corporate trust business of any Authenticating Agent, shall be the successor of
such Authenticating Agent hereunder, without the execution or filing of any
further act on the part of the parties hereto or such Authenticating Agent or
such successor corporation.

Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and the Co-Issuers. The Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and the Co-Issuers. Upon receiving such
notice of resignation or upon such a termination, the Trustee shall promptly
appoint a successor Authenticating Agent and shall give written notice of such
appointment to the Co-Issuers if the resigning or terminated Authenticating
Agent was originally appointed at the request of the Issuer or Co-Issuer.

The Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services, and reimbursement for its reasonable
expenses relating thereto and the Trustee shall be entitled to

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be reimbursed for such payments, subject to Section 6.7. The provisions of
Sections 2.9, 6.4 and 6.5 shall be applicable to any Authenticating Agent.

              Section 6.16  Fiduciary for Noteholders Only; Agent for all other
Secured Parties. With respect to the security interests created hereunder, the
pledge of any item of Collateral to the Trustee is to the Trustee as
representative of the Noteholders and agent for each of the other Secured
Parties; in furtherance of the foregoing, the possession by the Trustee of any
item of Collateral, the endorsement to or registration in the name of the
Trustee of any item of Collateral (including as entitlement holder of the
Custodial Accounts) are all undertaken by the Trustee in its capacity as
representative of the Noteholders and agent for each of the other Secured
Parties. The Trustee shall have no fiduciary duties to each of the other Secured
Parties, including but not limited to each Hedge Counterparty and the Collateral
Administrator. The foregoing shall not limit any of the express obligations of
the Trustee under this Indenture.

              Section 6.17  The Securities Intermediary.

       (a)    There shall at all times be one or more Securities Intermediary.
The Trustee hereby appoints LaSalle Bank National Association as the initial
Securities Intermediary hereunder and LaSalle Bank National Association accepts
such appointment.

       (b)    The Securities Intermediary shall be, and LaSalle Bank National
Association as initial Securities Intermediary hereunder hereby represents and
warrants that it is as of the date hereof and shall be, for so long as it is the
Securities Intermediary hereunder, a corporation or national banking association
that in the ordinary course of its business maintains securities accounts for
others and is acting in that capacity hereunder. The Securities Intermediary
shall, and LaSalle Bank National Association as initial Securities Intermediary
does, agree with the parties hereto that each account shall be an account to
which financial assets may be credited and undertake to treat the Trustee as
entitled to exercise rights that comprise such financial assets. The Securities
Intermediary shall, and LaSalle Bank National Association as initial Securities
Intermediary does, agree with the parties hereto that each item of property
credited to each Issuer Account shall be treated as a Financial Asset. The
Securities Intermediary shall, and LaSalle Bank National Association as initial
Securities Intermediary does, acknowledge that as a result of Section 14.9 of
this Indenture, the "securities intermediary's jurisdiction" as defined in the
UCC of the Securities Intermediary with respect to the Collateral, shall be the
State of New York. The Securities Intermediary shall, and LaSalle Bank National
Association as initial Securities Intermediary does, represent and covenant that
it is not and will not be (as long as it is the Securities Intermediary
hereunder) a party to any agreement in respect of the Collateral that is
inconsistent with the provisions of this Indenture. The Securities Intermediary
shall, and LaSalle Bank National Association as initial Securities Intermediary
does, covenant that it will not take action inconsistent with the provisions of
this Indenture applicable to it. The Securities Intermediary shall, and LaSalle
Bank National Association as initial Securities Intermediary does, agree that
any item of property credited to any account shall not be subject to any
security interest, lien, or right of setoff in favor of the Securities
Intermediary or anyone claiming through the Securities Intermediary (other than
the Trustee).

       (c)    It is the intent of the Trustee and the Co-Issuers that each
Issuer Account shall be a securities account of the Trustee and not an account
of the Co-Issuers. Nonetheless, (i) the Securities Intermediary shall agree to
comply with entitlement orders originated by the Trustee without further consent
by the Co-Issuers, and (ii) LaSalle Bank National Association as initial
Securities Intermediary agrees that so long as it is the Securities Intermediary
hereunder, it will comply with entitlement orders originated by the Trustee
without further consent by the Co-Issuers. The Securities Intermediary shall
covenant that it will not agree with any person or entity other than the Trustee
that it will comply with entitlement orders originated by such person or entity,
and LaSalle Bank National Association as initial Securities Intermediary hereby
covenants that, for so long as it is the Securities Intermediary hereunder, it
will not agree with any person or entity other than the Trustee that it will
comply with entitlement orders originated by such person or entity.

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<PAGE>

       (d)    Nothing herein shall imply or impose upon the Securities
Intermediary any duty or obligations other than those expressly set forth herein
and those applicable to a securities intermediary under the UCC (and the
Securities Intermediary shall be entitled to all of the protections available to
a securities intermediary under the UCC). Without limiting the foregoing,
nothing herein shall imply or impose upon the Securities Intermediary any duties
of a fiduciary nature.

       (e)    The Securities Intermediary may at any time resign by notice to
the Trustee and may at any time be removed by notice from the Trustee; provided,
however, that it shall be the responsibility of the Trustee to appoint a
successor Securities Intermediary and to cause the Issuer Accounts to be
established and maintained with such successor Securities Intermediary in
accordance with the terms hereof; and the responsibilities and duties of the
retiring Securities Intermediary hereunder shall remain in effect until all of
the Collateral credited to the Issuer Accounts held by such retiring Securities
Intermediary have been transferred to such successor. Any corporation or banking
association into which the Securities Intermediary may be merged or converted or
with which it may be consolidated, or any corporation or banking association
resulting from such merger, consolidation or conversion to which the Securities
Intermediary shall be a party, shall be the successor of the Securities
Intermediary hereunder, without the execution or filing of any further act on
the part of the parties hereto or such Securities Intermediary or such successor
corporation.

       (f)    In the event that the Trustee resigns or is removed as Trustee,
the Trustee shall also be automatically removed as Securities Intermediary. Any
replacement Trustee shall automatically become the replacement Securities
Intermediary.

       (g)    The Securities Intermediary hereby represents and warrants and
agrees with the Co-Issuers and for the benefit of the Trustee as follows:

              (i)    With respect to the Collateral Securities that are
       book-entry securities, such Collateral Securities have been credited to
       the Trustee's securities account by accurate book entry.

              (ii)   With respect to all Collateral that is not a book-entry
       security, such Collateral shall be held at all times in Illinois.

              (iii)  The Securities Intermediary will comply with all
       "Entitlement Orders" (as such term is defined in Section 8-102 of the
       UCC) of the Trustee and shall not accept Entitlement Orders from any
       other person except as authorized by the Trustee.

              (iv)   To the extent determined by the actions of the Securities
       Intermediary, the Trustee shall at all times have "control" (as defined
       in Section 8-106 of the UCC) over the securities account and the
       Collateral Securities that are book-entry securities.

              (v)    The Securities Intermediary has received no notice of, and
       has no knowledge of any "adverse claim" (as such term is defined in the
       UCC) as to the Collateral Securities.

              (vi)   The Securities Intermediary waives any lien, claim or
       encumbrance in favor of the Securities Intermediary in the Collateral,
       including, without limitation, any security interest and right of
       set-off.

              (vii)  The Securities Intermediary is not a Clearing Corporation.

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                                   ARTICLE VII

                                    COVENANTS

              Section 7.1   Payment of Principal and Interest. The Co-Issuers
or, in the case of the Junior Notes, the Issuer, will duly and punctually pay,
or cause to be paid, the principal of and interest on the Notes in accordance
with the terms of the Notes and this Indenture. Amounts properly withheld under
the Code or the United States Treasury Regulations under the Code by the Issuer,
the Co-Issuer, the Trustee, any Paying Agent or any other Person from a payment
to any Holder of Notes of interest and/or principal shall be considered as
having been paid by the Co-Issuers to such Holder for all purposes of this
Indenture.

              Section 7.2   Compliance With Laws. The Co-Issuers will comply in
all material respects with applicable laws, rules, regulations, writs,
judgments, injunctions, decrees, awards and orders with respect to them, their
business and their properties.

              Section 7.3   Maintenance of Books and Records. The Co-Issuers
shall maintain and implement administrative and operating procedures reasonably
necessary in the performance of their obligations hereunder and the Issuer shall
keep and maintain or cause the Administrator to keep or maintain at all times,
or cause to be kept and maintained at all times in the Cayman Islands, all
documents, books, records, accounts and other information as are required under
the laws of the Cayman Islands.

              Section 7.4   Maintenance of Office or Agency. The Co-Issuers
hereby appoint the Trustee as a Paying Agent for the payment of principal and
interest on the Notes and the Co-Issuers hereby appoint Lennar Partners, Inc.,
as the Issuer's agent where notices and demands to or upon the Issuer in respect
of the Notes or this Indenture may be served.

Each of the Issuer and the Co-Issuer designates and appoints CT Corporation
System, 111 Eighth Avenue, 13th Floor, New York, New York 10011, as its agent
for service of all process in New York State. The process agent may be served in
any legal suit, action or proceeding arising with respect to this Indenture or
the Notes, such service being hereby acknowledged to be effective and binding
service in every respect.

The Issuer hereby appoints NCB Stockbrokers Limited as a Paying Agent in Ireland
for the payment of principal of and interest on the Notes, provided, that unless
such Paying Agent shall be rated "P-1," "F-1+" and "A-1" by Moody's, Fitch and
S&P, respectively, it may not hold funds pursuant to this Indenture overnight.

The Issuer may at any time and from time to time vary or terminate the
appointment of any such agent or appoint any additional agents for any or all of
such purposes; provided, however, that the Issuer will maintain in the Borough
of Manhattan, The City of New York or in Chicago, Illinois, an office or agency
where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served and subject to any laws or regulations applicable
thereto; provided, further, that no Paying Agent shall be appointed in a
jurisdiction which subjects payments on the Notes to withholding tax; provided,
further, that so long as the Senior Notes are listed on the Irish Stock Exchange
and such stock exchange shall so require, the Co-Issuers shall maintain a Paying
Agent in Ireland; provided, further, that if any of the Senior Notes shall cease
to be deposited with or on behalf of the Depository pursuant to the terms of
Section 2.10 hereof, then the Issuer shall retain an independent agent in the
Borough of Manhattan, the City of New York, where Notes may be presented and
surrendered for registration of transfer or exchange and for payment. The
Co-Issuers shall at all times maintain a Note Register. The Co-Issuers shall
give prompt written notice to the Trustee, each of the Rating Agencies, each
Hedge Counterparty and the Noteholders of the appointment or termination of any
such agent and of the location and any change in the location of any such office
or agency.

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If at any time the Co-Issuers shall fail to maintain any such required office or
agency in the Borough of Manhattan, The City of New York, or Chicago, Illinois
or shall fail to furnish the Trustee with the address thereof, presentations and
surrenders may be made (subject to the limitations described in the preceding
paragraph) at and notices and demands may be served on the Co-Issuers, and Notes
may be presented and surrendered for payment to the appropriate Paying Agent at
its main office and the Co-Issuers hereby appoint the same as their agent to
receive such respective presentations, surrenders, notices and demands.

          Section 7.5  Money for Note Payments to be Held in Trust. All payments
of amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Payment Account shall be made on behalf of the Issuer
and, in the case of the Senior Notes, the Co-Issuer.

When the Co-Issuers shall have a Paying Agent that is not also the Note
Registrar, they shall furnish, or cause the Note Registrar to furnish, no later
than the fifth calendar day after each Record Date, a list, if necessary, in
such form as such Paying Agent may reasonably request, of the names and
addresses of the Holders and of the certificate numbers of individual Notes held
by each such Holder.

Whenever the Co-Issuers shall have a Paying Agent other than the Trustee, they
shall, on or before the Business Day next preceding each Payment Date or
Redemption Date, as the case may be, direct the Trustee to deposit on such
Payment Date with such Paying Agent, if necessary, an aggregate sum sufficient
to pay the amounts then becoming due (to the extent funds are then available for
such purpose in the Payment Account), such sum to be held in trust for the
benefit of the Persons entitled thereto and (unless such Paying Agent is the
Trustee) the Co-Issuers shall promptly notify the Trustee of its action or
failure so to act. Any moneys deposited with a Paying Agent (other than the
Trustee) in excess of an amount sufficient to pay the amounts then becoming due
on the Notes with respect to which such deposit was made shall be paid over by
such Paying Agent to the Trustee for application in accordance with Article X.

The initial Paying Agents shall be as set forth in Section 7.4. Any additional
or successor Paying Agents shall be appointed by Issuer Order with written
notice thereof to the Trustee; provided, however, that so long as the Notes are
rated by Moody's and with respect to any additional or successor Paying Agent
for the Notes, either (i) such Paying Agent has a long term rating of "A1" or
higher or a short term rating of "P-1" by Moody's or (ii) the Rating Condition
is met with respect to Moody's; provided, further, that with respect to any
additional or successor Paying Agent for the Notes, either (i) such Paying Agent
has a rating of "A+" or higher or "A-1" by S&P or (ii) the Rating Condition is
met with respect to S&P; and provided, further, that so long as the Notes are
rated by Fitch and with respect to any additional or successor Paying Agent for
the Notes, either (i) such Paying Agent has a rating of "A+" or higher or "F-1"
by Fitch or (ii) the Rating Condition is met with respect to Fitch. In the event
that such successor Paying Agent ceases to have a rating required by the
foregoing sentence and S&P or Moody's or Fitch fails to confirm its ratings of
the Applicable Notes, the Co-Issuers shall promptly remove such Paying Agent and
appoint a successor Paying Agent. The Co-Issuers shall not appoint any Paying
Agent (other than an initial Paying Agent) that is not, at the time of such
appointment, a depository institution or trust company subject to supervision
and examination by federal and/or state and/or national banking authorities. The
Co-Issuers shall cause each Paying Agent other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees),
subject to the provisions of this Section 7.5, that such Paying Agent will:

     (A)  allocate all sums received for payment to the Holders of Notes for
which it acts as Paying Agent on each Payment Date and Redemption Date among
such Holders in the proportion specified in the applicable report or statement
in accordance herewith, in each case to the extent permitted by applicable law;

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     (B)  hold all sums held by it for the payment of amounts due with respect
to the Notes in trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as herein provided
and pay such sums to such Persons as herein provided;

     (C)  if such Paying Agent is not the Trustee, immediately resign as a
Paying Agent and forthwith pay to the Trustee all sums held by it in trust for
the payment of Notes if at any time it ceases to meet the standards set forth
above required to be met by a Paying Agent at the time of its appointment;

     (D)  if such Paying Agent is not the Trustee, at anytime during the
continuance of any such Default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent;

     (E)  if such Paying Agent is not the Trustee, immediately give the Trustee
notice of any Default by the Issuer or Co-Issuer (or any other obligor upon the
Notes) in the making of any payment required to be made; and

     (F)  provide the Noteholders such information or reports as are required by
the Code, including reports relating to original issue discount.

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

Any money deposited with a Paying Agent and not previously returned that remains
unclaimed for twenty Business Days shall be returned to the Trustee. Except as
otherwise required by applicable law, any money deposited with the Trustee or
any Paying Agent in trust for the payment of the principal of or interest on any
Note and remaining unclaimed for two years after such principal or interest has
become due and payable shall be paid to the Co-Issuers on Issuer Request; and
the Holder of such Note shall thereafter, as an unsecured general creditor, look
only to the Issuer or the Co-Issuer, and all liability of the Trustee or such
Paying Agent with respect to such trust money (but only to the extent of the
amounts so paid to the Co-Issuers) shall thereupon cease. The Trustee or such
Paying Agent, before being required to make any such release of payment, may,
but shall not be required to, adopt and employ, at the expense of the
Co-Issuers, any reasonable means of notification of such release of payment,
including, but not limited to, mailing notice of such release to Holders whose
Notes have been called but have not been surrendered for redemption or whose
right to or interest in monies due and payable but not claimed is determinable
from the records of any Paying Agent, at the last address of record of each such
Holder.

          Section 7.6  Existence of Co-Issuers. (a) Each of the Issuer and the
Co-Issuer shall take all reasonable steps to maintain its identity as a separate
legal entity from that of its shareholders. Each of the Issuer and the Co-Issuer
shall keep its principal place of business at the address specified in Section
14.3. Each of the Issuer and the Co-Issuer shall keep separate books and records
and will not commingle its respective fund with those of any other Person. The
Issuer and the Co-Issuer shall keep in full force and effect their rights and
franchises as a company incorporated under the laws of the Cayman Islands and a
corporation incorporated under the laws of the State of Delaware, respectively,
shall comply with the provisions of their respective organizational documents,
and shall obtain and preserve their qualification to do business as foreign
corporations in each jurisdiction in which such qualifications are or shall be
necessary to protect the validity and enforceability of this Indenture, the
Notes or any of the Collateral; provided, however, that, subject to Cayman
Islands law, the Issuer shall be entitled to change its jurisdiction of
incorporation from the

                                      -86-

<PAGE>

Cayman Islands to any other jurisdiction reasonably selected by the Issuer and
approved by the holder of the Issuer Ordinary Shares so long as (i) a
Withholding Tax Event shall have occurred and would be cured by such change or
the Issuer or the Co-Issuer's remaining in the same jurisdiction would have a
material adverse effect on the Holders of the Notes of any Class or the
Preferred Shares, (ii) written notice of such change shall have been given to
the Trustee and by the Trustee to the Holders of Notes, the Irish Stock
Exchange, the Hedge Counterparty and each Rating Agency for so long as each such
rating agency is rating any of the Notes, and the Rating Condition is met, (iii)
on or prior to the fifteenth Business Day following such notice by the Trustee,
the Trustee shall not have received written notice from the Controlling Party
objecting to such change; and provided, further, that the Issuer shall be
entitled to take any action required by this Indenture within the United States
notwithstanding any provision of this Indenture requiring the Issuer to take
such action outside of the United States so long as prior to taking any such
action the Issuer receives a legal opinion from nationally recognized counsel to
the effect that it is not necessary to take such action outside of the United
States or any political subdivision thereof in order to prevent the Issuer from
becoming subject to any United States federal, state or local withholding or
other taxes, (iv) the Issuer and the Co-Issuer prepare, execute and deliver any
documentation necessary to maintain the perfection of a first-priority security
interest under this Indenture and (v) such change would not have an adverse
effect on the Hedge Agreement or the Issuer's or Hedge Counterparty's
obligations thereunder. So long as any of the Senior Notes are listed on the
Irish Stock Exchange, the Co-Issuers shall mail notice of such change of
jurisdiction of incorporation of the Issuer or the Co-Issuer to the Irish Paying
Agent.

     (b)  The Issuer and the Co-Issuer shall ensure that all corporate or other
formalities regarding their respective existences (including holding regular
board of directors' and shareholders', or other similar, meetings) are followed.
Neither the Issuer nor the Co-Issuer shall take any action, or conduct its
affairs in a manner, that is likely to result in its separate existence being
ignored or in its assets and liabilities being substantively consolidated with
any other Person in a bankruptcy, reorganization or other insolvency proceeding.
Without limiting the foregoing, (i) the Issuer shall not have any subsidiaries,
except for the ownership of the Co-Issuer by the Issuer, (ii) the Co-Issuer
shall not have any subsidiaries and (iii) the Issuer and the Co-Issuer shall not
(A) have any employees (other than their respective directors), (B) engage in
any transaction with any shareholder (other than the issuance of the Notes and
the Preferred Shares) that would constitute a conflict of interest (provided
that the Administration Agreement and the Collateral Administration Agreement
shall not be deemed to be such a transaction that would constitute a conflict of
interest) or (C) pay dividends other than in accordance with the provisions of
this Indenture.

          Section 7.7  Protection of Collateral.

     (a)  The Collateral Administrator, on behalf of the Issuer, shall from time
to time execute and deliver, or cause to be delivered, all such supplements and
amendments hereto and all such financing statements, continuation statements,
instruments of further assurance and other instruments, and shall take such
other action as may be necessary or advisable or desirable to secure the rights
and remedies of the Secured Parties hereunder and to:

          (i)   Grant more effectively all or any portion of the Collateral;

          (ii)  maintain or preserve the lien (and the priority thereof) of this
     Indenture or to carry out more effectively the purposes hereof;

          (iii) perfect, publish notice of or protect the validity of any Grant
     made or to be made by this Indenture;

          (iv)  enforce any of the Pledged Securities or other instruments or
     property included in the Collateral;

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<PAGE>

               (v)  preserve and defend title to the Collateral and the rights
          therein of the Trustee and the Secured Parties in the Collateral
          against the claims of all persons and parties; or

               (vi) pay any and all taxes levied or assessed upon all or any
          part of the Collateral and use its best efforts to minimize taxes and
          any other costs arising in connection with its activities and file all
          tax returns and information statements as required.

The Issuer hereby appoints the Trustee as its agent and attorney-in-fact to
execute any financing statement, continuation statement or other instrument
required pursuant to this Section 7.7. The Issuer or the Collateral
Administrator, on behalf of the Issuer, shall cause the Trustee from time to
time to execute and cause to be filed financing statements and continuation
statements (it being understood that the Trustee shall be entitled to rely upon
an Opinion of Counsel, including without limitation an Opinion of Counsel
delivered in accordance with Sections 3.1(c) and 7.8, as to the need to file
such financing statements and continuation statements, the dates by which such
filings are required to be made and the jurisdictions in which such filings are
required to be made).

     (b)  The Trustee shall not (i) except in accordance with Section 10.7(a),
(b) or (c), as applicable, remove any portion of the Collateral that consists of
Cash or is evidenced by an instrument, certificate or other writing (A) from the
jurisdiction in which it was held as described in the Opinion of Counsel
delivered at the Closing Date pursuant to Section 3.1(c) or (B) from the
possession of the Person who held it on such date or (ii) cause or permit
ownership or the pledge of any portion of the Collateral that consists of
book-entry securities to be recorded on the books of a Person (A) whose
securities intermediary's jurisdiction (as defined in the UCC) is different from
the securities intermediary's jurisdiction of the Trustee at such date or (B)
other than the Person on whose books such ownership or pledge was recorded at
such date, unless the Trustee shall have first received an Opinion of Counsel to
the effect that the lien and security interest created by this Indenture with
respect to such property will continue to be maintained after giving effect to
such action or actions.

     (c)  The Issuer shall (i) pay or cause to be paid taxes, if any, levied on
account of the beneficial ownership by the Issuer of any Collateral and (ii) if
required to prevent the withholding or imposition of United States income tax,
deliver or cause to be delivered a United States Internal Revenue Service Form
W-8BEN or successor applicable form, to each issuer, counterparty or paying
agent with respect to (as applicable) an item included in the Collateral at the
time such item included in the Collateral is purchased or entered into and
thereafter prior to the expiration or obsolescence of such form.

          Section 7.8  Performance of Obligations.

     (a)  The Co-Issuers shall not take any action, and will use their best
efforts not to permit any action to be taken by others, that would release any
Person from any of such Person's covenants or obligations under any instrument
included in the Collateral, except in the case of enforcement action taken with
respect to any Impaired Security in accordance with the provisions hereof and as
otherwise required hereby.

     (b)  The Co-Issuers may, with the prior written consent of a Majority of
the Notes (except in the case of the Collateral Administration Agreement as
initially executed), contract with other Persons, including the Collateral
Administrator, for the performance of actions and obligations to be performed by
the Co-Issuers hereunder by such Persons and the performance of the actions and
other obligations with respect to the Collateral of the nature set forth in the
Collateral Administration Agreement by the Collateral Administrator.
Notwithstanding any such arrangement, the Co-Issuers shall remain primarily
liable with respect thereto. In the event of such contract, the performance of
such actions and obligations by such Persons shall be deemed

                                      -88-

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to be performance of such actions and obligations by the Co-Issuers; and the
Co-Issuers will punctually perform, and use their best efforts to cause the
Collateral Administrator or such other Person to perform, all of its obligations
and agreements contained in the Collateral Administration Agreement or such
other agreement.

     (c)  The Co-Issuers may without the consent of any Noteholders retain
accountants and attorneys to perform the tasks required to be performed by
accountants and attorneys hereunder, or such other tasks as are routinely
performed by accountants and attorneys for entities such as the Co-Issuers.

     (d)  The Co-Issuers agree to comply in all material respects, and to the
extent legally possible, with all requirements applicable to them set forth in
any Opinion of Counsel obtained pursuant to any provision of this Indenture
including satisfaction of any event identified in any Opinion of Counsel as a
prerequisite for the obtaining or maintaining by the Trustee of a perfected
security interest in any Collateral Security, Replacement Collateral Security,
Eligible Investment or other Collateral that is of first priority, free of any
adverse claim or the legal equivalent thereof, as applicable.

          Section 7.9  Representations and Warranties of the Co-Issuers.

     Each of the Co-Issuers (severally and not jointly) represents and warrants
to, with respect to itself, and agrees with, the Trustee as follows:

     (a)  The Issuer has been duly incorporated and is validly existing as a
company in good standing under the laws of the Cayman Islands, the Co-Issuer has
been duly organized and is validly existing as a corporation in good standing
under the laws of the State of Delaware, and each of the Issuer and the
Co-Issuer has been duly qualified as a foreign company or corporation, as the
case may be, for the transaction of business and is in good standing under the
laws of all jurisdictions in which it owns or leases property of a nature or
transacts business of a type that would require such qualifications.

     (b)  Each of the Co-Issuers has all requisite power and authority and all
requisite authorizations, approvals, orders, licenses, certificates and permits
of and from all governmental or regulatory officials and bodies necessary to own
its properties, to conduct its business, to execute, deliver and perform this
Indenture and the other agreements to which it is a party, except such as may be
required under state securities or blue sky laws in connection with the purchase
and distribution by the Initial Purchasers of the Senior Notes; all such
authorizations, approvals, orders, licenses, certificates and permits are in
full force and effect; and there are no legal or governmental proceedings
pending or, to the Co-Issuers' knowledge, threatened that would result in a
material modification, suspension or revocation thereof.

     (c)  The compliance by the Co-Issuers with all of the provisions of this
Indenture and the other agreements to which either of them is a party, and the
consummation of the transactions by the Co-Issuers herein and therein
contemplated, will not conflict with or result in a breach of any of the terms
or provisions of, or constitute a default under, any indenture, mortgage, deed
of trust, loan agreement or other material agreement or instrument to which
either of the Co-Issuers is a party or by which either of the Co-Issuers is
bound or to which any of the property or assets of the Co-Issuers is subject,
nor will such action result in any violation of the provisions of the
organizational documents of either of the Co-Issuers or any statute applicable
to either of the Co-Issuers or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over either of the Co-Issuers or
any of their properties; and no consent, approval, authorization, order,
registration or qualification of or with any such court or governmental agency
or body is required for the consummation by either of the Co-Issuers of the
transactions contemplated by this Indenture or the other agreements, except (i)
such consents, approvals, authorizations, orders, registrations or
qualifications as may be required under state securities or blue sky laws in
connection with the purchase

                                      -89-

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and distribution of the Notes by the Initial Purchasers and (ii) such
recordations or filings as may be required or contemplated by this Indenture.

     (d)  This Indenture has been duly authorized, executed and delivered by
each of the Co-Issuers. This Indenture constitutes a legal, valid and binding
agreement enforceable against each of the Co-Issuers in accordance with its
terms, except as enforceability may be limited by (A) bankruptcy, insolvency,
reorganization, receivership, moratorium or other similar laws affecting the
enforcement of the rights of creditors generally and (B) general principles of
equity, whether enforcement is sought in a proceeding in equity or at law.

     (e)  There are no actions or proceedings against, or investigations of,
either of the Co-Issuers pending, or, to the knowledge of either of the
Co-Issuers, threatened, before any court, administrative agency or other
tribunal (i) asserting the invalidity of this Indenture, (ii) seeking to prevent
the transactions contemplated by this Indenture or (iii) which could reasonably
be expected to materially and adversely affect the performance by either of the
Co-Issuers of its obligations under, or the validity or enforceability of, this
Indenture.

     (f)  The information contained in Schedule A is accurate and complete.

          Section 7.10  Negative Covenants.

     (a)  The Issuer will not:

          (i)   sell, transfer, assign, participate, exchange or otherwise
     dispose of, or pledge, mortgage, hypothecate or otherwise encumber (by
     security interest, lien (statutory or otherwise), preference, priority or
     other security agreement or preferential arrangement of any kind or nature
     whatsoever or otherwise) (or permit such to occur or suffer such to exist),
     any part of the Collateral, except as expressly permitted by this Indenture
     and the Collateral Administration Agreement;

          (ii)  claim any credit on, or make any deduction from, the principal
     or interest payable in respect of the Notes (other than amounts withheld in
     accordance with the Code or any applicable laws of the Cayman Islands) or
     assert any claim against any present or future Noteholder by reason of the
     payment of any taxes levied or assessed upon any part of the Collateral;

          (iii) (A) incur or assume or guarantee any indebtedness or any
     contingent obligations, other than the Notes, this Indenture and the other
     agreements and transactions expressly contemplated hereby and thereby or
     (B) issue any additional securities (including ordinary shares (other than
     those in issue on the date hereof));

          (iv)  (A) permit the validity or effectiveness of this Indenture or
     any Grant hereunder to be impaired, or permit the lien of this Indenture to
     be amended, hypothecated, subordinated, terminated or discharged, or permit
     any Person to be released from any covenants or obligations with respect to
     this Indenture or the Notes, except as may be expressly permitted hereby,
     or by the Collateral Administration Agreement, (B) permit any lien, charge,
     adverse claim, security interest, mortgage or other encumbrance (including
     any preference, priority or other security agreement or preferential
     arrangement of any kind or nature whatsoever or otherwise, other than the
     lien of this Indenture) to be created on or extend to or otherwise arise
     upon or burden the Collateral or any part thereof, any interest therein or
     the Proceeds thereof, or (C) take any action that would cause the lien of
     this Indenture not to constitute a valid perfected security interest in the
     Collateral that is of first priority, free of any adverse claim or the
     legal equivalent thereof, as applicable, except as may be expressly
     permitted hereby (or in connection with a disposition of Collateral
     required hereby);

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         (v)      make or incur any capital expenditures, except as reasonably
     required to perform its functions in accordance with the terms of this
     Indenture;

         (vi)     become liable in any way, whether directly or by assignment or
     as a guarantor or other surety, for the obligations of the lessee under any
     lease, hire any employees or pay any dividends to the shareholders of the
     Issuer Ordinary Shares;

         (vii)    enter into any transaction with any Affiliate or any Holder of
     a Note or Preferred Shares other than (A) the transactions contemplated by
     the Collateral Administration Agreement, (B) the transactions relating to
     the offering and sale of the Notes or the Preferred Shares or (C)
     transactions on terms no less favorable than those obtainable in an
     arm's-length transaction with a wholly unaffiliated Person;

         (viii)   maintain any bank accounts other than the Issuer Accounts, the
     Issuer's bank account in the Cayman Islands and the account established
     pursuant to the Preferred Shares Paying Agency Agreement;

         (ix)     change its name without first delivering to the Trustee notice
     thereof and an Opinion of Counsel that such name change will not adversely
     affect the Trustee's lien or the interest hereunder of the Secured Parties
     or the Trustee;

         (x)      have any subsidiaries other than the ownership of the
     Co-Issuer by the Issuer and other than any subsidiaries necessitated by a
     change of jurisdiction pursuant to Section 7.6;

         (xi)     establish a branch, agency, office or place of business in the
     United States, or take any action or engage in any activity (directly or
     through the Collateral Administrator or other agent) which would subject it
     to United States federal, state or local income tax;

         (xii)    fail to pay any tax, assessment, charge or fee with respect to
     the Collateral, or fail to defend any action, if such failure to pay or
     defend may adversely affect the priority or enforceability of the lien over
     the Collateral created by this Indenture;

         (xiii)   except for any agreements involving the sale of Collateral
     Securities having customary sale terms and documented with customary loan
     trading documentation (other than any Hedge Agreements), enter into any
     agreements unless such agreements contain "non-petition" and "limited
     recourse" provisions;

         (xiv)    amend the Collateral Administration Agreement except pursuant
     to the terms thereof and Article XV of this Indenture or amend any Hedge
     Agreement except as permitted by the terms thereof and of this Indenture;
     or

         (xv)     enter into securities lending transactions with respect to the
     Collateral.

     (b) The Co-Issuer will not:

         (i)      claim any credit on, or make any deduction from, the principal
     or interest payable in respect of the Senior Notes (other than amounts
     withheld in accordance with the Code or any applicable laws of the Cayman
     Islands) or assert any claim against any present or future Noteholder by
     reason of the payment of any taxes levied or assessed upon any part of the
     Collateral;

                                      -91-

<PAGE>

         (ii)     (A) incur, assume or guarantee or become directly or
     indirectly liable with respect to any indebtedness or any contingent
     obligations (including swap agreements, cap agreements, reimbursement
     obligations, repurchase obligations or the like), other than pursuant to
     Senior Notes, this Indenture and the other agreements and transactions
     expressly contemplated hereby and thereby, (B) issue any additional
     securities (including capital stock (other than those in issue on the date
     hereof)) or (C) issue any additional shares of stock;

         (iii)    (A) permit the validity or effectiveness of this Indenture or
     any Grant hereunder to be impaired, or permit the lien of this Indenture to
     be amended, hypothecated, subordinated, terminated or discharged, or permit
     any Person to be released from any covenants or obligations with respect to
     this Indenture or the Senior Notes, except as may be expressly permitted
     hereby, or by the Collateral Administration Agreement, (B) permit any lien,
     charge, adverse claim, security interest, mortgage or other encumbrance
     (including any preference, priority or other security agreement or
     preferential arrangement of any kind or nature whatsoever or otherwise,
     other than the lien of this Indenture) to be created on or extend to or
     otherwise arise upon or burden the Collateral or any part thereof, any
     Interest therein or the Proceeds thereof, or (C) take any action that would
     cause the lien of this Indenture not to constitute a valid first priority
     perfected security interest in the Collateral, except as may be expressly
     permitted hereby (or in connection with a disposition of Collateral
     required hereby), or by the Collateral Administration Agreement;

         (iv)     make or incur any capital expenditures;

         (v)      become liable in any way, whether directly or by assignment or
     as a guarantor or other surety, for the obligations of the lessee under any
     lease, hire any employees or pay any dividends to its shareholders;

         (vi)     enter into any transaction with any Affiliate or any Holder of
     a Note other than the transactions relating to the offering and sale of the
     Notes;

         (vii)    maintain any bank accounts;

         (viii)   change its name without first delivering to the Trustee notice
     thereof and an Opinion of Counsel that such name change will not adversely
     affect the Trustee's lien or the interests hereunder of the Secured Parties
     or the Trustee; or

         (ix)     have any subsidiaries.

     (c) None of the Issuer, the Co-Issuer or the Trustee shall sell, transfer,
exchange or otherwise dispose of Collateral, or enter into or engage in any
business with respect to any part of the Collateral except as expressly
permitted or required by this Indenture and the Collateral Administration
Agreement.

         Section 7.11  Statement as to Compliance. On or before March 1 in each
calendar year, beginning March 1, 2003 or immediately if there has been a
Default in the fulfillment of a material obligation of the Issuer under this
Indenture, the Issuer shall deliver to the Trustee (to be forwarded to each of
the Rating Agencies, and each Hedge Counterparty) an Officer's Certificate
stating, as to each signer thereof, that having made reasonable inquiries of the
Collateral Administrator, and to the best of the knowledge, information and
belief of the Issuer, there did not exist, as at a date not more than five days
prior to the date of the certificate, nor had there existed at any time prior
thereto since the date of the last certificate (if any), any Default or, if such
Default did then exist or had existed, specifying the same and the nature and
status thereof, including actions undertaken to remedy the same, and that the
Issuer has complied with all of its obligations under this Indenture or, if such
is not the case, specifying those obligations with which it has not complied.

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         Section 7.12  Co-Issuers May Consolidate, Etc., Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other Person
or convey or transfer its properties and assets substantially as an entirety to
any Person, unless permitted by Cayman Islands law and unless:

         (i)      the Issuer shall be the surviving corporation, or the Person
     (if other than the Issuer) formed by such consolidation or into which the
     Issuer is merged or to which the properties and assets of the Issuer are
     transferred shall be a company incorporated and existing under the laws of
     the Cayman Islands or such other jurisdiction approved by the Controlling
     Party and each Hedge Counterparty, provided that no such approval shall be
     required in connection with any such transaction undertaken solely to
     effect a change in the jurisdiction of incorporation pursuant to Section
     7.6, and shall expressly assume, by an indenture supplemental hereto,
     executed and delivered to the Trustee and each Noteholder, the due and
     punctual payment of the principal of and interest on all Notes and all
     other amounts payable under this Indenture and the performance of every
     covenant of this Indenture on the part of the Issuer to be performed or
     observed, all as provided herein;

         (ii)     each of the Rating Agencies and each Hedge Counterparty shall
     have been notified in writing of such consolidation or merger and the
     Trustee shall have received confirmation in writing from each of the Rating
     Agencies that its ratings issued with respect to any of the Notes will not
     be immediately reduced or withdrawn as a result of the consummation of such
     transaction and each Hedge Counterparty shall have consented to such
     consolidation in writing;

         (iii)    if the Issuer is not the surviving corporation, the Person
     formed by such consolidation or into which the Issuer is merged or to which
     the properties and assets of the Issuer are transferred substantially as an
     entirety shall have agreed with the Trustee (A) to observe the same legal
     requirements for the recognition of such formed or surviving corporation as
     a legal entity separate and apart from any of its Affiliates as are
     applicable to the Issuer with respect to its Affiliates and (B) not to
     consolidate or merge with or into any other Person or convey or transfer
     the Collateral or its assets substantially as an entirety to any other
     Person except in accordance with the provisions of this Section 7.12;

         (iv)     if the Issuer is not the surviving corporation, the Person
     formed by such consolidation or into which the issuer is merged or to which
     the properties and assets of the Issuer are transferred substantially as an
     entirety shall have delivered to the Trustee and each of the Rating
     Agencies, and each Hedge Counterparty an Officer's Certificate and an
     Opinion of Counsel each stating that such Person shall be duly organized,
     validly existing and in good standing in the jurisdiction in which such
     Person is organized; that such Person has sufficient power and authority to
     assume the obligations set forth in paragraph (i) above and to execute and
     deliver an indenture supplemental hereto for the purpose of assuming such
     obligations; that such Person has duly authorized the execution, delivery
     and performance of an indenture supplemental hereto for the purpose of
     assuming such obligations and that such supplemental indenture is valid,
     legal and binding on such Person, enforceable in accordance with its terms,
     subject only to bankruptcy, reorganization, insolvency, moratorium and
     other laws affecting the enforcement of creditors' rights generally and to
     general principles of equity (regardless of whether such enforceability is
     considered in a proceeding in equity or at law); that, immediately
     following the event which causes such Person to become the successor to the
     Issuer, (A) such Person has good and marketable title, free and clear of
     any lien, security interest or charge, other than the lien and security
     interest of this Indenture, to the Collateral, the Trustee continues to
     have a valid perfected security interest in the Collateral that

                                      -93-

<PAGE>

          is of first priority, free of any adverse claim or the legal
          equivalent thereof, as applicable, and (C) such other matters as the
          Trustee may reasonably require;

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

               (vi)   the Issuer shall have notified each of the Rating Agencies
          of such consolidation, merger, conveyance or transfer and shall have
          delivered to the Trustee, each Hedge Counterparty, the Preferred
          Shares Paying Agent for transmission to the Holders of the Preferred
          Shares and each Noteholder an Officer's Certificate and an Opinion of
          Counsel each stating that such consolidation, merger, conveyance or
          transfer and such supplemental indenture comply with this Article VII
          and that all conditions precedent in this Article VII provided for
          relating to such transaction have been complied with and that no
          adverse tax consequences (relative to the tax consequences of not
          effecting the transaction) will result therefrom to the Issuer or the
          Holders of the Notes or the Preferred Shares; and

               (vii)  after giving effect to such transaction, neither of the
          Co-Issuers will be required to register as an investment company under
          the Investment Company Act.

          (b)  The Co-Issuer shall not consolidate or merge with or into any
          other Person or convey or transfer its properties and assets
          substantially as an entirety to any Person unless:

               (i)    the Co-Issuer shall be the surviving corporation, or the
          Person (if other than the Co-Issuer) formed by such consolidation or
          into which the Co-Issuer is merged or to which the properties and
          assets of the Co-Issuer are transferred, shall be a limited purpose
          corporation organized and existing under the laws of the State of
          Delaware or such other jurisdiction approved by the Controlling Party,
          and shall expressly assume, by an indenture supplemental hereto,
          executed and delivered to the Trustee, the due and punctual payment of
          the principal of and interest on all Senior Notes and the performance
          of every covenant of this Indenture on the part of the Co-Issuer to be
          performed or observed, all as provided herein;

               (ii)   each of the Rating Agencies, and each Hedge Counterparty
          shall have been notified of such consolidation or merger and the
          Trustee shall have received confirmation from each of the Rating
          Agencies that the ratings issued with respect to any of the Notes will
          not be immediately reduced or withdrawn as a result of the
          consummation of such transaction and each Hedge Counterparty shall
          have consented to such consolidation in writing;

               (iii)  if the Co-Issuer is not the surviving corporation, the
          Person formed by such consolidation or into which the Co-Issuer is
          merged or to which the properties and assets of the Co-Issuer are
          transferred substantially as an entirety shall have agreed with the
          Trustee (A) to observe the same legal requirements for the recognition
          of such formed or surviving corporation as a legal entity separate and
          apart from any of its Affiliates as are applicable to the Co-Issuer
          with respect to its Affiliates and (B) not to consolidate or merge
          with or into any other Person or convey or transfer its assets
          substantially as an entirety to any other Person except in accordance
          with the provisions of this Section 7.12;

               (iv)   if the Co-Issuer is not the surviving corporation, the
          Person formed by such consolidation or into which the Co-Issuer is
          merged or to which the properties and assets of the Co-Issuer are
          transferred substantially as an entirety shall have delivered to the
          Trustee, each Hedge Counterparty and each of the Rating Agencies an
          Officer's Certificate and an Opinion of Counsel each stating that such
          Person shall be duly organized, validly existing and in good standing
          in the

                                      -94-

<PAGE>

     jurisdiction in which such Person is organized; that such Person has
     sufficient power and authority to assume the obligations set forth in
     paragraph (i) above and to execute and deliver an indenture supplemental
     hereto for the purpose of assuming such obligations; that such Person has
     duly authorized the execution, delivery and performance of an indenture
     supplemental hereto for the purpose of assuming such obligations and that
     such supplemental indenture is valid, legal and binding on such Person,
     enforceable in accordance with its terms, subject only to bankruptcy,
     reorganization, insolvency, moratorium and other laws affecting the
     enforcement of creditors' rights generally and to general principles of
     equity (regardless of whether such enforceability is considered in a
     proceeding in equity or at law); and such other matters as the Trustee may
     reasonably require;

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

          (vi)  the Co-Issuer shall have notified each of the Rating Agencies of
     such consolidation, merger, conveyance or transfer and shall have delivered
     to the Trustee, each Hedge Counterparty and each Holder of a Senior Note an
     Officer's Certificate and an Opinion of Counsel each stating that such
     consolidation, merger, conveyance or transfer and such supplemental
     indenture comply with this Article VII and that all conditions precedent in
     this Article VII provided for relating to such transaction have been
     complied with and that no adverse tax consequences will result therefrom to
     the Co-Issuer or the Holders of the Notes; and

          (vii) after giving effect to such transaction, neither of the
     Co-Issuers will be required to register as an investment company under the
     Investment Company Act.

     (c)  So long as any of the Senior Notes are listed on the Irish Stock
Exchange, the Co-Issuers shall mail notice of such consolidation, merger or
transfer of assets of the Issuer or the Co-Issuer to the Irish Paying Agent.

          Section 7.13  Successor Substituted. Upon any consolidation or merger,
or conveyance or transfer of the properties and assets of the Issuer or the
Co-Issuer substantially as an entirety, in accordance with Section 7.12 hereof,
the Person formed by or surviving such consolidation or merger (if other than
the Issuer or the Co-Issuer), or, the Person to which such consolidation,
merger, conveyance or transfer is made, shall succeed to, and be substituted
for, and may exercise every right and power of, the Issuer or the Co-Issuer, as
the case may be, under this Indenture with the same effect as if such Person had
been named as the Issuer or the Co-Issuer, as the case may be, herein. In the
event of any such consolidation, merger, conveyance or transfer, the Person
named as the "Issuer" or the "Co-Issuer" in the first paragraph of this
Indenture or any successor which shall theretofore have become such in the
manner prescribed in this Article VII may be dissolved, wound up and liquidated
at any time thereafter, and such Person thereafter shall be released from its
liabilities as obligor and maker on all the Notes (or with respect to the
Co-Issuer on all the Senior Notes) and from its obligations under this
Indenture.

          Section 7.14  No Other Business. The Issuer shall not engage in any
business or activity other than issuing and selling the Notes pursuant to this
Indenture, issuing and selling the Preferred Shares and ordinary shares,
entering into Hedge Agreements, entering into the Preferred Shares Paying Agency
Agreement and acquiring, owning, holding, selling, pledging, contracting for the
management of and otherwise dealing with Collateral Securities and other
Collateral in connection therewith and such other activities which are
necessary, required or advisable to accomplish the foregoing, provided, however,
that the Issuer shall be permitted to enter into any additional agreements not
expressly prohibited by Section 7.10(a) and to enter into any amendment,
modification, or waiver of existing agreements or such additional agreements,
provided that the Issuer determines that such amendment, modification or waiver
would not, upon or after becoming effective, materially adversely affect the
rights or interests of such Class or Classes

                                      -95-

<PAGE>

of Holders. The Co-Issuer shall not engage in any business or activity other
than issuing and selling the Senior Notes pursuant to this Indenture and such
other activities which are necessary, required or advisable to accomplish the
foregoing. The Issuer and the Co-Issuer will not amend their Memorandum of
Association or Articles of Association and Certificate of Incorporation or
By-laws, respectively, unless the Rating Condition has been met.

          Section 7.15  Compliance with Collateral Administration Agreement. The
Issuer agrees to perform all actions required to be performed by it, and to
refrain from performing any actions prohibited under, the Collateral
Administration Agreement and any Hedge Agreement. The Issuer also agrees to take
all actions as may be necessary to ensure that all of the Issuer's
representations and warranties made pursuant to the Collateral Administration
Agreement and any Hedge Agreement are true and correct as of the date thereof
and continue to be true and correct for so long as any Notes are Outstanding.
The Issuer further agrees not to authorize or otherwise to permit the Collateral
Administrator to act in contravention of the representations, warranties and
agreements of the Collateral Administrator under the Collateral Administration
Agreement.

          Section 7.16  Reaffirmation of Rating; Annual Rating Review. So long
as any of the Notes remain Outstanding, on or before March 1 in each year
commencing on March 1, 2003, the Co-Issuers shall obtain and pay for an annual
review of the rating of such Notes from each of the Rating Agencies. The
Co-Issuers shall promptly notify the Trustee (which shall promptly notify the
Noteholders) and each Hedge Counterparty in writing if at any time the rating of
any of such Classes has been, or it is known by the Issuers that such a rating
will be, changed or withdrawn.

          Section 7.17  Reporting. At any time when the Co-Issuers are not
subject to Section 13 or 15(d) of the Exchange Act and are not exempt from
reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of
a Holder or beneficial owner of a Class A Note, Class B Note, Class C Note,
Class D-FX Note, Class D-FL Note, Class E-FX Note, Class E-FXD Note, Class E-FL
Note, Class F-FX Note, Class F-FL Note, Class G Note or Class H Note, the
Co-Issuers shall promptly furnish or cause to be furnished Rule 144A Information
to such Holder or beneficial owner, to a prospective purchaser of such Class A
Note, Class B Note, Class C Note, Class D-FX Note, Class D-FL Note, Class E-FX
Note, Class E-FXD Note, Class E-FL Note, Class F-FX Note, Class F-FL Note, Class
G Note or Class H Note designated by such Holder or beneficial owner, to another
designee of such Holder or beneficial owner or to the Trustee for delivery to
such Holder or beneficial owner or a prospective purchaser designated by such
Holder or beneficial owner or such other designee of such beneficial owner, as
the case may be, in order to permit compliance by such Holder or beneficial
owner with Rule 144A in connection with the resale of such Note by such Holder
or beneficial owner.

          Section 7.18  Calculation Agent.

     (a)  The Co-Issuers hereby appoint the Trustee as calculation agent (in
such capacity, the "Calculation Agent") for purposes of determining LIBOR for
each Interest Accrual Period. The Co-Issuers hereby agree that for so long as
any of the Floating Rate Notes remain Outstanding, the Trustee will at all times
serve as the Calculation Agent for the purpose of calculating LIBOR in respect
of each Interest Accrual Period in accordance with the terms of Schedule B
hereto. For so long as any of the Floating Rate Notes are listed on the Irish
Stock Exchange and the rules of such Exchange so require, the Irish Listing and
Paying Agent will publish in the Irish Stock Exchange Daily Official List notice
of the appointment, termination or change in the office of such Calculation
Agent.

     (b)  The Calculation Agent shall be required to agree that, as soon as
practicable after 11:00 a.m., (New York time), on each LIBOR Determination Date
(as defined in Schedule B hereto), but in no event later than 11:00 a.m. (New
York time) on the Business Day following such LIBOR Determination Date, the

                                      -96-

<PAGE>

Calculation Agent will communicate the Class A Note Interest Amount, the Class A
Note Interest Rate, the Class B Note Interest Amount, the Class B Note Interest
Rate, the Class D-FL Note Interest Amount, the Class D-FL Note Interest Rate,
the Class E-FL Note Interest Amount, the Class E-FL Note Interest Rate, the
Class F-FL Note Interest Amount, the Class F-FL Note Interest Rate, the Interest
Accrual Period and the next Payment Date to the Co-Issuers, the Trustee, the
Collateral Administrator, Euroclear, Clearstream, each Paying Agent and the
Irish Stock Exchange (so long as any Floating Rate Notes are listed thereon). So
long as the Senior Notes are listed on the Irish Stock Exchange and the rules
and regulations of the Irish Stock Exchange so require, such information will be
published by the Irish Listing and Paying Agent in the Irish Stock Exchange
Daily Official List as soon as practicable, but in no event later than the
fourth Business Day following such LIBOR Determination Date. The determination
of the Floating Rate Note Interest Rates and the Floating Rate Note Interest
Amounts by the Calculation Agent (in the absence of manifest error) will be
final and binding upon all parties.

     (c)  The Calculation Agent shall be required to specify to the Co-Issuers
the quotations upon which each Floating Rate Note Interest Rate is based, and in
any event the Calculation Agent shall notify the Co-Issuers before 5:00 p.m.
(New York time) on each LIBOR Determination Date that either: (i) it has
determined or is in the process of determining each of the Floating Rate Note
Interest Rates and each of the Floating Rate Note Interest Amounts or (ii) it
has not determined and is not in the process of determining each of the Floating
Rate Note Interest Rates and each of the Floating Rate Note Interest Amounts,
together with its reasons therefor.

          Section 7.19 Representations and Warranties of the Issuer.

     (a)  This Indenture creates a valid and continuing security interest
(within the meaning of the applicable UCC) in the Collateral in favor of the
Trustee, which security interest is prior to all other liens, and is enforceable
as such as against creditors of and purchasers from the Issuer.

     (b)  The Issuer owns and has good and marketable title to the Collateral
free and clear of any lien, claim or encumbrance of any Person.

     (c)  The Issuer has caused or will have caused, within ten (10) days of the
Closing Date, the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in the Collateral granted to the Trustee
hereunder.

     (d)  The Issuer has taken all steps necessary to cause the Securities
Intermediary to identify in its records the Trustee as the person having a
security entitlement against the Securities Intermediary in each of the Issuer
Accounts.

     (e)  Other than the security interest granted to the Trustee pursuant to
this Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Collateral. The Issuer has not
authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of the Collateral, other than any
financing statement relating to the security interest granted to the Trustee
hereunder or that has been terminated. The Issuer is not aware of any judgment,
Pension Benefit Guaranty Corporation or tax lien filings against the Issuer.

     (f)  All original executed copies of each writing constituting an
"instrument" (within the meaning of the applicable UCC) that constitute or
evidence the Collateral have been delivered to the Trustee.

     (g)  None of the "instruments" (within the meaning of the applicable UCC)
that constitute or evidence the Collateral has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other
than the Trustee.

                                      -97-

<PAGE>

     (h)  The Issuer has received all consents and approvals required by the
terms of the Underlying Instruments of the Collateral to the transfer to the
Trustee of its interest and rights in the Collateral hereunder.

     (i)  Each of the Issuer Accounts is a "securities account" (within the
meaning of the applicable UCC).

     (j)  Other than the Issuer Accounts, the Collateral consists of (i)
writings constituting "instruments" (within the meaning of the applicable UCC),
(ii) accounts receivable or (iii) "general intangibles" (within the meaning of
the applicable UCC).

     (k)  The Issuer Accounts are not in the name of any Person other than the
Trustee. The Issuer has not consented to the securities intermediary of any of
the Issuer Accounts to comply with entitlement orders of any Person other than
the Trustee.

     (l)  All of the Collateral consisting of "security entitlements" (within
the meaning of the applicable UCC) has been credited to the Issuer Accounts.

     (m)  The securities intermediary for each of the Issuer Accounts has agreed
to treat all assets credited to each of such accounts as "financial assets"
(within the meaning of the applicable UCC).

     (n)  Each of the foregoing representations, as applicable, shall be deemed
repeated each time new assets become part of the Collateral.

     (o)  The security interest of the Trustee in the Collateral shall, until
payment in full of the indebtedness secured hereunder and termination of this
Indenture, be a first-priority perfected security interest.

     (p)  The foregoing representations shall survive termination of this
Indenture.

     (q)  The foregoing representations may not be waived, amended or modified
without the prior written consent of S&P and the parties to this Indenture shall
provide S&P with written notice of any breach of the representations contained
in this Section 7.19 promptly after becoming aware of such breach.

          Section 7.20  Waiver of Rights.

     Within 30 days following the Closing Date, with respect to each Underlying
CMBS Series, the Issuer and the Trustee shall provide notice to the related
underlying trustee that the Issuer and the Trustee waive any right, as Directing
Holder or holder of a portion of the controlling class of the Underlying CMBS
Series, to (i) appoint or replace a Controlling Class Representative, (ii)
appoint or replace the special servicer, (iii) purchase (or assign the right to
purchase) defaulted or delinquent loans, (iv) conduct a "clean-up call" or (v)
except with respect to CMAT 1999-C2, direct or consent to specified actions of
the special servicer with respect to the Commercial Mortgage Loans. With respect
to any Underlying CMBS Series for which the Issuer or the Trustee receives
notice following the Closing Date that the Issuer or the Trustee have become the
Directing Holder or a holder of a portion of the controlling class of the
Underlying CMBS Series, the Issuer and the Trustee shall provide notice to the
related underlying trustee that the Issuer and the Trustee waive any right, as
Directing Holder or holder of a portion of the controlling class of the
Underlying CMBS Series, to (i) replace a Controlling Class Representative, (ii)
replace the special servicer, (iii) purchase defaulted or delinquent loans, (iv)
conduct a "clean-up call" or (v) except with respect to CMAT 1999-C2, direct or
consent to specified actions of the special servicer with respect to the
Commercial Mortgage Loans. In the event that the consent of the Issuer or the
Trustee as Directing Holder or holder of a portion of the

                                      -98-

<PAGE>

controlling class of the Underlying CMBS Series is required in order for the
underlying special servicer to take any action under the related Underlying CMBS
Series, the Issuer and the Trustee, at the direction of the Collateral
Administrator, shall instruct the special servicer to take such action as it
determines is appropriate. In addition, for so long as the Issuer is the
Directing Holder of CMAT 1999-C2 (as such term is defined in the related
Underlying Instrument), the Trustee, pursuant to instruction of the Collateral
Administrator, shall respond to requests for consent to matters under the
related Underlying Instrument.

          Section 7.21  Certain Tax Matters.

     (a)  The Issuer shall not file, or cause to be filed, any income or
franchise tax return in any state of the United States unless it shall have
obtained an Opinion of Counsel prior to such filing that, under the laws of such
jurisdiction, the Issuer is required to file such income or franchise tax
return.

     (b)  The Issuer shall not, and will require under the Collateral
Administration Agreement that the Collateral Administrator, acting on the
Issuer's behalf does not, acquire any asset, conduct any activity or take any
action if the acquisition or ownership of such asset, the conduct of such
activity or the taking of such action, as the case may be, would cause the
Issuer to be engaged, or deemed to be engaged, in a trade or business within the
United States for United States federal, state or local income tax or franchise
tax purposes or otherwise to be subject to United States federal income tax on a
net income tax basis.

                                  ARTICLE VIII

                             SUPPLEMENTAL INDENTURES

          Section 8.1   Supplemental Indentures without Consent of Holders.
Without the consent of the Noteholders, but with the consent of (i) the
Collateral Administrator, if the rights, obligations or compensation of the
Collateral Administrator are affected thereby, (ii) each Hedge Counterparty, if
the rights and obligations of such Hedge Counterparty are adversely affected
thereby and (iii) the holders of a majority of the Preferred Shares, the Issuer
and the Co-Issuer, if applicable, when authorized by Board Resolutions, and the
Trustee, at any time and from time to time may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee for any of the
following purposes:

     (a)  to evidence the succession of another Person to the Issuer or the
Co-Issuer, and the assumption by any such successor Person of the covenants of
the Issuer or the Co-Issuer contained herein and in the Notes;

     (b)  to add to the covenants of the Co-Issuers or the Trustee, for the
benefit of the Holders of the Notes, or to surrender any right or power herein
conferred upon the Issuer or the Co-Issuer;

     (c)  to convey, transfer, assign, mortgage or pledge any additional
property to or with the Trustee, or add to the conditions, limitations or
restrictions on the authorized amount, terms and purposes of the issue,
authentication and delivery of the Notes;

     (d)  to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee and to add to or change any of the provisions of this
Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the requirements of Section 6.9,
6.10 or 6.12 hereof;

     (e)  to correct or amplify the description of any property at any time
subject to the lien of this Indenture, or to correct, amplify or otherwise
improve any pledge, assignment or conveyance to the Trustee

                                      -99-

<PAGE>

of any property subject or required to be subjected to the lien of this
Indenture (including, without limitation, any and all actions necessary or
desirable as a result of changes in law or regulations), or to cause any
additional property to be subject to the lien of this Indenture;

     (f)  otherwise resolve any inconsistency, cure any ambiguity, correct any
typographical or manifest error or amend any provision of this Indenture,
provided that such action shall not materially adversely affect the interests of
any Noteholder, provided, however, that if the Rating Condition is satisfied,
any such action shall be deemed not to materially adversely affect the interests
of any Noteholder;

     (g)  to take any action necessary or advisable to prevent the Issuer or the
Trustee from being subject to withholding or other taxes, fees or assessments or
to prevent the Issuer from being treated as engaged in the United States trade
or business or otherwise being subject to United States federal, state, or local
income and franchise tax on a net income tax basis;

     (h)  to modify the restrictions on and procedures for resale and other
transfer of the Notes in accordance with any change in any applicable law or
regulation (or the interpretation thereof) or to enable the Co-Issuers to rely
upon any less restrictive exemption from registration under the Securities Act
or the Investment Company Act or to remove restrictions on resale and transfer
to the extent not required thereunder or otherwise to facilitate the transfer of
Notes in accordance with law; or

     (i)  to list any Class of Notes on any stock exchange.

The Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations which may be therein contained, but the Trustee shall not be
obligated to enter into any such supplemental indenture which affects the
Trustee's own rights, duties, liabilities or immunities under this Indenture or
otherwise, except to the extent required by law.

Not later than 15 Business Days prior to the execution of any proposed
supplemental indenture pursuant to this Section 8.1, the Trustee, at the expense
of the Co-Issuers, shall, for so long as any Class of Notes are Outstanding and
rated by the Rating Agencies, mail to each of the Rating Agencies, a copy of
such proposed supplemental indenture and shall request each of the Rating
Agencies to confirm in writing to the Trustee and the Co-Issuers that such
supplemental indenture would not cause the rating of any such Class of Notes to
be reduced or withdrawn. No such proposed supplemental indenture may be executed
if any Rating Agency determines that the rating of any such Class of Notes might
be reduced or withdrawn as a result of such proposed supplemental indenture.

Not later than 15 Business Days prior to the execution of any proposed
supplemental indenture pursuant to this Section 8.1, the Trustee, at the expense
of the Co-Issuers, shall mail to each Hedge Counterparty, the Noteholders, the
Collateral Administrator and the Preferred Shares Paying Agent a copy of any
proposed supplemental indenture.

Promptly after the execution of any supplemental indenture pursuant to this
Section 8.1, the Trustee, at the expense of the Co-Issuers, shall mail to the
Holders of the Notes, the Collateral Administrator, each Hedge Counterparty, the
Preferred Shares Paying Agent, the Irish Paying Agent (so long as any of the
Senior Notes are listed on the Irish Stock Exchange) and each Rating Agency a
copy thereof. Any failure of the Trustee to publish or mail any such notice, or
any defect therein shall not in any way impair or affect the validity of any
such supplemental indenture.

                                      -100-

<PAGE>

          Section 8.2   Supplemental Indentures with Consent of Holders. With
the consent of (i) the Holders of not less than 66 2/3% of the aggregate Note
Balance of the Notes of each Class materially and adversely affected thereby,
(ii) if the rights, obligations or compensation of the Collateral Administrator
are affected thereby, the Collateral Administrator, (iii) if the rights and
obligations of the Hedge Counterparties are adversely affected thereby, each
Hedge Counterparty and (iv) the holders of a majority of the Preferred Shares,
by Act of said Holders delivered to the Co-Issuers and the Trustee, the
Co-Issuers and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes of any such Class
under this Indenture. The Trustee may, consistent with the written advice of
counsel provided by and at the expense of the party requesting the supplemental
indenture, determine whether or not the Holders of Notes would be adversely
affected by such Amendment (after giving notice of such change to the Holders of
Notes). The Trustee's determination that an amendment will not adversely affect
a Class of Notes shall be conclusive and binding on all present and future
Holders of Notes. The Trustee shall not be liable for any such determination
made in good faith and in reliance upon an Opinion of Counsel delivered to the
Trustee as described in Section 8.3 hereof.

     Notwithstanding anything in this Indenture to the contrary, no such
supplemental indenture shall, without the consent of (i) each Holder of each
Outstanding Note adversely affected thereby, (ii) each Hedge Counterparty and
(iii) the holders of a majority of the Preferred Shares:

     (a)  change the Stated Maturity of the principal of any Note, or the date
on which any installment of principal or interest on any Note is due and
payable, or reduce the principal amount thereof or the Note Interest Rate
thereon or the Redemption Price with respect thereto, change the earliest date
on which any Note may be redeemed at the option of the Co-Issuers, change the
provisions of this Indenture relating to the application of Proceeds of the
Collateral to the payment of principal of or interest on the Notes or change any
place where, or the coin or currency in which, any Note or the principal thereof
or interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the applicable Redemption Date);

     (b)  reduce the percentage of the aggregate Note Balance or number, as
applicable, of Notes of each Class the consent of the Holders of which is
required for the authorization of any such supplemental indenture, or the
consent of the Holders of which is required for any waiver of compliance with
certain provisions of this Indenture or certain Defaults hereunder and their
consequences provided for in this Indenture;

     (c)  impair or adversely affect the Collateral except as otherwise
permitted in this Indenture;

     (d)  permit the creation of any lien ranking prior to or on a parity with
the lien of this Indenture with respect to any part of the Collateral or
terminate the lien of this Indenture on any property at any time subject hereto
or deprive any Secured Party of the security afforded by the lien of this
Indenture;

     (e)  reduce the percentage of the aggregate Note Balance, the consent of
the Holders of which is required to request that the Trustee preserve the
Collateral or to rescind the Trustee's election to preserve the Collateral
pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to
Section 5.4 or 5.5;

     (f)  modify any of the provisions of this Section, except to increase the
percentage of Outstanding Notes whose Holders' consent is required for any such
action or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding Note
adversely affected thereby;

                                      -101-

<PAGE>

     (g)  modify the definition of the term "Outstanding" or the Priority of
Payments set forth in Section 11.1 or Section 13.1;

     (h)  modify any of the provisions of this Indenture in such a manner as to
affect the calculation of the amount of any payment of interest or principal due
on any Note on any Payment Date or to affect the rights of the Holders of Notes
to the benefit of any provisions for the redemption of such Notes contained
herein;

     (i)  amend any provision of this Indenture or any other agreement entered
into by the Issuer or the Co-Issuer with respect to the transactions
contemplated hereby relating to the institution of proceedings for the Issuer or
the Co-Issuer to be adjudicated as bankrupt or insolvent, or the consent of the
Issuer or the Co-Issuer to the institution of bankruptcy or insolvency
proceedings against it, or the filing with respect to the Issuer or the
Co-Issuer of a petition or answer or consent seeking reorganization,
arrangement, moratorium or liquidation proceedings, or other proceedings under
the Bankruptcy Code or any similar laws, or the consent of the Issuer or the
Co-Issuer to the filing of any such petition or the appointment of a receiver,
liquidator, assignee, trustee or sequestrator (or other similar official) of the
Issuer or the Co-Issuer or any substantial part of its property, respectively;
or

     (j)  amend any provision of this Indenture or any other agreement entered
into by the Issuer or the Co-Issuer with respect to the transactions
contemplated hereby that provides that the obligations of the Co-Issuers or the
Issuer, as the case may be, are limited recourse obligations of the Co-Issuers
or the Issuer, respectively, payable solely from the Collateral in accordance
with the terms of this Indenture.

Not later than 15 Business Days prior to the execution of any proposed
supplemental indenture pursuant to this Section 8.2, the Trustee, at the expense
of the Co-Issuers, shall, for so long as the Notes are Outstanding and rated by
the Rating Agencies, mail to each of the Rating Agencies, a copy of such
proposed supplemental indenture and shall request each of the Rating Agencies to
confirm to the Trustee and the Co-Issuers that such supplemental indenture would
not cause the rating of any such Class of Notes to be reduced or withdrawn. No
such proposed supplemental indenture may be executed unless each of the Rating
Agencies confirm in writing that the rating of any such Class of Notes will not
be reduced or withdrawn as a result of such proposed supplemental indenture.

Not later than 15 Business Days prior to the execution of any proposed
supplemental indenture pursuant to this Section 8.2, the Trustee, at the expense
of the Co-Issuers, shall mail to each Hedge Counterparty, the Noteholders, the
Collateral Administrator and the Preferred Shares Paying Agent a copy of any
proposed supplemental indenture.

It shall not be necessary for any Act of Noteholders under this Section 8.2 to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

Promptly after the execution by the Co-Issuers and the Trustee of any
supplemental indenture pursuant to this Section 8.2, the Trustee, at the expense
of the Co-Issuers, shall mail to the Holders of the Notes, the Collateral
Administrator, each Hedge Counterparty, the Preferred Shares Paying Agent, the
Irish Paying Agent (so long as any of the Senior Notes are listed on the Irish
Stock Exchange) and, so long as the Notes are Outstanding and rated by the
Rating Agencies, each of the Rating Agencies a copy thereof. Any failure of the
Trustee to publish or mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

                                      -102-

<PAGE>

          Section 8.3   Execution of Supplemental Indentures. In executing or
accepting the additional trusts created by any supplemental indenture permitted
by this Article VIII or the modifications thereby the Trustee shall be entitled
to receive, and (subject to Sections 6.1 and 6.3 hereof) shall be fully
protected in relying upon an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture and
that all conditions precedent thereto have been complied with. The Trustee may,
but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise. The Collateral Administrator shall not be bound by any amendment to
this Indenture that (x) affects the obligations or rights of the Administrator
or (y) affects the amount or priority of any fees or other amounts payable to
the Collateral Administrator unless, in either case (x) or (y), the Collateral
Administrator has been given prior written notice of such amendment and shall
have expressly consented thereto in writing.

          Section 8.4   Effect of Supplemental Indentures. Upon the execution of
any supplemental indenture under this Article VIII, this Indenture shall be
modified in accordance therewith; and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Notes theretofore
and thereafter authenticated and delivered hereunder shall be bound thereby.

          Section 8.5   Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article VIII may, and if required by the Trustee shall, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Co-Issuers shall so determine, new Notes so
modified as to conform in the opinion of the Trustee and the Co-Issuers to any
such supplemental indenture, may be prepared and executed by the Issuer and the
Co-Issuer and authenticated and delivered by the Trustee in exchange for
Outstanding Notes.

                                   ARTICLE IX

                               REDEMPTION OF NOTES

          Section 9.1   Optional Redemption.

     (a)  The Notes shall be redeemed by the Issuer, at the direction of the
Collateral Administrator, in whole but not in part, on any Payment Date on or
after the Payment Date on which the Aggregate Principal Amount of the Collateral
Securities is equal to or less than 10% of the Aggregate Principal Amount of the
Collateral Securities as of the Closing Date, at the applicable Optional
Redemption Price.

     (b)  If the Collateral Administrator directs the Issuer to redeem the Notes
pursuant to Section 9.1(a), the Collateral Administrator, or its assignee, shall
purchase the Collateral Securities from the Issuer on or before the related
Optional Redemption Date, in immediately available funds, at a purchase price
(the "Optional Redemption Purchase Price") that, together with (x) the Eligible
Investments maturing on or prior to the Redemption Date, and (y) the Cash
expected to be available in the Issuer Accounts on the Redemption Date,
including any termination payments received by the Issuer under the Hedge
Agreement prior to the related Redemption Date, is sufficient to pay the Total
Redemption Amount. If the Collateral Administrator, or its assignee, fails to
pay the Optional Redemption Purchase Price on or before the related Optional
Redemption Date, the Notes shall not be redeemed on such Optional Redemption
Date and all of the terms and provisions of this Indenture shall continue in
full force and effect unless and until the Collateral Administrator, or its
assignee, pays the Optional Redemption Purchase Price on any subsequent Optional
Redemption Date. The Optional Redemption Purchase Price shall be paid to the
Trustee for deposit in the Payment Account.

                                      -103-

<PAGE>

          Section 9.2   Tax Redemption.

     (a)  The Notes shall be redeemed by the Issuer, in whole but not in part,
at the direction of the holders of a majority of the Preferred Shares, on any
Payment Date on which a Withholding Tax Event is continuing, at the applicable
Tax Redemption Price. At any time following the occurrence of a Withholding Tax
Event, the holders of a majority of the Preferred Shares, by written notice to
the Issuer and the Trustee, may irrevocably waive their right to direct the
redemption of the Notes by the Issuer based on such Withholding Tax Event;
provided, however, that if a subsequent Withholding Tax Event occurs, the
holders of a majority of the Preferred Shares shall have the right to direct the
redemption of the Notes by the Issuer based on such subsequent Withholding Tax
Event without regard to the prior waiver. The Issuer, or the Trustee on its
behalf, shall notify the Preferred Shares Paying Agent of a Withholding Tax
Event, upon the occurrence of such event, and in no event later than 2 days
after such occurrence.

     (b)  If the holders of a majority of the Preferred Shares direct the Issuer
to redeem the Notes pursuant to Section 9.2(a), such holders of a majority of
the Preferred Shares, or their assignee, shall purchase the Collateral
Securities from the Issuer on or before the related Tax Redemption Date, in
immediately available funds, at a purchase price (the "Tax Redemption Purchase
Price") that, together with (x) the Eligible Investments maturing on or prior to
the Redemption Date, and (y) the Cash expected to be available in the Issuer
Accounts on the Redemption Date, including any termination payments received by
the Issuer under the Hedge Agreement prior to the related Redemption Date, is
sufficient to pay the Total Redemption Amount. If such holders of a majority of
the Preferred Shares, or their assignee, fail to pay the Tax Redemption Purchase
Price on or before the related Tax Redemption Date, the Notes shall not be
redeemed on such Tax Redemption Date and all of the terms and provisions of this
Indenture shall continue in full force and effect unless and until such holders
of a majority of the Preferred Shares, or its assignee, pay the Tax Redemption
Purchase Price on any subsequent Tax Redemption Date. The Tax Redemption
Purchase Price shall be paid to the Trustee for deposit in the Payment Account.

          Section 9.3   Mandatory Redemption.

          On any Payment Date on which any of the Class C Coverage Tests, Class
D Coverage Tests, Class E Coverage Tests or the Class F Coverage Tests are not
satisfied, the Class A Notes will be subject to mandatory redemption (a
"Mandatory Redemption") until the applicable Coverage Test is satisfied or the
Class A Notes have been paid in full. Following the payment in full of all of
the Class A Notes, if any of the Class C Coverage Tests, Class D Coverage Tests,
Class E Coverage Tests or Class F Coverage Tests are not satisfied, the Class B
Notes will be subject to mandatory redemption until the applicable Coverage Test
is satisfied or the Class B Notes have been paid in full. Following the payment
in full of all of the Class B Notes, if any of the Class C Coverage Tests, Class
D Coverage Tests, Class D Coverage Tests, the Class E Coverage Tests or Class F
Coverage Tests are not satisfied, the Class C Notes will be subject to mandatory
redemption until the applicable Coverage Test is satisfied or the Class C Notes
have been paid in full. Following the payment in full of all of the Class C
Notes, if any of the Class D Coverage Tests, the Class E Coverage Tests or the
Class F Coverage Tests are not satisfied, the Class D-FX Notes and the Class
D-FL Notes will be subject to mandatory redemption pro rata (based on their
respective outstanding Note Balance), until the applicable Coverage Test is
satisfied or the Class D-FX Notes and the Class D-FL Notes have been paid in
full. Following the payment in full of all of the Class D-FX Notes and the Class
D-FL Notes, if any of the Class E Coverage Tests or the Class F Coverage Tests
are not satisfied, the Class E-FX Notes, the Class E-FXD Notes and the Class
E-FL Notes will be subject to mandatory redemption pro rata (based on their
respective outstanding Note Balance), until the applicable Coverage Test is
satisfied or the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL
Notes have been paid in full. Following the payment in full of all of the Class
E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes, if any of the Class
F Coverage Tests are not satisfied, the Class F-FX Notes and the Class F-FL
Notes pro rata (based on their respective outstanding Note Balance), will be
subject to mandatory redemption until the applicable Coverage Test is

                                      -104-

<PAGE>

satisfied or the Class F-FX Notes and the Class F-FL Notes have been paid in
full. In each case, such mandatory redemption will be made at par plus accrued
interest, if any.

          Section 9.4   Redemption Procedures.

     (a)  The Notes shall not be redeemed in an Optional Redemption, unless the
Collateral Administrator sends written notice to the Trustee and the Issuer,
directing the Issuer to redeem the Notes pursuant to Section 9.1 on a Payment
Date that is not less than 32 days from the date of such notice. Such notice
shall constitute an obligation of the Collateral Administrator to purchase the
Collateral Securities on such Payment Date in accordance with Section 9.2,
provided, the Collateral Administrator may rescind such notice of an Optional
Redemption, by written notice to the Trustee and the Issuer not less than 7 days
before the applicable Optional Redemption Date.

     (b)  The holders of a majority of the Preferred Shares shall direct the
Issuer to redeem the Notes in a Tax Redemption in accordance with the Preferred
Shares Paying Agency Agreement.

     (c)  The Trustee shall apply the Liquidation Proceeds received in
connection with any Redemption (i) to pay the expenses of such repayment or
Redemption, (ii) to pay the payments to the Hedge Counterparty and
Administrative Expenses described in Section 11.1(b)(i) through (v) (without
regard to any limitations described therein), (iii) to pay the Redemption Prices
of the Senior Notes, (iv) to pay any Defaulted Hedge Termination Payments due to
the Hedge Counterparty under the Hedge Agreement, (v) to pay the Redemption
Price of the Junior Notes, (vi) to pay the amounts set forth in Section
11.1(b)(xxv) and 11.1(c)(xxv) and (vii) any remainder shall be paid to the
Preferred Shares Paying Agent for distribution to the Preferred Shares. The
Issuer may not effect a Redemption unless the related Liquidation Proceeds will
be sufficient to pay all the amounts set forth in clauses (i) through (vii) of
the preceding sentence (such amount, the "Total Redemption Amount").

          The Issuer shall determine the Redemption Date and the Redemption
Record Date and give notice thereof to the Trustee pursuant to Section 9.5.

          Section 9.5   Notice to Trustee of Redemption.

          In the event of any Redemption, the Issuer shall, at least 30 days
prior to the applicable Redemption Date (unless the Trustee shall agree to a
shorter notice period), notify the Hedge Counterparty, the Trustee and the
Preferred Shares Paying Agent of such applicable Redemption Date, the Redemption
Record Date and the Redemption Price of the Notes of each Class. In addition,
the Issuer shall promptly notify the Rating Agencies after any Mandatory
Redemption and such notice shall state whether the applicable Coverage Test was
satisfied due to such Mandatory Redemption.

          Section 9.6   Notice of Redemption by the Co-Issuers.

          Notice of a Redemption shall be given by first-class mail, postage
prepaid, mailed not later than 30 days prior to the applicable Redemption Date,
to each Holder of Notes at such Holder's address in the Note Register and, for
so long as the Notes are traded on the Irish Stock Exchange, to the Irish Stock
Exchange Daily Official List.

          All such notices shall state:

     (a)  the applicable Redemption Date;

     (b)  the Redemption Price for each Class;

                                      -105-

<PAGE>

     (c)  that final repayment of all the Notes of each Class is being made and
that interest on such Notes shall cease to accrue on the date specified in the
notice; and

     (d)  the place or places where any such Notes to be redeemed are to be
surrendered for payment of the Redemption Price which shall be the office or
agency of the Paying Agent.

          In the event such Redemption is withdrawn as provided in Section
9.4(a) or (b), the Trustee shall give notice of such withdrawal by overnight
courier guaranteeing next day delivery, sent not later than the third Business
Day prior to the scheduled Redemption Date, to each Holder of Notes to be repaid
or redeemed at such Holder's address in the Note Register, the Preferred Shares
Paying Agent and the Hedge Counterparty.

          Notice of Redemption shall be given by the Co-Issuers or, at the
Co-Issuers' request, by the Trustee in the name and at the expense of the
Co-Issuers. Failure to give such notice, or any defect therein, to any Holder of
any Note selected for Redemption shall not impair or affect the validity of the
Redemption of any other Notes.

          Section 9.7   Notes Payable on Redemption Date.

          Notice of Redemption having been given as required pursuant to
Sections 9.5 and 9.6, unless such notice has been withdrawn pursuant to Section
9.4(a) or (b), as applicable, and subject to Section 9.1(b) or Section 9.2(b),
as applicable, the Notes shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after the Redemption
Date (unless the Issuer shall Default in the payment of the Redemption Price)
such Notes shall cease to bear interest. Upon final payment on a Note to be
repaid or redeemed in full, the Holder shall present and surrender such Note at
the place specified in the notice of repayment or Redemption on or prior to such
Redemption Date; provided, however, that if there is delivered to the Co-Issuers
or, as the case may be, the Issuer and the Trustee such security or indemnity as
may be required by them to save each of them harmless and an undertaking
thereafter to surrender such Note, then, in the absence of notice to the
Co-Issuers or, in the case of the Junior Notes, the Issuer or the Trustee that
the applicable Note has been acquired by a Protected Purchaser, such final
payment shall be made without presentation or surrender.

          If any Note to be called for Redemption shall not be paid upon
surrender thereof for Redemption, the principal thereof shall, until paid, bear
interest from the Redemption Date at the applicable Note Interest Rate for each
successive Interest Accrual Period the Note remains Outstanding.

                                    ARTICLE X

                       ACCOUNTS, ACCOUNTINGS AND RELEASES

          Section 10.1  Collection of Money. Except as otherwise expressly
provided herein, the Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Trustee pursuant to this Indenture, including all payments due
on the Collateral, in accordance with the terms and conditions of such
Collateral. The Trustee shall segregate and hold all such money and property
received by it in the Issuer Accounts in trust for the Holders of the Notes and
the other Secured Parties and shall apply it as provided in this Indenture. If a
default occurs in the making of any payment or performance in connection with
any Collateral, the Trustee shall, subject to Section 6.13, take such action as
may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate proceedings.

                                      -106-

<PAGE>

By Issuer Order (which may be in the form of standing instructions), the Issuer
shall at all times direct the Trustee to, and, upon receipt of such Issuer
Order, the Trustee shall, invest or cause the investment of, all funds received
into the Issuer Accounts (other than the Payment Account and the Collection
Account) during a Due Period (except when such funds shall be required to be
disbursed hereunder), and amounts received in prior Due Periods and retained in
any Issuer Account, as so directed in Eligible Investments having Stated
Maturities no later than the Business Day immediately preceding the next Payment
Date. If, prior to the occurrence of an Event of Default, the Issuer shall not
have given any such investment directions, the Trustee shall seek instructions
from the Issuer within three Business Days after transfer of such funds to the
applicable Issuer Account. If the Trustee does not thereupon receive written
instructions from the Issuer within five Business Days after transfer of such
funds to such Issuer Account, it shall invest and reinvest the funds held in
such Issuer Account, as fully as practicable, but only in Eligible Investments
described in item (ii) of the definition of Eligible Investments maturing no
later than the Business Day next preceding such Payment Date. If after the
occurrence and during the continuance of an Event of Default, the Controlling
Party shall have the right to direct the Trustee to, and upon receipt of such
direction from the Controlling Party, the Trustee shall, invest or cause the
investment of, all such Issuer funds in Eligible Investments having Stated
Maturities no later than the Business Day immediately preceding the next Payment
Date. If the Controlling Party shall not have given such investment directions
to the Trustee for three consecutive days, the Trustee shall invest and
reinvest, or cause the investment or reinvestment of, such monies as fully as
practicable in Eligible Investments described in item (ii) of the definition of
Eligible Investments maturing not later than the Business Day next preceding
such Payment Date. All interest and other income from such Eligible Investments
shall be deposited into the applicable Issuer Accounts and transferred to the
Collection Account and any gain realized from such investments shall be credited
to the Collection Account and any loss resulting from such investments shall be
charged to the Collection Account. The Trustee shall not in any way be held
liable by reason of any insufficiency of funds in any Issuer Account resulting
from any loss relating to any such investment, except with respect to
investments in obligations of the Bank or any Affiliate thereof.

          Section 10.2  Collection Account; Custodial Account.

     (a)  On or prior to the Closing Date, the Trustee shall establish a
segregated trust account in the name of the Trustee for the benefit of the
Secured Parties, which shall be designated as the Collection Account and over
which the Trustee shall have exclusive control and the sole right of withdrawal,
into which the Trustee shall from time to time deposit (i) any Hedge Receipt
Amount and (ii) all Proceeds. The Collection Account may be a sub-account of the
Custodial Account. All monies deposited from time to time in the Collection
Account pursuant to this Indenture shall be held in trust by the Trustee as part
of the Collateral and shall be applied to the purposes provided herein. The
Trustee agrees to give the Co-Issuers immediate notice if it becomes aware that
the Collection Account or any funds on deposit therein, or otherwise to the
credit of the Collection Account, shall become subject to any writ, order,
judgment, warrant of attachment, execution or similar process. The Co-Issuers
shall not have any legal, equitable or beneficial interest in the Collection
Account other than in accordance with the provisions herein. The Collection
Account shall remain at all times an Eligible Account.

     (b)  The Trustee may invest all of the funds on deposit in the Collection
Account solely in one or more Eligible Investments having Stated Maturities no
later than the Business Day immediately preceding the next Payment Date on which
such funds are required to be withdrawn from the Collection Account pursuant to
this Indenture. Any income or other gain realized from such investments shall be
for the sole and exclusive benefit of the Trustee. If any loss shall be incurred
in respect of any Eligible Investment made by the Trustee, the Trustee shall
deposit therein, no later than the Payment Date, without right of reimbursement,
the amount of the net loss.

                                      -107-

<PAGE>

     (c)  On or prior to the Closing Date, the Trustee shall establish a
segregated trust account in the name of the Trustee for the benefit of the
Secured Parties, which shall be designated as the Custodial Account, and over
which the Trustee shall have exclusive control and the sole right of withdrawal,
into which the Trustee shall from time to time deposit Collateral. All
Collateral deposited from time to time in the Custodial Account pursuant to this
Indenture shall be held in trust by the Trustee as part of the Collateral and
shall be applied to the purposes provided herein. The Trustee agrees to give the
Co-Issuers immediate notice if it becomes aware that the Custodial Account or
any funds on deposit therein, or otherwise to the credit of the Custodial
Account, shall become subject to any writ, order, judgment, warrant of
attachment, execution or similar process. The Co-Issuers shall not have any
legal, equitable or beneficial interest in the Custodial Account other than in
accordance with the provisions herein. The Custodial Account shall remain at all
times an Eligible Account.

          Section 10.3  Payment Account; Trustee Expense Account.

     (a)  On or prior to the Closing Date, the Trustee shall establish a
segregated trust account in the name of the Trustee for the benefit of the
Secured Parties, which shall be designated as the Payment Account, which shall
be held in trust for the benefit of the Secured Parties and over which the
Trustee shall have exclusive control and the sole right of withdrawal. Any and
all funds at any time on deposit in, or otherwise to the credit of, the Payment
Account shall be held in trust by the Trustee for the benefit of the Secured
Parties. Except as provided in Section 11.1, the only permitted withdrawal from
or application of funds on deposit in, or otherwise to the credit of, the
Payment Account shall be to pay the interest on and the principal of the Notes,
Administrative Expenses, the Hedge Payment Amount and other amounts specified in
the Priority of Payments in accordance with the Priority of Payments and Section
13.1. The Trustee agrees to give the Co-Issuers immediate notice if it becomes
aware that the Payment Account or any funds on deposit therein, or otherwise to
the credit of the Payment Account, shall become subject to any writ, order,
judgment, warrant of attachment, execution or similar process. The Co-Issuers
shall not have any legal, equitable or beneficial interest in the Payment
Account other than in accordance with the provisions herein. The Payment Account
shall remain at all times an Eligible Account.

          An Authorized Officer of the Issuer, or the Collateral Administrator
on the Issuer's behalf, shall direct the Trustee in writing to and, upon receipt
of such written instructions, the Trustee shall, cause the transfer to the
Payment Account, for application pursuant to Section 11.1 no later than 10:00
a.m. on each Payment Date, of any amounts then held in the Collection Account
other than Proceeds received after the end of the Due Period with respect to
such Payment Date.

     (b)  On or prior to the Closing Date, the Trustee shall establish a
segregated trust account in the name of the Trustee for the benefit of the
Secured Parties, which shall be designated as the Trustee Expense Account, and
over which the Trustee shall have exclusive control and the sole right of
withdrawal, into which the Trustee shall deposit on the Closing Date, and on
each Annual Payment Date, an amount equal to $16,000. All monies deposited from
time to time in the Trustee Expense Account pursuant to this Indenture shall be
held in trust by the Trustee as part of the Collateral and shall be applied to
the purposes provided herein. The Trustee agrees to give the Co-Issuers
immediate notice if it becomes aware that the Trustee Expense Account or any
funds on deposit therein, or otherwise to the credit of the Trustee Expense
Account, shall become subject to any writ, order, judgment, warrant of
attachment, execution or similar process. The Co-Issuers shall not have any
legal, equitable or beneficial interest in the Trustee Expense Account other
than in accordance with the provisions herein. The Trustee Expense Account shall
remain at all times an Eligible Account.

                                      -108-

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          Section 10.4  Contingent Reserve Account. The Trustee shall, on or
prior to the Closing Date, establish a segregated trust account in the name of
Trustee for the benefit of the Class A Notes and the Class B Notes, which shall
be designated as the Contingent Reserve Account and over which the Trustee shall
have exclusive control and the right of withdrawal. Until the principal of the
Class A Notes and the Class B Notes has been paid in full, Interest Proceeds and
Principal Proceeds shall be deposited in the Contingent Reserve Account in
accordance with Section 11.1(b) and Section 11.1(c), respectively, up to a
maximum amount equal to $2,000,000. On each Payment Date, the Trustee shall
transfer funds in the Contingent Reserve Account to the Payment Account in an
amount sufficient to pay all shortfalls in the amounts to be paid pursuant to
clauses (i) through (vii) of Section 11.1(b). Amounts released from the
Contingent Reserve Account pursuant to the preceding sentence, will be deemed to
be applied from Interest Proceeds and Principal Proceeds, pro rata, based on the
amount of Interest Proceeds and Principal Proceeds on deposit in the Contingent
Reserve Account at the time such amounts are released.

          Section 10.5  Reports by Trustee. The Trustee shall supply in a timely
fashion to the Co-Issuers, the Collateral Administrator and the Rating Agencies
any information regularly maintained by the Trustee that the Co-Issuers, the
Collateral Administrator or the Rating Agencies may from time to time request
with respect to the Pledged Securities or the Issuer Accounts reasonably needed
to complete the Note Valuation Report or to provide any other information
reasonably available to the Trustee by reason of its acting as Trustee hereunder
and required to be provided by Section 10.6 or to permit the Collateral
Administrator to perform its obligations under the Collateral Administration
Agreement. The Trustee shall forward to the Collateral Administrator copies of
notices and other writings received by it, in its capacity as Trustee hereunder,
from the obligor or other Person with respect to any Collateral Security or from
any Clearing Agency with respect to any Collateral Security advising the holders
of such obligation of any rights that the holders might have with respect
thereto (including notices of calls and redemptions thereof) as well as all
periodic financial reports received from such obligor or other Person with
respect to such obligation and Clearing Agencies with respect to such obligor.

          Nothing in this Section 10.4 shall be construed to impose upon the
Trustee any duty to prepare any report or statement required under Section 10.6
or to calculate or compute information required to be set forth in any such
report or statement other than information regularly maintained by the Trustee
by reason of its acting as Trustee hereunder.

          Section 10.6  Accountings. If the Trustee shall not have received any
accounting provided for in this Section 10.6 on the first Business Day after the
date on which such accounting is due to the Trustee, the Trustee shall use its
best efforts to cause such accounting to be made by the applicable Payment Date.

     (a)  Note Valuation Report. The Trustee shall render an accounting ("Note
Valuation Report"), determined as of each Determination Date, and delivered (in
draft form) on the Business Day prior to the Payment Date to the Issuer and the
Collateral Administrator. The Trustee shall deliver or make available on its
internet website such Note Valuation Report, after the reconciliation process
described in the last paragraph of this Section 10.6(a), by not later than the
close of business on the related Payment Date, to any holder of a beneficial
interest in any Note (upon written request therefor in the form of Exhibit E
attached hereto certifying that it is such a holder), the Hedge Counterparty and
the Rating Agencies. The Note Valuation Report shall contain the following
information:

          (i)  the Aggregate Principal Amount of the Collateral Securities and
     notional amount of the Hedge Agreements as of the close of business on such
     Determination Date, after giving effect to (A) proceeds received on the
     Collateral Securities with respect to the related Due Period and the
     reinvestment of such proceeds in Eligible Investments during such Due
     Period and (B) the release of any Collateral Securities during such Due
     Period;

                                      -109-

<PAGE>

          (ii)   the aggregate Note Balance of the Notes of each Class and such
     aggregate Note Balance as a percentage of the original aggregate Note
     Balance of the Notes of such Class at the beginning of the Due Period, the
     amount of principal payments to be made on the Notes of each Class on the
     next Payment Date, the amount of any Default Interest or Deferred Interest,
     as applicable, on each Class of Notes and the aggregate Note Balance of the
     Notes of each Class and such aggregate Note Balance as a percentage of the
     original aggregate Note Balance of the Notes of such Class after giving
     effect to the principal payments, if any, on the next Payment Date;

          (iii)  the amount of interest distributable to the Holders of each
     Class of Notes for such Payment Date (in the aggregate and by Class);

          (iv)   the amount of Principal Proceeds and the amount of Interest
     Proceeds received during the related Due Period (and identifying the
     component sources of such Principal Proceeds and Interest Proceeds as set
     forth in the definitions of such terms);

          (v)    the Administrative Expenses payable on the next Payment Date on
     an itemized basis;

          (vi)   for the Collection Account:

                 (A)    the Balance on deposit in the Collection Account at the
          end of the related Due Period;

                 (B)    the amounts payable from the Collection Account to the
          Payment Account for disbursement pursuant to subclauses (i) through
          (xxv) of Section 11.1(b) and subclauses (i) through (xxv) of Section
          11.1(c) on the next Payment Date; and

                 (C)    the Balance remaining in the Collection Account
          immediately after all payments and deposits to be made on such Payment
          Date;

          (vii)  for the Contingent Reserve Account:

                 (A)    the Balance on deposit in the Contingent Reserve Account
          at the end of the related Due Period, identifying the portion of such
          amounts that are deemed to be Interest Proceeds or Principal Proceeds,
          as applicable;

                 (B)    the amounts payable from the Contingent Reserve Account
          to the Payment Account for disbursement on the next Payment Date,
          identifying the portion of such amounts that are deemed to be Interest
          Proceeds or Principal Proceeds, as applicable; and

                 (C)    the Balance remaining in the Contingent Reserve Account
          immediately after all payments and deposits to be made on such Payment
          Date, identifying the portion of such amounts that are deemed to be
          Interest Proceeds or Principal Proceeds, as applicable;

          (viii) the identity of any Collateral Securities that were released
     for sale or other disposition since the last Note Valuation Report, the
     sale price or other proceeds of each such Collateral Security, and the
     identity of any purchaser thereof that was affiliated with either of the
     Co-Issuers or the Collateral Administrator;

          (ix)   the identity of each Collateral Security that became an
     Impaired Security which has been sold or experienced a change in its
     Moody's Rating, Fitch Rating or S&P Rating since the last

                                      -110-

<PAGE>

     such report, the reason that each such Collateral Security became an
     Impaired Security and the Principal Balance of such Impaired Security;

          (x)     the identity of each Collateral Security that became a
     Defaulted Security, the reason that each such Collateral Security became a
     Defaulted Security and the Principal Balance of such Defaulted Security;

          (xi)    the identity of each Collateral Security (A) as to which an
     underlying mortgage loan is delinquent more than 30 days (grouping such
     loans by loans delinquent more than 30, 60 and 90 days respectively), is
     being specially serviced, has become an REO loan or has experienced an
     appraisal reduction, (B) which has had its principal balance written down
     as a result of a Collateral Security Realized Loss (and the amount of such
     writedown) or (C) as to which a class of the related Underlying CMBS Series
     that is subordinate to such Collateral Security has experienced such a
     writedown;

          (xii)   the average interest rate (weighted by Principal Balance) of
     the Collateral Securities;

          (xiii)  LIBOR for the related Due Period and the Class A Note Interest
     Rate, the Class B Note Interest Rate, the Class D-FL Note Interest Rate,
     the Class E-FL Note Interest Rate and the Class F-FL Note Interest Rate
     during the related Due Period;

          (xiv)   the Class B Interest Coverage Ratio and the Class B
     Overcollateralization Ratio as of the close of business on such
     Determination Date;

          (xv)    the Class C Interest Coverage Ratio, the Class C Rated
     Overcollateralization Ratio and the Class C Overcollateralization Ratio as
     of the close of business on such Determination Date;

          (xvi)   the Class D Interest Coverage Ratio, the Class D Rated
     Overcollateralization Ratio and the Class D Overcollateralization Ratio as
     of the close of business on such Determination Date;

          (xvii)  the Class E Interest Coverage Ratio, the Class E Rated
         Overcollateralization Ratio and the Class E Overcollateralization Ratio
         as of the close of business on such Determination Date;

          (xviii) the Class F Interest Coverage Ratio, the Class F Rated
         Overcollateralization Ratio and the Class F Overcollateralization Ratio
         as of the close of business on such Determination Date;

          (xix)   the current ratings of the credit support provider of the
     Hedge Counterparty; and

          (xx)    if the ratings of the Hedge Counterparty or its credit-support
     provider have fallen below the minimum ratings specified in the Hedge
     Agreement and the Hedge Counterparty has elected to post collateral
     pursuant to the Hedge Agreement, the type, maturity and principal amount of
     any Cash or securities posted by the Hedge Counterparty.

          Upon receipt of each Note Valuation Report, each of the Issuer and the
Collateral Administrator shall compare the information contained therein to the
information contained in its records with respect to the Collateral and shall,
within one Business Day after receipt of such Note Valuation Report (in draft
form), notify the Trustee that the information contained in the Note Valuation
Report conforms to the information maintained by the Issuer and the Collateral
Administrator with respect to the Collateral, or detail any discrepancies. In
the event that any discrepancy exists, the Trustee and the Issuer, or the
Collateral Administrator on behalf of the Issuer, shall attempt to resolve the
discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall
cause the Independent accountants appointed pursuant to Section 10.8

                                      -111-

<PAGE>

to review such Note Valuation Report and the Issuer's, Collateral
Administrator's and Trustee's records to determine the cause of such
discrepancy. If such review reveals an error in the Note Valuation Report or any
such Person's records, the Note Valuation Report or such Person's records shall
be revised accordingly and, as so revised, shall be utilized in making all
calculations pursuant to this Indenture. The Trustee may (at its discretion and
with the consent of the Issuer) make the information that is available on the
Note Valuation Report available via the Internet site of the Trustee initially
located at "www.cdotrustee.net".

          Access to the website shall require the use of a password provided by
the Trustee to the person requesting such access upon receipt by the Trustee
from such person of a certification in the form attached hereto as Exhibit I.
The Trustee shall provide reasonable assistance in using the website to users
that call the Trustee's customer service desk at (312) 904-2498. Parties that
are unable to use the above distribution options are entitled to have a paper
copy mailed to them via first class mail by calling the customer service desk
and indicating the need for assistance.

          The Trustee shall make available, upon reasonable advance notice and
at the expense of the requesting party, copies of the (i) the Offering
Memorandum, as amended or supplemented from time to time, (ii) the Transfer
Agreements, the Indenture and the Administration Agreement and (iii) the most
recently available report of the trustee relating to each Underlying CMBS Series
(to the extent that the Trustee has possession of such items) to any Noteholder
or beneficial owner and to prospective purchasers of Notes or interests therein;
provided that the Trustee shall require (i) in the case of a Noteholder or
beneficial owner, a confirmation executed by the requesting Person in form
substantially similar to Exhibit J-1 hereto and reasonably acceptable to the
Trustee generally to the effect that such Person is a Noteholder or Beneficial
Owner, is requesting such information solely for use in evaluating such Person's
investment in such Notes and shall otherwise keep such information confidential
and (b) in the case of a prospective purchaser, a confirmation executed by the
requesting Person in form substantially similar to Exhibit J-2 hereto and
reasonably acceptable to the Trustee generally to the effect that such Person is
a prospective purchaser of Notes or interests therein, is requesting the
information solely for use in evaluating a possible investment in the Notes and
shall otherwise keep such information confidential. Each such confidentiality
agreement shall be made for the benefit of the Administrator, the Sponsor, the
Seller, the Initial Purchaser, the Depositor, the Collateral Administrator and
the Co-Issuers.

          In addition to the foregoing information, each Note Valuation Report
shall include a statement to the following effect:

          "Each Holder of a Note is required at all times to be (1) a Qualified
Institutional Buyer (within the meaning of Rule 144A ("Rule 144A") under the
U.S. Securities Act of 1933, as amended (the "Securities Act") or (2) an
Accredited Investor (within the meaning of paragraphs (1), (2), (3) or (7) of
Rule 501(a) of the Securities Act) and, in each case, a Qualified Purchaser or
Knowledgeable Employee within the meaning of Section 3(c)(7) of the U.S.
Investment Company Act of 1940, as amended (the "Investment Company Act"), and
each such Holder (i) is not formed for the purpose of investing in the Notes,
unless all of its beneficial owners are Qualified Purchasers or Knowledgeable
Employees, (ii) is not a dealer described in paragraph (a)(1)(ii) of Rule 144A
unless such Holder owns and invests on a discretionary basis at least U.S.$25
million in securities of issuers that are not affiliated persons of such dealer,
(iii) is not a plan referred to in paragraph (a)(1)(i)(D) or (E) of Rule 144A or
a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the
assets of such plan, unless investment decisions are made solely by the
fiduciary, trustee or sponsor of such plan, (iv) and each account for which it
is purchasing is purchasing Notes in at least the minimum denomination and (vi)
will provide written notice of the foregoing and any other applicable transfer
restrictions to any transferee."

                                      -112-

<PAGE>

     (b)  Additional Trustee Report. Within 5 Business Days of each Payment
Date, the Trustee shall provide to each Rating Agency, a report (based on
information provided by the Collateral Administrator) containing the following
additional information determined as of the related Determination Date:

          (i)    the Weighted Average Coupon of the Collateral Securities;

          (ii)   the weighted average life of the Collateral Securities;

          (iii)  the weighted average of the Moody's Recovery Rating, the S&P
     Recovery Rating and the Fitch Recovery Rating; and

          (iv)   the following information regarding each Collateral Security in
     a format that can be opened into an Excel spreadsheet: (A) the name of the
     obligor of such Collateral Security, (B) a description of such Collateral
     Security, (C) the coupon or spread of such Collateral Security, (D) the
     identification number of such Collateral Security, (E) the stated maturity
     of such Collateral Security, (F) the S&P rating of such Collateral
     Security, (G) the S&P Industry of such Collateral Security, (H) the S&P CDO
     Industry Code of such Collateral Security, (I) the maturity date of such
     Collateral Security, (J) the Principal Balance of such Collateral Security
     and (K) for any Collateral Securities that are rated "CCC+" or lower by
     S&P, if the Collateral Administrator is required to determine the Market
     Value for such Collateral Security pursuant to this Indenture, the Market
     Value of such Collateral Security.

     (c)  Payment Date Instructions. Each notice from the Issuer, or the
Collateral Administrator, on the Issuer's behalf, pursuant to the preceding
paragraph shall contain instructions to the Trustee to withdraw on the related
Payment Date from the Payment Account and pay or transfer the amounts set forth
in such report in the manner specified, and in accordance with the priorities
established, in Section 11.1 and Article XIII hereof. The Collateral
Administrator will inform the Trustee, not later than the Determination Date
with respect to each Payment Date, of the identity and amount of Sales Proceeds
of each Collateral Security which has been sold during the related Due Period.

          Section 10.7   Custodianship and Release of Collateral.

     (a)  Subject to Article XII hereof, the Issuer may, by Issuer Order
delivered to the Trustee at least two Business Days prior to the settlement date
for any sale of a Collateral Security, if no Event of Default has occurred and
is continuing, certify that (i) it has determined that a Collateral Security has
become an Impaired Security (which certification shall contain a short statement
of the reason for such determination) and that the sale of such Collateral
Security will comply with Section 12.1 or (ii) the sale of such Collateral
Security is being effected in conjunction with a redemption pursuant to Article
IX, and direct the Trustee to release such Collateral Security and, upon receipt
of such Issuer Order, the Trustee shall deliver any such Collateral Security, if
in physical form, duly endorsed to the broker or purchaser designated in such
Issuer Order or cause an appropriate transfer thereof to be made, in each case
against receipt of the sales price therefor as set forth in such Issuer Order;
provided, however, that the Trustee may deliver any such Collateral Security in
physical form for examination in accordance with street delivery custom.

     (b)  Subject to Article XII hereof, the Issuer may, by Issuer Order,
delivered to the Trustee at least two Business Days prior to the date set for
redemption or payment in full of a Pledged Security or other item of Collateral,
certifying that such Collateral Security is being redeemed or paid in full,
direct the Trustee, to deliver such Collateral Security, if in physical form,
duly endorsed, to cause it to be presented, or otherwise appropriately deliver
or present such security, to the appropriate paying agent therefor or other
Person responsible for payment thereon on or before the date set for redemption
or payment, in each case against receipt of the redemption price or payment in
full thereof. If an Event of Default has occurred and is

                                      -113-

<PAGE>

continuing at the time of such direction, the Trustee may and, if so directed by
the Controlling Party, shall, disregard such direction.

     (c)  Subject to Article XII hereof, the Issuer may, by Issuer Order,
delivered to the Trustee at least two Business Days prior to the date set for an
exchange, tender or sale, certifying that a Collateral Security is subject to an
Offer and setting forth in reasonable detail the procedure for response to such
Offer, direct the Trustee to deliver such security, if in physical form, duly
endorsed, or otherwise appropriately deliver or present such security, in
accordance with such Issuer Order, in each case against receipt of payment
therefor. If an Event of Default has occurred and is continuing at the time of
such direction, the Trustee may and, if so directed by the Controlling Party,
shall, disregard such direction.

     (d)  The Trustee shall deposit any proceeds received from the disposition
of a Pledged Security in the Collection Account, unless simultaneously applied
to the purchase of Eligible Investments as permitted under and in accordance
with this Article X and Article XII.

     (e)  The Trustee shall, upon receipt of an Issuer Order at such time as
there are no Notes Outstanding and all obligations of the Co-Issuers hereunder
and under the Collateral Administration Agreement have been satisfied, cause the
Trustee to release the Collateral from the lien of this Indenture.

          Section 10.8   Reports by Independent Accountants.

     Upon a discrepancy between the Trustee and the Issuer or the Collateral
Administrator, regarding the Note Valuation Report pursuant to Section 10.6, the
Collateral Administrator, on behalf of the Issuer, shall appoint a firm of
Independent certified public accountants of recognized international reputation
for purposes of resolving such discrepancy pursuant to Section 10.6. If the
Collateral Administrator shall not have appointed such firm of Independent
certified public accountants within 2 Business Days of such discrepancy, the
Trustee shall promptly appoint such firm of Independent certified public
accountants of recognized international reputation. The fees of such Independent
certified public accountants shall be payable by the Issuer.

          Section 10.9   Additional Reports.

     In addition to the information and reports specifically required to be
provided to each of the Rating Agencies pursuant to the terms of this Indenture,
the Collateral Administrator, on behalf of the Issuer shall provide each of the
Rating Agencies, each Hedge Counterparty and the Initial Purchasers with all
information or reports delivered to the Trustee hereunder, and such additional
information as either of the Rating Agencies, or the Initial Purchasers may from
time to time reasonably request and the Collateral Administrator, on behalf of
the Issuer shall reasonably determine may be obtained and provided without
unreasonable burden or expense. The Issuer or the Collateral Administrator, on
behalf of the Issuer, shall promptly notify (by facsimile or overnight courier)
the Trustee if the rating of either of the Rating Agencies of any Class of the
Notes has been, or it is known by the Issuer that such rating will be, changed
or withdrawn.

          Section 10.10 Notices to the Noteholders.

          Each Note Valuation Report shall contain or attach a notice to the
Holders of the Notes stating that (A)(1) each holder of a beneficial interest in
the Rule 144A Global Notes shall be deemed to have (i) represented that the
holder is a QIB/QP and (ii) made all other representations set forth in the
legends of the applicable Notes, (2) each holder of a beneficial interest in the
IAI Certificated Notes shall be deemed to have (i) represented that the holder
is an Institutional Accredited Investor and a Qualified Purchaser and (ii) made
all other representations set forth in the legends of the applicable Notes, and
(3) each holder of a beneficial interest in the Regulation S Global Notes shall
be deemed to have (i) represented that it is a non-

                                      -114-

<PAGE>

U.S. Resident and a non U.S. Person and (ii) made all of the other
representations set forth in the legends of the applicable Notes, (B) the
Co-Issuers or the Issuer, as the case may be, shall have the right to refuse to
honor a transfer of the Notes pursuant to Section 2.13 of this Indenture, the
Issuer may require a Non-Permitted Holder to transfer its interest in the Notes
to a Person that is not a Non-Permitted Holder within 30 days of receiving
notice to such effect from the Issuer and, if such Non-Permitted Holder fails to
transfer its Notes, the Issuer shall have the right, without further notice to
the Non-Permitted Holder, to sell such Notes or interest in Notes to a purchaser
selected by the Issuer that is not a Non-Permitted Holder on such terms as the
Issuer may choose. To the extent a notice is sent to a Holder of Global Notes,
the Trustee will request such Holder to send the notice to the beneficial owners
of such Notes.

          Section 10.11 Coverage Test Calculations. Upon the prior request of
any of the Rating Agencies and on the date specified by such Rating Agencies,
the Issuer shall calculate or cause the calculation of any or all of the
Coverage Tests, based on the Issuer's good faith estimate of amounts that will
be received with respect to the Collateral Securities prior to and including the
next Payment Date, and will promptly provide such Rating Agency with a report
setting forth such calculations.

                                   ARTICLE XI

                              APPLICATION OF MONIES

          Section 11.1   Disbursements of Monies from Payment Account.

     (a)  Notwithstanding any other provision in this Indenture, but subject to
the other subsections of this Section 11.1 and Section 13.1, on each Payment
Date, the Trustee shall disburse amounts transferred to the Payment Account from
the Collection Account pursuant to Section 10.3(a) for application in accordance
with the following priorities (the "Priority of Payments").

     (b)  On each Payment Date, the Interest Proceeds shall be applied as
follows:

          (i)    to the payment of taxes owing by the Issuer as certified by an
     Authorized Officer of the Issuer to the Trustee, if any;

          (ii)   to the extent not paid by the Trustee Expense Payment, to the
     payment of accrued and unpaid Administrative Expenses constituting
     reimbursement of expenses of the Trustee pursuant to Section 6.7 and
     indemnities of the Trustee, provided, however, that such payments shall be
     limited to a maximum amount of $6,250 on any Payment Date;

          (iii)  to the Hedge Counterparty and any replacement Hedge
     Counterparty, the amounts (including termination payments, other than any
     Defaulted Hedge Termination Payments) due under the Hedge Agreements and
     any replacement hedge agreements entered into by the Issuer, if any;

          (iv)   to the extent not paid by the Trustee Expense Payment, to the
     payment, on a pro rata basis, of accrued and unpaid Administrative Expenses
     constituting expenses of the Co-Issuers (other than those described in
     clause (ii) above and other than the Collateral Administration Fee but
     including other amounts payable to the Collateral Administrator under the
     Collateral Administration Agreement) up to a maximum amount on any Payment
     Date in any 12-month period commencing with the Payment Date in August of
     each year equal to (A) $140,000 minus (B) Administrative Expenses paid
     pursuant to this clause (iv) and the preceding clause (iii) on prior
     Payment Dates during such 12-month period (the "Co-Issuer Cap");

                                      -115-

<PAGE>

          (v)    to the Collateral Administrator, the Collateral Administration
     Fee due on such Payment Date;

          (vi)   to the payment of interest on the Class A Notes, including
     Default Interest and interest thereon, if applicable;

          (vii)  to the payment of interest on the Class B Notes, including
     Default Interest and interest thereon, if applicable;

          (viii) to the payment of interest on the Class C Notes, including
     Default Interest and interest thereon, if applicable;

          (ix)   until the principal of the Class A Notes and the Class B Notes
     has been paid in full, in the event that either the Class B
     Overcollateralization Reserve Test is not satisfied or the Class B Interest
     Coverage Reserve Test is not satisfied, after giving effect to the payment
     of Interest Proceeds prior to this clause (ix), to the Contingent Reserve
     Account, up to a maximum amount which, when added to all other amounts in
     the Contingent Reserve Account, equals $2,000,000;

          (x)    in the event that any of the Class C Overcollateralization Test
    is not satisfied, the Class C Rated Overcollateralization Test is not
    satisfied or the Class C Interest Coverage Test is not satisfied, after
    giving effect to the payment of the Interest Proceeds prior to this clause
    (x), to the mandatory redemption of the Class A Notes, to the extent
    necessary to satisfy the Class C Overcollateralization Test, the Class C
    Rated Overcollateralization Test and the Class C Interest Coverage Test, as
    applicable, and after the Class A Notes have been redeemed or otherwise paid
    in full, to the mandatory redemption of the Class B Notes, to the extent
    necessary to satisfy the Class C Overcollateralization Test, the Class C
    Rated Overcollateralization Test and the Class C Interest Coverage Test, as
    applicable, and after the Class B Notes have been redeemed or otherwise paid
    in full, to the mandatory redemption of the Class C Notes, to the extent
    necessary to satisfy the Class C Overcollateralization Test, the Class C
    Rated Overcollateralization Test and the Class C Interest Coverage Test, as
    applicable, or until the Class C Notes have been paid in full;

          (xi)   to the payment of interest on the Class D-FX Notes and the
     Class D-FL Notes pro rata (based on the amount of interest due on each such
     Class), including interest on Deferred Interest and, if applicable, Default
     Interest and interest thereon, but excluding Deferred Interest;

          (xii)  in the event that any of the Class D Overcollateralization Test
     is not satisfied, the Class D Rated Overcollateralization Test is not
     satisfied or the Class D Interest Coverage Test is not satisfied, after
     giving effect to the payment of the Interest Proceeds prior to this clause
     (xii), to the mandatory redemption of the Class A Notes, to the extent
     necessary to satisfy the Class D Overcollateralization Test, the Class D
     Rated Overcollateralization Test and the Class D Interest Coverage Test, as
     applicable, and after the Class A Notes have been redeemed or otherwise
     paid in full, to the mandatory redemption of the Class B Notes, to the
     extent necessary to satisfy the Class D Overcollateralization Test, the
     Class D Rated Overcollateralization Test and the Class D Interest Coverage
     Test, as applicable, and after the Class B Notes have been redeemed or
     otherwise paid in full, to the mandatory redemption of the Class C Notes,
     to the extent necessary to satisfy the Class D Overcollateralization Test,
     the Class D Rated Overcollateralization Test and the Class D Interest
     Coverage Test, as applicable, and after the Class C Notes have been
     redeemed or otherwise paid in full, to the mandatory redemption of the
     Class D-FX Notes and the Class D-FL Notes pro rata (based on their
     respective outstanding Note Balance), to the extent necessary to satisfy
     the Class D Overcollateralization Test, the Class D Rated
     Overcollateralization Test and the Class D Interest

                                      -116-

<PAGE>

     Coverage Test, as applicable, or until the Class D-FX Notes and the Class
     D-FL Notes have been paid in full;

          (xiii)  to the payment of Deferred Interest on the Class D-FX Notes
     and the Class D-FL Notes pro rata (based on the amount of Deferred Interest
     due on each such Class);

          (xiv)   to the payment of interest on the Class E-FX Notes, the Class
     E-FXD Notes and the Class E-FL Notes pro rata (based on the amount of
     interest due on each such Class), including interest on Deferred Interest
     and, if applicable, Default Interest and interest thereon, but excluding
     Deferred Interest;

          (xv)    in the event that any of the Class E Overcollateralization
     Ratio Test is not satisfied, the Class E Rated Overcollateralization Test
     is not satisfied or the Class E Interest Coverage Test is not satisfied,
     after giving effect to the payment of the Interest Proceeds prior to this
     clause (xv), to the mandatory redemption of the Class A Notes, to the
     extent necessary to satisfy the Class E Overcollateralization Test, Class E
     Rated Overcollateralization Test and the Class E Interest Coverage Test, as
     applicable, and after the Class A Notes have been redeemed or otherwise
     paid in full, to the mandatory redemption of the Class B Notes, to the
     extent necessary to satisfy the Class E Overcollateralization Test, Class E
     Rated Overcollateralization Test and the Class E Interest Coverage Test, as
     applicable, and after the Class B Notes have been redeemed or otherwise
     paid in full, to the mandatory redemption of the Class C Notes, to the
     extent necessary to satisfy the Class E Overcollateralization Test, Class E
     Rated Overcollateralization Test and the Class E Interest Coverage Test, as
     applicable, and after the Class C Notes have been redeemed or otherwise
     paid in full, to the mandatory redemption of the Class D-FX Notes and the
     Class D-FL Notes pro rata (based on their respective outstanding Note
     Balance), to the extent necessary to satisfy the Class E
     Overcollateralization Test, Class E Rated Overcollateralization Test and
     the Class E Interest Coverage Test, as applicable, and after the Class D-FX
     Notes and the Class D-FL Notes have been redeemed or otherwise paid in
     full, to the mandatory redemption of the Class E-FX Notes, the Class E-FXD
     Notes and the Class E-FL Notes pro rata (based on their respective
     outstanding Note Balance) to the extent necessary to satisfy the Class E
     Overcollateralization Test, Class E Rated Overcollateralization Test and
     the Class E Interest Coverage Test, as applicable, or until the Class E-FX
     Notes, the Class E-FXD Notes and the Class E-FL Notes have been paid in
     full;

          (xvi)   to the payment of Deferred Interest on the Class E-FX Notes,
     the Class E-FXD Notes and the Class E-FL Notes pro rata (based on the
     amount of Deferred Interest due on each such Class);

          (xvii)  to the payment of interest on the Class F-FX Notes and the
     Class F-FL Notes pro rata (based on the amount of interest due on each such
     Class), including interest on Deferred Interest and, if applicable, Default
     Interest and interest thereon, but excluding Deferred Interest;

          (xviii) in the event that any of the Class F Overcollateralization
     Ratio Test is not satisfied, the Class F Rated Overcollateralization Test
     is not satisfied or the Class F Interest Coverage Test is not satisfied,
     after giving effect to the payment of the Interest Proceeds prior to this
     clause (xviii), to the mandatory redemption of the Class A Notes, to the
     extent necessary to satisfy the Class F Overcollateralization Test, Class F
     Rated Overcollateralization Test and the Class F Interest Coverage Test, as
     applicable, and after the Class A Notes have been redeemed or otherwise
     paid in full, to the mandatory redemption of the Class B Notes, to the
     extent necessary to satisfy the Class F Overcollateralization Test, Class F
     Rated Overcollateralization Test and the Class F Interest Coverage Test, as
     applicable, and after the Class B Notes have been redeemed or otherwise
     paid in full, to the mandatory redemption of the Class C Notes, to the
     extent necessary to satisfy the Class

                                      -117-

<PAGE>

     F Overcollateralization Test, Class F Rated Overcollateralization Test and
     the Class F Interest Coverage Test, as applicable, and after the Class C
     Notes have been redeemed or otherwise paid in full, to the mandatory
     redemption of the Class D-FX Notes and the Class D-FL Notes pro rata (based
     on their respective outstanding Note Balance), to the extent necessary to
     satisfy the Class F Overcollateralization Test, Class F Rated
     Overcollateralization Test and the Class F Interest Coverage Test, as
     applicable, and after the Class D-FX Notes and the Class D-FL Notes have
     been redeemed or otherwise paid in full, to the mandatory redemption of the
     Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes pro rata
     (based on their respective outstanding Note Balance) to the extent
     necessary to satisfy the Class F Overcollateralization Test, Class F Rated
     Overcollateralization Test and the Class F Interest Coverage Test, as
     applicable, or until the Class E-FX Notes, the Class E-FXD Notes and the
     Class E-FL Notes have been paid in full, and after the Class E-FX Notes,
     the Class E-FXD Notes and the Class E-FL Notes have been redeemed or
     otherwise paid in full, to the mandatory redemption of the Class F-FX Notes
     and the Class F-FL Notes pro rata (based on their respective outstanding
     Note Balance) to the extent necessary to satisfy the Class F
     Overcollateralization Test, Class F Rated Overcollateralization Test and
     the Class F Interest Coverage Test, as applicable, or until the Class F-FX
     Notes and the Class F-FL Notes have been paid in full;

          (xix)   to the payment of Deferred Interest on the Class F-FX Notes
     and the Class F-FL Notes pro rata (based on the amount of Deferred Interest
     due on each such Class);

          (xx)    to the Hedge Counterparty, the Defaulted Hedge Termination
     Payments, if any;

          (xxi)   to the payment of interest on the Class G Notes, including
     interest on Deferred Interest and, if applicable, Default Interest and
     interest thereon, but excluding Deferred Interest;

          (xxii)  to the payment of Deferred Interest on the Class G Notes;

          (xxiii) to the payment of interest on the Class H Notes, including
     interest on Deferred Interest and, if applicable, Default Interest and
     interest thereon, but excluding Deferred Interest;

          (xxiv)  to the payment of Deferred Interest on the Class H Notes;

          (xxv)   to the payment of any fees, expenses and indemnities of the
     Trustee and then to the payment of any expenses of the Co-Issuers,
     including but not limited to expenses or indemnities payable by either of
     the Co-Issuers under any agreements to which it is a party, to the extent
     not paid under (i), (ii) and (iv) above; and

          (xxvi)  any remaining amounts, to the payment of dividends and
     redemption payments to the holders of the Preferred Shares in accordance
     with the Preferred Shares Paying Agency Agreement.

     (c)  On each Payment Date, the Principal Proceeds shall be applied as
follows:

          (i)     to the payment of amounts referred to in clauses (i) through
     (v) of Section 11.1(b) (subject to the limits set forth therein), but only
     to the extent not paid in full thereunder;

          (ii)    to the payment of interest on the Class A Notes, including
     Default Interest and interest thereon, if applicable, but only to the
     extent not paid in full after the application on such Payment Date of
     Interest Proceeds as provided for under clause (vi) of Section 11.1(b);

                                      -118-

<PAGE>

          (iii)  to the payment of interest on the Class B Notes, including
     Default Interest and interest thereon, if applicable, but only to the
     extent not paid in full after the application on such Payment Date of
     Interest Proceeds as provided for under clause (vii) of Section 11.1(b);

          (iv)   to the payment of interest on the Class C Notes, including
     Default Interest and interest thereon, if applicable, but only to the
     extent not paid in full after the application on such Payment Date of
     Interest Proceeds as provided for under clause (viii) of Section 11.1(b);

          (v)    until the principal of the Class A Notes and the Class B Notes
     has been paid in full, in the event that either the Class B
     Overcollateralization Reserve Test is not satisfied or the Class B Interest
     Coverage Reserve Test is not satisfied, after giving effect to clause (ix)
     of Section 11.1(b), to the Contingent Reserve Account, up to a maximum
     amount which, when added to all other amounts in the Contingent Reserve
     Account, equals $2,000,000;

          (vi)   to the payment of principal of the Class A Notes, until the
     Note Balance of the Class A Notes has been paid in full;

          (vii)  to the payment of principal of the Class B Notes, until the
     Note Balance of the Class B Notes has been paid in full;

          (viii) to the payment of principal of the Class C Notes, until the
     Note Balance of the Class C Notes has been paid in full;

          (ix)   to the payment of interest on the Class D-FX Notes and the
     Class D-FL Notes pro rata (based on the amount of interest due on each such
     Class), including interest on Deferred Interest and, if applicable, Default
     Interest and interest thereon, but excluding Deferred Interest, but only to
     the extent not paid in full after the application on such Payment Date of
     Interest Proceeds as provided for under clause (xi) of Section 11.1(b);

          (x)    to the payment of Deferred Interest on the Class D-FX Notes and
     the Class D-FL Notes pro rata (based on the amount of Deferred Interest due
     on each such Class), but only to the extent not paid in full after the
     application on such Payment Date of Interest Proceeds as provided for under
     clause (xiii) of Section 11.1(b);

          (xi)   to the payment of principal of the Class D-FX Notes and the
     Class D-FL Notes pro rata (based on their respective outstanding Note
     Balance), until the Note Balance of the Class D-FX Notes and the Class D-FL
     Notes has been paid in full;

          (xii)  to the payment of interest on the Class E-FX Notes, the Class
     E-FXD Notes and the Class E-FL Notes pro rata (based on the amount of
     interest due on each such Class), including interest on Deferred Interest
     and, if applicable, Default Interest and interest thereon, but excluding
     Deferred Interest, but only to the extent not paid in full after the
     application on such Payment Date of Interest Proceeds as provided for under
     clause (xiv) of Section 11.1(b);

          (xiii) to the payment of Deferred Interest on the Class E-FX Notes,
     the Class E-FXD Notes and the Class E-FL Notes pro rata (based on the
     amount of Deferred Interest due on each such Class), but only to the extent
     not paid in full after the application on such Payment Date of Interest
     Proceeds as provided for under clause (xvi) of Section 11.1(b);

          (xiv)  to the payment of principal of the Class E-FX Notes, the Class
     E-FXD Notes and the Class E-FL Notes pro rata (based on their respective
     outstanding Note Balance), until the Note

                                      -119-

<PAGE>

     Balance of the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL
     Notes has been paid in full;

          (xv)     to the payment of interest on the Class F-FX Notes and the
     Class F-FL Notes pro rata (based on the amount of interest due on each such
     Class), including interest on Deferred Interest and, if applicable, Default
     Interest and interest thereon, but excluding Deferred Interest, but only to
     the extent not paid in full after the application on such Payment Date of
     Interest Proceeds as provided for under clause (xvii) of Section 11.1(b);

          (xvi)    to the payment of Deferred Interest on the Class F-FX Notes
     and the Class F-FL Notes pro rata (based on the amount of Deferred Interest
     due on each such Class), but only to the extent not paid in full after the
     application on such Payment Date of Interest Proceeds as provided for under
     clause (xix) of Section 11.1(b);

          (xvii)   to the payment of principal of the Class F-FX Notes and the
     Class F-FL Notes pro rata (based on their respective outstanding Note
     Balance), until the Note Balance of the Class F-FX Notes and the Class F-FL
     Notes has been paid in full;

          (xviii)  to the Hedge Counterparty, the Defaulted Hedge Termination
     Payments, if any, but only to the extent not paid in full after the
     application on such Payment Date of Interest Proceeds as provided for under
     clause (xx) of Section 11.1(b);

          (xix)    to the payment of interest on the Class G Notes, including
     interest on Deferred Interest and, if applicable, Default Interest and
     interest thereon, but excluding Deferred Interest, but only to the extent
     not paid in full after the application on such Payment Date of Interest
     Proceeds as provided for under clause (xxi) of Section 11.1(b);

          (xx)     to the payment of Deferred Interest on the Class G Notes, but
     only to the extent not paid in full after the application on such Payment
     Date of Interest Proceeds as provided for under clause (xxii) of Section
     11.1(b);

          (xxi)    to the payment of principal of the Class G Notes, until the
     Note Balance of the Class G Notes has been paid in full;

          (xxii)   to the payment of interest on the Class H Notes, including
     interest on Deferred Interest and, if applicable, Default Interest and
     interest thereon, but excluding Deferred Interest, but only to the extent
     not paid in full after the application on such Payment Date of Interest
     Proceeds as provided for under clause (xxiii) of Section 11.1(b);

          (xxiii)  to the payment of Deferred Interest on the Class H Notes, but
     only to the extent not paid in full after the application on such Payment
     Date of Interest Proceeds as provided for under clause (xxiv) of Section
     11.1(b);

          (xxiv)   to the payment of principal of the Class H Notes, until the
     Note Balance of the Class H Notes has been paid in full;

          (xxv)    to the payment of any fees, expenses and indemnities of the
     Trustee and then to the payment of any expenses of the Co-Issuers,
     including but not limited to amounts payable to the Collateral
     Administrator, to the extent not paid under (i), (ii), (iv) and (xxv) of
     Section 11.1(b) and clause (i) of this Section 11.1(c); and

                                      -120-

<PAGE>

          (xxvi)   any remaining amounts, to the payment of dividends and
     redemption payments to the holders of the Preferred Shares in accordance
     with the Preferred Shares Paying Agency Agreement.

     (d)  Not later than 10:00 a.m., New York time, on each Payment Date, the
Trustee shall withdraw from the Trustee Expense Account, and deposit in the
Payment Account, an amount of Cash sufficient to pay the amounts described in
Section 11.1(b)(ii) and 11.1(b)(iv), up to a maximum amount on any Payment Date
in any 12-month period, commencing with the Payment Date in August of each year,
equal to (A) $16,000 minus (B) the amounts deposited in the Payment Account from
the Trustee Expense Account pursuant to this Section 11.1(d) on prior Payment
Dates during such 12-month period (the "Trustee Expense Payment").

     (e)  Not later than 10:00 a.m., New York time, on each Payment Date, the
Issuer shall, pursuant to Section 10.3(a), remit or cause to be remitted to the
Trustee for deposit in the Payment Account an amount of Cash sufficient to pay
the amounts described in Sections 11.1(b) and 11.1(c) required to be paid on
such Payment Date.

     (f)  If on any Payment Date the amount available in the Payment Account
from amounts received in the related Due Period is insufficient to make the full
amount of the disbursements required by the statements furnished by the Issuer
pursuant to Section 10.6(b), the Trustee shall make the disbursements called for
in the order and according to the priority set forth under Sections 11.1(b) and
11.1(c) above, subject to Section 13.1, to the extent funds are available
therefor.

     (g)  In connection with the application of funds to pay Administrative
Expenses of the Issuer or the Co-Issuer, as the case may be, in accordance with
subclause (iv) of subsection (b) of this Section 11.1, the Trustee shall remit
such funds as directed, to the extent available, to the Issuer or the Co-Issuer,
as the case may be, on each Payment Date.

     (h)  In the event that any Hedge Counterparty defaults in the payment of
its obligations to the Issuer under the relevant Hedge Agreement on any Payment
Date, the Trustee shall make a demand on such Hedge Counterparty, or any
guarantor, if applicable, demanding payment by 12:30 p.m., New York time, on
such date. The Trustee shall give notice to the Noteholders upon the continuing
failure by such Hedge Counterparty to perform its obligations during the two
Business Days following a demand made by the Trustee on such Counterparty, and
shall take such action with respect to such continuing failure directed to be
taken by the Noteholders pursuant to Article V.

                                   ARTICLE XII

                   SALE OF COLLATERAL SECURITIES; SUBSTITUTION

          Section 12.1  Sale of Impaired Securities.

     (a)  Within 60 days after a Collateral Security becomes an Impaired
Security, the Trustee shall determine the fair value of the Collateral Security
in the following manner. The Trustee shall solicit a minimum of three bids from
three nationally recognized independent market makers or other market
participants, the names of which shall be provided to the Trustee by the
Collateral Administrator (or to the extent market makers or other market
participants are not available, nationally recognized independent dealers in
securities comparable to the Impaired Security being sold), which market makers,
market participants or dealers are not the Trustee or an Affiliate thereof, the
Collateral Administrator or an Affiliate of the Collateral Administrator or the
Co-Issuers. All bids shall be submitted to the Trustee, which shall notify the
Collateral Administrator of the highest bid.

                                      -121-

<PAGE>

          If the Trustee is unable to obtain three bids from three nationally
recognized independent market makers or other market participants (or to the
extent market makers or other market participants are not available, nationally
recognized independent dealers) that are not affiliated with the Trustee or an
Affiliate of the Trustee, the Collateral Administrator or an Affiliate of the
Collateral Administrator or the Co-Issuers, the Trustee shall re-solicit such
bids at least three Business Days later. If the Trustee is still unable to
obtain three such bids, but is able to obtain two such bids, the foregoing
procedures shall be followed on the basis of such two bids. If the Trustee is
unable to obtain two such bids, the Trustee shall re-solicit such bids at least
three Business Days later. If the Trustee is still unable to obtain two such
bids, but the Trustee is able to obtain one bid from a nationally recognized
independent market maker or other market participant (or to the extent market
makers or other market participants are not available, a nationally recognized
independent dealer) that is not affiliated with the Trustee or an Affiliate of
the Trustee, the Collateral Administrator or an Affiliate of the Collateral
Administrator or the Co-Issuers, the foregoing procedures shall be followed on
the basis of such one bid.

          Upon completion of the foregoing procedures, the fair value of the
Impaired Security will be deemed to equal the greater of (i) the amount of the
highest bid and (ii) an amount equal to the product of (x) the Principal Balance
of such Impaired Security and (y) the purchase price percentage of such Impaired
Security as set forth in the following table:

                   Rating of Impaired           Purchase Price
            Security as of the Closing Date       Percentage
            -------------------------------    ----------------

            "BB+" or "Ba1" ...................       30%

            "BB" or "Ba2" ....................       30%

            "BB-" or "Ba3" ...................       30%

            "B+" or "B1" .....................       15%

            "B" or "Ba2" .....................       15%

            "B-" or "B3" .....................       15%

            "CCC" or "Caa" ...................        8%

            Not rated ........................        4%

     (b)  Provided that no Event of Default has occurred and is continuing and
subject to the satisfaction of the conditions specified in Section 10.7, as
applicable, and this Section 12.1, the Collateral Administrator shall have an
assignable option (a "Purchase Option") to purchase any Impaired Security at a
price (the "Option Price") equal to (i) the unpaid principal amount thereof plus
accrued and unpaid interest thereon, if the Trustee has not yet determined the
fair value of the Impaired Security, or (ii) the fair value of the Impaired
Security as determined by the Trustee, if the Trustee has made such fair value
determination, provided, however, that the Collateral Administrator shall not
have a Purchase Option to purchase any Impaired Security if following such
purchase, (i) the aggregate principal balance of the Collateral Securities,
which were purchased by the Collateral Administrator, or its assignee, and which
had a rating as of the Closing Date of "Ba3", "Ba2," "Ba1," "BB-," "BB" or
"BB+," would exceed 50% of the aggregate principal balance of such Collateral
Securities as of the Reference Date, or (ii) the aggregate principal balance of
the Collateral Securities, which were purchased by the Collateral Administrator,
or its assignee, and which had a rating as of the Closing Date of "B2," "B1,"
"B" or "B+," would exceed 70% of the aggregate principal balance of such
Collateral Securities as of the Reference Date. The Trustee, at the direction of
the Collateral Administrator, shall redetermine the fair value of such Impaired
Security if there has been a material change

                                      -122-

<PAGE>

in circumstances or the Trustee has received new information that has a material
effect on value (or otherwise if the time since the last valuation exceeds 30
days). The Collateral Administrator may sell, transfer, assign or otherwise
convey its Purchase Option with respect to any Impaired Security to any party at
any time after the related Collateral Security becomes an Impaired Security. The
Collateral Administrator shall notify the Trustee of such transfer and such
notice shall include the transferee's name, address, telephone number, facsimile
number and appropriate contact person(s) and shall be acknowledged in writing by
the transferee. In addition, at any time after a Collateral Security becomes an
Impaired Security, the Collateral Administrator, by written notice to the Issuer
and the Trustee, may irrevocably waive its right to exercise its Purchase Option
with respect to such Impaired Security, provided, however, that if the related
Collateral Security subsequently becomes an Impaired Security based on a
different or additional event within the definition of "Impaired Security", such
as a further downgrade of such Collateral Security or the Principal Balance of
such Collateral Security, the Collateral Administrator shall have an assignable
Purchase Option with respect to such Impaired Security, without regard to the
prior waiver. If not exercised earlier, the Purchase Option with respect to any
Impaired Security will automatically terminate (i) once the related Collateral
Security is no longer an Impaired Security; provided, however, that if such
Collateral Security subsequently becomes an Impaired Security, the related
Purchase Option shall again be exercisable after a new fair value calculation is
made pursuant to clause (a) above or (ii) upon a repurchase of an Impaired
Security by the Sponsor due to the Sponsor's breach of a representation or
warranty in the Seller Transfer Agreement with respect to such Impaired
Security.

     (c)  Upon receipt of notice from the Issuer indicating that a Collateral
Security has become an Impaired Security, the holder (whether the original
grantee of such option or any subsequent transferee) of the Purchase Option may
exercise the Purchase Option by providing the Trustee written notice thereof
(the "Purchase Option Notice"), in the form of Exhibit G, which notice shall
identify the Person that, on its own or through an Affiliate, will acquire the
related Collateral Security and shall specify a Cash exercise price at least
equal to the Option Price. The exercise of any Purchase Option pursuant to this
clause (c) shall be irrevocable.

     (d)  Any sale of an Impaired Security pursuant to a Purchase Option shall
be without recourse to, or representation or warranty by, the Trustee, the
Depositor, the Seller, the Sponsor, the Co-Issuers or the Collateral
Administrator. Neither the Trustee nor the Collateral Administrator shall have
any liability to the Issuer or any Noteholder with respect to the price at which
an Impaired Security is sold if the sale is consummated in accordance with the
terms of this Indenture.

     (e)  Upon exercise of a Purchase Option, the holder of such Purchase Option
shall be required to pay the purchase price specified in its Purchase Option
Notice to the Trustee within 10 Business Days of exercising its Purchase Option.
The proceeds of any sale of an Impaired Security, after deduction of the
reasonable and customary expenses of such sale incurred in connection therewith,
shall be deposited by the Trustee within one Business Day of receipt in the
Collection Account.

     (f)  In addition to any certificate required pursuant to Article 10 of this
Indenture, upon the sale of an Impaired Security, the Collateral Administrator
and the Trustee shall certify that such sale is in compliance with and satisfies
all conditions set forth in this Section 12.1.

     (g)  All transactions effected pursuant to this Section 12.1 shall be
conducted on an arm's length basis and, if effected with a Person Affiliated
with the Collateral Administrator, the Issuer or the Trustee, shall be effected
on terms as favorable to the Noteholders as would be the case if such Person
were not so Affiliated, as certified by the Collateral Administrator.

                                      -123-

<PAGE>

          Section 12.2  Hedge Agreement Provisions; Defaulted Hedge Agreements.

     (a)  On the Closing Date, the Issuer shall enter into one or more Hedge
Agreements, each in form satisfactory to the Rating Agencies. The Issuer may,
from time to time, subject to the remainder of this Section 12.2, enter into one
or more replacement Hedge Agreements in the event that any Hedge Agreement is
terminated due to any "Termination Event" or "Event of Default" (each as defined
in the Hedge Agreement) prior to its scheduled expiration; provided, however,
that the Rating Condition is met.

     (b)  In the event of any early termination of a Hedge Agreement (1) any
termination payment paid by the Hedge Counterparty to the Issuer ("Hedge
Termination Receipts") will be remitted to a single, segregated account held in
the United States in the name of the Trustee (the "Hedge Termination Receipts
Account") for the benefit of the holders of the Notes under the Indenture and
(ii) any Hedge Replacement Proceeds received from a replacement counterparty
will be remitted directly to the Hedge Counterparty; provided, that any such
remittance to the Hedge Counterparty shall not exceed the amounts, if any, owed
to the Hedge Counterparty under the Hedge Agreement.

     (c)  Subject to satisfaction of the Rating Condition, the Collateral
Administrator will use reasonable efforts to cause the Issuer, promptly
following the early termination of the Hedge Agreement due to an "Event of
Default" or "Termination Event" (each as defined in the Hedge Agreement) and to
the extent possible through application of funds available in the Hedge
Termination Receipts Account or otherwise, to enter into a replacement Hedge
Agreement (a "Replacement Hedge").

     (d)  To the extent that the funds available in the Hedge Termination
Receipts Account exceed the costs of entering into a Replacement Hedge, the
amounts in the Hedge Termination Receipts Account shall become part of Principal
Proceeds and be distributed in accordance with the Priority of Payments on the
next following Payment Date.

     (e)  To the extent not fully paid from Hedge Replacement Proceeds, any
termination payment owed by the Issuer to the Hedge Counterparty pursuant to the
Hedge Agreement shall be payable to the Hedge Counterparty on each following
Payment Date until paid in full in accordance with the Priority of Payments. To
the extent that the Hedge Replacement Proceeds exceed any such termination
payments (or if there are no termination payments), the Hedge Replacement
Proceeds shall become part of Principal Proceeds and be distributed in
accordance with the Priority of Payments on the next following Payment Date.

     (f)  The Hedge Agreement provides that if at any time, with respect to the
Hedge Counterparty, the ratings of the Hedge Counterparty or the Hedge
Counterparty's credit support provider, whichever is higher, (x) cease to
satisfy the Collateralization Rating but still satisfy the Minimum Hedge
Counterparty Rating, then the Hedge Counterparty shall (within the time period
specified in the Hedge Agreement and at its own cost or benefit) (i) post
collateral pursuant to the terms of the Hedge Agreement, (ii) subject to the
Rating Condition being satisfied, transfer all of its rights and obligations
under the Hedge Agreement to another counterparty pursuant to the terms of the
Hedge Agreement or (iii) subject to the Rating Condition being satisfied, obtain
an absolute and unconditional guarantee, credit intermediation arrangement,
letter of credit or other additional credit support or collateral reasonably
acceptable to each Rating Agency or (y) cease to satisfy the Minimum Hedge
Counterparty Rating, then the Hedge Counterparty shall (within the time period
specified in the Hedge Agreement and at its own cost or benefit) (i) subject to
the Rating Condition being satisfied, transfer all of its rights and obligations
under the Hedge Agreement to another counterparty pursuant to the terms of the
Hedge Agreement or (ii) subject to the Rating Condition being satisfied, obtain
an absolute and unconditional guarantee, credit intermediation arrangement,
letter of credit or other additional credit support or collateral reasonably
acceptable to each Rating Agency. If the Hedge Counterparty fails to comply with
clauses (x)(ii), (x)(iii), (y)(i) or (y)(ii) above, on the 30th day after the
Hedge Counterparty or its credit support provider ceases to satisfy the
Collateralization Rating or the Minimum Hedge Counterparty

                                      -124-

<PAGE>

Rating, as applicable, the Hedge Counterparty shall post collateral in an amount
that is equal to the greater of (A) the Hedge Receipt Amount with respect to the
next Payment Date; (B) the mark-to-market value of the Hedge Agreement; or (C)
1% of the outstanding notional amount of the Hedge Agreement. In addition, if
the Hedge Counterparty fails to comply with clauses (y)(i) or (y)(ii) above, the
Hedge Counterparty may be required to post additional collateral, in an amount
agreed upon by the Rating Agencies. Any posting of collateral by the Hedge
Counterparty will be subject to a credit support annex acceptable to the Rating
Agencies at the time of such posting. The Collateral Administrator shall,
consistent with the standard of conduct set forth in the Collateral
Administration Agreement, monitor the ratings of the Hedge Counterparty and the
credit support provider of the Hedge Counterparty and, if such ratings fall
below the Collateralization Rating or the Minimum Hedge Counterparty Rating, the
Collateral Administrator shall promptly notify the Trustee, and the Trustee
shall enforce the rights of the Issuer under the Hedge Agreement against the
Hedge Counterparty.

     (g)  (i)   Subject to satisfaction of the Rating Condition, the Trustee, at
the direction of the Collateral Administrator, shall exercise its right to
reduce the notional amount of the Hedge Agreements if (A) any of the Class C
Coverage Tests is not satisfied on a Payment Date and the Swap Hedge Agreement
is "Out-of-the-Money," as determined pursuant to clause (ii) below, or (B) the
aggregate notional amount of the Hedge Agreements exceeds the aggregate Note
Balance of the Floating Rate Notes. In the case of clause (A), the Trustee shall
give notice to the Hedge Counterparty, no less than 5 Business Days prior to the
Payment Date following the Payment Date on which such Class C Coverage Test had
not been satisfied, that the Cancellation Factor (as defined in the Swap Hedge
Agreement) shall be designated as "1." In the case of clause (B), the Trustee,
at the direction of the Collateral Administrator, shall reduce the notional
amount of the Hedge Agreement by first reducing the notional amount of the Cap
Hedge Agreement if such Payment Date is on or after the Payment Date in July
2013, then by increasing the Cancellation Factor of the Swap Hedge Agreement, to
the extent necessary, and then, by causing a partial termination of the Swap
Hedge Agreement.

          (ii)  The Collateral Administrator shall determine whether the Swap
Hedge Agreement is "Out-of-the-Money" in the following manner. No less than 7
Business Days prior to the Payment Date following the Payment Date on which such
Class C Coverage Test had not been satisfied, the Collateral Administrator shall
obtain quotes for the fixed rate of a hedge agreement with the following
characteristics: (A) the terms of such hedge agreement are similar to the terms
of the Swap Hedge Agreement, (B) the notional amount of such hedge agreement is
an amount equal to the difference between (x) the Base Notional Amount (as
defined in the Swap Hedge Agreement) of the Swap Hedge Agreement for such
Payment Date and (y) the Reduced Notional Amount (as defined in the Swap Hedge
Agreement) of the Swap Hedge Agreement for such Payment Date and (C) the fixed
rate is a rate at which the present value of the future cash flows of such hedge
agreement will be equal to zero. The Collateral Administrator shall obtain
quotes from three nationally recognized swap dealers, which nationally
recognized swap dealers are not the Trustee or an Affiliate thereof, the
Collateral Administrator or an Affiliate of the Collateral Administrator or the
Co-Issuers. If the Collateral Administrator is unable to obtain three such
quotes from three nationally recognized swap dealers that are not affiliated
with the Trustee or an Affiliate, the Collateral Administrator or an Affiliate
of the Collateral Administrator or the Co-Issuers, but is able to obtain two
such quotes, the foregoing procedures shall be followed on the basis of such two
quotes. The Swap Hedge Agreement will be considered "Out-of-the Money," if at
least two quotes are more than 100 basis points less than the Fixed Rate (as
defined in the Swap Hedge Agreement) of the Swap Hedge Agreement.

     Any termination payment owed by the Issuer to the Hedge Counterparty
pursuant to the Hedge Agreement shall be payable to the Hedge Counterparty on
each following Payment Date until paid in full in accordance with the Priority
of Payments.

                                     -125-

<PAGE>

     (h)  The Trustee shall not terminate the Hedge Agreement in connection with
a Redemption, unless (i) such termination shall occur not more than 5 Business
Days before the applicable Redemption Date and (ii) the Trustee has received
confirmation that the holders of a majority of the Preferred Shares or the
Collateral Administrator, as applicable, or their assignee, will pay the Tax
Redemption Price or the Optional Redemption Price, as applicable, on or before
the applicable Redemption Date.

          Section 12.3  Substitution.

          Upon discovery by the Collateral Administrator or the Trustee of a
breach of any representation or warranty of the Sponsor in the Seller Transfer
Agreement with respect to any Collateral Security that materially and adversely
affects the value of such Collateral Security or the interests of Noteholders (a
"Defect"), such Person shall give prompt notice thereof to the Sponsor, the
Seller, the Co-Issuers, the Trustee, the Collateral Administrator and the Rating
Agencies, and the Trustee shall enforce the obligations of the Sponsor, under
the Seller Transfer Agreement, to either (a) cure such Defect within 90 days of
the earlier of its discovery or receipt of notice of such Defect, (b) substitute
for such Collateral Security a Replacement Collateral Security within 90 days of
the receipt of notice of such Defect, which Replacement Collateral Security,
must be accompanied by either (i) a certificate of an Officer of the Sponsor,
certifying that the Replacement Collateral Security meets the Replacement
Criteria set forth in Section 5 of the Seller Transfer Agreement or (ii) written
confirmation from the Rating Agencies that the Rating Condition has been met
with respect to such Replacement Collateral Security or (c) if the Sponsor fails
to cure such Defect or to provide a Replacement Collateral Security and the
applicable document referred to in clause (b) above within such 90-day period
(subject to extension for an additional 90 days to the extent permitted by the
Seller Transfer Agreement; provided that the Sponsor has delivered to the
Trustee (i) a certificate of an officer of the Sponsor certifying that the
conditions to such extension set forth in the Seller Transfer Agreement have
been met and (ii) written confirmation from each Rating Agency that the Rating
Condition has been met with respect to such extension), repurchase such
Collateral Security as set forth in the Seller Transfer Agreement. The Trustee
has no obligation to conduct any investigation with respect to whether a
Collateral Security qualifies as a Replacement Collateral Security and the
Trustee may conclusively rely on any Officer's Certificate delivered to it by
the Sponsor with respect to the qualification of a Collateral Security as a
Replacement Collateral Security; provided, however, that unless the Rating
Condition has been met with respect to a Replacement Collateral Security the
Trustee shall verify that the criteria in the Seller Transfer Agreement with
respect to (i) principal amount, (ii) interest rate, (iii) rating requirement
and (iv) increase in Collateral Securities from any one issuance, are met.

          No substitution may be made in any calendar month after the
Determination Date for such month. Payments due with respect to Replacement
Collateral Securities in the Due Period relating to the Payment Date in the
month of substitution shall not be part of the Collateral and will be retained
by the Trustee and remitted by the Trustee to the Sponsor on the next succeeding
Payment Date. For the Payment Date in the month of substitution, distributions
to Noteholders will include the payment due on the related Defective Collateral
Security for such Due Period (the "Deleted Security Payment") and thereafter the
Person that owns the Defective Collateral Security shall be entitled to retain
all amounts received in respect of such Defective Collateral Security.

          The Collateral Administrator shall amend or cause to be amended the
Schedule of Collateral Securities to reflect the removal of such Defective
Collateral Security and, if applicable, the substitution of the Replacement
Collateral Security and upon such amendment the Collateral Administrator shall
deliver or cause to be delivered such amended Schedule of Collateral Securities
to the Trustee. Upon a substitution, the Replacement Collateral Security shall
be subject to the terms of this Indenture in all respects.

          The Collateral Administrator shall deposit or shall cause the Sponsor
to deposit, if the Deleted Security Payment has not been received by the date of
substitution, such Deleted Security Payment,

                                      -126-

<PAGE>

into the Collection Account in the month of substitution, without any
reimbursement thereof (provided that if a deposit is made with respect to the
Deleted Security Payment and such payment is later received by the Trustee, the
Trustee shall remit such payment to the Sponsor).

                                  ARTICLE XIII

                             NOTEHOLDERS' RELATIONS

          Section 13.1 Subordination.

     (a)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class B Notes agree for
the benefit of the Holders of the Class A Notes that the rights of the Holders
of the Class B Notes to payment by the Co-Issuers and in and to the Collateral,
including to any payment from the Proceeds of Collateral, shall be subordinate
and junior to the Class A Notes, to the extent and in the manner set forth in
this Indenture including as set forth in Section 11.1 and hereinafter provided.
If any Event of Default has occurred and has not been cured or waived and
acceleration occurs in accordance with Article V, including, without limitation,
as a result of an Event of Default specified in Section 5.1(f) or (g), principal
of and interest on, as applicable, the Class A Notes shall be paid in full in
Cash before any further payment or distribution is made on account of the Class
B Notes. The Holders of the Class B Notes agree, for the benefit of the Holders
of the Class A Notes, not to cause the filing of a petition in bankruptcy
against the Issuer or the Co-Issuer for failure to pay to them amounts due under
the Class B Notes or hereunder prior to the date which is one year and one day
(or, if longer, the applicable preference period) after the payment in full of
principal of and interest on the Class A Notes.

     (b)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class C Notes agree for
the benefit of the Holders of the Class A Notes and the Class B Notes that the
rights of the Holders of the Class C Notes to payment by the Co-Issuers and in
and to the Collateral, including any payment from the Proceeds of Collateral,
shall be subordinate and junior to the Class A Notes and the Class B Notes, to
the extent and in the manner set forth in this Indenture including as set forth
in Section 11.1 and hereinafter provided. If any Event of Default has occurred
and has not been cured or waived and acceleration occurs in accordance with
Article V, including, without limitation, as a result of an Event of Default
specified in Section 5.1(f) or (g), principal of and interest on, as applicable,
the Class A Notes and the Class B Notes shall be paid in full in Cash before any
further payment or distribution is made on account of the Class C Notes. The
Holders of the Class C Notes agree, for the benefit of the Holders of the Class
A Notes and the Class B Notes, not to cause the filing of a petition in
bankruptcy against the Issuer or the Co-Issuer for failure to pay to them
amounts due under the Class C Notes or hereunder prior to the date which is one
year and one day (or, if longer, the applicable preference period) after the
payment in full of principal of and interest on the Class A Notes and the Class
B Notes.

     (c)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class D-FX Notes and the
Class D-FL Notes agree for the benefit of the Holders of the Class A Notes, the
Class B Notes and the Class C Notes that the rights of the Holders of the Class
D-FX Notes and the Class D-FL Notes to payment by the Co-Issuers and in and to
the Collateral, including any payment from the Proceeds of Collateral, shall be
subordinate and junior to the Class A Notes, the Class B Notes and the Class C
Notes, to the extent and in the manner set forth in this Indenture including as
set forth in Section 11.1 and hereinafter provided. If any Event of Default has
occurred and has not been cured or waived and acceleration occurs in accordance
with Article V, including, without limitation, as a result of an Event of
Default specified in Section 5.1(f) or (g), principal of and interest on, as
applicable, the Class A Notes, the Class B Notes and the Class C Notes shall be
paid in full in Cash before any further payment or distribution is made on
account of the Class D-FX Notes and the Class D-FL Notes. The Holders of the
Class D-FX Notes and the Class D-FL Notes agree, for the benefit of the Holders
of the Class A Notes, the Class

                                      -127-

<PAGE>

B Notes and the Class C Notes, not to cause the filing of a petition in
bankruptcy against the Issuer or the Co-Issuer for failure to pay to them
amounts due under the Class D-FX Notes and the Class D-FL Notes or hereunder
prior to the date which is one year and one day (or, if longer, the applicable
preference period) after the payment in full of principal of and interest on the
Class A Notes, the Class B Notes and the Class C Notes.

     (d)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class E-FX Notes, the
Class E-FXD Notes and the Class E-FL Notes agree for the benefit of the Holders
of the Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes
and the Class D-FL Notes that the rights of the Holders of the Class E-FX Notes,
the Class E-FXD Notes and the Class E-FL Notes to payment by the Issuer and in
and to the Collateral, including any payment from the Proceeds of Collateral,
shall be subordinate and junior to the Class A Notes, the Class B Notes, the
Class C Notes, the Class D-FX Notes and the Class D-FL Notes, to the extent and
in the manner set forth in this Indenture including as set forth in Section 11.1
and hereinafter provided. If any Event of Default has occurred and has not been
cured or waived and acceleration occurs in accordance with Article V, including,
without limitation, as a result of an Event of Default specified in Section
5.1(f) or (g), principal of and interest on, as applicable, the Class A Notes,
the Class B Notes, the Class C Notes, the Class D-FX Notes and the Class D-FL
Notes shall be paid in full in Cash before any further payment or distribution
is made on account of the Class E-FX Notes, the Class E-FXD Notes and the Class
E-FL Notes. The Holders of the Class E-FX Notes, the Class E-FXD Notes and the
Class E-FL Notes agree, for the benefit of the Holders of the Class A Notes, the
Class B Notes, the Class C Notes, the Class D-FX Notes and the Class D-FL Notes,
not to cause the filing of a petition in bankruptcy against the Issuer for
failure to pay to them amounts due under the Class E-FX Notes, the Class E-FXD
Notes and the Class E-FL Notes or hereunder prior to the date which is one year
and one day (or, if longer, the applicable preference period) after the payment
in full of principal of and interest on the Class A Notes, the Class B Notes,
the Class C Notes, the Class D-FX Notes and the Class D-FL Notes.

     (e)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class F-FX Notes and the
Class F-FL Notes agree for the benefit of the Holders of the Class A Notes, the
Class B Notes, the Class C Notes, the Class D-FX Notes, the Class D-FL Notes,
the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL Notes that the
rights of the Holders of the Class F-FX Notes and the Class F-FL Notes to
payment by the Issuer and in and to the Collateral, including any payment from
the Proceeds of Collateral, shall be subordinate and junior to the Class A
Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class
D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL
Notes, to the extent and in the manner set forth in this Indenture including as
set forth in Section 11.1 and hereinafter provided. If any Event of Default has
occurred and has not been cured or waived and acceleration occurs in accordance
with Article V, including, without limitation, as a result of an Event of
Default specified in Section 5.1(f) or (g), principal of and interest on, as
applicable, the Class A Notes, the Class B Notes, the Class C Notes, the Class D
-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes and
the Class E-FL Notes shall be paid in full in Cash before any further payment or
distribution is made on account of the Class F-FX Notes and the Class F-FL
Notes. The Holders of the Class F-FX Notes and the Class F-FL Notes agree, for
the benefit of the Holders of the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes and the Class E-FL Notes, not to cause the filing of a
petition in bankruptcy against the Issuer for failure to pay to them amounts due
under the Class F-FX Notes and the Class F-FL Notes or hereunder prior to the
date which is one year and one day (or, if longer, the applicable preference
period) after the payment in full of principal of and interest on the Class A
Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class
D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL
Notes.

     (f)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class G Notes agree for
the benefit of the Holders of the Class A Notes, the Class B Notes, the Class C
Notes, Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class
E-FXD Notes,

                                      -128-

<PAGE>

the Class E-FL Notes, the Class F-FX Notes and the Class F-FL Notes that the
rights of the Holders of the Class G Notes to payment by the Issuer and in and
to the Collateral, including any payment from the Proceeds of Collateral, shall
be subordinate and junior to the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes and the Class F-FL
Notes, to the extent and in the manner set forth in this Indenture including as
set forth in Section 11.1 and hereinafter provided. If any Event of Default has
occurred and has not been cured or waived and acceleration occurs in accordance
with Article V, including, without limitation, as a result of an Event of
Default specified in Section 5.1(f) or (g), principal of and interest on, as
applicable, the Class A Notes, the Class B Notes, the Class C Notes, the Class
D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes,
the Class E-FL Notes, the Class F-FX Notes and the Class F-FL Notes shall be
paid in full in Cash before any further payment or distribution is made on
account of the Class G Notes. The Holders of the Class G Notes agree, for the
benefit of the Holders of the Class A Notes, the Class B Notes, the Class C
Notes, the Class D-FX Notes, the Class D-FL Notes, Class E-FX Notes, the Class
E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes and the Class F-FL
Notes, not to cause the filing of a petition in bankruptcy against the Issuer
for failure to pay to them amounts due under the Class G Notes or hereunder
prior to the date which is one year and one day (or, if longer, the applicable
preference period) after the payment in full of principal of and interest on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the
Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL
Notes, the Class F-FX Notes and the Class F-FL Notes.

     (g)  Anything in this Indenture or the Notes to the contrary
notwithstanding, the Co-Issuers and the Holders of the Class H Notes agree for
the benefit of the Holders of the Class A Notes, the Class B Notes, the Class C
Notes, Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the Class
E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes, the Class F-FL Notes
and the Class G Notes that the rights of the Holders of the Class H Notes to
payment by the Issuer and in and to the Collateral, including any payment from
the Proceeds of Collateral, shall be subordinate and junior to the Class A
Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class
D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes,
the Class F-FX Notes, the Class F-FL Notes and the Class G Notes, to the extent
and in the manner set forth in this Indenture including as set forth in Section
11.1 and hereinafter provided. If any Event of Default has occurred and has not
been cured or waived and acceleration occurs in accordance with Article V,
including, without limitation, as a result of an Event of Default specified in
Section 5.1(f) or (g), principal of and interest on, as applicable, the Class A
Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the Class
D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL Notes,
the Class F-FX Notes, the Class F-FL Notes and the Class G Notes shall be paid
in full in Cash before any further payment or distribution is made on account of
the Class H Notes. The Holders of the Class H Notes agree, for the benefit of
the Holders of the Class A Notes, the Class B Notes, the Class C Notes, the
Class D-FX Notes, the Class D-FL Notes, Class E-FX Notes, the Class E-FXD Notes,
the Class E-FL Notes, the Class F-FX Notes, the Class F-FL Notes and the Class G
Notes, not to cause the filing of a petition in bankruptcy against the Issuer
for failure to pay to them amounts due under the Class H Notes or hereunder
prior to the date which is one year and one day (or, if longer, the applicable
preference period) after the payment in full of principal of and interest on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D-FX Notes, the
Class D-FL Notes, the Class E-FX Notes, the Class E-FXD Notes, the Class E-FL
Notes, the Class F-FX Notes, the Class F-FL Notes and the Class G Notes.

     (h)  In the event that notwithstanding the provisions of this Indenture,
any Holder of any Subordinate Interests shall have received any payment or
distribution in respect of such Subordinate Interests contrary to the provisions
of this Indenture, then, unless and until either (s) the Class A Notes, (t) the
Class B Notes, (u) the Class C Notes, (v) the Class D-FX Notes and the Class
D-FL Notes, (w) the Class E-FX Notes, the Class E-FXD Notes and the Class E-FL
Notes, (x) the Class F-FX Notes and the Class F-FL Notes, (y) the Class G Notes
and (z) the Class H Notes, as the case may be, shall have been paid in full in
Cash in accordance with this Indenture, such payment or distribution shall be
received and held in trust for the benefit

                                      -129-

<PAGE>

of, and shall forthwith be paid over and delivered to, the Trustee, which shall
pay and deliver the same to the Holders of Class A Notes, the Class B Notes, the
Class C Notes, the Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes,
the Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes, the Class
F-FL Notes, the Class G Notes or the Class H Notes, as the case may be, in
accordance with this Indenture; provided, however, that, if any such payment or
distribution is made other than in Cash, it shall be held by the Trustee as part
of the Collateral and subject in all respects to the provisions of this
Indenture, including this Section 13.1.

     (i)  The Issuer agrees with all Holders of Class A Notes, Class B Notes,
Class C Notes, Class D-FX Notes, the Class D-FL Notes, the Class E-FX Notes, the
Class E-FXD Notes, the Class E-FL Notes, the Class F-FX Notes, the Class F-FL
Notes, the Class G Notes and the Class H Notes that the Issuer shall not demand,
accept, or receive any payment or distribution in respect of such Subordinate
Interests in violation of the provisions of this Indenture including this
Section 13.1. Nothing in this Section 13.1 shall affect the obligation of the
Issuer to pay Holders of Subordinate Interests.

          Section 13.2  Standard of Conduct. In exercising any of its or their
voting rights, rights to direct and consent or any other rights as a Holder
under this Indenture, subject to the terms and conditions of this Indenture,
including, without limitation, Section 5.9, a Holder or Holders shall not have
any obligation or duty to any Person or to consider or take into account the
interests of any Person and shall not be liable to any Person for any action
taken by it or them or at its or their direction or any failure by it or them to
act or to direct that an action be taken, without regard to whether such action
or inaction benefits or adversely affects any Holder, the Co-Issuers, or any
other Person, except for any liability to which such Holder may be subject to
the extent the same results from such Holder's taking or directing an action, or
failing to take or direct an action, in bad faith or in violation of the express
terms of this Indenture.

          Section 13.3  Right to List of Holders.

          Any Noteholder shall have the right, upon five (5) Business Days'
prior written notice to the Trustee to obtain a complete list of Noteholders. To
the extent that any Senior Noteholder is requesting a list of the beneficial
owners of a Global Note, the requesting party shall pay the cost of compiling
such a list. In addition, any beneficial owner that has provided a Beneficial
Ownership Certification shall have the right to request the Trustee to send a
notice on behalf of such beneficial owner to all other beneficial owners of
Notes by means of the regular procedures of the Clearing Agency for notices and
voting.

          Section 13.4  Beneficial Ownership Certifications.

          To the extent that under the terms of this Indenture, it is necessary
to determine whether any person is a beneficial owner of Notes, the Trustee
shall make such determination based on a certificate of such person in the form
attached hereto as Exhibit E which shall be addressed to the Trustee, and shall
specify, in reasonable detail satisfactory to the Trustee, such person's name
and address, the Class and Outstanding Note Balance of the Note beneficially
owned, and any intermediaries through which such person's interest in such Note
is held (any such certification, other than one which the Trustee shall refuse
to recognize pursuant to the following procedures, a "Beneficial Ownership
Certification"); provided, however, that the Trustee shall not knowingly
recognize such person as a Beneficial Owner if such Person, to the actual
knowledge of an Authorized Officer, acquired its interest in a Note in violation
of the transfer restrictions herein, or if such Person's certification that it
is a Beneficial Owner is in direct conflict with information obtained by the
Trustee from the Clearing Agency or any Clearing Agency Participant with respect
to the identity of a Beneficial Owner; provided, further, that the Trustee shall
be under no obligation to verify the information provided in such Beneficial
Ownership Certification or investigate any statements made therein. The Trustee
may conclusively rely on such Beneficial Ownership Certification.

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<PAGE>

                                   ARTICLE XIV

                                  MISCELLANEOUS

          Section 14.1  Form of Documents Delivered to Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

Any certificate of an Authorized Officer of the Issuer or the Co-Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such Authorized Officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer of
the Issuer or the Co-Issuer or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate of, or representations by, the
Issuer, the Co-Issuer, the Collateral Administrator or any other Person, stating
that the information with respect to such factual matters is in the possession
of the Issuer, the Co-Issuer, the Collateral Administrator or such other Person,
unless such Authorized Officer of the Issuer or the Co-Issuer or such counsel
knows that the certificate or representations with respect to such matters are
erroneous. Any Opinion of Counsel may also be based, insofar as it relates to
factual matters, upon a certificate of, or representations by, an Authorized
Officer of the Issuer or the Co-Issuer, stating that the information with
respect to such matters is in the possession of the Issuer or the Co-Issuer,
unless such counsel knows that the certificate or representations with respect
to such matters are erroneous.

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

Whenever in this Indenture it is provided that the absence of the occurrence and
continuation of a Default or Event of Default is a condition precedent to the
taking of any action by the Trustee at the request or direction of the Issuer or
the Co-Issuer, then notwithstanding that the satisfaction of such condition is a
condition precedent to the Issuer's or the Co-Issuer's rights to make such
request or direction, the Trustee shall be protected in acting in accordance
with such request or direction if it does not have knowledge of the occurrence
and continuation of such Default or Event of Default as provided in Section
6.1(d).

          Section 14.2  Acts of Holders.

     (a)  Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders of
Notes may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders, in person or by an agent
duly appointed in writing, and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee (which instrument or instruments may be delivered
through the Preferred Shares Paying Agent, in the case of the Holders of the
Preferred Shares), and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action or actions embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders, signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and the
Co-Issuers, if made in the manner provided in this Section 14.2.

                                      -131-

<PAGE>

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

     (c)  The principal amount and registered numbers of Notes held by any
Person, and the date of his holding the same, shall be proved by the Note
Register.

     (d)  Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Notes, shall bind the Holder (and any
transferee thereof) of such Note and of every Note issued upon the registration
thereof or in exchange therefor or in lieu thereof, in respect of anything done,
omitted or suffered to be done by the Trustee, or the Co-Issuers in reliance
thereon, whether or not notation of such action is made upon such Note.

          Section 14.3  Notices. Except as otherwise expressly provided herein,
any request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other documents provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with any of the parties indicated below
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to and mailed, by certified mail, return receipt requested,
hand delivered, sent by overnight courier service guaranteeing next day delivery
or by telecopy in legible form at the following addresses:

     (a)  to the Trustee at LaSalle Bank National Association, 135 South LaSalle
Street, Suite 1625, Chicago, Illinois 60603, telecopy no. (312) 904-0524,
Attention: CDO Trust Services Group--LNR CDO 2002-1 Ltd., or at any other
address previously furnished in writing by the Trustee;

     (b)  to the Issuer at LNR CDO 2002-1Ltd., P.O. Box 1093 GT, Queensgate
House, South Church Street, George Town, Grand Cayman, Cayman Islands, telecopy
no. (345) 945-7100, Attention: The Directors, or at any other address previously
furnished in writing by the Issuer, with a copy to Maples and Calder, P.O. Box
309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, Attention: Mark Rawlins, telecopy no. (345)
949-8080;

     (c)  to the Co-Issuer at LNR CDO 2002-1 Corporation, 1209 Orange Street,
Wilmington, Delaware 19801, Attention: Administrator, or at any other address
previously furnished in writing by the Co-Issuer;

     (d)  to the Collateral Administrator at Lennar Partners, Inc., 760 NW 107
Avenue, Suite 400, Miami, Florida 33172, telecopy no. (305) 226-3428, Attention:
Ronald Schrager, or at any other address previously furnished in writing by the
Collateral Administrator;

     (e)  to Moody's at Moody's Investors Service, 99 Church Street, New York,
New York 10007, telecopy No. (212) 553-1350, Attention: Structured Finance
Group, CMBS Surveillance-LNR CDO 2002-1 Ltd., or at any other address previously
furnished in writing by Moody's;

     (f)  to S&P at Standard & Poor's Ratings Services, a division of The Mc
Graw-Hill Companies, Inc., 55 Water Street, 41st Floor, New York, New York
10041-0003, telephone No. 212-438-2506, facsimile No. 212-438-2664, Attention:
Structured Finance Ratings, Asset-Backed Securities CBO/CLO Surveillance, or at
any other address previously furnished in writing by S&P;

     (g)  to Fitch at Fitch Ratings, One State Street Plaza, New York, New York
10004, telecopy No. (212) 635-0294 (with confirmation of receipt thereof),
Attention: Commercial Mortgage Surveillance, or at any other address previously
furnished in writing by Fitch;

                                      -132-

<PAGE>

     (h)  any Hedge Counterparty at the address previously furnished in writing
to the Issuer or the Trustee by such Hedge Counterparty.

          Section 14.4  Notices to Holders; Waiver. Except as otherwise
expressly provided herein, where this Indenture provides for notice to Holders
of Notes or the Preferred Shares Paying Agent (for delivery to the Holders of
the Preferred Shares) of any event,

     (a)  such notice shall be sufficiently given to Holders of Notes or the
Preferred Shares Paying Agent if in writing and mailed, first-class postage
prepaid, to each Holder of a Note and the Preferred Shares Paying Agent affected
by such event, at the address of such Holder as it appears in the Note Register
or at the address of the Preferred Shares Paying Agent supplied by the Preferred
Shares Paying Agent to the Trustee, not earlier than the earliest date and not
later than the latest date, prescribed for the giving of such notice; and

     (b)  such notice shall be in the English language.

Such notices will be deemed to have been given on the date of such mailing.

The Trustee will deliver to the Holders of the Notes any information or notice
requested to be so delivered by at least 25% of the Holders of any Class of
Notes and will deliver to the Preferred Shares Paying Agent any information or
notice which the Preferred Shares Paying Agent certifies was requested to be so
delivered by at least 25% of the Holders of the Preferred Shares.

Neither the failure to mail any notice, nor any defect in any notice so mailed,
to any particular Holder of a Note or the Preferred Shares Paying Agent shall
affect the sufficiency of such notice with respect to other Holders of Notes, or
Preferred Shares. In case by reason of the suspension of regular mail service or
by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification to Holders of Notes or the Preferred Shares Paying
Agent as shall be made with the approval of the Trustee shall constitute a
sufficient notification to such Holders or the Preferred Shares Paying Agent for
every purpose hereunder.

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

If and so long as any of the Senior Notes are listed on the Irish Stock Exchange
and the rules of such Exchange shall so require, notices to the Holders of the
listed Senior Notes shall also be published in the Irish Stock Exchange Daily
Official List.

          Section 14.5  Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

          Section 14.6  Successors and Assigns. All covenants and agreements in
this Indenture by the Co-Issuers shall bind their respective successors and
assigns, whether so expressed or not.

                                      -133-

<PAGE>

          Section 14.7   Severability. In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

          Section 14.8   Benefits of Indenture. Nothing in this Indenture or in
the Notes, expressed or implied, shall give to any Person (other than the
Collateral Administrator, who shall be an express third party beneficiary
hereof, and the Hedge Counterparty, Trepp, LLC and the Preferred Shares Paying
Agent and the Holders of the Preferred Shares, who shall be express third party
beneficiaries of this Indenture), other than the parties hereto and their
successors hereunder, and the Noteholders any benefit or any legal or equitable
right, remedy or claim under this Indenture.

          Section 14.9   GOVERNING LAW. THIS INDENTURE AND EACH NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF.

          Section 14.10  SUBMISSION TO JURISDICTION. THE CO-ISSUERS AND THE
TRUSTEE HEREBY IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY
FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY
OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE NOTES
OR THIS INDENTURE, AND THE CO-ISSUERS AND THE TRUSTEE HEREBY IRREVOCABLY AGREE
THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH FEDERAL OR NEW YORK STATE COURT. THE CO-ISSUERS AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THAT THEY MAY LEGALLY DO
SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING. THE CO-ISSUERS AND THE TRUSTEE IRREVOCABLY CONSENT TO THE SERVICE OF
ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF
COPIES OF SUCH PROCESS TO IT AT THE OFFICE OF THE CO-ISSUERS' AGENT SET FORTH IN
SECTION 7.4. THE CO-ISSUERS AND THE TRUSTEE AGREE THAT A FINAL JUDGMENT IN ANY
SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

          Section 14.11  Counterparts. This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

          Section 14.12  WAIVER OF JURY TRIAL. THE TRUSTEE, THE NOTEHOLDERS AND
THE CO-ISSUERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS
THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS INDENTURE, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF
THE PARTIES HERETO. EACH OF THE CO-ISSUERS, THE TRUSTEE, AND THE NOTEHOLDERS
ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION
FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR SUCH
PARTIES ENTERING INTO THIS INDENTURE.

                                      -134-

<PAGE>

          Section 14.13  Legal Holiday. In the event that the date of any
Payment Date or Redemption Date shall not be a Business Day, then
notwithstanding any other provision of the Notes or this Indenture, payment need
not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the nominal date of any such
Payment Date or Redemption Date, as the case may be, and, other than with
respect to any Interest Accrual Period for a Class of Notes ending on the Stated
Maturity of such Class of Notes, no interest shall accrue on such payment for
the period from and after any such nominal date; provided, that in the case of
the Floating Rate Notes only, interest shall accrue from and including the
immediately preceding Payment Date to but excluding the following Payment Date.

          Section 14.14  Liability of Co-Issuers. Notwithstanding any other
terms of this Indenture, the Notes or any other agreement entered into between,
inter alia, the Co-Issuers or otherwise, neither of the Co-Issuers shall have
any liability whatsoever to the other of the Co-Issuers under this Indenture,
the Notes, any such agreement or otherwise and, without prejudice to the
generality of the foregoing, neither of the Co-Issuers shall be entitled to take
any to enforce, or bring any action or proceeding, in respect of this Indenture,
the Notes, any such agreement or otherwise against the other of the Co-Issuers.
In particular, of the Co-Issuers shall be entitled to petition or take any other
steps for the winding up or bankruptcy of the other of the Co-Issuers or shall
have any claim in respect of any assets of the other Co-Issuers.

                                   ARTICLE XV

                ASSIGNMENT OF COLLATERAL ADMINISTRATION AGREEMENT

          Section 15.1  Assignment of Collateral Administration Agreement.

     (a)  The Issuer, in furtherance of the covenants of this Indenture and as
security for the Secured Obligations and the performance and observance of the
provisions hereof, hereby assigns, transfers, conveys and sets over to the
Trustee, for the benefit of the Secured Parties, all of the Issuer's estate,
right, title and interest in, to and under the Collateral Administration
Agreement, including (i) the right to give all notices, consents and releases
thereunder, (ii) the right to give all notices of termination and to take any
legal action upon the breach of an obligation of the Collateral Administrator
thereunder, including the commencement, conduct and consummation of proceedings
at law or in equity, (iii) the right to receive all notices, accountings,
consents, releases and statements thereunder and (iv) the right to do any and
all other things whatsoever that the Issuer is or may be entitled to do
thereunder; provided, however, the Trustee hereby grants the Issuer a license to
exercise all of the Issuer's rights pursuant to the Collateral Administration
Agreement without notice to or the consent of the Trustee (except as otherwise
expressly required by this Indenture, including as set forth in paragraph (f) of
this Section 15.1), which license shall be and is hereby deemed to be
automatically revoked upon the occurrence of an Event of Default hereunder until
such time, if any, as such Event of Default is cured or waived.

     (b)  The assignment made hereby is executed as collateral security, and the
execution and delivery hereby shall not in anyway impair or diminish the
obligations of the Issuer under the provisions of the Collateral Administration
Agreement, nor shall any of the obligations contained in the Collateral
Administration Agreement be imposed on the Trustee.

     (c)  Upon the retirement of the Notes and the release of the Collateral
from the lien of this Indenture, this assignment and all rights herein assigned
to the Trustee for the benefit of the Secured Parties shall cease and terminate
and all the estate, right, title and interest of the Trustee in, to and under
the Collateral Administration Agreement shall revert to the Issuer and no
further instrument or act shall be necessary to evidence such termination and
reversion.

                                      -135-

<PAGE>

     (d) The Issuer represents that the Issuer has not executed any other
assignment of the Collateral Administration Agreement.

     (e) The Issuer agrees that this assignment is irrevocable, and that it will
not take any action which is inconsistent with this assignment or make any other
assignment inconsistent herewith. The Issuer will, from time to time upon the
request of the Trustee, execute all instruments of further assurance and all
such supplemental instruments with respect to this assignment as the Trustee may
specify.

     (f) The Issuer hereby agrees, and hereby undertakes to obtain the agreement
and consent of the Collateral Administrator in the Collateral Administration
Agreement, to the following:

          (i)   The Collateral Administrator consents to the provisions of this
     assignment and agrees to perform any provisions of this Indenture
     applicable to the Collateral Administrator subject to the terms of the
     Collateral Administration Agreement.

          (ii)  The Collateral Administrator acknowledges that the Issuer is
     assigning all of its right, title and interest in, to and under the
     Collateral Administration Agreement to the Trustee as collateral for the
     benefit of the Secured Parties.

          (iii) The Collateral Administrator shall deliver to the Trustee
     duplicate original copies of all notices, statements, communications and
     instruments delivered or required to be delivered to the Issuer pursuant to
     the Collateral Administration Agreement.

          (iv)  Except as contemplated under the Collateral Administration
     Agreement, neither the Issuer nor the Collateral Administrator will enter
     into any agreement amending, modifying or terminating the Collateral
     Administration Agreement (other than in respect of an amendment or
     modification of the type that may be made to this Indenture without the
     consent of the Holders of Notes, the Hedge Counterparty, or as required by
     or to comply with law), notifying each of the Rating Agencies and without
     the prior written confirmation of each of the Rating Agencies that such
     amendment, modification or termination will not cause the rating of any
     Class of Notes to be immediately reduced and without complying with the
     applicable provisions of the Collateral Administration Agreement. Except as
     contemplated under the Collateral Administration Agreement, neither the
     Issuer nor the Collateral Administrator will enter into any agreement
     amending, modifying or terminating the Collateral Administration Agreement
     in respect of an amendment or modification of the type that may not be made
     to this Indenture without consent of the Holders of Notes or the Hedge
     Counterparty without obtaining the consent of the requisite number of each
     Class of Notes that would be required of an amendment or modification of
     such type if it were made to the Indenture, and the consent of the Hedge
     Counterparty.

          (v)   Except as otherwise set forth herein and therein, the Collateral
     Administrator shall continue to serve as Collateral Administrator under the
     Collateral Administration Agreement notwithstanding that the Collateral
     Administrator shall not have received amounts due it under the Collateral
     Administration Agreement because sufficient funds were not then available
     hereunder to pay such amounts in accordance with the Priority of Payments.
     The Collateral Administrator agrees not to cause the filing of a petition
     in bankruptcy against the Issuer for the non-payment of the Collateral
     Administration Fee, or other amounts payable by the Issuer to the
     Collateral Administrator under the Collateral Administration Agreement
     prior to the date which is one year and one day (or, if longer, the
     applicable preference period) after the payment in full of all Notes issued
     under this Indenture; provided, however, that nothing in this clause shall
     preclude, or be deemed to estop, the Collateral Administrator (A) from
     taking any action not inconsistent with the foregoing prior to the
     expiration of the aforementioned one year and one day period in (x) any
     case or proceeding

                                      -136-

<PAGE>

     voluntarily filed or commenced by the Issuer or the Co-Issuer, as the case
     may be, or (y) any involuntary insolvency proceeding filed or commenced
     against the Issuer or the Co-Issuer, as the case may be, by a Person other
     than the Collateral Administrator or its Affiliates, or (B) from commencing
     against the Issuer or the Co-Issuer or any properties of the Issuer or the
     Co-Issuer any legal action which is not a bankruptcy, reorganization,
     arrangement, insolvency, moratorium or liquidation proceeding.

          (vi)  The Collateral Administrator irrevocably submits to the
     non-exclusive jurisdiction of any federal or New York state court sitting
     in the Borough of Manhattan in The City of New York in any action or
     Proceeding arising out of or relating to the Notes or this Indenture, and
     the Collateral Administrator irrevocably agrees that all claims in respect
     of such action or Proceeding may be heard and determined in such federal or
     New York state court. The Collateral Administrator irrevocably waives, to
     the fullest extent it may legally do so, the defense of an inconvenient
     forum to the maintenance of such action or Proceeding. The Collateral
     Administrator irrevocably consents to the service of any and all process in
     any action or Proceeding by the mailing or delivery of copies of such
     process to it at the office of the Collateral Administrator set forth in
     Section 14.3. The Collateral Administrator agrees that a final judgment in
     any such action or Proceeding shall be conclusive and may be enforced in
     other jurisdictions by suit on the judgment or in any other manner provided
     by law.

                                     -137-

<PAGE>

     IN WITNESS WHEREOF, we have set our hands as of the date first written
above.

                                     LNR CDO 2002-1 LTD.,
                                     as Issuer

                                     By: /s/ Shelly Rubin
                                        ------------------------------
                                     Name:  Shelly L. Rubin
                                     Title: Attorney-in-Fact

                                     LNR CDO 2002-1 CORPORATION,
                                     as Co-Issuer

                                     By: /s/ Shelly Rubin
                                        ------------------------------
                                     Name:  Shelly L. Rubin
                                     Title: Vice President

                                     LASALLE BANK NATIONAL ASSOCIATION,
                                     as Trustee

                                     By: /s/ Koren E. Sumser
                                        ------------------------------
                                     Name:  Koren E. Sumser
                                     Title: Assistant Vice President

                                      -138-

<PAGE>

                                   SCHEDULE A

                  Collateral Securities as of the Closing Date

<PAGE>

                                   SCHEDULE B

                                  LIBOR Formula

     The London interbank offered rate ("LIBOR") shall be determined by the
Calculation Agent in accordance with the following provisions:

     (1) On the second London Business Day prior to the commencement of an
Interest Accrual Period (each such day, a "LIBOR Determination Date"), LIBOR
shall equal the rate, as obtained by the Calculation Agent (from "Bloomberg
Financial Markets Commodities News"), for one month U.S. dollar deposits in
Europe which appears on Telerate Page 3750 (as defined in the International
Swaps and Derivatives Association, Inc. 2000 Definitions) or such other page as
may replace Telerate Page 3750 as of 11:00 a.m. (London time) on such LIBOR
Determination Date. "London Business Day" means any day on which commercial
banks in London, England are open for business (including dealings in deposits
in Dollars).

     (2) If, on any LIBOR Determination Date, such rate does not appear on
Telerate Page 3750, the Calculation Agent shall determine the arithmetic mean of
the offered quotations of the Reference Banks (as defined below) to leading
banks in the London interbank market for one-month U.S. Dollar deposits in
Europe by reference to requests for quotations made by the Calculation Agent to
the Reference Banks as of approximately 11:00 a.m. (London time) on the LIBOR
Determination Date. If, on any LIBOR Determination Date, at least two of the
Reference Banks provide such quotations, LIBOR shall equal such arithmetic mean
of such quotations. If, on any LIBOR Determination Date, only one or none of the
Reference Banks provide such quotations, LIBOR shall be deemed to be the
arithmetic mean of the offered quotations that leading banks in the City of New
York selected by the Calculation Agent (after consultation with the Collateral
Administrator) are quoting on the relevant LIBOR Determination Date for such
one-month U.S. Dollar deposits in Europe; provided, however, that if the
Calculation Agent is required but is unable to determine a rate in accordance
with at least one of the procedures provided above, LIBOR shall be determined in
accordance with the fallback method for determining LIBOR established by the
International Swap Dealers Association ("ISDA"); and provided further if ISDA
has not established a fallback for the determination of LIBOR, LIBOR shall be
LIBOR as determined on the previous LIBOR Determination Date. As used herein,
"Reference Banks" means four major banks in the London interbank market selected
by the Calculation Agent (after consultation with the Collateral Administrator).

     All percentages resulting from any calculations of LIBOR will be rounded,
if necessary, to the nearest 1/100,000 of 1% and all U.S. Dollar amounts used in
or resulting from such calculations will be rounded to the nearest cent (with
one-half cent or more being rounded upwards).

<PAGE>

                                   SCHEDULE C

                           Rated Collateral Securities

<PAGE>

                                   SCHEDULE D

                          RATING AGENCY RECOVERY RATES

     "S&P Recovery Rate" means, with respect to any Collateral Security on any
Payment Date, an amount equal to the percentage for such Collateral Security set
forth in the S&P's Recovery Rate Matrix below in (x) the applicable table and
(y) the row in such table opposite the S&P Rating of such Collateral Security on
the related Determination Date (or, in the case of a Defaulted Security, the S&P
Rating at the time of default) in the column whose heading lists the rating of
the most senior Class of Notes then outstanding; provided that, if the timely
payment of principal of and interest on such Collateral Security is guaranteed
by a corporate guarantor, such amount shall be the lesser of an amount equal to
the percentage for such Collateral Security set forth in the S&P's Recovery Rate
Matrix and 37%.

                           S&P's Recovery Rate Matrix

          A. If the Collateral Security is the senior-most tranche of securities
issued by the issuer of such Collateral Security the recovery rate is as
follows:

-------------------------------------------------------------------------------
        S&P Rating                              Recovery Rate
-------------------------------------------------------------------------------
                               AAA     AA      A     BBB     BB      B     CCC
-------------------------------------------------------------------------------
          "AAA"               80.0%  85.0%   90.0%  90.0%  90.0%   90.0%  90.0%
-------------------------------------------------------------------------------
   "AA-", "AA" or "AA+"       70.0%  75.0%   85.0%  90.0%  90.0%   90.0%  90.0%
-------------------------------------------------------------------------------
     "A-", "A" or "A+"        60.0%  65.0%   75.0%  85.0%  90.0%   90.0%  90.0%
-------------------------------------------------------------------------------
"BBB-", "BBB" or "BBB+"       50.0%  55.0%   65.0%  75.0%  85.0%   85.0%  85.0%
-------------------------------------------------------------------------------

          B. If the Collateral Security is not the senior-most tranche of
securities issued by the issuer of such Collateral Security the recovery rate is
as follows:

-------------------------------------------------------------------------------
          S&P Rating                            Recovery Rate
-------------------------------------------------------------------------------
                               AAA     AA      A     BBB     BB      B     CCC
-------------------------------------------------------------------------------
   "AA-", "AA" or "AA+"       55.0%  65.0%   75.0%  80.0%  80.0%   80.0%  80.0%
-------------------------------------------------------------------------------
        "A-", "A" or "A+"     40.0%  45.0%   55.0%  65.0%  80.0%   80.0%  80.0%
-------------------------------------------------------------------------------
"BBB-", "BBB" or "BBB+"       30.0%  35.0%   40.0%  45.0%  50.0%   60.0%  70.0%
-------------------------------------------------------------------------------
     "BB-", "BB" or "BB+"     10.0%  10.0%   10.0%  25.0%  35.0%   40.0%  50.0%
-------------------------------------------------------------------------------
        "B-", "B" or "B+"      2.5%   5.0%    5.0%  10.0%  10.0%   20.0%  25.0%
-------------------------------------------------------------------------------
        "CCC+ and below        0.0%   0.0%    0.0%   0.0%   2.5%    5.0%   5.0%
-------------------------------------------------------------------------------

<PAGE>

          "Fitch Recovery Rate" means, with respect to any Collateral Security
on any Payment Date, an amount equal to the percentage for such Collateral
Security set forth in the Fitch Recovery Rate Matrix below in (x) the applicable
table and (y) the row in such table opposite the Fitch Rating of such Collateral
Security on the related Determination Date.

                           Fitch Recovery Rate Matrix

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------

                                                      Liability rating
                                                    2 or more categories
                                                        greater than                       "equal to or
                                                      collateral rating       "greater"     less than"
                                                    --------------------      ---------    ------------
-------------------------------------------------------------------------------------------------------
<S>                                                 <C>                       <C>          <C>
ABS - Most Senior Investment Grade tranche                  60%                 60%            60%
-------------------------------------------------------------------------------------------------------
ABS - All other Investment Grade tranche                    20%                 30%            40%
-------------------------------------------------------------------------------------------------------
ABS - non-Investment Grade tranche                           0%                  5%            10%
-------------------------------------------------------------------------------------------------------
</TABLE>

          "Moody's Recovery Rate" means, with respect to any Collateral Security
on any Payment Date, an amount equal to (i) 100% minus (ii) the percentage for
such Collateral Security set forth in the Moody's Loss Scenario Matrix below in
(x) the column in such table setting forth the Moody's Rating of such Collateral
Security on the related Determination Date and (y) the row in such table
opposite the percentage of the issue of which such Collateral Security is a part
relative to the total capitalization of (including both debt and equity
securities issued by) the relevant issuer of or obligor on such Collateral
Security determined on the date on which such Collateral Security was originally
issued, provided that, if the timely payment of principal of and interest on
such Collateral Security is guaranteed by another Person, such amount shall be
30%.

                          Moody's Loss Scenario Matrix

--------------------------------------------------------------------------------
                                                       Moody's Rating
   Percentage of Total                     -------------------------------------
     Capitalization                          Aaa   Aa     A    Baa   Ba     B
--------------------------------------------------------------------------------
Greater than 70%                             15%   20%   35%   45%   55%   70%
--------------------------------------------------------------------------------
Less than or equal to 70%, but
greater than 10%                             25%   30%   45%   55%   65%   75%
--------------------------------------------------------------------------------
Less than or equal to 10%, but
greater than 5%                              35%   45%   55%   65%   75%   85%
--------------------------------------------------------------------------------
Less than or equal to 5%, but
greater than 2%                              45%   55%   65%   70%   80%   90%
--------------------------------------------------------------------------------
Less than or equal to 2%                     55%   65%   75%   80%   90%   95%
--------------------------------------------------------------------------------

<PAGE>

                                   SCHEDULE E

                    S&P'S NOTCHING OF ASSET-BACKED SECURITIES

     The S&P Rating of a Collateral Security that has not been assigned a rating
by S&P may be determined as set forth below:

<TABLE>
<CAPTION>
                                         Issued prior to 8/1/01       Issued after 8/1/01
                                         Current Rating is:           Current Rating is:

                                         Inv.          Non Inv.       Inv.       Non Inv.
                                         Grade         Grade          Grade      Grade
                                      ----------------------------------------------------
<S>                                      <C>           <C>            <C>        <C>
1. NON-RE-REMIC CMBS                        -1               -2          -2            -3

      CMBS - Conduit

      CMBS - Credit Tenant Lease

      CMBS - Large Loan

      CMBS - Single Borrower

      CMBS - Single Property
</TABLE>

<PAGE>

                                   SCHEDULE F

                            S&P'S CDO INDUSTRY CODE

                          Structured Finance Securities
--------------------------------------------------------------------------------
  Asset Type              Description
--------------------------------------------------------------------------------
      53                  CMBS Diversified (Conduit and CTL)
--------------------------------------------------------------------------------
      54                  CMBS (Large Loan, Single Borrower and Single Property)
--------------------------------------------------------------------------------
      55                  REITs and REOCs
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]