Document:

<PAGE>   1

                                                                    EXHIBIT 4.18

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                    AMENDED AND RESTATED DECLARATION OF TRUST

                                      AMONG

                           BURLINGTON RESOURCES INC.,

                           THE CHASE MANHATTAN BANK,
                              AS PROPERTY TRUSTEE,

                         CHASE MANHATTAN BANK DELAWARE,
                               AS DELAWARE TRUSTEE

                                       AND

                    THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

                                 DATED AS OF [ ]

                         BURLINGTON RESOURCES CAPITAL II

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<PAGE>   2

             Certain Sections of this Declaration of Trust Relating
                        to Section 310 through 318 of the
                          Trust Indenture Act of 1939:

<TABLE>
<CAPTION>
                                                                              Sections of this
Trust Indenture Act Section                                                   Declaration of Trust
---------------------------                                                   --------------------

<S>                                                                                    <C>
Section 310(a)(1).......................................................................8.7(a), 8.7(b)
(a)(2)..................................................................................8.7(a)
(a)(3)..................................................................................8.9
(a)(4)..................................................................................8.5, 2.7(a)(ii)
(b).....................................................................................8.8
Section 311(a)..........................................................................8.13
(b).....................................................................................8.13
Section 312(a)..........................................................................5.7
(b).....................................................................................5.7
(c).....................................................................................5.7
Section 313(a)..........................................................................8.14(a)
(a)(4)..................................................................................8.14(a)
(b).....................................................................................8.14(a)
(c).....................................................................................8.14(a), 10.8
Section 314(a)..........................................................................8.15
(b).....................................................................................Not Applicable
(c)(1)..................................................................................8.16
(c)(2)..................................................................................8.16
(c)(3)..................................................................................Not Applicable
(d).....................................................................................Not Applicable
(e).....................................................................................1.1, 8.16
Section 315(a)..........................................................................8.1(a), (c), 8.3(a)
(b).....................................................................................8.2, 10.8
(c).....................................................................................8.1(a)
(d).....................................................................................8.1, 8.3
(e).....................................................................................Not Applicable
Section 316(a)..........................................................................Not Applicable
(a)(1)(A)...............................................................................Not Applicable
(a)(1)(B)...............................................................................Not Applicable
(a)(2)..................................................................................Not Applicable
(b).....................................................................................5.14
(c).....................................................................................6.7
Section 317(a)(1).......................................................................Not Applicable
(a)(2)..................................................................................Not Applicable
(b).....................................................................................5.9, 8.2
</TABLE>

<PAGE>   3

<TABLE>
<S>                                                                                    <C>
Section 318(a)..........................................................................10.10
</TABLE>

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

<PAGE>   4

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                           Page
                                                                                                           ----

<S>                                                                                                         <C>
ARTICLE I         DEFINED TERMS..............................................................................2

         Section 1.1.      Definitions.......................................................................2

ARTICLE II        ESTABLISHMENT OF THE TRUST................................................................11

         Section 2.1.      Name.............................................................................11
         Section 2.2.      Office of the Delaware Trustee; Principal Place of Business......................11
         Section 2.3.      Initial Contribution of Trust Property; Organizational Expenses..................11
         Section 2.4.      Issuance of the Preferred Securities.............................................12
         Section 2.5.      Issuance of the Common Securities; Subscription and Purchase of Debentures.......12
         Section 2.6.      Declaration of Trust.............................................................12
         Section 2.7.      Authorization to Enter into Certain Transactions.................................13
         Section 2.8.      Assets of Trust..................................................................17
         Section 2.9.      Title to Trust Property..........................................................17

ARTICLE III       PAYMENT ACCOUNT...........................................................................17

         Section 3.1.      Payment Account..................................................................17

ARTICLE IV        CERTAIN TERMS OF THE TRUST SECURITIES.....................................................18

         Section 4.1.      Distributions....................................................................18
         Section 4.2.      Redemption.......................................................................19
         Section 4.3.      Subordination of Common Securities...............................................21
         Section 4.4.      Payment Procedures...............................................................22
         Section 4.5.      Tax Returns and Reports..........................................................22
         Section 4.6.      Payments under Indenture.........................................................23

ARTICLE V         TRUST SECURITIES CERTIFICATES.............................................................23

         Section 5.1.      Initial Ownership................................................................23
         Section 5.2.      The Trust Securities Certificates................................................23
         Section 5.3.      Execution and Delivery of Trust Securities Certificates..........................24
         Section 5.4.      Registration of Transfer and Exchange of Preferred Securities Certificates.......24
         Section 5.5.      Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates...............25
         Section 5.6.      Persons Deemed Securityholders...................................................25
         Section 5.7.      Access to List of Securityholders' Names and Addresses...........................25
</TABLE>

                                      -i-

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<TABLE>
<S>                                                                                                        <C>
         Section 5.8.      Maintenance of Office or Agency..................................................26
         Section 5.9.      Appointment of Paying Agent......................................................26
         Section 5.10.     Ownership of Common Securities by Depositor......................................27
         Section 5.11.     Book-Entry Preferred Securities Certificates; Common Securities Certificate......27
         Section 5.12.     Notices to Clearing Agency.......................................................28
         Section 5.13.     Definitive Preferred Securities Certificates.....................................28
         Section 5.14.     Rights of Securityholders........................................................29

ARTICLE VI        ACTS OF SECURITYHOLDERS; MEETINGS; VOTING.................................................31

         Section 6.1.      Limitations on Voting Rights.....................................................31
         Section 6.2.      Notice of Meetings...............................................................32
         Section 6.3.      Meetings of Preferred Securityholders............................................33
         Section 6.4.      Voting Rights....................................................................33
         Section 6.5.      Proxies, etc.....................................................................33
         Section 6.6.      Securityholder Action by Written Consent.........................................34
         Section 6.7.      Record Date for Voting and Other Purposes........................................34
         Section 6.8.      Acts of Securityholders..........................................................34
         Section 6.9.      Inspection of Records............................................................35

ARTICLE VII       REPRESENTATIONS AND WARRANTIES............................................................35

         Section 7.1.      Representations and Warranties of the Property Trustee and the Delaware Trustee..35
         Section 7.2.      Representations and Warranties of Depositor......................................37

ARTICLE VIII  THE TRUSTEES..................................................................................37

         Section 8.1.      Certain Duties and Responsibilities..............................................37
         Section 8.2.      Certain Notices..................................................................39
         Section 8.3.      Certain Rights of Property Trustee...............................................39
         Section 8.4.      Not Responsible for Recitals or Issuance of Securities...........................42
         Section 8.5.      May Hold Securities..............................................................42
         Section 8.6.      Compensation; Indemnity; Fees....................................................42
         Section 8.7.      Corporate Property Trustee Required; Eligibility of Trustees.....................43
         Section 8.8.      Conflicting Interests............................................................44
         Section 8.9.      Co-Trustees and Separate Trustee.................................................44
         Section 8.10.     Resignation and Removal, Appointment of Successor................................46
         Section 8.11.     Acceptance of Appointment by Successor...........................................47
         Section 8.12.     Merger, Conversion, Consolidation or Succession to Business......................48
         Section 8.13.     Preferential Collection of Claims Against Depositor or Trust.....................48
         Section 8.14.     Reports by the Property Trustee..................................................49
         Section 8.15.     Reports to the Property Trustee..................................................49
</TABLE>

                                      -ii-

<PAGE>   6

<TABLE>
<S>                                                                                                        <C>
         Section 8.16.     Evidence of Compliance with Conditions Precedent.................................49
         Section 8.17.     Number of Trustees...............................................................49
         Section 8.18.     Delegation of Power..............................................................50

ARTICLE IX        TERMINATION, LIQUIDATION AND MERGER.......................................................50

         Section 9.1.      Dissolution Upon Expiration Date.................................................50
         Section 9.2.      Early Dissolution................................................................50
         Section 9.3.      Termination......................................................................51
         Section 9.4.      Liquidation......................................................................51
         Section 9.5.      Mergers, Consolidations, Amalgamations or Replacements of the Trust..............53

ARTICLE X         MISCELLANEOUS PROVISIONS..................................................................54

         Section 10.1.     Limitation of Rights of Securityholders..........................................54
         Section 10.2.     Amendment........................................................................54
         Section 10.3.     Separability.....................................................................56
         Section 10.4.     Governing Law....................................................................56
         Section 10.5.     Payments Due on Non-Business Day.................................................57
         Section 10.6.     Successors.......................................................................57
         Section 10.7.     Headings.........................................................................57
         Section 10.8.     Reports, Notices and Demands.....................................................57
         Section 10.9.     Agreement Not to Petition........................................................58
         Section 10.10.    Trust Indenture Act; Conflict with Trust Indenture Act...........................58
         Section 10.11.    Acceptance of Terms of Declaration of Trust, Guarantee and Indenture.............59

SIGNATURES.................................................................................................S-1

EXHIBIT A  Certificate of Trust............................................................................A-1
EXHIBIT B  Letter of Representation........................................................................B-1
EXHIBIT C  Form of Common Security.........................................................................C-1
EXHIBIT D  Form of Preferred Security......................................................................D-1
</TABLE>

                                     -iii-

<PAGE>   7

                  AMENDED AND RESTATED DECLARATION OF TRUST AGREEMENT dated as
of [ ], among (i) Burlington Resources Inc., a Delaware corporation (including
any successors or assigns, the "Depositor"), (ii) The Chase Manhattan Bank, a
New York banking corporation, as property trustee (the "Property Trustee" and,
in its separate corporate capacity and not in its capacity as Property Trustee,
the "Bank"), (iii) Chase Manhattan Bank Delaware, a Delaware corporation, as
Delaware trustee (the "Delaware Trustee"), (iv) Steven J. Shapiro, whose address
is [ ] (an "Administrative Trustee") (the Property Trustee, the Delaware Trustee
and the Administrative Trustee referred to collectively as the "Trustees") and
(v) the several Holders, as hereinafter defined (this "Declaration of Trust").

                                   WITNESSETH:

                  WHEREAS, the Depositor and the Trustees have heretofore duly
declared and established a business trust pursuant to the Delaware Business
Trust Act by entering into that certain Declaration of Trust, dated as of May 6,
1998 (the "Original Declaration of Trust"), and by the execution and filing with
the Secretary of State of the State of Delaware of the Certificate of Trust,
filed on May 6, 1998, attached as Exhibit A; and

                  WHEREAS, the Depositor and the Trustees desire to amend and
restate the Original Declaration of Trust in its entirety as set forth herein to
provide for, among other things, (i) the issuance of the Common Securities by
the Trust to the Depositor, (ii) the issuance and sale of the Preferred
Securities by the Trust pursuant to the Underwriting Agreement and (iii) the
acquisition by the Trust from the Depositor of all of the right, title and
interest in the Debentures;

                  NOW THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, each party, for the benefit of the
other parties and for the benefit of the Securityholders, hereby amends and
restates the Original Declaration of Trust in its entirety and agrees as
follows:

<PAGE>   8
                                      -2-

                                    ARTICLE I

                                  DEFINED TERMS

                  Section 1.1. Definitions.

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

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

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

                  (c) 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 Declaration of Trust; and

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

                  "Act" has the meaning specified in Section 6.8.

                  "Administrative Trustee" means John E. Hagale, solely in such
Person's capacity as Administrative Trustee of the Trust created and continued
hereunder and not in such Person's individual capacity, or such Administrative
Trustee's successor in interest in such capacity, or any successor trustee
appointed as herein provided.

                  "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.

                  "Bank" has the meaning specified in the preamble to this
Declaration of Trust.

                  "Bankruptcy Event" means, with respect to any Person:

<PAGE>   9
                                      -3-

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

                  (b) the institution by such Person of proceedings to be
         adjudicated a bankrupt or insolvent, or the consent by it to the
         institution of bankruptcy or insolvency proceedings against it, or the
         filing by it of a petition or answer or consent seeking reorganization
         or relief under any applicable Federal or State bankruptcy, insolvency,
         reorganization or other similar law, or the consent by it to the filing
         of any such petition or to the appointment of a receiver, liquidator,
         assignee, trustee, sequestrator (or similar official) of such Person 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
         and its willingness to be adjudicated a bankrupt, or the taking of
         corporate action by such Person in furtherance of any such action.

                  "Bankruptcy Laws" has the meaning specified in Section 10.9.

                  "Book-Entry Preferred Securities Certificates" means a
beneficial interest in the Preferred Securities Certificates, ownership and
transfers of which shall be made through book entries by a Clearing Agency as
described in Section 5.11.

                  "Business Day" means a day other than (a) a Saturday or
Sunday, (b) a day on which banking institutions in The City of New York are
authorized or required by law to remain closed, or (c) a day on which the
Federal Reserve Bank of New York is not open.

                  "Certificate Depository Agreement" means the agreement among
the Trust, the Depositor and The Depository Trust Company, as the initial
Clearing Agency, dated as of the Closing Date, relating to the Trust Securities
Certificates, substantially in the form attached as Exhibit B, as the same may
be amended and supplemented from time to time.

                  "Clearing Agency" means an organization registered as a
"clearing agency" pursuant to Section 17A of the Securities Exchange Act of
1934, as amended. The Depository Trust Company will be the initial Clearing
Agency.

<PAGE>   10
                                      -4-

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

                  "Closing Date" has the meaning specified in the Underwriting
Agreement.

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

                  "Commission" means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934, as amended, 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.

                  "Common Securities Certificate" means a certificate evidencing
ownership of Common Securities, substantially in the form attached as Exhibit C.

                  "Common Security" means an undivided beneficial ownership
interest in the assets of the Trust, having a Liquidation Amount of $[ ], and
having the rights provided therefor in this Declaration of Trust, including the
right to receive Distributions and a Liquidation Distribution as provided
herein.

                  "Corporate Trust Office" means the principal office of the
Property Trustee.

                  "Coupon Rate" has the meaning specified in 4.1(b).

                  "Debenture Event of Default" means an event of default under
the Indenture.

                  "Debenture Redemption Date" means, with respect to any
Debentures to be redeemed under the Indenture, the date fixed for redemption
under the Indenture.

                  "Debentures" means the aggregate principal amount of the
Depositor's [ ]% Subordinated Debentures issued under the Indenture.

                  "Declaration of Trust" means this Amended and Restated
Declaration of Trust, as the same may be modified, amended or supplemented in
accordance with the applicable provisions hereof, including all exhibits hereto,
including, for all purposes of this Declaration of Trust and any such
modification, amendment or supplement, the provisions of the Trust Indenture Act
that are deemed to be a part of and govern this Declaration of Trust and any
such modification, amendment or supplement, respectively.

                  "Definitive Preferred Securities Certificates" means either or
both (as the context requires) of (a) Preferred Securities Certificates issued
as Book-Entry Preferred Securities

<PAGE>   11
                                      -5-

Certificate as provided in Section 5.11(a) and (b) Preferred Securities
Certificates issued in certificated, fully registered form as provided in
Section 5.13.

                  "Delaware Business Trust Act" means Chapter 38 of Title 12 of
the Delaware Code, 12 Del. C. Section 3801, et seq., as it may be amended from
time to time.

                  "Delaware Trustee" means the corporation identified as the
"Delaware Trustee" in the preamble to this Declaration of Trust solely in its
capacity as Delaware Trustee of the Trust created and continued hereunder and
not in its individual capacity, or its successor in interest in such capacity,
or any successor trustee appointed as herein provided.

                  "Depositor" has the meaning specified in the preamble to this
Declaration of Trust.

                  "Distribution Date" has the meaning specified in Section
4.1(a).

                  "Distributions" means amounts payable in respect of the Trust
Securities as provided in Section 4.1.

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

                  (a) the occurrence of an Event of Default with respect to a
         Debenture; or

                  (b) default by the Property Trustee in the payment of any
         Distribution when it becomes due and payable, and continuation of such
         default for a period of 60 days; or

                  (c) default by the Property Trustee in the payment of any
         Redemption Price of any Trust Security when it becomes due and payable;
         or

                  (d) default in the performance, or breach, in any material
         respect, of any covenant or warranty of the Trustees in this
         Declaration of Trust (other than a covenant or warranty a default in
         the performance or breach of which is dealt with in clause (b) or (c)
         above) and continuation of such default or breach for a period of 90
         days after there has been given, by registered or certified mail, to
         the defaulting Trustee or Trustees by the Holders of at least 25% in
         aggregate liquidation preference of the Outstanding Preferred
         Securities 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

<PAGE>   12
                                      -6-

                  (e) the occurrence of a Bankruptcy Event with respect to the
         Property Trustee and the failure by the Depositor to appoint a
         successor Property Trustee within 60 days thereof.

                  "Expiration Date" has the meaning specified in Section 9.1.

                  "Guarantee" means the Guarantee Agreement executed and
delivered by the Depositor and [ ], as guarantee trustee, contemporaneously with
the execution and delivery of this Declaration of Trust, for the benefit of the
Holders of the Trust Securities, as amended from time to time.

                  "Indenture" means the Indenture, dated as of [ ], between the
Depositor and the Indenture Trustee, as amended or supplemented from time to
time.

                  "Indenture Trustee" means [ ], a national banking association
organized under the laws of the United States, as trustee under the Indenture
and any successor thereto.

                  "Investment Company Event" means that the Administrative
Trustees shall have received an opinion from independent counsel to the effect
that, as a result of the occurrence of a change in law or regulation or a
written change in interpretation or application of law or regulation by any
legislative body, court, governmental agency or regulatory authority (a "Change
in 1940 Act Law"), there is more than an insubstantial risk that the Trust is or
will be considered an "investment company" which is required to be registered
under the Investment Company Act of 1940, as amended, which Change in 1940 Act
Law becomes effective on or after the date hereof.

                  "Lien" means any lien, pledge, charge, encumbrance, mortgage,
deed of trust, adverse ownership interest, hypothecation, assignment, security
interest or preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever.

                  "Like Amount" means (a) with respect to a redemption of Trust
Securities, Trust Securities having a Liquidation Amount equal to the principal
amount of Debentures to be contemporaneously redeemed in accordance with the
Indenture, allocated to the Common Securities and the Preferred Securities based
upon the relative Liquidation Amounts of such classes and the proceeds of which
will be used to pay the Redemption Price of such Trust Securities, and (b) with
respect to a distribution of Debentures to Holders of Trust Securities in
connection with a dissolution or liquidation of the Trust, Debentures having a
principal amount equal to the Liquidation Amount of the Trust Securities of the
Holder to whom such Debentures are distributed.

<PAGE>   13
                                      -7-

                  "Liquidation Amount" means the stated amount (expressed in
U.S. Dollars) per Trust Security.

                  "Liquidation Date" means the date on which Debentures are to
be distributed to Holders of Trust Securities in connection with a termination
and liquidation of the Trust pursuant to Section 9.4(a).

                  "Liquidation Distribution" has the meaning specified in
Section 9.4(d).

                  "Ministerial Action" means the taking of an action, such as
filing a form or making an election, or pursuing some other similar reasonable
measure that will have no adverse effect on the Trust, the Depositor or the
Holders of the Trust Securities and will involve no material cost.

                  "1940 Act" means the Investment Company Act of 1940, as
amended.

                  "No Recognition Opinion" has the meaning specified in Section
4.2(a).

                  "Officer" means the Chairman, any Vice-Chairman, the
President, any Executive or Senior Vice President, any Vice President, the
Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary
of the Depositor.

                  "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President, a Vice Chairman or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Depositor, and delivered to the Trustee. One of the officers
signing an Officers' Certificate given pursuant to Section 8.16 shall be the
principal executive, financial or accounting officer of the Depositor. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Declaration of Trust shall include:

                  (a) a statement that each officer signing the Officers'
         Certificate has read the covenant or condition and the definitions
         relating thereto;

                  (b) a brief statement of the nature and scope of the
         examination or investigation undertaken by each officer in rendering
         the Officers' Certificate;

                  (c) a statement that each such officer has made such
         examination or investigation as, in such officer's opinion, is
         necessary to enable such officer to express an informed opinion as to
         whether or not such covenant or condition has been complied with; and

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

<PAGE>   14
                                      -8-

                  "Opinion of Counsel" means a written opinion of counsel, who
may be counsel for the Trust, the Property Trustee or the Depositor, and who
shall be reasonably acceptable to the Property Trustee.

                  "Original Declaration of Trust" has the meaning specified in
the recitals to this Declaration of Trust.

                  "Outstanding", when used with respect to Preferred Securities,
means, as of the date of determination, all Preferred Securities theretofore
executed and delivered under this Declaration of Trust, except:

                  (a) Preferred Securities theretofore cancelled by the Property
         Trustee or delivered to the Property Trustee for cancellation;

                  (b) Preferred Securities for whose payment or redemption money
         in the necessary amount has been theretofore deposited with the
         Property Trustee or any Paying Agent for the Holders of such Preferred
         Securities; provided that, if such Preferred Securities are to be
         redeemed, notice of such redemption has been duly given pursuant to
         this Declaration of Trust; and

                  (c) Preferred Securities which have been paid or in exchange
         for or in lieu of which other Preferred Securities have been executed
         and delivered pursuant to Sections 5.4, 5.5, 5.11 and 5.13;

provided, however, that in determining whether the Holders of the requisite
Liquidation Amount of the outstanding Preferred Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Preferred Securities owned by the Depositor, any Trustee or any Affiliate of the
Depositor or any Trustee shall be disregarded and deemed not to be Outstanding,
except that (a) in determining whether any Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Preferred Securities that such Trustee knows to be so owned shall
be so disregarded and (b) the foregoing shall not apply at any time when all of
the outstanding Preferred Securities are owned by the Depositor, one or more of
the Trustees and/or any such Affiliate. Preferred Securities so owned which have
been pledged in good faith may be regarded as outstanding if the pledgee
establishes to the satisfaction of the Administrative Trustee the pledgee's
right so to act with respect to such Preferred Securities and that the pledgee
is not the Depositor or any Affiliate of the Depositor.

                  "Owner" means each Person who is the beneficial owner of a
Book-Entry Preferred Securities Certificate as reflected in the records of the
Clearing Agency or, if a Clearing Agency Participant is not the Owner, then as
reflected in the records of a Person maintaining

<PAGE>   15
                                      -9-

an account with such Clearing Agency (directly or indirectly, in accordance with
the rules of such Clearing Agency).

                  "Paying Agent" means any paying agent or co-paying agent
appointed pursuant to Section 5.9 and shall initially be the Bank.

                  "Payment Account" means a segregated non-interest-bearing
corporate trust account maintained by the Property Trustee with the Bank in its
trust department for the benefit of the Securityholders in which all amounts
paid in respect of the Debentures will be held and from which the Property
Trustee shall make payments to the Securityholders in accordance with Sections
4.1 and 4.2.

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

                  "Preferred Securities Certificate" means a certificate
evidencing ownership of Preferred Securities, substantially in the form attached
as Exhibit D.

                  "Preferred Security" means an undivided beneficial ownership
interest in the assets of the Trust, having a Liquidation Amount of $[ ] and
having the rights provided therefor in this Declaration of Trust, including the
right to receive Distributions and a Liquidation Distribution as provided
herein.

                  "Property Trustee" means the commercial bank or trust company
identified as the "Property Trustee" in the preamble to this Declaration of
Trust solely in its capacity as Property Trustee of the Trust heretofore created
and continued hereunder and not in its individual capacity, or its successor in
interest in such capacity, or any successor property trustee appointed as herein
provided.

                  "Redemption Date" means, with respect to any Trust Security to
be redeemed, the date fixed for such redemption by or pursuant to this
Declaration of Trust; provided that each Debenture Redemption Date and the
stated maturity of the Debentures shall be a Redemption Date for a Like Amount
of Trust Securities.

                  "Redemption Price" means, with respect to any Trust Security,
the Liquidation Amount of such Trust Security, plus accumulated but unpaid
Distributions to the Redemption Date, plus the related amount of the premium, if
any, paid by the Depositor upon the concurrent redemption of a Like Amount of
Debentures, allocated on a pro rata basis (based on Liquidation Amounts) among
the Trust Securities.

                  "Redemption Tax Opinion" shall have the meaning specified in
Section 4.2(a).

<PAGE>   16
                                      -10-

                  "Relevant Trustee" has the meaning specified in Section 8.10.

                  "Securities Register" and "Securities Registrar" have the
respective meanings specified in Section 5.4.

                  "Securities Resolution" means a resolution of the board of
directors of the Depositor or any authorized committee of such board or by a
committee of Officers or an Officer pursuant to delegation by such board
authorizing a series or a supplemental indenture authorizing a series executed
by an authorized Officer.

                  "Securityholder" or "Holder" means a Person in whose name a
Trust Security or Trust Securities is registered in the Securities Register; any
such Person being a beneficial owner within the meaning of the Delaware Business
Trust Act.

                  "series" means a series of securities or the securities of the
series issued under the Indenture.

                  "Tax Event" means the receipt by the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of (a) any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or (b) any amendment to, or
change in, an interpretation or application of such laws or regulations, there
is more than an insubstantial risk that (i) the Trust would be subject to United
States federal income tax with respect to income accrued or received on the
Debentures, (ii) interest payable to the Trust on the Debentures would not be
deductible, in whole or in part, by the Depositor for United States federal
income tax purposes or (iii) the Trust would be subject to more than a de
minimis amount of other taxes, duties or other governmental charges, which
change or amendment becomes effective on or after the date hereof.

                  "Trust" means the Delaware business trust created and
continued hereby and identified on the cover page to this Declaration of Trust.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939 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.

                  "Trust Property" means (a) the Debentures, (b) any cash on
deposit in, or owing to, the Payment Account and (c) all proceeds and rights in
respect of the foregoing and any other property and assets for the time being
held or deemed to be held by the Property Trustee pursuant to the terms of this
Declaration of Trust.

<PAGE>   17
                                      -11-

                  "Trust Securities Certificate" means any one of the Common
Securities Certificates or the Preferred Securities Certificates.

                  "Trust Security" means any one of the Common Securities or the
Preferred Securities.

                  "Trustees" means, collectively, the Property Trustee, the
Delaware Trustee and the Administrative Trustee.

                  "Underwriting Agreement" means the Underwriting Agreement,
dated as of [ ], among the Trust, the Depositor and the underwriters named
therein.

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST

                  Section 2.1. Name.

                  The Trust continued hereby shall be known as "Burlington
Resources Capital II," as such name may be modified from time to time by the
Administrative Trustee following written notice to the Holders of Trust
Securities and the other Trustees, in which name the Trustees may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

                  Section 2.2. Office of the Delaware Trustee; Principal Place
of Business.

                  The address of the Delaware Trustee in the State of Delaware
is 1201 Market Street, Wilmington, Delaware 19801, Attention: [Corporate Trust
Services Division], or such other address in the State of Delaware as the
Delaware Trustee may designate by written notice to the Depositor. The principal
executive office of the Trust is c/o Burlington Resources Inc., 501 Westheimer,
Suite 1400, Houston, Texas 77056.

                  Section 2.3. Initial Contribution of Trust Property;
Organizational Expenses.

                  The Trustees acknowledge receipt from the Depositor in
connection with the Original Declaration of Trust of the sum of $10, which
constituted the initial Trust Property. The Depositor shall pay organizational
expenses of the Trust as they arise or shall, upon request of any Trustee,
promptly reimburse such Trustee for any such expenses paid by such

<PAGE>   18
                                      -12-

Trustee. The Depositor shall make no claim upon the Trust Property for the
payment of such expenses.

                  Section 2.4. Issuance of the Preferred Securities.

                  On [ ], the Depositor, on behalf of the Trust and pursuant to
the Declaration of Trust, executed and delivered the Underwriting Agreement.
Contemporaneously with the execution and delivery of this Declaration of Trust,
an Administrative Trustee, on behalf of the Trust, shall execute in accordance
with Section 5.2 and deliver to the Underwriters named in the Underwriting
Agreement, Preferred Securities Certificates, registered in the name of the
nominee of the initial Clearing Agency, representing [ ] Preferred Securities
having an aggregate Liquidation Amount of $[ ], against receipt of such
aggregate purchase price of such Preferred Securities of $[ ], which amount the
Administrative Trustee shall promptly deliver to the Property Trustee.

                  Section 2.5. Issuance of the Common Securities; Subscription
and Purchase of Debentures.

                  Contemporaneously with the execution and delivery of this
Declaration of Trust, an Administrative Trustee, on behalf of the Trust, shall
execute in accordance with Section 5.2 and deliver to the Depositor Common
Securities Certificates, registered in the name of the Depositor, representing [
] Common Securities having an aggregate Liquidation Amount of $[ ] (or $[ ] in
the aggregate) against payment by the Depositor of such amount.
Contemporaneously therewith, an Administrative Trustee, on behalf of the Trust,
shall subscribe to and purchase from the Depositor Debentures, registered in the
name of the Trust and having an aggregate principal amount equal to $[ ], and,
in satisfaction of the purchase price for such Debentures, the Property Trustee,
on behalf of the Trust, shall deliver to the Depositor the sum of $[ ].

                  Section 2.6. Declaration of Trust.

                  The exclusive purposes and functions of the Trust are (a) to
issue and sell Trust Securities and use the proceeds from such sale to acquire
the Debentures, and (b) to engage in those activities necessary, convenient or
incidental thereto. The Depositor hereby appoints the Trustees as trustees of
the Trust, to have all the rights, powers and duties to the extent set forth
herein, and the Trustees hereby accept such appointment. The Property Trustee
hereby declares that it will hold the Trust property upon and subject to the
conditions set forth herein for the benefit of the Trust and the
Securityholders. The Administrative Trustee shall have all rights, powers and
duties set forth herein and in accordance with applicable law with respect to
accomplishing the purposes of the Trust. The Delaware Trustee shall not be
entitled to exercise any powers, nor shall the Delaware Trustee have any of the
duties and responsibilities, of the Trustees set forth herein, except as
required by the Delaware Business Trust Act. The

<PAGE>   19
                                      -13-

Delaware Trustee shall be one of the Trustees of the Trust for the sole and
limited purpose of fulfilling the requirements of Section 3807(a) of the
Delaware Business Trust Act.

                  Section 2.7. Authorization to Enter into Certain Transactions.

                  (a) The Trustees shall conduct the affairs of the Trust in
accordance with the terms of this Declaration of Trust. Subject to the
limitations set forth in paragraph (b) of this Section and Article VIII, and in
accordance with the following provisions (i) and (ii), the Administrative
Trustee shall have the authority to enter into all transactions and agreements
determined by the Trustees to be appropriate in exercising the authority granted
to the Trustees under this Declaration of Trust, and to perform all acts in
furtherance thereof, including without limitation, the following:

                    (i) As among the Trustees, each Administrative Trustee shall
         have the power and authority to act on behalf of the Trust with respect
         to the following matters:

                           (A) the issuance and sale of the Trust Securities;

                           (B) to acquire the Debentures with the proceeds of
                  the sale of the Trust Securities; provided, however, that the
                  Administrative Trustee shall cause legal title to the
                  Debentures to be held of record in the name of the Property
                  Trustee for the benefit of the Holders of the Preferred
                  Securities and the Holders of the Common Securities;

                           (C) execution of the Trust Securities in accordance
                  with this Declaration of Trust;

                           (D) the negotiation of the terms, and execution and
                  delivery, for and on behalf of the Trust, of the Underwriting
                  Agreement providing for the sale of the Preferred Securities;

                           (E) to cause the Trust to enter into, and to execute,
                  deliver and perform on behalf of the Trust, the Certificate
                  Depository Agreement and such other agreements as may be
                  necessary or desirable in connection with the purposes and
                  function of the Trust;

                           (F) assisting in the registration of the Preferred
                  Securities under the Securities Act of 1933, as amended, and
                  under state securities or blue sky laws, and the qualification
                  of this Declaration of Trust as a trust indenture under the
                  Trust Indenture Act;

<PAGE>   20
                                      -14-

                           (G) assisting in the listing of the Preferred
                  Securities upon such securities exchange or exchanges as shall
                  be determined by the Depositor and the registration of the
                  Preferred Securities under the Securities Exchange Act of
                  1934, as amended, and the preparation and filing of all
                  periodic and other reports and other documents pursuant to the
                  foregoing;

                           (H) the sending of notices (other than notices of
                  default) and other information regarding the Trust Securities
                  and the Debentures to the Securityholders in accordance with
                  this Declaration of Trust;

                           (I) the appointment of a Paying Agent, authenticating
                  agent and Securities Registrar in accordance with this
                  Declaration of Trust;

                           (J) registering transfer of the Trust Securities in
                  accordance with this Declaration of Trust;

                           (K) to the extent provided in this Declaration of
                  Trust, the winding up of the affairs of and liquidation of the
                  Trust and the preparation, execution and filing of the
                  certificate of cancellation with the Secretary of State of the
                  State of Delaware;

                           (L) unless otherwise required by the Trust Indenture
                  Act, to execute on behalf of the Trust (either acting alone or
                  together with the Administrative Trustee) any documents that
                  the Administrative Trustee has the power to execute pursuant
                  to this Declaration of Trust; and

                           (M) the taking of any action incidental to the
                  foregoing as the Trustees may from time to time determine is
                  necessary or advisable to give effect to the terms of this
                  Declaration of Trust for the benefit of the Securityholders
                  (without consideration of the effect of any such action on any
                  particular Securityholder).

                   (ii) As among the Trustees, the Property Trustee shall have
         the power, duty and authority to act on behalf of the Trust with
         respect to the following matters:

                           (A) the establishment of the Payment Account;

                           (B) the receipt of the Debentures;

                           (C) the collection of interest, principal and any
                  other payments made in respect of the Debentures in the
                  Payment Account;

<PAGE>   21
                                      -15-

                           (D) the distribution of amounts owed to the
                  Securityholders in respect of the Trust Securities;

                           (E) the exercise of all of the rights, powers and
                  privileges of a holder of the Debentures;

                           (F) the sending of notices of default and other
                  information regarding the Trust Securities and the Debentures
                  to the Securityholders in accordance with this Declaration of
                  Trust;

                           (G) the distribution of the Trust Property in
                  accordance with the terms of this Declaration of Trust;

                           (H) to the extent provided in this Declaration of
                  Trust, the winding up of the affairs of and liquidation of the
                  Trust and the preparation, execution and filing of the
                  certificate of cancellation with the Secretary of State of the
                  State of Delaware;

                           (I) after an Event of Default the taking of any
                  action incidental to the foregoing as the Property Trustee may
                  from time to time determine is necessary or advisable to give
                  effect to the terms of this Declaration of Trust and protect
                  and conserve the Trust Property for the benefit of the
                  Securityholders (without consideration of the effect of any
                  such action on any particular Securityholder);

                           (J) registering transfers of the Trust Securities in
                  accordance with this Declaration of Trust;

                           (K) to engage in such Ministerial Activities as shall
                  be necessary, appropriate, convenient or incidental to effect
                  the repayment of the Preferred Securities and the Common
                  Securities to the extent the Debentures mature or are
                  redeemed; and

                           (L) except as otherwise provided in this Section
                  2.7(a)(ii), the Property Trustee shall have none of the
                  duties, liabilities, powers or the authority of the
                  Administrative Trustee set forth in Section 2.7(a)(i).

                  (b) So long as this Declaration of Trust remains in effect,
the Trust (or the Trustees acting on behalf of the Trust) shall not undertake
any business, activities or transaction except as expressly provided herein or
contemplated hereby. In particular, the Trustees shall not cause the Trust to
(i) acquire any investments or engage in any activities not authorized by this
Declaration of Trust, (ii) sell, assign, transfer, exchange, mortgage, pledge,
set-off

<PAGE>   22
                                      -16-

or otherwise dispose of any of the Trust Property or interests therein,
including to Securityholders, except as expressly provided herein, (iii) take
any action that would cause the Trust to fail or cease to qualify as a "grantor
trust" for United States Federal income tax purposes, (iv) incur any
indebtedness for borrowed money or issue any other debt or (v) take or consent
to any action that would result in the placement of a Lien on any of the Trust
Property. The Administrative Trustee shall defend all claims and demands of all
Persons at any time claiming any Lien on any of the Trust Property adverse to
the interest of the Trust or the Securityholders in their capacity as
Securityholders.

                  (c) In connection with the issue and sale of the Preferred
Securities, the Depositor shall have the right and responsibility to assist the
Trust with respect to, or effect on behalf of the Trust, the following (and any
actions taken by the Depositor in furtherance of the following prior to the date
of this Declaration of Trust are hereby ratified and confirmed in all respects):

                  (i) the preparation and filing by the Trust with the
         Commission and the execution on behalf of the Trust of a registration
         statement on the appropriate form in relation to the Preferred
         Securities, including any amendments thereto;

                  (ii) the determination of the States in which to take
         appropriate action to qualify or register for sale all or part of the
         Preferred Securities and the determination of any and all such acts,
         other than actions which must be taken by or on behalf of the Trust,
         and the advice to the Trustees of actions they must take on behalf of
         the Trust, and the preparation for execution and filing of any
         documents to be executed and filed by the Trust or on behalf of the
         Trust, as the Depositor deems necessary or advisable in order to comply
         with the applicable laws of any such States;

                  (iii) the preparation for filing by the Trust and execution on
         behalf of the Trust of an application to the New York Stock Exchange or
         any other national stock exchange or the Nasdaq National Market for
         listing upon notice of issuance of any Preferred Securities;

                   (iv) if required, the preparation for filing by the Trust
         with the Commission and the execution on behalf of the Trust of a
         registration statement on Form 8-A relating to the registration of the
         Preferred Securities under Section 12(b) or 12(g) of the Exchange Act,
         including any amendments thereto;

                  (v) the negotiation of the terms of, and the execution and
         delivery of, the Underwriting Agreement providing for the sale of the
         Preferred Securities; and

                  (vi) the taking of any other actions deemed by the Depositor
         necessary or desirable to carry out any of the foregoing activities.

<PAGE>   23
                                      -17-

                  (d) Notwithstanding anything herein to the contrary, the
Administrative Trustee is authorized and directed to conduct the affairs of the
Trust and to operate the Trust so that the Trust will not be deemed to be an
"investment company" required to be registered under the 1940 Act, or taxed as a
corporation for United States Federal income tax purposes and so that the
Debentures will be treated as indebtedness of the Depositor for United States
Federal income tax purposes. In this connection, the Depositor and the
Administrative Trustee are authorized to take any action, not inconsistent with
applicable law, the Certificate of Trust or this Declaration of Trust, that each
of the Depositor and the Administrative Trustee determines in their discretion
to be necessary or desirable for such purposes, as long as such action does not
adversely affect in any material respect the interests of the holders of the
Preferred Securities.

                  Section 2.8. Assets of Trust.

                  The assets of the Trust shall consist of the Trust Property.

                  Section 2.9. Title to Trust Property.

                  Legal title to all Trust Property shall be vested at all times
in the Property Trustee (in its capacity as such) and shall be held and
administered by the Property Trustee for the benefit of the Trust and the
Securityholders in accordance with this Declaration of Trust.

                                   ARTICLE III

                                 PAYMENT ACCOUNT

                  Section 3.1. Payment Account.

                  (a) On or prior to the Closing Date, the Property Trustee
shall establish the Payment Account. The Property Trustee and any agent of the
Property Trustee shall have exclusive control and sole right of withdrawal with
respect to the Payment Account for the purpose of making deposits in and
withdrawals from the Payment Account in accordance with this Declaration of
Trust. All monies and other property deposited or held from time to time in the
Payment Account shall be held by the Property Trustee in the Payment Account for
the exclusive benefit of the Securityholders and for distribution as herein
provided, including (and subject to) any priority of payments provided for
herein.

                  (b) The Property Trustee shall deposit in the Payment Account,
promptly upon receipt, all payments of principal of, or interest on, and any
other payments or proceeds

<PAGE>   24
                                      -18-

with respect to, the Debentures. Amounts held in the
Payment Account shall not be invested by the Property Trustee pending
distribution thereof.

                                   ARTICLE IV

                      CERTAIN TERMS OF THE TRUST SECURITIES

                  Section 4.1. Distributions.

                  The Trust Securities represent undivided beneficial ownership
interests in the Trust Property, and distributions (the "Distributions") will be
made on the Trust Securities at the rate and on the dates that payments are made
on the Debentures.

                  Accordingly:

                  (a) Distributions on the Trust Securities shall be cumulative,
and will accumulate whether or not there are funds of the Trust available for
the payment of Distributions. Distributions shall accrue from [ ] and shall be
payable quarterly in arrears on [ ], [ ], [ ] and [ ] of each year, commencing
on [ ] except as provided below. If any date on which a Distribution is
otherwise payable on the Trust Securities is not a Business Day, then the
payment of such Distribution shall be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day is in the next succeeding calendar
year, payment of such Distribution shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on such
date (each date on which distributions are payable in accordance with this
Section 4.1(a), a "Distribution Date").

                  (b) The Trust Securities represent undivided beneficial
ownership interests in the Trust Property, and, as a practical matter, the
Distributions on the Trust Securities shall be payable at a rate of [ ]% per
annum (the "Coupon Rate") of the Liquidation Amount of the Trust Securities.
Distributions in arrears for more than one quarter will accumulate and compound
at the Coupon Rate. The term "Distributions" as used in this Declaration of
Trust includes such cash distributions and any such accumulated amounts that are
payable unless otherwise stated. A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Property Trustee
and to the extent the Property Trustee has funds available therefor. The amount
of Distributions payable for any full period shall be computed on the basis of a
360-day year of twelve 30-day months.

<PAGE>   25
                                      -19-

                  (c) Distributions on the Trust Securities shall be made by the
Property Trustee from the Payment Account and shall be payable on each
Distribution Date only to the extent that the Trust has funds then on hand and
available in the Payment Account for the payment of such Distributions.

                  (d) Distributions on the Trust Securities with respect to a
Distribution Date shall be payable to the Holders thereof as they appear on the
Securities Register for the Trust Securities on the relevant record date, which
shall be one Business Day prior to such Distribution Date; provided, however,
that in the event that the Preferred Securities do not remain in book-entry-only
form, the relevant record date shall be the date 15 days prior to the relevant
Distribution Date.

                  Section 4.2. Redemption.

                  (a) On each Debenture Redemption Date and on the stated
maturity of the Debentures, the Trust will be required to redeem a Like Amount
of Trust Securities at the Redemption Price. In addition, in the case of the
occurrence of a Tax Event, if (i) the Depositor has received an opinion (a
"Redemption Tax Opinion") from independent tax counsel experienced in such
matters that, as a result of a Tax Event, there is more than an insubstantial
risk that the Depositor would be precluded from deducting the interest on the
Debentures for United States federal income tax purposes even after the
Debentures were distributed to the holders of Preferred Securities in
liquidation of such holders' interests in the Trust pursuant to Section 9.4 or
(ii) the Administrative Trustees shall have been informed by such tax counsel
that an opinion from independent tax counsel experienced in such matters to the
effect that the holders of the Preferred Securities will not recognize any gain
or loss for United States federal income tax purposes as a result of such
dissolution and distribution of Debentures (a "No Recognition Opinion") cannot
be delivered, the Depositor shall have the right, upon not less than 30 nor more
than 60 days notice, to redeem the Debentures in whole or in part for cash
within 90 days following the occurrence of such Tax Event, and, following such
redemption, Preferred Securities with an aggregate liquidation amount equal to
the aggregate principal amount of the Debentures so redeemed shall be redeemed
by the Trust at the Redemption Price on a pro rata basis or in such other manner
as the Property Trustee deems appropriate; provided, however, that, if at the
time there is available to the Depositor or the Trust the opportunity to
eliminate, within such 90 day period, the Tax Event by taking some ministerial
action, such as filing a form or making an election, or pursuing some other
similar reasonable measure which has no adverse effect on the Trust, the holders
of the Preferred Securities or the Depositor, the Trust will pursue such measure
in lieu of redemption.

                  (b) Notice of redemption shall be given by the Property
Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the

<PAGE>   26
                                      -20-

Redemption Date to each Holder of Trust Securities to be redeemed, at such
Holder's address appearing in the Security Register. All notices of redemption
shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price;

                  (iii) the CUSIP number;

                  (iv) if less than all the Outstanding Trust Securities are to
         be redeemed, the identification and the total Liquidation Amount of the
         particular Trust Securities to be redeemed; and

                  (v) that on the Redemption Date the Redemption Price will
         become due and payable upon each such Trust Security to be redeemed and
         that distributions thereon will cease to accrue on and after said date.

                  (c) The Trust Securities redeemed on each Redemption Date
shall be redeemed at the Redemption Price with the proceeds from the
contemporaneous redemption of Debentures. Redemptions of the Trust Securities
shall be made and the Redemption Price shall be payable on each Redemption Date
only to the extent that the Trust has funds then on hand and available in the
Payment Account for the payment of such Redemption Price.

                  (d) If the Property Trustee gives a notice of redemption in
respect of any Trust Securities, then, by 12:00 noon, New York City time, on the
Redemption Date, subject to Section 4.2(c), the Property Trustee will, so long
as the Trust Securities are in book-entry-only form, irrevocably deposit with
the Clearing Agency for the Trust Securities funds sufficient to pay the
applicable Redemption Price and will give such Clearing Agency irrevocable
instructions and authority to pay the Redemption Price to the holders thereof.
If the Trust Securities are no longer in book-entry-only form, the Property
Trustee, subject to Section 4.2(c), will irrevocably deposit with the Paying
Agent funds sufficient to pay the applicable Redemption Price and will give the
Paying Agent irrevocable instructions and authority to pay the Redemption Price
to the Holders thereof upon surrender of their Trust Securities Certificates.
Notwithstanding the foregoing, Distributions payable on or prior to the
Redemption Date for any Trust Securities called for redemption shall be payable
to the Holders of such Trust Securities as they appear on the Register for the
Trust Securities on the relevant record dates for the related Distribution
Dates. If notice of redemption shall have been given and funds deposited as
required, then immediately prior to the close of business on the date of such
deposit, all rights of Securityholders holding Trust Securities so called for
redemption will cease, except the right of such Securityholders to receive the
Redemption Price and any Distribution payable on or prior to the Redemption
Date, but without interest, and such Securities will cease to be outstanding. In
the event that any date on which any Redemption Price is payable is not a

<PAGE>   27
                                      -21-

Business Day, then payment of the Redemption Price payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay), except that, if such Business
Day falls in the next calendar year, such payment will be made on the
immediately preceding Business Day, in each case, with the same force and effect
as if made on such date. In the event that payment of the Redemption Price in
respect of any Trust Securities called for redemption is improperly withheld or
refused and not paid either by the Trust or by the Depositor pursuant to the
Guarantee, Distributions on such Trust Securities will continue to accrue, at
the then applicable rate, from the Redemption Date originally established by the
Trust for such Trust Securities to the date such Redemption Price is actually
paid, in which case the actual payment date will be the date fixed for
redemption for purposes of calculating the Redemption Price.

                  (e) Payment of the Redemption Price on the Trust Securities
shall be made to the recordholders thereof as they appear on the Securities
Register for the Trust Securities on the relevant record date, which shall be
one Business Day prior to the relevant Redemption Date; provided, however, that
in the event that the Preferred Securities do not remain in book-entry-only
form, the relevant record date shall be the date 15 days prior to the relevant
Redemption Date.

                  (f) Subject to Section 4.3(a), if less than all the
Outstanding Trust Securities are to be redeemed on a Redemption Date, then the
aggregate Liquidation Amount of Trust Securities to be redeemed shall be
allocated on a pro rata basis (based on Liquidation Amounts) among the Common
Securities and the Preferred Securities. The particular Preferred Securities to
be redeemed shall be selected on a pro rata basis (based upon Liquidation
Amounts) not more than 60 days prior to the Redemption Date by the Property
Trustee from the Outstanding Preferred Securities not previously called for
redemption which may provide for the selection for redemption of portions (equal
to $[ ] or an integral multiple of $[ ] in excess thereof) of the Liquidation
Amount of Preferred Securities of a denomination larger than $[ ]. The Property
Trustee shall promptly notify the Security Registrar in writing of the Preferred
Securities selected for redemption and, in the case of any Preferred Securities
selected for partial redemption, the Liquidation Amount thereof to be redeemed.
For all purposes of this Declaration of Trust, unless the context otherwise
requires, all provisions relating to the redemption of Preferred Securities
shall relate, in the case of any Preferred Securities redeemed or to be redeemed
only in part, to the portion of the Liquidation Amount of Preferred Securities
that has been or is to be redeemed.

                  Section 4.3. Subordination of Common Securities.

                  (a) Payment of Distributions on, and the Redemption Price of,
the Trust Securities, as applicable, shall be made, subject to Section 4.2(f),
pro rata among the Common Securities and the Preferred Securities based on the
Liquidation Amount of the Trust

<PAGE>   28
                                      -22-

Securities; provided, however, that if on any Distribution Date or Redemption
Date any Event of Default resulting from a Debenture Event of Default shall have
occurred and be continuing, no payment of any Distribution on, or Redemption
Price of, any Common Security, and no other payment on account of the
redemption, liquidation or other acquisition of Common Securities, shall be made
unless payment in full in cash of all accumulated and unpaid Distributions on
all Outstanding Preferred Securities for all Distribution periods terminating on
or prior thereto, or in the case of payment of the Redemption Price the full
amount of such Redemption Price on all Outstanding Preferred Securities, shall
have been made or provided for, and all funds immediately available to the
Property Trustee shall first be applied to the payment in full in cash of all
Distributions on, or the Redemption Price of, Preferred Securities then due and
payable.

                  (b) In the case of the occurrence of any Event of Default
resulting from any Debenture Event of Default, the Holder of Common Securities
will be deemed to have waived any right to act with respect to any such Event of
Default under this Declaration of Trust until the effect of all such Events of
Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated. Until any such Event of Default under this Declaration of
Trust with respect to the Preferred Securities has been so cured, waived or
otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Preferred Securities and not the Holder of the Common Securities,
and only the Holders of the Preferred Securities will have the right to direct
the Property Trustee to act on their behalf.

                  Section 4.4. Payment Procedures.

                  Payments of Distributions in respect of the Preferred
Securities shall be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Securities Register or, if the
Preferred Securities are held by a Clearing Agency, such Distributions shall be
made to the Clearing Agency in immediately available funds, which shall credit
the relevant Persons' accounts at such Clearing Agency on the applicable
distribution dates. Payments in respect of the Common Securities shall be made
in such manner as shall be mutually agreed between the Property Trustee and the
Common Securityholder.

                  Section 4.5. Tax Returns and Reports.

                  The Administrative Trustee shall prepare (or cause to be
prepared), at the Depositor's expense, and file all United States Federal, state
and local tax and information returns and reports required to be filed by or in
respect of the Trust. In this regard, the Administrative Trustee shall (a)
prepare and file (or cause to be prepared and filed) the appropriate Internal
Revenue Service form required to be filed in respect of the Trust in each
taxable year of the Trust and (b) prepare and furnish (or cause to be prepared
and furnished) to each Securityholder the appropriate Internal Revenue Service
form required to be provided or the information required to be provided on such
form. The Administrative Trustee shall provide the

<PAGE>   29
                                      -23-

Depositor and the Property Trustee with a copy of all such returns and reports
promptly after such filing or furnishing. The Trustees shall comply with United
States Federal withholding and backup withholding tax laws and information
reporting requirements with respect to any payments to Securityholders under the
Trust Securities.

                  Section 4.6. Payments under Indenture.

                  Any amount payable hereunder to any Holder of Preferred
Securities (and any Owner with respect thereto) shall be reduced by the amount
of any corresponding payment such Holder (and Owner) has directly received
pursuant to Section 6.06 of the Indenture.

                                    ARTICLE V

                          TRUST SECURITIES CERTIFICATES

                  Section 5.1. Initial Ownership.

                  Upon the creation of the Trust and the contribution by the
Depositor pursuant to Section 2.3 and until the issuance of the Trust
Securities, and at any time during which no Trust Securities are outstanding,
the Depositor shall be the sole beneficial owner of the Trust.

                  Section 5.2. The Trust Securities Certificates.

                  The Preferred Securities Certificates shall be issued in
minimum denominations of $[ ] Liquidation Amount and integral multiples of $[ ]
in excess thereof, and the Common Securities Certificates shall be issued in
denominations of $[ ] Liquidation Amount and integral multiples of $[ ] in
excess thereof. The Trust Securities Certificates shall be executed on behalf of
the Trust by manual signature of at least one Administrative Trustee. Trust
Securities Certificates bearing the manual signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be validly issued and entitled to the benefits of
this Declaration of Trust, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the delivery of such Trust
Securities Certificates or did not hold such offices at the date of delivery of
such Trust Securities Certificates. A transferee of a Trust Securities
Certificate shall become a Securityholder, and shall be entitled to the rights
and subject to the obligations of a Securityholder hereunder, upon due
registration of such Trust Securities Certificate in such transferee's name
pursuant to Sections 5.4, 5.11 and 5.13.

<PAGE>   30
                                      -24-

                  Section 5.3. Execution and Delivery of Trust Securities
                               Certificates.

                  At each Closing Date, the Administrative Trustee shall cause
Trust Securities Certificates, in an aggregate Liquidation Amount as provided in
Sections 2.4 and 2.5, to be executed on behalf of the Trust and delivered to or
upon the written order of the Depositor, signed by its Chairman or a Vice
Chairman of the Board, President or a Vice President, and by its Treasurer,
Assistant Treasurer, Comptroller, an Assistant Comptroller, Secretary or an
Assistant Secretary without further corporate action by the Depositor, in
authorized denominations.

                  Section 5.4. Registration of Transfer and Exchange of
                               Preferred Securities Certificates.

                  The Depositor shall keep or cause to be kept, at the office or
agency maintained pursuant to Section 5.8, a register or registers for the
purpose of registering Trust Securities Certificates and transfers and exchanges
of Preferred Securities Certificates (the "Securities Register") in which, the
registrar designated by the Depositor (the "Securities Registrar"), subject to
such reasonable regulations as it may prescribe, shall provide for the
registration of Preferred Securities Certificates and Common Securities
Certificates (subject to Section 5.10 in the case of the Common Securities
Certificates) and registration of transfers and exchanges of Preferred
Securities Certificates as herein provided. The Bank shall be the initial
Securities Registrar.

                  Upon surrender for registration of transfer of any Preferred
Securities Certificate at the office or agency maintained pursuant to Section
5.8, the Administrative Trustee shall execute and deliver, in the name of the
designated transferee or transferees, one or more new Preferred Securities
Certificates in authorized denominations of a like aggregate Liquidation Amount
dated the date of execution by such Administrative Trustee or Trustees.

                  The Securities Registrar shall not be required to register the
transfer of any Preferred Securities that have been called for redemption. At
the option of a Holder, Preferred Securities Certificates may be exchanged for
other Preferred Securities Certificates in authorized denominations of the same
class and of a like aggregate Liquidation Amount upon surrender of the Preferred
Securities Certificates to be exchanged at the office or agency maintained
pursuant to Section 5.8.

                  Every Preferred Securities Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer in form satisfactory to the Property Trustee and
the Securities Registrar duly executed by the Holder or his attorney duly
authorized in writing. Each Preferred Securities Certificate surrendered for

<PAGE>   31
                                      -25-

registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Property Trustee in accordance with its customary practice.

                  No service charge shall be made for any registration of
transfer or exchange of Preferred Securities Certificates, but the Securities
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of Preferred Securities Certificates.

                  Section 5.5. Mutilated, Destroyed, Lost or Stolen Trust
                               Securities Certificates.

                  If (a) any mutilated Trust Securities Certificate shall be
surrendered to the Securities Registrar, or if the Securities Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Securities Certificate and (b) there shall be delivered to the Securities
Registrar and the Administrative Trustee such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice
that such Trust Securities Certificate shall have been acquired by a bona fide
purchaser, the Administrative Trustee on behalf of the Trust shall execute and
make available for delivery, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities
Certificate of like class, tenor and denomination. In connection with the
issuance of any new Trust Securities Certificate under this Section, the
Administrative Trustee or the Securities Registrar may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection therewith. Any duplicate Trust Securities Certificate issued
pursuant to this Section shall constitute conclusive evidence of an undivided
beneficial ownership interest in the assets of the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

                  Section 5.6. Persons Deemed Securityholders.

                  The Administrative Trustee or the Securities Registrar shall
treat the Person in whose name any Trust Securities Certificate shall be
registered in the Securities Register as the owner of such Trust Securities
Certificate for the purpose of receiving distributions and for all other
purposes whatsoever, and neither the Trustees nor the Securities Registrar shall
be bound by any notice to the contrary.

                  Section 5.7. Access to List of Securityholders' Names and
                               Addresses.

                  At any time when the Property Trustee is not also acting as
the Securities Registrar, the Administrative Trustee or the Depositor shall
furnish or cause to be furnished to the Property Trustee (a) semi-annually on or
before January 15 or July 15 in each year, a list, in such form as the Property
Trustee may reasonably require, of the names and addresses of the

<PAGE>   32
                                      -26-

Securityholders as of the most recent regular record date (as provided in
Section 4.1(d)) and (b) promptly after receipt by any Administrative Trustee or
the Depositor of a request therefor from the Property Trustee, such other
information as the Property Trustee may reasonably require in order to enable
the Property Trustee to discharge its obligations under this Declaration of
Trust, in each case to the extent such information is in the possession or
control of the Administrative Trustee or the Depositor and is not identical to a
previously supplied list or has not otherwise been received by the Property
Trustee in its capacity as Securities Registrar. The rights of Securityholders
to communicate with other Securityholders with respect to their rights under
this Declaration of Trust or under the Trust Securities, and the corresponding
rights of the Trustee shall be as provided in the Trust Indenture Act. Each
Holder, by receiving and holding a Trust Securities Certificate, and each Owner
shall be deemed to have agreed not to hold the Depositor, the Property Trustee
or the Administrative Trustee accountable by reason of the disclosure of its
name and address, regardless of the source from which such information was
derived.

                  Section 5.8. Maintenance of Office or Agency.

                  The Administrative Trustee shall maintain an office or offices
or agency or agencies where Preferred Securities Certificates may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Trustees in respect of the Trust Securities Certificates may be served.
The Administrative Trustee initially designate Burlington Resources Inc., 501
Westheimer, Suite 1400, Houston, Texas 77056, Attn: Chief Financial Officer, as
its principal corporate trust office for such purposes. The Administrative
Trustee shall give prompt written notice to the Depositor and to the
Securityholder of any change in the location of the Securities Register or any
such office or agency.

                  Section 5.9. Appointment of Paying Agent.

                  The Paying Agent shall make distributions to Securityholders
from the Payment Account and shall report the amounts of such distributions to
the Property Trustee and the Administrative Trustee. Any Paying Agent shall have
the revocable power to withdraw funds from the Payment Account for the purpose
of making the distributions referred to above. The Administrative Trustee may
revoke such power and remove the Paying Agent if such Trustees determine in
their sole discretion that the Paying Agent shall have failed to perform its
obligations under this Declaration of Trust in any material respect. The Paying
Agent shall initially be the Bank. The Paying Agent may choose any co-paying
agent that is acceptable to the Administrative Trustee and the Depositor. Any
Person acting as Paying Agent shall be permitted to resign as Paying Agent upon
30 days' written notice to the Administrative Trustee, the Property Trustee and
the Depositor. In the event that the Bank shall no longer be the Paying Agent or
a successor Paying Agent shall resign or its authority to act be revoked, the
Administrative Trustee shall appoint a successor that is acceptable to the

<PAGE>   33
                                      -27-

Property Trustee and the Depositor to act as Paying Agent (which shall be a bank
or trust company). The Administrative Trustee shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Administrative Trustee to
execute and deliver to the Trustees an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Trustees that as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Securityholders in trust for the
benefit of the Securityholders entitled thereto until such sums shall be paid to
such Securityholders. The Paying Agent shall return all unclaimed funds to the
Property Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Property Trustee. The provisions of
Sections 8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as
Paying Agent, for so long as the Bank shall act as Paying Agent and, to the
extent applicable, to any other paying agent appointed hereunder. Any reference
in this Agreement to the Paying Agent shall include any co-paying agent unless
the context requires otherwise.

                  Section 5.10. Ownership of Common Securities by Depositor.

                  At each Closing Date, the Depositor shall acquire and retain
beneficial and record ownership of the Common Securities. To the fullest extent
permitted by law, other than transactions permitted by Section 5.01of the
Indenture, any attempted transfer of the Common Securities shall be void. The
Administrative Trustee shall cause each Common Securities Certificate issued to
the Depositor to contain a legend stating "THIS CERTIFICATE IS NOT TRANSFERABLE
OTHER THAN IN ACCORDANCE WITH THE TRUST AGREEMENT (AS DEFINED BELOW)" .

                  Section 5.11. Book-Entry Preferred Securities Certificates;
                                Common Securities Certificate.

                  (a) The Preferred Securities Certificates, upon original
issuance, will be issued in the form of a typewritten Preferred Securities
Certificate or Certificates representing Book-Entry Preferred Securities
Certificates, to be delivered to The Depository Trust Company, the initial
Clearing Agency, by, or on behalf of, the Trust. Such Preferred Securities
Certificate or Certificates shall initially be registered on the Securities
Register in the name of Cede & Co., the nominee of the initial Clearing Agency,
and no beneficial owner will receive a Definitive Preferred Securities
Certificate representing such beneficial owner's interest in such Preferred
Securities, except as provided in Section 5.13. Unless and until Definitive
Preferred Securities Certificates have been issued to beneficial owners pursuant
to Section 5.13:

                  (i) the provisions of this Section 5.11(a) shall be in full
         force and effect;

<PAGE>   34
                                      -28-

                   (ii) the Securities Registrar, the Paying Agent and the
         Trustees shall be entitled to deal with the Clearing Agency for all
         purposes of this Declaration of Trust relating to the Book-Entry
         Preferred Securities Certificates (including the payment of the
         Liquidation Amount of and Distributions on the Book-Entry Preferred
         Securities Certificate and the giving of instructions or directions to
         Owners of Book-Entry Preferred Securities) as the sole Holder of
         Book-Entry Preferred Securities and shall have no obligations to the
         Owners thereof;

                  (iii) to the extent that the provisions of this Section 5.11
         conflict with any other provisions of this Declaration of Trust, the
         provisions of this Section 5.11 shall control; and

                   (iv) the rights of the Owners of the Book-Entry Preferred
         Securities Certificates shall be exercised only through the Clearing
         Agency and shall be limited to those established by law and agreements
         between such Owners and the Clearing Agency and/or the Clearing Agency
         Participants. Pursuant to the Certificate Depository Agreement, unless
         and until Definitive Preferred Securities Certificates are issued
         pursuant to Section 5.13, the initial Clearing Agency will make
         book-entry transfers among the Clearing Agency Participants and receive
         and transmit payments on the Preferred Securities to such Clearing
         Agency Participants.

                  (b) A single Common Securities Certificate representing the
Common Securities shall be issued to the Depositor in the form of a definitive
Common Securities Certificate.

                  Section 5.12. Notices to Clearing Agency.

                  To the extent that a notice or other communication to the
Owners is required under this Declaration of Trust, unless and until Definitive
Preferred Securities Certificates shall have been issued to Owners pursuant to
Section 5.13, the Trustees shall give all such notices and communications
specified herein to be given to Owners to the Clearing Agency, and shall have no
obligations to the Owners.

                  Section 5.13. Definitive Preferred Securities Certificates.

                  If (a) the Depositor advises the Trustees in writing that the
Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Preferred Securities Certificates, and the
Depositor is unable to locate a qualified successor, (b) the Depositor at its
option advises the Trustees in writing that it elects to terminate the
book-entry system through the Clearing Agency or (c) after the occurrence of a
Debenture Event of Default, Owners of Preferred Securities Certificates
representing beneficial ownership interests aggregating at least a majority of
the Liquidation Amount advise the Property Trustee in

<PAGE>   35
                                      -29-

writing that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interest of the Owners of Preferred Securities
Certificates, then the Property Trustee shall notify the Clearing Agency and the
Clearing Agency shall notify all Owners of Preferred Securities Certificates and
the other Trustees of the occurrence of any such event and of the availability
of the Definitive Preferred Securities Certificates to Owners of such class or
classes, as applicable, requesting the same. Upon surrender to the Property
Trustee of the typewritten Preferred Securities Certificate or Certificates
representing the Book-Entry Preferred Securities Certificates by the Clearing
Agency, accompanied by registration instructions, the Administrative Trustee
shall execute the Definitive Preferred Securities Certificates in accordance
with the instructions of the Clearing Agency. Neither the Securities Registrar
nor the Trustees shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Preferred Securities Certificates,
the Trustees shall recognize the Holders of the Definitive Preferred Securities
Certificates as Securityholders. The Definitive Preferred Securities
Certificates shall be printed, lithographed or engraved or may be produced in
any other manner as is reasonably acceptable to the Administrative Trustee, as
evidenced by the execution thereof by the Administrative Trustee.

                  Section 5.14. Rights of Securityholders.

                  (a) The legal title to the Trust Property is vested
exclusively in the Property Trustee (in its capacity as such) in accordance with
Section 2.9, and the Securityholders shall not have any right or title therein
other than the undivided beneficial ownership interests in the assets of the
Trust conferred by their Trust Securities and they shall have no right to call
for any partition or division of property, profits or rights of the Trust except
as described below. The Trust Securities shall be personal property giving only
the rights specifically set forth therein and in this Declaration of Trust. By
acceptance of a beneficial interest in the Trust Securities, Holders agree to
treat the Debentures as indebtedness for all United States tax purposes. The
Trust Securities shall have no preemptive or similar rights and when issued and
delivered to Securityholders against payment of the purchase price therefor will
be fully paid and nonassessable by the Trust. The Holders of the Trust
Securities, in their capacities as such, shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State
of Delaware.

                  (b) For so long as any Preferred Securities remain
Outstanding, if, upon a Debenture Event of Default, the Indenture Trustee fails
or the holders of not less than 25% in aggregate principal amount of the
outstanding Debentures fail to declare the principal of all of the Debentures to
be immediately due and payable, the Holders of at least 25% in aggregate
Liquidation Amount of the Preferred Securities then Outstanding shall have such
right by a notice in writing to the Depositor and the Indenture Trustee; and
upon any such declaration

<PAGE>   36
                                      -30-

such principal amount of and the accrued interest on all of the Debentures shall
become immediately due and payable; provided that the payment of principal and
interest on such Debentures shall remain subordinated to the extent provided in
the Indenture. At any time after such a declaration of acceleration with respect
to the Debentures has been made and before a judgment or decree for payment of
the money due has been obtained by the Indenture Trustee as in the Indenture
provided, the Holders of a majority in Liquidation Amount of the Preferred
Securities, by written notice to the Property Trustee, the Depositor and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

                  (i) the Depositor has paid or deposited with the Indenture
         Trustee a sum sufficient to pay

                           (A) all overdue installments of interest on all of
                  the Debentures,

                           (B) the principal of (and premium, if any, on) any
                  Debentures which have become due otherwise than by such
                  declaration of acceleration and interest thereon at the rate
                  borne by the Debentures, and

                           (C) all sums paid or advanced by the Indenture
                  Trustee under the Indenture and the reasonable compensation,
                  expenses, disbursements and advances of the Indenture Trustee
                  and the Property Trustee, their agents and counsel; and

                   (ii) all Events of Default with respect to the Debentures,
         other than the non-payment of the principal of the Debentures which has
         become due solely by such acceleration, have been cured or waived as
         provided in Section 8.01 of the Indenture.

                  The Holders of a majority in aggregate Liquidation Amount of
the Preferred Securities may, on behalf of the Holders of all the Preferred
Securities, waive any past default under the Indenture, except a default in the
payment of principal or interest (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal due
otherwise than by acceleration has been deposited with the Indenture Trustee) or
a default in respect of a covenant or provision which under the Indenture cannot
be modified or amended without the consent of the holder of each outstanding
Debenture. No such waiver or rescission shall affect any subsequent default or
impair any right consequent thereon. Upon receipt by the Property Trustee of
written notice declaring such an acceleration, or rescission and annulment
thereof, by Holders of the Preferred Securities all or part of which is
represented by Book-Entry Preferred Securities Certificates, a record date shall
be established for determining Holders of Outstanding Preferred Securities
entitled to join in such notice, which record date shall be at the close of
business on the day the Property Trustee receives such notice. The Holders on
such record date, or their duly designated proxies, and only such Persons, shall
be entitled to join in such notice, whether or not such Holders remain Holders
after

<PAGE>   37
                                      -31-

such record date; provided, that, unless such declaration of acceleration, or
rescission and annulment, as the case may be, shall have become effective by
virtue of the requisite percentage having joined in such notice prior to the day
which is 90 days after such record date, such notice of declaration of
acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no
further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of
a Holder, from giving, after expiration of such 90-day period, a new written
notice of declaration of acceleration, or rescission and annulment thereof, as
the case may be, that is identical to a written notice which has been canceled
pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 5.14(b).

                  (c) For so long as any Preferred Securities remain
Outstanding, to the fullest extent permitted by law and subject to the terms of
this Declaration of Trust and the Indenture, upon a Debenture Event of Default
specified in Section 6.01(1) or 6.01(2) of the Indenture, any Holder of
Preferred Securities shall have the right to institute a proceeding directly
against the Depositor, pursuant to the Indenture, for enforcement of payment to
such Holder of the principal amount of or interest on Debentures having a
principal amount equal to the Liquidation Amount of the Preferred Securities of
such Holder (a "Direct Action"). In connection with any such Direct Action, the
Holder of the Common Securities will be subrogated to the rights of any Holder
of the Preferred Securities to the extent of any payment made by the Depositor
to such Holder of Preferred Securities as a result of such Direct Action. Except
as set forth in Section 5.14(b) and (c), the Holders of Preferred Securities
shall have no right to exercise directly any right or remedy available to the
holders of, or in respect of, the Debentures.

                                   ARTICLE VI

                    ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

                  Section 6.1. Limitations on Voting Rights.

                  (a) Except as provided in this Section, in Sections 5.14, 8.10
and 10.2 and in the Indenture and as otherwise required by law, no Holder of
Preferred Securities shall have any right to vote or in any manner otherwise
control the administration, operation and management of the Trust or the
obligations of the parties hereto, nor shall anything herein set forth, or
contained in the terms of the Trust Securities Certificates, be construed so as
to constitute the Securityholders from time to time as partners or members of an
association.

                  (b) So long as any Debentures are held by the Property
Trustee, the Trustees shall not (i) direct the time, method and place of
conducting any proceeding for any

<PAGE>   38
                                      -32-

remedy available to the Indenture Trustee, or executing any trust or power
conferred on the Indenture Trustee with respect to such Debentures, (ii) waive
any past default which is waivable under Section 6.04 of the Indenture, (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Debentures shall be due and payable or (iv) consent to any amendment or
modification under Section 10.02 or termination of the Indenture or any
amendment, modification or termination of the Debentures, where such consent
shall be required, without, in each case, obtaining the prior approval of the
Holders of at least a majority in Liquidation Amount of all Outstanding
Preferred Securities; provided, however, that where a consent under the
Indenture would require the consent of each Holder of Debentures affected
thereby, no such consent shall be given by the Property Trustee without the
prior written consent of each Holder of Preferred Securities. The Trustees shall
not revoke any action previously authorized or approved by a vote of the Holders
of Preferred Securities, except by a subsequent vote of the Holders of Preferred
Securities. The Property Trustee shall notify all Holders of the Preferred
Securities of any notice of default received from the Indenture Trustee with
respect to the Debentures. In addition to obtaining the foregoing approvals of
the Holders of the Preferred Securities, prior to taking any of the foregoing
actions, the Trustees shall, at the expense of the Depositor, obtain an Opinion
of Counsel experienced in such matters to the effect that the Trust will not be
classified as an association taxable as a corporation for United States Federal
income tax purposes on account of such action.

                  (c) If any proposed amendment to the Declaration of Trust
provides for, or the Trustees otherwise propose to effect, (i) any action that
would adversely affect in any material respect the powers, preferences or
special rights of the Preferred Securities, whether by way of amendment to the
Declaration of Trust or otherwise, or (ii) the dissolution, winding-up or
termination of the Trust, other than pursuant to the terms of this Declaration
of Trust, then the Holders of Outstanding Preferred Securities as a class will
be entitled to vote on such amendment or proposal and such amendment or proposal
shall not be effective except with the approval of the Holders of at least a
majority in Liquidation Amount of the Outstanding Preferred Securities.
Notwithstanding any other provision of this Declaration of Trust, no amendment
to this Declaration of Trust may be made if, as a result of such amendment, the
Trust would be classified as an association taxable as a corporation for United
States Federal income tax purposes.

                  Section 6.2. Notice of Meetings.

                  Notice of all meetings of the Preferred Securityholders,
stating the time, place and purpose of the meeting, shall be given by the
Property Trustee pursuant to Section 10.8 to each Preferred Securityholder of
record, at his registered address, at least 15 days and not more than 90 days
before the meeting. At any such meeting, any business properly before the
meeting may be so considered whether or not stated in the notice of the meeting.
Any adjourned meeting may be held as adjourned without further notice.

<PAGE>   39
                                      -33-

                  Section 6.3. Meetings of Preferred Securityholders.

                  No annual meeting of Securityholders is required to be held.
The Administrative Trustee, however, shall call a meeting of Securityholders to
vote on any matter upon the written request of the Preferred Securityholders of
record of 25% in aggregate Liquidation Amount of the Preferred Securities (based
upon their Liquidation Amount) and the Administrative Trustee or the Property
Trustee may, at any time in their discretion, call a meeting of Preferred
Securityholders to vote on any matters as to which Preferred Securityholders are
entitled to vote.

                  Preferred Securityholders of record of 50% of the Outstanding
Preferred Securities (based upon their Liquidation Amount), present in person or
by proxy, shall constitute a quorum at any meeting of Securityholders.

                  If a quorum is present at a meeting, an affirmative vote by
the Preferred Securityholders of record present, in person or by proxy, holding
a majority of the Preferred Securities (based upon their Liquidation Amount)
held by the Preferred Securityholders of record present, either in person or by
proxy, at such meeting shall constitute the action of the Securityholders,
unless this Declaration of Trust requires a greater number of affirmative votes.

                  Section 6.4. Voting Rights.

                  Securityholders shall be entitled to one vote for each $[ ] of
Liquidation Amount represented by their Trust Securities in respect of any
matter as to which such Securityholders are entitled to vote.

                  Section 6.5. Proxies, etc.

                  At any meeting of Securityholders, any Securityholder entitled
to vote thereat may vote by proxy; provided that no proxy shall be voted at any
meeting unless it shall have been placed on file with the Administrative
Trustee, or with such other officer or agent of the Trust as the Administrative
Trustee may direct, for verification prior to the time at which such vote shall
be taken. Pursuant to a resolution of the Property Trustee, proxies may be
solicited in the name of the Property Trustee or one or more officers of the
Property Trustee. Only Securityholders of record shall be entitled to vote. When
Trust Securities are held jointly by several persons, any one of them may vote
at any meeting in person or by proxy in respect of such Trust Securities, but if
more than one of them shall be present at such meeting in person or by proxy,
and such joint owners or their proxies so present disagree as to any vote to be
cast, such vote shall not be received in respect of such Trust Securities. A
proxy purporting to be executed by or on behalf of a Securityholder shall be
deemed valid unless challenged at or prior to its exercise, and the burden of
proving invalidity shall rest on the challenger. No proxy shall be valid more
than three years after its date of execution.

<PAGE>   40
                                      -34-

                  Section 6.6. Securityholder Action by Written Consent.

                  Any action which may be taken by Securityholders at a meeting
may be taken without a meeting if Securityholders holding a majority of all
Outstanding Trust Securities (based upon their Liquidation Amount) entitled to
vote in respect of such action (or such larger proportion thereof as shall be
required by any express provision of this Declaration of Trust) shall consent to
the action in writing.

                  Section 6.7. Record Date for Voting and Other Purposes.

                  For the purposes of determining the Securityholders who are
entitled to notice of and to vote at any meeting or by written consent, or to
participate in any distribution on the Trust Securities in respect of which a
record date is not otherwise provided for in this Declaration of Trust, or for
the purpose of any other action, the Administrative Trustee may from time to
time fix a date, not more than 90 days prior to the date of any meeting of
Securityholders or the payment of a distribution or other action, as the case
may be, as a record date for the determination of the identity of the
Securityholders of record for such purposes.

                  Section 6.8. Acts of Securityholders.

                  Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Declaration of
Trust to be given, made or taken by Securityholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Securityholders in person or by an agent duly appointed in writing; and,
except as otherwise expressly provided herein, such action shall become
effective when such instrument or instruments are delivered to an Administrative
Trustee. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Securityholders 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 Declaration of Trust and (subject to Section
8.1) conclusive in favor of the Trustees, 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 any Trustee receiving the same deems sufficient.

<PAGE>   41
                                      -35-

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

                  Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Securityholder of any Trust Security shall
bind every future Securityholder of the same Trust Security and the
Securityholder of every Trust 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 Trustees or the Trust in reliance thereon,
whether or not notation of such action is made upon such Trust Security.

                  Without limiting the foregoing, a Securityholder entitled
hereunder to take any action hereunder with regard to any particular Trust
Security may do so with regard to all or any part of the Liquidation Amount of
such Trust 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
liquidation amount.

                  If any dispute shall arise between the Securityholders and the
Administrative Trustee or among such Securityholders or Trustees with respect to
the authenticity, validity or binding nature of any request, demand,
authorization, direction, consent, waiver or other Act of such Securityholder or
Trustee under this Article VI, then the determination of such matter by the
Property Trustee shall be conclusive with respect to such matter.

                  Section 6.9. Inspection of Records.

                  Upon reasonable notice to the Administrative Trustee and the
Property Trustee, the records of the Trust shall be open to inspection by
Securityholders during normal business hours for any purpose reasonably related
to such Securityholder's interest as a Securityholder.

                                   ARTICLE VII

                         REPRESENTATIONS AND WARRANTIES

                  Section 7.1. Representations and Warranties of the Property
                               Trustee and the Delaware Trustee.

                  The Property Trustee and the Delaware Trustee, each severally
on behalf of and as to itself, hereby represents and warrants for the benefit of
the Depositor and the Securityholders that:

                  (a) the Property Trustee is a national banking association
         duly organized, validly existing and in good standing under the laws of
         the United States;

<PAGE>   42
                                      -36-

                  (b) the Property Trustee meets the applicable eligibility
         requirements set forth in Section 8.7, has full corporate power,
         authority and legal right to execute, deliver and perform its
         obligations under this Declaration of Trust and has taken all necessary
         action to authorize the execution, delivery and performance by it of
         this Declaration of Trust;

                  (c) the Delaware Trustee is a Delaware corporation duly
         organized, validly existing and in good standing in the State of
         Delaware;

                  (d) the Delaware Trustee meets the applicable eligibility
         requirements set forth in Section 8.7, has full corporate power,
         authority and legal right to execute, deliver and perform its
         obligations under this Declaration of Trust and has taken all necessary
         action to authorize the execution, delivery and performance by it of
         this Declaration of Trust;

                  (e) this Declaration of Trust has been duly authorized,
         executed and delivered by the Property Trustee and the Delaware Trustee
         and constitutes the valid and legally binding agreement of each of the
         Property Trustee and the Delaware Trustee enforceable against each of
         them in accordance with its terms, subject to bankruptcy, insolvency,
         fraudulent transfer, reorganization, moratorium and similar laws of
         general applicability relating to or affecting creditors' rights and to
         general equity principles;

                  (f) the execution, delivery and performance of this
         Declaration of Trust have been duly authorized by all necessary
         corporate or other action on the part of the Property Trustee and the
         Delaware Trustee and do not require any approval of stockholders of the
         Property Trustee and the Delaware Trustee and such execution, delivery
         and performance will not (i) violate the charter or by-laws of the
         Property Trustee or the Delaware Trustee, (ii) violate any provision
         of, or constitute, with or without notice or lapse of time, a default
         under, or result in the creation or imposition of, any Lien on any
         properties included in the Trust Property pursuant to the provisions
         of, any indenture, mortgage, credit agreement, license or other
         agreement or instrument to which the Property Trustee or the Delaware
         Trustee is a party or by which it is bound, or (iii) violate any law,
         governmental rule or regulation of the United States or the State of
         Delaware, as the case may be, governing the corporate, banking, trust
         or general powers of the Property Trustee or the Delaware Trustee (as
         appropriate in context) or any order, judgment or decree applicable to
         the Property Trustee or the Delaware Trustee;

                  (g) neither the authorization, execution or delivery by the
         Property Trustee or the Delaware Trustee of this Declaration of Trust
         nor the consummation of any of the transactions by the Property Trustee
         or the Delaware Trustee, as the case may be, contemplated herein or
         therein requires the consent or approval of, the giving of notice

<PAGE>   43
                                      -37-

         to, the registration with or the taking of any other action with
         respect to any governmental authority or agency under any existing
         Federal law governing the banking, trust or general powers of the
         Property Trustee or the Delaware Trustee (as appropriate in context) or
         under the laws of the United States or the State of Delaware; and

                  (h) there are no proceedings pending or, to the best of each
         of the Property Trustee's and the Delaware Trustee's knowledge,
         threatened against or affecting the Property Trustee or the Delaware
         Trustee in any court or before any governmental authority, agency or
         arbitration board or tribunal which, individually or in the aggregate,
         would materially and adversely affect the Trust or would question the
         right, power and authority of the Property Trustee or the Delaware
         Trustee, as the case may be, to enter into or perform its obligations
         as one of the Trustees under this Declaration of Trust.

                  Section 7.2. Representations and Warranties of Depositor.

                  The Depositor hereby represents and warrants for the benefit
of the Securityholders that:

                  (a) the Trust Securities Certificates issued at each Closing
         Date on behalf of the Trust have been duly authorized and will have
         been, duly and validly executed, issued and delivered by the Trustees
         pursuant to the terms and provisions of, and in accordance with the
         requirements of, this Declaration of Trust, and the Securityholders
         will be, as of each such date, entitled to the benefits of this
         Declaration of Trust; and

                  (b) there are no taxes, fees or other governmental charges
         payable by the Trust (or the Trustees on behalf of the Trust) under the
         laws of the State of Delaware or any political subdivision thereof in
         connection with the execution, delivery and performance by the Property
         Trustee or the Delaware Trustee, as the case may be, of this
         Declaration of Trust.

                                  ARTICLE VIII

                                  THE TRUSTEES

                  Section 8.1. Certain Duties and Responsibilities.

                  (a) The duties and responsibilities of the Trustees shall
be as provided by this Declaration of Trust and, in the case of the Property
Trustee, subject to the Trust

<PAGE>   44
                                      -38-

Indenture Act. Notwithstanding the foregoing, no provision of this Declaration
of Trust shall require the Trustees to expend or risk their own funds or
otherwise incur any financial liability in the performance of any of their
duties hereunder, or in the exercise of any of their rights or powers, if they
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
Declaration of Trust relating to the conduct or affecting the liability of or
affording protection to the Trustees shall be subject to the provisions of this
Section. Nothing in this Declaration of Trust shall be construed to release the
Property Trustee from liability for its own gross negligent action, its own
gross negligent failure to act, or its own willful misconduct. To the extent
that, at law or in equity, an Administrative Trustee has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or to the
Securityholders, such Administrative Trustee shall not be liable to the Trust or
to any Securityholder for such Trustee's good faith reliance on the provisions
of this Declaration of Trust. The provisions of this Declaration of Trust, to
the extent that they restrict the duties and liabilities of the Administrative
Trustee otherwise existing at law or in equity, are agreed by the Depositor and
the Securityholders to replace such other duties and liabilities of the
Administrative Trustee.

                  (b) All payments made by the Property Trustee or a Paying
Agent in respect of the Trust Securities shall be made only from the revenue and
proceeds from the Trust Property and only to the extent that there shall be
sufficient revenue or proceeds from the Trust Property to enable the Property
Trustee or a Paying Agent to make payments in accordance with the terms hereof.
Each Securityholder, by its acceptance of a Trust Security, agrees that it will
look solely to the revenue and proceeds from the Trust Property to the extent
legally available for distribution to it as herein provided and that the
Trustees are not personally liable to it for any amount distributable in respect
of any Trust Security or for any other liability in respect of any Trust
Security. This Section 8.1(b) does not limit the liability of the Trustees
expressly set forth elsewhere in this Declaration of Trust and, in the case of
the Property Trustee, in the Trust Indenture Act.

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

                    (i) the Property Trustee shall not be liable for any error
         of judgment made in good faith by an authorized officer of the Property
         Trustee, unless it shall be proved that the Property Trustee was
         negligent in ascertaining the pertinent facts;

                   (ii) the Property Trustee shall not be liable with respect to
         any action taken or omitted to be taken by it in good faith in
         accordance with the direction of the Holders of not less than a
         majority in Liquidation Amount of the Trust Securities relating to

<PAGE>   45
                                      -39-

         the time, method and place of conducting any proceeding for any remedy
         available to the Property Trustee, or exercising any trust or power
         conferred upon the Property Trustee under this Declaration of Trust;

                  (iii) the Property Trustee's sole duty with respect to the
         custody, safe keeping and physical preservation of the Debentures and
         the Payment Account shall be to deal with such Property in similar
         manner as the Property Trustee deals with similar property for its own
         account, subject to the protections and limitations on liability
         afforded to the Property Trustee under this Declaration of Trust and
         the Trust Indenture Act;

                   (iv) the Property Trustee shall not be liable for any
         interest on any money received by it except as it may otherwise agree
         with the Depositor; and money held by the Property Trustee need not be
         segregated from other funds held by it except in relation to the
         Payment Account maintained by the Property Trustee pursuant to Section
         3.1 and except to the extent otherwise required by law; and

                    (v) the Property Trustee shall not be responsible for
         monitoring the compliance by the Administrative Trustee or the
         Depositor with their respective duties under this Declaration of Trust,
         nor shall the Property Trustee be liable for the default or misconduct
         of the Administrative Trustee or the Depositor.

                  Section 8.2. Certain Notices.

                  Within 90 days after the occurrence of any Event of Default
actually known to the Property Trustee, the Property Trustee shall transmit, in
the manner and to the extent provided in Section 10.8, notice of such Event of
Default to the Securityholders, the Administrative Trustee and the Depositor,
unless such Event of Default shall have been cured or waived.

                  Within five Business Days after the receipt of notice of the
Depositor's exercise of its right to defer the payment of interest on the
Debentures pursuant to the Indenture, the Administrative Trustee shall transmit,
in the manner and to the extent provided in Section 10.8, notice of such
exercise to the Securityholders and the Property Trustee, unless such exercise
shall have been revoked.

                  Section 8.3. Certain Rights of Property Trustee.

                  Subject to the provisions of Section 8.1:

                  (a) the Property Trustee may rely and shall be protected in
         acting or refraining from acting in good faith upon any resolution,
         Opinion of Counsel, certificate, written representation of a Holder or
         transferee, certificate of auditors or any other

<PAGE>   46
                                      -40-

         certificate, statement, instrument, opinion, report, notice, request,
         consent, order, appraisal, 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;

                  (b) if (i) in performing its duties under this Declaration of
         Trust the Property Trustee is required to decide between alternative
         courses of action or (ii) in construing any of the provisions of this
         Declaration of Trust the Property Trustee finds the same ambiguous or
         inconsistent with any other provisions contained herein or (iii) the
         Property Trustee is unsure of the application of any provision of this
         Declaration of Trust, then, except as to any matter as to which the
         Preferred Securityholders are entitled to vote under the terms of this
         Declaration of Trust, the Property Trustee shall deliver a notice to
         the Depositor requesting written instructions of the Depositor as to
         the course of action to be taken and the Property Trustee shall take
         such action, or refrain from taking such action, as the Property
         Trustee shall be instructed in writing to take, or to refrain from
         taking, by the Depositor; provided, however, that if the Property
         Trustee does not receive such instructions of the Depositor within ten
         Business Days after it has delivered such notice, or such reasonably
         shorter period of time set forth in such notice (which to the extent
         practicable shall not be less than two Business Days), it may, but
         shall be under no duty to, take or refrain from taking such action not
         inconsistent with this Declaration of Trust as it shall deem advisable
         and in the best interests of the Securityholders, in which event the
         Property Trustee shall have no liability except for its own bad faith,
         negligence or willful misconduct;

                  (c) any direction or act of the Depositor or the
         Administrative Trustee contemplated by this Declaration of Trust shall
         be sufficiently evidenced by an Officers Certificate;

                  (d) whenever in the administration of this Declaration of
         Trust, the Property Trustee shall deem it desirable that a matter be
         established before undertaking, suffering or omitting any action
         hereunder, the Property Trustee (unless other evidence is herein
         specifically prescribed) may, in the absence of bad faith on its part,
         request and rely upon an Officers' Certificate which, upon receipt of
         such request, shall be promptly delivered by the Depositor or the
         Administrative Trustee;

                  (e) the Property Trustee shall have no duty to see to any
         recording, filing or registration of any instrument (including any
         financing or continuation statement or any filing under tax or
         securities laws) or any rerecording, refiling or reregistration
         thereof;

                  (f) the Property Trustee may consult with counsel (which
         counsel may be counsel to the Depositor or any of its Affiliates, and
         may include any of its employees)

<PAGE>   47
                                      -41-

         and the advice of such 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 and in accordance
         with such advice, such counsel may be counsel to the Depositor or any
         of its Affiliates, and may include any of its employees; the Property
         Trustee shall have the right at any time to seek instructions
         concerning the administration of this Declaration of Trust from any
         court of competent jurisdiction;

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

                  (h) the Property 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,
         consent, order, approval, bond, debenture, note or other evidence of
         indebtedness or other paper or document, unless requested in writing to
         do so by one or more Securityholders, but the Property Trustee may make
         such further inquiry or investigation into such facts or matters as it
         may see fit;

                  (i) the Property Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either directly or by
         or through its agents or attorneys, provided that the Property Trustee
         shall be responsible for its own negligence or recklessness with
         respect to selection of any agent or attorney appointed by it
         hereunder;

                  (j) whenever in the administration of this Declaration of
         Trust the Property Trustee shall deem it desirable to receive
         instructions with respect to enforcing any remedy or right or taking
         any other action hereunder the Property Trustee (i) may request
         instructions from the Holders of the Trust Securities which
         instructions may only be given by the Holders of the same proportion in
         Liquidation Amount of the Trust Securities as would be entitled to
         direct the Property Trustee under the terms of the Trust Securities in
         respect of such remedy, right or action, (ii) may refrain from
         enforcing such remedy or right or taking such other action until such
         instructions are received, and (iii) shall be protected in acting in
         accordance with such instructions; and

                  (k) except as otherwise expressly provided by this Declaration
         of Trust, the Property Trustee shall not be under any obligation to
         take any action that is discretionary under the provisions of this
         Declaration of Trust.

                  No provision of this Declaration of Trust shall be deemed to
impose any duty or obligation on the Property Trustee to perform any act or acts
or exercise any right, power,

<PAGE>   48
                                      -42-

duty or obligation conferred or imposed on it, in any jurisdiction in which it
shall be illegal, or in which the Property Trustee shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts,
or to exercise any such right, power, duty or obligation. No permissive power or
authority available to the Property Trustee shall be construed to be a duty.

                  Section 8.4. Not Responsible for Recitals or Issuance of
                               Securities.

                  The recitals contained herein and in the Trust Securities
Certificates shall be taken as the statements of the Depositor, and the Trustees
do not assume any responsibility for their correctness. The Trustees shall not
be accountable for the use or application by the Depositor of the proceeds of
the Debentures.

                  Section 8.5. May Hold Securities.

                  Any Trustee or any other agent of any Trustee or the Trust, in
its individual or any other capacity, may become the owner or pledgee of Trust
Securities and, subject to Sections 8.8 and 8.13 and except as provided in the
definition of the term "Outstanding" in Article I, may otherwise deal with the
Trust with the same rights it would have if it were not a Trustee or such other
agent.

                  Section 8.6. Compensation; Indemnity; Fees.

                  Pursuant to the Indenture, the Depositor, as borrower, agrees:

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

                  (b) except as otherwise expressly provided herein, to
         reimburse the Trustees upon request for all reasonable expenses,
         disbursements and advances incurred or made by the Trustees in
         accordance with any provision of this Declaration of Trust (including
         the reasonable compensation and the expenses and disbursements of its
         agents and counsel), except any such expense, disbursement or advance
         as may be attributable to its negligence or bad faith; and

                  (c) to the fullest extent permitted by applicable law, to
         indemnify and hold harmless (i) each Trustee, (ii) any Affiliate of any
         Trustee, (iii) any officer, director, shareholder, employee,
         representative or agent of any Trustee, and (iv) any employee or agent
         of the Trust or its Affiliates, (referred to herein as an "Indemnified
         Person") from and against any loss, damage, liability, tax, penalty,
         expense or claim of any kind

<PAGE>   49
                                      -43-

         or nature whatsoever incurred by such Indemnified Person by reason of
         the creation, operation or termination of the Trust or any act or
         omission performed or omitted by such Indemnified Person in good faith
         on behalf of the Trust and in a manner such Indemnified Person
         reasonably believed to be within the scope of authority conferred on
         such Indemnified Person by this Declaration of Trust, except that no
         Indemnified Person shall be entitled to be indemnified in respect of
         any loss, damage or claim incurred by such Indemnified Person by reason
         of gross negligence or willful misconduct with respect to such acts or
         omissions.

                  (d) to the fullest extent permitted by applicable law, to
         advance expenses (including legal fees) incurred by an Indemnified
         Person in defending any claim, demand, action, suit or proceeding, from
         time to time, prior to the final disposition of such claim, demand,
         action, suit or proceeding upon receipt by the Depositor of (i) a
         written affirmation by or on behalf of the Indemnified Person of its or
         his good faith belief that it or he has met the standard of conduct set
         forth in this Section 8.6 and (ii) an undertaking by or on behalf of
         the Indemnified Person to repay such amount if it shall be determined
         that the Indemnified Person is not entitled to be indemnified as
         authorized in the preceding subsection.

                  The provisions of this Section 8.6 shall survive the
termination of this Declaration of Trust or the resignation or removal of any
Trustee.

                  No Trustee may claim any lien or charge on any Trust Property
as a result of any amount due pursuant to this Section 8.6.

                  Section 8.7. Corporate Property Trustee Required; Eligibility
of Trustees.

                  (a) There shall at all times be a Property Trustee
hereunder with respect to the Trust Securities. The Property 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, 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 Property Trustee with respect to the
Trust Securities 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.

                  (b) There shall at all times be one or more
Administrative Trustees hereunder with respect to the Trust Securities. Each
Administrative Trustee shall be either a

<PAGE>   50
                                      -44-

natural person who is at least 21 years of age or a legal entity that shall act
through one or more persons authorized to bind that entity.

                  (c) There shall at all times be a Delaware Trustee with
respect to the Trust Securities. The Delaware Trustee shall either be (i) a
natural person who is at least 21 years of age and a resident of the State of
Delaware or (ii) a legal entity with its principal place of business in the
State of Delaware and that otherwise meets the requirements of applicable
Delaware law that shall act through one or more persons authorized to bind such
entity.

                  Section 8.8. Conflicting Interests.

                  If the Property Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Property 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
Declaration of Trust. The Depositor and any Trustee may engage in or possess an
interest in other business ventures of any nature or description, independently
or with others, similar or dissimilar to the business of the Trust, and the
Trust and the Holders of Trust Securities shall have no rights by virtue of this
Declaration of Trust in and to such independent ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper. Neither the Depositor, nor any Trustee, shall be obligated to present
any particular investment or other opportunity to the Trust even if such
opportunity is of a character that, if presented to the Trust, could be taken by
the Trust, and the Depositor or any Trustee shall have the right to take for its
own account (individually or as a partner or fiduciary) or to recommend to
others any such particular investment or other opportunity. Any Trustee may
engage or be interested in any financial or other transaction with the Depositor
or any Affiliate of the Depositor, or may act as depository for, trustee or
agent for, or act on any committee or body of holders of, securities or other
obligations of the Depositor or its Affiliates.

                  Section 8.9. Co-Trustees and Separate Trustee.

                  Unless an Event of Default shall have occurred and be
continuing, at any time or times, for the purpose of meeting the legal
requirements of the Trust Indenture Act or of any jurisdiction in which any part
of the Trust Property may at the time be located, the Depositor and the
Administrative Trustee, by agreed action of the majority of such Trustees, shall
have power to appoint, and upon the written request of the Administrative
Trustee, the Depositor shall for such purpose join with the Administrative
Trustee in the execution, delivery, and performance of all instruments and
agreements necessary or proper to appoint, one or more Persons approved by the
Property Trustee either to act as co-trustee jointly with the Property Trustee,
of all or any part of such Trust Property, or to the extent required by law to
act as separate trustee of any such property, in either case with such powers as
may be provided in the instrument of appointment, and to vest in such Person or
Persons in the capacity

<PAGE>   51
                                      -45-

aforesaid, any property, title, right or power deemed necessary or desirable,
subject to the other provisions of this Section. If the Depositor does not join
in such appointment within 15 days after the receipt by it of a request so to
do, or in case a Debenture Event of Default has occurred and is continuing, the
Property Trustee alone shall have power to make such appointment. Any co-trustee
or separate trustee appointed pursuant to this Section shall either be (i) a
natural person who is at least 21 years of age and a resident of the United
States or (ii) a legal entity with its principal place of business in the United
States that shall act through one or more persons authorized to bind such
entity.

                  Should any written instrument from the Depositor be required
by any co-trustee or separate trustee so appointed for more fully confirming to
such co-trustee or separate trustee such property, title, right, or power, any
and all such instruments shall, on request, be executed, acknowledged and
delivered by the Depositor.

                  Every co-trustee or separate trustee shall, to the extent
permitted by law, but to such extent only, be appointed subject to the following
terms, namely:

                  (a) The Trust Securities shall be executed and delivered and
         all rights, powers, duties, and obligations hereunder in respect of the
         custody of securities, cash and other personal property held by, or
         required to be deposited or pledged with, the Trustees specified
         hereunder, shall be exercised, solely by such Trustees and not by such
         co-trustee or separate trustee.

                  (b) The rights, powers, duties, and obligations hereby
         conferred or imposed upon the Property Trustee in respect of any
         property covered by such appointment shall be conferred or imposed upon
         and exercised or performed by the Property Trustee or by the Property
         Trustee and such co-trustee or separate trustee jointly, as shall be
         provided in the instrument appointing such co-trustee or separate
         trustee, except to the extent that under any law of any jurisdiction in
         which any particular act is to be performed, the Property Trustee shall
         be incompetent or unqualified to perform such act, in which event such
         rights, powers, duties and obligations shall be exercised and performed
         by such co-trustee or separate trustee.

                  (c) The Property Trustee at any time, by an instrument in
         writing executed by it, with the written concurrence of the Depositor,
         may accept the resignation of or remove any co-trustee or separate
         trustee appointed under this Section, and, in case a Debenture Event of
         Default has occurred and is continuing, the Property Trustee shall have
         power to accept the resignation of, or remove, any such co-trustee or
         separate trustee without the concurrence of the Depositor. Upon the
         written request of the Property Trustee, the Depositor shall join with
         the Property Trustee in the execution, delivery and performance of all
         instruments and agreements necessary or proper to

<PAGE>   52
                                      -46-

         effectuate such resignation or removal. A successor to any co-trustee
         or separate trustee so resigned or removed may be appointed in the
         manner provided in this Section.

                  (d) No co-trustee or separate trustee hereunder shall be
         personally liable by reason of any act or omission of the Property
         Trustee or any other trustee hereunder.

                  (e) The Property Trustee shall not be liable by reason of any
         act of a co-trustee or separate trustee.

                  (f) Any Act of Holders delivered to the Property Trustee shall
         be deemed to have been delivered to each such co-trustee and separate
         trustee.

                  Section 8.10. Resignation and Removal, Appointment of
                                Successor.

                  No resignation or removal of any Trustee (the "Relevant
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 8.11.

                  Subject to the immediately preceding paragraph, the Relevant
Trustee may resign at any time by giving written notice thereof to the
Securityholders. If the instrument of acceptance by the successor Trustee
required by Section 8.11 shall not have been delivered to the Relevant Trustee
within 30 days after the giving of such notice of resignation, the Relevant
Trustee may petition (pursuant to the Indenture, at the expense of the
Depositor), any court of competent jurisdiction for the appointment of a
successor Relevant Trustee.

                  Unless a Debenture Event of Default shall have occurred and be
continuing, any Trustee may be removed at any time by Act of the Common
Securityholder. If a Debenture Event of Default shall have occurred and be
continuing, the Property Trustee or the Delaware Trustee, or both of them, may
be removed at such time by Act of the Holders of a majority in Liquidation
Amount of the Preferred Securities, delivered to the Relevant Trustee (in its
individual capacity and on behalf of the Trust). An Administrative Trustee may
be removed by the Common Securityholder at any time.

                  If any Trustee shall resign, be removed or become incapable of
acting as Trustee, or if a vacancy shall occur in the office of any Trustee for
any cause, at a time when no Debenture Event of Default shall have occurred and
be continuing, the Common Securityholder, by Act of the Common Securityholder
delivered to the retiring Trustee, shall promptly appoint a successor Trustee or
Trustees, and the retiring Trustee shall comply with the applicable requirements
of Section 8.11. If the Property Trustee or the Delaware Trustee shall resign,
be removed or become incapable of continuing to act as the Property Trustee or
the

<PAGE>   53
                                      -47-

Delaware Trustee, as the case may be, at a time when a Debenture Event of
Default shall have occurred and be continuing, the Preferred Securityholders, by
Act of the Securityholders of a majority in Liquidation Amount of the Preferred
Securities then Outstanding delivered to the retiring Relevant Trustee, shall
promptly appoint a successor Relevant Trustee or Trustees, and such successor
Trustee shall comply with the applicable requirements of Section 8.11.

                  If an Administrative Trustee shall resign, be removed or
become incapable of acting as Administrative Trustee, at a time when a Debenture
Event of Default shall have occurred and be continuing, the Common
Securityholder by Act of the Common Securityholder delivered to the
Administrative Trustee shall promptly appoint a successor Administrative Trustee
or Administrative Trustee and such successor Administrative Trustee or Trustees
shall comply with the applicable requirements of Section 8.11. If no successor
Relevant Trustee shall have been so appointed by the Common Securityholder or
the Preferred Securityholders and accepted appointment in the manner required by
Section 8.11, any Securityholder who has been a Securityholder of Trust
Securities 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 Relevant Trustee.

                  The Property Trustee shall give notice of each resignation and
each removal of a Trustee and each appointment of a successor Trustee to all
Securityholders in the manner provided in Section 10.8 and shall give notice to
the Depositor. Each notice shall include the name of the successor Relevant
Trustee and the address of its Corporate Trust Office if it is the Property
Trustee.

                  Notwithstanding the foregoing or any other provision of this
Declaration of Trust, in the event any Administrative Trustee or a Delaware
Trustee who is a natural person dies or becomes, in the opinion of the
Depositor, incompetent or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by (a) the unanimous act of remaining
Administrative Trustee if there are at least two of them or (b) otherwise by the
Depositor (with the successor in each case being a Person who satisfies the
eligibility requirement for Administrative Trustee or Delaware Trustee, as the
case may be, set forth in Section 8.7).

                  Section 8.11. Acceptance of Appointment by Successor.

                  In case of the appointment hereunder of a successor Relevant
Trustee, the retiring Relevant Trustee and each successor Relevant Trustee with
respect to the Trust Securities shall execute and deliver an amendment hereto
wherein each successor Relevant Trustee shall accept such appointment and which
(a) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, each successor Relevant Trustee all the rights,
powers, trusts and duties of the retiring Relevant Trustee with respect to the
Trust Securities and the Trust and (b) shall add to or change any of the
provisions of this

<PAGE>   54
                                      -48-

Declaration of Trust as shall be necessary to provide for or facilitate the
administration of the Trust by more than one Relevant Trustee, it being
understood that nothing herein or in such amendment shall constitute such
Relevant Trustees co-trustees and upon the execution and delivery of such
amendment the resignation or removal of the retiring Relevant Trustee shall
become effective to the extent provided therein and each such successor Relevant
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Relevant Trustee; but,
on request of the Trust or any successor Relevant Trustee such retiring Relevant
Trustee shall duly assign, transfer and deliver to such successor Relevant
Trustee all Trust Property, all proceeds thereof and money held by such retiring
Relevant Trustee hereunder with respect to the Trust Securities and the Trust.

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

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

                  Section 8.12. Merger, Conversion, Consolidation or Succession
                                to Business.

                  Any corporation into which the Property Trustee or the
Delaware 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 such Relevant Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of such Relevant Trustee, shall be the successor of such Relevant 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.

                  Section 8.13. Preferential Collection of Claims Against
                                Depositor or Trust.

                  If and when the Property Trustee or the Delaware Trustee shall
be or become a creditor of the Depositor or the Trust (or any other obligor upon
the Debentures or the Trust Securities), the Property Trustee or the Delaware
Trustee, as the case may be, shall be subject to and shall take all actions
necessary in order to comply with the provisions of the Trust Indenture Act
regarding the collection of claims against the Depositor or Trust (or any such
other obligor).

<PAGE>   55
                                      -49-

                  Section 8.14. Reports by the Property Trustee.

                  (a) The Property Trustee shall transmit to Securityholders
such reports concerning the Property Trustee and its actions under this
Declaration of Trust as may be required pursuant to the Trust Indenture Act at
the times and in the manner provided pursuant thereto. If required by Section
313(a) of the Trust Indenture Act, the Property Trustee shall, within sixty days
after each June 30 following the date of this Declaration of Trust deliver to
Securityholders a brief report, dated as of such June 30, which complies with
the provisions of such Section 313(a).

                  (b) A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Property Trustee with each national
stock exchange, the Nasdaq National Market or such other interdealer quotation
system or self-regulatory organization upon which the Trust Securities are
listed or traded, with the Commission and with the Depositor.

                  Section 8.15. Reports to the Property Trustee.

                  The Depositor and the Administrative Trustee on behalf of the
Trust shall provide to the Property Trustee such documents, reports and
information as required by Section 314 of the Trust Indenture Act (if any) and
the compliance certificate required by Section 314(a) of the Trust Indenture Act
in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

                  Section 8.16. Evidence of Compliance with Conditions
                                Precedent.

                  Each of the Depositor and the Administrative Trustee on behalf
of the Trust shall provide to the Property Trustee such evidence of compliance
with any conditions precedent, if any, provided for in this Declaration of Trust
that relate to any of the matters set forth in Section 314(c) of the Trust
Indenture Act. Any certificate or opinion required to be given by an officer
pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given in the
form of an Officers' Certificate.

                  Section 8.17. Number of Trustees.

                  (a) The number of Trustees shall be three, provided that
the Holder of all of the Common Securities by written instrument may increase or
decrease the number of Administrative Trustees. The Property Trustee and the
Delaware Trustee may be the same Person, subject to the applicable eligibility
requirements set forth herein.

                  (b) If a Trustee ceases to hold office for any reason and
the number of Administrative Trustees is not reduced pursuant to Section
8.17(a), or if the number of Trustees

<PAGE>   56
                                      -50-

is increased pursuant to Section 8.17(a), a vacancy shall occur. The vacancy
shall be filled with a Trustee appointed in accordance with Section 8.10.

                  (c) The death, resignation, retirement, removal, bankruptcy,
incompetence or incapacity to perform the duties of a Trustee shall not operate
to annul, dissolve or terminate the Trust. Whenever a vacancy in the number of
Administrative Trustees shall occur, until such vacancy is filled by the
appointment of an Administrative Trustee in accordance with Section 8.10, the
Administrative Trustees in office, regardless of their number (and
notwithstanding any other provision of this Agreement), shall have all the
powers granted to the Administrative Trustees and shall discharge all the duties
imposed upon the Administrative Trustees by this Declaration of Trust.

                  Section 8.18. Delegation of Power.

                  (a) Any Administrative Trustee may, by power of attorney
consistent with applicable law, delegate to any other natural person over the
age of 21 his or her power for the purpose of executing any documents
contemplated in Section 2.7(a), including any registration statement or
amendment thereto filed with the Commission, or making any other governmental
filing; and

                  (b) The Administrative Trustee shall have power to delegate
from time to time to such of their number or to the Depositor the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Administrative Trustee or otherwise as the Administrative
Trustee may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of this Declaration of Trust, as
set forth herein.

                                   ARTICLE IX

                       TERMINATION, LIQUIDATION AND MERGER

                  Section 9.1. Dissolution Upon Expiration Date.

                  Unless earlier dissolved, the Trust shall automatically
dissolve on [ ], [ ] (the "Expiration Date"). Thereafter, the Trust Property
shall be distributed in accordance with Section 9.4.

                  Section 9.2. Early Dissolution.

                  The first to occur of any of the following events is an "Early
Termination Event", the occurrence of which shall cause a dissolution of the
Trust:

<PAGE>   57
                                      -51-

                  (a) the occurrence of a Bankruptcy Event in respect of, or the
         dissolution or liquidation of, the Depositor;

                  (b) the occurrence of (i) a Tax Event, but only if the
         Administrative Trustees shall have received an opinion from independent
         tax counsel experienced in such matters, which opinion may rely on
         published revenue rulings of the Internal Revenue Service, to the
         effect that the holders of the Preferred Securities will not recognize
         any gain or loss for United States federal income tax purposes as a
         result of such Early Termination Event and distribution of Debentures;
         unless at the time there is available to the Trust the opportunity to
         eliminate, within such 90 day period, the Tax Event by taking some
         ministerial action, such as filing a form or making an election, or
         pursuing some other similar reasonable measure, which has no adverse
         effect on the Trust, Burlington Resources Inc. or the holders of the
         Preferred Securities, and the Trust pursues such measure in lieu of
         dissolution; or (ii) an Investment Company Event;

                  (c) the written direction to the Property Trustee from the
         Depositor at any time (which direction is optional and wholly within
         the discretion of the Depositor) to dissolve the Trust and distribute
         Debentures to Securityholders in exchange for the Preferred Securities;

                  (d) the redemption of all of the Preferred Securities; and

                  (e) the entry of an order for dissolution of the Trust by a
         court of competent jurisdiction.

                  Section 9.3. Termination.

                  As soon as is practicable after the occurrence of an event
referred to in Section 9.1 or 9.2, and upon the completion of the winding up and
liquidation of the Trust under Section 9.4, the Trustees (each of whom is hereby
authorized to take such action) shall file a certificate of cancellation with
the Secretary of State of the State of Delaware terminating the Trust and, upon
such filing, the respective obligations and responsibilities of the Trustees and
the Trust created and continued hereby shall terminate.

                  Section 9.4. Liquidation.

                  (a) If an Early Termination Event specified in clause
(a), (b) or (d) of Section 9.2 occurs or upon the Expiration Date, the Trust
shall be liquidated by the Trustees as expeditiously as the Trustees determine
to be possible by distributing, after satisfaction of liabilities to creditors
of the Trust as provided by applicable law, to each Securityholder a Like Amount
of Debentures, subject to Section 9.4(d). Notice of liquidation shall be given
by the Property Trustee by first-class mail, postage prepaid mailed not later
than 30 nor more than

<PAGE>   58
                                      -52-

60 days prior to the Liquidation Date to each Holder of Trust Securities at such
Holder's address appearing in the Securities Register. All notices of
liquidation shall:

                  (i) state the Liquidation Date;

                  (ii) state that from and after the Liquidation Date, the Trust
         Securities will no longer be deemed to be Outstanding and any Trust
         Securities Certificates not surrendered for exchange will be deemed to
         represent a Like Amount of Debentures; and

                  (iii) provide such information with respect to the mechanics
         by which Holders may exchange Trust Securities Certificates for
         Debentures, or if Section 9.4(d) applies receive a Liquidation
         Distribution, as the Administrative Trustee or the Property Trustee
         shall deem appropriate.

                  (b) Except where Section 9.2(c) or 9.4(d) applies, in order to
effect the liquidation of the Trust and distribution of the Debentures to
Securityholders, the Property Trustee shall establish a record date for such
distribution (which shall be not more than 45 days prior to the Liquidation
Date) and, either itself acting as exchange agent or through the appointment of
a separate exchange agent, shall establish such procedures as it shall deem
appropriate to effect the distribution of Debentures in exchange for the
Outstanding Trust Securities Certificates.

                  (c) Except where Section 9.2(c) or 9.4(d) applies, after the
Liquidation Date, (i) the Trust Securities will no longer be deemed to be
Outstanding, (ii) certificates representing a Like Amount of Debentures will be
issued to Holders of Trust Securities Certificates, upon surrender of such
certificates to the Administrative Trustee or their agent for exchange, (iii)
the Depositor shall use its reasonable efforts to have the Debentures listed on
the New York Stock Exchange or on such other exchange, interdealer quotation
system or self-regulatory organization as the Preferred Securities are then
listed, (iv) any Trust Securities Certificates not so surrendered for exchange
will be deemed to represent a Like Amount of Debentures, accruing interest at
the rate provided for in the Debentures from the last Distribution Date on which
a Distribution was made on such Trust Securities Certificates until such
certificates are so surrendered (and until such certificates are so surrendered,
no payments of interest or principal will be made to Holders of Trust Securities
Certificates with respect to such Debentures) and (v) all rights of
Securityholders holding Trust Securities will cease, except the right of such
Securityholders to receive Debentures upon surrender of Trust Securities
Certificates.

                  (d) In the event that, upon the Expiration Date or the
occurrence of an Early Termination Event, notwithstanding the other provisions
of this Section 9.4, whether because of an order for dissolution entered by a
court of competent jurisdiction or otherwise, distribution of the Debentures in
the manner provided herein is determined by the Property

<PAGE>   59
                                      -53-

Trustee not to be practical, the Trust Property shall be liquidated, and the
Trust shall be wound-up by the Property Trustee in such manner as the Property
Trustee determines. In such event, Securityholders will be entitled to receive
out of the assets of the Trust available for distribution to Securityholders,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, an amount equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the "Liquidation Distribution"). If, upon any such winding-up, the
Liquidation Distribution can be paid only in part because the Trust has
insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable
by the Trust on the Trust Securities shall be paid on a pro rata basis (based
upon Liquidation Amounts). The Holder of the Common Securities will be entitled
to receive Liquidation Distributions upon any such winding-up pro rata
(determined as aforesaid) with Holders of Preferred Securities, except that, if
a Debenture Event of Default has occurred and is continuing, the Preferred
Securities shall have a priority over the Common Securities.

                  Section 9.5. Mergers, Consolidations, Amalgamations or
                               Replacements of the Trust.

                  The Trust may not merge with or into, consolidate, convert
into, amalgamate, or be replaced by, or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, except pursuant to this
Section 9.5 or Section 9.4. At the request of the Depositor, with the consent of
the Administrative Trustee and without the consent of the Holders of the
Preferred Securities, the Property Trustee or the Delaware Trustee, the Trust
may merge with or into, consolidate, convert into, amalgamate, or be replaced by
or convey, transfer or lease its properties and assets substantially as an
entirety to a trust organized as such under the laws of any State; provided,
that (i) such successor entity either (a) expressly assumes all of the
obligations of the Trust with respect to the Preferred Securities or (b)
substitutes for the Preferred Securities other securities having substantially
the same terms as the Preferred Securities (the "Successor Securities") so long
as the Successor Securities rank the same as the Preferred Securities rank in
priority with respect to distributions and payments upon liquidation, redemption
and otherwise, (ii) the Depositor expressly appoints a trustee of such successor
entity possessing the same powers and duties as the Property Trustee as the
holder of the Debentures, (iii) the Successor Securities are listed or traded,
or any Successor Securities will be listed upon notification of issuance, on any
national securities exchange or other organization on which the Preferred
Securities are then listed or traded, if any, (iv) such merger, consolidation,
conversion, amalgamation, replacement, conveyance, transfer or lease does not
cause the Preferred Securities (including any Successor Securities) to be
downgraded by any nationally recognized statistical rating organization, (v)
such merger, consolidation, conversion, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and
privileges of the holders of the Preferred Securities (including any Successor
Securities) in any material respect, (vi) such successor entity has a purpose

<PAGE>   60
                                      -54-

substantially identical to that of the Trust, (vii) prior to such merger,
consolidation, conversion, amalgamation, replacement, conveyance, transfer or
lease, the Depositor has received an Opinion of Counsel to the effect that (a)
such merger, consolidation, conversion, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and
privileges of the holders of the Preferred Securities (including any Successor
Securities) in any material respect, and (b) following such merger,
consolidation, conversion, amalgamation, replacement, conveyance, transfer or
lease, neither the Trust nor such successor entity will be required to register
as an investment company under the 1940 Act and (viii) the Depositor owns all of
the common securities of such successor entity and guarantees the obligations of
such successor entity under the Successor Securities at least to the extent
provided by the Guarantee. Notwithstanding the foregoing, the Trust shall not,
except with the consent of Holders of 100% in Liquidation Amount of the
Preferred Securities, consolidate, amalgamate, merge with or into, convert into
or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other Person or permit any other entity to
consolidate, amalgamate, merge with or into, or replace it if such
consolidation, conversion, amalgamation, merger, replacement, conveyance,
transfer or lease would cause the Trust or the successor entity to be classified
as other than a grantor trust for United States Federal income tax purposes.

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

                  Section 10.1. Limitation of Rights of Securityholders.

                  The death, incapacity, dissolution, bankruptcy or termination
of any Person having an interest, beneficial or otherwise, in Trust Securities
shall not operate to terminate this Declaration of Trust nor dissolve, terminate
or annul the Trust nor entitle the legal representatives or heirs of such Person
or any Securityholder for such person, to claim an accounting, take any action
or bring any proceeding in any court for a partition or winding-up of the
arrangements contemplated hereby, nor otherwise affect the rights, obligations
and liabilities of the parties hereto or any of them.

                  Section 10.2. Amendment.

                  (a) This Declaration of Trust may be amended from time to time
by the Trustees and the Depositor, without the consent of any Securityholders,
(i) to cure any ambiguity, correct or supplement any provision herein which may
be inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Declaration of Trust,
which shall not be inconsistent with the other provisions of

<PAGE>   61
                                      -55-

this Declaration of Trust, or (ii) to modify, eliminate or add to any provisions
of this Declaration of Trust to such extent as shall be necessary to ensure that
the Trust will be classified for United States Federal income tax purposes as a
grantor trust at all times that any Trust Securities are outstanding or to
ensure that the Trust will not be required to register as an investment company
under the 1940 Act; provided, however, that in the case of clause (ii), such
action shall not adversely affect in any material respect the interests of any
Securityholder, and any such amendments of this Declaration of Trust shall
become effective when notice thereof is given to the Securityholders.

                  (b) Except as provided in Section 6.1(c) or Section 10.2(c)
hereof, any provision of this Declaration of Trust may be amended by the
Trustees and the Depositor with (i) the consent of Trust Securityholders
representing not less than a majority (based upon Liquidation Amounts) of the
Trust Securities then Outstanding and (ii) receipt by the Trustees of an Opinion
of Counsel to the effect that such amendment or the exercise of any power
granted to the Trustees in accordance with such amendment will not affect the
Trust's status as a grantor trust for United States Federal income tax purposes
or the Trust's exemption from status of an investment company under the 1940
Act.

                  (c) In addition to and notwithstanding any other provision in
this Declaration of Trust, without the consent of each affected Securityholder,
this Declaration of Trust may not be amended to (i) change the amount or timing
of any Distribution on the Trust Securities or otherwise adversely affect the
amount of any Distribution required to be made in respect of the Trust
Securities as of a specified date or (ii) restrict the right of a Securityholder
to institute suit for the enforcement of any such payment on or after such date;
notwithstanding any other provision herein, without the unanimous consent of the
Securityholders, this paragraph (c) of this Section 10.2 may not be amended.

                  (d) Notwithstanding any other provisions of this Declaration
of Trust, no Trustee shall enter into or consent to any amendment to this
Declaration of Trust which would cause the Trust to fail or cease to qualify for
the exemption from status of an investment company under the 1940 Act or fail or
cease to be classified as a grantor trust for United States Federal income tax
purposes.

                  (e) Notwithstanding anything in this Declaration of Trust to
the contrary, this Declaration of Trust may not be amended in a manner which
imposes any additional obligation on the Depositor, the Property Trustee or the
Delaware Trustee without the consent of the Depositor, the Property Trustee or
the Delaware Trustee, as the case may be.

                  (f) In the event that any amendment to this Declaration of
Trust is made, the Administrative Trustee shall promptly provide to the
Depositor a copy of such amendment.

<PAGE>   62
                                      -56-

                  (g) Neither the Property Trustee nor the Delaware Trustee
shall be required to enter into any amendment to this Declaration of Trust which
affects its own rights, duties or immunities under this Declaration of Trust.
The Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers' Certificate stating that any amendment to this Declaration of Trust is
in compliance with this Declaration of Trust.

                  Section 10.3. Separability.

                  In case any provision in this Declaration of Trust or in the
Trust Securities Certificates 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 10.4. Governing Law.

                  THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
SECURITYHOLDERS, THE TRUST, THE DEPOSITOR AND THE TRUSTEES SHALL BE GOVERNED BY
AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND ALL
RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF DELAWARE OR ANY OTHER
JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE LAW OF ANY OTHER
JURISDICTION OTHER THAN THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT THERE
SHALL NOT BE APPLICABLE TO THE SECURITYHOLDERS, THE TRUST, THE DEPOSITOR, THE
TRUSTEES OR THIS TRUST AGREEMENT ANY PROVISION OF THE LAWS (STATUTORY OR COMMON)
OF THE STATE OF DELAWARE PERTAINING TO TRUSTS THAT RELATE TO OR REGULATE, IN A
MANNER INCONSISTENT WITH THE TERMS HEREOF (A) THE FILING WITH ANY COURT OR
GOVERNMENT BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND
CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS,
AGENTS OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER
GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL
OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS,
AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES
TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE
NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO
THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR INVESTING TRUST ASSETS OR (G)
THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OF RESPONSIBILITY OR
LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES THAT ARE

<PAGE>   63
                                      -57-

INCONSISTENT WITH THE LIMITATIONS OR LIABILITIES OR AUTHORITIES AND POWERS OF
THE TRUSTEES AS SET FORTH OR REFERENCED IN THIS TRUST AGREEMENT. SECTION 3540 OF
TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE TRUST.

                  Section 10.5. Payments Due on Non-Business Day.

                  If the date fixed for any payment on any Trust Security shall
be a day that is not a Business Day, then such payment need not be made on such
date but may be made on the next succeeding day that is a Business Day (except
as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and
effect as though made on the date fixed for such payment, and no interest shall
accrue thereon for the period after such date.

                  Section 10.6. Successors.

                  This Declaration of Trust shall be binding upon and shall
inure to the benefit of any successor to the Depositor, the Trust or the
Relevant Trustee, including any successor by operation of law. Except in
connection with transactions permitted under Article 5 of the Indenture and
pursuant to which the assignee agrees in writing to perform the Depositor's
obligations hereunder, the Depositor shall not assign its obligations hereunder.

                  Section 10.7. Headings.

                  The Article and Section headings are for convenience only and
shall not affect the construction of this Declaration of Trust.

                  Section 10.8. Reports, Notices and Demands.

                  Any report, notice, demand or other communication which by any
provision of this Declaration of Trust is required or permitted to be given or
served to or upon any Securityholder or the Depositor may be given or served in
writing by deposit thereof, first-class postage prepaid, in the United States
mail, hand delivery or facsimile transmission, in each case, addressed, (a) in
the case of a Preferred Securityholder, to such Preferred Securityholder as such
Securityholder's name and address may appear on the Securities Register; and (b)
in the case of the Common Securityholder or the Depositor, to Burlington
Resources Inc., 5051 Westheimer, Suite 1400, Houston, Texas 77056, Attention:
Chief Financial Officer, facsimile no.: [ ]. Such notice, demand or other
communication to or upon a Securityholder shall be deemed to have been
sufficiently given or made, for all purposes, upon hand delivery, mailing or
transmission.

                  Any notice, demand or other communication which by any
provision of this Declaration of Trust is required or permitted to be given or
served to or upon the Trust, the

<PAGE>   64
                                      -58-

Property Trustee, the Delaware Trustee or the Administrative Trustee shall be
given in writing addressed (until another address is published by the Trust) as
follows: (a) with respect to the Property Trustee to The Chase Manhattan Bank,
[ ], Attention: [ ]; (b) with respect to the Delaware Trustee, to Chase
Manhattan Bank Delaware, 1201 Market Street, Wilmington, Delaware 19801,
Attention: [ ]; and (c) with respect to the Administrative Trustee, to them at
the address above for notices to the Depositor, marked "Attention Administrative
Trustee of Burlington Resources Capital II." Such notice, demand or other
communication to or upon the Trust or the Property Trustee shall be deemed to
have been sufficiently given or made only upon actual receipt of the writing by
the Trust or the Property Trustee.

                  Section 10.9. Agreement Not to Petition.

                  Each of the Trustees and the Depositor agree for the benefit
of the Securityholders that, until at least one year and one day after the Trust
has been terminated in accordance with Article IX, they shall not file, or join
in the filing of, a petition against the Trust under any bankruptcy, insolvency,
reorganization or other similar law (including, without limitation, the United
States Bankruptcy Code) (collectively, "Bankruptcy Laws") or otherwise join in
the commencement of any proceeding against the Trust under any Bankruptcy Law.
In the event the Depositor takes action in violation of this Section 10.9, the
Property Trustee agrees, for the benefit of Securityholders, that at the expense
of the Depositor, it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such petition by the Depositor against the Trust
or the commencement of such action and raise the defense that the Depositor has
agreed in writing not to take such action and should be stopped and precluded
therefrom and such other defenses, if any, as counsel for the Trustee or the
Trust may assert. The provisions of this Section 10.9 shall survive the
termination of this Declaration of Trust.

                  Section 10.10. Trust Indenture Act; Conflict with Trust
                                 Indenture Act.

                  (a) This Declaration of Trust is subject to the provisions of
the Trust Indenture Act that are required to be part of this Declaration of
Trust and shall, to the extent applicable, be governed by such provisions.

                  (b) The Property Trustee shall be the only Trustee which is a
trustee for the purposes of the Trust Indenture Act.

                  (c) If any provision hereof limits, qualifies or conflicts
with another provision hereof which is required to be included in this
Declaration of Trust by any of the provisions of the Trust Indenture Act, such
required provision shall control. If any provision of this Declaration of Trust
modifies or excludes any provision of the Trust Indenture Act which may

<PAGE>   65
                                      -59-

be so modified or excluded, the latter provision shall be deemed to apply to
this Declaration of Trust as so modified or excluded, as the case may be.

                  (d) The application of the Trust Indenture Act to this
Declaration of Trust shall not affect the nature of the Securities as equity
securities representing undivided beneficial ownership interests in the assets
of the Trust.

                  Section 10.11. Acceptance of Terms of Declaration of Trust,
                                 Guarantee and Indenture.

                  THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST
THEREIN BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY
SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL
ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL OWNERSHIP
INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE
GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST,
SUCH SECURITYHOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND
SUCH SECURITYHOLDER AND SUCH OTHERS.

<PAGE>   66

                                       S-1

                  THIS DECLARATION OF TRUST is executed as of the date first
above written.

                          BURLINGTON RESOURCES INC.

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

                          [          ],
                          as Property Trustee

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

                          [          ],
                          as Delaware Trustee

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

                          [          ],
                          as Administrative Trustee

<PAGE>   67

                                                                       EXHIBIT A

<PAGE>   68

                                                                       EXHIBIT B

<PAGE>   69

                                                                       EXHIBIT C

          THIS CERTIFICATE IS NOT TRANSFERABLE OTHER THAN IN ACCORDANCE
                  WITH THE TRUST AGREEMENT (AS DEFINED BELOW)

Certificate Number: C-1                      Number Of Common Securities: [    ]
CUSIP No.:

                    Certificate Evidencing Common Securities

                                       of

                         BURLINGTON RESOURCES CAPITAL II

                             [ ]% Common Securities
                  (Liquidation Amount $[ ] Per Common Security)

                  Burlington Resources Capital II, a statutory business trust
created under the laws of the State of Delaware (the "Trust"), hereby certifies
that Burlington Resources Inc. (the "Holder") is the registered owner of [ ]
common securities of the Trust representing undivided beneficial ownership
interests of the Trust and designated the [ ]% Common Securities (liquidation
amount $[ ] per Common Security) (the "Common Securities"). To the extent set
forth in Section 5.10 of the Declaration of Trust (as defined below) the Common
Securities are not transferable and any attempted transfer hereof shall be void.
The designations, rights, privileges, restrictions, preferences and other terms
and provisions of the Common Securities are set forth in, and this certificate
and the Common Securities represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Amended and Restated
Declaration of Trust of the Trust dated as of [ ], as the same may be amended
from time to time (the "Declaration of Trust") including the designation of the
terms of the Common Securities as set forth therein. The Trust will furnish a
copy of the Declaration of Trust to the Holder without charge upon written
request to the Trust at its principal place of business or registered office.

                  Upon receipt of this certificate, the Holder is bound by the
Declaration of Trust and is entitled to the benefits thereunder.

<PAGE>   70
                                      -2-

                  In Witness Whereof, one of the Administrative Trustees of the
Trust has executed this certificate this [ ]th day of [ ].

                              BURLINGTON RESOURCES CAPITAL II

                              By:
                                    ----------------------------------------
                                    Name:
                                    Administrative Trustee

<PAGE>   71

                                                                       EXHIBIT D

         If the Preferred Security is to be a Global Certificate Insert:

         THIS PREFERRED SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF
THE DECLARATION OF TRUST HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE DEPOSITORY TRUST COMPANY (THE "DEPOSITORY") OR A NOMINEE OF THE
DEPOSITORY. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION OF TRUST AND NO
TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED
SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

         UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK) TO
BURLINGTON RESOURCES CAPITAL II OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME
OF CEDE & Co. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & Co., HAS AN INTEREST
HEREIN.

<PAGE>   72
                                      -2-

Certificate Number: P-1                           Number Of Preferred Securities
                                                                   Cusip No. [ ]

                   Certificate Evidencing Preferred Securities

                                       of

                         BURLINGTON RESOURCES CAPITAL II

                         [ ]% Trust Preferred Securities
                (Liquidation Amount $[ ] Per Preferred Security)

                  Burlington Resources Capital II, a statutory business trust
created under the laws of the State of Delaware (the "Trust"), hereby certifies
that Cede & Co. (the "Holder") is the registered owner of [ ] preferred
securities of the Trust representing an undivided beneficial ownership interest
in the assets of the Trust and designated the [ ]% Trust Preferred Securities
(the "Preferred Securities"). The Preferred Securities are transferable on the
books and records of the Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer as
provided in Section 5.4 of the Declaration of Trust (as defined below). The
designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Preferred Securities are set forth in, and this certificate
and the Preferred Securities represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Amended and Restated
Declaration of Trust dated as of [ ] as the same may be amended from time to
time (the "Declaration of Trust") including the designation of the terms of
Preferred Securities as set forth therein. The Holder is entitled to the
benefits of the Guarantee Agreement entered into by Burlington Resources Inc., a
Delaware corporation, and [ ], as guarantee trustee, dated as of [ ], as the
same may be amended from time to time (the "Guarantee"), to the extent provided
therein. The Trust will furnish a copy of the Declaration of Trust and the
Guarantee to the Holder without charge upon written request to the Trust at its
principal place of business or registered office.

                  Upon receipt of this certificate, the Holder is bound by the
Declaration of Trust and is entitled to the benefits thereunder.

<PAGE>   73
                                      -3-

                  IN WITNESS WHEREOF, one of the Administrative Trustees of the
Trust has executed this certificate this [ ] day of [ ].

                                 BURLINGTON RESOURCES CAPITAL II

                                 By:
                                       --------------------------------------
                                       Name:
                                       Administrative Trustee

<PAGE>   74

                                   ASSIGNMENT

                  For Value Received, the undersigned assigns and transfers this
Preferred Security to:

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

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

              ---------------------------------------------------------------
                            (Insert assignee's social security
                               or tax identification number)

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

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

              ---------------------------------------------------------------
                         (Insert address and zip code of assignee)

and irrevocably appoints

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

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

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

agent to transfer this Preferred Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:
       ----------------------------------------------

Signature:
             -------------------------------------------------------
              (Sign exactly as your name appears on the other side
                     of this Preferred Security Certificate)

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

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.<PAGE>   1

                                                                    EXHIBIT 4.19

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

                           BURLINGTON RESOURCES INC.,

                                                   as Issuer

                                       and

                           [                      ]
                            ----------------------
                                                   as Trustee

                                    INDENTURE

                     Dated as of [                 ], [       ]

                          SUBORDINATED DEBT SECURITIES

================================================================================
<PAGE>   2

                            BURLINGTON RESOURCES INC.
                              CROSS-REFERENCE SHEET

         This Cross-Reference Sheet shows the location in this Indenture of the
provisions inserted pursuant to Sections 310-318(a), inclusive, of the Trust
Indenture Act of 1939, as amended. This Cross-Reference Sheet shall not, for any
purpose, be deemed to be a part of this Indenture.

<TABLE>
<CAPTION>
Trust Indenture                                               Indenture
  Act Section                                                  Section
--------------                                                ---------
<S>                                                           <C>

Section 310 (a)(1),(2).....................................   6.09
            (a)(3),(4).....................................   Not Applicable
            (a)(5).........................................   6.09
            (b)............................................   6.08, 6.10
            (c)............................................   Not Applicable
Section 311 (a),(b)........................................   6.13
            (c)............................................   Not Applicable
Section 312 (a)............................................   7.01, 7.02(a)
            (b)............................................   7.02(b)
            (c)............................................   7.02(c)
Section 313 (a)(1)-(4),(6)-(8).............................   7.03(a)
            (a)(5).........................................   Not Applicable
            (b)(1).........................................   Not Applicable
            (b)(2).........................................   7.03(b)
            (c),(d)........................................   7.03
Section 314 (a)............................................   7.04
            (b)............................................   Not Applicable
            (c)(1),(2).....................................   1.03
            (c)(3).........................................   Not Applicable
            (d)............................................   Not Applicable
            (e)............................................   1.03
            (f)............................................   Not Applicable
Section 315 (a)............................................   6.01(a)
            (b)............................................   6.02
            (c)............................................   6.01(b)
            (d)............................................   6.01(c)
            (d)(1).........................................   6.01(a)
            (d)(2).........................................   6.01(c)(2)
            (d)(3).........................................   6.01(c)(3)
            (e)............................................   5.14
Section 316 (a)............................................   1.01
            (a)(1)(A)......................................   5.12
            (a)(1)(B)......................................   5.13
            (a)(2).........................................   Not Applicable
            (b)............................................   5.08
Section 317 (a)(1).........................................   5.03
            (a)(2).........................................   5.04
            (b)............................................   10.03
Section 318 (a)............................................   1.08
</TABLE>

<PAGE>   3

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>            <C>                                                              <C>

                                     ARTICLE ONE

                          DEFINITIONS AND OTHER PROVISIONS
                               OF GENERAL APPLICATION

SECTION 1.01.  Definitions.........................................................1
SECTION 1.02.  Incorporation by Reference of Trust
                 Indenture Act.....................................................8
SECTION 1.03.  Compliance Certificates and Opinions................................9
SECTION 1.04.  Form of Documents Delivered to Trustee.............................10
SECTION 1.05.  Acts of Holders....................................................10
SECTION 1.06.  Notices, Etc., to Trustee and Company..............................12
SECTION 1.07.  Notices to Holders; Waiver.........................................12
SECTION 1.08.  Conflict With Trust Indenture Act..................................13
SECTION 1.09.  Effect of Headings and Table of Contents...........................13
SECTION 1.10.  Successors and Assigns.............................................13
SECTION 1.11.  Separability Clause................................................13
SECTION 1.12.  Benefits of Indenture..............................................13
SECTION 1.13.  Governing Law......................................................14
SECTION 1.14.  Legal Holidays.....................................................14

                                     ARTICLE TWO

                                 FORM OF SECURITIES

SECTION 2.01.  Forms Generally....................................................14
SECTION 2.02.  Form of Trustee's Certificate of
                 Authentication...................................................15

                                    ARTICLE THREE

                                   THE SECURITIES

SECTION 3.01.  Title and Terms....................................................15
SECTION 3.02.  Denominations......................................................19
SECTION 3.03.  Execution, Authentication, Delivery and
                 Dating...........................................................19
SECTION 3.04.  Temporary Securities...............................................20
SECTION 3.05.  Registration; Registration of Transfer
                 and Exchange.....................................................21
SECTION 3.06.  Mutilated, Destroyed, Lost and Stolen
                 Securities.......................................................22
</TABLE>

                                      -i-
<PAGE>   4

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>            <C>                                                              <C>

SECTION 3.07.  Payment of Interest; Interest Rights
                 Preserved........................................................23
SECTION 3.08.  Persons Deemed Owners..............................................25
SECTION 3.09.  Cancellation.......................................................25
SECTION 3.10.  Computation of Interest............................................26
SECTION 3.11.  CUSIP Numbers......................................................26
SECTION 3.12.  Book-Entry Provisions for Global
                 Security.........................................................26

                                    ARTICLE FOUR

                    SATISFACTION AND DISCHARGE; UNCLAIMED MONEYS

SECTION 4.01.  Satisfaction and Discharge of Indenture............................28
SECTION 4.02.  Deposited Moneys To Be Held in Trust by
                 Trustee..........................................................31
SECTION 4.03.  Paying Agent To Repay Moneys Held..................................31
SECTION 4.04.  Return of Unclaimed Moneys.........................................32
SECTION 4.05.  Reinstatement......................................................32

                                    ARTICLE FIVE

                                      REMEDIES

SECTION 5.01.  Events of Default..................................................32
SECTION 5.02.  Acceleration of Maturity; Rescission and
                 Annulment........................................................34
SECTION 5.03.  Collection of Indebtedness and Suits for
                 Enforcement by Trustee...........................................36
SECTION 5.04.  Trustee May File Proofs of Claim...................................37
SECTION 5.05.  Trustee May Enforce Claims Without
                 Possession of Securities.........................................38
SECTION 5.06.  Application of Money Collected.....................................38
SECTION 5.07.  Limitation on Suits................................................39
SECTION 5.08.  Unconditional Right of Holders To
                 Receive Principal and Interest...................................40
SECTION 5.09.  Restoration of Rights and Remedies.................................40
SECTION 5.10.  Rights and Remedies Cumulative.....................................41
SECTION 5.11.  Delay or Omission Not Waiver.......................................41
SECTION 5.12.  Control by Holders.................................................41
SECTION 5.13.  Waiver of Past Defaults............................................42
SECTION 5.14.  Undertaking for Costs..............................................42
</TABLE>

                                      -ii-
<PAGE>   5

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>            <C>                                                              <C>
                                     ARTICLE SIX

                                     THE TRUSTEE

SECTION 6.01.  Certain Duties and Responsibilities................................43
SECTION 6.02.  Notice of Defaults.................................................44
SECTION 6.03.  Certain Rights of Trustee..........................................45
SECTION 6.04.  Not Responsible for Recitals or Issuance
                 of Securities....................................................47
SECTION 6.05.  May Hold Securities................................................47
SECTION 6.06.  Money Held in Trust................................................47
SECTION 6.07.  Compensation and Reimbursement.....................................47
SECTION 6.08.  Disqualification; Conflicting Interests............................48
SECTION 6.09.  Corporate Trustee Required; Eligibility............................48
SECTION 6.10.  Resignation and Removal; Appointment of
                 Successor........................................................49
SECTION 6.11.  Acceptance of Appointment by Successor.............................51
SECTION 6.12.  Merger, Conversion, Consolidation or
                 Succession to Business...........................................52
SECTION 6.13.  Preferential Collection of Claims Against Company..................53
SECTION 6.14.  Trustee's Application for Instructions
                 from the Company.................................................53

                                    ARTICLE SEVEN

                  HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.01.  Company To Furnish Trustee Names and
                 Addresses of Holders.............................................53
SECTION 7.02.  Preservation of Information;
                 Communications to Holders........................................54
SECTION 7.03.  Reports by Trustee.................................................54
SECTION 7.04.  Reports by Company.................................................55

                                   ARTICLE EIGHT

                    CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.01.  Company May Consolidate, Etc., Only on
                 Certain Terms....................................................55
SECTION 8.02.  Successor Corporation Substituted..................................57
</TABLE>

                                     -iii-
<PAGE>   6

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>            <C>                                                              <C>
                                    ARTICLE NINE

                               SUPPLEMENTAL INDENTURES

SECTION 9.01.  Supplemental Indentures Without Consent
                 of Holders.......................................................57
SECTION 9.02.  Supplemental Indentures With Consent of
                 Holders..........................................................58
SECTION 9.03.  Execution of Supplemental Indentures...............................59
SECTION 9.04.  Effect of Supplemental Indentures..................................60
SECTION 9.05.  Conformity With Trust Indenture Act................................60
SECTION 9.06.  Reference in Securities to Supplemental
                 Indentures.......................................................60

                                     ARTICLE TEN

                                      COVENANTS

SECTION 10.01. Payment of Principal and Interest..................................60
SECTION 10.02. Maintenance of Office or Agency....................................60
SECTION 10.03. Money for Security Payments To Be Held
                 in Trust.........................................................61
SECTION 10.04. Costs and Expenses of Burlington
                 Resources Trusts.................................................62
SECTION 10.05. Additional Covenants...............................................63

                                   ARTICLE ELEVEN

                              REDEMPTION OF SECURITIES

SECTION 11.01. Applicability of Article...........................................63
SECTION 11.02. Election To Redeem; Notice to Trustee..............................64
SECTION 11.03. Selection by Trustee of Securities To Be
                 Redeemed.........................................................64
SECTION 11.04. Notice of Redemption...............................................65
SECTION 11.05. Deposit of Redemption Price........................................65
SECTION 11.06. Securities Payable on Redemption Date..............................66
SECTION 11.07. Securities Redeemed in Part........................................66

                                   ARTICLE TWELVE

                                    SINKING FUNDS

SECTION 12.01. Applicability of Article...........................................67
SECTION 12.02. Satisfaction of Sinking Fund Payments
                 With Securities..................................................67
SECTION 12.03. Redemption of Securities for Sinking Fund..........................68
</TABLE>

                                      -iv-
<PAGE>   7
                                      -1-

                                    INDENTURE

                  INDENTURE, dated as of [ ], [ ], between BURLINGTON RESOURCES
INC., a Delaware corporation whose principal office is at 5051 Westheimer, Suite
1400, Houston, Texas 77056 (herein called the "Company"), and [ ], a [ ], 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
subordinated 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 and the Trustee, in accordance with its terms, have been done.

                  NOW, THEREFORE, THIS INDENTURE WITNESSETH:

                  That in order to declare the terms and conditions upon which
the Securities are made, executed, authenticated, issued and delivered, the
Company and the Trustee covenant and agree with each other, for the equal and
proportionate benefit of all Holders (as defined below) of the Securities or of
any series thereof, as follows:

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 1.01. Definitions

                  For all purposes of this Indenture and any indenture
supplemental hereto, except as otherwise expressly provided or unless the
context otherwise requires:

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

<PAGE>   8
                                      -2-

                  (2) 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 accounting principles as are generally accepted at the date of
         this Indenture; and

                  (3) the words "herein," "hereof" and "hereunder" and other
         words of similar import refer to this Indenture as a whole and not to
         any particular Article, Section or other subdivision. Certain terms,
         used principally in Article Six, are defined in Section 1.02.

                  "Act" when used with respect to any Holder has the meaning
specified in Section 1.05.

                  "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; provided, however, that the
Burlington Resources Trusts shall not be deemed to be Affiliates of the Company.
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 Members" has the meaning specified in Section 3.12.

                  "Authorized Newspaper" means a newspaper of general
circulation in the New York, New York area, printed in the English language and
customarily published on each Business Day, whether or not published on
Saturdays, Sundays or holidays. Whenever successive weekly publications in an
Authorized Newspaper are required hereunder they may be made (unless otherwise
expressly provided herein) on the same or different days of the week and in the
same or in different Authorized Newspapers.

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

                  "Board Resolution" means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company

<PAGE>   9
                                      -3-

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.

                  "Burlington Resources Trust" means a statutory business trust
created under Delaware law pursuant to a declaration of trust executed by the
Company, as depositor of such Burlington Resources Trust, and the trustees of
such Burlington Resources Trust named therein and pursuant to a certificate of
trust filed with the Delaware Secretary of State, which Burlington Resources
Trust exists for the purposes of (i) issuing and selling its Trust Securities,
(ii) using the proceeds from the sale of such Trust Securities to acquire a
series of Securities issued by the Company under this Indenture and (iii)
engaging in only those other activities necessary, convenient or incidental
thereto.

                  "Business Day" means each Monday, Tuesday, Wednesday, Thursday
and Friday which is not a day on which banking institutions in the State of New
York are authorized or obligated by law or executive order to close.

                  "Capital Stock", as applied to the stock of any Person, means
the capital stock of every class, whether now or hereafter authorized,
regardless of whether such capital stock shall be limited to a fixed sum or
percentage with respect to the rights of the holders thereof to participate in
dividends and in the distribution of assets upon the voluntary or involuntary
liquidation, dissolution or winding up of such Person.

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

                  "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor 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, a Vice Chairman or a Vice President, and by its Treasurer, an
Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to
the Trustee.

<PAGE>   10
                                      -4-

                  "Consolidated Net Tangible Assets" means the aggregate amount
of assets of the Company and its Subsidiaries (less applicable reserves and
other properly deductible items) after deducting therefrom (i) all current
liabilities (excluding any which are by their terms extendible or renewable at
the option of the obligor thereon to a time more than 12 months after the time
as of which the amount thereof is being computed), and (ii) all goodwill, trade
names, trademarks, patents, organization expenses and other like intangibles of
the Company and its Subsidiaries, all as set forth on the most recent balance
sheet of the Company and its Subsidiaries and computed in accordance with
generally accepted accounting principles.

                  "Corporate Trust Office" means the principal office of the
Trustee at which at any particular time its corporate trust business shall be
principally administered, which office is, at the date as of which this
Indenture in dated, located at [ ], Attn: [ ].

                  "corporation" includes corporations, associations, companies
and business trusts.

                  "Creditor" has the meaning specified in Section 10.04.

                  "Debt" means indebtedness for money borrowed.

                  "Defaulted Interest" has the meaning specified in Section
3.07.

                  "Depository" has the meaning specified in Section 3.12.

                  "Event of Default" has the meaning specified in Section 5.01.

                  "Global Security" has the meaning specified in Section 3.01.

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

                  "Indenture" means this instrument as originally executed or as
it may from time to time be supplemented or amended

<PAGE>   11
                                      -5-

by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof.

                  "Interest Payment Date" means the Stated Maturity of an
installment of interest on the Securities.

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

                  "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President, a Vice Chairman or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee, which shall to the
extent applicable contain the statements required by Section 1.03.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be counsel for the Company, which shall to the extent applicable contain the
statements required by Section 1.03.

                  "Outstanding," when used with respect to Securities, means, as
of the date of determination, all Securities theretofore authenticated and
delivered under this Indenture, except:

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

                  (ii) Securities, or portions thereof, for whose payment 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 an its own
         Paying Agent) for the Holders of such Securities; and

                  (iii) Securities in exchange for or in lieu of which other
         Securities have been authenticated and delivered pursuant to this
         Indenture;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, 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

<PAGE>   12
                                      -6-

and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually 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 interest on any Securities on behalf of the Company.

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

                  "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 3.06 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 oil, gas or mineral producing
property, or any refining, processing, smelting or manufacturing facility, of
the Company or any Restricted Subsidiary located in the United States of
America, other than (i) property employed in transportation, distribution or
marketing, (ii) information and electronic data processing equipment, (iii) any
refinery, preparation plant, concentrator, smelter, mill or handling, processing
or manufacturing facility in which the interests held by the Company or by one
or more Restricted Subsidiaries or both and by others and the aggregate interest
held by the Company and all Restricted Subsidiaries does not equal or exceed
50%, (iv) any property which in the opinion of the Board of Directors is not
materially important to the total business conducted by the Company and its
Subsidiaries as an entirety or (v) any property or a portion of a particular
property which in the opinion of the Board of Directors is not materially
important to the use or operation of such property.

<PAGE>   13
                                      -7-

                  "Record Date" for the interest payable on any Interest Payment
Date means the date specified pursuant to Section 3.01.

                  "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 by or pursuant to
this Indenture.

                  "Responsible Officer," when used with respect to the Trustee,
means any vice president, any senior trust officer, any trust officer 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
and who shall have direct responsibility for the administration of this
Indenture.

                  "Restricted Subsidiary" means a Subsidiary of the Company (i)
substantially all the property of which is located, or substantially all the
business of which is carried on, within the United States of America, (ii) which
owns a Principal Property and (iii) which has Stockholders' Equity exceeding 2%
of Consolidated Net Tangible Assets of the Company.

                  "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 Register" and "Securities Registrar" have the
respective meanings specified in Section 3.05.

                  "Special Record Date" for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 3.07.

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

<PAGE>   14
                                      -8-

                  "Stockholders' Equity" means, with respect to any Person,
stockholders' equity, as computed in accordance with generally accepted
accounting principles.

                  "Subsidiary" means a corporation more than 50% of the
outstanding Voting Stock of which is owned, directly or indirectly, by the
Company or by one or more other Subsidiaries, or by the Company and one or more
other Subsidiaries.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended, as in force at the date as of which this instrument was executed,
except as provided in Section 9.O5.

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

                  "Trust Securities" means securities issued by a Burlington
Resources Trust.

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

                  "Voting Stock" means stock which ordinarily has voting power
for the election of a majority 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.

SECTION 1.02. Incorporation by Reference of Trust
              Indenture Act

                  Whenever this Indenture refers to a provision of the Trust
Indenture Act, the provision is incorporated by reference in and made a part of
this Indenture. The following Trust Indenture Act terms used in this Indenture
have the following meanings:

                  "Bankruptcy Act" means the Bankruptcy Act (Title 11 of the
United States Code).

                  "indenture securities" means the Securities.

                  "indenture security holder" means a Holder.

<PAGE>   15
                                      -9-

                  "indenture to be qualified" means this Indenture.

                  "indenture trustee" or "institutional trustee" means the
Trustee.

                  "obligor" on the Securities means the Company or any other
obligor on the Securities.

                  All the other Trust Indenture Act terms used in this Indenture
that are defined by the Trust Indenture Act, defined by Trust Indenture Act
reference to another statute or defined by Commission rule have the meanings
assigned to them thereby.

SECTION 1.03. Compliance Certificates and
              Opinions

                  Upon any application or request by the Company to the Trustee
to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.

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

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

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

                  (3) a statement that, in the opinion of each such individual,
         he has made such examination or investigation as is necessary to enable
         him to express an informed opinion as to whether such covenant or
         condition has been complied with; and

<PAGE>   16
                                      -10-

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

SECTION 1.04. 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 1.05. Acts of Holders

                  (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Securities of all series or one or more series, as
the case may be, may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein

<PAGE>   17
                                      -11-

otherwise expressly provided, such action shall become effective when such
instrument or 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 Holder or 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 6.01) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section 1.05. The Company may set a record date for
purposes of determining the identity of Holders entitled to vote or consent to
any action by vote or consent authorized or permitted under this Indenture,
which record date shall be not earlier than 30 days prior to the first
solicitation of such vote or consent. If a record date is fixed, those persons
who were Holders of Securities at such record date (or their duly designated
proxies), and only those persons, shall be entitled to take such action by vote
or consent or to revoke any vote or consent previously given, whether or not
such persons continue to be Holders after such record date. No such vote or
consent shall be valid or effective for more than 120 days after such record
date.

                  (b) 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.

                  (c) The ownership of Securities shall be proved by the
Securities Register.

                  (d) 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

<PAGE>   18
                                      -12-

Trustee or the Company in reliance thereon, whether or not notation of such
action is made upon such Security.

SECTION 1.06. 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:

                  (a) 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: [ ] or

                  (b) 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 Indenture or at any
         other address previously furnished in writing to the Trustee by the
         Company, Attention: Vice President and Treasurer.

SECTION 1.07. Notices 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
Securities Register, not later than the latest date, and not earlier than the
earliest date, 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.

<PAGE>   19
                                      -13-

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

SECTION 1.08. Conflict With Trust Indenture Act

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

SECTION 1.09. 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 1.10. 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 1.11. 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 1.12. Benefits of Indenture

                  Unless expressly provided herein, 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 of Securities, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

<PAGE>   20
                                      -14-

SECTION 1.13. Governing Law

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

SECTION 1.14. Legal Holidays

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

                                   ARTICLE TWO

                               FORM OF SECURITIES

SECTION 2.01. Forms Generally

                  The Securities of each series and the Trustee's certificates
of authentication shall be in substantially such form (not inconsistent with
this Indenture) as shall be established by or pursuant to one or more Board
Resolutions and set forth in such Board Resolutions, or, to the extent
established pursuant to, rather than set forth in, such Board Resolutions, an
Officers' Certificate detailing such establishment, 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 imprinted or otherwise reproduced thereon such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon, not inconsistent with the provisions of this Indenture, as may be
required to comply with any law or with any rules or regulations pursuant
thereto, or with any rules of any securities exchange or to conform to general
usage, all as determined by the officers executing such Securities, as evidenced
by such execution. If the form or forms of Securities of any series are
established by action taken pursuant to a Board Resolution of the Company, a
copy of

<PAGE>   21
                                      -15-

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 3.03 for the
authentication and delivery of such Securities.

                  The definitive Securities shall be printed, lithographed or
engraved or produced by any combination of these methods on steel engraved
borders or may be produced in any other manner permitted by the rules of any
securities exchange on which the Securities may be listed, all as determined by
the officers executing such Securities, as evidenced by their execution of such
Securities.

SECTION 2.02. Form of Trustee's Certificate of
              Authentication

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

                  This is one of the securities of the series designated herein
         and issued pursuant to the within-mentioned Indenture.

                                           [             ]
                                           as Trustee

                                       By:
                                           ------------------------------------
                                           Authorized Signatory
                                           Dated:

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 3.01. Title and Terms

                  The aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is not limited.

                  The Securities may be issued in one or more series. There
shall be established in or pursuant to Board Resolutions and set forth in an
Officers' Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, any or all of the
following, as applicable:

<PAGE>   22
                                      -16-

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

                  (2) any limit upon the aggregate principal amount of the
         Securities of the series that 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 3.04, 3.05, 3.06, 9.06 or
         11.07);

                  (3) the date or dates on which the principal of the Securities
         of the series is payable or the manner in which such dates are
         determined;

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

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

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

                  (7) the obligation, if any, of the Company to redeem, purchase
         or repay Securities of the series pursuant to any sinking fund,
         amortization or other provisions and the period or periods within which
         or the date or dates on which, the price or prices at which and the
         terms and conditions upon which Securities of the series shall be
         redeemed, purchased or repaid, in whole or in part, pursuant to such
         obligation;

<PAGE>   23
                                      -17-

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

                  (9) if other than the Trustee, the identity of the Securities
         Registrar and/or the Paying Agent;

                  (10) if other than the principal amount thereof, the portion
         of the principal amount of Securities of the series which shall be
         payable upon declaration of acceleration of the Maturity thereof
         pursuant to Section 5.02;

                  (11) if other than such coin or currency of the United States
         of America as at the time of payment is legal tender for payment of
         public or private debts, the coin or currency or currency unit in which
         payment of the principal of (and premium, if any, on) or interest, if
         any, on the Securities of the series shall be payable;

                  (12) if the amount of payment of principal of (and premium, if
         any, on) or interest, if any, on the Securities of the series may be
         determined with reference to an index, formula or other method based on
         a coin or currency or currency unit other than that in which the
         Securities are stated to be payable, the manner in which such amounts
         shall be determined;

                  (13) if the principal of (and premium, if any, on) or
         interest, if any, on the Securities of the series are to be payable, at
         the election of the Company or a Holder thereof, in a coin or currency
         or currency unit other than that in which the Securities are stated to
         be payable, the period or periods within which, or the date or dates on
         which and the terms and conditions upon which, such election may be
         made;

                  (14) whether the Securities of the series are subject to
         defeasance or covenant defeasance, or such other means of satisfaction
         and discharge as may be specified for a series;

                  (15) any deletions or modifications of or additions to the
         Events of Default set forth in Section 5.01 or covenants of the Company
         set forth in Article Eight or Ten pertaining to the Securities of the
         series;

                  (16) the forms of the Securities of any series;

<PAGE>   24
                                      -18-

                  (17) whether any Securities will be represented by a global
         Security (a "Global Security") and the terms of any such Global
         Security;

                  (18) the applicable CUSIP numbers;

                  (19) the terms governing the subordination of the Securities
         to senior indebtedness of the Company and any provisions related
         thereto;

                  (20) if such Securities are to be issued to a Burlington
         Resources Trust, the forms of the related declaration of trust and the
         guarantee agreement relating thereto;

                  (21) the additions or changes, if any, to this Indenture with
         respect to the Securities of the series as shall be necessary to permit
         or facilitate the issuance of such Securities to a Burlington Resources
         Trust; and

                  (22) any other terms, conditions, rights and preferences (or
         limitations on such rights and preferences) relating to the series
         (which terms shall not be inconsistent with the provisions of this
         Indenture).

                  Not all Securities of any one series need be issued at the
same time, and, unless otherwise provided, a series may be reopened for
issuances of additional Securities of such series.

                  If any of the terms of the series are established by action
taken pursuant to a Board Resolution, such Board Resolution and the Officers'
Certificate setting forth the terms of the series shall be delivered to the
Trustee at or prior to the delivery of the Company Order for authentication and
delivery of Securities of such series.

                  The principal of (and premium, if any, on) and interest on the
Securities shall be payable at the office or agency of the Company in the
Borough of Manhattan, The City of New York, maintained for such purpose and at
any other office or agency maintained by the Company for such purpose; provided,
however, that interest may be payable at the option of the Company by check
mailed to the address of the person entitled thereto as such address shall
appear on the Securities Register.

<PAGE>   25
                                      -19-

SECTION 3.02. Denominations

                  The Securities of each series shall be issuable in definitive
registered form without coupons and in such denominations as shall be specified
as contemplated by Section 3.01. In the absence of any such provision 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 3.03. Execution, Authentication, Delivery
              and Dating

                  The Securities shall be executed on behalf of the Company by
its Chairman of the Board, its President, a Vice Chairman or one of its Vice
Presidents, under its corporate seal reproduced thereon attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Securities 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 such Company Order shall authenticate and deliver
such Securities as in this Indenture provided and not otherwise. If not all the
Securities of any series are to be issued at one time and if the Board
Resolution or supplemental indenture establishing such series shall so permit,
such Company Order may set forth procedures acceptable to the Trustee for the
issuance of such Securities and the determination of the terms of particular
Securities of such series such as interest rate, Stated Maturity, date of
issuance and date from which interest shall accrue. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall be entitled to receive, and
shall be fully protected in relying upon, an Opinion of Counsel stating:

<PAGE>   26
                                      -20-

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

                  (b) that such Securities, when completed by appropriate
         insertions and executed by the Company and delivered to the Trustee for
         authentication in accordance with this Indenture, authenticated and
         delivered by the Trustee in accordance with this Indenture and issued
         by the Company in the manner and subject to any conditions specified in
         such Opinion of Counsel, will constitute the legal, valid and binding
         obligations of the Company.

                  If not all the Securities of any series are to be issued at
one time, it shall not be necessary to deliver an Opinion of Counsel at the time
of issuance of each Security, but such opinion with appropriate modifications
shall be delivered at or before the time of issuance of the first Security of
such series. The Trustee shall not be required to authenticate Securities if the
issuance of such Securities pursuant to this Indenture will affect the Trustee's
own rights, duties or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee.

                  Each 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.

SECTION 3.04. 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, 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.

<PAGE>   27
                                      -21-

                  If temporary Securities of any series are issued, the Company
will cause definitive Securities of each such series to be prepared without
unreasonable delay. After the preparation of definitive Securities of any
series, the temporary Securities of each such series shall be exchangeable for
definitive Securities upon surrender of the temporary Securities of such series
at any office or agency of the Company designated pursuant to Section 10.02,
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 a like principal amount of
definitive Securities of authorized denominations of the same series. 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.

SECTION 3.05. Registration; Registration of
              Transfer and Exchange

                  The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register (the register maintained in such office and in
any other office or agency designated pursuant to Section 10.02 being herein
sometimes collectively referred to as the "Securities 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. The
Trustee is hereby appointed "Securities Registrar" for the purposes of
registration and transfer of Securities as herein provided.

                  Upon surrender for registration of transfer of any Securities
of a series at an office or agency of the Company designated pursuant to Section
10.02 for such purpose, 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, of a like aggregate principal amount.

                  At the option of the Holder, Securities of a series may be
exchanged for other Securities of the same series, of any authorized
denominations, of a like aggregate principal amount, upon surrender of the
Securities of such series to be exchanged at such office or agency, and upon
payment, if the Company shall so require, of the charges hereinafter provided.
Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and

<PAGE>   28
                                      -22-

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 exchange shall (if so required by the Company or the Securities
Registrar) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Securities 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 3.04 or 9.06 not involving any transfer.

                  The Company shall not be required to (i) issue, register the
transfer of or exchange Securities of any series during a period beginning at
the opening of business 15 days before the day of the selection for redemption
of Securities of that series under Section 11.03 and ending at the close of
business on the day of the mailing of notice of redemption or (ii) register the
transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

                  Any Holder of a Global Security shall, by acceptance of such
Global Security, agree that transfers of beneficial interests in such Global
Security may be effected only through a book entry system maintained by the
Holder of such Global Security (or its agent), and that ownership of a
beneficial interest in the Security shall be required to be reflected in a book
entry.

SECTION 3.06. Mutilated, Destroyed, Lost and
              Stolen Securities

                  If any mutilated Security is surrendered to the Trustee, the
Company shall execute and the Trustee shall authenticate

<PAGE>   29
                                      -23-

and deliver in exchange therefor a new Security of like series, 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 upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of like series, 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 3.06,
the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

                  Every new Security issued pursuant to this Section 3.06 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 duly issued hereunder.

                  The provisions of this Section 3.06 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 3.07. Payment of Interest; Interest
              Rights Preserved

                  Interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date or within five days
thereafter shall be paid to the Person in whose name such Security (or one or
more Predecessor Securities)

<PAGE>   30
                                      -24-

is registered at the close of business on the Record Date for such interest;
provided, however, that each installment of interest on any Security may at the
Company's option be paid by mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 3.08,
to the address of such Person as it appears on the Securities Register.

                  Any interest on any Security which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date or within
five days thereafter (herein called "Defaulted Interest") shall forthwith cease
to be payable to the registered Holder on the relevant Record Date; and, except
as hereinafter provided, 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 (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 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 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
         mailed, first class postage prepaid, to each Holder at his address as
         it appears in the Securities Register not less than 10 days prior to
         such Special Record Date. The Trustee may, in its discretion, in the
         name and at the expense of the Company, cause a similar notice to be
         published at least once in an Authorized

<PAGE>   31
                                      -25-

         Newspaper in the Borough of Manhattan, The City of New York, but such
         publication shall not be a condition precedent to the establishment of
         such Special Record Date. Notice of the proposed payment of such
         Defaulted Interest and the Special Record Date therefor having been
         mailed as aforesaid, such Defaulted Interest shall be paid to the
         Persons in whose names the Securities (or their respective Predecessor
         Securities) are registered 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 payment shall be
         deemed practicable by the Trustee.

                  Subject to the foregoing provisions of this Section 3.07, each
Security delivered under this Indenture upon 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 3.08. 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
shall 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 premium,
if any, on) and (subject to Section 3.07) interest, if any, 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 3.09. 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

<PAGE>   32
                                      -26-

have acquired in any manner whatsoever, 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 3.09,
except as expressly permitted by this Indenture. All cancelled Securities held
by the Trustee shall be disposed of by the Trustee in its customary manner.

SECTION 3.10. Computation of Interest

                  Except as otherwise specified as contemplated by Section 3.01
for Securities of any series, any interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months.

SECTION 3.11. CUSIP Numbers

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

SECTION 3.12. Book-Entry Provisions for Global
              Security

                  (a) Any Global Security of a series initially shall (i) be
registered in the name of the depository, who shall be The Depository Trust
Company or as otherwise identified in the Board Resolution authorizing the
issuance of such series of Securities (the "Depository") or the nominee of such
Depository, (ii) be delivered to the Trustee as custodian for such Depository
and (iii) bear any required legends.

                  Members of, or participants in, the Depository ("Agent
Members") shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depository, or the Trustee as its
custodian, or under the Global Security, and the Depository may be treated by
the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of the Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein

<PAGE>   33
                                      -27-

shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository
and its Agent Members, the operation of customary practices governing the
exercise of the rights of a Holder of any Security.

                  (b) Transfers of any Global Security shall be limited to
transfers in whole, but not in part, to the Depository, its successors or their
respective nominees. Interests of beneficial owners in the Global Security may
be transferred or exchanged for definitive Securities in accordance with the
rules and procedures of the Depository. Definitive Securities shall be
transferred to all beneficial owners in exchange for their beneficial interests
in a Global Security only if (i) the Depository notifies the Company that it is
unwilling or unable to continue as Depository for the Global Security and a
successor depository is not appointed by the Company within 90 days of such
notice or (ii) an Event of Default has occurred and is continuing.

                  (c) In connection with any transfer or exchange of a portion
of the beneficial interest in any Global Security to beneficial owners pursuant
to paragraph (b), the Securities Registrar shall (if one or more definitive
Securities are to be issued) reflect on the Securities Register the date and a
decrease in the principal amount of the Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee shall authenticate
and deliver, one or more definitive Securities of like tenor and amount.

                  (d) In connection with the transfer of an entire Global
Security to beneficial owners pursuant to paragraph (b), the Global Security
shall be deemed to be surrendered to the Trustee for cancellation, and the
Company shall execute, and the Trustee shall authenticate and deliver, to each
beneficial owner identified by the Depository in exchange for its beneficial
interest in the Global Security, an equal aggregate principal amount of
definitive Securities of authorized denominations.

                  (e) The Holder of any Global Security may grant proxies and
otherwise authorize any person, including Agent Members and persons that may
hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Securities of such series.

<PAGE>   34
                                      -28-

                                  ARTICLE FOUR

                  SATISFACTION AND DISCHARGE; UNCLAIMED MONEYS

SECTION 4.01. Satisfaction and Discharge of
              Indenture

                  (A) If at any time

                  (a) the Company shall have paid or caused to be paid the
         principal of and interest on all the Securities of any series
         outstanding hereunder, as and when the same shall have become due and
         payable, or

                  (b) the Company shall have delivered to the Trustee for
         cancellation all Securities of any series theretofore authenticated
         (other than any Securities which shall have been destroyed, lost or
         stolen and which shall have been replaced or paid as provided in
         Section 3.06), or

                  (c)(i) all the Securities of such series not theretofore
         delivered to the Trustee for cancellation shall have become due and
         payable, are by their terms to become due and payable within one year
         or are to be called for redemption within one year under arrangements
         satisfactory to the Trustee for the giving of notice of redemption; and
         (ii) the Company shall have irrevocably deposited or caused to be
         irrevocably deposited with the Trustee (or an escrow agent satisfactory
         to the Trustee) as trust funds the entire amount in cash (other than
         moneys repaid by the Trustee or any paying agent to the Company in
         accordance with Section 4.04) or direct noncallable obligations of, or
         noncallable obligations guaranteed by, the United States of America or
         an agency thereof for the payment of which guarantee or obligation the
         full faith and credit of the United States is pledged ("U.S. Government
         Obligations"), maturing as to principal and interest in such amounts
         and at such times without consideration of any reinvestment of such
         principal and interest as will ensure the availability of cash, or a
         combination of U.S. Government Obligations and cash, sufficient to pay
         at Stated Maturity all the Securities of such series not theretofore
         delivered to the Trustee for cancellation, including principal (and
         premium, if any) and interest due or to become due to such date of
         Stated Maturity (including any mandatory sinking fund payments) or
         Redemption Date, as the case may be,

<PAGE>   35
                                      -29-

         and if, in any such case, the Company shall also pay or cause to be
         paid all other sums payable hereunder by the Company with respect to
         Securities of such series,

then this Indenture shall cease to be of further effect with respect to
Securities of such series (except as to (i) rights of registration of transfer
and exchange, (ii) substitution of apparently mutilated, defaced, destroyed,
lost or stolen Securities, (iii) rights of Holders to receive payments of
principal thereof and interest thereon, upon the original stated due dates
therefor (including any mandatory sinking fund payments) or Redemption Date (but
not upon acceleration), (iv) the rights, obligations and immunities of the
Trustee hereunder, and (v) the rights of the Holders of Securities of such
series as beneficiaries hereof with respect to the property so deposited with
the Trustee payable to all or any of them), and the Trustee, on demand of the
Company accompanied by (i) an Officers' Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided relating to the
satisfaction and discharge of this Indenture with respect to Securities of such
series have been complied with and at the cost and expense of the Company and
(ii) an opinion of independent legal 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 Indenture there has been a change in the
applicable U.S. federal income tax law, in either case to the effect that, and
based thereon such opinion of independent legal counsel shall confirm that, the
Holders of the Securities will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such deposit and discharge and will
be subject to U.S. federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit and defeasance
had not occurred, shall execute proper instruments acknowledging such
satisfaction of and discharging of this Indenture with respect to Securities of
such series.

                  The Company agrees to reimburse the Trustee for any costs or
expenses thereafter reasonably and properly incurred and to compensate the
Trustee for any services thereafter reasonably and properly rendered by the
Trustee in connection with this Indenture or the Securities of such series.

                  Notwithstanding the foregoing provisions of this Section
4.01(A), the Company's obligations in Section 6.07 shall survive such
satisfaction and discharge.

<PAGE>   36
                                      -30-

                  (B) In addition to the provisions of the next preceding
paragraph, the Company may terminate its obligations under the Securities of any
series and this Indenture, except those obligations referred to in the
penultimate paragraph of this Section 4.01, if all Securities of such series
previously authenticated and delivered (other than destroyed, lost or stolen
Securities of such series which have been replaced or paid or Securities of such
series for whose payment money or securities have theretofore been held in trust
and thereafter repaid to the Company, as provided in Section 4.04) have been
delivered to the Trustee for cancellation and the Company has paid all sums
payable by it hereunder, or if the Company has irrevocably deposited or caused
to be deposited with the Trustee (or an escrow agent satisfactory to the
Trustee), under the terms of an irrevocable trust agreement in form and
substance satisfactory to the Trustee, as trust funds in trust solely for the
benefit of the Holders for that purpose, (i) money or (ii) U.S. Government
Obligations, or a combination thereof, maturing as to principal and interest in
such amounts and at such times as are sufficient without consideration of any
reinvestment of such principal or interest, to pay principal of and interest on
the outstanding Securities of such series to maturity; provided that the Trustee
shall have been irrevocably instructed to apply such money or the proceeds of
such U.S. Government Obligations to the payment of said principal of and
interest with respect to the Outstanding Securities of such series.

                  Such irrevocable trust agreement shall include, among other
things, provision for (1) payment of the principal of and interest on the
Securities of such series, when due, including any mandatory sinking fund
payments, (2) payment of the fees and expenses of the Trustee, its agents and
counsel incurred or to be incurred in connection with carrying out such trust
provisions, (3) rights of registration, transfer, substitution and exchange of
Securities of such series in accordance with the terms stated in this Indenture,
and (4) continuation of the rights and obligations and immunities of the Trustee
as against the Holders as stated in this Indenture.

                  Notwithstanding the first paragraph of this Section 4.01(B),
the Company's obligations in Sections 3.05, 3.06, 4.04, 4.05, 5.02, 6.07, 6.10,
10.01 and 10.02 shall survive until the Securities of such series are no longer
outstanding; provided, however, that the Company's obligations in Section 5.02
shall survive only with respect to an Event of Default defined in Section
5.01(2) or 5.01(3). Thereafter the Company's obligations in Sections 4.04, 4.05
and 6.07 shall survive.

<PAGE>   37
                                      -31-

                  After any such irrevocable deposit, accompanied by an
Officers' Certificate which shall state that the provisions of the first two
paragraphs of this Section 4.01(B) have been complied with, and upon delivery by
the Company to the Trustee of an opinion of independent legal counsel who shall
be acceptable to the Trustee, or, in lieu thereof, a favorable determination by
the Internal Revenue Service to the effect that Holders of the Securities of
such series will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such deposit and discharge and will be subject to U.S.
federal income tax on the same amount and in the same manner and at the same
time as would have been the case if such deposit and discharge had not occurred,
then the Company shall be discharged of its obligations under the Securities of
such series and this Indenture with respect to such series of Securities except
for those surviving obligations specified above, and the Trustee upon request
shall acknowledge in writing such discharge. Prior to the delivery of such
acknowledgment, the Trustee may require the Company to deliver to it an
Officers' Certificate and Opinion of Counsel, each stating that all conditions
precedent provided for relating to the deposit and discharge contemplated by
this provision have been complied with, and the Opinion of Counsel shall also
state that such deposit does not violate applicable law.

SECTION 4.02. Deposited Moneys To Be Held in
              Trust by Trustee

                  All moneys deposited with the Trustee pursuant to Section 4.01
shall be held in trust and applied by it to the payment, either directly or
through any paying agent (including the Company if acting as its own paying
agent), to the Holders of the particular Securities of such series for the
payment of which such moneys have been deposited with the Trustee of all sums
due and to become due thereon for principal and interest.

SECTION 4.03. Paying Agent To Repay Moneys Held

                  Upon the satisfaction and discharge of this Indenture with
respect to Securities of any series, all moneys then held by any paying agent of
the Securities of such series (other than the Trustee) shall, upon demand of the
Company, be repaid to it or paid to the Trustee, and thereupon such paying agent
shall be released from all further liability with respect to such moneys.

<PAGE>   38
                                      -32-

SECTION 4.04. Return of Unclaimed Moneys

                  Any moneys deposited with or paid to the Trustee for payment
of the principal of or interest on Securities and not applied but remaining
unclaimed by the Holders of Securities of any series for two years after the
date upon which the principal of or interest on such Securities, as the case may
be, shall have become due and payable, shall be repaid to the Company by the
Trustee on written demand and all liability of the Trustee shall thereupon
cease; and the Holder of any of the Securities of any series shall thereafter
look only to the Company for any payment which such Holder may be entitled to
collect.

SECTION 4.05. Reinstatement

                  If the Trustee is unable to apply any money or U.S. Government
Obligations in accordance with Section 4.01 with respect to Securities of any
series by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company's obligations under this Indenture
with respect to the Securities of such series shall be revived and reinstated as
though no deposit had occurred pursuant to Section 4.01 until such time as the
Trustee is permitted to apply all such money or U.S. Government Obligations in
accordance with Section 4.01; provided, however, that if the Company has made
any payment of interest on or principal of any Securities of such series because
of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations held by the Trustee.

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 5.01. Events of Default

                  "Event of Default" with respect to Securities of any series,
wherever used herein, means any one of the following events which shall have
occurred and be continuing (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):

<PAGE>   39
                                      -33-

                  (1) default in the payment of the principal of any Security of
         such series as and when the same shall become due and payable, either
         at its Maturity or otherwise; or

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

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

                  (4) default in the performance, or breach, of any covenant or
         warranty of the Company in this Indenture or the Securities in respect
         of the Securities of such series (other than a covenant or warranty in
         respect of the Securities of such series a default in whose performance
         or whose breach is elsewhere in this Section specifically dealt with),
         and continuance of such default or breach for a period of 90 days after
         there has been given, by registered or certified mail, to the Company
         by the Trustee or to the Company and the Trustee by the Holders of at
         least 25% in principal amount of the Outstanding Securities of 25% in
         aggregate liquidation amount of all series affected thereby (provided
         that, in the case of a series issued to a Burlington Resources Trust,
         so long as any of the related Trust Securities of such Burlington
         Resources Trust remain outstanding, the holders of 25% in aggregate
         liquidation amount of such Trust Securities then outstanding shall
         instead have such right), a written notice specifying such default or
         breach and requiring it to be remedied and stating that such notice is
         a "Notice of Default" hereunder; or

                  (5) the entry of a decree or order by a court having
         jurisdiction in the premises adjudging the Company a bankrupt or
         insolvent, or approving as properly filed a petition seeking relief,
         reorganization, arrangement, adjustment or composition of or in respect
         of the Company under U.S. federal bankruptcy law or any other
         applicable U.S. federal or state law, or appointing a receiver,
         liquidator, assignee, trustee, sequestrator, custodian or other similar
         official of the Company or of any substantial part of its property, or
         ordering the winding up or liquidation

<PAGE>   40
                                      -34-

         of its affairs, and the continuance of any such decree or order
         unstayed and in effect for a period of 90 consecutive days; or

                  (6) the institution by the Company of proceedings to be
         adjudicated a bankrupt or insolvent, or the consent by it to the
         institution of bankruptcy or insolvency proceedings against it, or the
         filing by it of a petition or answer or consent seeking reorganization
         or relief under U.S. federal bankruptcy law or any other applicable
         U.S. federal or state law, or the consent by it to the filing of such
         petition or to the appointment of or taking of possession by a
         receiver, liquidator, assignee, trustee, sequestrator, custodian or
         similar official of the Company or of any substantial part of its
         property, or the making by it of a general assignment for the benefit
         of creditors, or the admission by the Company 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

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

SECTION 5.02. Acceleration of Maturity;
              Rescission and Annulment

                  If an Event of Default described in Section 5.01(l), (2), (3),
(4) (if the Event of Default under clause (4) is with respect to less than all
series of Securities then Outstanding) or (7) above occurs and is continuing,
then and in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Securities of such series then Outstanding, each such
series voting as a separate class (or, in the case of a series issued to a
Burlington Resources Trust, so long as any of the related Trust Securities of
such Burlington Resources Trust remain outstanding, if, upon such Event of
Default, the Trustee or the Holders of not less than 25% in aggregate principal
amount of such series fail to declare the principal of all the Securities of
such series to be so immediately due and payable, the holders of 25% in
aggregate liquidation amount of such Trust Securities then outstanding shall
have such right), may declare the principal of all the Securities of such series
to be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), and upon any such declaration such principal
shall become and shall be immediately due and payable, anything in this
Indenture or in the Security contained to the contrary notwithstanding. Upon

<PAGE>   41
                                      -35-

payment of such amount, all obligations of the Company in respect of the payment
of principal of the Securities of such series shall terminate. If an Event of
Default described in Section 5.01(4) (if the Event of Default under clause (4)
is with respect to all series of Securities then Outstanding), (5) or (6) above
occurs and is continuing, then and in every such case, unless the principal of
all the Securities shall have already become due and payable, the Trustee or the
Holders of not less than 25% in principal amount of all the Securities then
Outstanding, treated as one class (provided that, in the case of a series issued
to a Burlington Resources Trust, so long as any of the related Trust Securities
of such Burlington Resources Trust remain outstanding, the holders of 25% in
aggregate liquidation amount of such Trust Securities then outstanding shall
instead have such right) which have not previously become due and payable may
declare the entire principal of all the Securities then Outstanding to be due
and payable immediately, by notice in writing to the Company (and to the Trustee
if given by Holders) and upon any such declaration such principal shall become
and shall be immediately due and payable, anything in this Indenture or in the
Securities contained to the contrary notwithstanding. Upon payment of such
amount, all obligations of the Company in respect of the payment of principal of
the Securities shall terminate.

                  At any time after such a declaration of acceleration 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 each series so
affected, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if the conditions set forth in this
Section 5.02 below are satisfied; provided, that in the case of a series issued
to a Burlington Resources Trust, so long as any of the related Trust Securities
of such Burlington Resources Trust remain outstanding, the holders of a majority
in aggregate liquidation amount of such Trust Securities then outstanding shall
instead have such right to rescind the acceleration and its consequences with
respect to such series, subject to the same conditions set forth below.

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

                           (A) all overdue installments of interest on the
                  Securities of such series, and

<PAGE>   42
                                      -36-

                           (B) the principal of (and premium, if any, on) and
                  any sinking fund payments with respect to any Securities of
                  such series which have become due otherwise than by such
                  declaration of acceleration, with interest thereon from the
                  date such principal became due at the rate borne by the
                  Securities of such series, and

                           (C) to the extent that payment of such interest is
                  lawful, interest upon overdue installments of interest at the
                  rate borne by the Securities of such series, 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, other than the nonpayment of the
         principal of Securities of such series which have become due solely by
         such declaration of acceleration, have been cured or waived as provided
         in Section 5.13.

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

SECTION 5.03. Collection of Indebtedness and
              Suits for Enforcement by Trustee

                  The Company covenants that if default is made in the payment
of (1) any installment of interest on any Security of any series when such
interest becomes due and payable and such default continues for a period of 30
days or (2) the principal of (and premium, if any, on) any Security of any
series at the Maturity thereof or otherwise, the Company will, upon demand of
the Trustee, pay to the Trustee, for the benefit of the Holders of such
Securities of each series so affected, the whole amount then due and payable on
such Securities of such series for principal (and premium, if any) or interest,
if any, or both, as the case may be, with interest upon the overdue principal
and, to the extent that payment of such interest shall be legally enforceable,
upon overdue installments of interest, at the rate per annum borne by the
Securities during the period of such default; 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.

<PAGE>   43
                                      -37-

                  If the Company fails to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and
unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon the Securities of
each series so affected and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Company or any other
obligor upon the Securities of each series so affected, wherever situated.

                  If an Event of Default occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and the rights
of the Holders 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.

SECTION 5.04. Trustee May File Proofs of Claim

                  In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
of each series so affected shall then be due and payable as therein expressed or
by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of overdue principal or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise,

                  (a) to file and prove a claim for the amount of principal (and
         premium, if any) and interest, if any, owing and unpaid in respect of
         the Securities of each series so affected and to file such other papers
         or documents as may be necessary or advisable in order to have the
         claims of the Trustee (including any claim for the reasonable
         compensation, expenses, disbursements and advances of the Trustee, its
         agents and counsel) and of the Holders allowed in such judicial
         proceeding and

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

<PAGE>   44
                                      -38-

and any receiver, assignee, trustee, liquidator, sequestrator, custodian 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 6.07.

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

SECTION 5.05. 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 5.06. Application of Money Collected

                  Any money collected by the Trustee pursuant to this Article
Five 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
(and premium, if any) or interest, if any, 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 6.07;

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

<PAGE>   45
                                      -39-

         if any, on the Securities of the series 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 premium, if any) and
         interest, if any, respectively; and

                  THIRD: The balance, if any, to the Company.

SECTION 5.07. 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

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

                  (b) the Holders of not less than 25% in principal amount of
         the Outstanding Securities of each series affected (with each series
         voting as a separate class) 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;

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

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

                  (e) no direction inconsistent with such written request has
         been given to the Trustee during such 60-day period by the Holders of a
         majority in principal amount of the Outstanding Securities of each
         series affected, with each series voting as a separate class;

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

<PAGE>   46
                                      -40-

manner herein provided and for the equal and ratable benefit of all the Holders.

                  In the case of a series issued to a Burlington Resources
Trust, any holder of the related Trust Securities of such Burlington Resources
Trust shall have the right, upon the occurrence and continuance of an Event of
Default described in Sections 5.01(1) and (2) hereof with respect to such
series, to institute a suit directly against the Company to enforce payment to
such holder of the principal of, and premium, if any, and interest on, the
Securities having a principal amount equal to the aggregate liquidation amount
of such Trust Securities held by such holder; provided that the holders of such
Trust Securities have satisfied the requirements to bring suit set forth in this
Section 5.07.

SECTION 5.08. Unconditional Right of Holders To
              Receive Principal 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 premium, if any, on)
and (subject to Section 3.07) interest, if any, on such Security on or after the
Stated Maturity expressed in such Security (or, in the case of redemption, the
Redemption Date), and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

SECTION 5.09. Restoration of Rights and Remedies

                  If the Trustee or any Holder (or, in the case of a series
issued to a Burlington Resources Trust, any holder of such Trust Securities) 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, such Holder or such holder of Trust
Securities, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee, the Holders and the holders of such Trust
Securities 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.

<PAGE>   47
                                      -41-

SECTION 5.10. Rights and Remedies Cumulative

                  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 5.11. Delay or Omission Not Waiver

                  No delay or omission of the Trustee or of any Holder of any
Security (or, in the case of a series issued to a Burlington Resources Trust,
any holder of such Trust 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, to the Holders or to the
holders of such Trust Securities may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee, the Holders or by the holders
of such Trust Securities, as the case may be.

SECTION 5.12. Control by Holders

                  The Holders of a majority in principal amount of the
Outstanding Securities of each series affected, each series voting as a separate
class (or, in the case of a series issued to a Burlington Resources Trust, so
long as any of the related Trust Securities of such Burlington Resources Trust
remain outstanding, the holders of a majority in aggregate liquidation amount of
such Trust Securities then outstanding) 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

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

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

<PAGE>   48
                                      -42-

SECTION 5.13. Waiver of Past Defaults

                  The Holders of not less than a majority in principal amount of
the Outstanding Securities of each series, each series voting as a separate
class (or, in the case of a series issued to a Burlington Resources Trust, so
long as any of the related Trust Securities of such Burlington Resources Trust
remain outstanding, the holders of a majority in aggregate liquidation amount of
such Trust Securities then outstanding) 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

                  (a) in the payment of the principal of (and premium, if any,
         on) or interest, if any, on any Security or

                  (b) 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 5.14. Undertaking for Costs

                  All parties to this Indenture agree, and each Holder of any
Security (or, in the case of a series issued to a Burlington Resources Trust, so
long as any of the related Trust Securities of such Burlington Resources Trust
remain outstanding, the holders of such Trust Securities then outstanding) by
his acceptance thereof shall be deemed to have agreed that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 5.14 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the Outstanding Securities
of each

<PAGE>   49
                                      -43-

series affected (or, in the case of a series issued to a Burlington Resources
Trust, so long as any of the related Trust Securities of such Burlington
Resources Trust remain outstanding, the holders of more than 10% in aggregate
liquidation amount of such Trust Securities then outstanding), or to any suit
instituted by any Holder (or, in the case of a series issued to a Burlington
Resources Trust, so long as any of the related Trust Securities of such
Burlington Resources Trust remain outstanding, any holder of such Trust
Securities then outstanding) for the enforcement of the payment of the principal
of (or premium, if any, on) or interest, if any, on any Security of such series
on or after the Stated Maturity expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 6.01. Certain Duties and Responsibilities

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

                  (1) 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

                  (2) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture; 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 (but need not confirm or investigate the accuracy of any
         mathematical calculations or other facts stated therein).

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

<PAGE>   50
                                      -44-

exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

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

                  (1) this paragraph (c) shall not be construed to limit the
         effect of paragraph (a) of this Section 6.01;

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

                  (3) the Trustee shall not be liable with respect to any action
         taken or omitted to be taken by it with respect to the Securities of
         any series in good faith in accordance with the direction of the
         Holders of a majority in principal amount of the Outstanding Securities
         of such series relating to the time, method and place of conducting any
         proceeding for any remedy available to the Trustee, or exercising any
         trust or power conferred upon the Trustee, under this Indenture.

                  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.

SECTION 6.02. Notice of Defaults

                  Within 90 days after the occurrence of any default hereunder
with respect to the Securities of any series, the Trustee shall transmit by mail
to all Holders of such series entitled to receive reports pursuant to Section
7.04, notice of such default hereunder known to the Trustee, unless such default
shall have been cured or waived; provided, however, that, except in the case of
a default in the payment of the principal of (and premium, if any) or interest,
if any, on any Security of such series, the Trustee shall be protected in
withholding such notice if and so long as the Board of Directors, the executive
committee or a trust committee of directors or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the
interest of the Holders;

<PAGE>   51
                                      -45-

and provided, further, that in the case of any default of the character
specified in Section 5.01(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 6.02, 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 6.03. Certain Rights of Trustee

                  Except as otherwise provided in Section 6.01:

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

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

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

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

                  (e) the Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by this Indenture at the request
         or direction of any of the Holders pursuant to this Indenture, unless
         such Holders shall have offered to the Trustee reasonable security or
         indemnity reasonably satisfactory to it against the costs, expenses

<PAGE>   52
                                      -46-

         and liabilities which might be incurred by it in compliance with such
         request or direction;

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

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

                  (h) the Trustee shall not be liable for any action taken,
         suffered, or omitted to be taken by it in good faith and reasonably
         believed by it to be authorized or within the discretion or rights or
         powers conferred upon it by this Indenture;

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

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

<PAGE>   53
                                      -47-

SECTION 6.04. 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 the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the use
or application by the Company of Securities or the proceeds thereof.

SECTION 6.05. May Hold Securities

                  The Trustee, any Paying Agent, any Securities 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 6.08 and 6.13, may
otherwise deal with the Company with the same rights it would have if it were
not the Trustee, Paying Agent, Securities Registrar or such other agent.

SECTION 6.06. 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 6.07. Compensation and Reimbursement

                  The Company agrees

                  (a) to pay to the Trustee from time to time such compensation
         as shall be agreed upon in writing from time to time 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);

                  (b) except as otherwise expressly provided herein, to
         reimburse the Trustee upon its request for all 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

<PAGE>   54
                                      -48-

         such expense, disbursement or advance as may be attributable to its
         negligence or willful misconduct; and

                  (c) to indemnify the Trustee and any predecessor Trustee for,
         and to hold it harmless against, any and all loss, liability, claim,
         damage or expense incurred without negligence or willful misconduct on
         its part, arising out of or in connection with the acceptance or
         administration of this trust, 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.

                  As security for the performance of the obligations of the
Company under this Section 6.07, the Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of or interest, if any,
on the Securities.

SECTION 6.08. Disqualification; Conflicting
              Interests

                  If the Trustee has or shall acquire any conflicting interest
within the meaning of the Trust Indenture Act with respect to the Securities of
any series, it shall either eliminate such conflicting interest or resign with
respect to the Securities of such series, to the extent and in the manner
provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

                  The following Indentures shall be excluded from the
application of Section 310(b)(1) of the Trust Indenture Act: Indentures between
the Company and the Trustee dated as of June 15, 1990, October 1, 1991 and April
1, 1992 and Indenture between Burlington Resources Finance Company and the
Trustee dated as of February 12, 2001.

SECTION 6.09. Corporate Trustee Required;
              Eligibility

                  There shall at all times be a Trustee hereunder with respect
to each series of Securities which shall be a Person eligible under the Trust
Indenture Act, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by U.S. Federal or State authority. If
such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of said supervising

<PAGE>   55
                                      -49-

or examining authority, then for the purposes of this Section 6.09, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. No obligor of the Securities or Person directly or indirectly
controlling, controlled by or under common control with such obligor shall serve
as Trustee upon such Securities. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 6.09, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article Six.

SECTION 6.10. Resignation and Removal;
              Appointment of Successor

                  (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article Six shall become
effective until the acceptance of appointment by the successor Trustee under
Section 6.11.

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

                  (c) The Trustee may be removed at any time with respect to the
Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and to
the Company. If an instrument of acceptance by a successor Trustee shall not
have been delivered to the Trustee within 30 days after the receipt of such
notice of removal, the removed Trustee may petition at the expense of the
Company any court of competent jurisdiction for the appointment of a successor
Trustee.

                  (d) If at any time with respect to any series of Securities:

                  (1) the Trustee shall fail to comply with Section 6.08 after
         written request therefor by the Company or by any Holder who has been a
         bona fide Holder of a Security of such series for at least six months,
         or

<PAGE>   56
                                      -50-

                  (2) the Trustee shall cease to be eligible under Section 6.09
         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,
         (i) the Company by a Board Resolution may remove the Trustee with
         respect to such series of Securities or (ii) subject to Section 5.14,
         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 and the appointment of a successor Trustee.

                  (e) If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause with respect to the Securities of one or more series, the Company, by
a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series). If, within one year
after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with Section 6.11, 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 shall have been so appointed by the Company or the Holders and accepted
appointment in the manner hereinafter provided, 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 appointment of a successor Trustee.

                  (f) The Company shall give notice of each resignation and each
removal of the Trustee and each appointment of a

<PAGE>   57
                                      -51-

successor Trustee by mailing written notice of such event by first-class mail,
postage prepaid, to the Holders of the Securities of one or more or all series,
as the case may be, to which the resignation, removal or appointment relates, as
their names and addresses appear in the Securities Register. Each notice shall
include the name of the successor Trustee and the address of its Corporate Trust
Office.

SECTION 6.11. Acceptance of Appointment by
              Successor

                  (a) In case of the appointment hereunder of a successor
Trustee with respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on 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, subject,
nevertheless to its lien, if any, provided for in Section 6.07.

                  (b) In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment
and which (i) 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, (ii) 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 (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the

<PAGE>   58
                                      -52-

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.

                  (c) Upon request of any such successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts
referred to in paragraph (a) or (b) of this Section 6.11, as the case may be.

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

SECTION 6.12. Merger, Conversion, Consolidation
              or Succession to Business

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

<PAGE>   59
                                      -53-

SECTION 6.13. Preferential Collection of Claims
              Against Company

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

SECTION 6.14. Trustee's Application for
              Instructions from the Company

                  Any application by the Trustee for written instructions from
the Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date
on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission
of, the Trustee in accordance with a proposal included in such application on or
after the date specified in such application (which date shall not be less than
three Business Days after the date any officer of the Company actually receives
such application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.01. Company To Furnish Trustee Names
              and Addresses of Holders

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

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

<PAGE>   60
                                      -54-

                  (b) at such other times as the Trustee may request in writing,
         within 30 days after the receipt by the Company of any such request, a
         list 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 Securities Registrar.

SECTION 7.02. Preservation of Information;
              Communications to Holders

                  (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, (i) the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 7.01 and (ii)
the names and addresses of Holders received by the Trustee in its capacity as
Securities Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.01 upon receipt of a new list so furnished.

                  (b) Holders may communicate as provided in Section 312(b) of
the Trust Indenture Act with other Holders with respect to their rights under
this Indenture or under the Securities.

                  (c) 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
the disclosure of any such information as to the names and addresses of the
Holders in accordance with paragraph (b) of this Section 7.02, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request made
under paragraph (b) of this Section 7.02.

SECTION 7.03. Reports by Trustee

                  (a) Within 60 days after June 15 of each year commencing with
June 15, [ ], the Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required under the Trust
Indenture Act at the time and in the manner provided therein.

                  (b) A copy of each such report shall, at the time of
transmission to Holders, be filed by the Trustee with each stock exchange upon
which the Securities are listed, with the

<PAGE>   61
                                      -55-

Commission and with the Company. The Company will notify the Trustee when the
Securities are listed on any stock exchange.

SECTION 7.04. Reports by Company

                  (a) The Company shall file with the Trustee, within 15 days
after the Company is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) which the Company is required to
file with the Commission pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934, as amended, and shall otherwise comply with
Section 314(a) of the Trust Indenture Act.

                  (b) The Company shall furnish to the Trustee, within 120 days
after the end of each fiscal year, a brief certificate from the principal
executive officer, principal financial officer or principal accounting officer
as to his or her knowledge of the Company's compliance with all conditions and
covenants under this Indenture. For purposes of this paragraph (b), such
compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture.

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

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.01. 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, unless:

<PAGE>   62
                                      -56-

                  (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, limited liability company, unlimited
         liability company or trust organized and 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 interest,
         if any, on all the Securities and the performance 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, no
         Event of Default, and no event which, after notice or lapse of time or
         both, would become an Event of Default, shall have occurred and be
         continuing;

                  (3) in the case of a series held by a Burlington Resources
         Trust, such consolidation, merger, conveyance, transfer or lease is
         permitted under the declaration of trust and guarantee agreement for
         the related Trust Securities and does not give rise to any breach or
         violation of such declaration of trust or guarantee agreement ; 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 supplemental indenture comply with this Article Eight and that all
         conditions precedent herein provided for relating to such transaction
         have been complied with.

                  Notwithstanding the foregoing, nothing in this Section 8.01
shall restrict the Company from conveying, transferring or leasing its
properties and assets substantially as an entirety to a wholly-owned Subsidiary,
without further action or any other satisfaction of conditions on behalf of the
Company.

<PAGE>   63
                                      -57-

SECTION 8.02. Successor Corporation Substituted

                  Upon any consolidation or merger by the Company with or into
any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety to any Person in accordance
with Section 8.01, the successor corporation, partnership, limited liability
company, unlimited liability company or trust formed by or resulting from such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor corporation, partnership, limited liability
company, unlimited liability company or trust had been named as the Company
herein, and thereafter, except in the case of a lease to another Person, the
predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 9.01. 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 corporation to the
         Company and the assumption by any such successor of the covenants of
         the Company herein and in the Securities; or

                  (2) to add to the covenants of the Company or to the Events of
         Default for the benefit of the Holders of all or any series of
         Securities, or to surrender any right or power herein conferred upon
         the Company; or

                  (3) to secure the Securities; or

                  (4) to cure any ambiguity, to correct or supplement any
         provision herein which may be inconsistent with any

<PAGE>   64
                                      -58-

         other provision herein, or to make any other provisions with respect to
         matters or questions arising under this Indenture; provided such action
         shall not adversely affect the interests of the Holders in any material
         respect or, in the case of a series issued to the Burlington Resources
         Trust and for so long as any of the related Trust Securities of such
         Burlington Resources Trust shall remain outstanding, the holders of
         such Trust Securities; or

                  (5) 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 6.11.

SECTION 9.02. Supplemental Indentures With
              Consent of Holders

                  With the consent of the Holders of not less than a majority in
principal amount of the Securities at the time Outstanding of all series
affected by such supplemental indenture (or, in the case of a series issued to a
Burlington Resources Trust, so long as any of the related Trust Securities of
such Burlington Resources Trust remain outstanding, the holders of a majority in
aggregate liquidation amount of such Trust Securities then outstanding), each
such series voting as a separate class, 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 (or, in the case of a series issued to a
Burlington Resources Trust, the holder of each such Trust Security then
outstanding) affected thereby,

                  (1) change the Stated Maturity of the principal of (or
         premium, if any, on), or any installment of principal of or interest,
         if any, on, any Security, or reduce the principal amount thereof or the
         interest thereon, or change the place of payment where, or the coin or
         currency in which, any Security or the interest thereon is payable, or
         impair the right to institute suit for the enforcement of any such
         payment on or after the Stated Maturity thereof, or

<PAGE>   65
                                      -59-

                  (2) reduce the percentage in principal amount of the
         Outstanding Securities, 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 9.02 or
         Section 5.13, except to increase any such percentage or to provide that
         certain other provisions of this Indenture cannot be modified or waived
         without the consent of the Holder of each Outstanding Security affected
         thereby.

                  A supplemental indenture that 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 that
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 9.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

SECTION 9.03. Execution of Supplemental
              Indentures

                  In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article Nine or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and 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.

<PAGE>   66
                                      -60-

SECTION 9.04. Effect of Supplemental Indentures

                  Upon the execution of any supplemental indenture under this
Article Nine, 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.

SECTION 9.05. Conformity With Trust Indenture Act

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

SECTION 9.06. Reference in Securities to
              Supplemental Indentures

                  Securities authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article Nine 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 so modified as to conform, in the opinion of the
Trustee and the Board of Directors, 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.

                                   ARTICLE TEN

                                    COVENANTS

SECTION 10.01. Payment of Principal and Interest

                  For the benefit of each series of Securities, the Company will
duly and punctually pay the principal of (and premium, if any) and interest, if
any, on the Securities of that series in accordance with the terms of such
Securities and this Indenture.

SECTION 10.02. Maintenance of Office or Agency

                  The Company will maintain in the Borough of Manhattan, The
City of New York, an office or agency where Securities may be presented or
surrendered for payment, where Securities

<PAGE>   67
                                      -61-

may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Company 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 (in or outside The City of New York) where the
Securities may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the Borough of Manhattan, The City
of New York, for such purposes. The Company 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 10.03. Money for Security 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 premium, if any) or interest, if any, 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 (or premium, if
any) or interest, if any, 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, it
will, on each due date of the principal of (or premium, if any) or interest, if
any, on any Securities, deposit with a Paying Agent a sum sufficient to pay the
principal or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.

<PAGE>   68
                                      -62-

                  The Company will cause each Paying Agent other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section
10.3, that such Paying Agent will:

                  (a) hold all sums held by it for the payment of the principal
         of (or premium, if any) or interest, if any, on Securities in trust for
         the benefit of the Persons entitled thereto until such sums shall be
         paid to such Persons or otherwise disposed of as herein provided;

                  (b) give the Trustee notice of any default by the Company (or
         any other obligor upon the Securities of that series) in the making of
         any payment of principal of (or premium, if any, on) or interest, if
         any, on the Securities of that series when the same shall be due and
         payable; and

                  (c) at any time during the continuance of any such default,
         upon the written request of the Trustee, forthwith pay to the Trustee
         all sums so held in trust by such Paying Agent.

SECTION 10.04. Costs and Expenses of Burlington
               Resources Trusts

                  The Company shall pay all debts and obligations (other than
with respect to the Trust Securities) and all costs and expenses of any
Burlington Resources Trust (including, but not limited to, all costs and
expenses relating to the organization of the applicable Burlington Resources
Trust, the fees and expenses of any trustee or trustees for the Burlington
Resources Trust and all costs and expenses relating to the operation of the
applicable Burlington Resources Trust (other than with respect to the Trust
Securities)) and to pay any and all taxes, duties, assessments or other
governmental charges of whatever nature (other than United States withholding
taxes) imposed by the United States or any other taxing authority, so that the
net amounts received and retained by the applicable Burlington Resources Trust
after paying such fees, expenses, debts and obligations will be equal to the
amounts the applicable Burlington Resources Trust would have received and
retained had no such fees, expenses, debts and obligations been incurred by or
imposed on the applicable Burlington Resources Trust. The foregoing obligations
of the Company are for the benefit of, and shall be enforceable by, any person
to whom such fees, expenses, debts and obligations are owed (each, a
"Creditor"),

<PAGE>   69
                                      -63-

whether or not such Creditor has received notice thereof. Any such
Creditor may enforce such obligations of the Company directly against the
Company, and the Company irrevocably waives any right or remedy to require that
any such Creditor take any action against the applicable Burlington Resources
Trust or any other person before proceeding against the Company. The Company
shall execute such additional agreements as may be necessary to give full effect
to the foregoing.

SECTION 10.05. Additional Covenants

                  The Company also covenants: (i) not to voluntarily terminate,
wind-up or liquidate a Burlington Resources Trust, except (a) in connection with
a distribution of Trust Securities to the holders of the Trust Securities in a
liquidation of a Burlington Resources Trust permitted by the declaration of
trust related to such Trust Securities or (b) in connection with certain
mergers, consolidations or amalgamations permitted by the declaration of trust
related to such Trust Securities and (ii) to use its reasonable efforts,
consistent with the terms and provisions of the declaration of trust related to
such Trust Securities, to cause a Burlington Resources Trust to remain
classified as a grantor trust and not an association taxable as a corporation
for United States federal income tax purposes.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 11.01. 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 3.01 for Securities of any
series) in accordance with this Article Eleven; provided, however, that if any
provision of any such Security shall conflict with any provision of this Article
Eleven, the provision of such Security shall govern. Except as otherwise set
forth in any Security, each Security shall be subject to partial redemption only
in the amount of $1,000 or integral multiples thereof.

<PAGE>   70
                                      -64-

SECTION 11.02. Election To Redeem; Notice to
               Trustee

                  The right of the Company to elect to redeem any Securities of
any series shall be set forth in the terms of such Securities of such series
established in accordance with Section 3.01. In case of any redemption at the
election of the Company of less than all the Securities of any series, the
Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Securities of
such series to be redeemed and shall deliver to the Trustee such documentation
and records as shall enable the Trustee to select the Securities to be redeemed
pursuant to Section 11.03. 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 11.03. Selection by Trustee of Securities
               To Be Redeemed

                  If less than all the Securities of any series are to be
redeemed, 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 may be specified by the terms of such Securities or, if no such method is so
specified, by such method as the Trustee shall deem appropriate and which may
provide for the selection for redemption of portions of the principal amount of
Securities of such series.

                  The Trustee shall promptly notify the Company in writing of
the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.

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

<PAGE>   71
                                      -65-

SECTION 11.04. Notice of Redemption

                  Notice of redemption shall be given by the Company or, at the
Company's request, by the Trustee to the Holders of the Securities to be
redeemed, 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 such Holder's address appearing in the Securities 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
         are to be redeemed, the identification (and, in the case of partial
         redemption, the principal amounts) of the particular Securities 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 such Securities are to be
         surrendered for payment of the Redemption Price;

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

                  (7) the applicable CUSIP numbers.

SECTION 11.05. Deposit of Redemption Price

                  On or before 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 10.03) 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.

<PAGE>   72
                                      -66-

SECTION 11.06. 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 and at the place or places therein specified,
and from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest, if any) 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 installments of interest whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the
provisions of Section 3.07.

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

SECTION 11.07. Securities Redeemed in Part

                  Any Security that is to be redeemed only in part shall be
surrendered at the 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, 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.

<PAGE>   73
                                      -67-

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 12.01. Applicability of Article

                  The provisions of this Article Twelve shall be applicable to
any sinking fund for the retirement of Securities of a series except as
otherwise contemplated by Section 3.01 for Securities of such series; provided,
however, that if any provision of any such Security shall conflict with any
provision of this Article Twelve, the provision of such Security shall govern.

                  The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment," and any payment in excess of such minimum amount provided
for by the terms of Securities of any series is herein referred to as an
"optional sinking fund payment." If provided for by the terms of Securities of
any series, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section 12.02. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

SECTION 12.02. Satisfaction of Sinking Fund
               Payments With Securities

                  The Company may (i) deliver to the Trustee Outstanding
Securities of a series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Company and (ii) receive
credit for Securities of a series which have been previously delivered to the
Trustee by the Company or for 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 the Securities of the same series
required to be made pursuant to the terms of such Securities as provided for by
the terms of such series; provided that such Securities have not been previously
so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly.

<PAGE>   74
                                      -68-

SECTION 12.03. Redemption of Securities for
               Sinking Fund

                  Not less than 60 days prior to each sinking fund payment date
for any series of Securities, the Company will deliver to the Trustee an
Officers' Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering or crediting Securities
of that series pursuant to Section 12.02 (which Securities will, if not
previously delivered, accompany such certificate) and whether the Company
intends to exercise its right to make a permitted optional sinking fund payment
with respect to such series. Such certificate shall be irrevocable and upon its
delivery the Company shall be obligated to make the cash payment or payments
therein referred to, if any, on or before the next succeeding sinking fund
payment date. In the case of the failure of the Company to deliver such
certificate, the sinking fund payment due on the next succeeding sinking fund
payment date for that series shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Securities subject to a
mandatory sinking fund payment without the option to deliver or credit
Securities of such series as provided in Section 12.02 and without the right to
make any optional sinking fund payment, if any, with respect to such series.

                  Not more than 60 days before each such sinking fund payment
date, the Trustee shall select the Securities of such series to be redeemed upon
such sinking fund payment date in the manner specified in Section 11.03 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 11.04. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 11.06 and 11.07.

                  On or prior to any sinking fund payment date, the Company
shall pay to the Trustee in cash a sum equal to any interest accrued to the date
fixed for redemption of Securities or portions thereof to be redeemed on such
sinking fund payment date pursuant to this Section 12.03.

<PAGE>   75
                                      -69-

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

<PAGE>   76
                                      -70-

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

                                             BURLINGTON RESOURCES INC.,
                                             as Issuer

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

                                             [           ], as Trustee

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

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