Document:

EXHIBIT 4.1

                           INVESTOR'S RIGHTS AGREEMENT

This INVESTOR'S RIGHTS AGREEMENT (this "Agreement") is made and entered into as
of the 24th day of October, 2000 (the "Effective Date"), by and among iExalt
Inc., a Nevada corporation (the "Company"), the shareholders set forth on the
signature page attached hereto (collectively, the "Shareholders") and Ted L.
Parker ("Investor").

                                 R E C I T A L S

A. Investor and the Company entered into that certain Stock Exchange Agreement,
of even date herewith (the "Stock Exchange Agreement"); and

B. The Stock Exchange Agreement provided for the issuance of shares of the
Company's Common Stock, par value $.001 per share ("Company Common Stock") in
exchange for all of the issued and outstanding stock of CleanWeb, Inc., a Texas
corporation, which is held by Investor.

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, the parties hereto agree as follows:

      1.    DEFINITIONS.

            1.1   DEFINITIONS.  For purposes of this Agreement:

                  (a) "Affiliates" means, with respect to a specified person or
entity, another person or entity that directly, or indirectly through one or
more intermediaries, controls or is controlled by or is under common control
with the person or entity specified, and the term "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a person or entity, through the
ability to exercise voting power, by contract or otherwise.

                  (b) "Holder" means any person owning of record Registrable
Securities or any assignee of record of such Registrable Securities to whom
rights under this Agreement have been duly assigned in accordance with this
Agreement; PROVIDED, HOWEVER, that for purposes of this Agreement, a record
Holder of shares of Preferred Stock convertible into such Registrable Securities
will be deemed to be the Holder of such Registrable Securities.

                  (c) "Piggyback Share Limit" means Two Hundred Thousand
(200,000) shares of the Common Stock of the Company, in the aggregate,
appropriately adjusted for any stock splits, dividends, contributions, or other
similar changes.

                  (d) "Registrable Securities" means (i) all the shares of
Common Stock of the Company issued or issuable upon the conversion of any shares
of preferred stock that are now owned or may hereafter be acquired by the
Investor or the Investor's permitted successors and assigns; and (ii) any shares
of Common Stock of the Company issued as (or issuable upon the conversion or
exercise of any option, warrant, right or other security which is issued as) a

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dividend or other distribution with respect to, or in exchange for or in
replacement of, all such shares of Common Stock described in clause (i) of this
subsection.

                  (e) "Registrable Securities then outstanding" will mean the
number of shares of Common Stock which are Registrable Securities and (i) are
then issued and outstanding or (ii) are then issuable pursuant to the exercise
or conversion of then outstanding and then exercisable options, warrants or
convertible securities.

                  (f) The terms "register," "registered," and "registration"
refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act of 1933, as amended (the
"Securities Act"), and the declaration or ordering of effectiveness of such
registration statement.

                  (g) "SEC" or "Commission" means the U.S. Securities and
Exchange Commission.

      2.    REGISTRATION RIGHTS.

            2.1 PIGGYBACK REGISTRATIONS. The Company will notify all Holders of
Registrable Securities in writing at least thirty (30) days prior to filing any
registration statement under the Securities Act for purposes of effecting a
public offering of securities of the Company (including, but not limited to,
registration statements relating to secondary offerings of securities of the
Company, but excluding registration statements relating to any employee benefit
plan or a corporate reorganization) and will afford each such Holder an
opportunity to include in such registration statement all or any part of the
Registrable Securities then held by such Holder, but in no event shall the total
number of shares of Registrable Securities registered pursuant to this Section
2.1 by all Holders exceed the Piggyback Share Limit. Each Holder desiring to
include in any such registration statement all or any part of the Registrable
Securities held by such Holder will, within twenty (20) days after receipt of
the above-described notice from the Company, so notify the Company in writing,
and in such notice will inform the Company of the number of Registrable
Securities such Holder wishes to include in such registration statement. If a
Holder decides not to include all of its Registrable Securities in any
registration statement thereafter filed by the Company, such Holder will
nevertheless continue to have the right to include any Registrable Securities in
any subsequent registration statement or registration statements as may be filed
by the Company with respect to offerings of its securities, all upon the terms
and conditions set forth herein.

                  (a) UNDERWRITING. If a registration statement under which the
Company gives notice under this Section 2.1 is for an underwritten offering,
then the Company will so advise the Holders of Registrable Securities. In such
event, the right of any Holder to include his Registrable Securities in a
registration pursuant to this Section 2.1 will be conditioned upon such Holder's
participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their Registrable Securities through such
underwriting will enter into an underwriting agreement in customary form with
the managing underwriter(s) or underwriters selected for such underwriting by
the Company. Notwithstanding any other provision of this Section 2.1, if the
managing underwriter(s) determine(s) in good faith that marketing factors
require a limitation of the number of securities to be underwritten, then the
managing underwriter(s) may exclude shares (including Registrable Securities)
from the registration and

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the underwriting, and the number of shares that may be included in the
registration and the underwriting will be allocated, first, to the Company, and
second, to each of the Holders and other shareholders of the Company entitled to
participate in such registration requesting inclusion of their Registrable
Securities in such registration statement and other shareholders of the Company
entitled to participate in such registration on a PRO RATA basis based on the
total number of Registrable Securities then held by each such Holder or other
shareholder. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and
the underwriter, delivered at least thirty (30) business days prior to the
anticipated effective date of the registration statement. Any Registrable
Securities excluded or withdrawn from such underwriting will be excluded and
withdrawn from the registration.

                  (b) EXPENSES. Except as otherwise provided below, all expenses
incurred in connection with a registration pursuant to this Section 2.1,
including, without limitation, all federal and "blue sky" registration and
qualification fees, printers' and accounting fees, fees and disbursements of
counsel for the Company (but excluding underwriters' and brokers' discounts and
commissions and fees and disbursements of individual counsel for a selling
Holder), will be borne by the Company. Each Holder participating in a
registration pursuant to this Section 2.1 will bear such Holder's proportionate
share (based on the total number of shares sold in such registration other than
for the account of the Company) of all discounts, commissions or other amounts
payable to underwriters or brokers in connection with such offering. The fees
and disbursements of individual counsel for a selling Holder shall be borne by
the selling Holder.

            2.2 PARITY. It is intended that the Holder shall have registration
rights in PARITY with the Shareholders. In the event that any of the
Shareholders shall have, or shall obtain in the future, any rights relating to
registration of shares of the Company's capital stock, then this Agreement shall
be deemed amended to provide equivalent rights to the Holders, subject to any
restrictions or conditions placed thereupon; PROVIDED, HOWEVER, that in no event
shall the Holders have less rights than provided for herein.

            2.3 OBLIGATIONS OF THE COMPANY. Whenever required to effect the
registration of any Registrable Securities under this Agreement, the Company
will, as expeditiously as reasonably possible:

                  (a) Prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its best efforts to cause
such registration statement to become effective, and, upon the request of the
Holders of a majority of the Registrable Securities registered thereunder, keep
such registration statement effective for up to one hundred twenty (120) days
or, if earlier, until the distribution contemplated hereby has been completed.

                  (b) Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement.

                  (c) Furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act,

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and such other documents as they may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by them that are included in
such registration.

                  (d) Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as will be reasonably requested by the
Holders, provided that the Company will not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions.

                  (e) In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering.

                  (f) Notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.

                  (g) Furnish, at the request of any Holder requesting
registration of Registrable Securities, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are
being sold through an underwritten offer, or, if such securities are not being
sold through an underwritten offer, on the date that the registration statement
with respect to such securities becomes effective, (i) an opinion, dated as of
such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering and reasonably satisfactory to a majority in
interest of the Holders requesting registration, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities,
and (ii) a "comfort" letter dated as of such date, from the independent
certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in
an underwritten public offering and reasonably satisfactory to a majority in
interest of the Holders requesting registration, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities.

            2.4 FURNISH INFORMATION. It will be a condition precedent to the
obligations of the Company to take any action pursuant to Section 2.1 hereof
that the selling Holders will furnish to the Company such information regarding
themselves, the Registrable Securities held by them, and the intended method of
disposition of such securities as will be required to timely effect the
registration of their Registrable Securities.

            2.5 INDEMNIFICATION. In the event any Registrable Securities are
included in a registration statement under Section 2.1:

                  (a) BY THE COMPANY. To the extent permitted by law, the
Company will indemnify and hold harmless each Holder, the partners, officers and
directors of each Holder, any underwriter (as defined in the Securities Act) for
such Holder and each person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Securities Exchange Act of 1934,
as amended, (the "1934 Act"), against any losses, claims,

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damages, or liabilities (joint or several) to which they may become subject
under the Securities Act, the 1934 Act or other federal or state law, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or
violations (collectively a "Violation"):

                        (i) any untrue statement or alleged untrue statement of
                  a material fact contained in such registration statement,
                  including any preliminary prospectus or final prospectus
                  contained therein or any amendments or supplements thereto;

                        (ii) the omission or alleged omission to state therein a
                  material fact required to be stated therein, or necessary to
                  make the statements therein not misleading; or

                        (iii) any violation or alleged violation by the Company
                  of the Securities Act, the 1934 Act, any federal or state
                  securities law or any rule or regulation promulgated under the
                  Securities Act, the 1934 Act or any federal or state
                  securities law in connection with the offering covered by such
                  registration statement;

and the Company will reimburse each such Holder, partner, officer or director,
underwriter or controlling person for any legal or other expenses reasonably
incurred by them, as incurred, in connection with investigating or defending any
such loss, claim, damage, liability or action; PROVIDED, HOWEVER, that the
indemnity agreement contained in this subsection 2.5(a) will not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent
will not be unreasonably withheld), nor will the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by such Holder, partner, officer, director, underwriter
or controlling person of such Holder.

                  (b) BY SELLING HOLDERS. To the extent permitted by law, each
selling Holder will indemnify and hold harmless the Company, each of its
directors, each of its officers who have signed the registration statement, each
person, if any, who controls the Company within the meaning of the Securities
Act, any underwriter and any other Holder selling securities under such
registration statement or any of such other Holder's partners, directors or
officers or any person who controls such Holder within the meaning of the
Securities Act or the 1934 Act, against any losses, claims, damages or
liabilities (joint or several) to which the Company or any such director,
officer, controlling person, underwriter or other such Holder, partner or
director, officer or controlling person of such other Holder may become subject
under the Securities Act, the 1934 Act or other federal or state law, insofar as
such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and
only to the extent) that such Violation occurs (i) in reliance upon and in
conformity with written information furnished by such Holder expressly for use
in connection with such registration or (ii) from such Holder's failure to
deliver a copy of the registration statement or prospectus or any amendments or
supplements thereto in connection with a sale by such Holder by means other than
through an underwritten offering, provided that the Company has furnished

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such Holder with a sufficient number of copies of such registration statement or
prospectus or any amendments or supplements thereto in a timely manner; and each
such Holder will reimburse any legal or other expenses reasonably incurred by
the Company or any such director, officer, controlling person, underwriter or
other Holder, partner, officer, director or controlling person of such other
Holder in connection with investigating or defending any such loss, claim,
damage, liability or action; PROVIDED, HOWEVER, that the indemnity agreement
contained in this subsection 2.5(b) will not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Holder (which consent will not be
unreasonably withheld); and PROVIDED, FURTHER, that the total amounts payable in
indemnity by a Holder under this Section 2.5(b) in respect of any Violation will
not exceed the gross proceeds received by such Holder in the registered offering
out of which such Violation arises.

                  (c) NOTICE. Promptly after receipt by an indemnified party
under this Section 2.5 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 2.5,
deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party will have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; PROVIDED, HOWEVER, that an indemnified party
(together with all other indemnified parties that may be represented without
conflict by one counsel) will have the right to retain one separate counsel,
with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential conflict of
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, will relieve such
indemnifying party of any liability to the indemnified party under this Section
2.5, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.75

                  (d) DEFECT ELIMINATED IN FINAL PROSPECTUS. The foregoing
indemnity agreements of the Company and Holders are subject to the condition
that, insofar as they relate to any Violation made in a preliminary prospectus
but eliminated or remedied in the amended prospectus on file with the SEC at the
time the registration statement in question becomes effective or the amended
prospectus filed with the SEC pursuant to SEC Rule 424(b) (the FINAL
PROSPECTUS), such indemnity agreement will not inure to the benefit of any
person if a copy of the Final Prospectus was furnished to the indemnified party
and was not furnished to the person asserting the loss, liability, claim damage
at or prior to the time such action is required by the Securities Act.

                  (e) CONTRIBUTION. In order to provide for just and equitable
contribution to joint liability under the Securities Act in any case in which
any Holder exercising rights under this Agreement, or any controlling person of
any such Holder, makes a claim for indemnification pursuant to this Section 2.5
but it is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case

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notwithstanding the fact that this Section 2.5 provides for indemnification in
such case, then, and in each such case, the Company and such Holder will
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject (after contribution from others) in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one
hand and of the indemnified party on the other in connection with the statements
or omissions that resulted in such loss, liability, claim, damage or expense as
well as any other relevant equitable considerations; PROVIDED, HOWEVER, that, in
any such case, (i) no such Holder will be required to contribute any amount in
excess of the public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement; and (ii) no
person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation. The
relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified
party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

                  (f) SURVIVAL. The obligations of the Company and Holders under
this Section 2.5 will survive the completion of any offering of Registrable
Securities in a registration statement, and otherwise.

            2.6 RULE 144 REPORTING. With a view to making available to the
Holders the benefits of certain rules and regulations of the SEC which may at
any time permit the sale of the Registrable Securities to the public without
registration, the Company agrees to:

                  (a) Make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
after the Effective Date;

                  (b) File with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the 1934 Act; and

                  (c) So long as a Holder owns any Registrable Securities, to
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144, and of
the Securities Act and the 1934 Act), a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents of the
Company as a Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing a Holder to sell any such securities
without registration.

            2.7 TERMINATION OF THE COMPANY'S OBLIGATIONS. The Company will have
no obligations pursuant to Section 2.1 with respect to any request or requests
for registration made by any Holder on a date more than five (5) years after the
Effective Date.

            2.8 DEFINITION OF HOLDER. For purposes of any PRO RATA reduction of
the number of shares to be included in any underwritten offer pursuant to this
Section 2, for any Holder which is a partnership or corporation, the partners,
retired partners and shareholders of such Holder or the estates and family
members of any such partners and retired partners and any trusts for the benefit
of any of the foregoing persons will be deemed to be a single "Holder," and any
pro rata reduction with respect to such "Holder" will be based upon the
aggregate amount of

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shares carrying registration rights owned by all entities and individuals
included in such "Holder," as defined in this Section 2.8.

      3.    RIGHT OF CO-SALE.

            3.1 PURCHASE OFFER NOTICE. If one or more of Donald W. Sapaugh,
Hunter M. A. Carr or Morris Chapman (individually a "Common Holder", and
collectively the "Common Holders") receive one or more BONA FIDE offers other
than public sales of registered securities over a nationally recognized stock
exchange (collectively, a "PurchaseOffer"), other than offers for the purchase
of registered Common Stock over a nationally-recognized stock exchange, that, if
consummated, would result in one or a series of related transfers of more than
five percent (5%) in the aggregate of the Company's then-outstanding Common
Stock (appropriately adjusted for any stock splits, dividends, contributions, or
other similar changes), from any persons, (individually a "Purchase Offeror",
and collectively, if there is more than one offeror at the time, the "Purchase
Offerors") which persons have the apparent ability and intent to purchase from
the Common Holder(s) such portion of the Common Stock then held by such Common
Holder(s), upon specific terms and conditions (including a specified purchase
price payable in cash or other property), and if the Common Holder(s) desire to
accept such Purchase Offer, then the Common Holder(s) will promptly notify the
Holders in writing (a "Purchase Offer Notice") of the terms and conditions of
such Purchase Offer, identifying the Purchase Offeror(s) therein. All transfers
made to the same Purchase Offeror(s) or affiliates or related parties thereof
within a one (1) year period will be considered to be part of the same
transaction for purposes of determining five percent (5%) of the aggregate as
described in this paragraph.

            3.2 HOLDERS' RIGHT OF CO-SALE. The Holders will have the right,
exercisable upon written notice to the Common Holder(s) within fifteen (15) days
after the Holders' receipt of the Purchase Offer Notice, to participate in the
Common Holder(s)' sale of such Common Stock pursuant to the specified terms and
conditions of such Purchase Offer.

            3.3 TERMS AND CONDITIONS OF CO-SALE RIGHT. The right of co-sale of
the Holders hereunder will be subject to the following terms and conditions:

                  (a) HOLDERS' PRO RATA SHARE. Each of the Holders may sell all
or any part of that number of shares of Common Stock of the Company held by the
Holder as is equal to the product obtained by multiplying (i) the aggregate
number of shares of Common Stock covered by the Purchase Offer included in the
Purchase Offer by (ii) a fraction, the numerator of which will be the number of
shares of Common Stock of the Company at the time owned by the Holder and the
denominator of which will be the combined number of shares of Common Stock of
the Company at the time owned by the selling Common Holder(s) and the Holder
(such product referred to herein as the "HOLDER'S PRO RATA SHARE").

                  (b) PROCEDURE. A Holder may effect its right of co-sale in the
sale by delivering to the Common Holder(s), for transfer to the Purchase
Offeror(s), one or more certificates, properly endorsed for transfer, that
represent the number of shares of Common Stock that the Holder elects to sell;
or

                  (c) CONSUMMATION. The stock certificates that each Holder
delivers to the Common Holder(s) in exercise of such Holder's right of co-sale
hereunder will be transferred

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by the Common Holder(s) to the Purchase Offeror in consummation of the sale of
the Common Holder(s)' Common Stock pursuant to the terms and conditions
specified in the Purchase Offer Notice to such Holder, and the Common Holder(s)
will promptly thereafter remit to each Holder that portion of the sale proceeds
to which such Holder is entitled by reason of its participation in such sale.

                  (d) NO LIMITATION ON FURTHER CO-SALE. The exercise or
non-exercise of the rights of co-sale of a Holder hereunder to participate in
one or more sales of Common Stock made by the Common Holder(s) will not
adversely affect the Holder's rights to participate, pursuant to its rights of
co-sale hereunder, in subsequent sales of Common Stock by any Common Holder.

                  (e) EXCLUSIONS. The rights of co-sale of the Holders hereunder
will not pertain or apply to (i) any pledge of the Common Stock made by the
Common Holder(s) that creates only a security interest; (ii) any transfer to the
ancestors, siblings, descendants or spouse, affiliates, or to trusts for the
benefit of any of the aforementioned persons, of the Common Holder(s); (iii) any
BONA FIDE gift; provided in such case (i), (ii) and (iii) involves a transfer of
more than one million four hundred thousand (1,400,000) shares of Common Stock
(appropriately adjusted for any stock splits, dividends, contributions, or other
similar changes), the pledgee, transferee or donee will furnish the Holders with
a written agreement to be bound by and comply with all provisions of this
Agreement applicable to the relevant transferring Common Holder; (iv) the
conversion to Common Stock of the Company by such Common Holder of any preferred
stock of the Company then held by such Common Holder (but will apply to Common
Stock issued upon any conversion of such preferred stock and then held as Common
Stock by such Common Holder); (v) the sale by a Common Holder of such Common
Holder's Common Stock to the public pursuant to a registration statement filed
under the Securities Act; (vi) repurchases of Common Stock of a Common Holder
pursuant to a stock restriction agreement between such Common Holder and the
Company that provides the Company with the right to repurchase such Common
Stock; or (vii) any transfer of Common Stock by a Common Holder pursuant to the
winding up and dissolution of the Company.

                  (f) PROHIBITED TRANSFERS. If any Common Holder sells any
Common Stock in contravention of the co-sale rights of the Holders under this
Agreement (a "Prohibited Transfer"), the Holders will have the right to sell to
the Common Holder, and the Common Holder will purchase from the Holders, a
number of shares of Common Stock of the Company, not to exceed the Holders' Pro
Rata Share, equal to the number of shares of Common Stock sold by the Common
Holder in contravention of such rights, on the following terms and conditions:

                  (g) PRICE PER SHARE. The price per share at which such shares
are to be sold by the Holders to the Common Holder will be equal to the price
per share paid by the third party purchaser or purchasers of the Common Stock to
the Common Holder(s).

                  (h) DELIVERY OF HOLDERS' CERTIFICATES TO COMMON HOLDER. The
Holders will deliver to the Common Holder, within ninety (90) days after the
Holders have received notice from the Common Holder of, or otherwise becomes
aware of, the Prohibited Transfer, the certificate or certificates representing
shares to be sold by the Holders to the Common Holder hereunder, each
certificate to be properly endorsed for transfer.

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                  (i) PAYMENT BY COMMON HOLDER TO HOLDERS. The Common Holder
will, upon receipt of the certificates for the shares to be sold to the Common
Holder by the Holders hereunder, pay the aggregate purchase price therefor, by
one or more certified checks or bank drafts made payable to the order of each of
the Holders, and will reimburse the Holders for all reasonable additional
expenses, including reasonable legal fees and expenses, incurred by the Holders
in effecting such purchase and resale.

      3.4 TERMINATION OF RIGHT OF CO-SALE. The right of co-sale of the Holders
hereunder will terminate five (5) years after the Effective Date.

      4. ASSIGNMENT. Notwithstanding anything herein to the contrary, the rights
of a Holder under this Agreement may be transferred and assigned to a party who
acquires at least Two Hundred Thousand (200,000) shares of Common Stock issued
pursuant to the Stock Exchange Agreement; PROVIDED, HOWEVER, that no party may
be assigned any of the foregoing rights unless (a) the Company is given written
notice by the assigning party at the time of such assignment stating the name
and address of the assignee and identifying the securities of the Company as to
which the rights in question are being assigned; (b) such assignee executes a
counterpart of this Agreement and receives such assigned rights subject to all
the terms and conditions of this Agreement, including without limitation the
provisions of this Section 4.

      5.    GENERAL PROVISIONS.

            5.1 TERMINATION OF THIS AGREEMENT. This Agreement may be terminated
voluntarily by written agreement of the Company and the Investor (or, as to any
permitted transferees, the Holders of Company Common Stock, excluding any such
shares that have been sold to the public or pursuant to Rule 144), which
termination will be binding upon all Holders who do not sign such termination
agreement.

            5.2 NOTICES. Unless otherwise provided, any notice required or
permitted under this Agreement will be given in writing and will be deemed
effectively given upon personal delivery to the party to be notified, or three
(3) days after deposit with the United States Post Office, by registered or
certified mail, postage prepaid, or by deposit with a nationally recognized
courier service such as Federal Express, or by facsimile with confirmed receipt
and addressed to the party to be notified at the address indicated below as to
the Investor and the Company, or at such other address as either party may
designate by giving at least ten (10) days advance written notice to the other
party, pursuant to this Section 5.2. The address for notice will be:

        With respect to the Investor:             With a copy to:
          Ted L. Parker                             Mark Kohler
          2002 W. Loop 289, Suite 105               PO Box 54450
          Lubbock, Texas 79407                      Lubbock, Texas 79453

        With respect to the Company:              With a copy to:
          Donald W. Sapaugh, CEO
          iExalt, Inc.
          4301 Windfern
          Houston, Texas 77041

                                       19
<PAGE>
      6.    INFORMATION RIGHTS.

            6.1 FINANCIAL INFORMATION. Commencing on the Effective Date, the
Company ill furnish to the Investor:

                  (a) MONTHLY REPORTS. As soon as available, and in any event
within thirty (30) days after the end of each month, an unaudited consolidated
and consolidating balance sheet of the Company and its subsidiaries as of the
end of such month, an unaudited consolidated and consolidating statement of
income and an unaudited consolidated and consolidating statement of cash flows
of the Company and its subsidiaries for such month, all prepared in accordance
with GAAP and in each case in comparative form with the corresponding figures
for the period of the preceding fiscal year.

                  (b) ANNUAL REPORTS. As soon as available, and in any event
within ninety (90) days after the end of each fiscal year of the Company, an
audited consolidated and consolidating balance sheet of the Company and its
subsidiaries as of the end of such fiscal year, an audited consolidated and
consolidating statement of income and retained earnings and changes in financial
position and reconciliation of sources and uses of working capital for the
Company and its subsidiaries for such fiscal year, setting forth in each case in
comparative form the corresponding figures for the preceding fiscal year, all
prepared in accordance with GAAP, together with an opinion thereon of the
Company's independent public accountants.

                  (c) OTHER INFORMATION. The Company will promptly and fully
inform the Board of Directors (including any observers to the Board of
Directors, as consistent with the Company's rights and obligations with respect
thereto) of material discussions, offers, material contracts, mergers,
acquisitions, divestitures and other material developments and will submit to
the Board of Directors for its approval an annual operating plan with budgets
and pro forma financial information.

                  (d) ANNUAL FINANCIAL BUDGET. As soon as practicable and in any
event within ninety (90) days after the end of each fiscal year of the Company,
an annual financial budget for the fiscal year in which such budget is
delivered, and, within thirty (30) days after being furnished to the Board of
Directors of the Company, a copy of any revised versions of such annual
financial budget.

                  (e) CONFIDENTIALITY. The Investor will hold all information
received pursuant to this Section 3 in confidence, and will not, except to the
extent such information may otherwise, through no breach by the Holders of their
obligations hereunder, become public.

      7.    NO PUBLIC ANNOUNCEMENT.

            Neither the Investor nor the Company will make any public
announcement or press release regarding the matters contemplated by the Stock
Exchange Agreement or this Agreement without the consent of the other party. In
the event either the Investor or the Company is requested or required (by law,
including the Securities Act, the Securities Exchange Act of 1934, as amended
(the "Exchange Act") (and the rules and regulations promulgated under either
Act), judicial or governmental order, discovery request or request for
information, other legal process or pronouncement or the rules of any national
securities exchange or the NASDAQ

                                       20
<PAGE>
Stock Market) to disclose any information, including, without limitation, the
Stock Exchange Agreement, this Agreement, or any documents related thereto,
regarding the matters contemplated thereby, such party will (a) immediately
notify the others of the existence, terms and circumstances surrounding such
request or requirement, (b) consult with the others on the advisability of
taking legally available steps to resist or narrow such request or requirement
and (c) if disclosure of such information is required or the other party waives
the provisions of this Section 4, furnish only that portion of the information
as counsel to the parties agree such party is legally required to be disclosed
(or in the event counsel to the parties are unable to agree, furnish only that
portion of the information as is determined to be legally required to be
disclosed in accordance with the written advice of an independent nationally
recognized law firm (whose fees and expenses shall be paid by the party seeking
to keep the information confidential) employed to mediate the dispute), and such
party will cooperate with any action by the others to obtain an appropriate
protective order or other reliable assurance that confidential treatment will be
accorded the information.

      8.    OTHER COVENANTS.

            8.1 RECORDS AND ACCOUNTS. The Company will keep true and accurate
records and books of account in which full, true and correct entries will be
made in accordance with GAAP and maintain adequate accounts and reserves for all
taxes (including income taxes), all depreciation, depletion, obsolescence and
amortization of its properties, all contingencies, and all other reserves, all
in accordance with GAAP.

            8.2 CORPORATE EXISTENCE; MAINTENANCE OF PROPERTIES. The Company will
(i) preserve and keep in full force and effect its corporate existence, rights
and franchises and (ii) maintain all of its properties used or useful in the
conduct of its business in good condition, repair and working order (normal wear
and tear excepted) and cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the reasonable
judgment of the Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times.

            8.3 INSURANCE. The Company will maintain with financially sound and
reputable insurance companies, funds or underwriters insurance of the kinds,
covering the risks and in the relative proportionate amounts which, in the
judgment of the Board of Directors of the Company, are usually carried by
reasonable and prudent companies conducting businesses similar to that of the
Company.

            8.4 TAXES AND CLAIMS. The Company will pay and discharge, or cause
to be paid and discharged, before the same shall become overdue, all taxes,
assessments and other governmental charges imposed upon it and its properties,
sales and activities, or any part thereof, or upon the income or profits
therefrom, as well as all material claims for labor, materials, or supplies,
which if unpaid might by law become a lien upon any of its properties; PROVIDED,
HOWEVER, that any such tax, assessment, charges or lien need not be paid if the
validity thereof shall currently be contested in good faith by appropriate
proceedings and if the Company shall have set aside on its books adequate
reserves with respect thereto.

                                       21
<PAGE>
            8.5 INSPECTION OF PROPERTIES AND BOOKS. Upon the request of the
Investor, the Company will furnish such information regarding the business,
affairs, prospects and financial condition of the Company as the Investor may
reasonably request.

            8.6 COMPLIANCE WITH LAWS, CONTRACTS, LICENSES AND PERMITS. The
Company shall comply with (a) all applicable laws, ordinances, rules and
regulations of all applicable governmental entities, (b) the provisions of the
Articles of Incorporation, Charter and Bylaws of the Company, (c) all agreements
and instruments by which it or any of its properties may be bound, (d) all
applicable decrees, orders, and judgments and (e) all required material
approvals, permits and licenses.

            8.7 NOTICE OF ACTIONS. The Company will promptly give the Investor
notice of any actions to which the Company may hereafter become a party.

            8.8 TRANSACTIONS WITH AFFILIATES. The Company shall not enter into
any transaction with an Affiliate of the Company or an Affiliate of the officers
and directors of the Company unless, in the case of transactions with Affiliates
of the officers and directors of the Company, the terms of such transaction
(taken in their entirety) are no less favorable to the Company than the terms of
a similar transaction (taken in their entirety) that could have been entered
into through arms-length negotiations with an unaffiliated company, and such
transaction is approved by a majority of disinterested members of the Company's
Board of Directors.

            8.10 CONSENTS. The Company shall give the Investor reasonable and
advance written notice of any filing under the Securities Act and the
regulations thereunder and all other applicable securities laws as may be
required in connection with the transactions contemplated by this Agreement in
which the Company is required by law to include the Investor's identity or name.

            8.11 ENTIRE AGREEMENT. This Agreement and the Stock Exchange
Agreement, together with all Exhibits, documents and schedules referenced
therein, constitutes and contains the entire agreement and understanding of the
parties with respect to the subject matter hereof and supersedes any and all
prior negotiations, correspondence, agreements, understandings, duties or
obligations between the parties with respect to the subject matter hereof.

            8.12 AMENDMENT AND WAIVER. Except as expressly provided for above,
this Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and the Investor (or, as to any permitted transferees, the Holders of Company
Common Stock (on an as-converted basis) or common stock representing at least a
majority of the aggregate number of shares of Common Stock into which the
Company Common Stock then are convertible and/or have been converted, excluding
any of such shares

                                       22
<PAGE>
that have been sold to the public or pursuant to Rule 144; PROVIDED, HOWEVER,
that no such amendment or waiver will increase the obligation of the Investor or
any Holder hereunder without the specific written consent of such Investor or
such Holder, as applicable. Any amendment or waiver effected in accordance with
this Section 8.12 will be binding upon the Investor, each Holder, the Company
and each successor or assignee of the Investor, any Holder, or the Company.

            8.13 GOVERNING LAW. This Agreement will be governed by and construed
under the internal laws of the State of Texas as applied to agreements among
Texas residents entered into and to be performed entirely within Texas, without
reference to principles of conflict of laws or choice of laws.

            8.14 SEVERABILITY. If any provision of this Agreement is held to be
unenforceable under applicable law, such provision will be excluded from this
Agreement and the balance of the Agreement will be interpreted as if such
provision were so excluded and will be enforceable in accordance with its terms.

            8.15 THIRD PARTIES. Nothing in this Agreement, express or implied,
is intended to confer upon any person, other than the parties hereto, and their
successors and assigns, any rights or remedies under or by reason of this
Agreement.

            8.16 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
the terms and conditions of this Agreement will inure to the benefit of and be
binding upon the respective successors and assigns of the parties.

            8.17 HEADINGS. The headings and captions used in this Agreement are
used for convenience only and are not to be considered in construing or
interpreting this Agreement. All references in this Agreement to sections,
paragraphs, exhibits and schedules will, unless otherwise provided, refer to
sections and paragraphs hereof and exhibits and schedules attached hereto, all
of which exhibits and schedules are incorporated herein by this reference.

            8.18 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

            8.19 COSTS AND ATTORNEYS' FEES. In the event that any action, suit
or other proceeding is instituted concerning or arising out of this Agreement or
any transaction contemplated hereunder, the prevailing party will recover all of
such party's costs and attorneys' fees incurred in each such action, suit or
other proceeding, including any and all appeals or petitions therefrom.

            8.20 NO FINDER'S FEES. Each party represents that it neither is nor
will be obligated for any finder's or broker's fee or commission in connection
with this transaction. The Investor will indemnify and hold harmless the Company
from any liability for any commission or compensation in the nature of a
finders' or brokers' fee (and any asserted liability) for which the Investor or
any of his affiliates, partners, employees, consultants or representatives is
responsible. The Company will indemnify and hold harmless the Investor from any
liability for any commission or compensation in the nature of a finders' or
brokers' fee (and any asserted

                                       23
<PAGE>
liability) for which the Company or any of its officers, employees, consultants
or representatives is responsible.

            8.21 ADJUSTMENTS FOR STOCK SPLITS, ETC. Wherever in this Agreement
there is a reference to a specific number of shares of Common Stock of the
Company of any class or series, then, upon the occurrence of any subdivision,
combination or stock dividend of such class or series of stock, the specific
number of shares so referenced in this Agreement will automatically be
proportionally adjusted to reflect the effect on the outstanding shares of such
class or series of stock by such subdivision, combination or stock dividend.

            8.22 AGGREGATION OF STOCK. All shares held or acquired by affiliated
entities or persons will be aggregated together for the purpose of determining
the availability of any rights under this Agreement.

            8.23 FURTHER ASSURANCES. From and after the date of this Agreement,
upon the request of the Investor or the Company, the Company and the Investor
will execute and deliver such instruments, documents or other writings as may be
reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement.

            8.24 DISPUTE RESOLUTION. Both parties agree to follow the RULES OF
PROCEDURE FOR CHRISTIAN CONCILIATION of the Institute for Christian Conciliation
(a division of Peacemaker Ministries) for any and all disputes concerning or
arising from or under this Agreement. Both parties agree that the Bible commands
parties to make every effort to resolve disputes with each other in private (SEE
Matthew 18:15-20; 1 Corinthians 6:1-9) and in obedience agree to proceed to
legally binding arbitration before a mutually agreed arbitrator. Both parties
realize that arbitration will be the exclusive remedy for potential disputes and
may not later litigate these or any other related matters in civil court.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       24
<PAGE>
                 [SIGNATURE PAGE TO INVESTOR'S RIGHTS AGREEMENT]

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the
date and year first above written.

COMPANY:                                     INVESTOR:

IEXALT, INC.

By: /s/ DONALD W. SAPAUGH                    By: /s/ TED L. PARKER
        Donald W. Sapaugh, CEO                       Ted L. Parker<PAGE>   1
                                                                     EXHIBIT 4.1

                                V.F. CORPORATION

                                       TO

                     UNITED STATES TRUST COMPANY OF NEW YORK
                                              Trustee

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

                                    INDENTURE

                         Dated as of September 29, 2000

                                 --------------
<PAGE>   2
         ..............................................................

    CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 THROUGH 318,
                 INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939:

<TABLE>
<CAPTION>
TRUST INDENTURE
  ACT SECTION                                                             INDENTURE SECTION
<S>                                                                       <C>
Section 310(a)(1)    ...................................................  609
           (a)(2)    ...................................................  609
           (a)(3)    ...................................................  Not Applicable
           (a)(4)    ...................................................  Not Applicable
           (b)       ...................................................  608
                                                                          610
Section 311(a)       ...................................................  613
           (b)       ...................................................  613
Section 312(a)       ...................................................  701
                                                                          702
           (b)       ...................................................  702
           (c)       ...................................................  702
Section 313(a)       ...................................................  703
           (b)       ...................................................  703
           (c)       ...................................................  703
           (d)       ...................................................  703
Section 314(a)       ...................................................  704
           (a)(4)    ...................................................  101
                                                                          1004
           (b)       ...................................................  Not Applicable
           (c)(1)    ...................................................  102
           (c)(2)    ...................................................  102
           (c)(3)    ...................................................  Not Applicable
           (d)       ...................................................  Not Applicable
           (e)       ...................................................  102
Section 315(a)       ...................................................  601
           (b)       ...................................................  602
           (c)       ...................................................  601
           (d)       ...................................................  601
           (e)       ...................................................  514
Section 316(a)       ...................................................  101
           (a)(1)(A) ...................................................  502
                                                                          512
           (a)(1)(B) ...................................................  513
           (a)(2)    ...................................................  Not Applicable
           (b)       ...................................................  508
           (c)       ...................................................  104
Section 317(a)(1)    ...................................................  503
           (a)(2)    ...................................................  504
           (b)       ...................................................  1003
Section 318(a)       ...................................................  107
</TABLE>

-------------------
NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.
<PAGE>   3
      INDENTURE, dated as of September 29, 2000, between V.F. Corporation, a
corporation duly incorporated and existing under the laws of the Commonwealth of
Pennsylvania (herein called the "Company"), having its principal office at 628
Green Valley Road, Suite 500, Greensboro, North Carolina 27408, and United
States Trust Company of New York, a corporation duly organized and existing
under the laws of the State of New York, as Trustee (herein called the
"Trustee").

                             RECITALS OF THE COMPANY

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

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

      NOW, THEREFORE, THIS INDENTURE WITNESSETH:

Each party agrees as follows for the benefit of each other and for the equal and
proportionate benefit of all Holders of the Securities or of any series
thereof:

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 101.   Definitions.

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

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

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

         (3) all accounting terms not otherwise defined herein have the meanings
   assigned to them in accordance with generally accepted accounting principles,
   and, except as otherwise herein expressly provided, the term "generally
   accepted accounting principles" with respect to any computation required or
   permitted hereunder shall mean such
<PAGE>   4
   accounting principles as are generally accepted--at the date of this
   instrument--at the date of such computation;

         (4) unless the context otherwise requires, any reference to an
   "Article" or a "Section" refers to an Article or a Section, as the case may
   be, of this Indenture; and

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

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

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

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

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

      "Attributable Debt" in respect of any lease means, at the time of
determination, the present value (discounted at the rate of interest implicit in
the terms of the lease) of the obligation of the lessee for net rental payments
during the remaining term of the lease (including any period for which such
lease has been extended or may, at the option of the lessor, be extended). "Net
rental payments" under any lease for any period means the sum of the rental and
other payments required to be paid in such period by the lessee thereunder, not
including, however, any amounts required to be paid by such lessee (whether or
not designated as rental or additional rental) on account of maintenance and
repairs, insurance, taxes, assessments or similar charges required to be paid by
such lessee thereunder or any amounts required to be paid by such lessee
thereunder contingent upon the amount of sales, maintenance and repairs,
insurance, taxes, assessments or similar charges.

      "Authenticating Agent" means any Person authorized by the Trustee pursuant
to Section 614 to act on behalf of the Trustee to authenticate Securities of one
or more series.

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

                                       -2-
<PAGE>   5
      "Board Resolution" means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

      "Business Day", when used with respect to any Place of Payment, means each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment are authorized or obligated by law
or executive order to close.

      "Clearstream" means Clearstream Banking, societe anonyme, Luxembourg (or
any successor securities clearing agency).

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

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

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

      "Corporate Trust Office" means the principal office of the Trustee or the
Security Registrar, as the case may be, at which at any particular time its
corporate trust business will be administered, which office for the Trustee as
of the date hereof is located at 114 West 47th Street, 25th floor, New York, New
York 10036, Attention: Corporate Trust Division, and which office for the
Security Registrar as of the date hereof is located at 100 Wall Street, Suite
1600, New York, New York 10005.

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

      "Covenant Defeasance" has the meaning specified in Section 1303.

      "Debt" means indebtedness for money borrowed.

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

      "Defeasance" has the meaning specified in Section 1302.

      "Depositary" means, with respect to Securities of any series issuable in
whole or in part in the form of one or more Global Securities, a clearing agency
registered under the

                                       -3-
<PAGE>   6
Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 301.

      "DTC" means The Depository Trust Company.

      "Euroclear" means the Euroclear Clearance System (or any successor
securities clearing agency).

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

      "Exchange Act" means the Securities Exchange Act of 1934 and any statute
successor thereto, in each case as amended from time to time.

      "Exchange Offer" has the meaning set forth in the form of the Securities
contained in Section 202.

      "Exchange Registration Statement" has the meaning set forth in the form of
the Securities contained in Section 202.

      "Exchange Security" means any Security issued in exchange for an Original
Security or Original Securities pursuant to the Exchange Offer or otherwise
registered under the Securities Act and any Security with respect to which the
next preceding Predecessor Security of such Security was an Exchange Security.

      "Expiration Date" has the meaning specified in Section 104.

      "Global Security" means a Security that evidences all or part of the
Securities of any series and bears the legend set forth in Section 204 (or such
legend as may be specified as contemplated by Section 301 for such Securities).

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

      "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively. The term "Indenture" shall also include the terms of particular
series of Securities established as contemplated by Section 301.

      "interest", when used with respect to an Original Issue Discount Security
which by its terms bears interest only after Maturity, means interest payable
after Maturity.

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

                                       -4-
<PAGE>   7
      "Investment Company Act" means the Investment Company Act of 1940 and any
statute successor thereto, in each case as amended from time to time.

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

      "Mortgage" means any mortgage, pledge, lien or other encumbrance.

      "Notice of Default" means a written notice of the kind specified in
Section 501(4) or 501(5).

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

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

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

      "Original Securities" means all Securities other than Exchange Securities.

      "Outstanding", when used with respect to Securities, means, as of the date
of determination, all Securities theretofore authenticated and delivered under
this Indenture (including Securities held by the Company or an Affiliate of the
Company), except:

         (1)  Securities theretofore cancelled by the Trustee or delivered to
   the Trustee for cancellation;

         (2) Securities for whose payment or redemption money in the necessary
   amount has been theretofore deposited with the Trustee or any Paying Agent
   (other than the Company) in trust or set aside and segregated in trust by the
   Company (if the Company shall act as its own Paying Agent) for the Holders of
   such Securities; provided that, if such Securities are to be redeemed, notice
   of such redemption has been duly given pursuant to this Indenture or
   provision therefor satisfactory to the Trustee has been made;

         (3)  Securities as to which Defeasance has been effected pursuant to
   Section 1302; and

         (4) Securities which have been paid pursuant to Section 306 or in
   exchange for or in lieu of which other Securities have been authenticated and
   delivered pursuant to this Indenture, other than any such Securities in
   respect of which there shall have been pre-

                                       -5-
<PAGE>   8
   sented to the Trustee proof satisfactory to it that such Securities are held
   by a bona fide purchaser in whose hands such Securities are valid obligations
   of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or taken any
request, demand, authorization, direction, notice, consent, waiver or other
action hereunder as of any date, (A) the principal amount of an Original Issue
Discount Security which shall be deemed to be Outstanding shall be the amount of
the principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 502, (B)
if, as of such date, the principal amount payable at the Stated Maturity of a
Security is not determinable, the principal amount of such Security which shall
be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section 301, (C) the principal amount of a Security denominated
in one or more foreign currencies or currency units which shall be deemed to be
Outstanding shall be the U.S. dollar equivalent, determined as of such date in
the manner provided as contemplated by Section 301, of the principal amount of
such Security (or, in the case of a Security described in Clause (A) or (B)
above, of the amount determined as provided in such Clause), and (D) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Securities which the Trustee knows
to be so owned shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee's right so to act with respect to
such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor.

      "Paying Agent" means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the
Company.

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

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

      "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

      "Principal Property" means any manufacturing plant or facility located
within the United States of America (other than its territories or possessions)
and owned by the Company or any Subsidiary, except any such plant or facility
which, in the opinion of the

                                       -6-
<PAGE>   9
Board of Directors of the Company, is not of material importance to the business
conducted by the Company and its Subsidiaries, taken as a whole.

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

      "Redemption Date", when used with respect to any Security to be redeemed,
means the date fixed for such redemption by or pursuant to this Indenture.

      "Redemption Price", when used with respect to any Security to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture.

      "Registered Securities" means the Exchange Securities and all other
Securities sold or otherwise disposed of pursuant to an effective registration
statement under the Securities Act, together with their respective Successor
Securities.

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

      "Regulation S" means Regulation S under the Securities Act (or any
successor provision), as it may be amended from time to time.

      "Regulation S Certificate" means a certificate substantially in the form
set forth in Annex A.

      "Regulation S Global Security" has the meaning specified in Section 201.

      "Regulation S Legend" means a legend substantially in the form of the
legend required in the form of Security set forth in accordance with Section 202
to be placed upon each Regulation S Security.

      "Regulation S Securities" means all Securities required pursuant to
Section 305(c) to bear a Regulation S Legend. Such term includes the Regulation
S Global Security.

      "Responsible Officer", when used with respect to the Trustee, means any
officer in the Corporate Trust Office of the Trustee or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

      "Restricted Global Security" has the meaning specified in Section 201.

      "Restricted Period" means the period of 41 consecutive days beginning on
and including the later of (i) the day on which Securities are first offered to
persons other than

                                       -7-
<PAGE>   10
distributors (as defined in Regulation S) in reliance on Regulation S and (ii)
the original issuance date of the Securities.

      "Restricted Securities" means all Securities required pursuant to Section
305(c) to bear any Restricted Securities Legend. Such term includes the
Restricted Global Security.

      "Restricted Securities Certificate" means a certificate substantially in
the form set forth in Annex B.

      "Restricted Securities Legend" means, collectively, the legends
substantially in the forms of the legends required in the form of Security set
forth in accordance with Section 202 to be placed upon each Restricted Security.

      "Restricted Subsidiary" means any Subsidiary which owns or leases a
Principal Property.

      "Rule 144A" means Rule 144A under the Securities Act (or any successor
provision), as it may be amended from time to time.

      "Rule 144A Securities" means the Securities purchased by the Purchasers
from the Company pursuant to Rule 144A.

      "Securities" has the meaning stated in the first recital of this Indenture
and more particularly means any Securities authenticated and delivered under
this Indenture.

      "Securities Act" means the Securities Act of 1933 and any statute
successor thereto, in each case as amended from time to time.

      "Securities Act Legend" means a Restricted Securities Legend or a
Regulation S Legend.

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

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

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

      "Subsidiary" means a corporation, partnership or other legal entity of
which, in the case of a corporation, more than 50% of the outstanding voting
stock is owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries or, in the
case of any partnership or other legal entity, more

                                       -8-
<PAGE>   11
than 50% of the ordinary equity capital interests is, at the time, directly or
indirectly owned or controlled by the Company or by one or more of the
Subsidiaries or by the Company and one or more of the Subsidiaries. For the
purposes of this definition, "voting stock" means stock which ordinarily has
voting power for the election of directors, whether at all times or only so long
as no senior class of stock has such voting power by reason of any contingency.

      "Successor Security" of any particular Security means every Security
issued after, and evidencing all or a portion of the same debt as that evidenced
by, such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 306 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

      "Trust Indenture Act" means the Trust Indenture Act of 1939 (15 U.S.C.
Section 77aaa- 77bbbb) as in force at the date as of which this instrument was
executed; provided, however, that in the event the Trust Indenture Act of 1939
is amended after such date, "Trust Indenture Act" means, to the extent required
by any such amendment, the Trust Indenture Act of 1939 as so amended.

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

      "U.S. Government Obligation" has the meaning specified in Section 1304.

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

SECTION 102.   Compliance Certificates and Opinions.

      Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the
Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers' Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

      Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall (except for certificates
provided in Section 1004) include,

                                       -9-
<PAGE>   12
         (1) a statement that each individual signing such certificate or
   opinion has read such covenant or condition and the definitions herein
   relating thereto;

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

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

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

SECTION 103.   Form of Documents Delivered to Trustee.

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

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

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

SECTION 104.   Acts of Holders; Record Dates.

      Any request, demand, authorization, direction, notice, consent, waiver or
other action provided or permitted by this Indenture to be given, made or taken
by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or

                                      -10-
<PAGE>   13
instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders 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 (subject to Section 601)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

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

      The ownership of Securities shall be proved by the Security Register.

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

      The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series, provided that the
Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date
by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to
prevent the Company from setting a new record date for any action for which a
record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person
be cancelled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite principal
amount of Outstanding Securities of the relevant series on the date such action
is taken. Promptly after any record date is set pursuant to this paragraph, the
Company, at its own expense,

                                      -11-
<PAGE>   14
shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Trustee in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section
106.

      The Trustee may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to join
in the giving or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 502, (iii) any request to institute
proceedings referred to in Section 507(2) or (iv) any direction referred to in
Section 512, in each case with respect to Securities of such series. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date; provided that no such
action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company's expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

      With respect to any record date set pursuant to this Section, the party
hereto which sets such record dates may designate any day as the "Expiration
Date" and from time to time may change the Expiration Date to any earlier or
later day; provided that no such change shall be effective unless notice of the
proposed new Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities of the relevant series in the manner set forth in
Section 106, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section,
the party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day after the applicable record date.

      Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly
appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.

                                      -12-
<PAGE>   15
SECTION 105.   Notices, Etc., to Trustee and Company.

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

         (1) the Trustee by any Holder or by the Company shall be sufficient for
   every purpose hereunder if made, given, furnished or filed in writing to or
   with the Trustee at its Corporate Trust Office, Attention: Corporate Trust
   Division, or

         (2) the Company by the Trustee or by any Holder shall be sufficient for
   every purpose hereunder (unless otherwise herein expressly provided) if in
   writing and mailed, first-class postage prepaid, to the Company addressed to
   it at the address of its principal office specified in the first paragraph of
   this instrument, Attention: Secretary or at any other address previously
   furnished in writing to the Trustee by the Company.

SECTION 106.   Notice to Holders; Waiver.

      Where this Indenture provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at his address as it appears in the Security Register, not later
than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

      In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.

SECTION 107.   Conflict with Trust Indenture Act.

      If any provision hereof limits, qualifies or conflicts with a provision of
the Trust Indenture Act which is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act
which may be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or to be excluded, as the case may be.

                                      -13-
<PAGE>   16
SECTION 108.   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 109.   Successors and Assigns.

      All covenants and agreements in this Indenture by the Company shall bind
its successors and assigns, whether so expressed or not.

SECTION 110.   Separability Clause.

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

SECTION 111.   Benefits of Indenture.

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

SECTION 112.   Governing Law.

      This Indenture and the Securities shall be governed by and construed in
accordance with the law of the State of New York.

SECTION 113.   Legal Holidays.

      In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section)) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity.

                                      -14-
<PAGE>   17
                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201.   Forms Generally.

      The Securities of each series shall be in substantially the form set forth
in this Article, or in such other form as shall be established by or pursuant to
a Board Resolution or in one or more indentures supplemental hereto, in each
case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or Depositary therefor or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 303 for the authentication and delivery of such
Securities.

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

      Upon their original issuance, Rule 144A Securities shall be issued in the
form of one or more Global Securities registered in the name of DTC, as
Depositary, or its nominee and deposited with the Security Registrar, as
custodian for DTC, for credit by DTC to the respective accounts of beneficial
owners of the Securities represented thereby (or such other accounts as they may
direct). Such Global Securities, together with their Successor Securities which
are Global Securities other than the Regulation S Global Security, are
collectively herein called the "Restricted Global Security".

      Upon their original issuance, initial Regulation S Securities shall be
issued in the form of one or more Global Securities registered in the name of
DTC, as Depositary, or its nominee and deposited with the Security Registrar, as
custodian for DTC, for credit by DTC to the respective accounts of beneficial
owners of the Securities represented thereby (or such other accounts as they may
direct), provided that upon such deposit all such Securities shall be credited
to or through accounts maintained at DTC by or on behalf of Euroclear or
Clearstream. Such Global Securities, together with their Successor Securities
which are Global Securities other than the Restricted Global Security, are
collectively herein called the "Regulation S Global Security". The Company, the
Trustee and either of their Agents shall not be responsible for any acts or
omissions of a Depository, for any depository records of beneficial ownership
interests or for any transactions between the Depository and beneficial owners.

                                      -15-
<PAGE>   18
      Securities, other than Registered Securities, offered and sold in their
initial distribution to Institutional Accredited Investors shall be issued in
certificated form and shall not be issued in the form of a Global Security or in
any other form intended to facilitate book-entry trading in beneficial interests
in such Securities.

SECTION 202.   Form of Face of Security.

      [Insert any legend  as required by Section 204]

      [Insert any legend required by the Internal Revenue Code and the
regulations thereunder.]

           ..........................................................

   ..........................................................................

No. .........                                                         $ ........

      V.F. CORPORATION, a corporation duly incorporated and subsisting under the
laws of the Commonwealth of Pennsylvania (herein called the "Company", which
term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of ........ Dollars on ................ and to pay
interest thereon from .......... or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, ................ on
 ................ and ................ in each year, commencing ................,
at the rate of ................% per annum, until the principal hereof is paid
or made available for payment. [If applicable then insert: provided that any
principal and premium, and any such instalment of interest, which is overdue
shall bear interest at the rate of .......% per annum (to the extent that the
payment of such interest shall be legally enforceable), from the date such
amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand.] [If Original Securities that are not also
Registered Securities, then insert: provided, however, that if (i) the
registration statement filed by the Company (the "Exchange Registration
Statement") under the Securities Act of 1933, as amended (the "Securities Act"),
registering a security substantially identical to this Security (except that
such Security will not contain terms with respect to the Special Interest
payments described below or transfer restrictions) pursuant to an exchange offer
(the "Exchange Offer") has not become or been declared effective by the
Securities and Exchange Commission ("SEC") within ....... days after the
Securities are initially issued (or, in lieu thereof, if such obligation arises
pursuant to the Exchange and Registration Rights Agreement (as defined below), a
registration statement registering this Security for resale (the "Resale
Registration Statement") has not become or been declared effective by the SEC
within ..... days after the Resale Registration Statement is filed) or (ii)
either the Exchange Registration Statement or, if applicable, the Resale
Registration Statement, if filed and declared effective but shall thereafter
either be withdrawn by the Company or shall become subject to an effective stop
order issued

                                      -16-
<PAGE>   19
pursuant to Section 8(d) of the Securities Act suspending the effectiveness of
such registration statement (except as specifically permitted under the Exchange
and Registration Rights Agreement) without being succeeded as promptly as
practicable by an additional registration statement filed and declared
effective, or (iii) the Exchange Offer has not been completed within .......
days after the Securities are initially issued (if the Exchange Offer is then
required to be made pursuant to the Exchange and Registration Rights Agreement
(the "Exchange and Registration Rights Agreement"), dated as of ......., by and
between the Company and the Purchasers (as defined therein) parties thereto, in
each case (i), (ii) and (iii) upon the terms and conditions set forth in the
Exchange and Registration Rights Agreement (each such event referred to in
clauses (i), (ii) and (iii), a "Registration Default"), then special interest
("Special Interest") will accrue (in addition to the stated interest on the
Securities) at a per annum rate of .......%, determined daily, on the principal
amount of this Security, from the period from the occurrence of the Registration
Default described under (i) or (ii) above until such time as such Registration
Default is no longer in effect and, provided, further, that if a Registration
Default described under (iii) above has occurred, then the per annum rate of
such Special Interest shall be .......% per annum from the period from the
occurrence of the Registration Default described under (iii) above until such
time as such Registration Default is no longer in effect (provided that the rate
of Special Interest shall not exceed .......% per annum in the aggregate at any
time). Accrued Special Interest, if any, shall be paid semi-annually on .......
and ......., in each year; and the amount of accrued Special Interest shall be
determined on the basis of the number of days actually elapsed. Any accrued and
unpaid interest (including Special Interest) on this Security upon the issuance
of an Exchange Security (as defined in the Indenture) in exchange for this
Security shall cease to be payable to the Holder hereof but such accrued and
unpaid interest (including Special Interest) shall be payable on the next
Interest Payment Date for such Exchange Security to the Holder thereof on the
related Regular Record Date. Interest on this Security shall be computed on the
basis of a 360-day year of twelve 30-day months.]

      The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the ....... or ....... (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture.

[If the Security is not to bear interest prior to Maturity, insert -- The
principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal

                                      -17-
<PAGE>   20
and any overdue premium shall bear interest at the rate of ....% per annum (to
the extent that the payment of such interest shall be legally enforceable), from
the dates such amounts are due until they are paid or made available for
payment. Interest on any overdue principal or premium shall be payable on
demand. [Any such interest on overdue principal or premium which is not paid on
demand shall bear interest at the rate of ....% per annum (to the extent that
the payment of such interest on interest shall be legally enforceable), from the
date of such demand until the amount so demanded is paid or made available for
payment. Interest on any overdue interest shall be payable on demand.]]

      Payment of the principal of (and premium, if any) and [if applicable,
insert -- any such] interest on this Security will be made at the office or
agency of the Company maintained for that purpose in New York, New York, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts [if applicable, insert --;
provided, however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register].

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

      Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:

                                          V.F. Corporation

                                          By...................................

Attest:

 ................................

                                          By...................................

Attest:

 ................................

                                      -18-
<PAGE>   21
SECTION 203.   Form of Reverse of Security.

      This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of September 29, 2000 (herein called the
"Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and United States Trust Company of New York, as
Trustee (herein called the "Trustee", which term includes any successor trustee
under the Indenture), and reference is hereby made to the Indenture for a
statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to $ .......... . The Company
may at any time issue additional securities under the Indenture in unlimited
amounts having the same terms as the Securities.

[If applicable, insert -- The Securities of this series are subject to
redemption, as a whole or from time to time in part, upon not less than 30 nor
more than 60 days' notice mailed to each Holder of Securities to be redeemed at
his address as it appears in the Securities Register, on any date prior to their
Stated Maturity at a Redemption Price equal to the greater of (i) 100% of the
principal amount of such Securities to be redeemed or (ii) as determined by a
Quotation Agent (as defined below), the sum of the present values of the
remaining scheduled payments of principal and interest thereon (not including
any portion of such payments of interest accrued as of the Redemption Date)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined
below), plus ..... basis points, plus accrued interest thereon to the Redemption
Date; provided that unless the Company defaults in payment of the Redemption
Price, on or after the Redemption Date, interest will cease to accrue on the
Securities or portions thereof called for redemption.

      "Adjusted Treasury Rate" means, with respect to any Redemption Date, the
rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date. The semi-annual equivalent yield to
maturity will be computed as of the third business day immediately preceding the
Redemption Date. "Comparable Treasury Issue" (expressed as a percentage of its
principal amount) means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized in accordance with customary
financial practice in pricing new issues of corporate notes of comparable
maturity to the remaining term of the Securities. "Comparable Treasury Price"
means, with respect to any Redemption Date, (i) the average of the Reference
Treasury Dealer Quotations for such Redemption Date, provided that if three or
more Reference Treasury Dealer Quotations are obtained, the highest and lowest
of such quotations shall be excluded from the calculation. "Quotation Agent"
means the Reference Treasury Dealer appointed by the Company. "Reference
Treasury Dealer" means (i) Goldman, Sachs & Co. and its

                                      -19-
<PAGE>   22
respective successors; provided, however, that, if the foregoing shall cease to
be a primary U.S. Government securities dealer (a "Primary Treasury Dealer"),
the Company shall substitute therefor another Primary Treasury Dealer; and (ii)
any other Primary Treasury Dealer selected by the Company. "Reference Treasury
Dealer Quotations" means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption
Date.]

[If applicable, insert-- The Securities of this series are subject to redemption
upon not less than 30 days' notice by mail, [if applicable, insert-- (1) on
 ........... in any year commencing with the year ...... and ending with the year
 ...... through operation of the sinking fund for this series at a Redemption
Price equal to 100% of the principal amount, and (2)] at any time [if
applicable, insert-- on or after .........., ....], as a whole or in part, at
the election of the Company, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [if applicable, insert-- on or
before ..............., ...%, and if redeemed] during the 12-month period
beginning ............. of the years indicated,

<TABLE>
<CAPTION>
                         Redemption                                            Redemption
Year                       Price                    Year                         Price
----                       -----                    ----                         -----
<S>                      <C>                        <C>                        <C>

</TABLE>

and thereafter at a Redemption Price equal to .....% of the principal amount,
together in the case of any such redemption [if applicable, insert -- (whether
through operation of the sinking fund or otherwise)] with accrued interest to
the Redemption Date, but interest instalments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.]

      [If applicable, insert -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, (1) on ............ in
any year commencing with the year .... and ending with the year .... through
operation of the sinking fund for this series at the Redemption Prices for
redemption through operation of the sinking fund (expressed as percentages of
the principal amount) set forth in the table below, and (2) at any time [if

                                      -20-
<PAGE>   23
applicable, insert-- on or after ............], as a whole or in part, at the
election of the Company, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below: If redeemed during the 12-month period
beginning ............ of the years indicated,

<TABLE>
<CAPTION>
                                Redemption Price
                                 For Redemption                       Redemption Price For
                                Through Operation                     Redemption Otherwise
                                     of the                          Than Through Operation
Year                              Sinking Fund                         of the Sinking Fund
----                              ------------                         -------------------
<S>                             <C>                                  <C>

</TABLE>

and thereafter at a Redemption Price equal to .....% of the principal amount,
together in the case of any such redemption (whether through operation of the
sinking fund or other wise) with accrued interest to the Redemption Date, but
interest instalments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

      [If applicable, insert -- Notwithstanding the foregoing, the Company may
not, prior to ............., redeem any Securities of this series as
contemplated by [if applicable, insert -- Clause (2) of] the preceding paragraph
as a part of, or in anticipation of, any refunding operation by the application,
directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of
less than .....% per annum.]

      [If applicable, insert -- The sinking fund for this series provides for
the redemption on ............ in each year beginning with the year ....... and
ending with the year ...... of [if applicable, insert -- not less than
$.......... ("mandatory sinking fund") and not more than] $......... aggregate
principal amount of Securities of this series. Securities of this series
acquired or redeemed by the Company otherwise than through [if applicable,
insert -- mandatory] sinking fund payments may be credited against subsequent
[if applicable, insert -- mandatory] sinking fund payments otherwise required to
be made [if applicable, insert -- , in the inverse order in which they become
due].]

      [If the Security is subject to redemption of any kind, insert -- In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

                                      -21-
<PAGE>   24
      [If applicable, insert paragraph regarding subordination of the Security.]

      [If applicable, insert -- The Indenture contains provisions for defeasance
at any time of [the entire indebtedness of this Security] [or] [certain
restrictive covenants and Events of Default with respect to this Security] [, in
each case] upon compliance with certain conditions set forth in the Indenture.]

      [If the Security is not an Original Issue Discount Security, insert -- If
an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.]

      [If the Security is an Original Issue Discount Security, insert -- If an
Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to -- insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal, premium and inter est (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company's obligations in respect of the payment of the
principal of and premium and interest, if any, on the Securities of this series
shall terminate.]

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 50% in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

      As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have

                                      -22-
<PAGE>   25
received from the Holders of a majority in principal amount of Securities of
this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after
the respective due dates expressed herein.

      No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

      The Securities of this series are issuable only in registered form without
coupons in denominations of $....... and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

      No service charge shall be made to a Holder for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

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

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

                                      -23-
<PAGE>   26
SECTION 204.   Form of Legend for Securities.

      Unless otherwise specified as contemplated by Section 301 for the
Securities evidenced thereby, every Security authenticated and delivered
hereunder shall bear one or more of the appropriate legends in substantially the
following forms as relevant below:

[IF THE SECURITY IS A RESTRICTED SECURITY, THEN INSERT -- THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES ACT") AND
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) BY THE
INITIAL INVESTOR (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2)
IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (4)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B)
BY SUBSEQUENT INVESTORS AS SET FORTH IN (A) ABOVE, IN EACH CASE (A) AND (B) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES AND OTHER JURISDICTIONS.]

      [IF THE SECURITY IS A REGULATION S SECURITY, THEN INSERT -- THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES
ACT") AND MAY NOT BE OFFERED, SOLD, OR DELIVERED IN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, UNLESS THIS SECURITY IS
REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS THEREOF IS AVAILABLE.]

      [IF THE SECURITY IS A GLOBAL SECURITY, THEN INSERT -- THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

      [IF THE SECURITY IS A GLOBAL SECURITY AND THE DEPOSITORY TRUST COMPANY IS
TO BE THE DEPOSITARY THEREFOR, THEN INSERT -- UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND

                                      -24-
<PAGE>   27
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

SECTION 205.   Form of Trustee's Certificate of Authentication.

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

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

                                        United States Trust Company of New York,
                                                                      As Trustee

                                                By..............................
                                                            Authorized Signature

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301.   Amount Unlimited; Issuable in Series.

      The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited. Additional Securities of any
series of Securities authenticated and delivered under this Indenture may be
authenticated and delivered hereunder at any time, having the same terms as,
treated as a single class (for all purposes under this Indenture) with, and in
aggregate principal amounts that exceed the aggregate principal amount of, such
previously authenticated and delivered Securities.

      The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 303,
set forth, or determined in the manner provided in, an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series,

      (1) the title of the Securities of the series (which shall distinguish the
   Securities of the series from Securities of any other series);

                                      -25-
<PAGE>   28
       (2) any limit upon the aggregate principal amount of the Securities of
   the series which may be authenticated and delivered under this Indenture
   (except for Securities authenticated and delivered upon registration of
   transfer of, or in exchange for, or in lieu of, other Securities of the
   series pursuant to Section 304, 305, 306, 906 or 1107 and except for any
   Securities which, pursuant to Section 303, are deemed never to have been
   authenticated and delivered hereunder);

       (3) the Person to whom any interest on a Security of the series shall be
   payable, if other than the Person in whose name that Security (or one or more
   Predecessor Securities) is registered at the close of business on the
   Regular Record Date for such interest;

       (4)  the date or dates on which the principal of any Securities of the
   series is payable;

       (5) the rate or rates at which any Securities of the series shall bear
   interest, if any, the date or dates from which any such interest shall
   accrue, the Interest Payment Dates on which any such interest shall be
   payable and the Regular Record Date for any such interest payable on any
   Interest Payment Date;

       (6)  the place or places where the principal of and any premium and
   interest on any Securities of the series shall be payable;

       (7) the period or periods within which, the price or prices at which and
   the terms and conditions upon which any Securities of the series may be
   redeemed, in whole or in part, at the option of the Company and, if other
   than by a Board Resolution, the manner in which any election by the Company
   to redeem the Securities shall be evidenced;

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

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

      (10) if the amount of principal of or any premium or interest on any
   Securities of the series may be determined with reference to an index or
   pursuant to a formula, the manner in which such amounts shall be determined;

      (11) if other than the currency of the United States of America, the
   currency, currencies or currency units in which the principal of or any
   premium or interest on any Securities of the series shall be payable and the
   manner of determining the equivalent thereof in the currency of the United
   States of America for any purpose, including for purposes of the definition
   of "Outstanding" in Section 101;

                                      -26-
<PAGE>   29
      (12) if the principal of or any premium or interest on any Securities of
   the series is to be payable, at the election of the Company or the Holder
   thereof, in one or more currencies or currency units other than that or those
   in which such Securities are stated to be payable, the currency, currencies
   or currency units in which the principal of or any premium or interest on
   such Securities as to which such election is made shall be payable, the
   periods within which and the terms and conditions upon which such election is
   to be made and the amount so payable (or the manner in which such amount
   shall be determined);

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

      (14) if the principal amount payable at the Stated Maturity of any
   Securities of the series will not be determinable as of any one or more dates
   prior to the Stated Maturity, the amount which shall be deemed to be the
   principal amount of such Securities as of any such date for any purpose
   thereunder or hereunder, including the principal amount thereof which shall
   be due and payable upon any Maturity other than the Stated Maturity or which
   shall be deemed to be Outstanding as of any date prior to the Stated Maturity
   (or, in any such case, the manner in which such amount deemed to be the
   principal amount shall be determined);

      (15) if applicable, that the Securities of the series, in whole or any
   specified part, shall be defeasible pursuant to Section 1302 or Section 1303
   or both such Sections and, if other than by a Board Resolution, the manner in
   which any election by the Company to defease such Securities shall be
   evidenced;

      (16) if applicable, that any Securities of the series shall be issuable in
   whole or in part in the form of one or more Global Securities and, in such
   case, the respective Depositaries for such Global Securities, the form of any
   legend or legends which shall be borne by any such Global Security in
   addition to or in lieu of that set forth in Section 204 and any circumstances
   in addition to or in lieu of those set forth in Clause (2) of the last
   paragraph of Section 305 in which any such Global Security may be exchanged
   in whole or in part for Securities registered, and any transfer of such
   Global Security in whole or in part may be registered, in the name or names
   of Persons other than the Depositary for such Global Security or a nominee
   thereof;

      (17) any addition to or change in the Events of Default which applies to
   any Securities of the series and any change in the right of the Trustee or
   the requisite Holders of such Securities to declare the principal amount
   thereof due and payable pursuant to Section 502;

      (18) any addition to or change in the covenants set forth in Article Ten
   which applies to Securities of the series; and

                                      -27-
<PAGE>   30
      (19) any other terms of the series (which terms shall not be inconsistent
   with the provisions of this Indenture, except as permitted by Section
   901(5)).

      All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above and (subject to Section 303) set forth, or
determined in the manner provided in, the Officers' Certificate referred to
above or in any such indenture supplemental hereto.

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

SECTION 302.   Denominations.

      The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such specified denomination
with respect to the Securities of any series, the Securities of such series
shall be issuable in denominations of $1,000 and any integral multiple thereof.

SECTION 303.   Execution, Authentication, Delivery and Dating.

      The Securities shall be executed on behalf of the Company by its Chairman
of the Board, its President, Treasurer or one of its Vice Presidents, under its
corporate seal reproduced thereon attested by any of the aforementioned
officers. The signature of any of these officers on the Securities may be manual
or facsimile.

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

      At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 201 and 301,
in authenticating such Securities, and accepting the additional responsibilities

                                      -28-
<PAGE>   31
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected in
relying upon, an Opinion of Counsel stating,

       (1) if the form of such Securities has been established by or pursuant to
   Board Resolution as permitted by Section 201, that such form has been
   established in conformity with the provisions of this Indenture;

       (2) if the terms of such Securities have been established by or pursuant
   to Board Resolution as permitted by Section 301, that such terms have been
   established in conformity with the provisions of this Indenture; and

       (3) that such Securities, when authenticated and delivered by the Trustee
   and issued by the Company in the manner and subject to any conditions
   specified in such Opinion of Counsel, will constitute valid and legally
   binding obligations of the Company enforceable in accordance with their
   terms, subject to bankruptcy, insolvency, fraudulent transfer,
   reorganization, moratorium and similar laws of general applicability relating
   to or affecting creditors' rights and to general principles of equity
   (regardless of whether such enforceability is considered in a proceeding in
   equity or at law).

If such form or terms have been so established, the Trustee shall not be
required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

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

      Each Security shall be dated the date of its authentication.

      No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

                                      -29-
<PAGE>   32
SECTION 304.   Temporary Securities.

      Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities.

      If temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series at the
office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor one or more definitive
Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of
any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series and tenor.

SECTION 305.   Registration, Registration of Transfer and Exchange; Certain
               Transfers and Exchanges

      (a) Registration, Registration of Transfer and Exchange Generally. The
Company shall cause to be kept at the Corporate Trust Office of the Security
Registrar designated pursuant to this Section 305 a register (being the combined
register of the Security Registrar and all Co-Security Registrars and herein
sometimes collectively referred to as the "Security Register") in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Securities and of transfers of Securities. U.S. Bank
Trust National Association, at its office located at 100 Wall Street, Suite
1600, New York, New York 10005, is hereby initially appointed Security
Registrar, and the Trustee is hereby initially appointed Co-Security Registrar,
in each case for the purpose of registering Securities and transfers of
Securities as herein provided. The Company, with prior notice to the Trustee,
may (i) replace the Security Registrar with an entity that satisfies the
eligibility requirements of a Trustee under Section 609 and (ii) remove or add
Co-Security Registrars. A Security Registrar or Co-Security Registrar shall not
be liable for the acts or omissions of any other Security Registrar or
Co-Security Registrar, as the case may be. The Trustee shall have the right to
inspect the register of the Security Registrar (and any Co- Security Registrar)
at all reasonable times and may request and rely upon a certificate of a duly
authorized officer of the Security Registrar (and any Co-Security Registrar) as
to the names and addresses of Holders and the principal amounts and numbers of
the Securities held thereby and such other matters as the Trustee may reasonably
request.

                                      -30-
<PAGE>   33
      The Company hereby initially selects the office of U.S. Bank Trust
National Association, located at 100 Wall Street, Suite 1600, New York, New York
10005 as the office or agency of the Company in the Borough of Manhattan, The
City of New York, where the Securities may be presented or surrendered for
payment and where the Securities may be surrendered for registration of transfer
or exchange in accordance with Section 1002.

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

      Subject to Section 305(b), at the option of the Holder, Securities of any
series may be exchanged for other Securities of the same series, of any
authorized denominations and of like tenor and aggregate principal amount, upon
surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.

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

      Every Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing.

      No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

      If the Securities of any series (or of any series and specified tenor) are
to be redeemed in part, the Company shall not be required (A) to issue, register
the transfer of or exchange any Securities of that series (or of that series and
specified tenor, as the case may be) during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of any
such Securities selected for redemption under Section 1103 and ending at the
close of business on the day of such mailing, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except
the unredeemed portion of any Security being redeemed in part.

                                      -31-
<PAGE>   34
      The provisions of Clauses (1), (2), (3) and (4) below shall apply only to
Global Securities:

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

       (2) Notwithstanding any other provision in this Indenture, no Global
   Security may be exchanged in whole or in part for Securities registered, and
   no transfer of a Global Security in whole or in part may be registered, in
   the name of any Person other than the Depositary for such Global Security or
   a nominee thereof unless (A) such Depositary (i) has notified the Company
   that it is unwilling or unable to continue as Depositary for such Global
   Security or (ii) has ceased to be a clearing agency registered under the
   Exchange Act, (B) the Company in its sole discretion determines that such
   Global Security shall be exchangeable for definitive registered Securities
   and executes and delivers to the Security Registrar a Company Order providing
   that such Global Security shall be so exchangeable, (C) there shall have
   occurred and be continuing an Event of Default with respect to such Global
   Security or (D) there shall exist such circumstances, if any, in addition to
   or in lieu of the foregoing as have been specified for this purpose as
   contemplated by Section 301.

       (3) Subject to Clause (2) above, any exchange of a Global Security for
   other Securities may be made in whole or in part, and all Securities issued
   in exchange for a Global Security or any portion thereof shall be registered
   in such names as the Depositary for such Global Security shall direct.

       (4) Every Security authenticated and delivered upon registration of
   transfer of, or in exchange for or in lieu of, a Global Security or any
   portion thereof, whether pursuant to this Section, Section 304, 306, 906 or
   1107 or otherwise, shall be authenticated and delivered in the form of, and
   shall be, a Global Security, unless such Security is registered in the name
   of a Person other than the Depositary for such Global Security or a nominee
   thereof.

      (b) Certain Transfers and Exchanges. Notwithstanding any other provision
of this Indenture or the Securities, transfers and exchanges of Securities and
beneficial interests in a Global Security of the kinds specified in this Section
305(b) shall be made only in accordance with this Section 305(b).

       (i) Restricted Global Security to Regulation S Global Security. If the
   owner of a beneficial interest in the Restricted Global Security wishes at
   any time to transfer such interest to a Person who wishes to acquire the same
   in the form of a beneficial interest in the Regulation S Global Security,
   such transfer may be effected only in accordance with the provisions of this
   Clause (b)(i) and Clause (b)(iv) below and subject to the Applicable
   Procedures. Upon receipt by the Security Registrar of (A) an order given by
   the Depositary or its authorized representative directing that a beneficial
   interest in the

                                      -32-
<PAGE>   35
   Regulation S Global Security in a specified principal amount be credited to a
   specified Agent Member's account and that a beneficial interest in the
   Restricted Global Security in an equal principal amount be debited from
   another specified Agent Member's account and (B) a Regulation S Certificate,
   satisfactory to the Security Registrar and the Trustee and duly executed by
   the owner of such beneficial interest in the Restricted Global Security or
   his attorney duly authorized in writing, then the Security Registrar, subject
   to Clause (b)(iv) below, shall reduce the principal amount of the Restricted
   Global Security and increase the principal amount of the Regulation S Global
   Security by such specified principal amount.

      (ii) Regulation S Global Security to Restricted Global Security. If the
   owner of a beneficial interest in the Regulation S Global Security wishes at
   any time to transfer such interest to a Person who wishes to acquire the same
   in the form of a beneficial interest in the Restricted Global Security, such
   transfer may be effected only in accordance with this Clause (b)(ii) and
   subject to the Applicable Procedures. Upon receipt by the Security Registrar
   of (A) an order given by the Depositary or its authorized representative
   directing that a beneficial interest in the Restricted Global Security in a
   specified principal amount be credited to a specified Agent Member's account
   and that a beneficial interest in the Regulation S Global Security in an
   equal principal amount be debited from another specified Agent Member's
   account and (B) if such transfer is to occur during the Restricted Period, a
   Restricted Securities Certificate, satisfactory to the Security Registrar and
   the Trustee and duly executed by the owner of such beneficial interest in the
   Regulation S Global Security or his attorney duly authorized in writing, then
   the Security Registrar shall reduce the principal amount of the Regulation S
   Global Security and increase the principal amount of the Restricted Global
   Security by such specified principal amount. If transfers under this Clause
   (b)(ii) occur after the Restricted Period, no Restricted Securities
   Certificates will be required.

      (iii) Non-Global Security to Non-Global Security. A Security that is not a
   Global Security may be transferred, in whole or in part, to a Person who
   takes delivery in the form of another Security that is not a Global Security
   as provided in Section 305(a), provided that, if the Security to be
   transferred in whole or in part is a Restricted Security, then the Security
   Registrar shall have received a Restricted Securities Certificate,
   satisfactory to the Security Registrar and the Trustee and duly executed by
   the transferor Holder or his attorney duly authorized in writing, in which
   case the transferee Holder shall take delivery in the form of a Restricted
   Security (subject in every case to Section 305(c)).

      (iv) Regulation S Global Security to be Held Through Euroclear or
   Clearstream during Restricted Period. The Company shall use its best efforts
   to cause the Depositary to ensure that beneficial interests in the Regulation
   S Global Security may be held only in or through accounts maintained at the
   Depositary by Euroclear or Clearstream (or by Agent Members acting for the
   account thereof), and no person shall be entitled to effect any transfer or
   exchange that would result in any such interest being held otherwise than in
   or through such an account; provided that this Clause (b)(iv) shall not
   prohibit any transfer or exchange of such an interest in accordance with
   Clause (b)(ii) above.

                                      -33-
<PAGE>   36
       (v) Restricted Non-Global Security to Restricted Global Security or
   Regulation S Global Security. If the Holder of a Restricted Security (other
   than a Global Security) wishes at any time to transfer all or any portion of
   such Security to a Person who wishes to take delivery thereof in the form of
   a beneficial interest in the Restricted Global Security or the Regulation S
   Global Security, such transfer may be effected only in accordance with the
   provisions of this Clause (b)(vi) and Clause (b)(iv) above and subject to the
   Applicable Procedures. Upon receipt by the Security Registrar of (A) such
   Security as provided in Section 305(a) and instructions satisfactory to the
   Security Registrar and the Trustee directing that a beneficial interest in
   the Restricted Global Security or Regulation S Global Security in a specified
   principal amount not greater than the principal amount of such Security be
   credited to a specified Agent Member's account and (B) a Restricted
   Securities Certificate, if the specified account is to be credited with a
   beneficial interest in the Restricted Global Security, or a Regulation S
   Certificate, if the specified account is to be credited with a beneficial
   interest in the Regulation S Global Security, in either case satisfactory to
   the Security Registrar and the Trustee and duly executed by such Holder or
   his attorney duly authorized in writing, then the Security Registrar, subject
   to Clause (b)(iv) below, shall cancel such Security (and issue a new Security
   in respect of any untransferred portion thereof) and increase the principal
   amount of the Restricted Global Security or the Regulation S Global Security,
   as the case may be, by the specified principal amount, both as provided in
   Section 305(a).

      (c) Securities Act Legends. Restricted Securities and their Successor
Securities shall bear a Restricted Securities Legend, and the Regulation S
Securities and their Successor Securities shall bear a Regulation S Legend,
subject to the following:

      (i) subject to the following Clauses of this Section 305(c), a Security or
   any portion thereof which is exchanged, upon transfer or otherwise, for a
   Global Security or any portion thereof shall bear the Securities Act Legend
   borne by such Global Security while represented thereby;

      (ii) subject to the following Clauses of this Section 305(c), a new
   Security which is not a Global Security and is issued in exchange for another
   Security (including a Global Security) or any portion thereof, upon transfer
   or otherwise, shall bear the Securities Act Legend borne by such other
   Security, provided that, if such new Security is required pursuant to Section
   305(b)(v) to be issued in the form of a Restricted Security, it shall bear a
   Restricted Securities Legend and, if such new Security is so required to be
   issued in the form of a Regulation S Security, it shall bear a Regulation S
   Legend;

      (iii)  Registered Securities shall not bear a Securities Act Legend;

      (iv) at any time after the Securities may be freely transferred without
   registration under the Securities Act or without being subject to transfer
   restrictions pursuant to the Securities Act, a new Security which does not
   bear a Securities Act Legend may be issued in exchange for or in lieu of a
   Security (other than a Global Security) or any portion thereof which bears
   such a legend if the Security Registrar has received an Unrestricted
   Securities Certificate, satisfactory to the Security Registrar and the
   Trustee

                                      -34-
<PAGE>   37
   and duly executed by the Holder of such legended Security or his attorney
   duly authorized in writing, and after such date and receipt of such
   certificate, the Trustee shall authenticate and deliver such a new Security
   in exchange for or in lieu of such other Security as provided in this Article
   Three;

       (v) a new Security which does not bear a Securities Act Legend may be
   issued in exchange for or in lieu of a Security (other than a Global
   Security) or any portion thereof which bears such a legend if, in the
   Company's judgment, placing such a legend upon such new Security is not
   necessary to ensure compliance with the registration requirements of the
   Securities Act, and the Trustee, at the direction of the Company, shall
   authenticate and deliver such a new Security as provided in this Article
   Three; and

      (vi) notwithstanding the foregoing provisions of this Section 305(c), a
   Successor Security of a Security that does not bear a particular form of
   Securities Act Legend shall not bear such form of legend unless the Company
   has reasonable cause to believe that such Successor Security is a "restricted
   security" within the meaning of Rule 144, in which case the Trustee, at the
   direction of the Company, shall authenticate and deliver a new Security
   bearing a Restricted Securities Legend in exchange for such Successor
   Security as provided in this Article Three.

SECTION 306.   Mutilated, Destroyed, Lost and Stolen Securities.

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

      If there shall be delivered to the Company and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

      In case any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.

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

                                      -35-
<PAGE>   38
      Every new Security of any series issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

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

SECTION 307.   Payment of Interest; Interest Rights Preserved.

      Except as otherwise provided as contemplated by Section 301 with respect
to any series of Securities, interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

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

         (1) The Company may elect to make payment of any Defaulted Interest to
      the Persons in whose names the Securities of such series (or their
      respective Predecessor Securities) are registered at the close of business
      on a Special Record Date for the payment of such Defaulted Interest, which
      shall be fixed in the following manner. The Company shall notify the
      Trustee in writing of the amount of Defaulted Interest proposed to be paid
      on each Security of such series and the date of the proposed payment, and
      at the same time the Company shall deposit with the Trustee an amount of
      money equal to the aggregate amount proposed to be paid in respect of such
      Defaulted Interest or shall make arrangements satisfactory to the Trustee
      for such deposit prior to the date of the proposed payment, such money
      when deposited to be held in trust for the benefit of the Persons entitled
      to such Defaulted Interest as in this Clause provided. Thereupon the
      Trustee shall fix a Special Record Date for the payment of such Defaulted
      Interest which shall be not more than 15 days and not less than 10 days
      prior to the date of the proposed payment and not less than 10 days after
      the receipt by the Trustee of the notice of the proposed payment. The
      Trustee shall promptly notify the Company of such Special Record Date and,
      in the name and at the expense of the Company, shall cause notice of the
      proposed payment of such Defaulted Interest and the Special Record Date
      therefor to be given to each Holder of Securities of such series in the
      manner set forth in Section 106, not less than 10 days prior to such
      Special Record Date. Notice of the proposed payment of such Defaulted
      Interest and the Special Record Date therefor having been so mailed, such
      Defaulted

                                      -36-
<PAGE>   39
      Interest shall be paid to the Persons in whose names the Securities of
      such series (or their respective Predecessor Securities) are registered at
      the close of business on such Special Record Date and shall no longer be
      payable pursuant to the following Clause (2).

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

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

SECTION 308.   Persons Deemed Owners.

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

SECTION 309.   Cancellation.

      All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities held by the Trustee shall be disposed of as directed by a Company
Order.

                                      -37-
<PAGE>   40
SECTION 310.   Computation of Interest.

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

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401.   Satisfaction and Discharge of Indenture.

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

      (1)   either

         (A) all Securities theretofore authenticated and delivered (other than
      (i) Securities which have been destroyed, lost or stolen and which have
      been replaced or paid as provided in Section 306 and (ii) Securities for
      whose payment money has theretofore been deposited in trust or segregated
      and held in trust by the Company and thereafter repaid to the Company or
      discharged from such trust, as provided in Section 1003) have been
      delivered to the Trustee for cancellation; or

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

             (i)  have become due and payable, or

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

            (iii) are to be called for redemption within one year under
         arrangements satisfactory to the Trustee for the giving of notice of
         redemption by the Trustee in the name, and at the expense, of the
         Company,

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

                                      -38-
<PAGE>   41
      (2) the Company has paid or caused to be paid all other sums payable
   hereunder by the Company; and

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

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

SECTION 402.   Application of Trust Money.

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

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.   Events of Default.

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

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

      (2) default in the payment of the principal of or any premium on any
   Security of that series at its Maturity; or

      (3) default in the deposit of any sinking fund payment, when and as due by
   the terms of a Security of that series; or

                                      -39-
<PAGE>   42
      (4) default in the performance, or breach, of any covenant or warranty of
   the Company in this Indenture (other than a covenant or warranty a default in
   whose performance or whose breach is elsewhere in this Section specifically
   dealt with or which has expressly been included in this Indenture solely for
   the benefit of series of Securities other than that series), and continuance
   of such default or breach for a period of 60 days after there has been given,
   by registered or certified mail, to the Company by the Trustee or to the
   Company and the Trustee by the Holders of at least 10% in principal amount of
   the Outstanding Securities of that series a written notice specifying such
   default or breach and requiring it to be remedied and stating that such
   notice is a "Notice of Default" hereunder; or

      (5) a default under any bond, debenture, note or other evidence of
   indebtedness for money borrowed by the Company (including a default with
   respect to Securities of any series other than that series) having an
   aggregate principal amount outstanding of at least $50,000,000, or under any
   mortgage, indenture or instrument (including this Indenture) under which
   there may be issued or by which there may be secured or evidenced any
   indebtedness for money borrowed by the Company having an aggregate principal
   amount outstanding of at least $50,000,000, whether such indebtedness now
   exists or shall hereafter be created, which default shall have resulted in
   such indebtedness becoming or being declared due and payable prior to the
   date on which it would otherwise have become due and payable, without such
   acceleration having been rescinded or annulled, within a period of 10 days
   after there shall have been given, by registered or certified mail, to the
   Company by the Trustee or to the Company and the Trustee by the Holders of at
   least 10% in principal amount of the Outstanding Securities of that series a
   written notice specifying such default and requiring the Company to cause
   such indebtedness to be discharged or cause such acceleration to be rescinded
   or annulled, as the case may be, and stating that such notice is a "Notice of
   Default" hereunder; provided, however, that, subject to the provisions of
   Sections 601 and 602, the Trustee shall not be deemed to have knowledge of
   such default unless either (A) a Responsible Officer of the Trustee shall
   have actual knowledge of such default or (B) the Trustee shall have received
   written notice thereof from the Company, from any Holder, from the holder of
   any such indebtedness or from the trustee under any such mortgage, indenture
   or other instrument; or

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

                                      -40-
<PAGE>   43
      (7) the commencement by the Company of a voluntary case or proceeding
   under any applicable Federal or State bankruptcy, insolvency, reorganization
   or other similar law or of any other case or proceeding to be adjudicated a
   bankrupt or insolvent, or the consent by it to the entry of a decree or order
   for relief in respect of the Company in an involuntary case or proceeding
   under any applicable Federal or State bankruptcy, insolvency, reorganization
   or other similar law or to the commencement of any bankruptcy or insolvency
   case or proceeding against it, or the filing by it of a petition or answer or
   consent seeking reorganization or relief under any applicable Federal or
   State law, or the consent by it to the filing of such petition or to the
   appointment of or taking possession by a custodian, receiver, liquidator,
   assignee, trustee, sequestrator or other similar official of the Company or
   of any substantial part of its property, 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
   corporate action by the Company in furtherance of any such action; or

      (8) any other Event of Default provided with respect to Securities of that
series.

SECTION 502.   Acceleration of Maturity; Rescission and Annulment.

      If an Event of Default (other than an Event of Default specified in
Section 501(6) or 501(7)) with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof) to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section 501(6)
or 501 (7) with respect to Securities of any series at the time Outstanding
occurs, the principal amount of all the Securities of that series (or, if any
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be specified by the terms
thereof) shall automatically, and without any declaration or other action on the
part of the Trustee or any Holder, become immediately due and payable.

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

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

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

                                      -41-
<PAGE>   44
         (B) the principal of (and premium, if any, on) any Securities of that
      series which have become due otherwise than by such declaration of
      acceleration and any interest thereon at the rate or rates prescribed
      therefor in such Securities,

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

         (D) all sums paid or advanced by the Trustee hereunder and the
      reasonable compensation, expenses, disbursements and advances of the
      Trustee, its agents and counsel;

   and

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

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

SECTION 503.   Collection of Indebtedness and Suits for Enforcement by Trustee.

      The Company covenants that if

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

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

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

      If an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

                                      -42-
<PAGE>   45
SECTION 504.   Trustee May File Proofs of Claim.

      In case of any judicial proceeding relative to the Company (or any other
obligor upon the Securities), its property or its creditors, the Trustee shall
be entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to
have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 607.

      No provision of this Indenture shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors' or
other similar committee.

SECTION 505.   Trustee May Enforce Claims without Possession of Securities.

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

SECTION 506.   Application of Money Collected.

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

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

                                      -43-
<PAGE>   46
      SECOND: To the payment of the amounts then due and unpaid for principal of
   and any premium and interest on the Securities in respect of which or for the
   benefit of which such money has been collected, ratably, without preference
   or priority of any kind, according to the amounts due and payable on such
   Securities for principal and any premium and interest, respectively.

SECTION 507.   Limitation on Suits.

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

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

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

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

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

      (5) no direction inconsistent with such written request has been given to
   the Trustee during such 60-day period by the Holders of a majority in
   principal amount of the Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such
Holders.

SECTION 508.   Unconditional Right of Holders to Receive Principal,
               Premium and Interest.

      Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and any premium and (subject to Section 307)
interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the

                                      -44-
<PAGE>   47
Redemption Date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

SECTION 509.   Restoration of Rights and Remedies.

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

SECTION 510.   Rights and Remedies Cumulative.

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

SECTION 511.   Delay or Omission Not Waiver.

      No delay or omission of the Trustee or of any Holder of any Securities to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to the Holders 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 512.   Control by Holders.

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

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

                                      -45-
<PAGE>   48
      (2) such direction is not unduly prejudicial to the rights of the Holders,

      (3) such direction will not involve the Trustee in personal liability or
   expense for which the Trustee has not received a satisfactory indemnity, and

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

SECTION 513.   Waiver of Past Defaults.

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

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

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

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

SECTION 514.   Undertaking for Costs.

      In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, a court may require any party litigant in such suit to
file an undertaking to pay the costs of such suit, and may assess costs against
any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that neither this Section nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or to make
such an assessment in any suit instituted by the Company.

SECTION 515.   Waiver of Usury, Stay or Extension Laws.

      The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and

                                      -46-
<PAGE>   49
the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted.

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601.   Certain Duties and Responsibilities.

      The duties and responsibilities of the Trustee shall be as provided by the
Trust Indenture Act. Notwithstanding the foregoing, 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. 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.

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

            (A) 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

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

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

                                      -47-
<PAGE>   50
SECTION 602.   Notice of Defaults.

      If a default occurs hereunder with respect to Securities of any series,
the Trustee shall give the Holders of Securities of such series notice of such
default as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any default of the character specified in Section
501(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section, the term "default" means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series.

SECTION 603.   Certain Rights of Trustee.

      Subject to the provisions of Section 601:

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

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

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

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

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

      (6) the Trustee shall not be bound to make any investigation into the
   facts or matters stated in any resolution, certificate, statement,
   instrument, opinion, report, notice, request, direction, consent, order,
   bond, debenture, note, other evidence of indebtedness or other paper or
   document, but the Trustee, in its discretion, may make such further inquiry
   or investigation into such facts or matters as it may see fit, and, if the
   Trustee shall

                                      -48-
<PAGE>   51
   determine to make such further inquiry or investigation, it shall be entitled
   to examine the books, records and premises of the Company, personally or by
   agent or attorney; and

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

SECTION 604.   Not Responsible for Recitals or Issuance of Securities.

      The recitals contained herein and in the Securities, except the Trustee's
certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.

SECTION 605.   May Hold Securities.

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

SECTION 606.   Money Held in Trust.

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

SECTION 607.   Compensation and Reimbursement.

      The Company agrees

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

      (2) except as otherwise expressly provided herein, to reimburse the
   Trustee upon its request for all reasonable expenses, disbursements and
   advances incurred or made by the Trustee in accordance with any provision of
   this Indenture (including the reasonable compensation and the expenses and
   disbursements of its agents and counsel), except any

                                      -49-
<PAGE>   52
   such expense, disbursement or advance as may be attributable to its
   negligence or bad faith; and

      (3) to indemnify the Trustee for, and to hold it harmless against, any
   loss, liability or expense incurred without negligence or bad faith on its
   part, arising out of or in connection with the acceptance or administration
   of the trust or trusts hereunder, including the costs and expenses of
   defending itself against any claim or liability in connection with the
   exercise or performance of any of its powers or duties hereunder (including
   the reasonable fees and disbursements of counsel).

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

             Without prejudice to its rights hereunder, when the Trustee incurs
   expenses or renders services after an Event of Default specified in Section
   501(6) or 501(7) occurs, the expenses and the compensation for the services
   are intended to constitute expenses of administration under applicable
   federal or state bankruptcy, insolvency, reorganization or other similar law.

SECTION 608.   Conflicting Interests.

      If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture. To the extent
permitted by such Act, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to
Securities of more than one series.

SECTION 609.   Corporate Trustee Required; Eligibility.

      There shall at all times be one (and only one) Trustee hereunder with
respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus of at least $50,000,000. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of its supervising or examining authority, then for the purposes of this Section
and to the extent permitted by the Trust Indenture Act, the combined capital and
surplus of such Person 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 with respect to the Securities of any series shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

                                      -50-
<PAGE>   53
SECTION 610.   Resignation and Removal; Appointment of Successor.

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

      The Trustee may resign at any time with respect to the Securities of one
or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 611 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

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

      If at any time:

      (1) the Trustee shall fail to comply with Section 608 after written
   request therefor by the Company or by any Holder who has been a bona fide
   Holder of a Security for at least six months, or

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

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

then, in any such case, (A) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (B) subject to Section 514, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

      If the Trustee shall resign, be removed or become incapable of acting, or
if a vacancy shall occur in the office of Trustee for any cause, with respect to
the Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may
be appointed with respect to the Securities of one or more or all of such series
and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation, removal
or incapability, or the

                                      -51-
<PAGE>   54
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 611, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 611, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

      The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series to all Holders of
Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

SECTION 611.   Acceptance of Appointment by Successor.

      In case of the appointment hereunder of a successor Trustee with respect
to all Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee; but, on the request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder. The successor Trustee shall mail notice
of its succession to the Holders.

      In case of the appointment hereunder of a successor Trustee with respect
to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or

                                      -52-
<PAGE>   55
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co- trustees of the same trust and that
each such Trustee shall be trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered by any other such Trustee;
and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

      Upon request of any such successor Trustee, the Company shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts referred to in the
first or second preceding paragraph, as the case may be.

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

SECTION 612.   Merger, Conversion, Consolidation or Succession to Business.

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

SECTION 613.   Preferential Collection of Claims against Company.

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

                                      -53-
<PAGE>   56
SECTION 614.   Appointment of Authenticating Agent.

      The Trustee may appoint an Authenticating Agent or Agents with respect to
one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon original issue
and upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

      The Trustee hereby initially appoints U.S. Bank Trust National Association
as an Authenticating Agent. The Company hereby deems U.S. Bank Trust National
Association an acceptable Authenticating Agent.

      Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent (including the
authenticating agency contemplated by this Indenture), shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

      An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such
appointment in the manner provided in Section 106 to all Holders of Securities
of the series with respect to

                                      -54-
<PAGE>   57
which such Authenticating Agent will serve. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section.

      The Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions
of Section 607.

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

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

                                     United States Trust Company of New York,
                                                                   As Trustee

                                    By......................................,
                                                      As Authenticating Agent

                                    By.......................................
                                                         Authorized Signature

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.   Company to Furnish Trustee Names and Addresses of Holders.

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

      (1) not more than 15 days after each Regular Record Date, a list, in such
   form as the Trustee may reasonably require, of the names and addresses of the
   Holders of Securities of each series as of the preceding Regular Record Date,
   and

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<PAGE>   58
      (2) at such other times as the Trustee may request in writing, within 30
   days after the receipt by the Company of any such request, a list of similar
   form and content as of a date not more than 15 days prior to the time such
   list is furnished;

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar or Co-Security Registrar, as applicable.

SECTION 702.   Preservation of Information; Communications to Holders.

      The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar or Co-Security Registrar, as applicable. The Trustee may destroy any
list furnished to it as provided in Section 701 upon receipt of a new list so
furnished.

      The rights of Holders to communicate with other Holders with respect to
their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust
Indenture Act.

      Every Holder of Securities, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee nor any
agent of either of them shall be held accountable by reason of any disclosure of
information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

SECTION 703.   Reports by Trustee.

      The Trustee shall transmit to Holders such reports concerning the Trustee
and its actions under this Indenture as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant thereto.

      A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange upon which any
Securities are listed, with the Commission and with the Company. The Company
will notify the Trustee when any Securities are listed on any stock exchange.

SECTION 704.   Reports by Company.

      The Company shall file with the Trustee and the Commission, and transmit
to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and
in the manner provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be

                                      -56-
<PAGE>   59
filed with the Trustee within 15 days after the same is so required to be filed
with the Commission.

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801.   Company May Consolidate, Etc., Only on Certain Terms.

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

      (1) in case the Company shall consolidate with or merge into another
   Person or convey, transfer or lease its properties and assets substantially
   as an entirety to any Person, the Person formed by such consolidation or into
   which the Company is merged or the Person which acquires by conveyance or
   transfer, or which leases, the properties and assets of the Company
   substantially as an entirety shall be a corporation, partnership or trust,
   shall be organized and validly existing under the laws of the United States
   of America, any State thereof or the District of Columbia and shall expressly
   assume, by an indenture supplemental hereto, executed and delivered to the
   Trustee, in form satisfactory to the Trustee, the due and punctual payment of
   the principal of and any premium and interest on all the Securities and the
   performance or observance of every covenant of this Indenture on the part of
   the Company to be performed or observed;

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

      (3) if, as a result of any such consolidation or merger or such
   conveyance, transfer or lease, properties or assets of the Company would
   become subject to a mortgage, pledge, lien, security interest or other
   encumbrance which would not be permitted by this Indenture, the Company or
   such successor Person, as the case may be, shall take such steps as shall be
   necessary effectively to secure the Securities equally and ratably with (or
   prior to) all indebtedness secured thereby; and

      (4) the Company has delivered to the Trustee an Officers' Certificate and
   an Opinion of Counsel, each stating that such consolidation, merger,
   conveyance, transfer or lease and, if a supplemental indenture is required in
   connection with such transaction, such

                                      -57-
<PAGE>   60
   supplemental indenture comply with this Article and that all conditions
   precedent herein provided for relating to such transaction have been complied
   with.

SECTION 802.   Successor Substituted.

      Upon any consolidation of the Company with, or merger of the Company into,
any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section
801, the successor Person formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants
under this Indenture and the Securities.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901.   Supplemental Indentures without Consent of Holders.

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

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

      (2) to add to the covenants of the Company for the benefit of the Holders
   of all or any series of Securities (and if such covenants are to be for the
   benefit of less than all series of Securities, stating that such covenants
   are expressly being included solely for the benefit of such series) or to
   surrender any right or power herein conferred upon the Company; or

      (3) to add any additional Events of Default for the benefit of the Holders
   of all or any series of Securities (and if such additional Events of Default
   are to be for the benefit of less than all series of Securities, stating that
   such additional Events of Default are expressly being included solely for the
   benefit of such series); or

      (4) to add to or change any of the provisions of this Indenture to such
   extent as shall be necessary to permit or facilitate the issuance of
   Securities in bearer form, registrable

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<PAGE>   61
   or not registrable as to principal, and with or without interest coupons, or
   to permit or facilitate the issuance of Securities in uncertificated form; or

      (5) to add to, change or eliminate any of the provisions of this Indenture
   in respect of one or more series of Securities, provided that any such
   addition, change or elimination (A) shall neither (i) apply to any Security
   of any series created prior to the execution of such supplemental indenture
   and entitled to the benefit of such provision nor (ii) modify the rights of
   the Holder of any such Security with respect to such provision or (B) shall
   become effective only when there is no such Security Outstanding; or

      (6) to secure the Securities; or

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

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

      (9) to cure any ambiguity, to correct or supplement any provision herein
   which may be defective or inconsistent with any other provision herein, or to
   make any other provisions with respect to matters or questions arising under
   this Indenture, provided that such action pursuant to this Clause (9) shall
   not adversely affect the interests of the Holders of Securities of any
   series.

SECTION 902.   Supplemental Indentures with Consent of Holders.

      With the consent of the Holders of not less than 50% in principal amount
of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

      (1) change the Stated Maturity of the principal of, or any installment of
   principal of or interest on, any Security, or reduce the principal amount
   thereof or the rate of interest thereon or any premium payable upon the
   redemption thereof, or reduce the amount of the principal of an Original
   Issue Discount Security or any other Security which would be due and payable
   upon a declaration of acceleration of the Maturity thereof pursuant to
   Section 502, or change any Place of Payment where, or the coin or currency in
   which,

                                      -59-
<PAGE>   62
   any Security or any premium 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
   Redemption Date), or

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

      (3) modify any of the provisions of this Section, Section 513 or Section
   1010, except to increase any such percentage or to provide that certain other
   provisions of this Indenture cannot be modified or waived without the consent
   of the Holder of each Out standing Security affected thereby; provided,
   however, that this clause shall not be deemed to require the consent of any
   Holder with respect to changes in the references to "the Trustee" and
   concomitant changes in this Section and Section 10, or the deletion of this
   proviso, in accordance with the requirements of Sections 611 and 901(8).

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

      It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

SECTION 903.   Execution of Supplemental Indentures.

      In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 601) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

SECTION 904.   Effect of Supplemental Indentures.

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

                                      -60-
<PAGE>   63
SECTION 905.   Conformity with Trust Indenture Act.

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

SECTION 906.   Reference in Securities to Supplemental Indentures.

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

                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001.     Payment of Principal, Premium and Interest.

      The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and any premium
and interest on the Securities of that series in accordance with the terms of
the Securities and this Indenture.

SECTION 1002.     Maintenance of Office or Agency.

      The Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture
may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

      The Company may also from time to time designate one or more other offices
or agencies where the Securities of one or more series may be presented or
surrendered for any

                                      -61-
<PAGE>   64
or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in each
Place of Payment for Securities of any series for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency.

SECTION 1003.     Money for Securities Payments to Be Held in Trust.

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

      Whenever the Company shall have one or more Paying Agents for any series
of Securities, it will, on or prior to each due date of the principal of or any
premium or interest on any Securities of that series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

      The Company hereby initially appoints U.S. Bank Trust National
Association, at its office located at 100 Wall Street, Suite 1600, New York, New
York 10005, as a Paying Agent.

      The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent will (1) comply with the provisions of
the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of the Trustee, forthwith
pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

      The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by
the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

                                      -62-
<PAGE>   65
      Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of or any premium or
interest on any Security of any series and remaining unclaimed for two years
after such principal, premium or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in New York that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

SECTION 1004.     Statement by Officers as to Default.

      The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture and, if the Company shall be in
default, specifying all such defaults and the nature and status thereof of which
they may have knowledge.

SECTION 1005.     Existence.

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

SECTION 1006.     Maintenance of Properties.

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

                                      -63-
<PAGE>   66
Company, desirable in the conduct of its business or the business of any
Subsidiary and not disadvantageous in any material respect to the Holders.

SECTION 1007.     Payment of Taxes and Other Claims.

      The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or
upon the income, profits or property of the Company or any Subsidiary, and (2)
all lawful claims for labor, materials and supplies which, if unpaid, might by
law become a lien upon the Principal Property of the Company or any Subsidiary;
provided, however, that the Company shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by
appropriate proceedings.

SECTION 1008.     Restrictions on Mortgages and Other Liens.

      (1) The Company will not, nor will it permit any Subsidiary to, issue,
assume or guarantee any Debt secured by a Mortgage upon any Principal Property
of the Company or any Restricted Subsidiary or upon any shares of stock or
indebtedness of any Restricted Subsidiary (whether such Principal Property,
shares of stock or indebtedness is now owned or hereafter acquired) without in
any such case effectively providing, concurrently with the issuance, assumption
or guarantee of any such Debt, that the Securities (together with, if the
Company shall so determine, any other indebtedness of or guaranteed by the
Company of such Restricted Subsidiary ranking equally with the Securities then
existing or thereafter created) shall be secured equally and ratably with such
Debt; provided, however, that the foregoing restrictions shall not apply to

            (A) Mortgages on property, shares of stock or indebtedness of or
   guaranteed by any corporation existing at the time such corporation becomes a
   Restricted Subsidiary;

            (B) Mortgages on property existing at the time of acquisition of
   such property by the Company or a Restricted Subsidiary, or Mortgages to
   secure the payment of all or any part of the purchase price of such property
   upon the acquisition of such property by the Company or a Restricted
   Subsidiary or to secure any Debt incurred or guaranteed by the Company or a
   Restricted Subsidiary prior to, at the time of, or within 120 days after the
   later of the acquisition, completion of construction (including any
   improvements on an existing property) or commencement of full operation of
   such property, which Debt is incurred or guaranteed for the purpose of
   financing all or any part of the purchase price thereof or construction or
   improvements thereon; provided, however, that in the case of any such
   acquisition, construction or improvement the Mortgage shall not apply to any
   property theretofore owned by the Company or a Restricted Subsidiary, other
   than, in the case of any such construction or improvement, any theretofore
   unimproved real property on which the property so constructed, or the
   improvement, is located;

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<PAGE>   67
            (C) Mortgages securing Debt of a Restricted Subsidiary owing to the
   Company or to another Restricted Subsidiary;

            (D) Mortgages on property of a corporation existing at the time such
   corporation is merged into or consolidated with the Company or a Restricted
   Subsidiary or at the time of a purchase, lease or other acquisition of the
   property of a corporation or firm as an entirety or substantially as an
   entirety by the Company or a Restricted Subsidiary.

            (E) Mortgages on property of the Company or a Restricted Subsidiary
   in favor of the United States of America or any State thereof, or any
   department, agency or instrumentality or political subdivision of the United
   States of America or any State thereof, or in favor of any other country, or
   any political subdivision thereof, to secure partial, progress, advance or
   other payments pursuant to any contract or statute or to secure any
   indebtedness incurred or guaranteed for the purpose of financing all or any
   part of the purchase price or the cost of construction of the property
   subject to such Mortgages (including, but not limited to, Mortgages incurred
   in connection with pollution control, industrial revenue bond or similar
   financings);

            (F) Mortgages on property existing on the date of this Indenture;
   and

            (G) any extension, renewal or replacement (or successive extensions,
   renewals or replacements) in whole or in part of any Mortgage referred to in
   the foregoing clauses (A) to (F), inclusive; provided, however, that the
   principal amount of Debt secured thereby shall not exceed the principal
   amount of Debt so secured at the time of such extension, renewal or
   replacement, and that such extension, renewal or replacement shall be limited
   to all or part of the property which secured the Mortgage so extended,
   renewed or replaced (plus improvements and construction on such property).

      (2) Notwithstanding the foregoing provisions of this Section 1008, the
Company and any one or more Subsidiaries may issue, assume or guarantee Debt
secured by a Mortgage which would otherwise be subject to the foregoing
restrictions in an aggregate amount which, together with all other Debt of the
Company and its Restricted Subsidiaries which (if originally issued, assumed or
guaranteed at such time) would otherwise be subject to the foregoing
restrictions (not including Debt permitted to be secured under clauses (A)
through (G) above), does not at the time exceed 10% of the shareholders' equity
of the Company and its consolidated Subsidiaries, as shown on the audited
consolidated financial statements of the Company as of the end of the fiscal
year preceding the date of determination.

SECTION 1009.     Restriction on Sales and Leasebacks.

      The Company will not, nor will it permit any Restricted Subsidiary to,
enter into any arrangement with any Person providing for the leasing by the
Company or any Restricted Subsidiary of any Principal Property of the Company or
any Restricted Subsidiary, whether such Principal Property is now owned or
hereafter acquired (except for leases for a term of not more than three years,
except for leases between the Company and a Restricted

                                      -65-
<PAGE>   68
Subsidiary or between Restricted Subsidiaries and except for leases of a
Principal Property entered into within 120 days after the later of the
acquisition, completion of construction or commencement of full operation of
such Principal Property), which Principal Property has been or is to be
transferred by the Company or such Restricted Subsidiary to such Person (herein
referred to as a "Sale and Leaseback Transaction"), unless

            (A) the Company or such Restricted Subsidiary would be entitled,
   pursuant to the provisions of Section 1008, to issue, assume or guarantee
   Debt secured by a Mortgage upon such Principal Property at least equal in
   amount to the Attributable Debt in respect of such Sale and Leaseback
   Transaction without equally and ratably securing the Securities; provided,
   however, that from and after the date on which such Sale and Leaseback
   Transaction becomes effective, the Attributable Debt in respect of such Sale
   and Leaseback Transaction, shall be deemed for all purposes under Sections
   1008 and 1009 to be Debt subject to the provisions of Section 1008; or

            (B) the Company shall apply an amount in cash equal to the
   Attributable Debt in respect of such Sale and Leaseback Transaction to the
   retirement (other than any mandatory retirement or by way of payment at
   maturity), within 90 days of the effective date of any such Sale and
   Leaseback Transaction, of Debt of the Company or any Restricted Subsidiary
   (other than Debt owned by the Company or any Restricted Subsidiary and other
   than Debt of the Company which is subordinated to the Securities) which by
   its terms matures at, or is extendable or renewable at the sole option of the
   obligor without requiring the consent of the obligee to, a date more than
   twelve months after the date of the creation of such Debt.

SECTION 1010.     Waiver of Certain Covenants.

      Except as otherwise specified as contemplated by Section 301 for
Securities of such series, the Company may, with respect to the Securities of
any series, omit in any particular instance to comply with any term, provision
or condition set forth in any covenant provided pursuant to Section 301(18),
901(2) or 901(7) for the benefit of the Holders of such series and in Sections
1008 or 1009 if before the time for such compliance the Holders of at least 50%
in principal amount of the Outstanding Securities of such series shall, by Act
of such Holders, either waive such compliance in such instance or generally
waive compliance with such term, provision or condition, but no such waiver
shall extend to or affect such term, provision or condition except to the extent
so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and effect.

                                      -66-
<PAGE>   69
                                         ARTICLE ELEVEN

                                    REDEMPTION OF SECURITIES

SECTION 1101. Applicability of Article.

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

SECTION 1102. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution or in another manner specified as contemplated by Section
301 for such Securities. In case of any redemption at the election of the
Company of less than all the Securities of any series (including any such
redemption affecting only a single Security), the Company shall, at least 60
days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date, of the principal amount of Securities of such series to be redeemed, and,
if applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with such restriction.

SECTION 1103. Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities of any series are to be redeemed
(unless all the Securities of such series and of a specified tenor are to be
redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of a portion of the principal amount of any Security of such series,
provided that the unredeemed portion of the principal amount of any Security
shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. If less than all the Securities of
such series and of a specified tenor are to be redeemed (unless such redemption
affects only a single Security), the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series and specified tenor not
previously called for redemption in accordance with the preceding sentence.

                                      -67-
<PAGE>   70
         The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption as aforesaid and, in case of any Securities
selected for partial redemption as aforesaid, the principal amount thereof to be
redeemed.

         The provisions of the two preceding paragraphs shall not apply with
respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security.

         For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Securities redeemed or to be redeemed only in part, to the
portion of the principal amount of such Securities which has been or is to be
redeemed.

SECTION 1104. Notice of Redemption.

         Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his address appearing in
the Security Register.

         All notices of redemption shall state:

         (1) the Redemption Date,

         (2) the Redemption Price,

         (3) if less than all the Outstanding Securities of any series
     consisting of more than a single Security are to be redeemed, the
     identification (and, in the case of partial redemption of any such
     Securities, the principal amounts) of the particular Securities to be
     redeemed and, if less than all the Outstanding Securities of any series
     consisting of a single Security are to be redeemed, the principal amount of
     the particular Security to be redeemed,

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

         (5) the place or places where each such Security is to be surrendered
     for payment of the Redemption Price, and

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

                                      -68-
<PAGE>   71
         Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company.

SECTION 1105. Deposit of Redemption Price.

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

SECTION 1106. Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

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

SECTION 1107. Securities Redeemed in Part.

      Any Security which is to be redeemed only in part shall be surrendered at
a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to
the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service
charge, a new Security or Securities of the same series and of like tenor, of
any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

                                      -69-
<PAGE>   72
                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201. Applicability of Article.

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

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

SECTION 1202. Satisfaction of Sinking Fund Payments with Securities.

         The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to any Securities of such series required to be made
pursuant to the terms of such Securities as and to the extent provided for by
the terms of such Securities; provided that the Securities to be so credited
have not been previously so credited. The Securities to be so credited shall be
received and credited for such purpose by the Trustee at the Redemption Price,
as specified in the Securities so to be redeemed, for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

SECTION 1203. Redemption of Securities for Sinking Fund.

         Not less than 45 days prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing sinking fund payment for such
Securities pursuant to the terms of such Securities, the portion thereof, if
any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities pursuant to
Section 1202 and will also deliver to the Trustee any Securities to be so
delivered. Not less than 30 days prior to each such sinking fund payment date,
the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the

                                      -70-
<PAGE>   73
manner specified in Section 1103 and cause notice of the redemption thereof to
be given in the name of and at the expense of the Company in the manner provided
in Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
1106 and 1107.

                                ARTICLE THIRTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1301. Company's Option to Effect Defeasance or Covenant Defeasance.

         The Company may elect, at its option at any time, to have Section 1302
or Section 1303 applied to any Securities or any series of Securities, as the
case may be, designated pursuant to Section 301 as being defeasible pursuant to
such Section 1302 or 1303, in accordance with any applicable requirements
provided pursuant to Section 301 and upon compliance with the conditions set
forth below in this Article. Any such election shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 301 for
such Securities.

SECTION 1302. Defeasance and Discharge.

         Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, the
Company shall be deemed to have been discharged from its obligations with
respect to such Securities as provided in this Section on and after the date the
conditions set forth in Section 1304 are satisfied (hereinafter called
"Defeasance"). For this purpose, such Defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities
and this Indenture insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 1304 and as more fully
set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (2) the Company's
obligations with respect to such Securities under Sections 304, 305, 306, 1002
and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (4) this Article. Subject to compliance with this Article, the
Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have
Section 1303 applied to such Securities.

                                      -71-
<PAGE>   74
SECTION 1303. Covenant Defeasance.

         Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, (1)
the Company shall be released from its obligations under Section 801, Sections
1004 through 1009, inclusive, and any covenants provided pursuant to Section
301(18), 901(2) or 901(7) for the benefit of the Holders of such Securities, and
(2) the occurrence of any event specified in Sections 501(4) (with respect to
any of Section 801, Sections 1004 through 1009, inclusive, and any such
covenants provided pursuant to Section 301(18), 901(2) or 901(7)), and 501(5)
through 501(8) shall be deemed not to be or result in an Event of Default, in
each case with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 1304 are satisfied
(hereinafter called "Covenant Defeasance"). For this purpose, such Covenant
Defeasance means that, with respect to such Securities, the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section (to the extent so specified
in the case of Section 501(4)), whether directly or indirectly by reason of any
reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but the
remainder of this Indenture and such Securities shall be unaffected thereby.

SECTION 1304. Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to the application of Section
1302 or Section 1303 to any Securities or any series of Securities, as the case
may be:

         (1) The Company shall irrevocably have deposited or caused to be
     deposited with the Trustee (or another trustee which satisfies the
     requirements contemplated by Section 609 and agrees to comply with the
     provisions of this Article applicable to it) as trust funds in trust for
     the purpose of making the following payments, specifically pledged as
     security for, and dedicated solely to, the benefits of the Holders of such
     Securities, (A) money in an amount, or (B) U.S. Government Obligations
     which through the scheduled payment of principal and interest in respect
     thereof in accordance with their terms will provide, not later than one day
     before the due date of any payment, money in an amount, or (C) a
     combination thereof, in each case sufficient, in the opinion of a
     nationally recognized firm of independent public accountants expressed in a
     written certification thereof delivered to the Trustee, to pay and
     discharge, and which shall be applied by the Trustee (or any such other
     qualifying trustee) to pay and discharge, (i) the principal of and any
     premium and interest on such Securities on the respective Stated Maturities
     and (ii) any mandatory sinking fund payments or analogous payments
     applicable to the Outstanding Securities of such series on the day on which
     such payments are due and payable, in accordance with the terms of this
     Indenture and such Securities. As used herein, "U.S. Government Obligation"
     means (x) any security which is (i) a direct obligation of the United
     States of America for the payment of which the full faith and credit of the
     United States of America is pledged or (ii) an obligation of a Person
     controlled or supervised by and acting as an agency or instrumentality of
     the

                                      -72-
<PAGE>   75
     United States of America the payment of which is unconditionally guaranteed
     as a full faith and credit obligation by the United States of America,
     which, in either case (i) or (ii), is not callable or redeemable at the
     option of the issuer thereof, and (y) any depositary receipt issued by a
     bank (as defined in Section 3(a)(2) of the Securities Act) as custodian
     with respect to any U.S. Government Obligation which is specified in Clause
     (x) above and held by such bank for the account of the holder of such
     depositary receipt, or with respect to any specific payment of principal of
     or interest on any U.S. Government Obligation which is so specified and
     held, provided that (except as required by law) such custodian is not
     authorized to make any deduction from the amount payable to the holder of
     such depositary receipt from any amount received by the custodian in
     respect of the U.S. Government Obligation or the specific payment of
     principal or interest evidenced by such depositary receipt.

         (2) In the event of an election to have Section 1302 apply to any
     Securities or any series of Securities, as the case may be, the Company
     shall have delivered to the Trustee an Opinion of Counsel stating that (A)
     the Company has received from, or there has been published by, the Internal
     Revenue Service a ruling or (B) since the date of this instrument, there
     has been a change in the applicable Federal income tax law, in either case
     (A) or (B) to the effect that, and based thereon such opinion shall confirm
     that, the Holders of such Securities will not recognize gain or loss for
     Federal income tax purposes as a result of the deposit, Defeasance and
     discharge to be effected with respect to such Securities and will be
     subject to Federal income tax on the same amount, in the same manner and at
     the same times as would be the case if such deposit, Defeasance and
     discharge were not to occur.

         (3) In the event of an election to have Section 1303 apply to any
     Securities or any series of Securities, as the case may be, the Company
     shall have delivered to the Trustee an Opinion of Counsel to the effect
     that the Holders of such Securities will not recognize gain or loss for
     Federal income tax purposes as a result of the deposit and Covenant
     Defeasance to be effected with respect to such Securities and will be
     subject to Federal income tax on the same amount, in the same manner and at
     the same times as would be the case if such deposit and Covenant Defeasance
     were not to occur.

         (4) Such Defeasance or Covenant Defeasance shall not cause any
     Securities of such series then listed on any registered national securities
     exchange under the Securities Exchange Act of 1934, as amended, to be
     delisted.

         (5) No event which is, or after notice or lapse of time or both would
     become, an Event of Default with respect to such Securities shall have
     occurred and be continuing at the time of such deposit or, with regard to
     any such event specified in Sections 501(6) and (7), at any time on or
     prior to the 90th day after the date of such deposit (it being understood
     that this condition shall not be deemed satisfied until after such 90th
     day).

         (6) Such Defeasance or Covenant Defeasance shall not cause the Trustee
     to have a conflicting interest as defined in Section 608 and within the
     meaning of the Trust Indenture Act (assuming all Securities are in default
     within the meaning of such Act).

                                      -73-
<PAGE>   76
         (7) Such Defeasance or Covenant Defeasance shall not result in a breach
     or violation of, or constitute a default under, any other agreement or
     instrument to which the Company is a party or by which it is bound.

         (8) Such Defeasance or Covenant Defeasance shall not result in the
     trust arising from such deposit constituting an investment company within
     the meaning of the Investment Company Act unless such trust shall be
     registered under such Act or exempt from registration thereunder.

         (9) The Company shall have delivered to the Trustee an Officer's
     Certificate and an Opinion of Counsel, each stating that all conditions
     precedent with respect to such Defeasance or Covenant Defeasance have been
     complied with.

SECTION 1305. Deposited Money and U.S. Government Obligations to Be Held in
              Trust; Miscellaneous Provisions.

         Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee or other qualifying trustee (solely for purposes of this
Section and Section 1306, the Trustee and any such other trustee are referred to
collectively as the "Trustee") pursuant to Section 1304 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated
from other funds except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1304 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of Outstanding Securities.

         Anything in this Article to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money or U.S. Government Obligations held by it as provided in Section 1304 with
respect to any Securities which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect the Defeasance or Covenant Defeasance, as
the case may be, with respect to such Securities.

                                      -74-
<PAGE>   77
SECTION 1306. Reinstatement.

         If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 1302 or 1303 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article with respect to such
Securities, until such time as the Trustee or Paying Agent is permitted to apply
all money held in trust pursuant to Section 1305 with respect to such Securities
in accordance with this Article; provided, however, that if the Company makes
any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment
from the money so held in trust.

                                      -75-
<PAGE>   78
         This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

                                         V.F. CORPORATION

                                         By: /s/ Mackey J. McDonald
                                            --------------------------
                                               Mackey J. McDonald
                                               Chairman, President and Chief
                                               Executive Officer

                                         By: /s/ Frank C. Pickard III
                                            --------------------------
                                               Frank C. Pickard III
                                               Vice President - Treasurer

                                         UNITED STATES TRUST COMPANY
                                         OF NEW YORK

                                         By: /s/ Thomas Musarra
                                            --------------------------
                                               Thomas Musarra
                                               Senior Vice President

                                      -76-
<PAGE>   79
STATE OF NORTH CAROLINA  )
                         )  ss.:
COUNTY OF GUILFORD       )

         On the 22nd day of September, 2000, before me personally came Mackey J.
McDonald, to me known, who, being by me duly sworn, did depose and say that he
is Chairman, President and Chief Executive Officer of V.F. Corporation, one of
the corporations described in and which executed the foregoing instrument; that
he knows the seal of said corporation; that the seal affixed to said instrument
is such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation; and that he signed his name thereto by like
authority.

                                                /s/ Kimberly M. Hilton
                                                --------------------------------
                                                My Commission Expires 10/15/2003

STATE OF NORTH CAROLINA  )
                         )  ss.:
COUNTY OF GUILFORD       )

         On the 22nd day of September, 2000, before me personally came Frank C.
Pickard III, to me known, who, being by me duly sworn, did depose and say that
he is Vice President - Treasurer of V.F. Corporation, one of the corporations
described in and which executed the foregoing instrument; that he knows the seal
of said corporation; that the seal affixed to said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

                                                /s/ Kimberly M. Hilton
                                                --------------------------------
                                                My Commission Expires 10/15/2003

                                      -77-
<PAGE>   80
STATE OF NEW YORK   )
                    )  ss.:
COUNTY OF NEW YORK  )

         On the 29th day of September, 2000, before me personally came Thomas
Musarra, to me known, who, being by me duly sworn, did depose and say that he is
SVP of The United States Trust Company of New York, the corporation described in
and which executed the foregoing instrument; that he knows the seal of said
trust company; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by authority of the Board of Directors of said trust
company; and that he signed his name thereto by like authority.

                                                           /s/ Thomas Musarra
                                                           ---------------------
                                                           Thomas Musarra
                                                           Senior Vice President

Yvette Feliciano
Notary Public, State of New York
No. 01FE5019091
Qualified in Queens County
Commission Expires October 12, 2001

/s/ Yvette Feliciano (Rivera)
9/29/00

STATE OF NEW YORK   )
                    )  ss.:
COUNTY OF NEW YORK  )

         On the .......... day of September, 2000, before me personally came
 ..........................., to me known, who, being by me duly sworn, did
depose and say that he is .................... of The United States Trust
Company of New York, the corporation described in and which executed the
foregoing instrument; that he knows the seal of said trust company; that the
seal affixed to said instrument is such corporate seal; that it was so affixed
by authority of the Board of Directors of said trust company; and that he signed
his name thereto by like authority.

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

                                      -78-
<PAGE>   81
                                                        ANNEX A -- Form of
                                                        Regulation S Certificate

                            REGULATION S CERTIFICATE

                  (For transfers pursuant to Section 305(b)(i)
                                of the Indenture)

U.S. Bank Trust National Association
 as Security Registrar
100 Wall Street, Suite 1600
New York, New York 10005

    Re: Notes due ..... of V.F. Corporation (the "Securities")

         Reference is made to the Indenture, dated as of September 29, 2000 (the
"Indenture"), between V.F. Corporation (the "Company") and the United States
Trust Company of New York, as Trustee. Terms used herein and defined in the
Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933,
as amended (the "Securities Act") are used herein as so defined.

         This certificate relates to U.S. $____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

         CUSIP No(s). ___________________________

         CERTIFICATE No(s). _____________________

The person in whose name this certificate is executed below (the "Undersigned")
hereby certifies that either (i) it is the sole beneficial owner of the
Specified Securities or (ii) it is acting on behalf of all the beneficial owners
of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.

         The Owner has requested that the Specified Securities be transferred to
a person (the "Transferee") who will take delivery in the form of a Regulation S
Security. In connection with such transfer, the Owner hereby certifies that,
unless such transfer is being effected pursuant to an effective registration
statement under the Securities Act, it is being effected in accordance with Rule
904 or Rule 144 under the Securities Act and with all applicable

                                       A-1
<PAGE>   82
securities laws of the states of the United States and other jurisdictions.
Accordingly, the Owner hereby further certifies as follows:

         (1) Rule 904 Transfers. If the transfer is being effected in accordance
     with Rule 904:

               (A) the Owner is not a distributor of the Securities, an
         affiliate of the Company or any such distributor or a person acting on
         behalf of any of the foregoing;

               (B) the offer of the Specified Securities was not made to a
         person in the United States;

               (C) either:

                   (i) at the time the buy order was originated, the Transferee
               was outside the United States or the Owner and any person acting
               on its behalf reasonably believed that the Transferee was outside
               the United States, or

                   (ii) the transaction is being executed in, on or through the
               facilities of the Eurobond market, as regulated by the
               Association of International Bond Dealers, or another designated
               offshore securities market and neither the Owner nor any person
               acting on its behalf knows that the transaction has been
               prearranged with a buyer in the United States;

               (D) no directed selling efforts have been made in the United
         States by or on behalf of the Owner or any affiliate thereof;

               (E) if the Owner is a dealer in securities or has received a
         selling concession, fee or other remuneration in respect of the
         Specified Securities, and the transfer is to occur during the
         Restricted Period, then the requirements of Rule 904(c)(1) have been
         satisfied; and

               (F) the transaction is not part of a plan or scheme to evade the
         registration requirements of the Securities Act.

         (2) Rule 144 Transfers. If the transfer is being effected pursuant to
     Rule 144:

               (A) the transfer is occurring after a holding period of at least
         one year (computed in accordance with paragraph (d) of Rule 144) has
         elapsed since the Specified Securities were last acquired from the
         Company or from an affiliate of the Company, whichever is later, and is
         being effected in accordance with the applicable amount, manner of sale
         and notice requirements of Rule 144; or

               (B) the transfer is occurring after a holding period of at least
         two years has elapsed since the Specified Securities were last acquired
         from the Company or from an affiliate of the Company, whichever is
         later, and the Owner is not, and during the preceding three months has
         not been, an affiliate of the Company.

                                       A-2
<PAGE>   83
         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Purchasers.

   Dated:
         ------------------------
         (Print the name of the Undersigned,
         as such term is defined in the
         second paragraph of this certificate.)

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

         (If the Undersigned is a corporation, partnership or fiduciary, the
         title of the person signing on behalf of the Undersigned must be
         stated.)

                                       A-3
<PAGE>   84
                                                   ANNEX B -- Form of Restricted
                                                       Securities Certificate

                        RESTRICTED SECURITIES CERTIFICATE

          (For transfers pursuant to Section 305(b)(ii), (iii) and (v)
                                of the Indenture)

U.S. Bank Trust National Association
  as Security Registrar
100 Wall Street, Suite 1600
New York, New York 10005

    Re: Notes due ..... of V.F. Corporation (the "Securities")

         Reference is made to the Indenture, dated as of September 29, 2000 (the
"Indenture"), between V.F. Corporation (the "Company") and the United States
Trust Company of New York, as Trustee. Terms used herein and defined in the
Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933,
as amended (the "Securities Act") are used herein as so defined.

         This certificate relates to U.S. $_____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

         CUSIP No(s). ___________________________

         CERTIFICATE No(s). _____________________

The person in whose name this certificate is executed below (the "Undersigned")
hereby certifies that either (i) it is the sole beneficial owner of the
Specified Securities or (ii) it is acting on behalf of all the beneficial owners
of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.

         The Owner has requested that the Specified Securities be transferred to
a person (the "Transferee") who will take delivery in the form of a Restricted
Security. In connection with such transfer, the Owner hereby certifies that,
unless such transfer is being effected pursuant to an effective registration
statement under the Securities Act, it is being effected in accordance with Rule
144A or Rule 144 under the Securities Act and all applicable securities laws of
the states of the United States and other jurisdictions. Accordingly, the Owner
hereby further certifies as follows:

                                       B-1
<PAGE>   85
         (1) Rule 144A Transfers. If the transfer is being effected in
     accordance with Rule 144A:

               (A) the Specified Securities are being transferred to a person
         that the Owner and any person acting on its behalf reasonably believe
         is a "qualified institutional buyer" within the meaning of Rule 144A,
         acquiring for its own account or for the account of a qualified
         institutional buyer; and

               (B) the Owner and any person acting on its behalf have taken
         reasonable steps to ensure that the Transferee is aware that the Owner
         may be relying on Rule 144A in connection with the transfer; and

         (2) Rule 144 Transfers. If the transfer is being effected pursuant to
     Rule 144:

               (A) the transfer is occurring after a holding period of at least
         one year (computed in accordance with paragraph (d) of Rule 144) has
         elapsed since the Specified Securities were last acquired from the
         Company or from an affiliate of the Company, whichever is later, and is
         being effected in accordance with the applicable amount, manner of sale
         and notice requirements of Rule 144; or

               (B) the transfer is occurring after a holding period of at least
         two years has elapsed since the Specified Securities were last acquired
         from the Company or from an affiliate of the Company, whichever is
         later, and the Owner is not, and during the preceding three months has
         not been, an affiliate of the Company.

                                       B-2
<PAGE>   86
         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Purchasers.

   Dated:
         ------------------------
         (Print the name of the Undersigned,
         as such term is defined in the
         second paragraph of this certificate.)

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

         (If the Undersigned is a corporation, partnership or fiduciary, the
         title of the person signing on behalf of the Undersigned must be
         stated.)

                                       B-3
<PAGE>   87
                                                 ANNEX C -- Form of Unrestricted
                                                       Securities Certificate

                       UNRESTRICTED SECURITIES CERTIFICATE

        (For removal of Securities Act Legends pursuant to Section 305(c)
                               of the Indenture)

U.S. Bank Trust National Association
  as Security Registrar
100 Wall Street, Suite 1600
New York, New York 10005

   Re: Notes due ..... of V.F. Corporation (the "Securities")

         Reference is made to the Indenture, dated as of September 29, 2000 (the
"Indenture"), between V.F. Corporation (the "Company") and the United States
Trust Company of New York, as Trustee. Terms used herein and defined in the
Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933,
as amended (the "Securities Act") are used herein as so defined.

         This certificate relates to U.S. $_____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

         CUSIP No(s). ___________________________

         CERTIFICATE No(s). _____________________

The person in whose name this certificate is executed below (the "Undersigned")
hereby certifies that either (i) it is the sole beneficial owner of the
Specified Securities or (ii) it is acting on behalf of all the beneficial owners
of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.

         The Owner has requested that the Specified Securities be exchanged for
Securities bearing no Securities Act Legend pursuant to Section 305(c) of the
Indenture. In connection with such exchange, the Owner hereby certifies that the
exchange is occurring after a holding period of at least two years (computed in
accordance with paragraph (d) of Rule 144) has elapsed since the Specified
Securities were last acquired from the Company or from an affiliate of the
Company, whichever is later, and the Owner is not, and during the preceding
three months has not been, an affiliate of the Company. The Owner also
acknowledges that any future transfers of the Specified Securities must comply
with all applicable securities laws of the states of the United States and other
jurisdictions.

                                       C-1
<PAGE>   88
         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Purchasers.

   Dated:
         ------------------------
         (Print the name of the Undersigned,
         as such term is defined in the
         second paragraph of this certificate.)

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

         (If the Undersigned is a corporation, partnership or fiduciary, the
         title of the person signing on behalf of the Undersigned must be
         stated.)

                                       C-2
<PAGE>   89
                                TABLE OF CONTENTS
                                   ----------

<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
PARTIES ..................................................................     1

                             RECITALS OF THE COMPANY

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 101. Definitions .................................................     1
   Act ...................................................................     2
   Affiliate .............................................................     2
   control ...............................................................     2
   Agent Member ..........................................................     2
   Applicable Procedures .................................................     2
   Attributable Debt .....................................................     2
   Authenticating Agent ..................................................     2
   Board of Directors ....................................................     2
   Board Resolution ......................................................     3
   Business Day ..........................................................     3
   Clearstream ...........................................................     3
   Commission ............................................................     3
   Company ...............................................................     3
   Company Request .......................................................     3
   Company Order .........................................................     3
   Corporate Trust Office ................................................     3
   Covenant Defeasance ...................................................     3
   Debt ..................................................................     3
   Defaulted Interest ....................................................     3
   Defeasance ............................................................     3
   Depositary ............................................................     3
   DTC ...................................................................     4
   Euroclear .............................................................     4
   Event of Default ......................................................     4
   Exchange Act ..........................................................     4
   Exchange Offer ........................................................     4
   Exchange Registration Statement .......................................     4
   Exchange Security .....................................................     4
   Expiration Date .......................................................     4
</TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   90
<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
   Global Security .......................................................     4
   Holder ................................................................     4
   Indenture .............................................................     4
   interest ..............................................................     4
   Interest Payment Date .................................................     4
   Investment Company Act ................................................     5
   Maturity ..............................................................     5
   Mortgage ..............................................................     5
   Notice of Default .....................................................     5
   Officers' Certificate .................................................     5
   Opinion of Counsel ....................................................     5
   Original Issue Discount Security ......................................     5
   Original Securities ...................................................     5
   Outstanding ...........................................................     5
   Paying Agent ..........................................................     6
   Person ................................................................     6
   Place of Payment ......................................................     6
   Predecessor Security ..................................................     6
   Principal Property ....................................................     6
   QIB ...................................................................     7
   Redemption Date .......................................................     7
   Redemption Price ......................................................     7
   Registered Securities .................................................     7
   Regular Record Date ...................................................     7
   Regulation S ..........................................................     7
   Regulation S Certificate ..............................................     7
   Regulation S Global Security ..........................................     7
   Regulation S Legend ...................................................     7
   Regulation S Securities ...............................................     7
   Responsible Officer ...................................................     7
   Restricted Global Security ............................................     7
   Restricted Period .....................................................     7
   Restricted Securities .................................................     8
   Restricted Securities Certificate .....................................     8
   Restricted Securities Legend ..........................................     8
   Restricted Subsidiary .................................................     8
   Rule 144A .............................................................     8
   Rule 144A Securities ..................................................     8
   Securities ............................................................     8
   </TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   91
<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
   Securities Act ........................................................     8
   Securities Act Legend .................................................     8
   Security Register .....................................................     8
   Security Registrar ....................................................     8
   Special Record Date ...................................................     8
   Stated Maturity .......................................................     8
   Subsidiary ............................................................     8
   Successor Security ....................................................     9
   Trust Indenture Act ...................................................     9
   Trustee ...............................................................     9
   U.S. Government Obligation ............................................     9
   Vice President ........................................................     9
SECTION 102. Compliance Certificates and Opinions ........................     9
SECTION 103. Form of Documents Delivered to Trustee ......................    10
SECTION 104. Acts of Holders; Record Dates ...............................    10
SECTION 105. Notices, Etc., to Trustee and Company .......................    13
SECTION 106. Notice to Holders; Waiver ...................................    13
SECTION 107. Conflict with Trust Indenture Act ...........................    13
SECTION 108. Effect of Headings and Table of Contents ....................    14
SECTION 109. Successors and Assigns ......................................    14
SECTION 110. Separability Clause .........................................    14
SECTION 111. Benefits of Indenture .......................................    14
SECTION 112. Governing Law ...............................................    14
SECTION 113. Legal Holidays ..............................................    14

                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201. Forms Generally .............................................    15
SECTION 202. Form of Face of Security ....................................    16
SECTION 203. Form of Reverse of Security .................................    19
SECTION 204. Form of Legend for Securities ...............................    24
SECTION 205. Form of Trustee's Certificate of Authentication .............    25

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301. Amount Unlimited; Issuable in Series ........................    25
SECTION 302. Denominations ...............................................    28
</TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   92
<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
SECTION 303. Execution, Authentication, Delivery and Dating ..............    28
SECTION 304. Temporary Securities ........................................    30
SECTION 305. Registration, Registration of Transfer and Exchange; Certain
             Transfers and Exchanges .....................................    30
SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities ............    35
SECTION 307. Payment of Interest; Interest Rights Preserved ..............    36
SECTION 308. Persons Deemed Owners .......................................    37
SECTION 309. Cancellation ................................................    37
SECTION 310. Computation of Interest .....................................    38

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401. Satisfaction and Discharge of Indenture .....................    38
SECTION 402. Application of Trust Money ..................................    39

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501. Events of Default ...........................................    39
SECTION 502. Acceleration of Maturity; Rescission and Annulment ..........    41
SECTION 503. Collection of Indebtedness and Suits for Enforcement by
             Trustee .....................................................    42
SECTION 504. Trustee May File Proofs of Claim ............................    43
SECTION 505. Trustee May Enforce Claims without Possession of Securities..    43
SECTION 506. Application of Money Collected ..............................    43
SECTION 507. Limitation on Suits .........................................    44
SECTION 508. Unconditional Right of Holders to Receive Principal,
             Premium and Interest ........................................    44
SECTION 509. Restoration of Rights and Remedies ..........................    45
SECTION 510. Rights and Remedies Cumulative ..............................    45
SECTION 511. Delay or Omission Not Waiver ................................    45
SECTION 512. Control by Holders ..........................................    45
SECTION 513. Waiver of Past Defaults .....................................    46
SECTION 514. Undertaking for Costs .......................................    46
SECTION 515. Waiver of Usury, Stay or Extension Laws .....................    46
</TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   93
<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601. Certain Duties and Responsibilities .........................    47
SECTION 602. Notice of Defaults ..........................................    48
SECTION 603. Certain Rights of Trustee ...................................    48
SECTION 604. Not Responsible for Recitals or Issuance of Securities ......    49
SECTION 605. May Hold Securities .........................................    49
SECTION 606. Money Held in Trust .........................................    49
SECTION 607. Compensation and Reimbursement ..............................    49
SECTION 608. Conflicting Interests .......................................    50
SECTION 609. Corporate Trustee Required; Eligibility .....................    50
SECTION 610. Resignation and Removal; Appointment of Successor ...........    51
SECTION 611. Acceptance of Appointment by Successor ......................    52
SECTION 612. Merger, Conversion, Consolidation or Succession to Business..    53
SECTION 613. Preferential Collection of Claims against Company ...........    53
SECTION 614. Appointment of Authenticating Agent .........................    54

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701. Company to Furnish Trustee Names and Addresses of Holders ...    55
SECTION 702. Preservation of Information; Communications to Holders ......    56
SECTION 703. Reports by Trustee ..........................................    56
SECTION 704. Reports by Company ..........................................    56

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801. Company May Consolidate, Etc., Only on Certain Terms ........    57
SECTION 802. Successor Substituted .......................................    58

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901. Supplemental Indentures without Consent of Holders ..........    58
SECTION 902. Supplemental Indentures with Consent of Holders .............    59
SECTION 903. Execution of Supplemental Indentures ........................    60
SECTION 904. Effect of Supplemental Indentures ...........................    60
SECTION 905. Conformity with Trust Indenture Act .........................    61
SECTION 906. Reference in Securities to Supplemental Indentures ..........    61
</TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   94
<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001. Payment of Principal, Premium and Interest .................    61
SECTION 1002. Maintenance of Office or Agency ............................    61
SECTION 1003. Money for Securities Payments to Be Held in Trust ..........    62
SECTION 1004. Statement by Officers as to Default ........................    63
SECTION 1005. Existence ..................................................    63
SECTION 1006. Maintenance of Properties ..................................    63
SECTION 1007. Payment of Taxes and Other Claims ..........................    64
SECTION 1008. Restrictions on Mortgages and Other Liens ..................    64
SECTION 1009. Restriction on Sales and Leasebacks ........................    65
SECTION 1010. Waiver of Certain Covenants ................................    66

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101. Applicability of Article ...................................    67
SECTION 1102. Election to Redeem; Notice to Trustee ......................    67
SECTION 1103. Selection by Trustee of Securities to Be Redeemed ..........    67
SECTION 1104. Notice of Redemption .......................................    68
SECTION 1105. Deposit of Redemption Price ................................    69
SECTION 1106. Securities Payable on Redemption Date ......................    69
SECTION 1107. Securities Redeemed in Part ................................    69

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201. Applicability of Article ...................................    70
SECTION 1202. Satisfaction of Sinking Fund Payments with Securities ......    70
SECTION 1203. Redemption of Securities for Sinking Fund ..................    70

                                ARTICLE THIRTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1301. Company's Option to Effect Defeasance or Covenant Defeasance    71
SECTION 1302. Defeasance and Discharge ...................................    71
SECTION 1303. Covenant Defeasance ........................................    72
</TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.
<PAGE>   95
<TABLE>
<CAPTION>
                                                                             PAGE
                                                                             ----

<S>                                                                          <C>
SECTION 1304. Conditions to Defeasance or Covenant Defeasance ............    72
SECTION 1305. Deposited Money and U.S. Government Obligations to Be
              Held in Trust; Miscellaneous Provisions ....................    74
SECTION 1306. Reinstatement ..............................................    75

Testimonium ..............................................................    73
Signatures and Seals .....................................................    73
Acknowledgments ..........................................................    74
</TABLE>

--------------
         NOTE: This table of contents shall not, for any purpose, be deemed to
be a part of the Indenture.

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