Document:

Exhibit
4.1

Execution
Copy

UNIVERSAL AMERICAN
FINANCIAL CORP. ,

as
Issuer

INDENTURE

Dated as of March 22,
2007

 

 

 

WILMINGTON TRUST COMPANY,

as Trustee

 

 

 

FIXED/FLOATING RATE
JUNIOR SUBORDINATED

DEFERRABLE INTEREST DEBENTURES

 

DUE 2037

 

   
 

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I.

  	
   

  	
  DEFINITIONS

  	
   

  	
  1

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  ARTICLE II.

  	
   

  	
  DEBENTURES

  	
   

  	
  8

  
	
  Section 2.1.

  	
   

  	
  Authentication and Dating

  	
   

  	
  8

  
	
  Section 2.2.

  	
   

  	
  Form of Trustee’s Certificate of Authentication

  	
   

  	
  9

  
	
  Section 2.3.

  	
   

  	
  Form and Denomination of Debentures

  	
   

  	
  9

  
	
  Section 2.4.

  	
   

  	
  Execution of Debentures

  	
   

  	
  9

  
	
  Section 2.5.

  	
   

  	
  Exchange and Registration of Transfer of Debentures

  	
   

  	
  10

  
	
  Section 2.6.

  	
   

  	
  Mutilated, Destroyed, Lost or Stolen Debentures

  	
   

  	
  12

  
	
  Section 2.7.

  	
   

  	
  Temporary Debentures

  	
   

  	
  13

  
	
  Section 2.8.

  	
   

  	
  Payment of Interest and Additional Interest

  	
   

  	
  14

  
	
  Section 2.9.

  	
   

  	
  Cancellation of Debentures Paid, etc

  	
   

  	
  15

  
	
  Section 2.10.

  	
   

  	
  Computation of Interest

  	
   

  	
  15

  
	
  Section 2.11.

  	
   

  	
  Extension of Interest Payment Period

  	
   

  	
  17

  
	
  Section 2.12.

  	
   

  	
  CUSIP Numbers

  	
   

  	
  18

  
	
  ARTICLE III.

  	
   

  	
  PARTICULAR COVENANTS OF THE COMPANY

  	
   

  	
  19

  
	
  Section 3.1.

  	
   

  	
  Payment of Principal, Premium and Interest; Agreed
  Treatment of the Debentures

  	
   

  	
  19

  
	
  Section 3.2.

  	
   

  	
  Offices for Notices and Payments, etc

  	
   

  	
  20

  
	
  Section 3.3.

  	
   

  	
  Appointments to Fill Vacancies in Trustee’s Office

  	
   

  	
  20

  
	
  Section 3.4.

  	
   

  	
  Provision as to Paying Agent

  	
   

  	
  20

  
	
  Section 3.5.

  	
   

  	
  Certificate to Trustee

  	
   

  	
  21

  
	
  Section 3.6.

  	
   

  	
  Additional Sums

  	
   

  	
  22

  
	
  Section 3.7.

  	
   

  	
  Compliance with Consolidation Provisions

  	
   

  	
  22

  
	
  Section 3.8.

  	
   

  	
  Limitation on Dividends

  	
   

  	
  22

  
	
  Section 3.9.

  	
   

  	
  Covenants as to the Trust

  	
   

  	
  23

  
	
  Section 3.10.

  	
   

  	
  Additional Junior Indebtedness

  	
   

  	
  23

  
	
  ARTICLE IV.

  	
   

  	
  SECURITYHOLDERS LISTS AND REPORTS BY THE COMPANY AND
  THE TRUSTEE

  	
   

  	
  24

  
	
  Section 4.1.

  	
   

  	
  Securityholders Lists

  	
   

  	
  24

  
	
  Section 4.2.

  	
   

  	
  Preservation and Disclosure of Lists

  	
   

  	
  24

  
	
  ARTICLE V.

  	
   

  	
  REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN
  EVENT OF DEFAULT

  	
   

  	
  25

  
	
  Section 5.1.

  	
   

  	
  Events of Default

  	
   

  	
  25

  
	
  Section 5.2.

  	
   

  	
  Payment of Debentures on Default; Suit Therefor

  	
   

  	
  27

  
	
  Section 5.3.

  	
   

  	
  Application of Moneys Collected by Trustee

  	
   

  	
  28

  

 

 i
 

 

	
  Section 5.4.

  	
   

  	
  Proceedings by Securityholders

  	
   

  	
  29

  
	
  Section 5.5.

  	
   

  	
  Proceedings by Trustee

  	
   

  	
  29

  
	
  Section 5.6.

  	
   

  	
  Remedies Cumulative and Continuing; Delay or
  Omission Not a Waiver

  	
   

  	
  30

  
	
  Section 5.7.

  	
   

  	
  Direction of Proceedings and Waiver of Defaults by
  Majority of Securityholders

  	
   

  	
  30

  
	
  Section 5.8.

  	
   

  	
  Notice of Defaults

  	
   

  	
  31

  
	
  Section 5.9.

  	
   

  	
  Undertaking to Pay Costs

  	
   

  	
  31

  
	
  ARTICLE VI.

  	
   

  	
  CONCERNING THE TRUSTEE

  	
   

  	
  31

  
	
  Section 6.1.

  	
   

  	
  Duties and Responsibilities of Trustee

  	
   

  	
  31

  
	
  Section 6.2.

  	
   

  	
  Reliance on Documents, Opinions, etc

  	
   

  	
  32

  
	
  Section 6.3.

  	
   

  	
  No Responsibility for Recitals, etc

  	
   

  	
  34

  
	
  Section 6.4.

  	
   

  	
  Trustee, Authenticating Agent, Paying Agents,
  Transfer Agents or Registrar May Own Debentures

  	
   

  	
  34

  
	
  Section 6.5.

  	
   

  	
  Moneys to be Held in Trust

  	
   

  	
  34

  
	
  Section 6.6.

  	
   

  	
  Compensation and Expenses of Trustee

  	
   

  	
  34

  
	
  Section 6.7.

  	
   

  	
  Officers’ Certificate as Evidence

  	
   

  	
  35

  
	
  Section 6.8.

  	
   

  	
  Eligibility of Trustee

  	
   

  	
  35

  
	
  Section 6.9.

  	
   

  	
  Resignation or Removal of Trustee

  	
   

  	
  36

  
	
  Section 6.10.

  	
   

  	
  Acceptance by Successor Trustee

  	
   

  	
  37

  
	
  Section 6.11.

  	
   

  	
  Succession by Merger, etc

  	
   

  	
  38

  
	
  Section 6.12.

  	
   

  	
  Authenticating Agents

  	
   

  	
  38

  
	
  ARTICLE VII.

  	
   

  	
  CONCERNING THE SECURITYHOLDERS

  	
   

  	
  39

  
	
  Section 7.1.

  	
   

  	
  Action by Securityholders

  	
   

  	
  39

  
	
  Section 7.2.

  	
   

  	
  Proof of Execution by Securityholders

  	
   

  	
  40

  
	
  Section 7.3.

  	
   

  	
  Who Are Deemed Absolute Owners

  	
   

  	
  40

  
	
  Section 7.4.

  	
   

  	
  Debentures Owned by Company Deemed Not Outstanding

  	
   

  	
  40

  
	
  Section 7.5.

  	
   

  	
  Revocation of Consents; Future Holders Bound

  	
   

  	
  41

  
	
  ARTICLE VIII.

  	
   

  	
  SECURITYHOLDERS MEETINGS

  	
   

  	
  41

  
	
  Section 8.1.

  	
   

  	
  Purposes of Meetings

  	
   

  	
  41

  
	
  Section 8.2.

  	
   

  	
  Call of Meetings by Trustee

  	
   

  	
  41

  
	
  Section 8.3.

  	
   

  	
  Call of Meetings by Company or Securityholders

  	
   

  	
  42

  
	
  Section 8.4.

  	
   

  	
  Qualifications for Voting

  	
   

  	
  42

  
	
  Section 8.5.

  	
   

  	
  Regulations

  	
   

  	
  42

  
	
  Section 8.6.

  	
   

  	
  Voting

  	
   

  	
  43

  
	
  Section 8.7.

  	
   

  	
  Quorum; Actions

  	
   

  	
  43

  
	
  ARTICLE IX.

  	
   

  	
  SUPPLEMENTAL INDENTURES

  	
   

  	
  44

  
	
  Section 9.1.

  	
   

  	
  Supplemental Indentures without Consent of
  Securityholders

  	
   

  	
  44

  
	
  Section 9.2.

  	
   

  	
  Supplemental Indentures with Consent of
  Securityholders

  	
   

  	
  45

  
	
  Section 9.3.

  	
   

  	
  Effect of Supplemental Indentures

  	
   

  	
  46

  
	
  Section 9.4.

  	
   

  	
  Notation on Debentures

  	
   

  	
  46

  

 

 ii
 

 

	
  Section 9.5.

  	
   

  	
  Evidence of Compliance of Supplemental Indenture to
  be Furnished to Trustee

  	
   

  	
  46

  
	
  ARTICLE X.

  	
   

  	
  REDEMPTION OF SECURITIES

  	
   

  	
  47

  
	
  Section 10.1.

  	
   

  	
  Optional Redemption

  	
   

  	
  47

  
	
  Section 10.2.

  	
   

  	
  Special Event Redemption

  	
   

  	
  47

  
	
  Section 10.3.

  	
   

  	
  Notice of Redemption; Selection of Debentures

  	
   

  	
  47

  
	
  Section 10.4.

  	
   

  	
  Payment of Debentures Called for Redemption

  	
   

  	
  48

  
	
  ARTICLE XI.

  	
   

  	
  CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

  	
   

  	
  48

  
	
  Section 11.1.

  	
   

  	
  Company May Consolidate, etc., on Certain Terms

  	
   

  	
  48

  
	
  Section 11.2.

  	
   

  	
  Successor Entity to be Substituted

  	
   

  	
  49

  
	
  Section 11.3.

  	
   

  	
  Opinion of Counsel to be Given to Trustee

  	
   

  	
  49

  
	
  ARTICLE XII.

  	
   

  	
  SATISFACTION AND DISCHARGE OF INDENTURE

  	
   

  	
  50

  
	
  Section 12.1.

  	
   

  	
  Discharge of Indenture

  	
   

  	
  50

  
	
  Section 12.2.

  	
   

  	
  Deposited Moneys to be Held in Trust by Trustee

  	
   

  	
  50

  
	
  Section 12.3.

  	
   

  	
  Paying Agent to Repay Moneys Held

  	
   

  	
  51

  
	
  Section 12.4.

  	
   

  	
  Return of Unclaimed Moneys

  	
   

  	
  51

  
	
  ARTICLE XIII.

  	
   

  	
  IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
  AND DIRECTORS

  	
   

  	
  51

  
	
  Section 13.1.

  	
   

  	
  Indenture and Debentures Solely Corporate
  Obligations

  	
   

  	
  51

  
	
  ARTICLE XIV.

  	
   

  	
  MISCELLANEOUS PROVISIONS

  	
   

  	
  51

  
	
  Section 14.1.

  	
   

  	
  Successors

  	
   

  	
  51

  
	
  Section 14.2.

  	
   

  	
  Official Acts by Successor Entity

  	
   

  	
  51

  
	
  Section 14.3.

  	
   

  	
  Surrender of Company Powers

  	
   

  	
  51

  
	
  Section 14.4.

  	
   

  	
  Addresses for Notices, etc

  	
   

  	
  52

  
	
  Section 14.5.

  	
   

  	
  Governing Law

  	
   

  	
  52

  
	
  Section 14.6.

  	
   

  	
  Evidence of Compliance with Conditions Precedent

  	
   

  	
  52

  
	
  Section 14.7.

  	
   

  	
  Table of Contents, Headings, etc

  	
   

  	
  52

  
	
  Section 14.8.

  	
   

  	
  Execution in Counterparts

  	
   

  	
  53

  
	
  Section 14.9.

  	
   

  	
  Severability

  	
   

  	
  53

  
	
  Section 14.10.

  	
   

  	
  Assignment

  	
   

  	
  53

  
	
  Section 14.11.

  	
   

  	
  Acknowledgment of Rights

  	
   

  	
  53

  
	
  ARTICLE XV.

  	
   

  	
  SUBORDINATION OF DEBENTURES

  	
   

  	
  53

  
	
  Section 15.1.

  	
   

  	
  Agreement to Subordinate

  	
   

  	
  53

  
	
  Section 15.2.

  	
   

  	
  Default on Senior Indebtedness

  	
   

  	
  54

  
	
  Section 15.3.

  	
   

  	
  Liquidation, Dissolution, Bankruptcy

  	
   

  	
  54

  
	
  Section 15.4.

  	
   

  	
  Subrogation

  	
   

  	
  55

  
	
  Section 15.5.

  	
   

  	
  Trustee to Effectuate Subordination

  	
   

  	
  56

  
	
  Section 15.6.

  	
   

  	
  Notice by the Company

  	
   

  	
  56

  

 

 iii
 

 

	
  Section 15.7.

  	
   

  	
  Rights of the Trustee; Holders of Senior
  Indebtedness

  	
   

  	
  57

  
	
  Section 15.8.

  	
   

  	
  Subordination May Not Be Impaired

  	
   

  	
  57

  

 

Exhibit A                Form of Fixed/Floating Rate
Junior Subordinated Deferrable Interest Debenture

 iv

THIS INDENTURE, dated as of
March 22, 2007, between Universal American Financial Corp., a New York
corporation (the “Company”), and Wilmington Trust Company, a banking
corporation organized under the laws of the State of Delaware, as debenture
trustee (the “Trustee”).

WITNESSETH:

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the issuance of its
Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2037
(the “Debentures”) under this Indenture to provide, among other things,
for the execution and authentication, delivery and administration thereof, and
the Company has duly authorized the execution of this Indenture; and

WHEREAS, all acts and things
necessary to make this Indenture a valid agreement according to its terms, have
been done and performed;

NOW, THEREFORE, in
consideration of the premises, and the purchase of the Debentures by the
holders thereof, the Company covenants and agrees with the Trustee for the
equal and proportionate benefit of the respective holders from time to time of
the Debentures as follows:

ARTICLE
I.

DEFINITIONS

Section 1.1.           Definitions.  The terms defined in this
Section 1.1 (except as herein otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any
indenture supplemental hereto shall have the respective meanings specified in
this Section 1.1.  All accounting
terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles and the
term “generally accepted accounting principles” means such accounting
principles as are generally accepted in the United States at the time of any
computation.  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.

“Additional Interest”
has the meaning set forth in Section 2.11.

“Additional Junior
Indebtedness” means, without duplication and other than the Debentures, (a)
any indebtedness, liabilities or obligations of the Company, or any Subsidiary
of the Company, under debt securities (or guarantees in respect of debt
securities) initially issued on or after the date of this Indenture to any trust,
or a trustee of a trust, partnership or other entity affiliated with the
Company that is, directly or indirectly, a finance subsidiary (as such term is
defined in Rule 3a-5 under the Investment Company Act of 1940) or other
financing vehicle of the Company or any Subsidiary of the Company in connection
with the issuance by that entity of preferred securities, (b) other securities
that are issued either junior and subordinate to or on a pari passu basis with the Debentures or
(c) any guarantees of the Company in respect of the equity or other
securities of any entity referred to in clause (a).

“Additional Sums” has
the meaning set forth in Section 3.6.

 1
 

“Affiliate” has the
same meaning as given to that term in Rule 405 under the Securities Act or
any successor rule thereunder.

“Authenticating Agent”
means any agent or agents of the Trustee which at the time shall be appointed
and acting pursuant to Section 6.12.

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

“Board of Directors”
means the board of directors or the executive committee or any other duly
authorized designated officers of the Company.

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

“Business Day” means
any day other than a Saturday, Sunday or any other day on which banking
institutions in New York City or Wilmington, Delaware are permitted or required
by any applicable law to close.

“Capital Securities”
means undivided beneficial interests in the assets of the Trust which rank pari  passu with
Common Securities issued by the Trust; provided, however, that
upon the occurrence and during the continuation of an Event of Default (as
defined in the Declaration), the rights of holders of such Common Securities to
payment in respect of distributions and payments upon liquidation, redemption
and otherwise are subordinated to the rights of holders of such Capital
Securities.

“Capital Securities
Guarantee” means the guarantee agreement that the Company enters into with
Wilmington Trust Company, as guarantee trustee, or other Persons that operates
directly or indirectly for the benefit of holders of Capital Securities of the
Trust.

“Certificate” means a
certificate signed by any one of the principal executive officer, the principal
financial officer or the principal accounting officer of the Company.

“Common Securities”
means undivided beneficial interests in the assets of the Trust which rank pari passu with Capital Securities issued by the Trust; provided,
however, that upon the occurrence and during the continuation of an
Event of Default (as defined in the Declaration), the rights of holders of such
Common Securities to payment in respect of distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of holders
of such Capital Securities.

“Company” means
Universal American Financial Corp., a New York corporation, and, subject to the
provisions of Article XI, shall include its successors and assigns.

“Comparable Treasury
Issue” means with respect to any Special Redemption Date the United States
Treasury security selected by the Quotation Agent as having a maturity
comparable to the Fixed Rate Period Remaining Life that would be utilized, at
the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate 

 2
 

debt securities of
comparable maturity to the Fixed Rate Period Remaining Life.  If no United States Treasury security has a
maturity which is within a period from three months before to three months
after the Interest Payment Date in March 2012, the two most closely
corresponding fixed, non-callable United States Treasury securities, as
selected by the Quotation Agent, shall be used as the Comparable Treasury
Issue, and the Treasury Rate shall be interpolated or extrapolated on a
straight-line basis, rounding to the nearest month using such securities.

“Comparable Treasury
Price” means (a) the average of five Reference Treasury Dealer Quotations
for such Special Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations, or (b) if the Quotation Agent obtains
fewer than five such Reference Treasury Dealer Quotations, the average of all
such Quotations.

“Coupon Rate” has the
meaning set forth in Section 2.8.

“Debenture” or “Debentures”
has the meaning stated in the first recital of this Indenture.

“Debenture Register”
has the meaning specified in Section 2.5.

“Declaration” means
the Amended and Restated Declaration of Trust of the Trust, as amended or
supplemented from time to time.

“Default” means any
event, act or condition that with notice or lapse of time, or both, would
constitute an Event of Default.

“Defaulted Interest”
has the meaning set forth in Section 2.8.

“Determination Date”
has the meaning set forth in Section 2.10.

“Distribution Period”
means (i) with respect to the first Interest Payment Date, the period beginning
on (and including) the date of original issuance and ending on (but excluding)
the Interest Payment Date in June 2007 and (ii) thereafter, with respect to
each Interest Payment Date, the period beginning on (and including) the
preceding Interest Payment Date and ending on (but excluding) such current
Interest Payment Date.

“Event of Default”
means any event specified in Section 5.1, continued for the period of
time, if any, and after the giving of the notice, if any, therein designated.

“Extension Period”
has the meaning set forth in Section 2.11.

“Federal Reserve”
means the Board of Governors of the Federal Reserve System and any successor
federal agency.

“Fixed Rate Period
Remaining Life” means, with respect to any Debenture, the period from the
Special Redemption Date for such Debenture to the Interest Payment Date in
March 2012.

“Indenture” means
this instrument as originally executed or, if amended or supplemented as herein
provided, as so amended or supplemented, or both.

 3
 

“Institutional Trustee”
has the meaning set forth in the Declaration.

“Interest Payment Date”
means each June 15th, September 15th, December 15th and March 15th of each year
during the term of this Indenture, or if any such day is not a Business Day,
then the next succeeding Business Day, commencing in June 2007.

“Interest Rate” means
for the period beginning on (and including) the date of original issuance and
ending on (but excluding) the Interest Payment Date in March 2012 the rate per
annum of 7.675% and for each Distribution Period thereafter, the Coupon Rate.

“Investment Company Event”
means the receipt by the Company and the Trust of an opinion of counsel
experienced in such matters to the effect that, as a result of the occurrence
of a change in law or regulation or written change (including any announced
prospective change) in interpretation or application of law or regulation by
any legislative body, court, governmental agency or regulatory authority, there
is more than an insubstantial risk that the Trust is or, within 90 days of the
date of such opinion will be considered an “investment company” that is
required to be registered under the Investment Company Act of 1940, as amended
which change or prospective change becomes effective or would become effective,
as the case may be, on or after the date of the issuance of the Debentures.

“Liquidation Amount”
means the stated amount of $1,000.00 per Trust Security.

“Maturity Date” means
March 15, 2037.

“Officers’ Certificate”
means a certificate signed by the Chief Executive Officer, the Vice Chairman,
the President, any Vice President, and by the Chief Financial Officer, the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of
the Company, and delivered to the Trustee. 
Each such certificate shall include the statements provided for in
Section 14.6 if and to the extent required by the provisions of such
Section.

“Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of
or counsel to the Company, or may be other counsel reasonably satisfactory to
the Trustee.  Each such opinion shall
include the statements provided for in Section 14.6 if and to the extent
required by the provisions of such Section.

“Optional Redemption Date”
has the meaning set forth in Section 10.1.

“Optional Redemption
Price” means 100% of the principal amount of the Debentures being redeemed,
plus accrued and unpaid interest (including any Additional Interest) on such
Debentures to the Optional Redemption Date.

The term “outstanding,”
when used with reference to Debentures, means, subject to the provisions of
Section 7.4, as of any particular time, all Debentures authenticated and
delivered by the Trustee or the Authenticating Agent under this Indenture,
except:

(a)           Debentures theretofore canceled by the Trustee or the
Authenticating Agent or delivered to the Trustee for cancellation;

 4
 

(b)           Debentures, or portions thereof, for the payment or
redemption of which moneys in the necessary amount shall have been deposited in
trust with the Trustee or with any paying agent (other than the Company) or
shall have been set aside and segregated in trust by the Company (if the
Company shall act as its own paying agent); provided, however,
that, if such Debentures, or portions thereof, are to be redeemed prior to
maturity thereof, notice of such redemption shall have been given as provided
in Section 10.3 or provision satisfactory to the Trustee shall have been
made for giving such notice; and

(c)           Debentures paid pursuant to Section 2.6 or in lieu of
or in substitution for which other Debentures shall have been authenticated and
delivered pursuant to the terms of Section 2.6 unless proof satisfactory
to the Company and the Trustee is presented that any such Debentures are held
by bona fide holders in due course.

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

“Predecessor Security”
of any particular Debenture means every previous Debenture evidencing all or a
portion of the same debt as that evidenced by such particular Debenture; and,
for purposes of this definition, any Debenture authenticated and delivered
under Section 2.6 in lieu of a lost, destroyed or stolen Debenture shall be
deemed to evidence the same debt as the lost, destroyed or stolen Debenture.

“Primary Treasury Dealer”
means either a nationally recognized primary United States Government
securities dealer or an entity of recognized standing in matters pertaining to
the quotation of treasury securities that is reasonably acceptable to the
Company and the Trustee.

“Principal Office of the
Trustee,” or other similar term, means the office of the Trustee, at which
at any particular time its corporate trust business shall be principally
administered, which at the time of the execution of this Indenture shall be
1100 North Market Street, Wilmington, Delaware 19890-1600, Attention: Corporate
Trust Administration.

“Quotation Agent” shall be a Primary Treasury Dealer designated
by the Trustee, after receiving consent from the Company.

“Reference Treasury
Dealer” means (i) the Quotation Agent and (ii) any other Primary Treasury
Dealer selected by the Trustee after consultation with the Company.

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Quotation Agent, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such Redemption Date.

“Responsible Officer”
means, with respect to the Trustee, any officer within the Principal Office of
the Trustee, including any vice-president, any assistant vice-president, any
secretary, any assistant secretary, the treasurer, any assistant treasurer, any
trust officer, financial services officer or other officer of the Principal
Trust Office of the Trustee customarily performing 

 5
 

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 that officer’s knowledge of and
familiarity with the particular subject.

“Securities Act”
means the Securities Act of 1933, as amended from time to time or any successor
legislation.

“Securityholder,” “holder
of Debentures,” or other similar terms, means any Person in whose name at
the time a particular Debenture is registered on the register kept by the
Company or the Trustee for that purpose in accordance with the terms hereof.

“Senior Indebtedness”
means, with respect to the Company, (i) the principal, premium, if any,
and interest in respect of (A) indebtedness of the Company for money
borrowed and (B) indebtedness evidenced by securities, debentures, notes,
bonds or other similar instruments issued by the Company; (ii) all capital
lease obligations of the Company; (iii) all obligations of the Company
issued or assumed as the deferred purchase price of property, all conditional
sale obligations of the Company and all obligations of the Company under any
title retention agreement; (iv) all obligations of the Company for the
reimbursement of any letter of credit, any banker’s acceptance, any security
purchase facility, any repurchase agreement or similar arrangement, any
interest rate swap, any other hedging arrangement, any obligation under options
or any similar credit or other transaction; (v) all obligations of the
type referred to in clauses (i) through (iv) above of other Persons for
the payment of which the Company is responsible or liable as obligor, guarantor
or otherwise; and (vi) all obligations of the type referred to in
clauses (i) through (v) above of other Persons secured by any lien on any
property or asset of the Company (whether or not such obligation is assumed by
the Company), whether incurred on or prior to the date of this Indenture or
thereafter incurred.  Notwithstanding the
foregoing, “Senior Indebtedness” shall not include (1) any Additional
Junior Indebtedness, (2) Debentures issued pursuant to this Indenture and
guarantees in respect of such Debentures, (3) trade accounts payable of the
Company arising in the ordinary course of business (such trade accounts payable
being pari passu in right of payment to the
Debentures), or (4) obligations with respect to which (a) in the instrument
creating or evidencing the same or pursuant to which the same is outstanding,
it is provided that such obligations are pari passu,
junior or otherwise not superior in right of payment to the Debentures and (b)
the Company, prior to the issuance thereof, has, if required, notified the
relevant state insurance regulatory agency. 
Senior Indebtedness shall continue to be Senior Indebtedness and be
entitled to the subordination provisions irrespective of any amendment,
modification or waiver of any term of such Senior Indebtedness.

“Special Event” means
either of an Investment Company Event or a Tax Event.

“Special Redemption Date”
has the meaning set forth in Section 10.2.

“Special Redemption Price”
means (a) if the Special Event is before the Interest Payment Date in
March 2012, the greater of (i) 107.5% of the principal amount of the
Debentures, plus accrued and unpaid interest (including Additional Interest) on
the Debentures to the occurrence of the Special Event, or (ii) as
determined by the Quotation Agent, the sum of (A) the present value of the
principal amount of the Debentures and the present value of interest payable on
the 

 6
 

Debentures
during the Fixed Rate Period Remaining Life of the Debentures, each discounted
to the date on which such Special Event occurs on a quarterly basis (assuming a
360-day year consisting of twelve 30-day months at the Treasury Rate), plus
(B) accrued and unpaid interest (including Additional Interest) on the
Debentures to such Special Redemption Date, or (b) if the Special Event is
on or after the Interest Payment Date in March 2012 100% of the principal
amount of the Debentures being redeemed, plus accrued and unpaid interest
(including any Additional Interest) on such Debentures to the Special
Redemption Date.

“Subsidiary” means
with respect to any Person, (i) any corporation or limited liability
company at least a majority of the outstanding voting stock of which is owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries,
or by such Person and one or more of its Subsidiaries, (ii) any general
partnership, joint venture or similar entity, at least a majority of the
outstanding partnership or similar interests of which shall at the time be owned
by such Person, or by one or more of its Subsidiaries, or by such Person and
one or more of its Subsidiaries and (iii) any limited partnership of which
such Person or any of its Subsidiaries is a general partner.  For the purposes of this definition, “voting
stock” means shares, interests, participations or other equivalents in the
equity interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents
having such power only by reason of the occurrence of a contingency.

“Tax Event” means the
receipt by the Company and the Trust of an opinion of counsel experienced in
such matters to the effect that, as a result of 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 as a result of any official administrative
pronouncement (including any private letter ruling, technical advice
memorandum, field service advice, regulatory procedure, notice or announcement,
including any notice or announcement of intent to adopt such procedures or
regulations (an “Administrative Action”)) or judicial decision
interpreting or applying such laws or regulations, regardless of whether such
Administrative Action or judicial decision is issued to or in connection with a
proceeding involving the Company or the Trust and whether or not subject to
review or appeal, which amendment, clarification, change, Administrative Action
or decision is enacted, promulgated or announced, in each case on or after the
date of original issuance of the Debentures, there is more than an
insubstantial risk that:  (i) the
Trust is, or will be within 90 days of the date of such opinion, subject
to United States federal income tax with respect to income received or accrued
on the Debentures; (ii) interest payable by the Company on the Debentures
is not, or within 90 days of the date of such opinion, will not be,
deductible by the Company, in whole or in part, for United States federal
income tax purposes; or (iii) the Trust is, or will be within 90 days
of the date of such opinion, subject to more than a de minimis amount of other
taxes (excluding withholding taxes), duties or other governmental charges.

“Telerate Page 3750”
has the meaning set forth in Section 2.10.

“Treasury Rate” means
(i) the yield, under the heading which represents the average for the week
immediately prior to the date of calculation, appearing in the most recently
published statistical release designated H.15 (519) or any successor
publication which is published weekly by the Federal Reserve and which
establishes yields on actively traded United States Treasury 

 7
 

securities
adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Fixed Rate Period Remaining Life (if no
maturity is within three months before or after the Fixed Rate Period Remaining
Life, yields for the two published maturities most closely corresponding to the
Fixed Rate Period Remaining Life shall be determined and the Treasury Rate
shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding to the nearest month) or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Special
Redemption Date.  The Treasury Rate shall
be calculated by the Quotation Agent on the third Business Day preceding the
Special Redemption Date.

“3-Month LIBOR” has
the meaning set forth in Section 2.10.

“Trust” shall mean
Universal American Statutory Trust VI, a Delaware statutory trust, or any other
similar trust created for the purpose of issuing Capital Securities in
connection with the issuance of Debentures under this Indenture, of which the
Company is the sponsor.

“Trustee” means
Wilmington Trust Company, and, subject to the provisions of Article VI
hereof, shall also include its successors and assigns as Trustee hereunder.

“Trust Securities”
means Common Securities and Capital Securities of the Trust.

ARTICLE
II.

DEBENTURES

Section 2.1.           Authentication and Dating.  Upon the execution and delivery of this
Indenture, or from time to time thereafter, Debentures in an aggregate
principal amount not in excess of $51,547,000 may be executed and delivered by
the Company to the Trustee for authentication, and the Trustee shall thereupon
authenticate and make available for delivery said Debentures to or upon the
written order of the Company, signed by its Chief Executive Officer, the
President, or one of its Vice Presidents without any further action by the
Company hereunder.  In authenticating
such Debentures, and accepting the additional responsibilities under this
Indenture in relation to such Debentures, the Trustee shall be entitled to
receive, and (subject to Section 6.1) shall be fully protected in relying
upon:

(a)           a copy of any Board
Resolution or Board Resolutions relating thereto and, if applicable, an
appropriate record of any action taken pursuant to such resolution, in each
case certified by the Secretary or an Assistant Secretary of the Company, as
the case may be; and

(b)           an Opinion of
Counsel prepared in accordance with Section 14.6 which shall also state:

(1)            that such Debentures, when
authenticated and delivered by the Trustee and issued by the Company in each
case in the manner and subject to any conditions specified in such Opinion of
Counsel, will have been duly authorized, executed and delivered by the Company,
will be entitled to the benefits of this Indenture and will be legal, valid and

 8
 

binding
obligations of the Company enforceable against the Company in accordance with
their terms, subject to the effect of bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the rights and remedies of
creditors generally and of general principles of equity; and

(2)            that all laws and requirements in
respect of the execution and delivery by the Company of the Debentures have
been complied with and that authentication and delivery of the Debentures by
the Trustee will not violate the terms of this Indenture.

The Trustee shall have
the right to decline to authenticate and deliver any Debentures under this
Section if the Trustee, being advised in writing by counsel, determines that
such action may not lawfully be taken or if a Responsible Officer of the
Trustee in good faith shall determine that such action would expose the Trustee
to personal liability to existing holders.

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

Section 2.2.           Form of Trustee’s Certificate of Authentication.  The Trustee’s certificate
of authentication on all Debentures shall be in substantially the following
form:

This is one of the Debentures referred to in the within-mentioned
Indenture.

	
  WILMINGTON TRUST COMPANY, as
  Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  
	
   

  	
  Authorized Signer

  	
   

  

 

Section 2.3.           Form and Denomination of Debentures.  The Debentures shall be substantially
in the form of Exhibit A attached hereto. 
The Debentures shall be in registered, certificated form without coupons
and in minimum denominations of $100,000.00 and any multiple of $1,000.00 in
excess thereof.  Any attempted transfer
of the Debentures in a block having an aggregate principal amount of less than
$100,000.00 shall be deemed to be void and of no legal effect whatsoever.  Any such purported transferee shall be deemed
not to be a holder of such Debentures for any purpose, including, but not
limited to the receipt of payments on such Debentures, and such purported
transferee shall be deemed to have no interest whatsoever in such
Debentures.  The Debentures shall be
numbered, lettered, or otherwise distinguished in such manner or in accordance
with such plans as the officers executing the same may determine with the
approval of the Trustee as evidenced by the execution and authentication
thereof.

Section 2.4.           Execution of Debentures.  The Debentures shall be
signed in the name and on behalf of the Company by the manual or facsimile
signature of its Chief Executive Officer, President, or one of its Executive
Vice Presidents, Senior Vice Presidents or Vice Presidents.  Only such Debentures as shall bear thereon a
certificate of authentication substantially in the form herein before recited,
executed by the Trustee or the Authenticating Agent by the manual signature of
an authorized signer, shall be entitled to the benefits of this Indenture or be
valid or obligatory for any purpose. 
Such certificate by the Trustee or the Authenticating Agent upon any
Debenture executed by the Company shall be conclusive 

 9
 

evidence that the Debenture so authenticated has been duly
authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture.

In case any officer of
the Company who shall have signed any of the Debentures shall cease to be such
officer before the Debentures so signed shall have been authenticated and
delivered by the Trustee or the Authenticating Agent, or disposed of by the
Company, such Debentures nevertheless may be authenticated and delivered or
disposed of as though the Person who signed such Debentures had not ceased to
be such officer of the Company; and any Debenture may be signed on behalf of
the Company by such Persons as, at the actual date of the execution of such
Debenture, shall be the proper officers of the Company, although at the date of
the execution of this Indenture any such person was not such an officer.

Every Debenture shall be
dated the date of its authentication.

Section 2.5.           Exchange and Registration of
Transfer of Debentures.  The Company shall cause to
be kept, at the office or agency maintained for the purpose of registration of
transfer and for exchange as provided in Section 3.2, a register (the “Debenture
Register”) for the Debentures issued hereunder in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration and transfer of all Debentures as in this Article II
provided.  The Debenture Register shall
be in written form or in any other form capable of being converted into written
form within a reasonable time.

Debentures to be exchanged
may be surrendered at the Principal Office of the Trustee or at any office or
agency to be maintained by the Company for such purpose as provided in
Section 3.2, and the Company shall execute, the Company or the Trustee
shall register and the Trustee or the Authenticating Agent shall authenticate
and make available for delivery in exchange therefor the Debenture or
Debentures which the Securityholder making the exchange shall be entitled to
receive.  Upon due presentment for
registration of transfer of any Debenture at the Principal Office of the
Trustee or at any office or agency of the Company maintained for such purpose
as provided in Section 3.2, the Company shall execute, the Company or the
Trustee shall register and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in the name of the transferee or transferees
a new Debenture for a like aggregate principal amount.  Registration or registration of transfer of
any Debenture by the Trustee or by any agent of the Company appointed pursuant
to Section 3.2, and delivery of such Debenture, shall be deemed to
complete the registration or registration of transfer of such Debenture.

All Debentures presented for
registration of transfer or for exchange or payment shall (if so required by
the Company or the Trustee or the Authenticating Agent) be duly endorsed by, or
be accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company and the Trustee or the Authenticating Agent duly
executed by the holder or his attorney duly authorized in writing.

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

 10

The Company or the Trustee
shall not be required to exchange or register a transfer of any Debenture for a
period of 15 days next preceding the date of selection of Debentures for
redemption.

Notwithstanding anything
herein to the contrary, Debentures may not be transferred except in compliance
with the restricted securities legend set forth below, unless otherwise
determined by the Company, upon the advice of counsel expert in securities law,
in accordance with applicable law:

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY
(A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS SECURITY IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A IN ACCORDANCE WITH RULE 144A,
(D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE
MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER THE SECURITIES ACT THAT
IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF
THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN
ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE
COMPANY.

THE HOLDER OF THIS SECURITY
BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN
EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY,
AND NO PERSON INVESTING “PLAN 

 11
 

ASSETS”
OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS
SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60,
91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS
PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR
HOLDING.  ANY PURCHASER OR HOLDER OF THIS
SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT
PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH
SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING
ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY
USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS
NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

THIS SECURITY WILL BE ISSUED
AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF
NOT LESS THAN $100,000.00 AND MULTIPLES OF $1,000.00 IN EXCESS THEREOF.  ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A
BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000.00 SHALL BE
DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

THE HOLDER OF THIS SECURITY
AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

THIS SECURITY IS IN
REGISTERED FORM WITHIN THE MEANING OF TREASURY REGULATIONS SECTION
1.871-14(c)(1)(i) FOR U.S. FEDERAL INCOME AND WITHHOLDING TAX PURPOSES.

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE INDENTURE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

Section 2.6.           Mutilated, Destroyed, Lost or Stolen Debentures.  In case any Debenture shall become mutilated
or be destroyed, lost or stolen, the Company shall execute, and upon its
written request the Trustee shall authenticate and deliver, a new Debenture
bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Debenture, or in lieu of and in substitution for
the Debenture so destroyed, lost or stolen. 
In every case the applicant for a substituted Debenture shall furnish to
the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of such Debenture and
of the ownership thereof.

 12
 

The Trustee may authenticate
any such substituted Debenture and deliver the same upon the written request or
authorization of any officer of the Company.  Upon the issuance of any substituted
Debenture, 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 connected therewith. 
In case any Debenture which has matured or is about to mature or has
been called for redemption in full shall become mutilated or be destroyed, lost
or stolen, the Company may, instead of issuing a substitute Debenture, pay or
authorize the payment of the same (without surrender thereof except in the case
of a mutilated Debenture) if the applicant for such payment shall furnish to
the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless and, in case of destruction, loss or theft,
evidence satisfactory to the Company and to the Trustee of the destruction,
loss or theft of such Debenture and of the ownership thereof.

Every substituted Debenture
issued pursuant to the provisions of this Section 2.6 by virtue of the
fact that any such Debenture is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Debenture shall be found at any time, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all
other Debentures duly issued hereunder. 
All Debentures shall be held and owned upon the express condition that,
to the extent permitted by applicable law, the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Debentures and shall preclude any and all other rights or
remedies notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

Section 2.7.           Temporary Debentures.  Pending the preparation of definitive
Debentures, the Company may execute and the Trustee shall authenticate and make
available for delivery temporary Debentures that are typed, printed or
lithographed.  Temporary Debentures shall
be issuable in any authorized denomination, and substantially in the form of
the definitive Debentures in lieu of which they are issued but with such
omissions, insertions and variations as may be appropriate for temporary
Debentures, all as may be determined by the Company.  Every such temporary Debenture shall be
executed by the Company and be authenticated by the Trustee upon the same
conditions and in substantially the same manner, and with the same effect, as
the definitive Debentures.  Without
unreasonable delay the Company will execute and deliver to the Trustee or the
Authenticating Agent definitive Debentures and thereupon any or all temporary
Debentures may be surrendered in exchange therefor, at the principal corporate
trust office of the Trustee or at any office or agency maintained by the
Company for such purpose as provided in Section 3.2, and the Trustee or
the Authenticating Agent shall authenticate and make available for delivery in
exchange for such temporary Debentures a like aggregate principal amount of
such definitive Debentures.  Such
exchange shall be made by the Company at its own expense and without any charge
therefor except that in case of any such exchange involving a registration of
transfer the Company may require payment of a sum sufficient to cover any tax,
fee or other governmental charge that may be imposed in relation thereto.  Until so exchanged, the temporary Debentures
shall in all respects be entitled to the same benefits under this Indenture as
definitive Debentures authenticated and delivered hereunder.

 13
 

Section 2.8.           Payment of Interest and Additional Interest.  Interest at the Interest Rate and any
Additional Interest on any Debenture that is payable, and is punctually paid or
duly provided for, on any Interest Payment Date for Debentures shall be paid to
the Person in whose name said Debenture (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such
interest installment except that interest and any Additional Interest payable
on the Maturity Date shall be paid to the Person to whom principal is paid.

Each Debenture shall bear
interest for the period beginning on (and including) the date of original
issuance and ending on (but excluding) the Interest Payment Date in March 2012
at a rate per annum of 7.675%, and shall bear interest for each successive
period beginning on or after the Interest Payment Date in March 2012 at a rate
per annum equal to the 3-Month LIBOR, determined as described in
Section 2.10, plus 2.75% (the “Coupon Rate”), applied to the
principal amount thereof, until the principal thereof becomes due and payable,
and on any overdue principal and to the extent that payment of such interest is
enforceable under applicable law (without duplication) on any overdue
installment of interest (including Additional Interest) at the Interest Rate in
effect for each applicable period compounded quarterly.  Interest shall be payable (subject to any
relevant Extension Period) quarterly in arrears on each Interest Payment Date
with the first installment of interest to be paid on the Interest Payment Date
in June 2007.

Any interest on any
Debenture, including Additional Interest, that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the
registered holder on the relevant regular record date by virtue of having been
such holder; and such Defaulted Interest shall be paid by the Company to the
Persons in whose names such Debentures (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 at least 25
days prior to the date of the proposed payment of the amount of Defaulted
Interest proposed to be paid on each such Debenture 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 not be more
than 15 nor 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 Securityholder at its address as it appears in
the Debenture Register, not less than 10 days prior to such special record
date.  Notice of the proposed payment of
such Defaulted Interest and the special record date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names such Debentures (or their respective Predecessor Securities) are
registered on such special record date and shall be no longer payable.

 14
 

The Company may make payment
of any Defaulted Interest on any Debentures in any other lawful manner after
notice given by the Company to the Trustee of the proposed payment method; provided,
however, the Trustee in its sole discretion deems such payment method to
be practical.

Any interest (including Additional
Interest) scheduled to become payable on an Interest Payment Date occurring
during an Extension Period shall not be Defaulted Interest and shall be payable
on such other date as may be specified in the terms of such Debentures.

The term “regular record
date” as used in this Section shall mean the close of business on the 15th calendar day next preceding the applicable
Interest Payment Date.

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

Section 2.9.           Cancellation of Debentures Paid, etc.  All Debentures surrendered for the purpose of
payment, redemption, exchange or registration of transfer, shall, if
surrendered to the Company or any paying agent, be surrendered to the Trustee
and promptly canceled by it, or, if surrendered to the Trustee or any Authenticating
Agent, shall be promptly canceled by it, and no Debentures shall be issued in
lieu thereof except as expressly permitted by any of the provisions of this
Indenture.  All Debentures canceled by
any Authenticating Agent shall be delivered to the Trustee.  The Trustee shall destroy all canceled
Debentures unless the Company otherwise directs the Trustee in writing.  If the Company shall acquire any of the
Debentures, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Debentures unless and
until the same are surrendered to the Trustee for cancellation.

Section 2.10.        Computation of Interest. The amount
of interest payable (i) for any Distribution Period commencing on or after
the date of original issuance but before the Interest Payment Date in March
2012 will be computed on the basis of a 360-day year of twelve 30-day months,
it being understood that no additional interest shall accrue on non-Business
Days for the given Distribution Period, and (ii) for the Distribution
Period commencing on the Interest Payment Date in March 2012 and each
succeeding Distribution Period will be calculated by applying the Interest Rate
to the principal amount outstanding at the commencement of the Distribution
Period and multiplying each such amount by the actual number of days in the
Distribution Period concerned divided by 360. 
All percentages resulting from any calculations on the Debentures will
be rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655), and all
dollar amounts used in or resulting from such calculation will be rounded to
the nearest cent (with one-half cent being rounded upward)).

(a)           “3-Month
LIBOR” means the London interbank offered interest rate for three-month,
U.S. dollar deposits determined by the Trustee in the following order of
priority:

 15
 

(1)            the
rate (expressed as a percentage per annum) for U.S. dollar deposits having a
three-month maturity that appears on Telerate Page 3750 as of
11:00 a.m. (London time) on the related Determination Date (as defined
below).  “Telerate Page 3750” means
the display designated as “Page 3750” on the Moneyline Telerate Service or
such other page as may replace Page 3750 on that service or such other
service or services as may be nominated by the British Bankers’ Association as
the information vendor for the purpose of displaying London interbank offered
rates for U.S. dollar deposits;

(2)            if such rate cannot be identified on
the related Determination Date, the Trustee will request the principal London
offices of four leading banks in the London interbank market to provide such
banks’ offered quotations (expressed as percentages per annum) to prime banks
in the London interbank market for U.S. dollar deposits having a three-month
maturity as of 11:00 a.m. (London time) on such Determination Date.  If at least two quotations are provided, 3-Month
LIBOR will be the arithmetic mean of such quotations;

(3)            if fewer than two such quotations
are provided as requested in clause (2) above, the Trustee will request
four major New York City banks to provide such banks’ offered quotations
(expressed as percentages per annum) to leading European banks for loans in
U.S. dollars as of 11:00 a.m. (London time) on such Determination
Date.  If at least two such quotations
are provided, 3-Month LIBOR will be the arithmetic mean of such
quotations; and

(4)            if fewer than two such quotations
are provided as requested in clause (3) above, 3-Month LIBOR will be
a 3-Month LIBOR determined with respect to the Distribution Period
immediately preceding such current Distribution Period.

If the rate for U.S. dollar
deposits having a three-month maturity that initially appears on Telerate
Page 3750 as of 11:00 a.m. (London time) on the related Determination
Date is superseded on the Telerate Page 3750 by a corrected rate by
12:00 noon (London time) on such Determination Date, then the corrected
rate as so substituted on the applicable page will be the applicable 3-Month
LIBOR for such Determination Date.

(b)           The
Interest Rate for any Distribution Period will at no time be higher than the
maximum rate then permitted by New York law as the same may be modified by
United States law.

(c)           “Determination
Date” means the date that is two London Banking Days (i.e., a business day
in which dealings in deposits in U.S. dollars are transacted in the London
interbank market) preceding the particular Distribution Period for which a
Coupon Rate is being determined.

(d)           The Trustee shall
notify the Company, the Institutional Trustee and any securities exchange or
interdealer quotation system on which the Capital Securities are listed, of the
Coupon Rate and the Determination Date for each Distribution Period, in each
case as soon as practicable after the determination thereof but in no event
later than the thirtieth (30th) day of the 

 16
 

relevant
Distribution Period.  Failure to notify
the Company, the Institutional Trustee or any securities exchange or
interdealer quotation system, or any defect in said notice, shall not affect
the obligation of the Company to make payment on the Debentures at the
applicable Coupon Rate.  Any error in the
calculation of the Coupon Rate by the Trustee may be corrected at any time by
notice delivered as above provided.  Upon
the request of a holder of a Debenture, the Trustee shall provide the Coupon
Rate then in effect and, if determined, the Coupon Rate for the next Distribution
Period.

(e)           Subject to the
corrective rights set forth above, all certificates, communications, opinions,
determinations, calculations, quotations and decisions given, expressed, made
or obtained for the purposes of the provisions relating to the payment and
calculation of interest on the Debentures and distributions on the Capital
Securities by the Trustee or the Institutional Trustee will (in the absence of
willful default, bad faith and manifest error) be final, conclusive and binding
on the Trust, the Company and all of the holders of the Debentures and the
Capital Securities, and no liability shall (in the absence of willful default,
bad faith or manifest error) attach to the Trustee or the Institutional Trustee
in connection with the exercise or non-exercise by either of them of their
respective powers, duties and discretion.

Section 2.11.        Extension of Interest Payment Period.  So long as no Event of Default has occurred
and is continuing, the Company shall have the right, from time to time, and
without causing an Event of Default, to defer payments of interest on the
Debentures by extending the interest payment period on the Debentures at any
time and from time to time during the term of the Debentures, for up to
20 consecutive quarterly periods (each such extended interest payment
period, an “Extension Period”), during which Extension Period no
interest (including Additional Interest) shall be due and payable (except any
Additional Sums that may be due and payable). 
No Extension Period may end on a date other than an Interest Payment
Date.  During an Extension Period,
interest will continue to accrue on the Debentures, and interest on such
accrued interest will accrue at an annual rate equal to the Interest Rate in
effect for such Extension Period, compounded quarterly from the date such
interest would have been payable were it not for the Extension Period, to the
extent permitted by law (such interest referred to herein as “Additional
Interest”).  At the end of any such
Extension Period the Company shall pay all interest then accrued and unpaid on
the Debentures (together with Additional Interest thereon); provided, however,
that no Extension Period may extend beyond the Maturity Date; provided  further,
however, that during any such Extension Period, the Company shall not
and shall not permit any Affiliate of the Company controlled by the Company to
(i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of the Company’s or
such Affiliate’s capital stock (other than payments of dividends or
distributions to the Company or a Subsidiary of the Company) or make any
guarantee payments with respect to the foregoing; (ii) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem
any debt securities or other debt obligations of the Company or any Affiliate
of the Company controlled by the Company that rank pari passu in all respects with or junior in interest to the
Debentures; or (iii) enter into, amend or modify any contracts with
shareholders holding more than 10% of the outstanding shares of common stock of
the Company (other than, with respect to clauses (i) and (ii) above,
(a) repurchases, redemptions or other acquisitions of shares of capital
stock of the Company or any Subsidiary of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the
benefit of one or more employees, officers, directors or 

 17
 

consultants, in connection with a dividend reinvestment or stockholder
stock purchase plan or in connection with the issuance of capital stock of the
Company or of such Subsidiary (or securities convertible into or exercisable
for such capital stock) as consideration in an acquisition transaction entered
into prior to the applicable Extension Period, (b) as a result of any
exchange or conversion of any class or series of the Company’s capital stock
(or any capital stock of a Subsidiary of the Company) for any class or series
of the Company’s capital stock (or in the case of a Subsidiary of the Company,
any class or series of such Subsidiary’s capital stock) or of any class or
series of the Company’s indebtedness for any class or series of the Company’s
capital stock (or in the case of indebtedness of a Subsidiary of the Company,
of any class or series of such Subsidiary’s indebtedness for any class or
series of such Subsidiary’s capital stock), (c) the purchase of fractional
interests in shares of the Company’s capital stock (or the capital stock of a
Subsidiary of the Company) pursuant to the conversion or exchange provisions of
such capital stock or the security being converted or exchanged, (d) any
declaration of a dividend in connection with any stockholders’ rights plan, or
the issuance of rights, stock or other property under any stockholders’ rights
plan, or the redemption or repurchase of rights pursuant thereto, (e) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior
to such stock and any cash payments in lieu of fractional shares issued in
connection therewith, or (f) payments under the Capital Securities
Guarantee).  Prior to the termination of
any Extension Period, the Company may further extend such period, provided that
such period together with all such previous and further consecutive extensions
thereof shall not exceed 20 consecutive quarterly periods, or extend
beyond the Maturity Date.  Upon the
termination of any Extension Period and upon the payment of all accrued and
unpaid interest and Additional Interest, the Company may commence a new
Extension Period, subject to the foregoing requirements.  No interest or Additional Interest shall be
due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
an Extension Period shall bear Additional Interest to the extent permitted by
applicable law.  The Company must give
the Trustee notice of its election to begin or extend an Extension Period at
least 5 Business Days prior to the regular record date (as such term is used in
Section 2.8) immediately preceding the Interest Payment Date with respect to
which interest on the Debentures would have been payable except for the
election to begin or extend an Extension Period.  The Trustee shall give notice of the Company’s
election to begin a new Extension Period to the Securityholders.

Section 2.12.        CUSIP Numbers.  The Company in issuing the Debentures 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 Securityholders; provided,
however, that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Debentures or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Debentures, and any such
redemption shall not be affected by any defect in or omission of such
numbers.  The Company will promptly
notify the Trustee in writing of any change in the CUSIP numbers.

Section 2.13.         Ranking.  The Company’s obligations in respect of the
Debentures shall rank pari passu
with the Company’s obligations under: (i) the Indenture dated as of December 4,
2002, in respect of the Company’s Floating Rate Junior Subordinated Deferrable
Interest 

 18
 

Debentures due 2032 issued thereunder and
under the Guarantee Agreement by and between the Company and State Street Bank
and Trust Company of Connecticut, National Association, dated as of December 4,
2002; (ii) the Indenture dated as of March 27, 2003, in respect of the Company’s
Junior Subordinated Debt Securities due April 7, 2033 issued thereunder and
under the Guarantee Agreement by and between the Company and Wells Fargo Bank,
National Association, dated as of March 27, 2003; (iii) the Indenture dated as
of May 22, 2003, in respect of the Company’s Floating Rate Junior Subordinated
Debt Securities due 2033 issued thereunder and under the Guarantee Agreement by
and between the Company and Wilmington Trust Company, dated as of May 22, 2003
; (iv) the Indenture dated as of May 15, 2003, in respect of the Company’s
Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture due 2033
issued thereunder and under the Guarantee Agreement by and between the Company
and U.S. Bank National Association, dated as of May 15, 2003; and (v) the
Indenture dated as of October 29, 2003, in respect of the Company’s Floating
Rate Junior Subordinated Deferrable Interest Debentures due 2003(1) issued
thereunder and under the Guarantee Agreement by and between the Company and
U.S. Bank National Association, dated as of October 29, 2003.

(1)           Effective
April 29, 2004, the Company enterer into a swap agreement whereby it pay a
fixed/floating rate term.  The swap agreement
expires 2008.

ARTICLE
III.

PARTICULAR COVENANTS OF THE COMPANY

Section 3.1.           Payment of Principal, Premium and Interest; Agreed
Treatment of the Debentures.

(a)           The Company
covenants and agrees that it will duly and punctually pay or cause to be paid
the principal of and premium, if any, and interest and any Additional Interest
and other payments on the Debentures at the place, at the respective times and
in the manner provided in this Indenture and the Debentures. Each installment
of interest on the Debentures may be paid (i) by mailing checks for such
interest payable to the order of the holders of Debentures entitled thereto as
they appear on the registry books of the Company if a request for a wire
transfer has not been received by the Company or (ii) by wire transfer to
any account with a banking institution located in the United States designated
in writing by such Person to the paying agent no later than the related record
date.  Notwithstanding the foregoing, so
long as the holder of this Debenture is the Institutional Trustee, the payment
of the principal of and interest on this Debenture will be made in immediately
available funds at such place and to such account as may be designated by the
Institutional Trustee.

(b)           The Company will
treat the Debentures as indebtedness of the Company that is in registered form
within the meaning of Treasury Regulations Section 1.871-14(c)(1)(i).  The Company will further treat the amounts
payable in respect of the principal amount of such Debentures as interest for
all United States federal income and withholding tax purposes.  All interest payments in respect of such
Debentures will be made free and clear of United States withholding tax to any
beneficial owner thereof that has provided an Internal Revenue Service Form
W-8BEN (or any substitute or successor form) establishing its non-United States
status for United States federal income and withholding tax purposes.

 19
 

(c)           As of the date of this Indenture, the
Company has no present intention to exercise its right under Section 2.11
to defer payments of interest on the Debentures by commencing an Extension
Period.

(d)           As of the date of
this Indenture, the Company believes that the likelihood that it would exercise
its right under Section 2.11 to defer payments of interest on the Debentures by
commencing an Extension Period at any time during which the Debentures are
outstanding is remote because of the restrictions that would be imposed on the
Company’s ability to declare or pay dividends or distributions on, or to
redeem, purchase or make a liquidation payment with respect to, any of its
outstanding equity and on the Company’s ability to make any payments of
principal of or interest on, or repurchase or redeem, any of its debt
securities that rank pari passu in
all respects with (or junior in interest to) the Debentures.

Section 3.2.           Offices for Notices and Payments, etc.  So long as any of the Debentures remain
outstanding, the Company will maintain in Wilmington, Delaware, an office or
agency where the Debentures may be presented for payment, an office or agency
where the Debentures may be presented for registration of transfer and for
exchange as in this Indenture provided and an office or agency where notices
and demands to or upon the Company in respect of the Debentures or of this
Indenture may be served.  The Company
will give to the Trustee written notice of the location of any such office or
agency and of any change of location thereof. 
Until otherwise designated from time to time by the Company in a notice
to the Trustee, or specified as contemplated by Section 2.5, such office or
agency for all of the above purposes shall be the office or agency of the
Trustee. In case the Company shall fail to maintain any such office or agency
in Wilmington, Delaware, or shall fail to give such notice of the location or
of any change in the location thereof, presentations and demands may be made
and notices may be served at the Principal Office of the Trustee.  

In addition to any such office or agency, the Company may from time to
time designate one or more offices or agencies outside Wilmington, Delaware,
where the Debentures may be presented for registration of transfer and for
exchange in the manner provided in this Indenture, and the Company may from
time to time rescind such designation, as the Company may deem desirable or
expedient; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to
maintain any such office or agency in Wilmington, Delaware, for the purposes
above mentioned.  The Company will give
to the Trustee prompt written notice of any such designation or rescission
thereof.

Section 3.3.           Appointments to Fill Vacancies in Trustee’s Office.  The Company, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided
in Section 6.9, a Trustee, so that there shall at all times be a Trustee
hereunder.

Section 3.4.           Provision as to Paying Agent.

(a)           If the Company shall
appoint a paying agent other than the Trustee, it will cause such paying agent
to execute and deliver to the Trustee an instrument in which such agent shall
agree with the Trustee, subject to the provision of this Section 3.4,

 20
 

(1)            that it will hold
all sums held by it as such agent for the payment of the principal of and premium,
if any, or interest, if any, on the Debentures (whether such sums have been
paid to it by the Company or by any other obligor on the Debentures) in trust
for the benefit of the holders of the Debentures;

(2)            that it will give
the Trustee prompt written notice of any failure by the Company (or by any
other obligor on the Debentures) to make any payment of the principal of and
premium, if any, or interest, if any, on the Debentures when the same shall be
due and payable; and

(3)            that it will, at
any time during the continuance of any Event of Default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust
by such paying agent.

(b)           If the Company shall
act as its own paying agent, it will, on or before each due date of the
principal of and premium, if any, or interest or other payments, if any, on the
Debentures, set aside, segregate and hold in trust for the benefit of the
holders of the Debentures a sum sufficient to pay such principal, premium,
interest or other payments so becoming due and will notify the Trustee in
writing of any failure to take such action and of any failure by the Company
(or by any other obligor under the Debentures) to make any payment of the
principal of and premium, if any, or interest or other payments, if any, on the
Debentures when the same shall become due and payable.

Whenever the Company shall
have one or more paying agents for the Debentures, it will, on or prior to each
due date of the principal of and premium, if any, or interest, if any, on the
Debentures, deposit with a paying agent a sum sufficient to pay the principal,
premium, interest or other payments so becoming due, such sum to be held in
trust for the benefit of the Persons entitled thereto and (unless such paying
agent is the Trustee) the Company shall promptly notify the Trustee in writing
of its action or failure to act.

(c)           Anything in this
Section 3.4 to the contrary notwithstanding, the Company may, at any time,
for the purpose of obtaining a satisfaction and discharge with respect to the
Debentures, or for any other reason, pay, or direct any paying agent to pay to
the Trustee all sums held in trust by the Company or any such paying agent,
such sums to be held by the Trustee upon the trusts herein contained.

(d)           Anything in this
Section 3.4 to the contrary notwithstanding, the agreement to hold sums in
trust as provided in this Section 3.4 is subject to Sections 12.3 and
12.4.

Section 3.5.           Certificate to Trustee.  The Company will deliver to the Trustee on or
before 120 days after the end of each fiscal year, so long as Debentures
are outstanding hereunder, a Certificate stating that in the course of the
performance by the signers of their duties as officers of the Company they
would normally have knowledge of any Default during such fiscal year by the
Company in the performance of any covenants contained herein, stating whether
or not they have knowledge of any such Default and, if so, specifying each such
Default of which the signers have knowledge and the nature and status thereof.

 

 21

Section 3.6.           Additional Sums.  If and for so long as the Trust or a trustee
of the Trust is the holder of all Debentures and the Trust is required to pay
any additional taxes (excluding withholding taxes), duties, assessments or
other governmental charges as a result of a Tax Event, then the Company will
pay such additional amounts (“Additional Sums”) on the Debentures as
shall be required so that the net amounts received and retained by the Trust
after paying such taxes (excluding withholding taxes), duties, assessments or
other governmental charges will be equal to the amounts the Trust would have
received if no such taxes (excluding withholding taxes), duties, assessments or
other governmental charges had been imposed. 
Whenever in this Indenture or the Debentures there is a reference in any
context to the payment of principal of or interest on the Debentures, such
mention shall be deemed to include mention of payments of the Additional Sums
provided for in this paragraph to the extent that, in such context, Additional
Sums are, were or would be payable in respect thereof pursuant to the
provisions of this paragraph and express mention of the payment of Additional
Sums (if applicable) in any provisions hereof shall not be construed as
excluding Additional Sums in those provisions hereof where such express mention
is not made; provided, however, that the deferral of the payment
of interest during an Extension Period pursuant to Section 2.11 shall not
defer the payment of any Additional Sums that may be due and payable.

Section 3.7.           Compliance with Consolidation Provisions.  The Company will not, while any of the
Debentures remain outstanding, consolidate with, or merge into any other Person, or sell, convey, transfer or
otherwise dispose of, directly or indirectly through its subsidiaries, in a
single transaction or in any series of transactions occurring during any
twelve-month period, more than 51% of its assets, unless in each case of  a consolidation, merger, sale, conveyance,
transfer or other disposition of assets, the provisions of Article XI
hereof are complied with.

Section 3.8.           Limitation on Dividends.  If Debentures are initially issued to the
Trust or a trustee of such Trust in connection with the issuance of Trust
Securities by the Trust (regardless of whether Debentures continue to be held
by such Trust) and (i) there shall have occurred and be continuing an
Event of Default; (ii) the dollar amount of the Company’s premium volume from
insurance policies in any calendar year fails to exceed 51% of the Company’s
premium volume from insurance policies in the previous calendar year; (iii) the
Company sells more than 51% of its rights to renew insurance policies in any
single transaction or series of related transactions; (iv) any Significant
Subsidiary (as defined in Section 1-02(w) of Regulation S-X to the
Securities Act (the “Significant Subsidiaries”)) of the Company which is rated
by A.M. Best Company, Inc. (x) receives a rating from A.M. Best Company Inc. of
B- or lower; or (y) submits a request to withdraw its rating by A.M. Best
Company, Inc.; (v) the Company shall be in default with respect to its
payment of any obligations under the Capital Securities Guarantee; or
(vi) the Company shall have given notice of its election to defer payments
of interest on the Debentures by extending the interest payment period as
provided herein and such period, or any extension thereof, shall be continuing,
then the Company shall not, and shall not permit any Affiliate of the Company
controlled by the Company to, (x) declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company’s or such Affiliates’ capital stock (other
than payments of dividends or distributions to the Company or a Subsidiary of
the Company) or make any guarantee payments with respect to the foregoing;
(y) make any payment of principal of or interest or premium, if any, on or
repay, repurchase or redeem any debt securities or other debt 

 22
 

obligations of the Company or any Affiliate of the Company controlled
by the Company that rank pari passu
in all respects with or junior in interest to the Debentures; or (z) enter
into, amend or modify any contract with a shareholder holding more than 10% of
the outstanding shares of common stock of the Company that could require cash
payments by the Company to such shareholder (other than, with respect to
clauses (x) and (y) above, (1) repurchases, redemptions or other
acquisitions of shares of capital stock of the Company or any Subsidiary of the
Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company or of such Subsidiary (or securities convertible into or
exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (2) as
a result of any exchange or conversion of any class or series of the Company’s
capital stock (or any capital stock of a Subsidiary of the Company) for any
class or series of the Company’s capital stock (or in the case of a Subsidiary
of the Company, any class or series of such Subsidiary’s capital stock) or of
any class or series of the Company’s indebtedness for any class or series of
the Company’s capital stock (or in the case of indebtedness of a Subsidiary of
the Company, of any class or series of such Subsidiary’s indebtedness for any
class or series of such Subsidiary’s capital stock), (3) the purchase of
fractional interests in shares of the Company’s capital stock (or the capital
stock of a Subsidiary of the Company) pursuant to the conversion or exchange
provisions of such capital stock or the security being converted or exchanged,
(4) any declaration of a dividend in connection with any stockholders’
rights plan, or the issuance of rights, stock or other property under any
stockholders’ rights plan, or the redemption or repurchase of rights pursuant
thereto, (5) any dividend in the form of stock, warrants, options or other
rights where the dividend stock or the stock issuable upon exercise of such
warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks pari passu
with or junior to such stock and any cash payments in lieu of fractional shares
issued in connection therewith, or (6) payments under the Capital
Securities Guarantee).

Section 3.9.           Covenants as to the Trust.  For so long as the Trust Securities remain
outstanding, the Company shall maintain 100% ownership of the Common
Securities; provided, however, that any permitted successor of
the Company under this Indenture may succeed to the Company’s ownership of such
Common Securities.  The Company, as owner
of the Common Securities, shall, except in connection with a distribution of
Debentures to the holders of Trust Securities in liquidation of the Trust, the
redemption of all of the Trust Securities or certain mergers, consolidations or
amalgamations, each as permitted by the Declaration, cause the Trust  (a) to remain a statutory trust, (b) to
otherwise continue to be classified as a grantor trust for United States federal
income tax purposes, and (c) to cause each holder of Trust Securities to
be treated as owning an undivided beneficial interest in the Debentures.

Section 3.10.        Additional Junior Indebtedness.  The Company shall not, and it
shall not cause or permit any Subsidiary of the Company to, incur, issue or be
obligated on any Additional Junior Indebtedness, either directly or indirectly,
by way of guarantee, suretyship or otherwise, other than Additional Junior
Indebtedness that, by its terms, is expressly stated to be either junior and
subordinate or pari passu in all
respects to the Debentures.

 23
 

ARTICLE
IV.

SECURITYHOLDERS LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

Section 4.1.           Securityholders Lists.  The Company covenants and agrees that it will
furnish or cause to be furnished to the Trustee:

(a)           on each regular
record date for the Debentures, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Securityholders of the
Debentures as of such record date; and

(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;

except
that no such lists need be furnished under this Section 4.1 so long as the
Trustee is in possession thereof by reason of its acting as Debenture
registrar.

Section 4.2.           Preservation and Disclosure of Lists.

(a)           The Trustee shall
preserve, in as current a form as is reasonably practicable, all information as
to the names and addresses of the holders of Debentures (1) contained in
the most recent list furnished to it as provided in Section 4.1 or
(2) received by it in the capacity of Debentures registrar (if so acting)
hereunder.  The Trustee may destroy any
list furnished to it as provided in Section 4.1 upon receipt of a new list
so furnished.

(b)           In case three or
more holders of Debentures (hereinafter referred to as “applicants”) apply in
writing to the Trustee and furnish to the Trustee reasonable proof that each
such applicant has owned a Debenture for a period of at least 6 months
preceding the date of such application, and such application states that the
applicants desire to communicate with other holders of Debentures with respect
to their rights under this Indenture or under such Debentures and is
accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall within 5 Business Days
after the receipt of such application, at its election, either:

(1)            afford such
applicants access to the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.2,
or

(2)            inform such
applicants as to the approximate number of holders of Debentures whose names
and addresses appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.2,
and as to the approximate cost of mailing to such Securityholders the form of
proxy or other communication, if any, specified in such application.

If the Trustee shall
elect not to afford such applicants access to such information, the Trustee
shall, upon the written request of such applicants, mail to each Securityholder
whose name and address appear in the information preserved at the time by the
Trustee in accordance 

 24
 

with the provisions of
subsection (a) of this Section 4.2 a copy of the form of proxy or
other communication which is specified in such request with reasonable
promptness after a tender to the Trustee of the material to be mailed and of
payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender, the Trustee shall mail to such applicants
and file with the Securities and Exchange Commission, if permitted or required
by applicable law, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interests of the holders of all Debentures, as the case
may be, or would be in violation of applicable law.  Such written statement shall specify the
basis of such opinion.  If said
Commission, as permitted or required by applicable law, after opportunity for a
hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the
entry of an order sustaining one or more of such objections, said Commission
shall find, after notice and opportunity for hearing, that all the objections
so sustained have been met and shall enter an order so declaring, the Trustee
shall mail copies of such material to all such Securityholders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application.

(c)           Each and every
holder of Debentures, by receiving and holding the same, agrees with Company and
the Trustee that neither the Company nor the Trustee nor any paying agent shall
be held accountable by reason of the disclosure of any such information as to
the names and addresses of the holders of Debentures in accordance with the
provisions of subsection (b) of this Section 4.2, 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 said subsection (b).

ARTICLE
V.

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

UPON AN EVENT OF DEFAULT

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

(a)           the Company defaults
in the payment of any interest upon any Debenture when it becomes due and
payable, and fails to cure such default for a period of 30 days; provided,
however, that a valid extension of an interest payment period by the
Company in accordance with the terms of this Indenture shall not constitute a
default in the payment of interest for this purpose; or

(b)           the Company defaults
in the payment of all or any part of the principal of (or premium, if any, on)
any Debentures as and when the same shall become due and payable either at
maturity, upon redemption, by declaration of acceleration or otherwise; or

 25
 

(c)           the Company defaults
in the performance of, or breaches, any of its covenants or agreements in this
Indenture or in the terms of the Debentures established as contemplated in this
Indenture (other than a covenant or agreement 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 60 days after there
has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the holders of at least 25% in aggregate
principal amount of the outstanding Debentures, 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

(d)           a court of competent
jurisdiction shall enter a decree or order for relief in respect of the Company
in an involuntary case under any applicable bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect, or shall
appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of the Company or for any substantial part of its property,
or shall order the winding-up or liquidation of its affairs and such decree or
order shall remain unstayed and in effect for a period of 90 consecutive
days; or

(e)           the Company shall
commence a voluntary case under any applicable bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect, shall consent
to the entry of an order for relief in an involuntary case under any such law,
or shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of the Company or of any substantial part of its property, or shall
make any general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due; or

(f)            the Trust shall
have voluntarily or involuntarily liquidated, dissolved, wound-up its business
or otherwise terminated its existence except in connection with (i) the
distribution of the Debentures to holders of the Trust Securities in
liquidation of their interests in the Trust, (ii) the redemption of all of
the outstanding Trust Securities or (iii) certain mergers, consolidations
or amalgamations, each as permitted by the Declaration.

If an Event of Default
occurs and is continuing with respect to the Debentures, then, and in each and
every such case, unless the principal of the Debentures shall have already
become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Debentures then outstanding hereunder, by
notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal of the Debentures and the
interest accrued thereon, if any, to be due and payable immediately, and upon
any such declaration the same shall become immediately due and payable.

The foregoing provisions,
however, are subject to the condition that if, at any time after the principal
of the Debentures shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, (i) the Company shall pay or shall deposit
with the Trustee a sum sufficient to pay all matured installments of interest
upon all the Debentures and the principal of and premium, if any, on the
Debentures which shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and Additional Interest) and
such amount as shall be sufficient to cover reasonable compensation of the
Trustee and each predecessor 

 26
 

Trustee,
their respective agents, attorneys and counsel, and all other amounts due to
the Trustee pursuant to Section 6.6, if any, and (ii) all Events of
Default under this Indenture, other than the non-payment of the principal of or
premium, if any, on the Debentures which shall have become due by acceleration,
shall have been cured, waived or otherwise remedied as provided herein --
then and in every such case the holders of a majority in aggregate principal
amount of the Debentures then outstanding, by written notice to the Company and
to the Trustee, may waive all defaults and rescind and annul such declaration
and its consequences, but no such waiver or rescission and annulment shall
extend to or shall affect any subsequent default or shall impair any right
consequent thereon.

In case the Trustee shall
have proceeded to enforce any right under this Indenture and such proceedings
shall have been discontinued or abandoned because of such rescission or
annulment or for any other reason or shall have been determined adversely to
the Trustee, then and in every such case the Company, the Trustee and the
holders of the Debentures shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies and powers of the
Company, the Trustee and the holders of the Debentures shall continue as though
no such proceeding had been taken.

Section 5.2.           Payment of Debentures on Default; Suit Therefor.  The Company covenants that upon the
occurrence and during the continuation of an Event of Default pursuant to
Section 5.1(a) or Section 5.1(b) then, upon demand of the Trustee, the Company
will pay to the Trustee, for the benefit of the holders of the Debentures the
whole amount that then shall have become due and payable on all Debentures for
principal and premium, if any, or interest, or both, as the case may be, with
Additional Interest accrued on the Debentures (to the extent that payment of
such interest is enforceable under applicable law and, if the Debentures are
held by the Trust or a trustee of such Trust, without duplication of any other
amounts paid by the Trust or a trustee of the Trust in respect thereof); and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including a reasonable compensation to the
Trustee, its agents, attorneys and counsel, and any other amounts due to the
Trustee under Section 6.6.  In case
the Company shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled
and empowered to institute any actions or proceedings at law or in equity for
the collection of the sums so due and unpaid, and may prosecute any such action
or proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor on such Debentures and
collect in the manner provided by law out of the property of the Company or any
other obligor on such Debentures wherever situated the moneys adjudged or
decreed to be payable.

In case there shall be
pending proceedings for the bankruptcy or for the reorganization of the Company
or any other obligor on the Debentures under Bankruptcy Law, or in case a
receiver or trustee shall have been appointed for the property of the Company
or such other obligor, or in the case of any other similar judicial proceedings
relative to the Company or other obligor upon the Debentures, or to the
creditors or property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Debentures shall then be due and
payable as therein expressed or by declaration of acceleration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the
provisions of this Section 5.2, shall be entitled and empowered, by
intervention in such proceedings or otherwise,

 27
 

(a)                                 to file and
prove a claim or claims for the whole amount of principal and interest owing
and unpaid in respect of the Debentures,

(b)                                in case of any
judicial proceedings, (i) to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for reasonable compensation to the Trustee and
each predecessor Trustee, and their respective agents, attorneys and counsel, and
for reimbursement of all other amounts due to the Trustee under
Section 6.6), and of the Securityholders allowed in such judicial
proceedings relative to the Company or any other obligor on the Debentures, or
to the creditors or property of the Company or such other obligor, unless
prohibited by applicable law and regulations and (ii) to vote on behalf of the
holders of the Debentures in any election of a trustee or a standby trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or Person performing similar functions in comparable proceedings,

(c)                                 to collect and
receive any moneys or other property payable or deliverable on any such claims,
and

(d)                                to distribute
the same after the deduction of its charges and expenses.

By
its acceptance of any Debentures, each Securityholder shall be deemed to have
authorized any receiver, assignee or trustee in bankruptcy or reorganization 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 Securityholders, to pay
to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other amounts due to the Trustee under
Section 6.6.

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

All rights of action and of
asserting claims under this Indenture, or under any of the Debentures, may be
enforced by the Trustee without the possession of any of the Debentures, or the
production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and, subject to Section 5.3, any
recovery of judgment shall be for the ratable benefit of the holders of the
Debentures.

In any proceedings brought
by the Trustee (and also any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party), the Trustee
shall be held to represent all the holders of the Debentures, and it shall not
be necessary to make any holders of the Debentures parties to any such
proceedings.

Section 5.3.           Application of Moneys Collected by Trustee.  Any moneys collected by the Trustee pursuant
to this Article V shall be applied in the following order, at the date or
dates 

 28
 

fixed by the Trustee for the distribution of such moneys, upon
presentation of the several Debentures in respect of which moneys have been
collected, and stamping thereon the payment, if only partially paid, and upon
surrender thereof if fully paid:

First:  To the payment of costs and expenses incurred
by, and reasonable fees of, the Trustee, its agents, attorneys and counsel, and
of all other amounts due to the Trustee under Section 6.6;

Second:  To the payment of all Senior Indebtedness of
the Company if and to the extent required by Article XV;

Third:  To the payment of the amounts then due and
unpaid upon the Debentures for principal (and premium, if any), and interest on
the Debentures, in respect of which or for the benefit of which money has been
collected, ratably, without preference or priority of any kind, according to the
amounts due on such Debentures for principal (and premium, if any) and interest
(including Additional Interest), respectively; and

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

Section 5.4.           Proceedings by Securityholders.  No holder of any Debenture shall have any
right to institute any suit, action or proceeding for any remedy hereunder,
unless such holder previously shall have given to the Trustee written notice of
an Event of Default with respect to the Debentures and unless the holders of
not less than 25% in aggregate principal amount of the Debentures then
outstanding shall have given the Trustee a written request to institute such
action, suit or proceeding and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred thereby, and the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to
institute any such action, suit or proceeding.

Notwithstanding any other
provisions in this Indenture, however, the right of any holder of any Debenture
to receive payment of the principal of, premium, if any, and interest, on such
Debenture when due, or to institute suit for the enforcement of any such
payment, shall not be impaired or affected without the consent of such holder
and by accepting a Debenture hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Debenture with every other such
taker and holder and the Trustee, that no one or more holders of Debentures
shall have any right in any manner whatsoever by virtue or by availing itself
of any provision of this Indenture to affect, disturb or prejudice the rights
of the holders of any other Debentures, or to obtain or seek to obtain priority
over or preference to any other such holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of Debentures. 
For the protection and enforcement of the provisions of this Section,
each and every Securityholder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.

Section 5.5.           Proceedings by Trustee.  In case of an Event of Default hereunder the
Trustee may in its discretion proceed to protect and enforce the rights vested
in it by this Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such rights, either by
suit in equity or by action at law or by 

 29
 

proceeding in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid
of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

Section 5.6.           Remedies Cumulative and Continuing; Delay or
Omission Not a Waiver. 
Except as otherwise provided in Section 2.6 with respect to the
replacement of mutilated, destroyed, lost or stolen Debentures, all powers and
remedies given by this Article V to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive
of any other powers and remedies available to the Trustee or the holders of the
Debentures, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or
otherwise established with respect to the Debentures, and no delay or omission
of the Trustee or of any holder of any of the Debentures to exercise any right,
remedy or power accruing upon any Event of Default occurring and continuing as
aforesaid shall impair any such right, remedy or power, or shall be construed
to be a waiver of any such default or an acquiescence therein; and, subject to
the provisions of Section 5.4, every power and remedy given by this
Article V or by law to the Trustee or to the Securityholders may be
exercised from time to time, and as often as shall be deemed expedient, by the
Trustee (in accordance with its duties under Section 6.1) or by the
Securityholders.

No delay or omission of the
Trustee or any Securityholder to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver
of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article
or by law to the Trustee or to any Securityholder may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee (in accordance
with its duties under Section 6.1 hereof) or by such holder, as the case may
be.

Section 5.7.           Direction of Proceedings and Waiver of Defaults by
Majority of Securityholders. 
The holders of a majority in aggregate principal amount of the
Debentures affected (voting as one class) at the time 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 such Debentures; provided, however,
that (subject to the provisions of Section 6.1) the Trustee shall have the
right to decline to follow any such direction if the Trustee shall determine
that the action so directed would be unjustly prejudicial to the holders not taking
part in such direction or if the Trustee being advised by counsel determines
that the action or proceeding so directed may not lawfully be taken or if a
Responsible Officer of the Trustee shall determine that the action or
proceedings so directed would involve the Trustee in personal liability.

The holders of a majority in
aggregate principal amount of the Debentures at the time outstanding may on
behalf of the holders of all of the Debentures waive (or modify any previously
granted waiver of) any past default or Event of Default, and its consequences,
except an Event of Default (a) specified in Sections 5.1(a) and (b),
(b) in respect of covenants or provisions hereof which cannot be modified
or amended without the consent of the holder of each Debenture affected, or
(c) in respect of the covenants contained in Section 3.9; provided,
however, that if the Debentures are held by the Trust or a trustee of
such trust, such waiver or 

 30
 

modification
to such waiver shall not be effective until the holders of a majority in
Liquidation Amount of the Trust Securities shall have consented to such waiver
or modification to such waiver, provided, further, that if the
consent of the holder of each outstanding Debenture is required, such waiver
shall not be effective until each holder of the Trust Securities shall have
consented to such waiver.  Upon any such
waiver, the default covered thereby shall be deemed to be cured for all
purposes of this Indenture and the Company, the Trustee and the holders of the
Debentures shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.  Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section, said default or
Event of Default shall for all purposes of the Debentures and this Indenture be
deemed to have been cured and to be not continuing.

Section 5.8.           Notice of Defaults.  The Trustee shall, within 90 days after
the actual knowledge by a Responsible Officer of the Trustee of the occurrence
of a default with respect to the Debentures, mail to all Securityholders, as
the names and addresses of such holders appear upon the Debenture Register,
notice of all defaults with respect to the Debentures known to the Trustee,
unless such defaults shall have been cured before the giving of such notice
(the term “defaults” for the purpose of this Section 5.8 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e) and
(f) of Section 5.1, not including periods of grace, if any, provided for
therein); provided, however, that, except in the case of default
in the payment of the principal of, premium, if any, or interest on any of the
Debentures, the Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Securityholders.

Section 5.9.           Undertaking to Pay Costs.  All parties to this Indenture agree, and each
holder of any Debenture 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; provided, however, that the
provisions of this Section 5.9 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of
the Debentures outstanding, or to any suit instituted by any Securityholder for
the enforcement of the payment of the principal of (or premium, if any) or
interest on any Debenture against the Company on or after the same shall have
become due and payable.

ARTICLE
VI.

CONCERNING THE TRUSTEE

Section 6.1.           Duties and Responsibilities of Trustee.  With respect to the holders of Debentures
issued hereunder, the Trustee, prior to the occurrence of an Event of Default
with respect to the Debentures and after the curing or waiving of all Events of
Default which may have occurred, with respect to the Debentures, undertakes to
perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants shall be read into this Indenture against
the Trustee.  In case an Event of Default
with respect to the Debentures has 

 31
 

occurred (which has not been cured or waived), the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs.

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:

(a)           prior to the
occurrence of an Event of Default with respect to Debentures and after the
curing or waiving of all Events of Default which may have occurred

(1)            the duties and
obligations of the Trustee with respect to Debentures shall be determined solely
by the express provisions of this Indenture, and the Trustee shall not be
liable except for the performance of such duties and obligations with respect
to the Debentures 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 the part of the Trustee, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon any 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;

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

(c)           the Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in
good faith, in accordance with the direction of the Securityholders pursuant to
Section 5.7, 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.

None of the provisions contained
in this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there is ground
for believing that the repayment of such funds or liability is not assured to
it under the terms of this Indenture or indemnity satisfactory to the Trustee
against such risk is not reasonably assured to it.

Section 6.2.           Reliance on Documents, Opinions, etc.  Except as otherwise provided in
Section 6.1:

 32

(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, consent, order, bond, note, debenture 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)           any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in
respect thereof be herein specifically prescribed); and any Board Resolution
may be evidenced to the Trustee by a copy thereof certified by the Secretary or
an Assistant Secretary of the Company;

(c)           the
Trustee may consult with counsel of its selection and any advice or 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
accordance with such advice or Opinion of Counsel;

(d)           the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Securityholders, pursuant to the provisions of this Indenture, unless such
Securityholders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;

(e)           the
Trustee shall not be liable for any action taken or omitted by it in good faith
and believed by it to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of an Event
of Default with respect to the Debentures (that has not been cured or waived)
to exercise with respect to Debentures such of the rights and powers vested in
it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs;

(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, consent, order, approval, bond, debenture, coupon or other
paper or document, unless requested in writing to do so by the holders of not
less than a majority in aggregate principal amount of the outstanding
Debentures affected thereby; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expense or liability as a condition to so
proceeding;

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

(h)           with
the exceptions of defaults under Sections 5.1(a) or 5.1(b), the Trustee shall
not be charged with knowledge of any Default or Event of Default with respect
to the Debentures 

 33
 

unless a written notice of such Default or Event of Default shall have
been given to the Trustee by the Company or any other obligor on the Debentures
or by any holder of the Debentures.

Section 6.3.           No Responsibility for Recitals, etc.  The recitals contained herein and in the
Debentures (except in the certificate of authentication of the Trustee or the
Authenticating Agent) shall be taken as the statements of the Company, and the
Trustee and the Authenticating Agent assume no responsibility for the
correctness of the same.  The Trustee and
the Authenticating Agent make no representations as to the validity or
sufficiency of this Indenture or of the Debentures.  The Trustee and the Authenticating Agent
shall not be accountable for the use or application by the Company of any
Debentures or the proceeds of any Debentures authenticated and delivered by the
Trustee or the Authenticating Agent in conformity with the provisions of this
Indenture.

Section 6.4.           Trustee, Authenticating Agent, Paying Agents,
Transfer Agents or Registrar May Own Debentures.  The Trustee or any Authenticating Agent or
any paying agent or any transfer agent or any Debenture registrar, in its
individual or any other capacity, may become the owner or pledgee of Debentures
with the same rights it would have if it were not Trustee, Authenticating
Agent, paying agent, transfer agent or Debenture registrar.

Section 6.5.           Moneys to be Held in Trust.  Subject to the provisions of
Section 12.4, all moneys received by the Trustee or any paying agent
shall, until used or applied as herein provided, be held in trust for the
purpose for which they were received, but need not be segregated from other
funds except to the extent required by law. 
The Trustee and any paying agent shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed in
writing with the Company.  So long as no
Event of Default shall have occurred and be continuing, all interest allowed on
any such moneys shall be paid from time to time to the Company upon the written
order of the Company, signed by the Chief Executive Officer, the President, a
Vice President, the Treasurer or an Assistant Treasurer of the Company.

Section 6.6.           Compensation and Expenses of Trustee.  The Company covenants and agrees to pay to
the Trustee from time to time, and the Trustee shall be entitled to, such
compensation as shall be agreed to in writing between the Company and the
Trustee (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), and the Company will pay or
reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any of the
provisions of this Indenture (including the reasonable compensation and the
expenses and disbursements of its counsel and of all Persons not regularly in
its employ) except any such expense, disbursement or advance as may arise from
its negligence or willful misconduct. 
The Company also covenants to indemnify the Trustee and any predecessor
Trustee (and its officers, agents, directors and employees) for, and to hold it
harmless against, any and all loss, damage, action, suit, claim, liability,
cost or expense including taxes (other than taxes based on the income of the
Trustee) incurred without negligence or willful misconduct on the part of the
Trustee and 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 of liability. 
The obligations of the Company under this Section 6.6 to compensate
and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness
hereunder.  Such additional indebtedness
shall be secured by a lien prior 

 34
 

to that of the Debentures upon all property
and funds held or collected by the Trustee as such, except funds held in trust
for the benefit of the holders of particular Debentures.

Without prejudice to any
other rights available to the Trustee under applicable law, when the Trustee
incurs expenses or renders services in connection with an Event of Default
specified in Section 5.1(d), Section 5.1(e) or Section 5.1(f),
the expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or
other similar law.

The provisions of this
Section shall survive the resignation or removal of the Trustee and the
defeasance or other termination of this Indenture.

Notwithstanding anything in
this Indenture or any Debenture to the contrary, the Trustee shall have no
obligation whatsoever to advance funds to pay any principal of or interest on
or other amounts with respect to the Debentures or otherwise advance funds to
or on behalf of the Company.

Section 6.7.           Officers’ Certificate as Evidence.  Except as otherwise provided in
Sections 6.1 and 6.2, whenever in the administration of the provisions of
this Indenture the Trustee shall deem it necessary or desirable that a matter
be proved or established prior to taking or omitting any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or willful misconduct on the part
of the Trustee, be deemed to be conclusively proved and established by an
Officers’ Certificate delivered to the Trustee, and such certificate, in the
absence of negligence or willful misconduct on the part of the Trustee, shall
be full warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof.

Section 6.8.           Eligibility of Trustee.  The Trustee hereunder shall at all times be a
banking corporation or national association organized and doing business under
the laws of the United States of America or any state or territory thereof or
of the District of Columbia authorized under such laws to exercise corporate
trust powers, having (or whose obligations under this Indenture are guaranteed
by an affiliate having) a combined capital and surplus of at least fifty
million U.S. dollars ($50,000,000.00) and subject to supervision or examination
by federal, state, territorial, or District of Columbia authority.  If such corporation or national association publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section 6.8 the combined capital and surplus of such corporation or
national association shall be deemed to be its combined capital and surplus as
set forth in its most recent records of condition so published.

The Company may not, nor may
any Person directly or indirectly controlling, controlled by, or under common
control with the Company, serve as Trustee.

In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section 6.8, the Trustee shall resign immediately in the manner and with
the effect specified in Section 6.9.

 35
 

If the Trustee has or shall
acquire any “conflicting interest” within the meaning of §310(b) of the Trust
Indenture Act of 1939, the Trustee shall either eliminate such interest or
resign, to the extent and in the manner described by this Indenture.

Section 6.9.           Resignation or Removal of Trustee.

(a)           The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign
by giving written notice of such resignation to the Company and by mailing
notice thereof, at the Company’s expense, to the holders of the Debentures at
their addresses as they shall appear on the Debenture Register.  Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee or trustees by written
instrument, in duplicate, executed by order of its Board of Directors, one copy
of which instrument shall be delivered to the resigning Trustee and one copy to
the successor Trustee.  If no successor
Trustee shall have been so appointed and have accepted appointment within 30
days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee, or any Securityholder
who has been a bona fide holder of a Debenture or Debentures for at least six
months may, subject to the provisions of Section 5.9, on behalf of himself
and all others similarly situated, petition any such court for the appointment
of a successor Trustee.  Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor Trustee.

(b)           In
case at any time any of the following shall occur --

(1)            the Trustee shall
fail to comply with the provisions of Section 6.8 after written request
therefor by the Company or by any Securityholder who has been a bona fide
holder of a Debenture or Debentures for at least 6 months, or

(2)            the Trustee shall
cease to be eligible in accordance with the provisions of Section 6.8 and
shall fail to resign after written request therefor by the Company or by any
such Securityholder, 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, the Company may remove the Trustee and appoint
a successor Trustee by written instrument, in duplicate, executed by order of
the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor Trustee, or, subject to the
provisions of Section 5.9, any Securityholder who has been a bona fide
holder of a Debenture or Debentures for at least 6 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.  Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee
and appoint a successor Trustee.

 36
 

(c)           Upon
prior written notice to the Company and the Trustee, the holders of a majority
in aggregate principal amount of the Debentures at the time outstanding may at
any time remove the Trustee and nominate a successor Trustee, which shall be
deemed appointed as successor Trustee unless within 10 Business Days after such
nomination the Company objects thereto, in which case, or in the case of a
failure by such holders to nominate a successor Trustee, the Trustee so removed
or any Securityholder, upon the terms and conditions and otherwise as in
subsection (a) of this Section 6.9 provided, may petition any court
of competent jurisdiction for an appointment of a successor Trustee.

(d)           Any
resignation or removal of the Trustee and appointment of a successor Trustee
pursuant to any of the provisions of this Section shall become effective upon
acceptance of appointment by the successor Trustee as provided in
Section 6.10.

Section 6.10.        Acceptance by Successor
Trustee.  Any successor
Trustee appointed as provided in Section 6.9 shall execute, acknowledge
and deliver to the Company and to its predecessor Trustee an instrument
accepting such appointment hereunder, 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, duties and obligations with respect to the Debentures of its
predecessor hereunder, with like effect as if originally named as Trustee
herein; but, nevertheless, on the written request of the Company or of the
successor Trustee, the Trustee ceasing to act shall, upon payment of any
amounts then due it pursuant to the provisions of Section 6.6, execute and
deliver an instrument transferring to such successor Trustee all the rights and
powers of the Trustee so ceasing to act and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee thereunder.  Upon request of any
such successor Trustee, the Company shall execute any and all instruments in
writing for more fully and certainly vesting in and confirming to such
successor Trustee all such rights and powers. 
Any Trustee ceasing to act shall, nevertheless, retain a lien upon all
property or funds held or collected by such Trustee to secure any amounts then
due it pursuant to the provisions of Section 6.6.

If a successor Trustee is
appointed, the Company, the retiring Trustee and the successor Trustee shall
execute and deliver an indenture supplemental hereto which 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
Debentures as to which the predecessor Trustee is not retiring shall continue
to be vested in the predecessor Trustee, and 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 Trust 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.

No successor Trustee shall
accept appointment as provided in this Section unless at the time of such
acceptance such successor Trustee shall be eligible under the provisions of
Section 6.8.

In no event shall a retiring
Trustee be liable for the acts or omissions of any successor Trustee hereunder.

 37
 

Upon acceptance of
appointment by a successor Trustee as provided in this Section 6.10, the
Company shall mail notice of the succession of such Trustee hereunder to the
holders of Debentures at their addresses as they shall appear on the Debenture
Register.  If the Company fails to mail
such notice within 10 Business Days after the acceptance of appointment by the
successor Trustee, the successor Trustee shall cause such notice to be mailed
at the expense of the Company.

Section 6.11.        Succession by Merger, etc.  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 of
the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder without the execution or filing of any paper or any further
act on the part of any of the parties hereto; provided that such
corporation shall be otherwise eligible and qualified under this Article.

In case at the time such
successor to the Trustee shall succeed to the trusts created by this Indenture
any of the Debentures shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any
predecessor Trustee, and deliver such Debentures so authenticated; and in case
at that time any of the Debentures shall not have been authenticated, any
successor to the Trustee may authenticate such Debentures either in the name of
any predecessor hereunder or in the name of the successor Trustee; and in all
such cases such certificates shall have the full force which it is anywhere in
the Debentures or in this Indenture provided that the certificate of the
Trustee shall have; provided, however, that the right to adopt
the certificate of authentication of any predecessor Trustee or authenticate
Debentures in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.

Section 6.12.        Authenticating Agents.  There may be one or more Authenticating
Agents appointed by the Trustee upon the request of the Company with power to
act on its behalf and subject to its direction in the authentication and
delivery of the Debentures issued upon exchange or registration of transfer
thereof as fully to all intents and purposes as though any such Authenticating
Agent had been expressly authorized to authenticate and deliver Debentures; provided,
however, that the Trustee shall have no liability to the Company for any
acts or omissions of the Authenticating Agent with respect to the authentication
and delivery of any Debentures.  Any such
Authenticating Agent shall at all times be a corporation organized and doing
business under the laws of the United States or of any state or territory
thereof or of the District of Columbia authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of at least
$50,000,000.00 and being subject to supervision or examination by federal,
state, territorial or District of Columbia authority.  If such corporation publishes reports of
condition at least annually pursuant to law or the requirements of such
authority, then for the purposes of this Section 6.12 the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.  If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect herein specified in
this Section.

 38
 

Any corporation into which
any Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, consolidation or
conversion to which any Authenticating Agent shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, if such successor corporation is otherwise
eligible under this Section 6.12 without the execution or filing of any
paper or any further act on the part of the parties hereto or such
Authenticating Agent.

Any Authenticating Agent may
at any time resign by giving written notice of resignation to the Trustee and
to the Company.  The Trustee may at any
time terminate the agency of any Authenticating Agent with respect to the
Debentures by giving written notice of termination to such Authenticating Agent
and to the Company.  Upon receiving such
a notice of resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible under this Section 6.12,
the Trustee may, and upon the request of the Company shall, promptly appoint a
successor Authenticating Agent eligible under this Section 6.12, shall
give written notice of such appointment to the Company and shall mail notice of
such appointment to all holders of Debentures as the names and addresses of
such holders appear on the Debenture Register. 
Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and
responsibilities with respect to the Debentures of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent herein.

The Company agrees to pay to
any Authenticating Agent from time to time reasonable compensation for its
services.  Any Authenticating Agent shall
have no responsibility or liability for any action taken by it as such in
accordance with the directions of the Trustee.

ARTICLE VII.

CONCERNING THE SECURITYHOLDERS

Section 7.1.           Action by Securityholders.  Whenever in this Indenture it is provided
that the holders of a specified percentage in aggregate principal amount of the
Debentures may take any action (including the making of any demand or request,
the giving of any notice, consent or waiver or the taking of any other action)
the fact that at the time of taking any such action the holders of such
specified percentage have joined therein may be evidenced (a) by any instrument
or any number of instruments of similar tenor executed by such Securityholders
in person or by agent or proxy appointed in writing, or (b) by the record
of such holders of Debentures voting in favor thereof at any meeting of such
Securityholders duly called and held in accordance with the provisions of
Article VIII, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of such Securityholders or
(d) by any other method the Trustee deems satisfactory.

If the Company shall solicit
from the Securityholders any request, demand, authorization, direction, notice,
consent, waiver or other action or revocation of the same, the Company may, at
its option, as evidenced by an Officers’ Certificate, fix in advance a record
date for such Debentures for the determination of Securityholders entitled to
give such request, demand, authorization, direction, notice, consent, waiver or
other action or revocation of the same, but the Company shall have no
obligation to do so.  If such a record
date is fixed, such request, demand, 

 39
 

authorization,
direction, notice, consent, waiver or other action or revocation of the same
may be given before or after the record date, but only the Securityholders of
record at the close of business on the record date shall be deemed to be
Securityholders for the purposes of determining whether Securityholders of the
requisite proportion of outstanding Debentures have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other action or revocation of the same, and for that purpose the
outstanding Debentures shall be computed as of the record date; provided,
however, that no such authorization, agreement or consent by such
Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than 6
months after the record date.

Section 7.2.           Proof of Execution by Securityholders.  Subject to the provisions of
Section 6.1, 6.2 and 8.5, proof of the execution of any instrument by a
Securityholder or his agent or proxy shall be sufficient if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee
or in such manner as shall be satisfactory to the Trustee.  The ownership of Debentures shall be proved
by the Debenture Register or by a certificate of the Debenture registrar.  The Trustee may require such additional proof
of any matter referred to in this Section as it shall deem necessary.

The record of any
Securityholders meeting shall be proved in the manner provided in
Section 8.6.

Section 7.3.           Who Are Deemed Absolute Owners.  Prior to due presentment for registration of
transfer of any Debenture, the Company, the Trustee, any Authenticating Agent,
any paying agent, any transfer agent and any Debenture registrar may deem the
Person in whose name such Debenture shall be registered upon the Debenture
Register to be, and may treat him as, the absolute owner of such Debenture
(whether or not such Debenture shall be overdue) for the purpose of receiving
payment of or on account of the principal of, premium, if any, and interest on
such Debenture and for all other purposes; and neither the Company nor the
Trustee nor any Authenticating Agent nor any paying agent nor any transfer
agent nor any Debenture registrar shall be affected by any notice to the
contrary.  All such payments so made to
any holder for the time being or upon his order shall be valid, and, to the extent
of the sum or sums so paid, effectual to satisfy and discharge the liability
for moneys payable upon any such Debenture.

Section 7.4.           Debentures Owned by Company Deemed Not Outstanding.  In determining whether the holders of the
requisite aggregate principal amount of Debentures have concurred in any
direction, consent or waiver under this Indenture, Debentures which are owned
by the Company or any other obligor on the Debentures or by any Person directly
or indirectly controlling or controlled by or under direct or indirect common
control with the Company or any other obligor on the Debentures shall be
disregarded and deemed not to be outstanding for the purpose of any such
determination; provided, however, that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver, only Debentures which a Responsible Officer of
the Trustee actually knows are so owned shall be so disregarded.  Debentures so owned which have been pledged
in good faith may be regarded as outstanding for the purposes of this
Section 7.4 if the pledgee shall establish to the satisfaction of the
Trustee the pledgee’s right to vote such Debentures and that the pledgee is not
the Company 

 40
 

or any such other obligor or Person directly
or indirectly controlling or controlled by or under direct or indirect common
control with the Company or any such other obligor.  In the case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee.

Section 7.5.           Revocation of Consents; Future Holders Bound.  At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 7.1, of the taking of
any action by the holders of the percentage in aggregate principal amount of
the Debentures specified in this Indenture in connection with such action, any
holder (in cases where no record date has been set pursuant to
Section 7.1) or any holder as of an applicable record date (in cases where
a record date has been set pursuant to Section 7.1) of a Debenture (or any
Debenture issued in whole or in part in exchange or substitution therefor) the
serial number of which is shown by the evidence to be included in the
Debentures the holders of which have consented to such action may, by filing
written notice with the Trustee at the Principal Office of the Trustee and upon
proof of holding as provided in Section 7.2, revoke such action so far as
concerns such Debenture (or so far as concerns the principal amount represented
by any exchanged or substituted Debenture). 
Except as aforesaid any such action taken by the holder of any Debenture
shall be conclusive and binding upon such holder and upon all future holders
and owners of such Debenture, and of any Debenture issued in exchange or
substitution therefor or on registration of transfer thereof, irrespective of
whether or not any notation in regard thereto is made upon such Debenture or
any Debenture issued in exchange or substitution therefor.

ARTICLE VIII.

SECURITYHOLDERS MEETINGS

Section 8.1.           Purposes of Meetings.  A meeting of Securityholders may be called at
any time and from time to time pursuant to the provisions of this
Article VIII for any of the following purposes:

(a)           to
give any notice to the Company or to the Trustee, or to give any directions to
the Trustee, or to consent to the waiving of any default hereunder and its
consequences, or to take any other action authorized to be taken by
Securityholders pursuant to any of the provisions of Article V;

(b)           to
remove the Trustee and nominate a successor trustee pursuant to the provisions
of Article VI;

(c)           to
consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 9.2; or

(d)           to
take any other action authorized to be taken by or on behalf of the holders of
any specified aggregate principal amount of such Debentures under any other
provision of this Indenture or under applicable law.

Section 8.2.           Call of Meetings by Trustee.  The Trustee may at any time call a meeting of
Securityholders to take any action specified in Section 8.1, to be held at
such time and at such place as the Trustee shall determine.  Notice of every meeting of the
Securityholders, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken 

 41
 

at such meeting, shall be mailed to holders
of Debentures affected at their addresses as they shall appear on the
Debentures Register and, if the Company is not a holder of Debentures, to the
Company.  Such notice shall be mailed not
less than 20 nor more than 180 days prior to the date fixed for the
meeting.

Section 8.3.           Call of Meetings by Company or Securityholders.  In case at any time the Company pursuant to a
Board Resolution, or the holders of at least 10% in aggregate principal amount
of the Debentures, as the case may be, then outstanding, shall have requested
the Trustee to call a meeting of Securityholders, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have mailed the notice of such meeting within
20 days after receipt of such request, then the Company or such
Securityholders may determine the time and the place for such meeting and may
call such meeting to take any action authorized in Section 8.1, by mailing
notice thereof as provided in Section 8.2.

Section 8.4.           Qualifications for Voting.  To be entitled to vote at any meeting of
Securityholders a Person shall be (a) a holder of one or more Debentures
with respect to which the meeting is being held or (b) a Person appointed
by an instrument in writing as proxy by a holder of one or more such
Debentures.  The only Persons who shall
be entitled to be present or to speak at any meeting of Securityholders shall
be the Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

Section 8.5.           Regulations.  Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders, in regard to proof of the holding
of Debentures and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination
of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it shall think fit.

The Trustee shall, by an
instrument in writing, appoint a temporary chairman of the meeting, unless the
meeting shall have been called by the Company or by Securityholders as provided
in Section 8.3, in which case the Company or the Securityholders calling
the meeting, as the case may be, shall in like manner appoint a temporary
chairman.  A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

Subject to the provisions of
Section 7.4, at any meeting each holder of Debentures with respect to
which such meeting is being held or proxy therefor shall be entitled to one
vote for each $1,000.00 principal amount of Debentures held or represented by
him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Debenture challenged as not outstanding and ruled
by the chairman of the meeting to be not outstanding.  The chairman of the meeting shall have no
right to vote other than by virtue of Debentures held by him or instruments in
writing as aforesaid duly designating him as the Person to vote on behalf of
other Securityholders.  Any meeting of
Securityholders duly called pursuant to the provisions of Section 8.2 or
8.3 may be adjourned from time to time by a majority of those present, whether
or not constituting a quorum, and the meeting may be held as so adjourned
without further notice.

 42
 

Section 8.6.           Voting.  The vote upon any resolution submitted to any
meeting of holders of Debentures with respect to which such meeting is being
held shall be by written ballots on which shall be subscribed the signatures of
such holders or of their representatives by proxy and the serial number or
numbers of the Debentures held or represented by them.  The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of
the meeting their verified written reports in triplicate of all votes cast at
the meeting.  A record in duplicate of
the proceedings of each meeting of Securityholders shall be prepared by the
secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more Persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was
mailed as provided in Section 8.2. 
The record shall show the serial numbers of the Debentures voting in
favor of or against any resolution.  The
record shall be signed and verified by the affidavits of the permanent chairman
and secretary of the meeting and one of the duplicates shall be delivered to
the Company and the other to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting.

Any record so signed and
verified shall be conclusive evidence of the matters therein stated.

Section 8.7.           Quorum; Actions.  The Persons entitled to vote a majority in
aggregate principal amount of the Debentures then outstanding shall constitute
a quorum for a meeting of Securityholders; provided, however,
that if any action is to be taken at such meeting with respect to a consent,
waiver, request, demand, notice, authorization, direction or other action which
may be given by the holders of not less than a specified percentage in
aggregate principal amount of the Debentures then outstanding, the Persons
holding or representing such specified percentage in principal amount of the
Debentures then outstanding will constitute a quorum.  In the absence of a quorum within
30 minutes of the time appointed for any such meeting, the meeting shall,
if convened at the request of Securityholders, be dissolved.  In any other case the meeting may be
adjourned for a period of not less than 10 days as determined by the
permanent chairman of the meeting prior to the adjournment of such
meeting.  In the absence of a quorum at
any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than 10 days as determined by the permanent chairman
of the meeting prior to the adjournment of such adjourned meeting.  Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 8.2, except that such notice
need be given only once not less than 5 days prior to the date on which the
meeting is scheduled to be reconvened. 
Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Debentures
then outstanding which shall constitute a quorum.

Except as limited by the
provisos in the first paragraph of Section 9.2, any resolution presented
to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the holders of a
majority in aggregate principal amount of the Debentures then outstanding; provided,
however, that, except as limited by the provisos in the first paragraph
of Section 9.2, any resolution with respect to any consent, waiver,
request, demand, notice, authorization, direction or other action which this
Indenture expressly provides may be given by the holders of not less than a
specified percentage in aggregate principal amount of the Debentures then
outstanding may be adopted at a meeting or 

 43
 

an
adjourned meeting duly reconvened and at which a quorum is present as aforesaid
only by the affirmative vote of the holders of a not less than such specified
percentage in principal amount of the Debentures then outstanding.

Any resolution passed or
decision taken at any meeting of holders of Debentures duly held in accordance
with this Section shall be binding on all the Securityholders, whether or not
present or represented at the meeting.

ARTICLE IX.

SUPPLEMENTAL INDENTURES

Section 9.1.           Supplemental Indentures without Consent of
Securityholders.  The
Company, when authorized by a Board Resolution, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental
hereto, without the consent of the Securityholders, for one or more of the
following purposes:

(a)           to
evidence the succession of another Person to the Company, or successive
successions, and the assumption by the successor Person of the covenants,
agreements and obligations of the Company, pursuant to Article XI hereof;

(b)           to
add to the covenants of the Company such further covenants, restrictions or
conditions for the protection of the holders of Debentures as the Board of
Directors shall consider to be for the protection of the holders of such
Debentures, and to make the occurrence, or the occurrence and continuance, of a
default in any of such additional covenants, restrictions or conditions a
default or an Event of Default permitting the enforcement of all or any of the
several remedies provided in this Indenture as herein set forth; provided,
however, that in respect of any such additional covenant, restriction or
condition such supplemental indenture may provide for a particular period of
grace after default (which period may be shorter or longer than that allowed in
the case of other defaults) or may provide for an immediate enforcement upon
such default or may limit the remedies available to the Trustee upon such
default;

(c)           to
cure any ambiguity or to correct or supplement any provision contained herein
or in any supplemental indenture which may be defective or inconsistent with
any other provision contained herein or in any supplemental indenture, or to
make such other provisions in regard to matters or questions arising under this
Indenture; provided that any such action shall not materially adversely
affect the interests of the holders of the Debentures;

(d)           to
add to, delete from, or revise the terms of Debentures, including, without
limitation, any terms relating to the issuance, exchange, registration or
transfer of Debentures, including to provide for transfer procedures and
restrictions substantially similar to those applicable to the Capital
Securities as required by Section 2.5 (for purposes of assuring that no
registration of Debentures is required under the Securities Act); provided,
however, that any such action shall not adversely affect the interests
of the holders of the Debentures then outstanding (it being understood, for
purposes of this proviso, that transfer restrictions on Debentures
substantially similar to those that were applicable to Capital Securities shall
not be deemed to materially adversely affect the holders of the Debentures);

 44

(e)           to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Debentures 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;

(f)            to
make any change (other than as elsewhere provided in this paragraph) that does
not adversely affect the rights of any Securityholder in any material respect;
or

(g)           to
provide for the issuance of and establish the form and terms and conditions of
the Debentures, to establish the form of any certifications required to be
furnished pursuant to the terms of this Indenture or the Debentures, or to add
to the rights of the holders of Debentures.

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations which
may be therein contained and to accept the conveyance, transfer and assignment
of any property thereunder, but the Trustee shall not be obligated to, but may
in its discretion, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Any supplemental indenture
authorized by the provisions of this Section 9.1 may be executed by the
Company and the Trustee without the consent of the holders of any of the
Debentures at the time outstanding, notwithstanding any of the provisions of
Section 9.2.

Section 9.2.           Supplemental Indentures with Consent of
Securityholders.  With the
consent (evidenced as provided in Section 7.1) of the holders of not less
than a majority in aggregate principal amount of the Debentures at the time
outstanding affected by such supplemental indenture (voting as a class), the
Company, when authorized by a Board Resolution, and the Trustee may from time
to time and at any time 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 any supplemental
indenture or of modifying in any manner the rights of the holders of the
Debentures; provided, however, that no such supplemental
indenture shall without the consent of the holders of each Debenture then
outstanding and affected thereby (i) change the fixed maturity of any
Debenture, or reduce the principal amount thereof or any premium thereon, or
reduce the rate or extend the time of payment of interest thereon, or reduce any
amount payable on redemption thereof or make the principal thereof or any
interest or premium thereon payable in any coin or currency other than that
provided in the Debentures, or impair or affect the right of any Securityholder
to institute suit for payment thereof or impair the right of repayment, if any,
at the option of the holder, or (ii) reduce the aforesaid percentage of
Debentures the holders of which are required to consent to any such
supplemental indenture; provided  further, however, that if
the Debentures are held by a trust or a trustee of such trust, such
supplemental indenture shall not be effective until the holders of a majority
in Liquidation Amount of Trust Securities shall have consented to such
supplemental indenture; provided  further, however, that if
the consent of the Securityholder of each outstanding Debenture is required,
such supplemental indenture shall not be effective until each holder of the
Trust Securities shall have consented to such supplemental indenture.

 45
 

Upon the request of the
Company accompanied by a Board Resolution authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of Securityholders as aforesaid, the Trustee shall join with the
Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental
indenture.

Promptly after the execution
by the Company and the Trustee of any supplemental indenture pursuant to the
provisions of this Section, the Trustee shall transmit by mail, first class
postage prepaid, a notice, prepared by the Company, setting forth in general
terms the substance of such supplemental indenture, to the Securityholders as
their names and addresses appear upon the Debenture Register.  Any failure of the Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

It shall not be necessary
for the consent of the Securityholders under this Section 9.2 to approve
the particular form of any proposed supplemental indenture, but it shall be
sufficient if such consent shall approve the substance thereof.

Section 9.3.           Effect of Supplemental Indentures.  Upon the execution of any supplemental
indenture pursuant to the provisions of this Article IX, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and
the respective rights, limitations of rights, obligations, duties and
immunities under this Indenture of the Trustee, the Company and the holders of
Debentures shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

Section 9.4.           Notation on Debentures.  Debentures authenticated and delivered after
the execution of any supplemental indenture pursuant to the provisions of this
Article IX may bear a notation as to any matter provided for in such
supplemental indenture.  If the Company
or the Trustee shall so determine, new Debentures so modified as to conform, in
the opinion of the Board of Directors of the Company, to any modification of
this Indenture contained in any such supplemental indenture may be prepared and
executed by the Company, authenticated by the Trustee or the Authenticating
Agent and delivered in exchange for the Debentures then outstanding.

Section 9.5.           Evidence of Compliance of Supplemental Indenture
to be Furnished to Trustee. 
The Trustee, subject to the provisions of Sections 6.1 and 6.2,
shall, in addition to the documents required by Section 14.6, receive an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant hereto complies with the requirements
of this Article IX.  The Trustee
shall receive an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article IX is authorized
or permitted by, and conforms to, the terms of this Article IX and that it
is proper for the Trustee under the provisions of this Article IX to join
in the execution thereof.

 46
 

ARTICLE X.

REDEMPTION OF SECURITIES

Section 10.1.        Optional Redemption.  The Company shall have the right to redeem
the Debentures, in whole or in part, but in all cases in a principal amount
with integral multiples of $1,000.00, on any Interest Payment Date on or after
the Interest Payment Date in March 2012 (an “Optional Redemption Date”),
at the Optional Redemption Price.

Section 10.2.        Special Event Redemption.  If a Special Event shall occur and be
continuing, the Company shall have the right to redeem the Debentures in whole,
but not in part, at any Interest Payment Date, within 120 days following
the occurrence of such Special Event (the “Special Redemption Date”) at
the Special Redemption Price.  If the
Special Event redemption occurs prior to the Interest Payment Date in March
2012, the Company shall appoint a Quotation Agent, which initially shall be
Wilmington Trust Company or its designee, for the purpose of performing the
services contemplated in, or by reference in, the definition of Special
Redemption Price.  Any error in the
calculation of the Special Redemption Price by the Quotation Agent or the
Trustee may be corrected at any time by notice delivered to the Company and the
holders of the Debentures.  Subject to
the corrective rights set forth above, all certificates, communications,
opinions, determinations, calculations, quotations and decisions given,
expressed, made or obtained for the purposes of the provisions relating to the
payment and calculation of the Special Redemption Price on the Debentures by
the Trustee or the Quotation Agent, as the case may be, shall (in the absence
of willful default, bad faith or manifest error) be final, conclusive and
binding on the holders of the Debentures and the Company, and no liability
shall attach (except as provided above) to the Trustee or the Quotation Agent
in connection with the exercise or non-exercise by any of them of their respective
powers, duties and discretion.

Section 10.3.        Notice of Redemption; Selection of Debentures.  In case the Company shall desire to exercise
the right to redeem all, or, as the case may be, any part of the Debentures, it
shall cause to be mailed a notice of such redemption at least 30 and not more
than 60 days prior to the Optional Redemption Date or the Special
Redemption Date to the holders of Debentures so to be redeemed as a whole or in
part at their last addresses as the same appear on the Debenture Register.  Such mailing shall be by first class
mail.  The notice if mailed in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the holder receives such notice. 
In any case, failure to give such notice by mail or any defect in the
notice to the holder of any Debenture designated for redemption as a whole or
in part shall not affect the validity of the proceedings for the redemption of
any other Debenture.

Each such notice of
redemption shall specify the CUSIP number, if any, of the Debentures to be
redeemed, the Optional Redemption Date or the Special Redemption Date, as
applicable, the Optional Redemption Price or the Special Redemption Price, as
applicable, at which Debentures are to be redeemed, the place or places of
payment, that payment will be made upon presentation and surrender of such
Debentures, that interest accrued to the date fixed for redemption will be paid
as specified in said notice, and that on and after said date interest thereon
or on the portions thereof to be redeemed will cease to accrue.  If less than all the Debentures are to be
redeemed the notice of redemption shall specify the numbers of the Debentures
to be redeemed.  In case the Debentures
are to be redeemed in part only, the notice of redemption shall state the
portion of the principal amount thereof to be redeemed and shall state that on
and after 

 47
 

the
date fixed for redemption, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof will be
issued.

Prior to 10:00 a.m. (New
York City time) on the Optional Redemption Date or Special Redemption Date, as
applicable, the Company will deposit with the Trustee or with one or more
paying agents an amount of money sufficient to redeem on the Optional
Redemption Date or the Special Redemption Date, as applicable, all the
Debentures so called for redemption at the appropriate Optional Redemption
Price or Special Redemption Price, together with accrued interest to the Optional
Redemption Date or Special Redemption Date, as applicable.

If all, or less than all,
the Debentures are to be redeemed, the Company will give the Trustee notice not
less than 45 nor more than 60 days, respectively, prior to the Optional
Redemption Date or Special Redemption Date, as applicable, as to the aggregate
principal amount of Debentures to be redeemed and the Trustee shall select, in
such manner as in its sole discretion it shall deem appropriate and fair, the
Debentures or portions thereof (in integral multiples of $1,000.00) to be
redeemed.

Section 10.4.        Payment of Debentures Called for Redemption.  If notice of redemption has been given as
provided in Section 10.3, the Debentures or portions of Debentures with
respect to which such notice has been given shall become due and payable on the
Optional Redemption Date or Special Redemption Date, as applicable, and at the
place or places stated in such notice at the applicable Optional Redemption
Price or Special Redemption Price, together with interest accrued to the
Optional Redemption Date or Special Redemption Date, as applicable, and on and
after said date (unless the Company shall default in the payment of such
Debentures at the Optional Redemption Price or Special Redemption Price, as
applicable, together with interest accrued to said date) interest on the
Debentures or portions of Debentures so called for redemption shall cease to
accrue.  On presentation and surrender of
such Debentures at a place of payment specified in said notice, such Debentures
or the specified portions thereof shall be paid and redeemed by the Company at
the applicable Optional Redemption Price or Special Redemption Price, together
with interest accrued thereon to the Optional Redemption Date or Special
Redemption Date, as applicable.

Upon presentation of any
Debenture redeemed in part only, the Company shall execute and the Trustee
shall authenticate and make available for delivery to the holder thereof, at
the expense of the Company, a new Debenture or Debentures of authorized
denominations, in principal amount equal to the unredeemed portion of the
Debenture so presented.

ARTICLE XI.

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

Section 11.1.        Company May Consolidate, etc., on Certain Terms.  Nothing contained in this Indenture or in the
Debentures shall prevent any consolidation or merger of the Company with or
into any other Person (whether or not affiliated with the Company) or
successive consolidations or mergers in which the Company or its successor or
successors shall be a party or parties, or shall prevent any sale, conveyance,
transfer or other disposition of, directly or indirectly through the
subsidiaries of the Company, in a single transaction or in any series of
transactions occurring during any twelve-month period, more than 51% of the
assets of the 

 48
 

Company or its successor or successors, to
any other Person (whether or not affiliated with the Company, or its successor
or successors) authorized to acquire and operate the same; provided, however,
that the Company hereby covenants and agrees that, upon any such consolidation,
merger (where the Company is not the surviving corporation), sale, conveyance,
transfer or other disposition of assets, the due and punctual payment of the
principal of (and premium, if any) and interest on all of the Debentures in
accordance with their terms, according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of this
Indenture to be kept or performed by the Company, shall be expressly assumed by
supplemental indenture satisfactory in form to the Trustee executed and
delivered to the Trustee by the entity formed by such consolidation, or into
which the Company shall have been merged, or by the entity which shall have
acquired such assets.

Section 11.2.        Successor Entity to be Substituted.  In case of any such consolidation, merger,
sale, conveyance, transfer or other disposition and upon the assumption by the
successor entity, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual
payment of the principal of and premium, if any, and interest on all of the
Debentures and the due and punctual performance and observance of all of the
covenants and conditions of this Indenture to be performed or observed by the
Company, such successor entity shall succeed to and be substituted for the
Company, with the same effect as if it had been named herein as the Company,
and thereupon the predecessor entity shall be relieved of any further liability
or obligation hereunder or upon the Debentures. 
Such successor entity thereupon may cause to be signed, and may issue in
its own name, any or all of the Debentures issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee or the
Authenticating Agent; and, upon the order of such successor entity instead of
the Company and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee or the Authenticating Agent shall
authenticate and deliver any Debentures which previously shall have been signed
and delivered by the officers of the Company, to the Trustee or the
Authenticating Agent for authentication, and any Debentures which such
successor entity thereafter shall cause to be signed and delivered to the
Trustee or the Authenticating Agent for that purpose.  All the Debentures so issued shall in all
respects have the same legal rank and benefit under this Indenture as the
Debentures theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Debentures had been issued at the date of
the execution hereof.

Section 11.3.        Opinion of Counsel to be Given to Trustee.  The Trustee, subject to the provisions of
Sections 6.1 and 6.2, shall receive, in addition to the Opinion of Counsel
required by Section 9.5, an Opinion of Counsel as conclusive evidence that
any consolidation, merger, sale, conveyance, transfer or other disposition, and
any assumption, permitted or required by the terms of this Article XI
complies with the provisions of this Article XI.

ARTICLE XII.

SATISFACTION AND DISCHARGE OF INDENTURE

Section 12.1.        Discharge of Indenture.   When

(a)                          the Company
shall deliver to the Trustee for cancellation all Debentures theretofore
authenticated (other than any Debentures which shall have been destroyed, lost
or 

 49
 

stolen and which shall have been replaced or paid as provided in
Section 2.6) and not theretofore canceled, or

(b)                         all the
Debentures not theretofore canceled or delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become
due and payable within 1 year or are to be called for redemption within 1 year
under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company shall deposit with the Trustee, in trust, funds,
which shall be immediately due and payable, sufficient to pay at maturity or
upon redemption all of the Debentures (other than any Debentures which shall
have been destroyed, lost or stolen and which shall have been replaced or paid
as provided in Section 2.6) not theretofore canceled or delivered to the
Trustee for cancellation, including principal and premium, if any, and interest
due or to become due to such date of maturity or redemption date, as the case
may be, but excluding, however, the amount of any moneys for the payment of
principal of, and premium, if any, or interest on the Debentures
(1) theretofore repaid to the Company in accordance with the provisions of
Section 12.4, or (2) paid to any state or to the District of Columbia
pursuant to its unclaimed property or similar laws,

and if in the case of
either clause (a) or clause (b) the Company shall also pay or cause
to be paid all other sums payable hereunder by the Company, then this Indenture
shall cease to be of further effect except for the provisions of
Sections 2.5, 2.6, 2.8, 3.1, 3.2, 3.4, 6.6, 6.8, 6.9, 12.1 and 12.4 hereof
shall survive until such Debentures shall mature and be paid.  Thereafter, Sections 6.6 and 12.4 shall
survive, and the Trustee, on demand of the Company accompanied by an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with, and at the cost and expense of the
Company, shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture.  The Company
agrees to reimburse the Trustee for any costs or expenses thereafter reasonably
and properly incurred by the Trustee in connection with this Indenture or the
Debentures.

Section 12.2.        Deposited Moneys to be Held in Trust by Trustee.  Subject to the provisions of
Section 12.4, all moneys deposited with the Trustee pursuant to
Section 12.1 shall be held in trust in a non-interest bearing account 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 Debentures 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 premium, if any, and interest.

Section 12.3.        Paying Agent to Repay Moneys Held.  Upon the satisfaction and discharge of this
Indenture all moneys then held by any paying agent of the Debentures (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.

Section 12.4.        Return of Unclaimed Moneys.  Any moneys deposited with or paid to the
Trustee or any paying agent for payment of the principal of, and premium, if
any, or interest 

 50
 

on Debentures and not applied but remaining
unclaimed by the holders of Debentures for 2 years after the date upon which
the principal of, and premium, if any, or interest on such Debentures, as the
case may be, shall have become due and payable, shall, subject to applicable
escheatment laws, be repaid to the Company by the Trustee or such paying agent
on written demand; and the holder of any of the Debentures shall thereafter
look only to the Company for any payment which such holder may be entitled to
collect, and all liability of the Trustee or such paying agent with respect to
such moneys shall thereupon cease.

ARTICLE XIII.

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

Section 13.1.        Indenture and Debentures Solely Corporate
Obligations.  No recourse
for the payment of the principal of or premium, if any, or interest on any
Debenture, or for any claim based thereon or otherwise in respect thereof, and
no recourse under or upon any obligation, covenant or agreement of the Company
in this Indenture or in any supplemental indenture, or in any such Debenture,
or because of the creation of any indebtedness represented thereby, shall be
had against any incorporator, stockholder, employee, officer or director, as
such, past, present or future, of the Company or of any successor Person of the
Company, either directly or through the Company or any successor Person of the
Company, whether by virtue of any constitution, statute or rule of law, or by
the enforcement of any assessment or penalty or otherwise, it being expressly
understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and
the issue of the Debentures.

ARTICLE XIV.

MISCELLANEOUS PROVISIONS

Section 14.1.        Successors.  All the covenants, stipulations, promises and
agreements of the Company in this Indenture shall bind its successors and
assigns whether so expressed or not.

Section 14.2.        Official Acts by Successor Entity.  Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any board,
committee or officer or other authorized Person of the Company shall and may be
done and performed with like force and effect by the like board, committee,
officer or other authorized Person of any entity that shall at the time be the
lawful successor of the Company.

Section 14.3.        Surrender of Company Powers.  The Company by instrument in writing executed
by authority of at least 2/3 (two-thirds) of its Board of Directors and
delivered to the Trustee may surrender any of the powers reserved to the
Company and thereupon such power so surrendered shall terminate both as to the
Company, and as to any permitted successor.

Section 14.4.        Addresses for Notices, etc.  Any notice, consent, direction, request,
authorization, waiver or demand which by any provision of this Indenture is
required or permitted to be given, made, furnished or served by the Trustee or
by the Securityholders on or to the Company may be given or served in writing
by being deposited postage prepaid by registered or certified mail in a post
office letter box addressed (until another address is filed by 

 51
 

the Company, with the Trustee for the
purpose) to the Company, 6 International Drive, Suite 190, Rye Brook, New York
10573, Attention:  Robert A.
Waegelein.  Any notice, consent,
direction, request, authorization, waiver or demand by any Securityholder or
the Company to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the office of
the Trustee, addressed to the Trustee, 1100 North Market Street, Wilmington,
Delaware 19890-1600, Attention: Corporate Trust Administration.  Any notice, consent, direction, request,
authorization, waiver or demand on or to any Securityholder shall be deemed to
have been sufficiently given or made, for all purposes, if given or made in
writing at the address set forth in the Debenture Register.

Section 14.5.        Governing Law.  Pursuant to Section 5-1401 of the
General Obligations Law of the State of New York, this Indenture and each
Debenture shall be deemed to be a contract made under the law of the State of
New York, and for all purposes shall be governed by and construed in accordance
with the law of said State.

Section 14.6.        Evidence of Compliance with Conditions Precedent.  Upon any application or demand by the Company
to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officers’ Certificate
stating that in the opinion of the signers 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 have been complied with.

Each certificate or opinion
provided for in this Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant provided for in this Indenture shall
include (1) a statement that the person making such certificate or opinion
has read such covenant or condition; (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 such person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and
(4) a statement as to whether or not in the opinion of such person, such
condition or covenant has been complied with.

Section 14.7.        Table of Contents, Headings, etc.  The table of contents and the titles and
headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof.

Section 14.8.        Execution in Counterparts.  This Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument.

Section 14.9.        Severability.  In case any one or more of the provisions
contained in this Indenture or in the Debentures shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this
Indenture or of such Debentures, but this Indenture and such Debentures shall
be 

 52
 

construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

Section 14.10.
Assignment.  The Company will have the right at all times
to assign any of its rights or obligations under this Indenture to a direct or
indirect wholly owned Subsidiary of the Company, provided that, in the event of
any such assignment, the Company will remain liable for all such
obligations.  Subject to the foregoing,
this Indenture is binding upon and inures to the benefit of the parties hereto
and their respective successors and assigns. 
This Indenture may not otherwise be assigned by the parties hereto.

Section 14.11.
Acknowledgment of Rights.  The Company agrees that, with respect to any
Debentures held by the Trust or the Institutional Trustee of the Trust, if the
Institutional Trustee of the Trust fails to enforce its rights under this
Indenture as the holder of Debentures held as the assets of such Trust after
the holders of a majority in Liquidation Amount of the Capital Securities of
such Trust have so directed such Institutional Trustee, a holder of record of
such Capital Securities may, to the fullest extent permitted by law, institute
legal proceedings directly against the Company to enforce such Institutional
Trustee’s rights under this Indenture without first instituting any legal
proceedings against such trustee or any other Person.  Notwithstanding the foregoing, if an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Company to pay interest (or premium, if any) or principal on the
Debentures on the date such interest (or premium, if any) or principal is
otherwise payable (or in the case of redemption, on the redemption date), the
Company agrees that a holder of record of Capital Securities of the Trust may
directly institute a proceeding against the Company for enforcement of payment
to such holder directly of the principal of (or premium, if any) or interest on
the Debentures having an aggregate principal amount equal to the aggregate
Liquidation Amount of the Capital Securities of such holder on or after the
respective due date specified in the Debentures.

ARTICLE XV.

SUBORDINATION OF DEBENTURES

Section 15.1.        Agreement to Subordinate.  The Company covenants and agrees, and each
holder of Debentures by such Securityholder’s acceptance thereof likewise
covenants and agrees, that all Debentures shall be issued subject to the
provisions of this Article XV; and each holder of a Debenture, whether
upon original issue or upon transfer or assignment thereof, accepts and agrees
to be bound by such provisions.

The payment by the Company
of the principal of, and premium, if any, and interest on all Debentures shall,
to the extent and in the manner hereinafter set forth, be subordinated and
junior in right of payment to the prior payment in full of all Senior
Indebtedness of the Company, whether outstanding at the date of this Indenture
or thereafter incurred.

No provision of this
Article XV shall prevent the occurrence of any default or Event of Default
hereunder.

Section 15.2.        Default on Senior Indebtedness.  In the event and during the continuation of
any default by the Company in the payment of principal, premium, interest or 

 53
 

any other payment due on any Senior
Indebtedness of the Company following any grace period, or in the event that the
maturity of any Senior Indebtedness of the Company has been accelerated because
of a default and such acceleration has not been rescinded or canceled and such
Senior Indebtedness has not been paid in full, then, in either case, no payment
shall be made by the Company with respect to the principal (including
redemption) of, or premium, if any, or interest on the Debentures.

In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding paragraph of this
Section 15.2, such payment shall, subject to Section 15.7, be held in
trust for the benefit of, and shall be paid over or delivered to, the holders
of Senior Indebtedness or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, but only to the
extent that the holders of the Senior Indebtedness (or their representative or
representatives or a trustee) notify the Trustee in writing within 90 days
of such payment of the amounts then due and owing on the Senior Indebtedness
and only the amounts specified in such notice to the Trustee shall be paid to
the holders of Senior Indebtedness.

Section 15.3.        Liquidation, Dissolution, Bankruptcy.  Upon any payment by the Company or
distribution of assets of the Company of any kind or character, whether in
cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceedings,
all amounts due upon all Senior Indebtedness of the Company shall first be paid
in full, or payment thereof provided for in money in accordance with its terms,
before any payment is made by the Company, on account of the principal (and
premium, if any) or interest on the Debentures. 
Upon any such dissolution or winding-up or liquidation or reorganization,
any payment by the Company, or distribution of assets of the Company of any
kind or character, whether in cash, property or securities, to which the
Securityholders or the Trustee would be entitled to receive from the Company,
except for the provisions of this Article XV, shall be paid by the
Company, or by any receiver, trustee in bankruptcy, liquidating trustee, agent
or other Person making such payment or distribution, or by the Securityholders
or by the Trustee under this Indenture if received by them or it, directly to
the holders of Senior Indebtedness (pro rata
to such holders on the basis of the respective amounts of Senior Indebtedness
held by such holders, as calculated by the Company) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued,
as their respective interests may appear, to the extent necessary to pay such
Senior Indebtedness in full, in money or money’s worth, after giving effect to
any concurrent payment or distribution to or for the holders of such Senior
Indebtedness, before any payment or distribution is made to the Securityholders
or to the Trustee.

In the event that,
notwithstanding the foregoing, any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing, shall be received by the Trustee before all Senior
Indebtedness is paid in full, or provision is made for such payment in money in
accordance with its terms, such payment or distribution shall be held in trust
for the benefit of and shall be paid over or delivered to the holders of such
Senior Indebtedness or their representative or representatives, or to the
trustee or 

 54
 

trustees
under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, as
calculated by the Company, for application to the payment of all Senior
Indebtedness, remaining unpaid to the extent necessary to pay such Senior
Indebtedness in full in money in accordance with its terms, after giving effect
to any concurrent payment or distribution to or for the benefit of the holders
of such Senior Indebtedness.

For purposes of this
Article XV, the words “cash, property or securities” shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or
securities of the Company or any other corporation provided for by a plan of
reorganization or readjustment, the payment of which is subordinated at least
to the extent provided in this Article XV with respect to the Debentures
to the payment of all Senior Indebtedness, that may at the time be outstanding,
provided that (i) such Senior Indebtedness is assumed by the new corporation,
if any, resulting from any such reorganization or readjustment, and
(ii) the rights of the holders of such Senior Indebtedness are not,
without the consent of such holders, altered by such reorganization or
readjustment.  The consolidation of the Company
with, or the merger of the Company into, another corporation or the liquidation
or dissolution of the Company following the conveyance or transfer of its
property as an entirety, or substantially as an entirety, to another
corporation upon the terms and conditions provided for in Article XI of
this Indenture shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, comply
with the conditions stated in Article XI of this Indenture.  Nothing in Section 15.2 or in this
Section shall apply to claims of, or payments to, the Trustee under or pursuant
to Section 6.6 of this Indenture.

Section 15.4.        Subrogation.  Subject to the payment in full of all Senior
Indebtedness, the Securityholders shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company, applicable to such Senior
Indebtedness until the principal of (and premium, if any) and interest on the
Debentures shall be paid in full.  For
the purposes of such subrogation, no payments or distributions to the holders
of such Senior Indebtedness of any cash, property or securities to which the
Securityholders or the Trustee would be entitled except for the provisions of
this Article XV, and no payment over pursuant to the provisions of this
Article XV to or for the benefit of the holders of such Senior Indebtedness
by Securityholders or the Trustee, shall, as between the Company, its creditors
other than holders of Senior Indebtedness of the Company, and the holders of
the Debentures be deemed to be a payment or distribution by the Company to or
on account of such Senior Indebtedness. 
It is understood that the provisions of this Article XV are and are
intended solely for the purposes of defining the relative rights of the holders
of the Securities, on the one hand, and the holders of such Senior
Indebtedness, on the other hand.

Nothing contained in this
Article XV or elsewhere in this Indenture or in the Debentures is intended
to or shall impair, as between the Company, its creditors other than the
holders of Senior Indebtedness, and the holders of the Debentures, the
obligation of the Company, which is absolute and unconditional, to pay to the
holders of the Debentures the principal of (and premium, if any) and interest
on the Debentures as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative
rights of the 

 55
 

holders
of the Debentures and creditors of the Company, other than the holders of
Senior Indebtedness, nor shall anything herein or therein prevent the Trustee
or the holder of any Debenture from exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article XV of the holders of such Senior Indebtedness in
respect of cash, property or securities of the Company, received upon the
exercise of any such remedy.

Upon any payment or
distribution of assets of the Company referred to in this Article XV, the
Trustee, subject to the provisions of Article VI of this Indenture, and
the Securityholders shall be entitled to conclusively rely upon any order or
decree made by any court of competent jurisdiction in which such dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a
certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent
or other Person making such payment or distribution, delivered to the Trustee
or to the Securityholders, for the purposes of ascertaining the Persons
entitled to participate in such distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to this Article XV.

Section 15.5.        Trustee to Effectuate Subordination.  Each Securityholder by such Securityholder’s
acceptance thereof authorizes and directs the Trustee on such Securityholder’s
behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article XV and appoints the Trustee such
Securityholder’s attorney-in-fact for any and all such purposes.

Section 15.6.        Notice by the Company.  The Company shall give prompt written notice
to a Responsible Officer of the Trustee at the Principal Office of the Trustee
of any fact known to the Company that would prohibit the making of any payment
of monies to or by the Trustee in respect of the Debentures pursuant to the
provisions of this Article XV. 
Notwithstanding the provisions of this Article XV or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment of
monies to or by the Trustee in respect of the Debentures pursuant to the
provisions of this Article XV, unless and until a Responsible Officer of
the Trustee at the Principal Office of the Trustee shall have received written
notice thereof from the Company or a holder or holders of Senior Indebtedness
or from any trustee therefor; and before the receipt of any such written
notice, the Trustee, subject to the provisions of Article VI of this
Indenture, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have
received the notice provided for in this Section at least 2 Business Days prior
to the date upon which by the terms hereof any money may become payable for any
purpose (including, without limitation, the payment of the principal of (or
premium, if any) or interest on any Debenture), then, anything herein contained
to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which
they were received, and shall not be affected by any notice to the contrary
that may be received by it within 2 Business Days prior to such date.

The Trustee, subject to the
provisions of Article VI of this Indenture, shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee or
representative on behalf of such holder), to 

 56
 

establish
that such notice has been given by a holder of such Senior Indebtedness or a
trustee or representative on behalf of any such holder or holders.  In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any
Person as a holder of such Senior Indebtedness to participate in any payment or
distribution pursuant to this Article XV, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to
the amount of such Senior Indebtedness held by such Person, the extent to which
such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article XV,
and, if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to
receive such payment.

Section 15.7.        Rights of the Trustee; Holders of Senior Indebtedness.  The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article XV in respect of
any Senior Indebtedness at any time held by it, to the same extent as any other
holder of Senior Indebtedness, and nothing in this Indenture shall deprive the
Trustee of any of its rights as such holder.

With respect to the holders
of Senior Indebtedness, the Trustee undertakes to perform or to observe only
such of its covenants and obligations as are specifically set forth in this
Article XV, and no implied covenants or obligations with respect to the
holders of such Senior Indebtedness shall be read into this Indenture against
the Trustee.  The Trustee shall not be
deemed to owe any fiduciary duty to the holders of such Senior Indebtedness
and, subject to the provisions of Article VI of this Indenture, the
Trustee shall not be liable to any holder of such Senior Indebtedness if it
shall pay over or deliver to Securityholders, the Company or any other Person
money or assets to which any holder of such Senior Indebtedness shall be
entitled by virtue of this Article XV or otherwise.

Nothing in this
Article XV shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.6.

Section 15.8.        Subordination May Not Be Impaired.  No right of any present or future holder of
any Senior Indebtedness to enforce subordination as herein provided shall at
any time in any way be prejudiced or impaired by any act or failure to act on
the part of the Company, or by any act or failure to act, in good faith, by any
such holder, or by any noncompliance by the Company, with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof that any
such holder may have or otherwise be charged with.

Without in any way limiting
the generality of the foregoing paragraph, the holders of Senior Indebtedness
may, at any time and from time to time, without the consent of or notice to the
Trustee or the Securityholders, without incurring responsibility to the Securityholders
and without impairing or releasing the subordination provided in this
Article XV or the obligations hereunder of the holders of the Debentures
to the holders of such Senior Indebtedness, do any one or more of the
following:  (i) change the manner,
place or terms of payment or extend the time of payment of, or renew or alter,
such Senior Indebtedness, or otherwise amend or supplement in any manner such
Senior Indebtedness or any instrument evidencing the same or any agreement
under which such Senior Indebtedness is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior 

 57
 

Indebtedness;
(iii) release any Person liable in any manner for the collection of such
Senior Indebtedness; and (iv) exercise or refrain from exercising any
rights against the Company, and any other Person.

Signatures appear on the following page

 58
 

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

	
  

  	
  UNIVERSAL
  AMERICAN FINANCIAL CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert A.
  Waegelein

  
	
   

  	
   

  	
  Name:

  	
  Robert A.
  Waegelein

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President and Chief Financial 

  
	
   

  	
   

  	
   

  	
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON
  TRUST COMPANY, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher
  J. Slaybaugh

  
	
   

  	
   

  	
  Name:

  	
  Christopher J.
  Slaybaugh

  
	
   

  	
   

  	
  Title:

  	
  Senior Financial
  Services Officer

  

 

 59

EXHIBIT A

FORM OF FIXED/FLOATING RATE JUNIOR SUBORDINATED
DEFERRABLE

INTEREST DEBENTURE

[FORM OF FACE OF SECURITY]

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.  THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY
ONLY (A) TO UNIVERSAL AMERICAN FINANCIAL CORP. (THE “COMPANY”),
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A IN ACCORDANCE WITH RULE 144A, (D) TO A
NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR
RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT,
(E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
SUBPARAGRAPH (A) OF RULE 501 UNDER THE SECURITIES ACT THAT IS
ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF
THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT
IN ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE
COMPANY. HEDGING TRANSACTIONS INVOLVING THIS SECURITY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

THE HOLDER OF THIS SECURITY
BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN
EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”),  OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY 

 A-1-1
 

PLAN’S
INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR
HOLDER IS ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF
LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14
OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS
NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT
TO SUCH PURCHASE OR HOLDING.  ANY
PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT
AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN
TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON
ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR
ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH
PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO
APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

THIS SECURITY WILL BE ISSUED
AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF
NOT LESS THAN $100,000.00 AND MULTIPLES OF $1,000.00 IN EXCESS THEREOF.  ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A
BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000.00 SHALL BE
DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

THE HOLDER OF THIS SECURITY
AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

THIS SECURITY IS IN
REGISTERED FORM WITHIN THE MEANING OF TREASURY REGULATIONS SECTION 1.871-14(c)(1)(i)
FOR U.S. FEDERAL INCOME AND WITHHOLDING TAX PURPOSES.

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE INDENTURE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 A-1-2
 

Fixed/Floating Rate Junior Subordinated Deferrable
Interest Debenture

of

Universal American Financial Corp.

March 22, 2007

Universal
American Financial Corp., a corporation duly organized and existing under the
laws of New York (the “Company,” which term includes any successor Person under
the Indenture hereinafter referred to), for value received promises to pay to
Wilmington Trust Company, not in its individual capacity but solely as
Institutional Trustee for Universal American Statutory Trust VI (the “Holder”)
or registered assigns, the principal sum of fifty-one million five hundred and
forty seven thousand dollars ($51,547,000.00) on March 15, 2037, and to pay
interest on said principal sum from March 22, 2007, or from the most recent
Interest Payment Date (defined herein) to which interest has been paid or duly
provided for, quarterly (subject to deferral as set forth herein) in arrears on
June 15th,
September 15th, December
15th and March 15th of
each year or if such day is not a Business Day, then the next succeeding
Business Day (each such date, an “Interest Payment Date”) commencing on the
Interest Payment Date in June 2007, at an annual rate equal to 7.675% beginning
on (and including) the date of original issuance and ending on (but excluding)
the Interest Payment Date in March 2012 and at an annual rate for each
successive period beginning on (and including) the Interest Payment Date in
March 2012, and each succeeding Interest Payment Date, and ending on (but
excluding) the next succeeding Interest Payment Date (each a “Distribution
Period”), equal to 3-Month LIBOR, determined as described below, plus
2.75% (the “Coupon Rate”); applied to the principal amount hereof, until the
principal hereof is paid or duly provided for or made available for payment,
and on any overdue principal and (without duplication and to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest (including Additional Interest) at the Interest Rate in
effect for each applicable period, compounded quarterly, from the dates such
amounts are due until they are paid or made available for payment.  The amount of interest payable (i) for
any Distribution Period commencing on or after the date of original issuance
but before the Interest Payment Date in March 2012 will be computed on the
basis of a 360-day year of twelve 30-day months, it being understood that no
additional interest shall accrue on non-Business Days for the given Distribution
Period, and (ii) for the Distribution Period commencing on or after the
Interest Payment Date in March 2012 and each succeeding Distribution Period
will be computed on the basis of the actual number of days in the Distribution
Period concerned divided by 360.  The
interest installment so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Debenture (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for such
interest installment, which shall be fifteen days prior to the day on which the
relevant Interest Payment Date occurs. 
Any such interest installment not so punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such regular record
date and may be paid to the Person in whose name this Debenture (or one or more
Predecessor Securities) is registered at the close of business on a special
record date.

 A-1-3
 

Capitalized
terms used and not defined in this Debenture shall have the meanings assigned
in the Indenture dated as of the date of original issuance of this Debenture
between the Trustee and the Company.

“3-Month
LIBOR” as used herein, means the London interbank offered interest rate for
three-month U.S. dollar deposits determined by the Trustee in the following
order of priority:  (i) the rate
(expressed as a percentage per annum) for U.S. dollar deposits having a three-month
maturity that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on
the related Determination Date (“Telerate Page 3750” means the display
designated as “Page 3750” on the Moneyline Telerate Service or such other page
as may replace Page 3750 on that service or such other service or services as
may be nominated by the British Bankers’ Association as the information vendor
for the purpose of displaying London interbank offered rates for U.S. dollar
deposits); (ii) if such rate cannot be identified on the related Determination
Date, the Trustee will request the principal London offices of four leading
banks in the London interbank market to provide such banks’ offered quotations
(expressed as percentages per annum) to prime banks in the London interbank
market for U.S. dollar deposits having a three-month maturity as of 11:00 a.m.
(London time) on such Determination Date. 
If at least two quotations are provided, 3-Month LIBOR will be the
arithmetic mean of such quotations; (iii) if fewer than two such
quotations are provided as requested in clause (ii) above, the Trustee will
request four major New York City banks to provide such banks’ offered
quotations (expressed as percentages per annum) to leading European banks for
loans in U.S. dollars as of 11:00 a.m. (London time) on such Determination
Date.  If at least two such quotations
are provided, 3-Month LIBOR will be the arithmetic mean of such
quotations; and (iv) if fewer than two such quotations are provided as
requested in clause (iii) above, 3-Month LIBOR will be a 3-Month
LIBOR determined with respect to the Distribution Period immediately preceding
such current Distribution Period.  If the
rate for U.S. dollar deposits having a three-month maturity that initially
appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the related
Determination Date is superseded on the Telerate Page 3750 by a corrected rate
by 12:00 noon (London time) on such Determination Date, then the corrected rate
as so substituted on the applicable page will be the applicable 3-Month
LIBOR for such Determination Date.  As
used herein, “Determination Date” means the date that is two London Banking
Days (i.e., a business day in which dealings in deposits in U.S. dollars are
transacted in the London interbank market) preceding the commencement of the
relevant Distribution Period.

“Interest Rate”
means for the period beginning on (and including) the date of original issuance
and ending on (but excluding) the Interest Payment Date in March 2012 the rate
per annum of 7.675% and for each Distribution Period thereafter, the Coupon
Rate.

The Interest
Rate for any Distribution Period will at no time be higher than the maximum
rate then permitted by New York law as the same may be modified by United
States law.

All
percentages resulting from any calculations on the Debentures will be rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point, with
five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or
..09876545) being rounded to 9.87655% (or .0987655), and all dollar amounts used
in or resulting from such calculation will be rounded to the nearest cent (with
one-half cent being rounded upward)).

 A-1-4
 

The principal
of and interest on this Debenture shall be payable at the office or agency of
the Trustee (or other paying agent appointed by the Company) maintained for
that purpose in any coin or currency of the United States of America that at
the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made by check mailed to the
registered holder at such address as shall appear in the Debenture Register if
a request for a wire transfer by such holder has not been received by the
Company or by wire transfer to an account appropriately designated by the
holder hereof.  Notwithstanding the
foregoing, so long as the holder of this Debenture is the Institutional
Trustee, the payment of the principal of and interest on this Debenture will be
made in immediately available funds at such place and to such account as may be
designated by the Trustee.

So long as no Event of
Default has occurred and is continuing, the Company shall have the right, from
time to time, and without causing an Event of Default, to defer payments of
interest on the Debentures by extending the interest payment period on the
Debentures at any time and from time to time during the term of the Debentures,
for up to 20 consecutive quarterly periods (each such extended interest
payment period, an “Extension Period”), during which Extension Period no interest
(including Additional Interest) shall be due and payable (except any Additional
Sums that may be due and payable).  No
Extension Period may end on a date other than an Interest Payment Date.  During an Extension Period, interest will
continue to accrue on the Debentures, and interest on such accrued interest
will accrue at an annual rate equal to the Interest Rate in effect for such
Extension Period, compounded quarterly from the date such interest would have
been payable were it not for the Extension Period, to the extent permitted by
law (such interest referred to herein as “Additional Interest”).  At the end of any such Extension Period the
Company shall pay all interest then accrued and unpaid on the Debentures
(together with Additional Interest thereon); provided, however,
that no Extension Period may extend beyond the Maturity Date; provided  further,
however, that during any such Extension Period, the Company shall not
and shall not permit any Affiliate of the Company controlled by the Company to
engage in any of the activities or transactions described on the reverse side
hereof and in the Indenture.  Prior to
the termination of any Extension Period, the Company may further extend such
period, provided that such period together with all such previous and further
consecutive extensions thereof shall not exceed 20 consecutive quarterly
periods, or extend beyond the Maturity Date. 
Upon the termination of any Extension Period and upon the payment of all
accrued and unpaid interest and Additional Interest, the Company may commence a
new Extension Period, subject to the foregoing requirements.  No interest or Additional Interest shall be
due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
an Extension Period shall bear Additional Interest to the extent permitted by
applicable law.  The Company must give
the Trustee notice of its election to begin or extend an Extension Period at
least 5 Business Days prior to the regular record date (as such term is used in
Section 2.8 of the Indenture) immediately preceding the Interest Payment
Date with respect to which interest on the Debentures would have been payable
except for the election to begin or extend an Extension Period.  The Trustee shall give notice of the Company’s
election to begin a new Extension Period to the holders of the Debentures.

The indebtedness
evidenced by this Debenture is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all
Senior Indebtedness, and this Debenture is issued subject to the provisions of
the Indenture with respect thereto.  Each

 A-1-5
 

holder of this Debenture,
by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his or her behalf to
take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination so provided and (c) appoints the Trustee his
or her attorney-in-fact for any and all such purposes.  Each holder hereof, by his or her acceptance
hereof, hereby waives all notice of the acceptance of the subordination
provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

This Debenture shall not
be entitled to any benefit under the Indenture hereinafter referred to, be
valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been signed by or on behalf of the Trustee.

The provisions of this
Debenture are continued on the reverse side hereof and such provisions shall
for all purposes have the same effect as though fully set forth at this place.

 A-1-6
 

IN WITNESS WHEREOF, the Company has duly executed this
certificate.

	
  

  	
  UNIVERSAL AMERICAN FINANCIAL
  CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

CERTIFICATE
OF AUTHENTICATION

This is one of the Debentures referred to in the
within-mentioned Indenture.

	
  

  	
  WILMINGTON TRUST
  COMPANY, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  

 

 A-1-7
 

[FORM OF REVERSE
OF DEBENTURE]

This Debenture is one of the
fixed/floating rate junior subordinated deferrable interest debentures of the
Company, all issued or to be issued under and pursuant to the Indenture dated
as of March 22, 2007 (the “Indenture”), duly executed and delivered between the
Company and the Trustee, to which Indenture reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the holders of the
Debentures.  The Debentures are limited
in aggregate principal amount as specified in the Indenture.

Upon the occurrence and
continuation of a Special Event prior to the Interest Payment Date in March
2012, the Company shall have the right to redeem the Debentures in whole, but
not in part, at any Interest Payment Date, within 120 days following the
occurrence of such Special Event, at the Special Redemption Price.

In addition, the Company
shall have the right to redeem the Debentures, in whole or in part, but in all
cases in a principal amount with integral multiples of $1,000.00, on any
Interest Payment Date on or after the Interest Payment Date in March 2012, at
the Optional Redemption Price.

Prior to 10:00 a.m. New York
City time on the Optional Redemption Date or Special Redemption Date, as
applicable, the Company will deposit with the Trustee or with one or more
paying agents an amount of money sufficient to redeem on the Optional
Redemption Date or the Special Redemption Date, as applicable, all the
Debentures so called for redemption at the appropriate Optional Redemption
Price or Special Redemption Price.

If all, or less than all,
the Debentures are to be redeemed, the Company will give the Trustee notice not
less than 45 nor more than 60 days prior to the Optional Redemption Date
or Special Redemption Date, as applicable, as to the aggregate principal amount
of Debentures to be redeemed and the Trustee shall select, in such manner as in
its sole discretion it shall deem appropriate and fair, the Debentures or
portions thereof (in integral multiples of $1,000.00) to be redeemed.

Notwithstanding the
foregoing, any redemption of Debentures by the Company shall be subject to the
receipt of any and all required regulatory approvals.

In case an Event of Default
shall have occurred and be continuing, upon demand of the Trustee, the
principal of all of the Debentures shall become due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the
holders of not less than a majority in aggregate principal amount of the
Debentures at the time outstanding, to execute supplemental indentures for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the holders of the Debentures; provided,
however, that no such supplemental indenture shall without the consent
of the holders of each Debenture then outstanding and affected thereby
(i) change the fixed maturity of any Debenture, or reduce the principal
amount thereof or any premium thereon, 

 A-1-8
 

or
reduce the rate or extend the time of payment of interest thereon, or reduce
any amount payable on redemption thereof or make the principal thereof or any
interest or premium thereon payable in any coin or currency other than that
provided in the Debentures, or impair or affect the right of any Securityholder
to institute suit for payment thereof or impair the right of repayment, if any,
at the option of the holder, or (ii) reduce the aforesaid percentage of
Debentures the holders of which are required to consent to any such
supplemental indenture.

The Indenture also contains
provisions permitting the holders of a majority in aggregate principal amount
of the Debentures at the time outstanding on behalf of the holders of all of
the Debentures to waive (or modify any previously granted waiver of) any past
default or Event of Default, and its consequences, except an Event of Default
(a) specified in Sections 5.1(a) and (b), (b) in respect of covenants or
provisions hereof or of the Indenture which cannot be modified or amended
without the consent of the holder of each Debenture affected, or (c) in respect
of the covenants contained in Section 3.9 of the Indenture; provided,
however, that if the Debentures are held by the Trust or a trustee of
the Trust, such waiver or modification to such waiver shall not be effective
until the holders of a majority in Liquidation Amount of the Trust Securities
shall have consented to such waiver or modification to such waiver, provided,
further, that if the consent of the holder of each outstanding Debenture
is required, such waiver shall not be effective until each holder of the Trust
Securities shall have consented to such waiver. 
Upon any such waiver, the default covered thereby shall be deemed to be
cured for all purposes of the Indenture and the Company, the Trustee and the
holders of the Debentures shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.  Whenever any default or Event
of Default hereunder shall have been waived as permitted by the Indenture, said
default or Event of Default shall for all purposes of the Debentures and the
Indenture be deemed to have been cured and to be not continuing.

No reference herein to the
Indenture and no provision of this Debenture or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and premium, if any, and interest, including Additional
Interest, on this Debenture at the time and place and at the rate and in the
money herein prescribed.

The Company has agreed that
if Debentures are initially issued to the Trust or a trustee of such Trust in
connection with the issuance of Trust Securities by the Trust (regardless of
whether Debentures continue to be held by such Trust) and (i) there shall
have occurred and be continuing an Event of Default, (ii) the dollar amount of
the Company’s premium volume from insurance policies in any calendar year fails
to exceed 51% of the Company’s premium volume from insurance policies in the
previous calendar year; (iii) the Company sells more than 51% of its rights to
renew insurance policies in any single transaction or series of related
transactions; (iv) any Significant Subsidiary (as defined in Section 1-02(w)
of Regulation S-X to the Securities Act (the “Significant Subsidiaries”)) of
the Company which is rated by A.M. Best Company, Inc. (x) receives a rating
from A.M. Best Company Inc. of B- or lower; or (y) submits a request to
withdraw its rating by A.M. Best Company, Inc.; (v) the Company shall be
in default with respect to its payment of any obligations under the Capital
Securities Guarantee, or (vi) the Company shall have given notice of its
election to defer payments of interest on the Debentures by extending the
interest payment period as provided herein and such Extension Period, or any 

 A-1-9
 

extension
thereof, shall be continuing, then the Company shall not, and shall not permit
any Affiliate of the Company controlled by the Company to, (x) declare or
pay any dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company’s or such Affiliates’
capital stock (other than payments of dividends or distributions to the Company
or a Subsidiary of the Company) or make any guarantee payments with respect to
the foregoing,  (y) make any payment
of principal of or interest or premium, if any, on or repay, repurchase or
redeem any debt securities or other debt obligations of the Company or any
Affiliate of the Company controlled by the Company that rank pari passu in all respects with or junior in interest to the
Debentures or (z) enter into, amend or modify any contracts with shareholders
holding more than 10% of the outstanding shares of common stock of the Company
(other than, with respect to clauses (x) and (y) above, (1) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company or
any Subsidiary of the Company in connection with any employment contract,
benefit plan or other similar arrangement with or for the benefit of one or
more employees, officers, directors or consultants, in connection with a
dividend reinvestment or stockholder stock purchase plan or in connection with
the issuance of capital stock of the Company or of such Subsidiary (or
securities convertible into or exercisable for such capital stock) as
consideration in an acquisition transaction entered into prior to the
applicable Extension Period, (2) as a result of any exchange or conversion
of any class or series of the Company’s capital stock (or any capital stock of
a Subsidiary of the Company) for any class or series of the Company’s capital
stock (or in the case of a Subsidiary of the Company, any class or series of
such Subsidiary’s capital stock) or of any class or series of the Company’s
indebtedness for any class or series of the Company’s capital stock (or in the
case of indebtedness of a Subsidiary of the Company, of any class or series of
such Subsidiary’s indebtedness or any class or series of such Subsidiary’s
capital stock), (3) the purchase of fractional interests in shares of the
Company’s capital stock (or the capital stock of a Subsidiary of the Company)
pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (4) any declaration of a dividend
in connection with any stockholders’ rights plan, or the issuance of rights,
stock or other property under any stockholders’ rights plan, or the redemption
or repurchase of rights pursuant thereto, (5) any dividend in the form of
stock, warrants, options or other rights where the dividend stock or the stock
issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks pari passu
with or junior to such stock and any cash payments in lieu of fractional shares
issued in connection therewith, or (6) payments under the Capital
Securities Guarantee).

The Debentures are issuable
only in registered, certificated form without coupons and in minimum
denominations of $100,000.00 and any multiple of $1,000.00 in excess
thereof.  As provided in the Indenture
and subject to the transfer restrictions and limitations as may be contained
herein and therein from time to time, this Debenture is transferable by the
holder hereof on the Debenture Register of the Company.  Upon due presentment for registration of
transfer of any Debenture at the Principal Office of the Trustee or at any
office or agency of the Company maintained for such purpose as provided in
Section 3.2 of the Indenture, the Company shall execute, the Company or
the Trustee shall register and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in the name of the transferee or
transferees a new Debenture for a like aggregate principal amount.  All Debentures presented for registration of
transfer or for exchange or payment shall (if so required by the Company or the
Trustee or the Authenticating Agent) be duly endorsed by, or be accompanied by
a written 

 A-1-10
 

instrument
or instruments of transfer in form satisfactory to, the Company and the Trustee
or the Authenticating Agent duly executed by the holder or his attorney duly
authorized in writing.  No service charge
shall be made for any exchange or registration of transfer of Debentures, but
the Company or the Trustee may require payment of a sum sufficient to cover any
tax, fee or other governmental charge that may be imposed in connection
therewith.

Prior to due presentment for
registration of transfer of any Debenture, the Company, the Trustee, any
Authenticating Agent, any paying agent, any transfer agent and any Debenture
registrar may deem the Person in whose name such Debenture shall be registered
upon the Debenture Register to be, and may treat him as, the absolute owner of
such Debenture (whether or not such Debenture shall be overdue) for the purpose
of receiving payment of or on account of the principal of, premium, if any, and
interest on such Debenture and for all other purposes; and neither the Company
nor the Trustee nor any Authenticating Agent nor any paying agent nor any
transfer agent nor any Debenture registrar shall be affected by any notice to
the contrary.  All such payments so made
to any holder for the time being or upon his order shall be valid, and, to the
extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for moneys payable upon any such Debenture.

The Debentures are in
registered form within the meaning of Treasury Regulations Section
1.871-14(c)(1)(i) for U.S. federal income and withholding tax purposes.

No recourse for the payment
of the principal of or premium, if any, or interest on any Debenture, or for
any claim based thereon or otherwise in respect thereof, and no recourse under
or upon any obligation, covenant or agreement of the Company in the Indenture
or in any supplemental indenture, or in any such Debenture, or because of the
creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, officer or director, as such, past,
present or future, of the Company or of any successor Person of the Company,
either directly or through the Company or any successor Person of the Company,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, it being expressly
understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of the Indenture and
the issue of the Debentures.

PURSUANT TO
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK,
THE INDENTURE AND THIS DEBENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 A-1-11Exhibit
4.2

Execution
Copy

AMENDED
AND RESTATED DECLARATION

OF TRUST

by
and among

WILMINGTON
TRUST COMPANY,

as Institutional Trustee,

WILMINGTON
TRUST COMPANY,

as Delaware Trustee,

UNIVERSAL
AMERICAN FINANCIAL CORP.,

as Sponsor,

and

RICHARD
A. BARASCH

AND

ROBERT A. WAEGELEIN,

as Administrators,

Dated
as of March 22, 2007

 

   
 

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I.

  	
   

  	
  INTERPRETATION AND DEFINITIONS

  	
   

  	
  1

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  ARTICLE II.

  	
   

  	
  ORGANIZATION

  	
   

  	
  10

  
	
  Section 2.1.

  	
   

  	
  Name

  	
   

  	
  10

  
	
  Section 2.2.

  	
   

  	
  Office

  	
   

  	
  10

  
	
  Section 2.3.

  	
   

  	
  Purpose

  	
   

  	
  10

  
	
  Section 2.4.

  	
   

  	
  Authority

  	
   

  	
  10

  
	
  Section 2.5.

  	
   

  	
  Title to Property of the Trust

  	
   

  	
  10

  
	
  Section 2.6.

  	
   

  	
  Powers and Duties of the Trustees and the
  Administrators

  	
   

  	
  11

  
	
  Section 2.7.

  	
   

  	
  Prohibition of Actions by the Trust and the
  Institutional Trustee

  	
   

  	
  15

  
	
  Section 2.8.

  	
   

  	
  Powers and Duties of the Institutional Trustee

  	
   

  	
  16

  
	
  Section 2.9.

  	
   

  	
  Certain Duties and Responsibilities of the Institutional
  Trustee and Administrators

  	
   

  	
  17

  
	
  Section 2.10.

  	
   

  	
  Certain Rights of Institutional Trustee

  	
   

  	
  19

  
	
  Section 2.11.

  	
   

  	
  Delaware Trustee

  	
   

  	
  21

  
	
  Section 2.12.

  	
   

  	
  Execution of Documents

  	
   

  	
  21

  
	
  Section 2.13.

  	
   

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
   

  	
  21

  
	
  Section 2.14.

  	
   

  	
  Duration of Trust

  	
   

  	
  21

  
	
  Section 2.15.

  	
   

  	
  Mergers

  	
   

  	
  22

  
	
  ARTICLE III.

  	
   

  	
  SPONSOR

  	
   

  	
  23

  
	
  Section 3.1.

  	
   

  	
  Sponsor’s Purchase of Common Securities

  	
   

  	
  23

  
	
  Section 3.2.

  	
   

  	
  Responsibilities of the Sponsor

  	
   

  	
  23

  
	
  Section 3.3.

  	
   

  	
  Reports

  	
   

  	
  24

  
	
  Section 3.4.

  	
   

  	
  Expenses

  	
   

  	
  24

  
	
  Section 3.5.

  	
   

  	
  Right to Proceed

  	
   

  	
  25

  
	
  ARTICLE IV.

  	
   

  	
  INSTITUTIONAL TRUSTEE
  AND ADMINISTRATORS

  	
   

  	
  25

  
	
  Section 4.1.

  	
   

  	
  Number of Trustees

  	
   

  	
  25

  
	
  Section 4.2.

  	
   

  	
  Delaware Trustee

  	
   

  	
  25

  
	
  Section 4.3.

  	
   

  	
  Institutional Trustee; Eligibility

  	
   

  	
  25

  
	
  Section 4.4.

  	
   

  	
  Certain Qualifications of the Delaware Trustee
  Generally

  	
   

  	
  26

  
	
  Section 4.5.

  	
   

  	
  Administrators

  	
   

  	
  26

  
	
  Section 4.6.

  	
   

  	
  Initial Delaware Trustee

  	
   

  	
  26

  
	
  Section 4.7.

  	
   

  	
  Appointment, Removal and Resignation of Institutional
  Trustee and Administrators

  	
   

  	
  26

  
	
  Section 4.8.

  	
   

  	
  Vacancies Among Trustees

  	
   

  	
  28

  
	
  Section 4.9.

  	
   

  	
  Effect of Vacancies

  	
   

  	
  28

  
	
  Section 4.10.

  	
   

  	
  Meetings of the Trustees and the Administrators

  	
   

  	
  29

  
	
  Section 4.11.

  	
   

  	
  Delegation of Power

  	
   

  	
  29

  
	
  Section 4.12.

  	
   

  	
  Conversion, Consolidation or Succession to Business

  	
   

  	
  29

  

 

 

	
  ARTICLE V.

  	
   

  	
  DISTRIBUTIONS

  	
   

  	
  30

  
	
  Section 5.1.

  	
   

  	
  Distributions

  	
   

  	
  30

  
	
  ARTICLE VI.

  	
   

  	
  ISSUANCE OF SECURITIES

  	
   

  	
  30

  
	
  Section 6.1.

  	
   

  	
  General Provisions Regarding Securities

  	
   

  	
  30

  
	
  Section 6.2.

  	
   

  	
  Paying Agent, Transfer Agent and Registrar

  	
   

  	
  31

  
	
  Section 6.3.

  	
   

  	
  Form and Dating

  	
   

  	
  31

  
	
  Section 6.4.

  	
   

  	
  Book-Entry Capital Securities

  	
   

  	
  32

  
	
  Section 6.5.

  	
   

  	
  Registration of Transfer and Exchange of Capital
  Securities Certificates

  	
   

  	
  34

  
	
  Section 6.6.

  	
   

  	
  Mutilated, Destroyed, Lost or Stolen Certificates

  	
   

  	
  35

  
	
  Section 6.7.

  	
   

  	
  Temporary Securities

  	
   

  	
  35

  
	
  Section 6.8.

  	
   

  	
  Cancellation

  	
   

  	
  35

  
	
  Section 6.9.

  	
   

  	
  CUSIP Numbers

  	
   

  	
  36

  
	
  Section 6.10.

  	
   

  	
  Rights of Holders; Waivers of Past Defaults

  	
   

  	
  36

  
	
  ARTICLE VII.

  	
   

  	
  DISSOLUTION AND TERMINATION
  OF TRUST

  	
   

  	
  38

  
	
  Section 7.1.

  	
   

  	
  Dissolution and Termination of Trust

  	
   

  	
  38

  
	
  ARTICLE VIII.

  	
   

  	
  TRANSFER OF INTERESTS

  	
   

  	
  39

  
	
  Section 8.1.

  	
   

  	
  General

  	
   

  	
  39

  
	
  Section 8.2.

  	
   

  	
  Transfer Procedures and Restrictions

  	
   

  	
  40

  
	
  Section 8.3.

  	
   

  	
  Deemed Security Holders

  	
   

  	
  43

  
	
  ARTICLE IX.

  	
   

  	
  LIMITATION OF LIABILITY
  OF HOLDERS OF SECURITIES, INSTITUTIONAL TRUSTEE OR OTHERS

  	
   

  	
  43

  
	
  Section 9.1.

  	
   

  	
  Liability

  	
   

  	
  43

  
	
  Section 9.2.

  	
   

  	
  Exculpation

  	
   

  	
  44

  
	
  Section 9.3.

  	
   

  	
  Fiduciary Duty

  	
   

  	
  44

  
	
  Section 9.4.

  	
   

  	
  Indemnification

  	
   

  	
  45

  
	
  Section 9.5.

  	
   

  	
  Outside Businesses

  	
   

  	
  47

  
	
  Section 9.6.

  	
   

  	
  Compensation; Fee

  	
   

  	
  48

  
	
  ARTICLE X.

  	
   

  	
  TAX AND ACCOUNTING

  	
   

  	
  48

  
	
  Section 10.1.

  	
   

  	
  Fiscal Year

  	
   

  	
  48

  
	
  Section 10.2.

  	
   

  	
  Certain Accounting Matters

  	
   

  	
  48

  
	
  Section 10.3.

  	
   

  	
  Banking

  	
   

  	
  49

  
	
  Section 10.4.

  	
   

  	
  Withholding

  	
   

  	
  49

  
	
  Section 10.5.

  	
   

  	
  Intention of the Parties

  	
   

  	
  50

  
	
  ARTICLE XI.

  	
   

  	
  AMENDMENTS AND MEETINGS

  	
   

  	
  50

  
	
  Section 11.1.

  	
   

  	
  Amendments

  	
   

  	
  50

  
	
  Section 11.2.

  	
   

  	
  Meetings of the Holders of the Securities; Action by
  Written Consent

  	
   

  	
  51

  
	
  ARTICLE XII.

  	
   

  	
  REPRESENTATIONS OF
  INSTITUTIONAL TRUSTEE and the delaware trustee

  	
   

  	
  53

  
	
  Section 12.1.

  	
   

  	
  Representations and Warranties of Institutional
  Trustee

  	
   

  	
  53

  

 

 ii
 

 

	
  Section 12.2.

  	
   

  	
  Representations of the Delaware Trustee

  	
   

  	
  53

  
	
  ARTICLE XIII.

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  54

  
	
  Section 13.1.

  	
   

  	
  Notices

  	
   

  	
  54

  
	
  Section 13.2.

  	
   

  	
  Governing Law

  	
   

  	
  55

  
	
  Section 13.3.

  	
   

  	
  Intention of the Parties

  	
   

  	
  56

  
	
  Section 13.4.

  	
   

  	
  Headings

  	
   

  	
  56

  
	
  Section 13.5.

  	
   

  	
  Successors and Assigns

  	
   

  	
  56

  
	
  Section 13.6.

  	
   

  	
  Partial Enforceability

  	
   

  	
  56

  
	
  Section 13.7.

  	
   

  	
  Counterparts

  	
   

  	
  56

  
	
  Annex I

  	
   

  	
  Terms of Securities

  	
   

  	
   

  
	
  Exhibit A-1

  	
   

  	
  Form of Capital Security Certificate

  	
   

  	
   

  
	
  Exhibit A-2

  	
   

  	
  Form of Common Security Certificate

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Specimen of Initial Debenture

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
  Placement Agreement

  	
   

  	
   

  

 

 iii

AMENDED
AND RESTATED

DECLARATION
OF TRUST

OF

UNIVERSAL
AMERICAN STATUTORY TRUST VI

March 22,
2007

AMENDED AND RESTATED
DECLARATION OF TRUST (“Declaration”) dated and effective as of March 22,
2007, by the Trustees (as defined herein), the Administrators (as defined
herein), the Sponsor (as defined herein) and the holders, from time to time, of
undivided beneficial interests in the Trust (as defined herein) to be issued
pursuant to this Declaration;

WHEREAS, the Trustees, the
Administrators and the Sponsor established Universal American Statutory Trust
VI (the “Trust”), a statutory trust under the Statutory Trust Act (as
defined herein) pursuant to a Declaration of Trust dated as of March 13, 2007
(the “Original Declaration”), and a Certificate of Trust filed with the
Secretary of the State of Delaware on March 13, 2007 (the “Certificate of Trust”),
for the sole purpose of issuing and selling the Securities (as defined herein)
representing undivided beneficial interests in the assets of the Trust,
investing the proceeds thereof in the Debentures (as defined herein) of the
Debenture Issuer (as defined herein) and engaging in those activities
necessary, advisable or incidental thereto;

WHEREAS, as of the date
hereof, no interests in the Trust have been issued; and

WHEREAS, the Trustees, the
Administrators and the Sponsor, by this Declaration, amend and restate each and
every term and provision of the Original Declaration;

NOW, THEREFORE, it being the
intention of the parties hereto to continue the Trust as a statutory trust
under the Statutory Trust Act and that this Declaration constitutes the
governing instrument of such statutory trust, the Trustees declare that all
assets contributed to the Trust will be held in trust for the benefit of the
holders, from time to time, of the Securities, subject to the provisions of
this Declaration, and, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties, intending to be legally bound hereby, amend
and restate in its entirety the Original Declaration and agree as follows:

ARTICLE
I.

INTERPRETATION
AND DEFINITIONS

Section 1.1.           Definitions.  Unless the context otherwise requires:

(a)           capitalized
terms used in this Declaration but not defined in the preamble above have the
respective meanings assigned to them in this Section 1.1;

(b)           a
term defined anywhere in this Declaration has the same meaning throughout;

(c)           all
references to “the Declaration” or “this Declaration” are to this Declaration
and each Annex and Exhibit hereto, as modified, supplemented or amended from
time to time;

(d)           all
references in this Declaration to Articles and Sections and Annexes and
Exhibits are to Articles and Sections of and Annexes and Exhibits to this
Declaration unless otherwise specified; and

(e)           a
reference to the singular includes the plural and vice versa.

“Additional Interest”
has the meaning set forth in the Indenture.

“Additional Sums” has
the meaning set forth in the Indenture.

“Administrative Action”
has the meaning set forth in paragraph 4(a) of Annex I.

“Administrators”
means each of Richard A. Barasch and Robert A. Waegelein, solely in such Person’s
capacity as Administrator of the Trust created and continued hereunder and not
in such Person’s individual capacity, or such Administrator’s successor in
interest in such capacity, or any successor appointed as herein provided.

“Affiliate” has the
same meaning as given to that term in Rule 405 of the Securities Act or
any successor rule thereunder.

“Applicable Depositary
Procedures” means, with respect to any transfer or transaction involving a
Book-Entry Capital Security, the rules and procedures of the Depository for
such Book-Entry Capital Security, in each case to the extent applicable to such
transaction and as in effect from time to time.

“Authorized Officer”
of a Person means any Person that is authorized to bind such Person.

“Bankruptcy Event”
means, with respect to any Person:

(a)           a court having jurisdiction in the premises shall enter a
decree or order for relief in respect of such Person in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of such Person or for any
substantial part of its property, or ordering the winding-up or liquidation of
its affairs and such decree or order shall remain unstayed and in effect for a
period of 90 consecutive days; or

(b)           such Person shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of such Person of any substantial part
of its property, or shall make any general assignment for the benefit of
creditors, or shall fail generally to pay its debts as they become due.

 2
 

“Book-Entry
Capital Security” means a Capital Security,
the ownership and transfers of which shall be made through book entries by a
Depositary.

“Business Day” means
any day other than Saturday, Sunday or any other day on which banking
institutions in New York City or Wilmington, Delaware are permitted or required
by any applicable law to close.

“Capital Securities”
has the meaning set forth in paragraph 1(a) of Annex I.

“Capital Security
Certificate” means a definitive Certificate in fully registered form
representing a Capital Security substantially in the form of Exhibit A-1.

“Certificate” means
any certificate evidencing Securities.

“Closing Date” has
the meaning set forth in the Placement Agreement.

“Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor
legislation.

“Common Securities”
has the meaning set forth in paragraph 1(b) of Annex I.

“Common Security
Certificate” means a definitive Certificate in fully registered form
representing a Common Security substantially in the form of Exhibit A-2.

“Company Indemnified
Person” means (a) any Administrator; (b) any Affiliate of any
Administrator; (c) any officers, directors, shareholders, members,
partners, employees, representatives or agents of any Administrator; or
(d) any officer, employee or agent of the Trust or its Affiliates.

“Comparable Treasury
Issue” has the meaning set forth in paragraph 4(a) of Annex I.

“Comparable Treasury
Price” has the meaning set forth in paragraph 4(a) of Annex I.

“Corporate Trust Office”
means the office of the Institutional Trustee at which the corporate trust
business of the Institutional Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this
Declaration is located at 1100 North Market Street, Wilmington, Delaware
19890-1600, Attn: Corporate Trust Administration.

“Coupon Rate” has the meaning set forth in
paragraph 2(a) of Annex I.

“Covered Person”
means:  (a) any Administrator, officer,
director, shareholder, partner, member, representative, employee or agent of
(i) the Trust or (ii) any of the Trust’s Affiliates; and (b) any
Holder of Securities.

“Creditor” has the
meaning set forth in Section 3.3.

“Debenture Issuer”
means Universal American Financial Corp., a New York corporation, in its
capacity as issuer of the Debentures under the Indenture.

 3
 

“Debenture Trustee”
means Wilmington Trust Company, as trustee under the Indenture until a
successor is appointed thereunder, and thereafter means such successor trustee.

“Debentures” means
the Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures due
2037 to be issued by the Debenture Issuer under the Indenture.

“Defaulted Interest”
has the meaning set forth in the Indenture.

“Definitive Capital Securities Certificates”
means Capital Securities issued in certificated, fully registered form that are
not Global Capital Securities.

“Delaware Trustee”
has the meaning set forth in Section 4.2.

“Depositary” means an
organization registered as a clearing agency under the Exchange Act that is
designated as Depositary by the Sponsor or any successor thereto.  DTC will be the initial Depositary.

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

“Determination Date”
has the meaning set forth in paragraph 2(a) of Annex I.

“Direct Action” has
the meaning set forth in Section 2.8(d).

“Distribution” means
a distribution payable to Holders of Securities in accordance with Section 5.1.

“Distribution Payment
Date” has the meaning set forth in paragraph 2(b) of Annex I.

“Distribution Period”
means (i) with respect to the first Distribution Payment Date, the period
beginning on (and including) the date of original issuance and ending on (but
excluding) the Distribution Payment Date in June 2007 and (ii) thereafter, with
respect to each Distribution Payment Date, the period beginning on (and
including) the preceding Distribution Payment Date and ending on (but
excluding) such current Distribution Payment Date.

“Distribution Rate”
means, for the period beginning on (and including) the date of original
issuance and ending on (but excluding) the Distribution Payment Date in March
2012, the rate per annum of 7.675 %, and for the period beginning on (and
including) the Distribution Payment Date in March 2012, and thereafter, the
Coupon Rate.

“DTC” means The
Depository Trust Company or any successor thereto.

 4
 

“Event of Default”
means any one of the following events (whatever the reason for such event 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 Indenture Event of Default; or

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

(c)           default in the performance, or breach, in any material
respect, of any covenant or warranty of the Institutional Trustee in this
Declaration (other than those specified in clause (a) or (b) above) and
continuation of such default or breach for a period of 60 days after there
has been given, by registered or certified mail to the Institutional Trustee
and to the Sponsor by the Holders of at least 25% in aggregate liquidation
amount of the outstanding Capital 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

(d)           the occurrence of a Bankruptcy Event with respect to the
Institutional Trustee if a successor Institutional Trustee has not been
appointed within 90 days thereof.

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

“Extension Period”
has the meaning set forth in paragraph 2(b) of Annex I.

“Federal Reserve” has
the meaning set forth in paragraph 4(a) of Annex I.

“Fiduciary Indemnified
Person” shall mean each of the Institutional Trustee (including in its
individual capacity), the Delaware Trustee (including in its individual
capacity), any Affiliate of the Institutional Trustee or Delaware Trustee and
any officers, directors, shareholders, members, partners, employees,
representatives, custodians, nominees or agents of the Institutional Trustee or
Delaware Trustee.

“Fiscal Year” has the
meaning set forth in Section 10.1.

“Fixed Rate Period
Remaining Life” has the meaning set forth in paragraph 4(a) of Annex I.

“Global Capital Security”
means a Capital Securities Certificate evidencing ownership of Book-Entry
Capital Securities.

“Guarantee” means the
guarantee agreement, dated as of March 22, 2007, of the Sponsor in respect of
the Capital Securities.

“Holder” means a
Person in whose name a Certificate representing a Security is registered, such
Person being a beneficial owner within the meaning of the Statutory Trust Act.

“Indemnified Person”
means a Company Indemnified Person or a Fiduciary Indemnified Person.

“Indenture” means the
Indenture dated as of March 22, 2007, between the Debenture Issuer and the
Debenture Trustee, and any indenture supplemental thereto pursuant to which the

 5
 

Debentures
are to be issued, as such Indenture and any supplemental indenture may be
amended, supplemented or otherwise modified from time to time.

“Indenture Event of
Default” means an “Event of Default” as defined in the Indenture.

“Institutional Trustee”
means the Trustee meeting the eligibility requirements set forth in Section 4.3

“Interest” means any
interest due on the Debentures including any Additional Interest and Defaulted
Interest.

“Interest Rate” has
the meaning set forth in paragraph 2(a) of Annex I.

“Investment Company”
means an investment company as defined in the Investment Company Act.

“Investment Company Act”
means the Investment Company Act of 1940, as amended from time to time, or any
successor legislation.

“Investment Company Event”
has the meaning set forth in paragraph 4(a) of Annex I.

“Liquidation” has the
meaning set forth in paragraph 3 of Annex I.

“Liquidation Distribution”
has the meaning set forth in paragraph 3 of Annex I.

“Majority in liquidation
amount of the Securities” means Holder(s) of outstanding Securities voting
together as a single class or, as the context may require, Holders of
outstanding Capital Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of more than 50% of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to
the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class.

“Maturity Date” has
the meaning set forth in paragraph 2(a) of Annex I.

“Officers’ Certificates”
means, with respect to any Person, a certificate signed by two Authorized
Officers of such Person, and, with respect to the Administrators, a certificate
signed by at least two Administrators. 
Any Officers’ Certificate delivered with respect to compliance with a
condition or covenant providing for it in this Declaration shall include:

(a)           a statement that each individual 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 individual in rendering the
Officers’ Certificate;

(c)           a statement that each such individual signing the Officers’
Certificate has made such examination or investigation as, in such individual’s
opinion, is necessary to enable such

 6
 

individual
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.

“Optional Redemption Date”
has the meaning set forth in paragraph 4(a) of Annex I.

“Optional Redemption
Price” has the meaning set forth in paragraph 4(a) of Annex I.

“Owner” means each
Person who is the beneficial owner of Book-Entry Capital Securities as
reflected in the records of the Depositary or, if a Depositary Participant is
not the beneficial owner, then the beneficial owner as reflected in the records
of the Depositary Participant.

“Paying Agent” has
the meaning set forth in Section 6.2.

“Person” means a
legal person, including any individual, corporation, estate, partnership, joint
venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political
subdivision thereof, or any other entity of whatever nature.

“Placement Agreement”
means the Placement Agreement relating to the offering and sale of Capital
Securities in the form of Exhibit C.

“Primary Treasury Dealer”
has the meaning set forth in paragraph 4(a) of Annex I.

“Property Account”
has the meaning set forth in Section 2.8(c).

“Pro Rata” has the
meaning set forth in paragraph 8 of Annex I.

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act.

“Quorum” means a
majority of the Administrators or, if there are only two Administrators, both
of them.

“Quotation Agent”
shall be a designee of the Trustee, after receiving consent from the Company,
who is a Primary Treasury Dealer.

“Redemption/Distribution
Notice” has the meaning set forth in paragraph 4(e) of Annex I.

“Reference Treasury
Dealer” has the meaning set forth in paragraph 4(a) of Annex I.

“Reference Treasury
Dealer Quotations” has the meaning set forth in paragraph 4(a) of Annex I.

“Registrar” has the
meaning set forth in Section 6.2.

 7
 

“Relevant Trustee”
has the meaning set forth in Section 4.7(a).

“Responsible Officer”
means, with respect to the Institutional Trustee, any officer within the
Corporate Trust Office of the Institutional Trustee, including any
vice-president, any assistant vice-president, any assistant secretary, any
secretary, the treasurer, any assistant treasurer, any trust officer or other
officer of the Corporate Trust Office of the Institutional 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 that officer’s
knowledge of and familiarity with the particular subject.

“Restricted Securities
Legend” has the meaning set forth in Section 8.2(b).

“Rule 3a-5”
means Rule 3a-5 under the Investment Company Act.

“Rule 3a-7”
means Rule 3a-7 under the Investment Company Act.

“Securities” means
the Common Securities and the Capital Securities.

“Securities Act”
means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

“Special Event” has
the meaning set forth in paragraph 4(a) of Annex I.

“Special Redemption Date”
has the meaning set forth in paragraph 4(a) of Annex I.

“Special Redemption Price”
has the meaning set forth in paragraph 4(a) of Annex I.

“Sponsor” means
Universal American Financial Corp., a New York corporation, or any successor
entity in a merger, consolidation or amalgamation, in its capacity as sponsor
of the Trust.

“Statutory Trust Act”
means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. §§ 3801, et seq. as may be amended from time to
time.

“Subsidiary” means
with respect to any Person, (a) any corporation at least a majority of the
outstanding voting stock of which is owned, directly or indirectly, by such
Person or by one or more of its Subsidiaries, or by such Person and one or more
of its Subsidiaries, (b) any general partnership, joint venture or similar
entity, at least a majority of the outstanding partnership or similar interests
of which shall at the time be owned by such Person, or by one or more of its
Subsidiaries, or by such Person and one or more of its Subsidiaries, and
(c) any limited partnership of which such Person or any of its
Subsidiaries is a general partner.  For
the purposes of this definition, “voting stock” means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of
the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

“Successor Entity”
has the meaning set forth in Section 2.15(b).

 8
 

“Successor Delaware
Trustee” has the meaning set forth in Section 4.7(e).

“Successor Institutional
Trustee” has the meaning set forth in Section 4.7(a).

“Successor Securities”
has the meaning set forth in Section 2.15(b).

“Super Majority” has
the meaning set forth in paragraph 5(b) of Annex I.

“Tax Event” has the
meaning set forth in paragraph 4(a) of Annex I.

“10% in liquidation
amount of the Securities” means Holder(s) of outstanding Securities voting
together as a single class or, as the context may require, Holders of
outstanding Capital Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of 10% or more of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to
the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class.

“3-Month LIBOR” has
the meaning set forth in paragraph 2(a) of Annex I.

“Transfer Agent” has
the meaning set forth in Section 6.2.

“Treasury Rate” has
the meaning set forth in paragraph 4(a) of Annex I.

“Treasury Regulations”
means the income tax regulations, including temporary and proposed regulations,
promulgated under the Code by the United States Treasury, as such regulations
may be amended from time to time (including corresponding provisions of
succeeding regulations).

“Trust Preferred
Securities” means any preferred securities issued by an entity affiliated
with the Sponsor that is, directly or indirectly, a finance subsidiary (as such
term is defined in Rule 3a-5 under the Investment Company Act of 1940) or other
financing vehicle of the Sponsor or any Subsidiary of the Sponsor.

“Trust Property”
means (a) the Debentures, (b) any cash on deposit in, or owing to, the
Property 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 Institutional Trustee pursuant to the trusts of this
Declaration.

“Trustee or “Trustees”
means each Person who has signed this Declaration as a trustee, so long as such
Person shall continue in office in accordance with the terms hereof, and all
other Persons who may from time to time be duly appointed, qualified and
serving as Trustees in accordance with the provisions hereof, and references
herein to a Trustee or the Trustees shall refer to such Person or Persons
solely in their capacity as trustees hereunder.

“U.S. Person” means a
United States Person as defined in Section 7701(a)(30) of the Code.

 9
 

ARTICLE
II.

ORGANIZATION

Section 2.1.           Name.  The Trust is named “Universal American
Statutory Trust VI,” as such name may be modified from time to time by the
Administrators following written notice to the Institutional Trustee and the
Holders of the Securities.  The Trust’s
activities may be conducted under the name of the Trust or any other name
deemed advisable by the Administrators.

Section 2.2.           Office.  The address of the principal office of the
Trust is c/o Wilmington Trust Company, 1100 North Market Street, Wilmington,
Delaware 19890-1600.  On at least
10 Business Days written notice to the Institutional Trustee and the
Holders of the Securities, the Administrators may designate another principal office,
which shall be in a state of the United States or in the District of Columbia.

Section 2.3.           Purpose.  The exclusive purposes and functions of the
Trust are (a) to issue and sell the Securities representing undivided
beneficial interests in the assets of the Trust, (b) to invest the gross
proceeds from such sale to acquire the Debentures, (c) to facilitate
direct investment in the assets of the Trust through issuance of the Common
Securities and the Capital Securities, and (d) except as otherwise limited
herein, to engage in only those other activities necessary, advisable or
incidental thereto.  The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, pledge
any of its assets, or otherwise undertake (or permit to be undertaken) any
activity that would cause the Trust not to be classified for United States
federal income tax purposes as a grantor trust.

Section 2.4.           Authority.  Except as specifically provided in this
Declaration, the Institutional Trustee shall have exclusive and complete
authority to carry out the purposes of the Trust.  An action taken by a Trustee in accordance
with its powers shall constitute the act of and serve to bind the Trust.  In dealing with the Trustees acting on behalf
of the Trust, no Person shall be required to inquire into the authority of the
Trustees to bind the Trust.  Persons
dealing with the Trust are entitled to rely conclusively on the power and
authority of the Trustees as set forth in this Declaration.  The Administrators shall have only those
ministerial duties set forth herein with respect to accomplishing the purposes
of the Trust and are not intended to be trustees or fiduciaries with respect to
the Trust or the Holders.  The
Institutional Trustee shall have the right, but shall not be obligated except
as provided in Section 2.6, to perform those duties assigned to the
Administrators.

Section 2.5.           Title to Property of the Trust.  Except as provided in Section 2.8 with
respect to the Debentures and the Property Account or as otherwise provided in
this Declaration, legal title to all assets of the Trust shall be vested in the
Trust.  The Holders shall not have legal
title to any part of the assets of the Trust, but shall have an undivided
beneficial interest in the assets of the Trust.

 10

Section 2.6.           Powers and Duties of the Trustees and the
Administrators.

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

(i)            Each Administrator
shall have the power, duty and authority to act on behalf of the Trust with
respect to the following matters:

(A)          the issuance and sale
of the Securities;

(B)           to cause the Trust
to enter into, and to execute, deliver and perform on behalf of the Trust, such
agreements as may be necessary, advisable or incidental thereto in connection
with the purposes and function of the Trust, including agreements with the
Paying Agent;

(C)           ensuring compliance
with the Securities Act and applicable securities or blue sky laws of states
and other jurisdictions;

(D)          the sending of
notices (other than notices of default), and other information regarding the
Securities and the Debentures to the Holders in accordance with this
Declaration including notice of any notice received from the Debenture Issuer
of its election to defer payments of interest on the Debentures by extending
the interest payment period under the Indenture;

(E)           the consent to the
appointment of a Paying Agent, Transfer Agent and Registrar in accordance with
this Declaration, which consent shall not be unreasonably withheld or delayed;

(F)           execution and
delivery of the Securities in accordance with this Declaration;

(G)           execution and
delivery of closing certificates pursuant to the Placement Agreement and the
application for a taxpayer identification number;

(H)          unless otherwise
determined by the Holders of a Majority in liquidation amount of the Securities
or as otherwise required by the Statutory Trust Act, to execute on behalf of
the Trust (either acting alone or together with any or all of the
Administrators) any documents that the Administrators have the power to execute
pursuant to this Declaration;

 11
 

(I)            the taking of any
action as the Sponsor or an Administrator may from time to time determine is
necessary, advisable or incidental to the foregoing to give effect to the terms
of this Declaration for the benefit of the Holders (without consideration of
the effect of any such action on any particular Holder);

(J)            to establish a
record date with respect to all actions to be taken hereunder that require a
record date be established, including Distributions, voting rights, redemptions
and exchanges, and to issue relevant notices to the Holders of Capital
Securities and Holders of Common Securities as to such actions and applicable
record dates;

(K)          to duly prepare and
file all applicable tax returns and tax information reports that are required
to be filed with respect to the Trust on behalf of the Trust;

(L)           to negotiate the
terms of, and the execution and delivery of, the Placement Agreement providing
for the sale of the Capital Securities;

(M)         to employ or otherwise
engage employees, agents (who may be designated as officers with titles),
managers, contractors, advisors, attorneys and consultants and pay reasonable compensation
for such services;

(N)          to incur expenses
that are necessary, advisable or incidental to carry out any of the purposes of
the Trust; and

(O)          to take all action
that may be necessary or appropriate for the preservation and the continuation
of the Trust’s valid existence, rights, franchises and privileges as a
statutory trust under the laws of each jurisdiction (other than the State of
Delaware) in which such existence is necessary to protect the limited liability
of the Holders of the Capital Securities or to enable the Trust to effect the
purposes for which the Trust was created.

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

(A)          the establishment of
the Property 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 Property Account;

(D)          the distribution
through the Paying Agent of amounts owed to the Holders in respect of the
Securities;

 12
 

(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 Securities and the
Debentures to the Holders in accordance with this Declaration;

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

(H)          to the extent
provided in this Declaration, 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 any Event of
Default (provided that such Event of Default is not by or with respect
to the Institutional Trustee) the taking of any action incidental to the
foregoing as the Institutional Trustee may from time to time determine is
necessary, advisable or incidental to the foregoing to give effect to the terms
of this Declaration and protect and conserve the Trust Property for the benefit
of the Holders (without consideration of the effect of any such action on any
particular Holder); and

(J)            to take all action
that may be necessary for the preservation and the continuation of the Trust’s
valid existence, rights, franchises and privileges as a statutory trust under
the laws of the State of Delaware.

(iii)          The Institutional
Trustee shall have the power and authority to act on behalf of the Trust with
respect to any of the duties, liabilities, powers or the authority of the
Administrators set forth in Section 2.6(a)(i)(D), (E) and (F) herein but
shall not have a duty to do any such act unless specifically requested to do so
in writing by the Sponsor, and shall then be fully protected in acting pursuant
to such written request; and in the event of a conflict between the action of
the Administrators and the action of the Institutional Trustee, the action of
the Institutional Trustee shall prevail.

(b)           So
long as this Declaration remains in effect, the Trust (or the Trustees or
Administrators acting on behalf of the Trust) shall not undertake any business,
activities or transaction except as expressly provided herein or contemplated
hereby. In particular, neither the Trustees nor the Administrators may cause
the Trust to (i) acquire any investments or engage in any activities not
authorized by this Declaration, (ii) sell, assign, transfer, exchange,
mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or
interests therein, including to Holders, except as expressly provided herein,
(iii) take any action that would reasonably be expected (A) to cause the
Trust to fail or cease to qualify as a “grantor trust” for United States
federal income tax purposes or (B) to require the trust to register as an
Investment Company under the Investment Company Act, (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 Institutional
Trustee shall, at the sole cost and expense of the 

 13
 

Trust, 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 Holders in their capacity as Holders.

(c)           In
connection with the issuance and sale of the Capital Securities, the Sponsor
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
Sponsor in furtherance of the following prior to the date of this Declaration
are hereby ratified and confirmed in all respects):

(i)            the taking of any
action necessary to obtain an exemption from the Securities Act;

(ii)           the determination
of the jurisdictions in which to take appropriate action to qualify or register
for sale all or part of the Capital 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 Administrators 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 Sponsor
deems necessary or advisable in order to comply with the applicable laws of any
such States in connection with the sale of the Capital Securities;

(iii)          the negotiation of
the terms of, and the execution and delivery of, the Placement Agreement
providing for the sale of the Capital Securities; and

(iv)          the taking of any
other actions necessary or desirable to carry out any of the foregoing
activities.

(d)           Notwithstanding
anything herein to the contrary, the Administrators and the Holders of a
Majority in liquidation amount of the Common Securities are authorized and
directed to conduct the affairs of the Trust and to operate the Trust so that
the Trust will not (i) be deemed to be an Investment Company required to be
registered under the Investment Company Act, and (ii) fail to be
classified as a “grantor trust” for United States federal income tax
purposes.  The Administrators and the
Holders of a Majority in liquidation amount of the Common Securities shall not
take any action inconsistent with the treatment of the Debentures as
indebtedness of the Debenture Issuer for United States federal income tax
purposes.  In this connection, the
Administrators and the Holders of a Majority in liquidation amount of the
Common Securities are authorized to take any action, not inconsistent with
applicable laws, the Certificate of Trust or this Declaration, as amended from
time to time, that each of the Administrators and the Holders of a Majority in
liquidation amount of the Common Securities determines in their discretion to
be necessary or desirable for such purposes.

(e)           All
expenses incurred by the Administrators or the Trustees pursuant to this
Section 2.6 shall be reimbursed by the Sponsor, and the Trustees and the
Administrators shall have no obligations with respect to such expenses.

(f)            The
assets of the Trust shall consist of the Trust Property.

 14
 

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

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

Section 2.7.           Prohibition of Actions by the Trust and the
Institutional Trustee.

(a)           The
Trust shall not, and the Institutional Trustee shall cause the Trust not to,
engage in any activity other than as required or authorized by this
Declaration.  In particular, the Trust
shall not and the Institutional Trustee shall cause the Trust not to:

(i)            invest any proceeds
received by the Trust from holding the Debentures, but shall distribute all
such proceeds to Holders of the Securities pursuant to the terms of this
Declaration and of the Securities;

(ii)           acquire any assets
other than as expressly provided herein;

(iii)          possess Trust
Property for other than a Trust purpose;

(iv)          make any loans or
incur any indebtedness other than loans represented by the Debentures;

(v)           possess any power or
otherwise act in such a way as to vary the Trust assets or the terms of the
Securities in any way whatsoever other than as expressly provided herein;

(vi)          issue any securities
or other evidences of beneficial ownership of, or beneficial interest in, the
Trust other than the Securities;

(vii)         carry on any “trade
or business” as that phrase is used in the Code; or

(viii)        other than as
provided in this Declaration (including Annex I), (A) direct the
time, method and place of exercising any trust or power conferred upon the
Debenture Trustee with respect to the Debentures, (B) waive any past
default that is waivable under the Indenture, (C) exercise any right to
rescind or annul any declaration that the principal of all the Debentures shall
be due and payable, or (D) consent to any amendment, modification or
termination of the Indenture or the Debentures where such consent shall be
required unless the Trust shall have received a written opinion of counsel to
the effect that such modification will not cause the Trust to cease to be
classified as a “grantor trust” for United States federal income tax purposes.

 15
 

Section 2.8.           Powers and Duties of the Institutional Trustee.

(a)           The
legal title to the Debentures shall be owned by and held of record in the name
of the Institutional Trustee in trust for the benefit of the Trust and the
Holders of the Securities.  The right,
title and interest of the Institutional Trustee to the Debentures shall vest
automatically in each Person who may hereafter be appointed as Institutional
Trustee in accordance with Section 4.7. 
Such vesting and cessation of title shall be effective whether or not
conveyancing documents with regard to the Debentures have been executed and
delivered.

(b)           The
Institutional Trustee shall not transfer its right, title and interest in the
Debentures to the Administrators or to the Delaware Trustee.

(c)           The
Institutional Trustee shall:

(i)            establish and
maintain a segregated non-interest bearing trust account (the “Property
Account”) in the name of and under the exclusive control of the
Institutional Trustee, maintained in the Institutional Trustee’s trust
department, on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the Debentures held by the Institutional
Trustee, deposit such funds into the Property Account and make payments, or
cause the Paying Agent to make payments, to the Holders of the Capital
Securities and Holders of the Common Securities from the Property Account in
accordance with Section 5.1.  Funds in
the Property Account shall be held invested until disbursed in accordance with
this Declaration;

(ii)           engage in such
ministerial activities as shall be necessary or appropriate to effect the
redemption of the Capital Securities and the Common Securities to the extent
the Debentures are redeemed or mature; and

(iii)          upon written notice
of distribution issued by the Administrators in accordance with the terms of
the Securities, engage in such ministerial activities as shall be necessary or
appropriate to effect the distribution of the Debentures to Holders of
Securities upon the occurrence of certain circumstances pursuant to the terms
of the Securities.

(d)           The
Institutional Trustee may bring or defend, pay, collect, compromise, arbitrate,
resort to legal action with respect to, or otherwise adjust claims or demands
of or against, the Trust that arise out of or in connection with an Event of
Default of which a Responsible Officer of the Institutional Trustee has actual
knowledge or arises out of the Institutional Trustee’s duties and obligations
under this Declaration; provided, however, that if an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Debenture Issuer to pay interest or premium, if any, on or
principal of the Debentures on the date such interest, premium, if any, or
principal is otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of the Capital Securities may directly institute a
proceeding for enforcement of payment to such Holder of the principal of or
premium, if any, or interest on the Debentures having a principal amount equal
to the aggregate liquidation amount of the Capital Securities of such Holder (a
“Direct Action”) on or after the respective due date specified in the
Debentures.  In connection with such
Direct Action, the rights of the Holders of the Common 

 16
 

Securities will be subrogated to the rights
of such Holder of the Capital Securities to the extent of any payment made by
the Debenture Issuer to such Holder of the Capital Securities in such Direct
Action; provided, however, that no Holder of the Common
Securities may exercise such right of subrogation so long as an Event of
Default with respect to the Capital Securities has occurred and is continuing.

(e)           The
Institutional Trustee shall continue to serve as a Trustee until either:

(i)            the Trust has been
completely liquidated and the proceeds of the liquidation distributed to the
Holders of the Securities pursuant to the terms of the Securities and this
Declaration; or

(ii)           a Successor
Institutional Trustee has been appointed and has accepted that appointment in
accordance with Section 4.7.

(f)            The
Institutional Trustee shall have the legal power to exercise all of the rights,
powers and privileges of a Holder of the Debentures under the Indenture and, if
an Event of Default occurs and is continuing, the Institutional Trustee may,
for the benefit of Holders of the Securities, enforce its rights as holder of
the Debentures subject to the rights of the Holders pursuant to this Declaration
(including Annex I) and the terms of the Securities.

The Institutional Trustee
must exercise the powers set forth in this Section 2.8 in a manner that is
consistent with the purposes and functions of the Trust set out in Section 2.3,
and the Institutional Trustee shall not take any action that is inconsistent
with the purposes and functions of the Trust set out in Section 2.3.

Section 2.9.           Certain Duties and Responsibilities of the
Institutional Trustee and Administrators.

(a)           The
Institutional Trustee, before the occurrence of any Event of Default and after
the curing or waiving of all such Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Declaration and no implied covenants shall be read into this Declaration
against the Institutional Trustee.  In
case an Event of Default has occurred (that has not been cured or waived
pursuant to Section 6.10), the Institutional Trustee shall exercise such of the
rights and powers vested in it by this Declaration, 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 his or her own affairs.

(b)           The
duties and responsibilities of the Institutional Trustee and the Administrators
shall be as provided by this Declaration. 
Notwithstanding the foregoing, no provision of this Declaration shall
require the Institutional Trustee or Administrators 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
the Institutional Trustee or such Administrator shall have reasonable grounds
to believe that repayment of such funds or adequate protection against such
risk of liability is not reasonably assured to Institutional Trustee or such
Administrator.  Whether or not therein
expressly so provided, every provision of this Declaration relating to the
conduct or affecting the liability of or affording protection to the
Institutional Trustee or Administrators shall be subject to the provisions of
this Article.  Nothing in this 

 17
 

Declaration shall be construed to relieve an
Administrator or the Institutional Trustee from liability for the Institutional
Trustee’s or such Administrator’s own negligent act, Institutional Trustee’s or
such Administrator’s own negligent failure to act, or the Institutional Trustee’s
or such Administrator’s own willful misconduct. 
To the extent that, at law or in equity, the Institutional Trustee or an
Administrator has duties and liabilities relating to the Trust or to the
Holders, the Institutional Trustee or such Administrator shall not be liable to
the Trust or to any Holder for the Institutional Trustee’s or such
Administrator’s good faith reliance on the provisions of this Declaration.  The provisions of this Declaration, to the
extent that they restrict the duties and liabilities of the Administrators or
the Institutional Trustee otherwise existing at law or in equity, are agreed by
the Sponsor and the Holders to replace such other duties and liabilities of the
Administrators or the Institutional Trustee.

(c)           All
payments made by the Institutional Trustee or a Paying Agent in respect of the
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 any Trustee or a Paying Agent to
make payments in accordance with the terms hereof.  Each Holder, by its acceptance of a 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 and the Administrators are not personally liable
to it for any amount distributable in respect of any Security or for any other
liability in respect of any Security. 
This Section 2.9(c) does not limit the liability of the Trustees
expressly set forth elsewhere in this Declaration.

(d)           The
Institutional Trustee shall not be liable for its own acts or omissions
hereunder except as a result of its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

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

(ii)           the Institutional
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 Capital Securities or the
Common Securities, as applicable, relating to the time, method and place of
conducting any proceeding for any remedy available to the Institutional
Trustee, or exercising any trust or power conferred upon the Institutional
Trustee under this Declaration;

(iii)          the Institutional
Trustee’s sole duty with respect to the custody, safekeeping and physical
preservation of the Debentures and the Property Account shall be to deal with
such property in a similar manner as the Institutional Trustee deals with
similar property for its fiduciary accounts generally, subject to the
protections and limitations on liability afforded to the Institutional Trustee
under this Declaration;

(iv)          the Institutional
Trustee shall not be liable for any interest on any money received by it except
as it may otherwise agree in writing with the Sponsor; and 

 18
 

money held by the Institutional Trustee need not be segregated from
other funds held by it except in relation to the Property Account maintained by
the Institutional Trustee pursuant to Section 2.8(c)(i) and except to the
extent otherwise required by law; and

(v)           the Institutional
Trustee shall not be responsible for monitoring the compliance by the
Administrators or the Sponsor with their respective duties under this
Declaration, nor shall the Institutional Trustee be liable for any default or
misconduct of the Administrators or the Sponsor.

Section 2.10.        Certain Rights of Institutional Trustee.  Subject to the provisions of Section 2.9:

(a)           the
Institutional Trustee may conclusively rely and shall fully 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 certificate, statement, instrument,
opinion, report, notice, request, direction, 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, sent or presented by the
proper party or parties;

(b)           if
(i) in performing its duties under this Declaration, the Institutional
Trustee is required to decide between alternative courses of action,
(ii) in construing any of the provisions of this Declaration, the
Institutional Trustee finds the same ambiguous or inconsistent with any other
provisions contained herein, or (iii) the Institutional Trustee is unsure
of the application of any provision of this Declaration, then, except as to any
matter as to which the Holders of Capital Securities are entitled to vote under
the terms of this Declaration, the Institutional Trustee may deliver a notice
to the Sponsor requesting the Sponsor’s written instructions as to the course
of action to be taken and the Institutional Trustee shall take such action, or
refrain from taking such action, as the Institutional Trustee shall be
instructed in writing, in which event the Institutional Trustee shall have no
liability except for its own negligence or willful misconduct;

(c)           any
direction or act of the Sponsor or the Administrators contemplated by this
Declaration shall be sufficiently evidenced by an Officers’ Certificate;

(d)           whenever
in the administration of this Declaration, the Institutional Trustee shall deem
it desirable that a matter be proved or established before undertaking,
suffering or omitting any action hereunder, the Institutional Trustee (unless
other evidence is herein specifically prescribed) may request and conclusively
rely upon an Officers’ Certificate as to factual matters which, upon receipt of
such request, shall be promptly delivered by the Sponsor or the Administrators;

(e)           the
Institutional 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
Institutional Trustee may consult with counsel of its selection (which counsel
may be counsel to the Sponsor or any of its Affiliates) and the advice of such
counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted 

 19
 

by it hereunder in good faith and in reliance
thereon and in accordance with such advice; the Institutional Trustee shall
have the right at any time to seek instructions concerning the administration
of this Declaration from any court of competent jurisdiction;

(g)           the
Institutional Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Declaration at the request or direction
of any of the Holders pursuant to this Declaration, unless such Holders shall
have offered to the Institutional Trustee security or indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; provided,
that nothing contained in this Section 2.10(g) shall be taken to relieve the
Institutional Trustee, subject to Section 2.9(b), upon the occurrence of an
Event of Default (that has not been cured or waived pursuant to Section 5.7 of
the Indenture), of the power to exercise such of the rights and powers vested
in it by this Declaration, 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 his or her own affairs;

(h)           the
Institutional 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 Holders, but the Institutional Trustee may
make such further inquiry or investigation into such facts or matters as it may
see fit;

(i)            the
Institutional 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 and the Institutional Trustee shall not be responsible for any
misconduct or negligence on the part of or for the supervision of, any such
agent or attorney appointed with due care by it hereunder;

(j)            whenever
in the administration of this Declaration the Institutional Trustee shall deem
it desirable to receive instructions with respect to enforcing any remedy or
right or taking any other action hereunder the Institutional Trustee
(i) may request instructions from the Holders of the Capital Securities
which instructions may only be given by the Holders of the same proportion in
liquidation amount of the Capital Securities as would be entitled to direct the
Institutional Trustee under the terms of the Capital 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 fully protected in acting in accordance with such
instructions;

(k)           except
as otherwise expressly provided in this Declaration, the Institutional Trustee
shall not be under any obligation to take any action that is discretionary
under the provisions of this Declaration;

(l)            when
the Institutional Trustee incurs expenses or renders services in connection
with a Bankruptcy Event, such expenses (including the fees and expenses of its
counsel) and the compensation for such services are intended to constitute
expenses of administration under any bankruptcy law or law relating to
creditors rights generally;

 20
 

(m)          the
Institutional Trustee shall not be charged with knowledge of an Event of
Default unless a Responsible Officer of the Institutional Trustee obtains
actual knowledge of such event or the Institutional Trustee receives written
notice of such event from any Holder, the Sponsor or the Debenture Trustee;

(n)           any
action taken by the Institutional Trustee or its agents hereunder shall bind
the Trust and the Holders of the Securities, and the signature of the
Institutional Trustee or its agents alone shall be sufficient and effective to
perform any such action and no third party shall be required to inquire as to
the authority of the Institutional Trustee to so act or as to its compliance
with any of the terms and provisions of this Declaration, both of which shall
be conclusively evidenced by the Institutional Trustee’s or its agent’s taking
such action; and

(o)           no
provision of this Declaration shall be deemed to impose any duty or obligation
on the Institutional Trustee to perform any act or acts or exercise any right,
power, duty or obligation conferred or imposed on it, in any jurisdiction in
which it shall be illegal, or in which the Institutional 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 Institutional Trustee shall be construed to be a
duty.

Section 2.11.        Delaware Trustee.  Notwithstanding any other provision of this
Declaration other than Section 4.1, the Delaware Trustee shall not be entitled
to exercise any powers, nor shall the Delaware Trustee have any of the duties
and responsibilities of any of the Trustees or the Administrators described in
this Declaration (except as may be required under the Statutory Trust
Act).  Except as set forth in Section
4.1, the Delaware Trustee shall be a Trustee for the sole and limited purpose
of fulfilling the requirements of § 3807 of the Statutory Trust Act.

Section 2.12.        Execution of Documents.  Unless otherwise determined in writing by the
Institutional Trustee, and except as otherwise required by the Statutory Trust
Act, the Institutional Trustee, or any one or more of the Administrators, as
the case may be, is authorized to execute and deliver on behalf of the Trust
any documents, agreements, instruments or certificates that the Trustees or the
Administrators, as the case may be, have the power and authority to execute
pursuant to Section 2.6.

Section 2.13.        Not Responsible for Recitals or Issuance of
Securities.  The recitals
contained in this Declaration and the Securities shall be taken as the
statements of the Sponsor, and the Trustees do not assume any responsibility
for their correctness.  The Trustees make
no representations as to the value or condition of the property of the Trust or
any part thereof.  The Trustees make no
representations as to the validity or sufficiency of this Declaration, the
Debentures or the Securities.

Section 2.14.        Duration of Trust.  The Trust, unless earlier dissolved pursuant
to the provisions of Article VII hereof, shall be in existence for 35
years from the Closing Date.

 21

Section 2.15.        Mergers.

(a)           The
Trust may not consolidate, amalgamate, merge with or into, or be replaced by,
or convey, transfer or lease its properties and assets substantially as an
entirety to any corporation or other body, except as described in Sections
2.15(b) and (c) and except in connection with the liquidation of the Trust and
the distribution of the Debentures to Holders of Securities pursuant to Section
7.1(a)(iv) of the Declaration or Section 3 of Annex I.

(b)           The
Trust may, with the consent of the Institutional Trustee and without the
consent of the Holders of the Capital Securities, consolidate, amalgamate,
merge with or into, or be replaced by a trust organized as such under the laws
of any state; provided that:

(i)            if the Trust is not
the surviving entity, such successor entity (the “Successor Entity”)
either:

(A)          expressly assumes all
of the obligations of the Trust under the Securities; or

(B)           substitutes for the
Securities other securities having substantially the same terms as the Securities
(the “Successor Securities”) so that the Successor Securities rank the
same as the Securities rank with respect to Distributions and payments upon
Liquidation, redemption and otherwise;

(ii)           the Sponsor
expressly appoints a trustee of the Successor Entity that possesses
substantially the same powers and duties as the Institutional Trustee as the
Holder of the Debentures;

(iii)          such merger,
consolidation, amalgamation or replacement does not adversely affect the
rights, preferences and privileges of the Holders of the Securities (including
any Successor Securities) in any material respect;

(iv)          the Institutional
Trustee receives written confirmation from a nationally recognized statistical
rating organization that rates securities issued by the initial purchasers of
the Capital Securities that it will not reduce or withdraw the rating of any
such securities because of such merger, conversion, consolidation, amalgamation
or replacement;

(v)           such Successor
Entity has a purpose substantially identical to that of the Trust;

(vi)          prior to such
merger, consolidation, amalgamation or replacement, the Trust has received an
opinion of a nationally recognized independent counsel to the Trust experienced
in such matters to the effect that:

(A)          such merger,
consolidation, amalgamation or replacement does not adversely affect the
rights, preferences and privileges of the Holders of the Securities (including
any Successor Securities) in any material respect;

 22
 

(B)           following such
merger, consolidation, amalgamation or replacement, neither the Trust nor the
Successor Entity will be required to register as an Investment Company; and

(C)           following such
merger, consolidation, amalgamation or replacement, the Trust (or the Successor
Entity) will continue to be classified as a “grantor trust” for United States
federal income tax purposes;

(vii)         the Sponsor
guarantees the obligations of such Successor Entity under the Successor
Securities at least to the extent provided by the Guarantee;

(viii)        the Sponsor owns
100% of the common securities of any Successor Entity; and

(ix)           prior to such
merger, consolidation, amalgamation or replacement, the Institutional Trustee
shall have received an Officers’ Certificate of the Administrators and an
opinion of counsel, each to the effect that all conditions precedent under this
Section 2.15(b) to such transaction have been satisfied.

(c)           Notwithstanding
Section 2.15(b), the Trust shall not, except with the consent of Holders of
100% in aggregate liquidation amount of the Securities, consolidate, amalgamate,
merge with or into, or be replaced by any other entity or permit any other
entity to consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger or replacement would cause the Trust or
Successor Entity to be classified as other than a grantor trust for United
States federal income tax purposes.

ARTICLE
III.

SPONSOR

Section 3.1.           Sponsor’s Purchase of Common Securities.  On the Closing Date, the Sponsor will
purchase all of the Common Securities issued by the Trust in an amount at least
equal to 3% of the capital of the Trust, at the same time as the Capital
Securities are sold.

Section 3.2.           Responsibilities of the Sponsor.  In connection with the issue and sale of the
Capital Securities, the Sponsor shall have the exclusive right and
responsibility to engage in, or direct the Administrators to engage in, the
following activities:

(a)           to
determine the jurisdictions in which to take appropriate action to qualify or
register for sale all or part of the Capital Securities and to do any and all
such acts, other than actions which must be taken by the Trust, and advise the
Trust of actions it must take, and prepare for execution and filing any
documents to be executed and filed by the Trust, as the Sponsor deems necessary,
advisable or incidental thereto in order to comply with the applicable laws of
any such jurisdictions; and

(b)           to
negotiate the terms of and/or execute and deliver on behalf of the Trust, the
Placement Agreement and other related agreements providing for the sale of the
Capital Securities.

 23
 

Section 3.3.           Reports.  In the event that either (a) an
Event of Default occurred and is
continuing, or (b) the dollar amount of the Sponsor’s premium volume
from insurance policies in any calendar year fails to exceed 51% of the Sponsor’s
premium volume from insurance policies in the previous calendar year; (c) the
Sponsor sells more than 51% of its rights to renew insurance policies in any
single transaction or series of related transactions; (d) any Significant
Subsidiary (as defined in Section 1-02(w) of Regulation S-X to the
Securities Act (the “Significant Subsidiaries”)) of the Sponsor which is rated
by A.M. Best Company, Inc. (x) receives a rating from A.M. Best Company Inc. of
B- or lower; or (y) submits a request to withdraw its rating by A.M. Best
Company, Inc.; (e) the Sponsor shall be in default with respect to its payment
of any obligations under the Capital Securities Guarantee; or (f) the Sponsor
shall have given notice of its election to defer payments of interest on the
Debentures by extending the interest payment period as provided under the
Indenture or to any debt obligation ranked pari passu to
such Debentures, Sponsor shall provide to the Institutional Trustee and the
Institutional Trustee shall provide to the Holders of the Capital Securities
the following documents and information relating to the Sponsor or its
Affiliates (i) all public filings with any governmental authority, (ii) all
private filings with any governmental authority, provided such governmental
authority does not object to sharing such private filings, (iii) all annual and
quarterly financial statements, including, but not limited to financial
statements prepared in accordance with GAAP and SAP, (iv) any documents or
other information not covered by subclauses (i) through (iii) above that are
provided to any other creditor of the Sponsor or its Affiliates or any issuer
of Trust Preferred Securities, and (v) any other information reasonably
requested by a Holder of Capital Securities.

Section 3.4.           Expenses.  In connection with the
offering, sale and issuance of the Debentures to the Trust and in connection
with the sale of the Securities by the Trust, the Sponsor, in its capacity as
Debenture Issuer, shall:

(a)           pay
all reasonable costs and expenses relating to the offering, sale and issuance
of the Debentures, including compensation of the Debenture Trustee under the
Indenture in accordance with the provisions of the Indenture;

(b)           be
responsible for and shall pay all debts and obligations (other than with
respect to the Securities) and all costs and expenses of the Trust (including,
but not limited to, costs and expenses relating to the organization,
maintenance and dissolution of the Trust), the offering, sale and issuance of
the Securities (including fees to the placement agents in connection
therewith), the fees and expenses (including reasonable counsel fees and
expenses) of the Institutional Trustee and the Administrators, the costs and
expenses relating to the operation of the Trust, including, without limitation,
costs and expenses of accountants, attorneys, statistical or bookkeeping
services, expenses for printing and engraving and computing or accounting
equipment, Paying Agents, Registrars, Transfer Agents, duplicating, travel and
telephone and other telecommunications expenses and costs and expenses incurred
in connection with the acquisition, financing, and disposition of Trust assets
and the enforcement by the Institutional Trustee of the rights of the Holders;
and

(c)           pay
any and all taxes (other than United States withholding taxes attributable to
the Trust or its assets) and all liabilities, costs and expenses with respect
to such taxes of the Trust.

 24
 

The Sponsor’s obligations
under this Section 3.3 shall be for the benefit of, and shall be
enforceable by, any Person to whom such debts, obligations, costs, expenses and
taxes are owed (a “Creditor”) whether or not such Creditor has received
notice hereof.  Any such Creditor may
enforce the Sponsor’s obligations under this Section 3.3 directly against
the Sponsor and the Sponsor irrevocably waives any right or remedy to require
that any such Creditor take any action against the Trust or any other Person
before proceeding against the Sponsor. 
The Sponsor agrees to execute such additional agreements as may be
necessary or desirable in order to give full effect to the provisions of this
Section 3.3.

Section 3.5.           Right to Proceed.  The
Sponsor acknowledges the rights of Holders to institute a Direct Action as set
forth in Section 2.8(d) hereto.

ARTICLE
IV.

INSTITUTIONAL TRUSTEE AND ADMINISTRATORS

Section 4.1.           Number of Trustees.  The number of Trustees shall
initially be two, and;

(a)           at
any time before the issuance of any Securities, the Sponsor may, by written
instrument, increase or decrease the number of Trustees; and

(b)           after
the issuance of any Securities, the number of Trustees may be increased or
decreased by vote of the Holder of a Majority in liquidation amount of the
Common Securities voting as a class at a meeting of the Holder of the Common
Securities; provided, however, that there shall be a Delaware
Trustee if required by Section 4.2; and there shall always be one Trustee who
shall be the Institutional Trustee, and such Trustee may also serve as Delaware
Trustee if it meets the applicable requirements, in which case Section 2.11
shall have no application to such entity in its capacity as Institutional
Trustee.

Section 4.2.           Delaware Trustee.  If required by the Statutory
Trust Act, one Trustee (the “Delaware Trustee”) shall be:

(a)             a
natural person who is a resident of the State of Delaware; or

(b)             if
not a natural person, an entity which is organized under the laws of the United
States or any state thereof or the District of Columbia, has its principal
place of business in the State of Delaware, and otherwise meets the
requirements of applicable law, including § 3807 of the Statutory Trust Act.

Section 4.3.           Institutional Trustee; Eligibility.

(a)           There
shall at all times be one Institutional Trustee which shall:

(i)            not be an Affiliate
of the Sponsor;

(ii)           not offer or
provide credit or credit enhancement to the Trust; and

 25
 

(iii)          be a banking
corporation or national association organized and doing business under the laws
of the United States of America or any state thereof or the District of
Columbia and authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least fifty million U.S. dollars
($50,000,000.00), and subject to supervision or examination by Federal, state,
or District of Columbia authority.  If
such corporation or national association publishes reports of condition at
least annually, pursuant to law or to the requirements of the supervising or
examining authority referred to above, then for the purposes of this Section
4.3(a)(iii), the combined capital and surplus of such corporation or national
association shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.

(b)           If
at any time the Institutional Trustee shall cease to be eligible to so act
under Section 4.1(a), the Institutional Trustee shall immediately resign in the
manner and with the effect set forth in Section 4.3(a).

(c)           If
the Institutional Trustee has or shall acquire any “conflicting interest”
within the meaning of Section 310(b) of the Trust Indenture Act of 1939, as
amended, the Institutional Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to this
Declaration.

(d)           The
initial Institutional Trustee shall be Wilmington Trust Company.

Section 4.4.           Certain Qualifications of
the Delaware Trustee Generally.  The
Delaware Trustee shall be a U.S. Person and either a natural person who is at
least 21 years of age or a legal entity that shall act through one or more
Authorized Officers.

Section 4.5.           Administrators.  Each Administrator shall be a U.S. Person, 21
years of age or older and authorized to bind the Sponsor.  The initial Administrators shall be Richard
A. Barasch and Robert A. Waegelein. 
There shall at all times be at least one Administrator.  Except where a requirement for action by a
specific number of Administrators is expressly set forth in this Declaration
and except with respect to any action the taking of which is the subject of a
meeting of the Administrators, any action required or permitted to be taken by
the Administrators may be taken by, and any power of the Administrators may be
exercised by, or with the consent of, any one such Administrator.

Section 4.6.           Initial Delaware Trustee.  The initial Delaware Trustee shall be
Wilmington Trust Company.

Section 4.7.           Appointment, Removal and Resignation of
Institutional Trustee and Administrators.

                (a)           Notwithstanding anything to the
contrary in this Declaration, 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 this ‎Section 4.7.

 

 26
 

                (b)           Subject
to the immediately preceding paragraph, a Trustee may resign at any time by
giving written notice thereof to the Holders of the Securities and by
appointing a successor Relevant Trustee. 
Upon the resignation of the Institutional Trustee, the Institutional
Trustee shall appoint a successor by requesting from at least three Persons
meeting the eligibility requirements their expenses and charges to serve as the
successor Institutional Trustee on a form provided by the Administrators, and
selecting the Person who agrees to the lowest expense and charges (the “Successor
Institutional Trustee”).  If the
instrument of acceptance by the successor Relevant Trustee required by this ‎Section 4.7 shall not have been delivered to the
Relevant Trustee within 60 days after the giving of such notice of
resignation or delivery of the instrument of removal, the Relevant Trustee may
petition, at the expense of the Trust, any Federal, state or District of
Columbia court of competent jurisdiction for the appointment of a successor
Relevant Trustee.  Such court may
thereupon, after prescribing such notice, if any, as it may deem proper,
appoint a Relevant Trustee.  The
Institutional Trustee shall have no liability for the selection of such
successor pursuant to this ‎Section 4.7.

                (c)           Unless
an Event of Default shall have occurred and be continuing, any Trustee may be
removed at any time by an act of the Holders of a Majority in liquidation
amount of the Common Securities. If any Trustee shall be so removed, the Holders
of the Common Securities, by act of the Holders of a Majority in liquidation
amount of the Common Securities delivered to the Relevant Trustee, shall
promptly appoint a successor Relevant Trustee, and such Successor Institutional
Trustee shall comply with the applicable requirements of this Section 4.7. If
an Event of Default shall have occurred and be continuing, the Institutional
Trustee or the Delaware Trustee, or both of them, may be removed by the act of
the Holders of a Majority in liquidation amount of the Capital Securities,
delivered to the Relevant Trustee (in its individual capacity and on behalf of
the Trust).  If any Trustee shall be so
removed, the Holders of Capital Securities, by act of the Holders of a Majority
in liquidation amount of the Capital Securities then outstanding delivered to
the Relevant Trustee, shall promptly appoint a successor Relevant Trustee or
Trustees, and such successor Trustee shall comply with the applicable
requirements of this ‎Section 4.7.  If no successor Relevant Trustee shall have
been so appointed by the Holders of a Majority in liquidation amount of the
Capital Securities and accepted appointment in the manner required by this ‎Section 4.7, within 30 days after delivery of an
instrument of removal, the Relevant Trustee or any Holder who has been a Holder
of the Securities for at least 6 months may, on behalf of himself and all
others similarly situated, petition any Federal, state or District of Columbia
court of competent jurisdiction for the appointment of the a successor Relevant
Trustee.  Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a successor
Relevant Trustee or Trustees.

(d)           The
Institutional Trustee shall give notice of each resignation and each removal of
a Trustee and each appointment of a successor Trustee to all Holders in the
manner provided in Section 13.1(d) and shall give notice to the
Sponsor.  Each notice shall include the
name of the successor Relevant Trustee and the address of its Corporate Trust
Office if it is the Institutional Trustee.

(e)           Notwithstanding
the foregoing or any other provision of this Declaration, in the event a
Delaware Trustee who is a natural person dies or is adjudged by a court to have
become incompetent or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by the Institutional Trustee following
the procedures in this Section 4.7 (with the 

 27
 

successor being a Person who satisfies the
eligibility requirement for a Delaware Trustee set forth in this Declaration)
(the “Successor Delaware Trustee”).

(f)            In
case of the appointment hereunder of a successor Relevant Trustee, the retiring
Relevant Trustee and each successor Relevant Trustee with respect to the
Securities shall execute and deliver an amendment hereto wherein each successor
Relevant 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 Relevant Trustee all the rights, powers, trusts
and duties of the retiring Relevant Trustee with respect to the Securities and
the Trust and (ii) shall add to or change any of the provisions of this
Declaration 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
Institutional 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 Securities
and the Trust subject to the payment of all unpaid fees, expenses and
indemnities of such retiring Relevant Trustee.

(g)           No
Institutional Trustee or Delaware Trustee shall be liable for the acts or
omissions to act of any Successor Institutional Trustee or Successor Delaware
Trustee, as the case may be.

(h)           The
Holders of the Capital Securities will have no right to vote to appoint, remove
or replace the Administrators, which voting rights are vested exclusively in
the Holder of the Common Securities.

(i)            Any
successor Delaware Trustee shall file an amendment to the Certificate of Trust
with the Secretary of State of the State of Delaware identifying the name and principal
place of business of such Delaware Trustee in the State of Delaware.

                Section 4.8.           Vacancies Among Trustees.  If a Trustee ceases to hold office for any
reason and the number of Trustees is not reduced pursuant to Section 4.1 a
vacancy shall occur.  A resolution
certifying the existence of such vacancy by the Trustees or, if there are more
than two, a majority of the Trustees, shall be conclusive evidence of the
existence of such vacancy.  The vacancy
shall be filled with a Trustee appointed in accordance with ‎Section
4.7.

Section 4.9.           Effect of Vacancies.  The death, resignation, retirement, removal,
bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the
duties of a Trustee shall not operate to dissolve, terminate or annul the Trust
or terminate this Declaration.  Whenever
a vacancy in the number of Trustees shall occur, until such vacancy is filled
by the appointment of a Trustee in accordance with Section 4.7, the
Institutional Trustee shall have all the powers granted to the Trustees and
shall discharge all the duties imposed upon the Trustees by this Declaration.

 28
 

Section 4.10.        Meetings of the Trustees and the Administrators.  Meetings of the Administrators shall be held
from time to time upon the call of an Administrator.  Regular meetings of the Administrators may be
held in person in the United States or by telephone, at a place (if applicable)
and time fixed by resolution of the Administrators.  Notice of any in-person meetings of the
Trustees with the Administrators or meetings of the Administrators shall be
hand delivered or otherwise delivered in writing (including by facsimile, with
a hard copy by overnight courier) not less than 48 hours before such
meeting.  Notice of any telephonic
meetings of the Trustees with the Administrators or meetings of the
Administrators or any committee thereof shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight
courier) not less than 24 hours before a meeting.  Notices shall contain a brief statement of
the time, place and anticipated purposes of the meeting.  The presence (whether in person or by
telephone) of a Trustee or an Administrator, as the case may be, at a meeting
shall constitute a waiver of notice of such meeting except where the Trustee or
an Administrator, as the case may be, attends a meeting for the express purpose
of objecting to the transaction of any activity on the grounds that the meeting
has not been lawfully called or convened. 
Unless provided otherwise in this Declaration, any action of the
Trustees or the Administrators, as the case may be, may be taken at a meeting
by vote of a majority of the Trustees or the Administrators present (whether in
person or by telephone) and eligible to vote with respect to such matter,
provided that a Quorum is present, or without a meeting by the unanimous
written consent of the Trustees or the Administrators.  Meetings of the Trustees and the
Administrators together shall be held from time to time upon the call of any Trustee
or an Administrator.

Section 4.11.        Delegation of Power.

                (a)           Any
Administrator may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 that is a U.S. Person
his or her power for the purpose of executing any documents contemplated in ‎Section 2.6; and

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

Section 4.12.        Conversion, Consolidation or Succession to
Business.  Any Person into
which the Institutional Trustee or the Delaware Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Institutional Trustee or
the Delaware Trustee shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of the Institutional Trustee or
the Delaware Trustee shall be the successor of the Institutional Trustee or the
Delaware Trustee hereunder, provided such Person shall be otherwise qualified
and eligible under this Article and, provided, further, that such
Person shall file an amendment to the Certificate of Trust with the Secretary
of State of the State of Delaware as contemplated in Section 4.7(i).

 29
 

ARTICLE
V.

DISTRIBUTIONS

Section 5.1.           Distributions.  Holders shall receive Distributions in
accordance with the applicable terms of the relevant Holder’s Securities.
Distributions shall be made on the Capital Securities and the Common Securities
in accordance with the preferences set forth in their respective terms.  If and to the extent that the Debenture
Issuer makes a payment of Interest or any principal on the Debentures held by
the Institutional Trustee, the Institutional Trustee shall and is directed to,
to the extent funds are available for that purpose, make a distribution (a “Distribution”)
of such amounts to Holders.

ARTICLE
VI.

ISSUANCE
OF SECURITIES

Section 6.1.           General Provisions Regarding Securities.

(a)           The
Administrators shall, on behalf of the Trust, issue one series of capital
securities, evidenced by a certificate substantially in the form of
Exhibit A-1, representing undivided beneficial interests in the
assets of the Trust and having such terms as are set forth in Annex I and
one series of common securities, evidenced by a certificate substantially in
the form of Exhibit A-2, representing undivided beneficial interests in the
assets of the Trust having such terms as are set forth in Annex I.  The Trust shall issue no securities or other
interests in the assets of the Trust other than the Capital Securities and the
Common Securities.  The Capital
Securities rank pari passu to, and payment
thereon shall be made Pro Rata with, the Common Securities except that, where
an Event of Default has occurred and is continuing, the rights of Holders of
the Common Securities to payment in respect of Distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights to payment
of the Holders of the Capital Securities as set forth in Annex I.

(b)           The
Certificates shall be signed on behalf of the Trust by one or more
Administrators. Such signature shall be the facsimile or manual signature of
any Administrator.  In case any
Administrator of the Trust who shall have signed any of the Securities shall
cease to be such Administrator before the Certificates so signed shall be
delivered by the Trust, such Certificates nevertheless may be delivered as
though the person who signed such Certificates had not ceased to be such
Administrator, and any Certificate may be signed on behalf of the Trust by such
persons who, at the actual date of execution of such Security, shall be an
Administrator of the Trust, although at the date of the execution and delivery of
the Declaration any such person was not such an Administrator.  A Capital Security shall not be valid until
authenticated by the facsimile or manual signature of an Authorized Officer of
the Institutional Trustee.  Such
signature shall be conclusive evidence that the Capital Security has been
authenticated under this Declaration. 
Upon written order of the Trust signed by one Administrator, the
Institutional Trustee shall authenticate the Capital Securities for original
issue.  The Institutional Trustee may
appoint an authenticating agent that is a U.S. Person acceptable to the Trust
to authenticate the Capital Securities. 
A Common Security need not be so authenticated and shall be valid upon
execution by one or more administrators.

 30
 

(c)           The
Capital Securities issued to QIBs shall be, except as provided in Section
6.4, Book-Entry Capital Securities issued in the form of one or more Global
Capital Securities registered in the name of the Depositary, or its nominee and
deposited with the Depositary or a custodian for the Depositary for credit by
the Depositary to the respective accounts of the Depositary Participants
thereof (or such other accounts as they may direct).  The Capital Securities issued to a Person
other than a QIB shall be issued in the form of Definitive Capital Securities
Certificates.

(d)           The
consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute
a loan to the Trust.

(e)           Upon
issuance of the Securities as provided in this Declaration, the Securities so
issued shall be deemed to be validly issued, fully paid and, except as provided
in Section 9.1(b) with respect to the Common Securities, non-assessable.

(f)            Every
Person, by virtue of having become a Holder in accordance with the terms of
this Declaration, shall be deemed to have expressly assented and agreed to the
terms of, and shall be bound by, this Declaration and the Guarantee.

Section 6.2.           Paying Agent, Transfer Agent and Registrar.  The
Trust shall maintain in Wilmington Delaware, an office or agency where the
Securities may be presented for payment (“Paying Agent”), and an office
or agency where the Securities may be presented for registration of transfer or
exchange (the “Transfer Agent”).  The Trust shall keep or cause to be kept at
such office or agency a register for the purpose of registering Securities,
transfers and exchanges of Securities, such register to be held by a registrar
(the “Registrar”).  The
Administrators may appoint the Paying Agent, the Registrar and the Transfer
Agent and may appoint one or more additional Paying Agents or one or more co-Registrars,
or one or more co-Transfer Agents in such other locations as they shall
determine.  The term “Paying Agent”
includes any additional paying agent, the term “Registrar” includes any
additional registrar or co-Registrar and the term “Transfer Agent”
includes any additional transfer agent. 
The Administrators may change any Paying Agent, Transfer Agent or
Registrar at any time without prior notice to any Holder.  The Administrators shall notify the
Institutional Trustee of the name and address of any Paying Agent, Transfer
Agent and Registrar not a party to this Declaration.  The Administrators hereby initially appoint
the Institutional Trustee to act as Paying Agent, Transfer Agent and Registrar
for the Capital Securities and the Common Securities.  The Institutional Trustee or any of its
Affiliates in the United States may act as Paying Agent, Transfer Agent or
Registrar.

Section 6.3.           Form and Dating.  The Capital Securities and the Institutional
Trustee’s certificate of authentication thereon shall be substantially in the
form of Exhibit A-1, and the Common Securities shall be
substantially in the form of Exhibit A-2, each of which is hereby
incorporated in and expressly made a part of this Declaration.  Certificates may be typed, printed,
lithographed or engraved or may be produced in any other manner as is
reasonably acceptable to the Administrators, as conclusively evidenced by their
execution thereof.  The Securities may
have letters, numbers, notations or other marks of identification or
designation and such legends or endorsements required by law, stock exchange
rule, agreements to which the Trust is subject if any, or usage (provided that
any such notation, legend or endorsement is in a form acceptable to the
Sponsor).  The Trust at the direction of
the Sponsor shall furnish any such legend not 

 31
 

contained in Exhibit A-1 to the
Institutional Trustee in writing.  Each
Capital Security shall be dated on or before the date of its
authentication.  The terms and provisions
of the Securities set forth in Annex I and the forms of Securities set forth in
Exhibits A-1 and A-2 are part of the terms of this Declaration
and to the extent applicable, the Institutional Trustee, the Delaware Trustee,
the Administrators and the Sponsor, by their execution and delivery of this
Declaration, expressly agree to such terms and provisions and to be bound
thereby.  Capital Securities will be
issued only in blocks having an aggregate liquidation amount of not less than
$100,000.00 and any multiple of $1,000.00 in excess thereof.

The Capital Securities are
being offered and sold by the Trust pursuant to the Placement Agreement in
definitive, registered form without coupons and with the Restricted Securities
Legend.

Section
6.4.           Book-Entry Capital
Securities.

(a)           A
Global Capital Security may be exchanged, in whole or in part, for Definitive
Capital Securities Certificates registered in the names of the Owners only if
such exchange complies with Section 6.5 and (i) the Depositary advises
the Administrators and the Institutional Trustee in writing that the Depositary
is no longer willing or able to properly discharge its responsibilities with
respect to the Global Capital Security, and no qualified successor is appointed
by the Administrators within ninety (90) days of receipt of such notice, (ii)
the Depositary ceases to be a clearing agency registered under the Exchange Act
and the Administrators fail to appoint a qualified successor within ninety (90)
days of obtaining knowledge of such event, (iii) the Administrators at their
option advise the Institutional Trustee in writing that the Trust elects to
terminate the book-entry system through the Depositary or (iv) an Indenture
Event of Default has occurred and is continuing. Upon the occurrence of any
event specified in clause (i), (ii), (iii) or (iv) above, the Administrators
shall notify the Depositary and instruct the Depositary to notify all Owners of
Book-Entry Capital Securities, the Delaware Trustee and the Trustee of the
occurrence of such event and of the availability of the Definitive Capital
Securities Certificates to Owners of the Capital Securities requesting the
same. Upon the issuance of Definitive Capital Securities Certificates, the
Trustees shall recognize the Holders of the Definitive Capital Securities
Certificates as Holders.  Notwithstanding
the foregoing, if an Owner of a beneficial interest in a Global Capital
Security wishes at any time to transfer an interest in such Global Capital
Security to a Person other than a QIB, such transfer shall be effected, subject
to the Applicable Depositary Procedures, in accordance with the provisions of
this Section 6.4 and Section 6.5, and the transferee shall
receive a Definitive Capital Securities Certificate in connection with such
transfer.  A holder of a Definitive
Capital Securities Certificate that is a QIB may, upon request and in
accordance with the provisions of this Section 6.4 and Section 6.5,
exchange such Definitive Capital Securities Certificate for a beneficial
interest in a Global Capital Security.

(b)           If
any Global Capital Security is to be exchanged for Definitive Capital
Securities Certificates or canceled in part, or if any Definitive Capital
Securities Certificate is to be exchanged in whole or in part for any Global
Capital Security, then either (i) such Global Capital Security shall be so
surrendered for exchange or cancellation as provided in this Article VI or (ii)
the aggregate Liquidation Amount represented 

 32
 

by such Global Capital Security shall be
reduced, subject to Section 6.3, or increased by an amount equal to the
Liquidation Amount represented by that portion of the Global Capital Security
to be so exchanged or canceled, or equal to the Liquidation Amount represented
by such Definitive Capital Securities Certificates to be so exchanged for any
Global Capital Security, as the case may be, by means of an appropriate
adjustment made on the records of the Registrar, whereupon the Institutional
Trustee, in accordance with the Applicable Depositary Procedures, shall
instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records. Upon any such surrender to the
Administrators or the Registrar of any Global Capital Security or Securities by
the Depositary, accompanied by registration instructions, the Administrators,
or any one of them, shall execute the Definitive Capital Securities
Certificates in accordance with the instructions of the Depositary.  None of the Registrar, Administrators or the
Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such instructions.

(c)           Every
Definitive Capital Securities Certificate executed and delivered upon
registration or transfer of, or in exchange for or in lieu of, a Global Capital
Security or any portion thereof shall be executed and delivered in the form of,
and shall be, a Global Capital Security, unless such Definitive Capital
Securities Certificate is registered in the name of a Person other than the
Depositary for such Global Capital Security or a nominee thereof.

(d)           The
Depositary or its nominee, as registered owner of a Global Capital Security,
shall be the Holder of such Global Capital Security for all purposes under this
Declaration and the Global Capital Security, and Owners with respect to a
Global Capital Security shall hold such interests pursuant to the Applicable
Depositary Procedures. The Registrar, the Administrators and the Trustees shall
be entitled to deal with the Depositary for all purposes of this Declaration
relating to the Global Capital Securities (including the payment of the
Liquidation Amount of and Distributions on the Book-Entry Capital Securities
represented thereby and the giving of instructions or directions by Owners of
Book-Entry Capital Securities represented thereby and the giving of notices) as
the sole Holder of the Book-Entry Capital Securities represented thereby and
shall have no obligations to the Owners thereof.  None of the Administrators, Trustees nor the
Registrar shall have any liability in respect of any transfers effected by the
Depositary.

(e)           The
rights of the Owners of the Book-Entry Capital Securities shall be exercised
only through the Depositary and shall be limited to those established by law,
the Applicable Depositary Procedures and agreements between such Owners and the
Depositary and/or the Depositary Participants; provided, solely for the purpose
of determining whether the Holders of the requisite amount of Capital
Securities have voted on any matter provided for in this Declaration, to the
extent that Capital Securities are represented by a Global Capital Security,
the Administrators and the Trustees may conclusively rely on, and shall be
fully protected in relying on, any written instrument (including a proxy)
delivered to the Institutional Trustee by the Depositary setting forth the
Owners’ votes or assigning the right to vote on any matter to any other Persons
either in whole or in part.  To the
extent that Capital Securities are represented by a Global Capital Security,
the initial Depositary will make book-entry transfers among the Depositary
Participants and receive and transmit payments on the Capital Securities that
are represented by a Global Capital Security to such Depositary Participants,
and none of the Sponsor, the Administrators or the Trustees shall have any
responsibility or obligation with respect thereto.

 33

(f)            To the extent that a notice or other
communication to the Holders is required under this Declaration, for so long as
Capital Securities are represented by a Global Capital Security, the
Administrators and the Trustees shall give all such notices and communications
to the Depositary, and shall have no obligations to the Owners.

Section
6.5.           Registration of Transfer and Exchange of Capital
Securities Certificates.

(a)           The Institutional Trustee shall keep
or cause to be kept, at the Corporate Trust Office, a register or registers
(the “Securities Register”) in which the registrar and transfer agent with
respect to the Securities (the “Securities Registrar”), subject to such
reasonable regulations as it may prescribe, shall provide for the registration
of Capital Securities Certificates and Common Securities Certificates and
registration of transfers and exchanges of Capital Securities Certificates as
herein provided. The Person acting as the Institutional Trustee shall at all
times also be the Registrar.  The
provisions of Article IV shall apply to the Institutional Trustee in its
role as Registrar.

(b)           Subject to this Section 6.5,
upon surrender for registration of transfer of any Capital Securities
Certificate at the office or agency maintained pursuant to Section 6.5(f),
the Administrators or any one of them shall execute by manual or facsimile
signature and deliver to the Institutional Trustee, and the Institutional
Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Capital Securities Certificates in
authorized denominations of a like aggregate Liquidation Amount as may be
required by this Declaration dated the date of execution by such Administrator
or Administrators.  At the option of a
Holder, Capital Securities Certificates may be exchanged for other Capital
Securities Certificates in authorized denominations and of a like aggregate
Liquidation Amount upon surrender of the Capital Securities Certificate to be
exchanged at the office or agency maintained pursuant to Section 6.5(f).  Whenever any Capital Securities Certificates
are so surrendered for exchange, the Administrators or any one of them shall
execute by manual or facsimile signature and deliver to the Institutional
Trustee, and the Institutional Trustee shall authenticate and deliver, the
Capital Securities Certificates that the Holder making the exchange is entitled
to receive.

(c)           The Securities Registrar shall not be
required, (i) to issue, register the transfer of or exchange any Capital
Security during a period beginning at the opening of business fifteen (15) days
before the day of selection for redemption of such Capital Securities pursuant
to Section 4 of Annex I hereto and ending at the close of business on the day
of mailing of the notice of redemption or (ii) to register the transfer of or
exchange any Capital Security so selected for redemption in whole or in part,
except, in the case of any such Capital Security to be redeemed in part, any
portion thereof not to be redeemed.

(d)           No service charge shall be made for
any registration of transfer or exchange of Capital Securities Certificates,
but the Institutional Trustee on behalf of the Trust 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 Capital Securities Certificates.

 34
 

(e)           The Administrators shall designate an
office or offices or agency or agencies where Capital Securities Certificates
may be surrendered for registration of transfer or exchange. The Sponsor
initially designates the Corporate Trust Office as its office and agency for
such purposes. The Administrators shall give prompt written notice to the
Sponsor, the Institutional Trustee and to the Holders of any change in the
location of any such office or agency.

Section
6.6.           Mutilated, Destroyed, Lost or Stolen Certificates.

If:

(a)           any mutilated Certificates should be
surrendered to the Registrar, or if the Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Certificate; and

(b)           there shall be delivered to the
Registrar, the Administrators and the Institutional Trustee such security or
indemnity as may be required by them to keep each of them harmless; then, in
the absence of notice that such Certificate shall have been acquired by a
protected purchasers, an Administrator on behalf of the Trust shall execute
(and in the case of a Capital Security Certificate, the Institutional Trustee
shall authenticate) and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination.  In connection with the
issuance of any new Certificate under this Section 6.6, the Registrar or the
Administrators 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 Certificate issued pursuant to
this Section shall constitute conclusive evidence of an ownership interest in
the relevant Securities, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

Section
6.7.           Temporary Securities.  Until definitive Securities are ready for
delivery, the Administrators may prepare and, in the case of the Capital
Securities, the Institutional Trustee shall authenticate, temporary
Securities.  Temporary Securities shall
be substantially in the form of definitive Securities but may have variations
that the Administrators consider appropriate for temporary Securities.  Without unreasonable delay, the
Administrators shall prepare and, in the case of the Capital Securities, the
Institutional Trustee shall authenticate, definitive Securities in exchange for
temporary Securities.

Section
6.8.           Cancellation.  The Administrators at any time may deliver
Securities to the Institutional Trustee for cancellation.  The Registrar shall forward to the
Institutional Trustee any Securities surrendered to it for registration of
transfer, redemption or payment.  The
Institutional Trustee shall promptly cancel all Securities surrendered for
registration of transfer, payment, replacement or cancellation and shall
dispose of such canceled Securities as the Administrators direct.  The Administrators may not issue new
Securities to replace Securities that have been paid or that have been
delivered to the Institutional Trustee for cancellation.

 35
 

Section
6.9.           CUSIP Numbers.
The Trust in issuing the Securities may use “CUSIP” number (if then generally
in use), and, if so, the Institutional Trustee shall use CUSIP numbers in any
notice of redemption as a convenience to Holders, provided, however, that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of redemption and that identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such
numbers.  The Trust shall promptly notify
the Institutional Trustee in writing of any change in the CUSIP numbers.

Section
6.10.        Rights of Holders; Waivers of Past Defaults.

(a)           The legal title to the Trust Property
is vested exclusively in the Institutional Trustee (in its capacity as such) in
accordance with Section 2.5, and the Holders shall not have any right or title
therein other than the undivided beneficial interest in the assets of the Trust
conferred by their 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 Securities shall be
personal property giving only the rights specifically set forth therein and in
this Declaration.  The Securities shall
have no preemptive or similar rights.

(b)           For so long as any Capital Securities
remain outstanding, if upon an Indenture Event of Default, the Debenture
Trustee fails or the holders of not less than 25% in 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 a Majority in liquidation
amount of the Capital Securities then outstanding shall have the right to make
such declaration by a notice in writing to the Institutional Trustee, the
Sponsor and the Debenture Trustee.

At
any time after 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 Debenture Trustee as provided in the Indenture, if the
Institutional Trustee, subject to the provisions hereof, fails to annul any
such declaration and waive such default, the Holders of a Majority in
liquidation amount of the Capital Securities, by written notice to the
Institutional Trustee, the Sponsor and the Debenture Trustee, may rescind and
annul such declaration and its consequences if:

(i)            the
Debenture Issuer has paid or deposited with the Debenture Trustee a sum
sufficient to pay

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

(B)           any
accrued Additional Interest on all of the Debentures,

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

(D)          all
sums paid or advanced by the Debenture Trustee under the Indenture and the
reasonable compensation, expenses, disbursements and 

 36
 

advances of the Debenture Trustee and the Institutional 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 that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.7 of the
Indenture.

The
Holders of at least a Majority in liquidation amount of the Capital Securities
may, on behalf of the Holders of all the Capital Securities, waive any past
default under the Indenture or any Indenture Event of Default, except a default
or Indenture Event of Default in the payment of principal or interest (unless such
default or Indenture Event of 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 Debenture Trustee) or a default under
the Indenture or an Indenture Event of Default in respect of a covenant or
provision that under the Indenture cannot be modified or amended without the
consent of the holder of each outstanding Debenture.  No such waiver shall affect any subsequent
default or impair any right consequent thereon.

Upon receipt by the
Institutional Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Capital
Securities, a record date shall be established for determining Holders of
outstanding Capital Securities entitled to join in such notice, which record
date shall be at the close of business on the day the Institutional 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 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 that 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 that 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 6.10.

(c)           Except as otherwise provided in
paragraphs (a) and (b) of this Section 6.10, the Holders of at least a
Majority in liquidation amount of the Capital Securities may, on behalf of the
Holders of all the Capital Securities, waive any past default or Event of
Default and its consequences.  Upon such
waiver, any such default or Event of Default shall cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Declaration, but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right
consequent thereon.

 37
 

ARTICLE VII.

DISSOLUTION AND TERMINATION OF TRUST

Section
7.1.           Dissolution and Termination of Trust.

(a)           The Trust shall dissolve on the first
to occur of:

(i)            unless
earlier dissolved, on March 15, 2042, the expiration of the term of the Trust;

(ii)           upon
a Bankruptcy Event with respect to the Sponsor, the Trust or the Debenture
Issuer;

(iii)          (other
than in connection with a merger, consolidation or similar transaction not
prohibited by the Indenture, this Declaration or the Guarantee, as the case may
be) upon (A) the filing of a certificate of dissolution or its equivalent with
respect to the Sponsor, and (B)(I) upon the consent of Holders of a Majority in
liquidation amount of the Securities voting together as a single class to file
a certificate of cancellation with respect to the Trust or (II) upon the
revocation of the charter of the Sponsor and the expiration of 90 days
after the date of revocation without a reinstatement thereof;

(iv)          upon
the distribution of the Debentures to the Holders of the Securities following
the exercise of the right of the Holder of all of the outstanding Common
Securities to dissolve the Trust as provided in Section 3 of Annex I
hereto;

(v)           upon
the entry of a decree of judicial dissolution of the Holder of the Common
Securities, the Sponsor, the Trust or the Debenture Issuer;

(vi)          when
all of the Securities shall have been called for redemption and the amounts necessary
for redemption thereof shall have been paid to the Holders in accordance with
the terms of the Securities; or

(vii)         before
the issuance of any Securities, with the consent of all of the Trustees and the
Sponsor.

(b)           As soon as is practicable after the
occurrence of an event referred to in Section 7.1(a), and after satisfaction of
liabilities to creditors of the Trust as required by applicable law, including
of the Statutory Trust Act, and subject to the terms set forth in Annex I,
the Institutional Trustee shall terminate the Trust by filing a certificate of
cancellation with the Secretary of State of the State of Delaware.

(c)           The provisions of Section 2.9
and Article IX shall survive the termination of the Trust.

 38
 

ARTICLE VIII.

TRANSFER OF INTERESTS

Section
8.1.           General.

(a)           Subject to Section 8.1(c), where
Capital Securities are presented to the Registrar or a co-registrar with
a request to register a transfer or to exchange them for an equal aggregate
liquidation amount of Capital Securities represented by different certificates,
the Registrar shall register the transfer or make the exchange if its
requirements for such transactions are met. 
To permit registrations of transfer and exchanges, the Trust shall issue
and the Institutional Trustee shall authenticate Capital Securities at the
Registrar’s request.

(b)           Upon issuance of the Common
Securities, the Sponsor shall acquire and retain beneficial and record
ownership of the Common Securities and for so long as the Securities remain
outstanding, the Sponsor shall maintain 100% ownership of the Common
Securities; provided, however, that any permitted successor of
the Sponsor, in its capacity as Debenture Issuer, under the Indenture that is a
U.S. Person may succeed to the Sponsor’s ownership of the Common Securities.

(c)           Capital Securities may only be
transferred, in whole or in part, in accordance with the terms and conditions
set forth in this Declaration and in the terms of the Capital Securities.  To the fullest extent permitted by applicable
law, any transfer or purported transfer of any Security not made in accordance
with this Declaration shall be null and void and will be deemed to be of no
legal effect whatsoever and any such transferee shall be deemed not to be the
Holder of such Capital Securities for any purpose, including but not limited to
the receipt of Distributions on such Capital Securities, and such transferee
shall be deemed to have no interest whatsoever in such Capital Securities.

(d)           The Registrar shall provide for the
registration of Securities and of transfers of Securities, which will be
effected without charge but only upon payment (with such indemnity as the
Registrar may require) in respect of any tax or other governmental charges that
may be imposed in relation to it.  Upon
surrender for registration of transfer of any Securities, the Registrar shall
cause one or more new Securities of the same tenor to be issued in the name of
the designated transferee or transferees. 
Any Security issued upon any registration of transfer or exchange
pursuant to the terms of this Declaration shall evidence the same Security and
shall be entitled to the same benefits under this Declaration as the Security
surrendered upon such registration of transfer or exchange.  Every Security surrendered for registration
of transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Registrar duly executed by the Holder or such Holder’s
attorney duly authorized in writing. 
Each Security surrendered for registration of transfer shall be canceled
by the Institutional Trustee pursuant to Section 6.8.  A transferee of a Security shall be entitled
to the rights and subject to the obligations of a Holder hereunder upon the
receipt by such transferee of a Security. 
By acceptance of a Security, each transferee shall be deemed to have
agreed to be bound by this Declaration

 39
 

(e)           The Trust shall not be required
(i) to issue, register the transfer of, or exchange any Securities during
a period beginning at the opening of business 15 days before the day of
any selection of Securities for redemption and ending at the close of business
on the earliest date on which the relevant notice of redemption is deemed to
have been given to all Holders of the Securities to be redeemed, or (ii) to
register the transfer or exchange of any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.

Section
8.2.           Transfer Procedures and Restrictions.

(a)           The Capital Securities shall bear the
Restricted Securities Legend, which shall not be removed unless there is
delivered to the Trust such satisfactory evidence, which may include an opinion
of counsel satisfactory to the Institutional Trustee, as may be reasonably
required by the Trust, that neither the legend nor the restrictions on transfer
set forth therein are required to ensure that transfers thereof comply with the
provisions of the Securities Act.  Upon
provision of such satisfactory evidence, the Institutional Trustee, at the written
direction of the Trust, shall authenticate and deliver Capital Securities that
do not bear the legend.

(b)           Except as permitted by Section
8.2(a), each Capital Security shall bear a legend (the “Restricted
Securities Legend”) in substantially the following form and a Capital
Security shall not be transferred except in compliance with such legend, unless
otherwise determined by the Sponsor, upon the advice of counsel expert in
securities law, in accordance with applicable law:

[IF
THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS CAPITAL SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE DECLARATION HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A
NOMINEE OF DTC.  THIS CAPITAL SECURITY IS
EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
DECLARATION, AND NO TRANSFER OF THIS CAPITAL SECURITY (OTHER THAN A TRANSFER OF
THIS CAPITAL SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF
DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED
CIRCUMSTANCES.

UNLESS
THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
UNIVERSAL AMERICAN STATUTORY TRUST VI OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CAPITAL SECURITY ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE 

 40
 

OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAW.  NEITHER THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.  THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER
THIS SECURITY ONLY (A) TO THE SPONSOR OR THE TRUST, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A
SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN
ACCORDANCE WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE)
OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER
THE SECURITIES ACT THAT IS ACQUIRING THIS CAPITAL SECURITY FOR ITS OWN ACCOUNT,
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE SPONSOR’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN
ACCORDANCE WITH THE DECLARATION (DEFINED HEREIN), A COPY OF WHICH MAY BE
OBTAINED FROM THE SPONSOR OR THE TRUST. 
HEDGING TRANSACTIONS INVOLVING THIS SECURITY MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE SECURITIES ACT.

THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR 

 41
 

OTHER
PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT
IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR
HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS
ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR
PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS
NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT
TO SUCH PURCHASE OR HOLDING.  ANY
PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT
AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN
TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON
ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR
ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH
PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO
APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

THIS
SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A
LIQUIDATION AMOUNT OF NOT LESS THAN $100,000.00 (100 SECURITIES) AND MULTIPLES
OF $1,000.00 IN EXCESS THEREOF.  ANY
ATTEMPTED TRANSFER OF SECURITIES IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS
THAN $100,000.00 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

THE
HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

THIS
SECURITY IS IN REGISTERED FORM WITHIN THE MEANING OF TREASURY REGULATIONS
SECTION 1.871-14(c)(1)(i) FOR U.S. FEDERAL INCOME AND WITHHOLDING TAX PURPOSES.

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY 

 42
 

THE
DECLARATION TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.

(c)           To permit registrations of transfers and exchanges, the
Trust shall execute and the Institutional Trustee shall authenticate Capital
Securities at the Registrar’s request.

(d)           Registrations of transfers or exchanges will be effected without charge, but only
upon payment (with such indemnity as the Registrar or the Sponsor may require)
in respect of any tax or other governmental charge that may be imposed in
relation to it.

(e)           All Capital Securities issued upon any registration of
transfer or exchange pursuant to the terms of this Declaration shall evidence the same security and shall be
entitled to the same benefits under this Declaration as the Capital Securities
surrendered upon such registration of transfer or exchange.

Section
8.3.           Deemed Security Holders.  The
Trust, the Administrators, the Trustees, the Paying Agent, the Transfer Agent
or the Registrar may treat the Person in whose name any Certificate shall be
registered on the books and records of the Trust as the sole holder of such
Certificate and of the Securities represented by such Certificate for purposes
of receiving Distributions and for all other purposes whatsoever and,
accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such Certificate or in the Securities represented by such Certificate on the part of any Person, whether or
not the Trust, the Administrators, the Trustees, the Paying Agent, the Transfer
Agent or the Registrar shall have actual or other notice thereof

ARTICLE IX.

LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, INSTITUTIONAL TRUSTEE OR OTHERS

Section
9.1.           Liability.

(a)           Except as expressly set forth in this Declaration, the
Guarantee and the terms of the Securities, the Sponsor shall not be:

(i)            personally
liable for the return of any portion of the capital contributions (or any
return thereon) of the Holders of the Securities which shall be made solely
from assets of the Trust; or

(ii)           required
to pay to the Trust or to any Holder of the Securities any deficit upon
dissolution of the Trust or otherwise.

(b)           The Holder of the Common Securities shall be liable for
all of the debts and obligations of the Trust (other than with respect to the
Securities) to the extent not satisfied out of the Trust’s assets.

 43
 

(c)           Pursuant to the Statutory Trust Act,
the Holders of the Capital Securities 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.

Section
9.2.           Exculpation.

(a)           No Indemnified Person shall be
liable, responsible or accountable in damages or otherwise to the Trust or any
Covered Person for any loss, damage or claim incurred by reason of 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 the authority conferred on such Indemnified Person by
this Declaration or by law, except that an Indemnified Person shall be liable
for any such loss, damage or claim incurred by reason of such Indemnified
Person’s negligence or willful misconduct with respect to such acts or
omissions.

(b)           An Indemnified Person shall be fully
protected in relying in good faith upon the records of the Trust and upon such
information, opinions, reports or statements presented to the Trust by any
Person as to matters the Indemnified Person reasonably believes are within such
other Person’s professional or expert competence and, if selected by such
Indemnified Person, has been selected by such Indemnified Person with
reasonable care by or on behalf of the Trust, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders of Securities might properly be
paid.

Section
9.3.           Fiduciary Duty.

(a)           To the extent that, at law or in
equity, an Indemnified Person has duties (including fiduciary duties) and
liabilities relating thereto to the Trust or to any other Covered Person, an
Indemnified Person acting under this Declaration shall not be liable to the
Trust or to any other Covered Person for its good faith reliance on the
provisions of this Declaration.  The
provisions of this Declaration, to the extent that they restrict the duties and
liabilities of an Indemnified Person otherwise existing at law or in equity,
are agreed by the parties hereto to replace such other duties and liabilities
of the Indemnified Person.

(b)           Whenever in this Declaration an
Indemnified Person is permitted or required to make a decision:

(i)            in
its “discretion” or under a grant of similar authority, the Indemnified Person
shall be entitled to consider such interests and factors as it desires, including
its own interests, and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Trust or any other
Person; or

(ii)           in
its “good faith” or under another express standard, the Indemnified Person
shall act under such express standard and shall not be subject to any other or
different standard imposed by this Declaration or by applicable law.

 

 44

Section 9.4.           Indemnification.

(a)           The Sponsor shall
indemnify, to the full extent permitted by law, any Indemnified Person who was
or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the Trust) arising
out of or in connection with the acceptance or administration of this
Declaration by reason of the fact that he is or was an Indemnified Person
against expenses (including reasonable attorneys’ fees and expenses),
judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful.  The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that the Indemnified Person did not act in good faith and
in a manner which he reasonably believed to be in or not opposed to the best
interests of the Trust, and, with respect to any criminal action or proceeding,
had reasonable cause to believe that his conduct was unlawful.

(b)           The Sponsor shall
indemnify, to the full extent permitted by law, any Indemnified Person who was
or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Trust to procure a judgment
in its favor arising out of or in connection with the acceptance or
administration of this Declaration by reason of the fact that he is or was an
Indemnified Person against expenses (including reasonable attorneys’ fees and
expenses) actually and reasonably incurred by him in connection with the
defense or settlement of such action or suit if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of
the Trust; provided, however, that no such indemnification shall
be made in respect of any claim, issue or matter as to which such Indemnified
Person shall have been adjudged to be liable to the Trust unless and only to
the extent that the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which such court shall deem proper.

(c)           Promptly after
receipt by an Indemnified Party of notice of the commencement of any action,
such Indemnified Party shall, if a claim in respect thereof is to be made
against the Sponsor under this Section 9.4, notify the Sponsor in writing
of the commencement thereof; but the omission to so notify the Sponsor shall
not relieve it from any liability pursuant to Section 9.4 which the Sponsor may
have to any Indemnified Party unless and to the extent that the Sponsor did not
otherwise learn of such action and such failure by the Indemnified Party
results in the forfeiture by the Sponsor of substantial rights and defenses.  In case any such action is brought against
any Indemnified Party and such Indemnified Party seeks or intends to seek
indemnity from the Sponsor, the Sponsor shall be entitled to participate in,
and, to the extent that it may wish, to assume the defense thereof with counsel
reasonably satisfactory to such Indemnified Party; provided, however,
if the defendants in any such action include both the Indemnified Party and the
Sponsor and the Indemnified Party shall have reasonably concluded that there
may be a conflict between the positions of the Sponsor and the Indemnified
Party in conducting the defense of any such action or that there may be legal
defenses available to it 

 45
 

and/or other Indemnified Parties which are different from or additional
to those available to the Sponsor, the Indemnified Party shall have the right
to select separate counsel to assume such legal defenses and to otherwise
participate in the defense of such action on behalf of such Indemnified
Party.  Upon receipt of notice from the
Sponsor to such Indemnified Party of their election to so assume the defense of
such action and approval by the Indemnified Party of counsel, the Sponsor shall
not be liable to such Indemnified Party under this Section 9.4 for any
legal or other expenses subsequently incurred by such Indemnified Party in
connection with the defense thereof unless (a) the Indemnified Party shall
have employed such counsel in connection with the assumption of legal defenses
in accordance with the proviso in the preceding sentence (it being understood,
however, that the Sponsor shall not be liable for the expenses of more than one
separate counsel representing the Indemnified Parties who are parties to such
action), or (b) the Sponsor shall not have employed counsel reasonably
satisfactory to the Indemnified Party to represent the Indemnified Party within
a reasonable time after notice of commencement of the action, in each of which
cases the fees and expenses of counsel of such Indemnified Party shall be at
the expense of the Sponsor.

(d)           To the extent that an Indemnified
Person shall be successful on the merits or otherwise (including dismissal of
an action without prejudice or the settlement of an action without admission of
liability) in defense of any action, suit or proceeding referred to in paragraphs (a)
and (b) of this Section 9.4, or in defense of any claim, issue or matter
therein, he shall be indemnified, to the full extent permitted by law, against
expenses (including attorneys’ fees and expenses) actually and reasonably
incurred by him in connection therewith.

(e)           Any indemnification
of an Administrator under paragraphs (a) and (b) of this Section 9.4
(unless ordered by a court) shall be made by the Sponsor only as authorized in
the specific case upon a determination that indemnification of the Indemnified
Person is proper in the circumstances because he has met the applicable
standard of conduct set forth in paragraphs (a) and (b).  Such determination shall be made (i) by
the Administrators by a majority vote of a Quorum consisting of such Administrators
who were not parties to such action, suit or proceeding, (ii) if such a
Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested
Administrators so directs, by independent legal counsel in a written opinion,
or (iii) by the Common Security Holder of the Trust.

(f)            To the fullest extent permitted by
law, and subject to paragraph (c) above, expenses (including reasonable
attorneys’ fees and expenses) incurred by an Indemnified Person in defending a
civil, criminal, administrative or investigative action, suit or proceeding
referred to in paragraphs (a) and (b) of this Section 9.4 shall be paid by
the Sponsor in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such Indemnified
Person to repay such amount if it shall ultimately be determined that he is not
entitled to be indemnified by the Sponsor as authorized in this Section
9.4.  Notwithstanding the foregoing, no
advance shall be made by the Sponsor if a determination is reasonably and
promptly made (i) by the Administrators by a majority vote of a Quorum of
disinterested Administrators, (ii) if such a Quorum is not obtainable, or,
even if obtainable, if a Quorum of disinterested Administrators so directs, by
independent legal counsel in a written opinion, or (iii) by the Common
Security Holder of the Trust, that, based upon the facts known to the
Administrators, counsel or the Common Security Holder at the time such
determination is made, such Indemnified Person acted in bad faith or in a
manner that such Indemnified Person did not 

 46
 

believe to be in the best interests of the Trust, or, with respect to
any criminal proceeding, that such Indemnified Person believed or had
reasonable cause to believe his conduct was unlawful.  In no event shall any advance be made in
instances where the Administrators, independent legal counsel or the Common
Security Holder reasonably determine that such Indemnified Person deliberately
breached his duty to the Trust or its Common or Capital Security Holders.

(g)           The Trustees, at the sole cost and
expense of the Sponsor, retain the right to representation by counsel of their
own choosing in any action, suit or any other proceeding for which it is
indemnified under paragraphs (a) and (b) of this Section 9.4, without
affecting their right to indemnification hereunder or waiving any rights
afforded to them under this Declaration or applicable law.

(h)           The indemnification and advancement
of expenses provided by, or granted pursuant to, the other paragraphs of this
Section 9.4 shall not be deemed exclusive of any other rights to which those
seeking indemnification and advancement of expenses may be entitled under any
agreement, vote of stockholders or disinterested directors of the Sponsor or
Capital Security Holders of the Trust or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such
office.  All rights to indemnification
under this Section 9.4 shall be deemed to be provided by a contract
between the Sponsor and each Indemnified Person who serves in such capacity at
any time while this Section 9.4 is in effect. 
Any repeal or modification of this Section 9.4 shall not affect any
rights or obligations then existing.

(i)            The Sponsor or the Trust may
purchase and maintain insurance on behalf of any Person who is or was an
Indemnified Person against any liability asserted against him and incurred by
him in any such capacity, or arising out of his status as such, whether or not
the Sponsor would have the power to indemnify him against such liability under
the provisions of this Section 9.4.

(j)            For purposes of this Section 9.4,
references to “the Trust” shall include, in addition to the resulting or
surviving entity, any constituent entity (including any constituent of a
constituent) absorbed in a consolidation or merger, so that any Person who is
or was a director, trustee, officer or employee of such constituent entity, or
is or was serving at the request of such constituent entity as a director,
trustee, officer, employee or agent of another entity, shall stand in the same
position under the provisions of this Section 9.4 with respect to the resulting
or surviving entity as he would have with respect to such constituent entity if
its separate existence had continued.

(k)           The indemnification
and advancement of expenses provided by, or granted pursuant to, this Section
9.4 shall, unless otherwise provided when authorized or ratified,
(i) continue as to a Person who has ceased to be an Indemnified Person and
shall inure to the benefit of the heirs, executors and administrators of such a
Person, and (ii) survive the termination or expiration of this Declaration
or the earlier removal or resignation of an Indemnified Person.

Section 9.5.           Outside Businesses.  Any Covered Person, the Sponsor, the Delaware
Trustee and the Institutional Trustee may engage in or possess an interest in
other business 

 47
 

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 Securities shall have no rights by virtue of this Declaration 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.  None of any Covered Person, the Sponsor, the
Delaware Trustee or the Institutional 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 any Covered Person, the Sponsor, the Delaware Trustee and the
Institutional 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 Covered Person, the Delaware Trustee and the Institutional Trustee
may engage or be interested in any financial or other transaction with the
Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee
or agent for, or act on any committee or body of holders of, securities or
other obligations of the Sponsor or its Affiliates.

Section 9.6.           Compensation; Fee.  The Sponsor agrees:

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

(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 (including the
reasonable compensation and the expenses and disbursements of their respective
agents and counsel), except any such expense, disbursement or advance as may be
attributable to its negligence, bad faith or willful misconduct.

The provisions of this
Section 9.6 shall survive the dissolution of the Trust and the termination of
this Declaration and the removal or resignation of any Trustee.

No Trustee may claim any
lien or charge on any property of the Trust as a result of any amount due
pursuant to this Section 9.6.

ARTICLE X.

TAX AND ACCOUNTING

Section 10.1.        Fiscal Year.  The fiscal year (the “Fiscal Year”) of
the Trust shall be the calendar year, or such other year as is required by the
Code.

Section 10.2.        Certain Accounting Matters.

(a)           At all times during
the existence of the Trust, the Administrators shall keep, or cause to be kept
at the principal office of the Trust in the United States, as defined for
purposes of Treasury Regulations Section 301.7701-7, full books of account,
records and supporting documents, which shall reflect in reasonable detail each
transaction of the Trust.  The books of 

 48
 

account shall be maintained, at the Sponsor’s expense, in accordance
with generally accepted accounting principles, consistently applied.  The books of account and the records of the
Trust shall be examined by and reported upon (either separately or as part of
the Sponsor’s regularly prepared consolidated financial report) as of the end
of each Fiscal Year of the Trust by a firm of independent certified public
accountants selected by the Administrators.

(b)           The Administrators
shall cause to be duly prepared and delivered to each of the Holders of
Securities all annual United States federal income tax information statements
required by the Code, if any, containing such information with regard to the
Securities held by each Holder as is required by the Code and the Treasury
Regulations.  Notwithstanding any right
under the Code to deliver any such statement at a later date, the
Administrators shall endeavor to deliver all such statements within
30 days after the end of each Fiscal Year of the Trust.

(c)           The Administrators,
at the Sponsor’s expense, shall cause to be duly prepared at the principal
office of the Sponsor in the United States, as ‘United States’ is defined in
Section 7701(a)(9) of the Code (or at the principal office of the Trust if the
Sponsor has no such principal office in the United States), and filed an annual
United States federal income tax return on a Form 1041 or such other form
required by United States federal income tax law, if any, and any other annual
income tax returns required to be filed by the Administrators on behalf of the
Trust with any state or local taxing authority.

Section 10.3.        Banking.  The Trust shall maintain in the United
States, as defined for purposes of Treasury Regulations Section 301.7701-7, one
or more bank accounts in the name and for the sole benefit of the Trust; provided,
however, that all payments of funds in respect of the Debentures held by
the Institutional Trustee shall be made directly to the Property Account and no
other funds of the Trust shall be deposited in the Property Account.  The sole signatories for such accounts
(including the Property Account) shall be designated by the Institutional Trustee.

Section 10.4.        Withholding.  The Institutional Trustee or any Paying Agent
and the Administrators shall comply with all withholding requirements under
United States federal, state and local law. 
The Institutional Trustee or any Paying Agent shall request, and each
Holder shall provide to the Institutional Trustee or any Paying Agent, such
forms or certificates as are necessary to establish an exemption from
withholding with respect to the Holder, and any representations and forms as
shall reasonably be requested by the Institutional Trustee or any Paying Agent
to assist it in determining the extent of, and in fulfilling, its withholding
obligations.  The Administrators shall
file required forms with applicable jurisdictions and, unless an exemption from
withholding is properly established by a Holder, shall remit amounts withheld
with respect to the Holder to applicable jurisdictions.  To the extent that the Institutional Trustee
or any Paying Agent is required to withhold and pay over any amounts to any
authority with respect to distributions or allocations to any Holder, the
amount withheld shall be deemed to be a Distribution in the amount of the
withholding to the Holder.  In the event
of any claimed overwithholding, Holders shall be limited to an action against
the applicable jurisdiction.  If the
amount required to be withheld was not withheld from actual Distributions made,
the Institutional Trustee or any Paying Agent may reduce subsequent
Distributions by the amount of such withholding.

 49
 

Section 10.5.        Intention of the Parties.  It is the intention of the parties hereto
that the Trust be classified for United States federal income tax purposes as a
grantor trust. The provisions of this Declaration shall be interpreted to
further this intention of the parties.

ARTICLE
XI.

AMENDMENTS AND MEETINGS

Section 11.1.        Amendments.

(a)           Except as otherwise
provided in this Declaration or by any applicable terms of the Securities, this
Declaration may only be amended by a written instrument approved and executed by
the Institutional Trustee, or (ii) if the amendment affects the rights, powers,
duties, obligations or immunities of the Delaware Trustee, by the Delaware
Trustee..

(b)           Notwithstanding any
other provision of this Article XI, an amendment may be made, and any such
purported amendment shall be valid and effective only if:

(i)            the Institutional Trustee shall have
first received:

(A)          an Officers’ Certificate from each of
the Trust and the Sponsor that such amendment is permitted by, and conforms to,
the terms of this Declaration (including the terms of the Securities); and

(B)           an opinion of counsel (who may be
counsel to the Sponsor or the Trust) that such amendment is permitted by, and
conforms to, the terms of this Declaration (including the terms of the Securities)
and all conditions precedent to the execution and delivery of such amendment
have been satisfied; and

(ii)           the result of such amendment would
not be to

(A)          cause the Trust to cease to be
classified for purposes of United States federal income taxation as a grantor
trust; or

(B)           cause the Trust to be deemed to be an
Investment Company required to be registered under the Investment Company Act.

(c)           Except as provided
in Section 11.1(d), (e) or (h), no amendment shall be made, and any such
purported amendment shall be void and ineffective unless the Holders of a
Majority in liquidation amount of the Capital Securities shall have consented
to such amendment.

(d)           In addition to and
notwithstanding any other provision in this Declaration, without the consent of
each affected Holder, this Declaration may not be amended to (i) change
the amount or timing of any Distribution on the Securities or any redemption or
liquidation provisions applicable to the Securities or otherwise adversely
affect the amount of any Distribution required to be made in respect of the
Securities as of a specified date, or (ii) restrict 

 50
 

the right of a Holder to institute suit for the enforcement of any such
payment on or after such date.

(e)           Sections 9.1(b) and
9.1(c) and this Section 11.1 shall not be amended without the consent of all of
the Holders of the Securities.

(f)            Article III
shall not be amended without the consent of the Holders of a Majority in
liquidation amount of the Common Securities.

(g)           The rights of the
Holders of the Capital Securities or Common Securities, as applicable, under
Article IV to appoint and remove the Trustees shall not be amended without
the consent of the Holders of a Majority in liquidation amount of the Capital
Securities or Common Securities, as applicable.

(h)           This Declaration may
be amended by the Institutional Trustee and the Holders of a Majority in
liquidation amount of the Common Securities without the consent of the Holders
of the Capital Securities to:

(i)            cure any ambiguity;

(ii)           correct or supplement any provision
in this Declaration that may be defective or inconsistent with any other
provision of this Declaration;

(iii)          add to the covenants, restrictions or
obligations of the Sponsor; or

(iv)          modify, eliminate or add to any
provision of this Declaration to such extent as may be necessary to ensure that
the Trust will be classified for United States federal income tax purposes at
all times as a grantor trust and will not be required to register as an “investment
company” under the Investment Company Act (including without limitation to
conform to any change in Rule 3a-5, Rule 3a-7 or any
other applicable rule under the Investment Company Act or written change in
interpretation or application thereof by any legislative body, court, government
agency or regulatory authority) which amendment does not have a material
adverse effect on the rights, preferences or privileges of the Holders of
Securities;

provided, however,
that no such modification, elimination or addition referred to in clauses (i),
(ii), (iii) or (iv) shall adversely affect in any material respect the powers,
preferences or special rights of Holders of Capital Securities.

Section 11.2.        Meetings of the Holders of the Securities; Action
by Written Consent.

(a)           Meetings of the Holders
of the Capital Securities or the Common Securities may be called at any time by
the Administrators (or as provided in the terms of the Securities) to consider
and act on any matter on which Holders of such Securities are entitled to act
under the terms of this Declaration or the terms of the Securities.  The Administrators shall call a meeting of
the Holders of such class if directed to do so by the Holders of at least 10%
in liquidation amount of such Securities. 
Such direction shall be given by delivering to the Administrators one or
more notices in a writing stating that the signing Holders of such Securities
wish to call a 

 51
 

meeting and indicating the general or specific purpose for which the
meeting is to be called.  Any Holders of
the Securities calling a meeting shall specify in writing the Certificates held
by the Holders of the Securities exercising the right to call a meeting and
only those Securities represented by such Certificates shall be counted for
purposes of determining whether the required percentage set forth in the second
sentence of this paragraph has been met.

(b)           Except to the extent
otherwise provided in the terms of the Securities, the following provisions
shall apply to meetings of Holders of the Securities:

(i)            notice of any such meeting shall be
given to all the Holders of the Securities having a right to vote thereat at
least 7 days and not more than 60 days before the date of such
meeting.  Whenever a vote, consent or
approval of the Holders of the Securities is permitted or required under this
Declaration, such vote, consent or approval may be given at a meeting of the
Holders of the Securities.  Any action
that may be taken at a meeting of the Holders of the Securities may be taken
without a meeting if a consent in writing setting forth the action so taken is
signed by the Holders of the Securities owning not less than the minimum
liquidation amount of Securities that would be necessary to authorize or take
such action at a meeting at which all Holders of the Securities having a right
to vote thereon were present and voting. 
Prompt notice of the taking of action without a meeting shall be given
to the Holders of the Securities entitled to vote who have not consented in
writing.  The Administrators may specify
that any written ballot submitted to the Holders of the Securities for the
purpose of taking any action without a meeting shall be returned to the Trust
within the time specified by the Administrators;

(ii)           each Holder of a Security may
authorize any Person to act for it by proxy on all matters in which a Holder of
Securities is entitled to participate, including waiving notice of any meeting,
or voting or participating at a meeting. No proxy shall be valid after the
expiration of 11 months from the date thereof unless otherwise provided in
the proxy.  Every proxy shall be
revocable at the pleasure of the Holder of the Securities executing it.  Except as otherwise provided herein, all
matters relating to the giving, voting or validity of proxies shall be governed
by the General Corporation Law of the State of Delaware relating to proxies,
and judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Securities were stockholders of a Delaware
corporation; each meeting of the Holders of the Securities shall be conducted
by the Administrators or by such other Person that the Administrators may
designate; and

(iii)          unless the Statutory Trust Act, this
Declaration, or the terms of the Securities otherwise provides, the
Administrators, in their sole discretion, shall establish all other provisions
relating to meetings of Holders of Securities, including notice of the time,
place or purpose of any meeting at which any matter is to be voted on by any
Holders of the Securities, waiver of any such notice, action by consent without
a meeting, the establishment of a record date, quorum requirements, voting in
person or by proxy or any other matter with respect to the exercise of any such
right to vote; provided, however, that each meeting shall be
conducted in the United States (as that term is defined in Treasury Regulations
section 301.7701-7).

 52
 

ARTICLE
XII.

REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND THE DELAWARE TRUSTEE

Section 12.1.        Representations and Warranties of Institutional
Trustee.  The initial
Institutional Trustee represents and warrants to the Trust and to the Sponsor
at the date of this Declaration, and each Successor Institutional Trustee
represents and warrants to the Trust and the Sponsor at the time of the
Successor Institutional Trustee’s acceptance of its appointment as
Institutional Trustee, that:

(a)           the Institutional
Trustee is a banking corporation or national association with trust powers,
duly organized and validly existing under the laws of the United States of
America or any state thereof with trust power and authority to execute and
deliver, and to carry out and perform its obligations under the terms of, this
Declaration;

(b)           the Institutional
Trustee has a combined capital and surplus of at least fifty million U.S.
dollars ($50,000,000);

(c)           the execution,
delivery and performance by the Institutional Trustee of this Declaration has
been duly authorized by all necessary corporate action on the part of the
Institutional Trustee.  This Declaration
has been duly executed and delivered by the Institutional Trustee, and it
constitutes a legal, valid and binding obligation of the Institutional Trustee,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, reorganization, moratorium, insolvency, and other similar laws
affecting creditors’ rights generally and to general principles of equity
(regardless of whether considered in a proceeding in equity or at law);

(d)           the execution,
delivery and performance of this Declaration by the Institutional Trustee does
not conflict with or constitute a breach of the charter or by-laws of the
Institutional Trustee; and

(e)           no consent, approval
or authorization of, or registration with or notice to, any state or federal
banking authority is required for the execution, delivery or performance by the
Institutional Trustee of this Declaration.

Section 12.2.        Representations of the Delaware Trustee.  The Trustee that acts as
initial Delaware Trustee represents and warrants to the Trust and to the
Sponsor at the date of this Declaration, and each Successor Delaware Trustee
represents and warrants to the Trust and the Sponsor at the time of the
Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee
that:

(a)           if it is not a
natural person, the Delaware Trustee is duly organized, validly existing and in
good standing under the laws of the State of Delaware;

(b)           if it is not a
natural person, the execution, delivery and performance by the Delaware Trustee
of this Declaration has been duly authorized by all necessary corporate action
on the part of the Delaware Trustee. 
This Declaration has been duly executed and delivered by 

 53
 

the Delaware Trustee, and under Delaware law (excluding any securities
laws) constitutes a legal, valid and binding obligation of the Delaware
Trustee, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, reorganization, moratorium, insolvency and other similar
laws affecting creditors’ rights generally and to general principles of equity
and the discretion of the court (regardless of whether considered in a
proceeding in equity or at law);

(c)           if it is not a
natural person, the execution, delivery and performance of this Declaration by
the Delaware Trustee does not conflict with or constitute a breach of the
charter or by-laws of the Delaware Trustee;

(d)           it has trust power
and authority to execute and deliver, and to carry out and perform its
obligations under the terms of, this Declaration;

(e)           no consent, approval
or authorization of, or registration with or notice to, any state or federal
banking authority governing the trust powers of the Delaware Trustee is
required for the execution, delivery or performance by the Delaware Trustee of
this Declaration; and

(f)            the Delaware
Trustee is a natural person who is a resident of the State of Delaware or, if
not a natural person, it is an entity which has its principal place of business
in the State of Delaware and, in either case, a Person that satisfies for the
Trust the requirements of Section 3807 of the Statutory Trust Act.

ARTICLE
XIII.

MISCELLANEOUS

Section 13.1.        Notices.  All notices provided for in this Declaration
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied (which telecopy shall be followed by notice delivered or
mailed by first class mail) or mailed by first class mail, as follows:

(a)           if given to the
Trust in care of the Administrators at the Trust’s mailing address set forth
below (or such other address as the Trust may give notice of to the Holders of
the Securities):

Universal American
Statutory Trust VI

c/o Universal
American Financial Corp.

6 International
Drive, Suite 190

Rye Brook, New
York 10573

Attention:  Robert A. Waegelein

Telecopy:  (914) 934-2949

(b)           if given to the Delaware
Trustee, at the Delaware Trustee’s mailing address set forth below (or such
other address as the Delaware Trustee may give notice of to the Holders of the
Securities):

Wilmington Trust Company

1100 North Market Street

 54
 

Wilmington, Delaware 19890-1600

Attention: 
Corporate Trust Administration

Telecopy:  302-636-4140

(c)           if given to the
Institutional Trustee, at the Institutional Trustee’s mailing address set forth
below (or such other address as the Institutional Trustee may give notice of to
the Holders of the Securities):

Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 
19890-1600

Attention: 
Corporate Trust Administration

Telecopy:  302-636-4140

(d)           if given to the
Holder of the Common Securities, at the mailing address of the Sponsor set
forth below (or such other address as the Holder of the Common Securities may
give notice of to the Trust):

Universal American
Financial Corp.

6 International
Drive, Suite 190

Rye Brook, New
York 10573

Attention:  Robert A. Waegelein

Telecopy:  (914) 934-2949

(e)           if given to any
other Holder, at the address set forth on the books and records of the Trust.

All such notices shall be
deemed to have been given when received in person, telecopied with receipt
confirmed, or mailed by first class mail, postage prepaid except that if a
notice or other document is refused delivery or cannot be delivered because of
a changed address of which no notice was given, such notice or other document
shall be deemed to have been delivered on the date of such refusal or inability
to deliver.

Section 13.2.        Governing Law.  This Declaration and the rights and
obligations of the parties hereunder shall be governed by and interpreted in
accordance with the law 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 jurisdiction other than the State of Delaware; provided,
however, that there shall not be applicable to the Trust, the Trustees
or this Declaration 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
governmental 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, or (f) restrictions
or limitations on the permissible nature, amount or concentration 

 55
 

of trust investments or requirements relating to the titling, storage
or other manner of holding or investing trust assets.

Section 13.3.        Intention of the Parties.  It is the intention of the parties hereto
that the Trust be classified for United States federal income tax purposes as a
grantor trust. The provisions of this Declaration shall be interpreted to
further this intention of the parties.

Section 13.4.        Headings.  Headings contained in this Declaration are
inserted for convenience of reference only and do not affect the interpretation
of this Declaration or any provision hereof.

Section 13.5.        Successors and Assigns.  Whenever in this Declaration any of the parties
hereto is named or referred to, the successors and assigns of such party shall
be deemed to be included, and all covenants and agreements in this Declaration
by the Sponsor and the Trustees shall bind and inure to the benefit of their
respective successors and assigns, whether or not so expressed.

Section 13.6.        Partial Enforceability.  If any provision of this Declaration, or the
application of such provision to any Person or circumstance, shall be held
invalid, the remainder of this Declaration, or the application of such
provision to persons or circumstances other than those to which it is held
invalid, shall not be affected thereby.

Section 13.7.        Counterparts.  This Declaration may contain more than one
counterpart of the signature page and this Declaration may be executed by the
affixing of the signature of each of the Trustees and Administrators to any of
such counterpart signature pages.  All of
such counterpart signature pages shall be read as though one, and they shall
have the same force and effect as though all of the signers had signed a single
signature page.

Signatures
appear on the following page

 56
 

IN WITNESS WHEREOF, the
undersigned have caused these presents to be executed as of the day and year
first above written.

	
  

  	
  WILMINGTON TRUST COMPANY

  
	
   

  	
  as Institutional
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher J. Slaybaugh

  
	
   

  	
   

  	
  Name: Christopher J. Slaybaugh

  
	
   

  	
   

  	
  Title: Senior Financial Services Officer

  
	
   

  	
   

  
	
   

  	
  WILMINGTON
  TRUST COMPANY

  
	
   

  	
  as Delaware
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 
  Christopher J. Slaybaugh

  
	
   

  	
   

  	
  Name: Christopher J. Slaybaugh

  
	
   

  	
   

  	
  Title: Senior Financial Services Officer

  
	
   

  	
   

  
	
   

  	
  UNIVERSAL
  AMERICAN FINANCIAL CORP., as Sponsor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert A. Waegelein

  
	
   

  	
   

  	
  Name: Robert A. Waegelein

  
	
   

  	
   

  	
  Title: Executive Vice President and Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard A. Barasch

  
	
   

  	
   

  	
  Richard A. Barasch, Administrator

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert A. Waegelein

  
	
   

  	
   

  	
  Robert A. Waegelein, Administrator

  
					

 

 57

ANNEX I

TERMS OF
SECURITIES

Pursuant to
Section 6.1 of the Amended and Restated Declaration of Trust, dated as of March
22, 2007 (as amended from time to time, the “Declaration”), the designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Capital Securities and the Common Securities are set out below (each
capitalized term used but not defined herein has the meaning set forth in the
Declaration):

1.             Designation
and Number.

(a)           50,000 Fixed/Floating Rate Capital
Securities of Universal American Statutory Trust VI (the “Trust”), with an
aggregate stated liquidation amount with respect to the assets of the Trust of
Fifty Million dollars ($50,000,000.00) and a stated liquidation amount with
respect to the assets of the Trust of $1,000.00 per Capital Security, are
hereby designated for the purposes of identification only as the “Capital
Securities”.  The Capital Security
Certificates evidencing the Capital Securities shall be substantially in the
form of Exhibit A-1 to the Declaration, with such changes and additions
thereto or deletions therefrom as may be required by ordinary usage, custom or
practice.

(b)           1,547 Fixed/Floating Rate Common
Securities of the Trust (the “Common Securities”) will be evidenced by
Common Security Certificates substantially in the form of Exhibit A-2 to
the Declaration, with such changes and additions thereto or deletions therefrom
as may be required by ordinary usage, custom or practice.

2.             Distributions.

(a)           Distributions will be payable on each
Security for the period beginning on (and including) the date of original
issuance and ending on (but excluding) the Distribution Payment Date in March
2012 at a rate per annum of 7.675% and shall bear interest for each successive
Distribution Period beginning on (and including) the Distribution Payment Date
in March 2012, and each succeeding Distribution Payment Date, and ending on
(but excluding) the next succeeding Distribution Payment Date (each, a “Distribution
Period”) at a rate per annum equal to the 3-Month LIBOR, determined
as described below, plus 2.75% (the “Coupon Rate”) applied to the stated
liquidation amount thereof, such rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee.  Distributions in arrears for more than one
quarterly period will bear interest thereon compounded quarterly at the
applicable Distribution Rate (to the extent permitted by law).  Distributions, as used herein, include cash
distributions, any such compounded distributions and any Additional Sums
payable on the Debentures unless otherwise noted.  A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Institutional
Trustee and to the extent the Institutional Trustee has funds available
therefor. The amount of the Distribution payable (i) for any Distribution
Period commencing on or after the date of original issuance but before the
Distribution Payment Date in March 2012 will be computed on the basis of a
360-day year of twelve 30-day months, it being understood that if a
Distribution is payable on a non Business Day, and the Distribution Payment
Date is on the next succeeding Business Day, no additional interest or other
Distributions shall

 I-1
 

accrue
in respect of any such delay, and (ii) for the Distribution Period commencing on or after the
Distribution Payment Date in March 2012 and each succeeding Distribution Period
will be calculated by applying the Distribution Rate to the stated liquidation
amount outstanding at the commencement of the Distribution Period and
multiplying each such amount by the actual number of days in the Distribution
Period concerned divided by 360.  All
percentages resulting from any calculations on the Capital Securities will be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655), and all
dollar amounts used in or resulting from such calculation will be rounded to
the nearest cent (with one-half cent being rounded upward)).

“3-Month LIBOR”
means the London interbank offered interest rate for three-month, U.S. dollar
deposits determined by the Debenture Trustee in the following order of priority:

(1)           the rate (expressed
as a percentage per annum) for U.S. dollar deposits having a three-month
maturity that appears on Telerate Page 3750 as of 11:00 a.m. (London
time) on the related Determination Date (as defined below).  “Telerate Page 3750” means the display
designated as “Page 3750” on the Moneyline Telerate Service or such other
page as may replace Page 3750 on that service or such other service or
services as may be nominated by the British Bankers’ Association as the
information vendor for the purpose of displaying London interbank offered rates
for U.S. dollar deposits;

(2)           if such rate cannot
be identified on the related Determination Date, the Debenture Trustee will
request the principal London offices of four leading banks in the London interbank
market to provide such banks’ offered quotations (expressed as percentages per
annum) to prime banks in the London interbank market for U.S. dollar deposits
having a three-month maturity as of 11:00 a.m. (London time) on such
Determination Date.  If at least two
quotations are provided, 3-Month LIBOR will be the arithmetic mean of
such quotations;

(3)           if fewer than two
such quotations are provided as requested in clause (2) above, the
Debenture Trustee will request four major New York City banks to provide such
banks’ offered quotations (expressed as percentages per annum) to leading
European banks for loans in U.S. dollars as of 11:00 a.m. (London time) on
such Determination Date.  If at least two
such quotations are provided, 3-Month LIBOR will be the arithmetic mean
of such quotations; and

(4)           if fewer than two
such quotations are provided as requested in clause (3) above, 3-Month
LIBOR will be a 3-Month LIBOR determined with respect to the Distribution
Period immediately preceding such current Distribution Period.

If the rate for U.S.
dollar deposits having a three-month maturity that initially appears on
Telerate Page 3750 as of 11:00 a.m. (London time) on the related
Determination Date is superseded on the Telerate Page 3750 by a corrected
rate by 12:00 noon (London time) on such Determination Date, then the
corrected rate as so substituted on the applicable page will be the applicable
3-Month LIBOR for such Determination Date.

 I-2
 

The Interest Rate for any
Distribution Period will at no time be higher than the maximum rate then
permitted by New York law as the same may be modified by United States law.

“Determination Date”
means the date that is two London Banking Days (i.e., a business day in which
dealings in deposits in U.S. dollars are transacted in the London interbank
market) preceding the particular Distribution Period for which a Coupon Rate is
being determined.

“Interest Rate”
means for the period beginning on (and including) the date of original issuance
and ending on (but excluding) the Distribution Payment Date in March 2012 the
rate per annum of 7.675% and for each Distribution Period thereafter, the
Coupon Rate.

“Maturity Date”
means March 15, 2037.

(b)           Distributions on the Securities will
be cumulative, will accrue from the date of original issuance, and will be
payable, subject to extension of distribution payment periods as described
herein, quarterly in arrears on June 15th,
September 15th, December 15th and March 15th of each year or if such day is not a Business
Day, then the next succeeding Business Day (each a “Distribution Payment
Date”), commencing on the Distribution Payment Date in June 2007 when, as
and if available for payment.  The
Debenture Issuer has the right under the Indenture to defer payments of
interest on the Debentures, so long as no Indenture Event of Default has
occurred and is continuing, by deferring the payment of interest on the
Debentures for up to 20 consecutive quarterly periods (each an “Extension
Period”) at any time and from time to time, subject to the conditions
described below, during which Extension Period no interest shall be due and
payable.  During any Extension Period,
interest will continue to accrue on the Debentures, and interest on such
accrued interest will accrue at an annual rate equal to the Distribution Rate
in effect for each such Extension Period, compounded quarterly (from the date
such interest would have been payable were it not for the Extension Period, to
the extent permitted by law (such interest referred to herein as “Additional
Interest”) during any Extension Period. 
No Extension Period may end on a date other than a Distribution Payment
Date.  At the end of any such Extension
Period the Debenture Issuer shall pay all interest then accrued and unpaid on
the Debentures (together with Additional Interest thereon); provided, however,
that no Extension Period may extend beyond the Maturity Date and provided
further, however, that during any such Extension Period, the
Debenture Issuer shall not, and shall not permit any Affiliate of the Debenture
Issuer controlled by the Debenture Issuer (including, without limitation, any
entity issuing Trust Preferred Securities) to, (i) declare or pay any
dividends or distributions on, or repay, repurchase, redeem, acquire, or make a
liquidation payment with respect to, any of the Debenture Issuer’s or such
Affiliates’ common stock or preferred stock (including, without limitation,
Trust Preferred Securities) (other than payments of dividends or distributions
to the Debenture Issuer or a Subsidiary of the Debenture Issuer) or make any
guarantee payments with respect to the foregoing, or (ii) make any payment
of principal of or interest or premium, if any, on or repay, repurchase or
redeem any debt securities of the Debenture Issuer or any Affiliate of the
Debenture Issuer controlled by the Debenture Issuer that rank pari passu in all respects with or junior in interest
to the Debentures or (iii) enter into, amend or modify any contract with a
shareholder holding more than 10% of the outstanding shares of common stock of
the Sponsor that could require cash payments by the Sponsor to such shareholder
(other than, with respect to clauses (i) and (ii) above,
(a) repurchases, redemptions or other acquisitions of shares of capital
stock of the Debenture Issuer or any Subsidiary of the

 I-3
 

Debenture Issuer in
connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Debenture Issuer or of such Subsidiary (or securities convertible
into or exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as
a result of any exchange or conversion of any class or series of the Debenture
Issuer’s capital stock (or any capital stock of a Subsidiary of the Debenture
Issuer) for any class or series of the Debenture Issuer’s capital stock (or in
the case of a Subsidiary of the Debenture Issuer, any class or series of such
Subsidiary’s capital stock) or of any class or series of the Debenture Issuer’s
indebtedness for any class or series of the Debenture Issuer’s capital stock
(or in the case of indebtedness of a Subsidiary of the Debenture Issuer, of any
class or series of such Subsidiary’s indebtedness for any class or series of
such Subsidiary’s capital stock), (c) the purchase of fractional interests
in shares of the Debenture Issuer’s capital stock (or the capital stock of a
Subsidiary of the Sponsor) pursuant to the conversion or exchange provisions of
such capital stock or the security being converted or exchanged, (d) any
declaration of a dividend in connection with any stockholders’ rights plan, or
the issuance of rights, stock or other property under any stockholders’ rights
plan, or the redemption or repurchase of rights pursuant thereto, (e) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock
and any cash payments in lieu of fractional shares issued in connection
therewith, or (f)  payments under the Capital Securities Guarantee).  Prior to the termination of any Extension
Period, the Debenture Issuer may further extend such period, provided that such
period together with all such previous and further consecutive extensions
thereof shall not exceed 20 consecutive quarterly periods, or extend beyond the
Maturity Date.  Upon the termination of
any Extension Period and upon the payment of all accrued and unpaid interest
and Additional Interest, the Debenture Issuer may commence a new Extension
Period, subject to the foregoing requirements. 
No interest or Additional Interest shall be due and payable during an
Extension Period, except at the end thereof, but each installment of interest
that would otherwise have been due and payable during such Extension Period
shall bear Additional Interest.  During
any Extension Period, Distributions on the Securities shall be deferred for a
period equal to the Extension Period.  If
Distributions are deferred, the Distributions due shall be paid on the date
that the related Extension Period terminates, to Holders of the Securities as
they appear on the books and records of the Trust on the record date
immediately preceding such date. 
Distributions on the Securities must be paid on the dates payable (after
giving effect to any Extension Period) to the extent that the Trust has funds
available for the payment of such distributions in the Property Account of the
Trust.  The Trust’s funds available for Distribution
to the Holders of the Securities will be limited to payments received from the
Debenture Issuer.  The payment of
Distributions out of moneys held by the Trust is guaranteed by the Guarantor
pursuant to the Guarantee.

(c)           Distributions on the Securities will
be payable to the Holders thereof as they appear on the books and records of
the Trust on the relevant record dates. 
The relevant record dates shall be 15 days before the relevant
Distribution Payment Date.  Distributions
payable on any Securities that are not punctually paid on any Distribution
Payment Date, as a result of the Debenture Issuer having failed to make a
payment under the Debentures, as the case may be, when due (taking into account
any Extension Period), will cease to be payable to the

 I-4
 

Person in whose name such
Securities are registered on the relevant record date, and such defaulted
Distribution will instead be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture.

(d)           In the event that there is any money
or other property held by or for the Trust that is not accounted for hereunder,
such property shall be distributed Pro Rata (as defined herein) among the
Holders of the Securities.

3.             Liquidation Distribution Upon Dissolution.  In the event of the voluntary or involuntary
liquidation, dissolution, winding-up or termination of the Trust (each a “Liquidation”)
other than in connection with a redemption of the Debentures, the Holders of
the Securities will be entitled to receive out of the assets of the Trust
available for distribution to Holders of the Securities, after satisfaction of
liabilities to creditors of the Trust (to the extent not satisfied by the
Debenture Issuer), distributions equal to the lesser of (i) the aggregate of
the stated liquidation amount of $1,000.00 per Security plus accrued and unpaid
Distributions thereon to the date of payment, to the extent the Trust shall
have funds available therefor, and (ii) the amount of assets of the Trust
remaining available for contributions to Holders in liquidation of the Trust
(such amount being, the “Liquidation Distribution”), unless in
connection with such Liquidation, the Debentures in an aggregate stated
principal amount equal to the aggregate stated liquidation amount of such
Securities, with an interest rate equal to the Distribution Rate of, and
bearing accrued and unpaid interest in an amount equal to the accrued and
unpaid Distributions on, and having the same record date as, such Securities,
after paying or making reasonable provision to pay all claims and obligations
of the Trust in accordance with the Statutory Trust Act, shall be distributed
on a Pro Rata basis to the Holders of the Securities in exchange for such
Securities.

The Sponsor, as the
Holder of all of the Common Securities, has the right at any time to dissolve
the Trust (including, without limitation, upon the occurrence of a Special
Event) and, after satisfaction of liabilities to creditors of the Trust, cause
the Debentures to be distributed to the Holders of the Securities on a Pro Rata
basis in accordance with the aggregate stated liquidation amount thereof.

If a Liquidation of the
Trust occurs as described in clause (i), (ii), (iii) or (v) in Section
7.1(a) of the Declaration, the Trust shall be liquidated by the Institutional
Trustee as expeditiously as it determines to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust, to the Holders of the
Securities, the Debentures on a Pro Rata basis to the extent not satisfied by
the Debenture Issuer, unless such distribution is determined by the
Institutional Trustee not to be practical, in which event such Holders will be
entitled to receive out of the assets of the Trust available for distribution
to the Holders, after satisfaction of liabilities of creditors of the Trust to
the extent not satisfied by the Debenture Issuer, an amount equal to the
Liquidation Distribution.  An early
Liquidation of the Trust pursuant to clause (iv) of Section 7.1(a) of the
Declaration shall occur if the Institutional Trustee determines that such
Liquidation is possible by distributing, after satisfaction of liabilities to
creditors of the Trust, to the Holders of the Securities on a Pro Rata basis,
the Debentures, and such distribution occurs.

 I-5
 

If, upon any such
Liquidation 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 the amounts payable directly by the Trust on
such Capital Securities shall be paid to the Holders of the Securities on a Pro
Rata basis, except that if an Event of Default has occurred and is continuing,
the Capital Securities shall have a preference over the Common Securities with
regard to such distributions.

After the date for any
distribution of the Debentures upon dissolution of the Trust (i) the
Securities of the Trust will be deemed to be no longer outstanding,
(ii) upon surrender of a Holder’s Securities certificate, such Holder of
the Securities will receive a certificate representing the Debentures to be
delivered upon such distribution, (iii) any certificates representing the
Securities still outstanding will be deemed to represent undivided beneficial
interests in such of the Debentures as have an aggregate principal amount equal
to the aggregate stated liquidation amount with an interest rate identical to
the Distribution Rate of, and bearing accrued and unpaid interest equal to
accrued and unpaid distributions on, the Securities until such certificates are
presented to the Debenture Issuer or its agent for transfer or reissuance (and
until such certificates are so surrendered, no payments of interest or
principal shall be made to Holders of Securities in respect of any payments due
and payable under the Debentures; provided, however that such
failure to pay shall not be deemed to be an Event of Default and shall not
entitle the Holder to the benefits of the Guarantee), and (iv) all rights
of Holders of Securities under the Declaration shall cease, except the right of
such Holders to receive Debentures upon surrender of certificates representing
such Securities.

4.             Redemption
and Distribution.

(a)           The Debentures will mature on March
15, 2037. The Debentures may be redeemed by the Debenture Issuer, in whole or
in part on any Distribution Payment Date on or after the Distribution Payment
Date in March 2012, at the Optional Redemption Price. In addition, the
Debentures may be redeemed by the Debenture Issuer at the Special Redemption
Price, in whole but not in part, at any Distribution Payment Date, upon the
occurrence and continuation of a Special Event within 120 days following
the occurrence of such Special Event at the Special Redemption Price, upon not
less than 30 nor more than 60 days’ notice to holders of such
Debentures so long as such Special Event is continuing. The Sponsor shall
appoint a Quotation Agent, which initially shall be Wilmington Trust Company,
for the purpose of performing the services contemplated in or by reference in,
the definition of Special Redemption Price. 
Any error in the calculation of the Special Redemption Price by the
Quotation Agent or the Debenture Trustee may be corrected at any time by notice
delivered to the Sponsor and the holders of the Capital Securities.  Subject to the corrective rights set forth
above, all certificates, communications, opinions, determinations,
calculations, quotations and decisions given, expressed, made or  obtained for the purposes of the provisions
relating to the payment and calculation of the Special Redemption Price on the
Debentures or the Capital Securities by the Debenture Trustee, the Quotation
Agent or the  Institutional Trustee, as
the case may be, shall (in the absence of willful default, bad faith or
manifest error) be final, conclusive and binding on the holders of the
Debentures and the Capital Securities, the Trust and the Sponsor, and no
liability shall attach (except as provided above) to the Debenture Trustee, the
Quotation Agent or the Institutional Trustee in connection with the exercise or
non-exercise by any of them of their respective powers, duties and discretion.

 I-6
 

“Comparable Treasury
Issue” means with respect to any Special Redemption Date the United States
Treasury security selected by the Quotation Agent as having a maturity
comparable to the Fixed Rate Period Remaining Life that would be utilized, at
the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
Fixed Rate Period Remaining Life.  If no
United States Treasury security has a maturity which is within a period from
three months before to three months after the Distribution Payment Date in
March 2012,  the two most closely
corresponding fixed, non-callable United States Treasury securities, as
selected by the Quotation Agent, shall be used as the Comparable Treasury
Issue, and the Treasury Rate shall be interpolated and extrapolated on a
straight-line basis, rounding to the nearest month using such securities.

“Comparable Treasury
Price” means (a) the average of five Reference Treasury Dealer Quotations
for such Special Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations, or (b) if the Quotation Agent obtains
fewer than five such Reference Treasury Dealer Quotations, the average of all
such Quotations.

“Federal Reserve”
means the Board of Governors of the Federal Reserve System and any successor
federal agency.

“Fixed Rate Period
Remaining Life” means, with respect to any Debenture, the period from the
Special Redemption Date for such Debenture to the Distribution Payment Date in
March 2012.

“Investment Company
Event” means the receipt by the Debenture Issuer and the Trust of an
opinion of counsel experienced in such matters to the effect that, as a result
of the occurrence of a change in law or regulation or written change (including
any announced prospective change) in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that the Trust is or,
within 90 days of the date of such opinion, will be considered an Investment
Company that is required to be registered under the Investment Company Act
which change or prospective change becomes effective or would become effective,
as the case may be, on or after the date of the issuance of the Debentures.

“Maturity Date”
means March 15, 2037.

“Optional Redemption
Date” shall mean the date fixed for the redemption of Capital Securities,
which shall be any Distribution Payment Date on or after the Distribution
Payment Date in March 2012.

“Optional
Redemption Price” means 100% of the principal amount of the Debentures being
redeemed, plus accrued and unpaid interest on such Debentures to the Optional
Redemption Date.

“Primary
Treasury Dealer” means either a nationally recognized primary United States
Government securities dealer or an entity of recognized standing in matters
pertaining to the quotation of treasury securities that is reasonably
acceptable to the Sponsor and the Institutional Trustee.

 I-7
 

“Quotation
Agent” shall be a Primary Treasury Dealer designated by the Trustee, after
receiving consent from the Sponsor.

“Reference
Treasury Dealer” means (i) the Quotation Agent and (ii) any other Primary
Treasury Dealer selected by the Trustee after consultation with the Sponsor.

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Special Redemption Date, the average, as determined by the
Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Debenture Trustee by such Reference Treasury at 5:00 p.m., New
York City time, on the third Business Day preceding such Redemption Date.

“Special Event”
means a Tax Event or an Investment Company Event.

“Special Redemption
Date” means a date on which a Special Event redemption occurs, which shall
be any Distribution Payment Date.

“Special Redemption
Price” means (a) if the Special Redemption Date occurs before the
Distribution Payment Date in March 2012, the greater of (i) 107.5% of the
principal amount of the Debentures, plus accrued and unpaid Interest on the
Debentures to the occurrence of the Special Redemption Date, or (ii) as
determined by the Quotation Agent, (A) the sum of the present values of the
scheduled payments of principal and Interest on the Debentures during the Fixed
Rate Period Remaining Life of the Debentures (assuming the Debentures matured
on the Distribution Payment Date in March 2012 discounted to the Special
Redemption Date on a quarterly basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate, plus (B) accrued and unpaid
Interest on the Debentures to such Special Redemption Date, or (b) if the
Special Redemption Date occurs on or after the Distribution Payment Date in
March 2012, 100% of the principal amount of the Debentures being redeemed,
plus, in each case, accrued and unpaid interest (including any Additional
Interest) on such Debentures to the Special Redemption Date.

“Tax Event” means
the receipt by the Debenture Issuer and the Trust of an opinion of counsel
experienced in such matters to the effect that, as a result of 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 as a result of any official
administrative pronouncement (including any private letter ruling, technical
advice memorandum, field service advice, regulatory procedure, notice or
announcement including any notice or announcement of intent to adopt such procedures
or regulations (an “Administrative Action”)) or judicial decision
interpreting or applying such laws or regulations, regardless of whether such
Administrative Action or judicial decision is issued to or in connection with a
proceeding involving the Debenture Issuer or the Trust and whether or not
subject to review or appeal, which amendment, clarification, change,
Administrative Action or decision is enacted, promulgated or announced, in each
case on or after the date of original issuance of the Debentures, there is more
than an insubstantial risk that: (i) the Trust is, or will be within 90
days of the date of such opinion, subject to United States federal income tax
with respect to income received or accrued on the Debentures; (ii) interest
payable by the Debenture Issuer on the Debentures is not, or within 90 days of
the date of such opinion, will not be, deductible by the

 I-8
 

Debenture Issuer, in
whole or in part, for United States federal income tax purposes; or
(iii) the Trust is, or will be within 90 days of the date of such opinion,
subject to more than a de minimis amount of other taxes (excluding withholding
taxes), duties or other governmental charges.

“Treasury Rate”
means (i) the yield, under the heading which represents the average for the week
immediately prior to the date of calculation, appearing in the most recently
published statistical release designated H.15 (519) or any successor
publication which is published weekly by the Federal Reserve and which
establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Fixed Rate  Period Remaining Life (if no maturity is
within three months before or after the Fixed Rate Period Remaining Life,
yields for the two published  maturities,
most closely corresponding to the Fixed Rate Period Remaining Life shall be
determined and the Treasury Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding to the nearest month) or (ii) if
such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Special Redemption Date.  The Treasury Rate shall be calculated by the
Quotation Agent on the third Business Day preceding the Special Redemption
Date.

(b)           Upon the repayment in full at
maturity or redemption in whole or in part of the Debentures (other than
following the distribution of the Debentures to the Holders of the Securities),
the proceeds from such repayment or payment shall concurrently be applied to
redeem Pro Rata at the applicable Optional Redemption Price or Special
Redemption Price, as applicable, Securities having an aggregate liquidation
amount equal to the aggregate principal amount of the Debentures so repaid or
redeemed; provided, however, that holders of such Securities
shall be given not less than 30 nor more than 60 days’ notice of such
redemption (other than at the scheduled maturity of the Debentures).

(c)           If fewer than all the outstanding
Securities are to be so redeemed, the Common Securities and the Capital
Securities will be redeemed Pro Rata and the Capital Securities to be redeemed
will be redeemed Pro Rata from each Holder of Capital Securities.

(d)           The Trust may not redeem fewer than
all the outstanding Capital Securities unless all accrued and unpaid
Distributions have been paid on all Capital Securities for all quarterly
Distribution periods terminating on or before the date of redemption.

(e)           Redemption or Distribution
Procedures.

(i)            Notice of any redemption of or
notice of distribution of the Debentures in exchange for, the Securities (a “Redemption/Distribution
Notice”) will be given by the Trust by mail to each Holder of Securities to
be redeemed or exchanged not fewer than 30 nor more than 60 days before the
date fixed for redemption or exchange thereof which, in the case of a
redemption, will be the date fixed for redemption of the Debentures. For
purposes of the calculation of the date of redemption or exchange and the dates
on which notices are given pursuant to this paragraph 4(e)(i), a
Redemption/Distribution Notice shall be deemed to be given on the day such
notice is

 I-9
 

first mailed by
first-class mail, postage prepaid, to Holders of such Securities. Each
Redemption/Distribution Notice shall be addressed to the Holders of such
Securities at the address of each such Holder appearing on the books and
records of the Trust. No defect in the Redemption/Distribution Notice or in the
mailing thereof with respect to any Holder shall affect the validity of the
redemption or exchange proceedings with respect to any other Holder.

(ii)           If the Securities are to be redeemed
and the Trust gives a Redemption/ Distribution Notice, which notice may only be
issued if the Debentures are redeemed as set out in this paragraph 4
(which notice will be irrevocable), then, provided that the
Institutional Trustee has a sufficient amount of cash in connection with the
related redemption or maturity of the Debentures, the Institutional Trustee
will, with respect to Book Entry Capital Securities, irrevocably deposit with
the Depositary for such Book Entry Capital Securities, to the extent available
therefor, funds sufficient to pay the relevant Optional Redemption Price or
Special Redemption Price and will give such Depositary irrevocable instructions
and authority to pay such Optional Redemption Price or Special Redemption
Price, as applicable, to the Owners of the Capital Securities and with respect
to Capital Securities that are not Book Entry Capital Securities, the
Institutional Trustee will pay, to the extent available therefor, the relevant
Optional Redemption Price or Special Redemption Price, as applicable, to the
Holders of such Securities by check mailed to the address of each such Holder
appearing on the books and records of the Trust on the Optional Redemption Date
or Special Redemption Date.  If a
Redemption/Distribution Notice shall have been given and funds deposited as
required then immediately prior to the close of business on the date of such
deposit Distributions will cease to accrue on the Securities so called for
redemption and all rights of Holders of such Securities so called for
redemption will cease, except the right of the Holders of such Securities to
receive the applicable Optional Redemption Price or Special Redemption Price
specified in paragraph 4(a), but without interest on such Optional
Redemption Price or Special Redemption Price. 
If any date fixed for redemption of Securities is not a Business Day,
then payment of any such Optional Redemption Price or Special Redemption Price
payable on such date will be made on the next succeeding day that is a Business
Day.  If payment of the Optional Redemption
Price or Special Redemption Price in respect of any Securities is improperly
withheld or refused and not paid either by the Trust or by the Debenture Issuer
as guarantor pursuant to the Guarantee, Distributions on such Securities will
continue to accrue at the Distribution Rate from the original Optional
Redemption Date or Special Redemption Date to the actual date of payment, in
which case the actual payment date will be considered the date fixed for
redemption for purposes of calculating the Optional Redemption Price or Special
Redemption Price.  In the event of any
redemption of the Capital Securities issued by the Trust in part, the Trust
shall not be required to (i) issue, register the transfer of or exchange
any Security during a period beginning at the opening of business 15 days before
any selection for redemption of the Capital Securities and ending at the close
of business on the earliest date on which the relevant notice of redemption is
deemed to have been given to all Holders of the Capital Securities to be so
redeemed, or (ii) register the transfer of or exchange any Capital
Securities so selected for redemption, in whole or in part, except for the
unredeemed portion of any Capital Securities being redeemed in part.

 I-10
 

(iii)          Redemption/Distribution Notices shall
be sent by the Administrators on behalf of the Trust to (A) in respect of
the Capital Securities, the Holders thereof and (B) in respect of the
Common Securities, the Holder thereof.

(iv)          Subject to paragraph 2(b) hereof and
applicable law (including, without limitation, United States federal securities
laws), and provided that the acquiror is not the Holder of the Common
Securities or the obligor under the Indenture or a subsidiary of such Person,
the Sponsor or any of its subsidiaries may at any time and from time to time purchase
outstanding Capital Securities by tender, in the open market or by private
agreement.

5.             Voting
Rights - Capital Securities.

(a)           Except as provided under
paragraphs 5(b) and 7 and as otherwise required by law and the
Declaration, the Holders of the Capital Securities will have no voting rights.
The Administrators are required to call a meeting of the Holders of the Capital
Securities if directed to do so by Holders of at least 10% in liquidation
amount of the Capital Securities.

(b)           Subject to the requirements of
obtaining a tax opinion by the Institutional Trustee in certain circumstances
set forth in the last sentence of this paragraph, the Holders of a Majority in
liquidation amount of the Capital Securities, voting separately as a class,
have the right to direct the time, method, and place of conducting any
proceeding for any remedy available to the Institutional Trustee, or exercising
any trust or power conferred upon the Institutional Trustee under the
Declaration, including the right to direct the Institutional Trustee, as holder
of the Debentures, to (i) exercise the remedies available under the
Indenture as the holder of the Debentures, (ii) waive any past default
that is waivable under 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 on behalf of all the Holders of the Capital
Securities to any amendment, modification or termination of the Indenture or
the Debentures where such consent shall be required; provided, however,
that, where a consent or action under the Indenture would require the consent
or act of the holders of greater than a simple majority in aggregate principal
amount of Debentures (a “Super Majority”) affected thereby, the
Institutional Trustee may only give such consent or take such action at the
written direction of the Holders of at least the proportion in liquidation
amount of the Capital Securities outstanding which the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding. If
the Institutional Trustee fails to enforce its rights under the Debentures
after the Holders of a Majority in liquidation amount of such Capital
Securities have so directed the Institutional Trustee, to the fullest extent
permitted by law, a Holder of the Capital Securities may institute a legal
proceeding directly against the Debenture Issuer to enforce the Institutional
Trustee’s rights under the Debentures without first instituting any legal
proceeding against the Institutional Trustee or any other person or entity.
Notwithstanding the foregoing, if an Event of Default has occurred and is
continuing and such event is attributable to the failure of the Debenture
Issuer to pay interest or principal on the Debentures on the date the interest
or principal is payable (or in the case of redemption, the Optional Redemption
Date or the Special Redemption Date, as applicable), then a Holder of record of
the Capital Securities may directly institute a proceeding for enforcement of
payment on or after the respective due dates specified in the Debentures, to
such Holder directly of the principal of or interest on the Debentures having
an aggregate

 I-11
 

principal amount equal to
the aggregate liquidation amount of the Capital Securities of such Holder. The
Institutional Trustee shall notify all Holders of the Capital Securities of any
default actually known to the Institutional Trustee with respect to the
Debentures unless (x) such default has been cured prior to the giving of
such notice, or (y) the Institutional Trustee determines in good faith
that the withholding of such notice is in the interest of the Holders of such
Capital Securities, except where the default relates to the payment of
principal of or interest on any of the Debentures. Such notice shall state that
such Indenture Event of Default also constitutes an Event of Default hereunder.
Except with respect to directing the time, method and place of conducting a
proceeding for a remedy, the Institutional Trustee shall not take any of the
actions described in clauses (i), (ii) or (iii) above unless the
Institutional Trustee has obtained an opinion of tax counsel to the effect
that, as a result of such action, the Trust will not be classified as other
than a grantor trust for United States federal income tax purposes.

In the event the consent
of the Institutional Trustee, as the holder of the Debentures is required under
the Indenture with respect to any amendment, modification or termination of the
Indenture, the Institutional Trustee shall request the direction of the Holders
of the Securities with respect to such amendment, modification or termination
and shall vote with respect to such amendment, modification or termination as
directed by a Majority in liquidation amount of the Securities voting together
as a single class; provided, however, that where a consent under
the Indenture would require the consent of a Super-Majority, the Institutional
Trustee may only give such consent at the direction of the Holders of at least
the proportion in liquidation amount of the Securities outstanding which the
relevant Super-Majority represents of the aggregate principal amount of the
Debentures outstanding. The Institutional Trustee shall not take any such
action in accordance with the directions of the Holders of the Securities
unless the Institutional Trustee has obtained an opinion of tax counsel to the
effect that, as a result of such action, the Trust will not be classified as
other than a grantor trust for United States federal income tax purposes.

A waiver of an Indenture
Event of Default will constitute a waiver of the corresponding Event of Default
hereunder. Any required approval or direction of Holders of the Capital
Securities may be given at a separate meeting of Holders of the Capital
Securities convened for such purpose, at a meeting of all of the Holders of the
Securities in the Trust or pursuant to written consent. The Institutional
Trustee will cause a notice of any meeting at which Holders of the Capital Securities
are entitled to vote, or of any matter upon which action by written consent of
such Holders is to be taken, to be mailed to each Holder of record of the
Capital Securities. Each such notice will include a statement setting forth the
following information (i) the date of such meeting or the date by which
such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought, and (iii) instructions
for the delivery of proxies or consents. No vote or consent of the Holders of
the Capital Securities will be required for the Trust to redeem and cancel
Capital Securities or to distribute the Debentures in accordance with the Declaration
and the terms of the Securities.

Notwithstanding that
Holders of the Capital Securities are entitled to vote or consent under any of
the circumstances described above, any of the Capital Securities that are owned
by the Sponsor or any Affiliate of the Sponsor shall not entitle the Holder
thereof to vote or consent and shall, for purposes of such vote or consent, be
treated as if such Capital Securities were not outstanding.

 I-12

In no event will Holders
of the Capital Securities have the right to vote to appoint, remove or replace
the Administrators, which voting rights are vested exclusively in the Sponsor
as the Holder of all of the Common Securities of the Trust.  Under certain circumstances as more fully
described in the Declaration, Holders of Capital Securities have the right to
vote to appoint, remove or replace the Institutional Trustee and the Delaware
Trustee.

6.             Voting
Rights - Common Securities.

(a)           Except as provided under
paragraphs 6(b), 6(c) and 7 and as otherwise required by law and the
Declaration, the Common Securities will have no voting rights.

(b)           The Holders of the Common Securities
are entitled, in accordance with Article IV of the Declaration, to vote to
appoint, remove or replace any Administrators.

(c)           Subject to ‎Section
6.10 of the Declaration and only after each Event of Default (if any) with
respect to the Capital Securities has been cured, waived, or otherwise
eliminated and subject to the requirements of the second to last sentence of
this paragraph, the Holders of a Majority in liquidation amount of the Common
Securities, voting separately as a class, may direct the time, method, and
place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under the Declaration, including (i) directing the
time, method, place of conducting any proceeding for any remedy available to
the Debenture Trustee, or exercising any trust or power conferred on the
Debenture Trustee with respect to the Debentures, (ii) waiving any past
default and its consequences that is waivable under the Indenture, or
(iii) exercising any right to rescind or annul a declaration that the
principal of all the Debentures shall be due and payable; provided, however,
that, where a consent or action under the Indenture would require a Super
Majority, the Institutional Trustee may only give such consent or take such
action at the written direction of the Holders of at least the proportion in
liquidation amount of the Common Securities which the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding.
Notwithstanding this paragraph 6(c), the Institutional Trustee shall not
revoke any action previously authorized or approved by a vote or consent of the
Holders of the Capital Securities. Other than with respect to directing the
time, method and place of conducting any proceeding for any remedy available to
the Institutional Trustee or the Debenture Trustee as set forth above, the
Institutional Trustee shall not take any action described in (i), (ii) or
(iii) above, unless the Institutional Trustee has obtained an opinion of tax
counsel to the effect that for the purposes of United States federal income tax
the Trust will not be classified as other than a grantor trust on account of
such action. If the Institutional Trustee fails to enforce its rights under the
Declaration to the fullest extent permitted by law, any Holder of the Common
Securities may institute a legal proceeding directly against any Person to
enforce the Institutional Trustee’s rights under the Declaration, without first
instituting a legal proceeding against the Institutional Trustee or any other
Person.

Any approval or direction
of Holders of the Common Securities may be given at a separate meeting of
Holders of the Common Securities convened for such purpose, at a meeting of all
of the Holders of the Securities in the Trust or pursuant to written
consent.  The Administrators will cause a
notice of any meeting at which Holders of the Common Securities are entitled to
vote, or of any matter upon which action by written consent of such Holders is
to 

 I-13
 

be taken, to be mailed to
each Holder of the Common Securities. Each such notice will include a statement
setting forth (i) the date of such meeting or the date by which such
action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such
matter upon which written consent is sought, and (iii) instructions for
the delivery of proxies or consents.

No vote or consent of the
Holders of the Common Securities will be required for the Trust to redeem and
cancel Common Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

7.             Amendments
to Declaration and Indenture.

(a)           In addition to any requirements under
Section 11.1 of the Declaration, if any proposed amendment to the
Declaration provides for, or the Trustees, Sponsor or Administrators otherwise
propose to effect, (i) any action that would adversely affect the powers,
preferences or special rights of the Securities, whether by way of amendment to
the Declaration or otherwise, or (ii) the Liquidation of the Trust, other
than as described in Section 7.1 of the Declaration, then the Holders of
outstanding Securities, voting together as a single 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 Securities, affected thereby; provided, however,
if any amendment or proposal referred to in clause (i) above would
adversely affect only the Capital Securities or only the Common Securities,
then only the affected Securities will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the
approval of a Majority in liquidation amount of such class of Securities.

(b)           In the event the consent of the
Institutional Trustee as the holder of the Debentures is required under the
Indenture with respect to any amendment, modification or termination of the
Indenture or the Debentures, the Institutional Trustee shall request the
written direction of the Holders of the Securities with respect to such
amendment, modification or termination and shall vote with respect to such
amendment, modification, or termination as directed by a Majority in
liquidation amount of the Securities voting together as a single class; provided,
however, that where a consent under the Indenture would require a Super
Majority, the Institutional Trustee may only give such consent at the direction
of the Holders of at least the proportion in liquidation amount of the Securities
which the relevant Super Majority represents of the aggregate principal amount
of the Debentures outstanding.

(c)           Notwithstanding the foregoing, no
amendment or modification may be made to the Declaration if such amendment or
modification would (i) cause the Trust to be classified for purposes of
United States federal income taxation as other than a grantor trust,
(ii) reduce or otherwise adversely affect the powers of the Institutional
Trustee, or (iii) cause the Trust to be deemed an Investment Company which
is required to be registered under the Investment Company Act.

(d)           Notwithstanding any provision of the
Declaration, the right of any Holder of the Capital Securities to receive
payment of Distributions and other payments upon redemption, liquidation or
otherwise, on or after their respective due dates, or to institute a suit for
the enforcement of any such payment on or after such respective dates, shall
not be impaired 

 I-14
 

or affected without the
consent of such Holder. For the protection and enforcement of the foregoing
provision, each and every Holder of the Capital Securities shall be entitled to
such relief as can be given either at law or equity.

8.             Pro Rata. 
A reference in these terms of the Securities to any payment,
distribution or treatment as being “Pro Rata” shall mean pro rata to
each Holder of the Securities according to the aggregate liquidation amount of
the Securities held by the relevant Holder in relation to the aggregate
liquidation amount of all Securities then outstanding unless, in relation to a
payment, an Event of Default has occurred and is continuing, in which case any
funds available to make such payment shall be paid first to each Holder of the
Capital Securities Pro Rata according to the aggregate liquidation amount of
the Capital Securities held by the relevant Holder relative to the aggregate
liquidation amount of all Capital Securities outstanding, and only after
satisfaction of all amounts owed to the Holders of the Capital Securities, to
each Holder of the Common Securities Pro Rata according to the aggregate
liquidation amount of the Common Securities held by the relevant Holder
relative to the aggregate liquidation amount of all Common Securities
outstanding.

9.             Ranking. 
The Capital Securities rank pari passu with
and payment thereon shall be made Pro Rata with the Common Securities except
that, where an Event of Default has occurred and is continuing, the rights of
Holders of the Common Securities to receive payment of Distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of the Holders of the Capital Securities with the result that no payment
of any Distribution on, or Optional Redemption Price (or Special Redemption
Price) of, any Common Security, and no other payment on account of 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 Capital Securities for all distribution periods terminating on or
prior thereto, or in the case of payment of the Optional Redemption Price (or
Special Redemption Price) the full amount of such Optional Redemption Price (or
Special Redemption Price) on all outstanding Capital Securities then called for
redemption, shall have been made or provided for, and all funds immediately
available to the Institutional Trustee shall first be applied to the payment in
full in cash of all Distributions on, or the Optional Redemption Price (or
Special Redemption Price) of, the Capital Securities then due and payable.

10.           Acceptance of Guarantee and
Indenture. Each Holder of the Capital Securities and the Common Securities,
by the acceptance of such Securities, agrees to the provisions of the Guarantee
and the Indenture, including the subordination provisions therein.

11.           No Preemptive Rights. The
Holders of the Securities shall have no, and the issuance of the Securities is
not subject to, preemptive or similar rights to subscribe for any additional
securities.

12.           Miscellaneous. These terms
constitute a part of the Declaration. The Sponsor will provide a copy of the
Declaration, the Guarantee, and the Indenture to a Holder without charge on
written request to the Sponsor at its principal place of business.

 I-15

EXHIBIT
A-1

FORM OF
CAPITAL SECURITY CERTIFICATE

[FORM OF FACE OF SECURITY]

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

UNLESS
THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
UNIVERSAL AMERICAN STATUTORY TRUST VI OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CAPITAL SECURITY ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.  THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY
(A) TO THE SPONSOR OR THE TRUST, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A
SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN
ACCORDANCE WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE)
OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER
THE SECURITIES ACT THAT IS ACQUIRING THIS CAPITAL SECURITY FOR ITS OWN ACCOUNT,
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF 

 A-1-1
 

THE SECURITIES ACT, OR
(F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE SPONSOR’S AND THE TRUST’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM IN ACCORDANCE WITH THE DECLARATION (DEFINED HEREIN), A COPY OF WHICH
MAY BE OBTAINED FROM THE SPONSOR OR THE TRUST. 
HEDGING TRANSACTIONS INVOLVING THIS SECURITY MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE SECURITIES ACT.

THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT
IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY,
AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THE
SECURITIES OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE
FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO
SUCH PURCHASE OR HOLDING.  ANY PURCHASER
OR HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO
WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING
ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY
USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE
STATUTORY OR ADMINISTRATIVE EXEMPTION.

THIS SECURITY WILL BE
ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A LIQUIDATION AMOUNT OF NOT
LESS THAN $100,000.00 (100 SECURITIES) AND MULTIPLES OF $1,000.00 IN EXCESS
THEREOF.  ANY ATTEMPTED TRANSFER OF
SECURITIES IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN $100,000.00
SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

THE HOLDER OF THIS
SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

THIS SECURITY IS IN
REGISTERED FORM WITHIN THE MEANING OF TREASURY REGULATIONS SECTION
1.871-14(c)(1)(i) FOR U.S. FEDERAL INCOME AND WITHHOLDING TAX PURPOSES.

 A-1-2
 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE DECLARATION TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

 A-1-3

	
  CUSIP No. 913373 AA4

  	
   

  	
  50,000 Capital
  Securities

  
	
  Certificate Number P-1

  	
   

  	
  $50,000,000 Liquidation
  Amount

  

 

March 22, 2007

Certificate Evidencing Fixed/Floating Rate Capital
Securities

of

Universal American Statutory Trust VI

(liquidation amount $1,000.00 per Capital Security)

Universal American
Statutory Trust VI, a statutory trust created under the laws of the State of
Delaware (the “Trust”), hereby certifies that Cede & Co. (the “Holder”), is
the registered owner of 50,000 capital securities or such other number of
Capital Securities represented hereby as may be set forth in the records of the
Securities Registrar hereinafter referred to in accordance with the Declaration
(as defined below) of the Trust representing undivided beneficial interests in
the assets of the Trust, (liquidation amount $1,000.00 per capital security)
(the “Capital Securities”). Subject to the Declaration (as defined below), the
Capital 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. The Capital Securities
represented hereby are issued pursuant to, and the designation, rights,
privileges, restrictions, preferences and other terms and provisions of the
Capital Securities shall in all respects be subject to, the provisions of the
Amended and Restated Declaration of Trust of the Trust dated as of March 22,
2007, among Richard A. Barasch and Robert A. Waegelein, as Administrators,
Wilmington Trust Company, as Delaware Trustee, Wilmington Trust Company, as
Institutional Trustee, Universal American Financial Corp., as Sponsor, and the
holders from time to time of undivided beneficial interests in the assets of
the Trust, including the designation of the terms of the Capital Securities as
set forth in Annex I to such amended and restated declaration as the same
may be amended from time to time (the “Declaration”).  Capitalized terms used herein but not defined
shall have the meaning given them in the Declaration. The Holder is entitled to
the benefits of the Guarantee and the Indenture to the extent provided therein.
The Sponsor will provide a copy of the Declaration, the Guarantee, and the
Indenture to the Holder without charge upon written request to the Sponsor at
its principal place of business.

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

By acceptance of this
Security, the Holder agrees to treat, for United States federal income tax
purposes, the Debentures as indebtedness and the Capital Securities as evidence
of beneficial ownership in the Debentures.

This Capital Security is
governed by, and shall be construed in accordance with, the laws of the State
of Delaware, without regard to principles of conflict of laws.

Signatures appear on following page

 A-1-1
 

IN WITNESS WHEREOF, the
Trust has duly executed this certificate.

	
   

  	
  UNIVERSAL AMERICAN STATUTORY TRUST VI

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:  Administrator

  

 

CERTIFICATE OF AUTHENTICATION

This
is one of the Capital Securities referred to in the within-mentioned
Declaration.

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  as the Institutional Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  

 

 A-1-2
 

[FORM OF REVERSE OF SECURITY]

Distributions payable on
each Capital Security will be payable at an annual rate equal to 7.675%
beginning on (and including) the date of original issuance and ending on (but
excluding) the Distribution Payment Date (defined herein) in March 2012 and at
an annual rate for each successive period beginning on (and including) the
Distribution Payment Date in March 2012, and each succeeding June 15th, September 15th,
December 15th and March 15th of each year or if such day is not a Business
Day, then the next succeeding Business Day (each a “Distribution Payment Date”),
commencing on the Distribution Payment Date in June 2007, and ending on (but
excluding) the next succeeding Distribution Payment Date (each such period, a “Distribution
Period”), equal to 3-Month LIBOR, determined as described below, plus 2.75%
(the “Coupon Rate”), applied to the stated liquidation amount of $1,000.00 per
Capital Security, such rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee. Distributions in arrears
will bear interest thereon compounded quarterly at the Distribution Rate (to
the extent permitted by applicable law). 
The term “Distributions” as used herein includes payments of cash
distributions and any such compounded distributions and any Additional Sums
payable on the Debentures unless otherwise noted.  A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Institutional
Trustee and to the extent the Institutional Trustee has funds available
therefor.  As used herein, “Determination
Date” means the date that is two London Banking Days (i.e., a business day in
which dealings in deposits in U.S. dollars are transacted in the London
interbank market) preceding the commencement of the relevant Distribution
Period.  The amount of the Distribution
payable (i) for any Distribution Period commencing on or after the date of the
original issuance but before the Distribution Payment Date in March 2012 will be
computed on the basis of a 360-day year of twelve 30-day months, it being
understood that that if a Distribution is payable on a non Business
Day, and the Distribution Payment Date is on the next succeeding Business Day,
no additional interest or other Distributions shall accrue in respect of any
such delay, and (ii)
for the Distribution Period commencing on or after the Distribution Payment
Date in March 2012 and each succeeding Distribution Period will be computed on
the Distribution Rate to the stated liquidation amount outstanding at the
commencement of the Distribution Period and multiplying each such amount by the
actual number of days in the Distribution Period concerned divided by 360.

“3-Month LIBOR” as used
herein, means the London interbank offered interest rate for three-month U.S.
dollar deposits determined by the Debenture Trustee in the following order of
priority:  (i) the rate (expressed as a
percentage per annum) for U.S. dollar deposits having a three-month maturity
that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the
related Determination Date (“Telerate Page 3750” means the display designated
as “Page 3750” on the Moneyline Telerate Service or such other page as may
replace Page 3750 on that service or such other service or services as may be
nominated by the British Bankers’ Association as the information vendor for the
purpose of displaying London interbank offered rates for U.S. dollar deposits);
(ii) if such rate cannot be identified on the related Determination Date, the
Debenture Trustee will request the principal London offices of four leading
banks in the London interbank market to provide such banks’ offered quotations
(expressed as percentages per annum) to prime banks in the London interbank
market for U.S. dollar deposits having a three-month maturity as of 11:00 a.m.
(London time) on such Determination Date. 
If at least two such quotations are provided, 3-Month LIBOR will be the
arithmetic mean of such quotations; (iii) if fewer than two such
quotations are provided as requested in clause (ii) above, the Debenture
Trustee will request four major New York City banks to provide such banks’
offered quotations (expressed as 

 A-1-3
 

percentages per annum) to
leading European banks for loans in U.S. dollars as of 11:00 a.m. (London time)
on such Determination Date.  If at least
two such quotations are provided, 3-Month LIBOR will be the arithmetic mean of
such quotations; and (iv) if fewer than two such quotations are provided
as requested in clause (iii) above, 3-Month LIBOR will be a 3-Month LIBOR
determined with respect to the Distribution Period immediately preceding such
current Distribution Period.  If the rate
for U.S. dollar deposits having a three-month maturity that initially appears
on Telerate Page 3750 as of 11:00 a.m. (London time) on the related
Determination Date is superseded on the Telerate Page 3750 by a corrected rate
by 12:00 noon (London time) on such Determination Date, then the corrected rate
as so substituted on the applicable page will be the applicable 3-Month LIBOR
for such Determination Date.

“Distribution Rate” means
for the period beginning on (and including) the date of original issuance and
ending on (but excluding) the Distribution Payment Date in March 2012 the rate
per annum of 7.675% and for each Distribution Period thereafter, the Coupon
Rate.

The Distribution Rate for
any Distribution Period will at no time be higher than the maximum rate then
permitted by New York law as the same may be modified by United States law.

All percentages resulting
from any calculations on the Capital Securities will be rounded, if necessary,
to the nearest one hundred-thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (e.g., 9.876545% (or
..09876545) being rounded to 9.87655% (or .0987655), and all dollar amounts used
in or resulting from such calculation will be rounded to the nearest cent (with
one-half cent being rounded upward)).

Except as otherwise
described below, Distributions on the Capital Securities will be cumulative,
will accrue from the date of original issuance and will be payable quarterly in
arrears on each Distribution Payment Date, commencing on the Distribution
Payment Date in June 2007.  The Debenture
Issuer has the right under the Indenture to defer payments of interest on the
Debentures, so long as no Indenture Event of Default has occurred and is
continuing, by extending the interest payment period for up to 20 consecutive
quarterly periods (each an “Extension Period”) at any time and from time to
time on the Debentures, subject to the conditions described below, during which
Extension Period no interest shall be due and payable.  During any Extension Period, interest will
continue to accrue on the Debentures, and interest on such accrued interest
will accrue at an annual rate equal to the Distribution Rate in effect for each
such Extension Period, compounded quarterly from the date such interest would
have been payable were it not for the Extension Period, to the extent permitted
by law (such interest referred to herein as “Additional Interest”). No
Extension Period may end on a date other than a Distribution Payment Date. At
the end of any such Extension Period the Debenture Issuer shall pay all
interest then accrued and unpaid on the Debentures (together with Additional
Interest thereon); provided, however, that no Extension Period
may extend beyond the Maturity Date. 
Prior to the termination of any Extension Period, the Debenture Issuer
may further extend such period, provided that such period together with all
such previous and further consecutive extensions thereof shall not exceed 20
consecutive quarterly periods, or extend beyond the Maturity Date. Upon the
termination of any Extension Period and upon the payment of all accrued and
unpaid interest and Additional Interest, the Debenture Issuer may commence a
new Extension Period, subject to the foregoing requirements.  No interest or Additional Interest shall be
due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear 

 A-1-4
 

Additional Interest.  During any Extension Period, Distributions on
the Capital Securities shall be deferred for a period equal to the Extension
Period.  If Distributions are deferred,
the Distributions due shall be paid on the date that the related Extension
Period terminates, to Holders of the Securities as they appear on the books and
records of the Trust on the record date immediately preceding such date.
Distributions on the Securities must be paid on the dates payable (after giving
effect to any Extension Period) to the extent that the Trust has funds
available for the payment of such distributions in the Property Account of the
Trust. The Trust’s funds available for Distribution to the Holders of the
Securities will be limited to payments received from the Debenture Issuer. The
payment of Distributions out of moneys held by the Trust is guaranteed by the
Guarantor pursuant to the Guarantee.

The Capital Securities
shall be redeemable as provided in the Declaration.

 A-1-5
 

ASSIGNMENT

FOR VALUE RECEIVED, the
undersigned assigns and transfers this Capital Security Certificate to:

	
   

  
	
   

  
	
  (Insert assignee’s social
  security or tax identification number)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Insert address and zip
  code of assignee) and irrevocably appoints

  
	
   

  
	
   

  
	
   

  
	
  agent to transfer this
  Capital Security Certificate on the books of the Registrar. 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 Capital Security Certificate)

Signature
Guarantee:(1)

(1) Signature must be
guaranteed by an “eligible guarantor institution” that is a bank, stockbroker,
savings and loan association or credit union meeting the requirements of the
Security registrar, which requirements include membership or participation in
the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

 A-1-6

EXHIBIT A-2

FORM OF COMMON SECURITY CERTIFICATE

THIS COMMON SECURITY HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EXEMPTION FROM REGISTRATION.

THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH SECTION 8.1 OF THE DECLARATION
(DEFINED HEREIN).

THIS COMMON SECURITY IS
IN REGISTERED FORM WITHIN THE MEANING OF TREASURY REGULATIONS SECTION
1.871-14(c)(1)(i) FOR U.S. FEDERAL INCOME AND WITHHOLDING TAX PURPOSES.

	
  Certificate Number C-1

  	
   

  	
  1,547 Common
  Securities

  

 

March 22, 2007

Certificate Evidencing Fixed/Floating Rate Common Securities

of

Universal American Statutory Trust VI

Universal American
Statutory Trust VI, a statutory trust created under the laws of the State of
Delaware (the “Trust”), hereby certifies that Universal American Financial
Corp. (the “Holder”) is the registered owner of common securities of the Trust
representing undivided beneficial interests in the assets of the Trust (the “Common
Securities”).  Subject to the Declaration
(as defined below), the Common 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. The Common
Securities represented hereby are issued pursuant to, and the designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Common Securities shall in all respects be subject to, the provisions of
the Amended and Restated Declaration of Trust of the Trust dated as of March
22, 2007, among Richard A. Barasch and Robert A. Waegelein, as Administrators,
Wilmington Trust Company, as Delaware Trustee, Wilmington Trust Company, as
Institutional Trustee, Universal American Financial Corp. as Sponsor, and the
holders from time to time of undivided beneficial interest in the assets of the
Trust including the designation of the terms of the Common Securities as set
forth in Annex I to such amended and restated declaration, as the same may be
amended from time to time (the “Declaration”). 
Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration.  The
Holder is entitled to the benefits of the Guarantee and the Indenture to the
extent provided therein.  The Sponsor
will provide a copy of the Declaration, the Guarantee and the Indenture to the
Holder without charge upon written request to the Sponsor at its principal
place of business.

As set forth in the
Declaration, when an Event of Default has occurred and is continuing, the
rights of Holders of Common Securities to payment in respect of Distributions
and payments upon Liquidation, redemption or otherwise are subordinated to the
rights of payment of Holders of the Capital Securities.

 A-2-1
 

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

By acceptance of this
Certificate, the Holder agrees to treat, for United States federal income tax
purposes, the Fixed/Floating Rate Junior Subordinated Deferrable Interest
Debentures (“Debentures”) as indebtedness and the Common Securities as evidence
of undivided beneficial ownership in the Debentures.

This Common Security is
governed by, and shall be construed in accordance with, the laws of the State
of Delaware, without regard to principles of conflict of laws.

IN WITNESS WHEREOF, the
Trust has duly executed this certificate.

	
  

  	
  UNIVERSAL AMERICAN STATUTORY TRUST VI

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: Administrator

  

 

 A-2-2
 

[FORM OF REVERSE OF COMMON SECURITY]

Distributions payable on
each Common Security will be payable at an annual rate equal to 7.675%
beginning on (and including) the date of original issuance and ending on (but
excluding) the Distribution Payment Date (defined herein) in March 2012 and at
an annual rate for each successive period beginning on (and including) the
Distribution Payment Date in March 2012, and each succeeding June 15th, September 15th,
December 15th and
March 15th of
each year or if such day is not a Business Day, then the next succeeding
Business Day (each a “Distribution Payment Date”), commencing on the
Distribution Payment Date in June 2007, and ending on (but excluding) the next
succeeding Distribution Payment Date (each such period, a “Distribution Period”),
equal to 3-Month LIBOR, determined as described below, plus 2.75% (the “Coupon
Rate”), applied to the stated liquidation amount of $1,000.00 per Common
Security, such rate being the rate of interest payable on the Debentures to be
held by the Institutional Trustee. Distributions in arrears will bear interest
thereon compounded quarterly at the Distribution Rate (to the extent permitted
by applicable law).  The term “Distributions”
as used herein includes payments of cash distributions and any such compounded
distributions and any Additional Sums payable on the Debentures unless
otherwise noted.  A Distribution is
payable only to the extent that payments are made in respect of the Debentures
held by the Institutional Trustee and to the extent the Institutional Trustee
has funds available therefor.  As used
herein, “Determination Date” means the date that is two London Banking Days
(i.e., a business day in which dealings in deposits in U.S. dollars are
transacted in the London interbank market) preceding the commencement of the
relevant Distribution Period.  The amount
of the Distribution (i) for any Distribution Period commencing on or after the
date of the original issuance but before the Distribution Payment Date in March
2012 will be computed on the basis of a 360-day year of twelve 30-day months, it being
understood that if a Distribution is payable on a non Business Day, and the
Distribution Payment Date is on the next succeeding Business Day, no additional
interest or other Distributions shall accrue in respect of any such delay, and (ii) for the Distribution Period
commencing on or after the Distribution Payment Date in March 2012 and each
succeeding Distribution Period will be calculated by applying the Distribution
Rate to the stated liquidation amount outstanding at the commencement of the
Distribution Period and multiplying each such amount by the actual number of
days in the Distribution Period concerned divided by 360.

“3-Month LIBOR” as used
herein, means the London interbank offered interest rate for three-month U.S.
dollar deposits determined by the Debenture Trustee in the following order of
priority:  (i) the rate (expressed as a
percentage per annum) for U.S. dollar deposits having a three-month maturity
that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the
related Determination Date (“Telerate Page 3750” means the display designated
as “Page 3750” on the Moneyline Telerate Service or such other page as may
replace Page 3750 on that service or such other service or services as may be
nominated by the British Bankers’ Association as the information vendor for the
purpose of displaying London interbank offered rates for U.S. dollar deposits);
(ii) if such rate cannot be identified on the related Determination Date, the
Debenture Trustee will request the principal London offices of four leading
banks in the London interbank market to provide such banks’ offered quotations
(expressed as 

 A-2-3
 

percentages per annum) to
prime banks in the London interbank market for U.S. dollar deposits having a
three-month maturity as of 11:00 a.m. (London time) on such Determination
Date.  If at least two quotations are
provided, 3-Month LIBOR will be the arithmetic mean of such quotations; (iii)
if fewer than two such quotations are provided as requested in clause (ii)
above, the Debenture Trustee will request four major New York City banks to
provide such banks’ offered quotations (expressed as percentages per annum) to
leading European banks for loans in U.S. dollars as of 11:00 a.m. (London time)
on such Determination Date.  If at least
two such quotations are provided, 3-Month LIBOR will be the arithmetic mean of
such quotations; and (iv) if fewer than two such quotations are provided as requested
in clause (iii) above, 3-Month LIBOR will be a 3-Month LIBOR determined with
respect to the Distribution Period immediately preceding such current
Distribution Period.  If the rate for
U.S. dollar deposits having a three-month maturity that initially appears on
Telerate Page 3750 as of 11:00 a.m. (London time) on the related Determination
Date is superseded on the Telerate Page 3750 by a corrected rate by 12:00 noon
(London time) on such Determination Date, then the corrected rate as so
substituted on the applicable page will be the applicable 3-Month LIBOR for
such Determination Date.

“Distribution Rate” means
for the period beginning on (and including) the date of original issuance and
ending on (but excluding) the Distribution Payment Date in March 2012 the rate
per annum of 7.675% and for each Distribution Period thereafter, the Coupon
Rate.

The Distribution Rate for
any Distribution Period will at no time be higher than the maximum rate then
permitted by New York law as the same may be modified by United States law.

All percentages resulting
from any calculations on the Common Securities will be rounded, if necessary,
to the nearest one hundred-thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (e.g., 9.876545% (or
..09876545) being rounded to 9.87655% (or .0987655), and all dollar amounts used
in or resulting from such calculation will be rounded to the nearest cent (with
one-half cent being rounded upward)).

Except as otherwise
described below, Distributions on the Common Securities will be cumulative,
will accrue from the date of original issuance and will be payable quarterly in
arrears on each Distribution Payment Date, commencing on the Distribution
Payment Date June 2007.  The Debenture
Issuer has the right under the Indenture to defer payments of interest on the
Debentures, so long as no Indenture Event of Default has occurred and is
continuing, by extending the interest payment period for up to
20 consecutive quarterly periods (each an “Extension Period”) at any time
and from time to time on the Debentures, subject to the conditions described
below, during which Extension Period no interest shall be due and payable.  During any Extension Period, interest will
continue to accrue on the Debentures, and interest on such accrued interest
will accrue at an annual rate equal to the Distribution Rate in effect for each
such Extension Period, compounded quarterly from the date such interest would
have been payable were it not for the Extension Period, to the extent permitted
by law (such interest referred to herein as “Additional Interest”). No
Extension Period may end on a date other than a Distribution Payment Date. At
the end of any such Extension Period the Debenture Issuer shall pay all
interest then accrued and unpaid on the Debentures (together with Additional
Interest thereon); provided, however, that no Extension Period
may extend beyond the Maturity Date. 
Prior to the termination of any Extension Period, the Debenture Issuer
may further extend such period, provided that such period together with all
such previous and further consecutive extensions thereof shall not exceed 20
consecutive quarterly periods, or extend beyond the Maturity Date. Upon the
termination of any Extension Period and upon the payment of all accrued and
unpaid interest and Additional Interest, the Debenture Issuer may commence a
new Extension Period, subject to the foregoing requirements. No interest or
Additional Interest shall be due and payable during an Extension Period, except
at the end thereof, but each installment of interest that would otherwise have
been due and payable during such Extension Period shall bear 

 A-2-4
 

Additional Interest.
During any Extension Period, Distributions on the Common Securities shall be
deferred for a period equal to the Extension Period. If Distributions are
deferred, the Distributions due shall be paid on the date that the related
Extension Period terminates, to Holders of the Common Securities as they appear
on the books and records of the Trust on the record date immediately preceding
such date. Distributions on the Common Securities must be paid on the dates
payable (after giving effect to any Extension Period) to the extent that the
Trust has funds available for the payment of such distributions in the Property
Account of the Trust. The Trust’s funds available for Distribution to the
Holders of the Common Securities will be limited to payments received from the
Debenture Issuer.

The Common Securities
shall be redeemable as provided in the Declaration.

 A-2-5
 

ASSIGNMENT

FOR VALUE RECEIVED, the
undersigned assigns and transfers this Common Security Certificate to:

 

(Insert assignee’s
social security or tax identification number)

 

 

(Insert address
and zip code of assignee) and irrevocably appoints

 

 agent to transfer
this Common Security Certificate on the books of the Registrar.  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 Common Security Certificate)

Signature:

(Sign exactly as your name appears on the other side
of this Common Security Certificate)

Signature Guarantee(2)

(2) Signature must be
guaranteed by an “eligible guarantor institution” that is a bank, stockbroker,
savings and loan association or credit union, meeting the requirements of the
Security registrar, which requirements include membership or participation in
the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

 A-2-6

EXHIBIT B

SPECIMEN OF INITIAL DEBENTURE

EXHIBIT C

PLACEMENT AGREEMENT

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