Document:

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                                                                     Exhibit 4.3

                   THE HARTFORD FINANCIAL SERVICES GROUP, INC.

                                       and

          JPMORGAN CHASE BANK, as Collateral Agent, Custodial Agent and
                             Securities Intermediary

                                       and

                 JPMORGAN CHASE BANK, as Purchase Contract Agent

                                PLEDGE AGREEMENT

                            Dated as of May 23, 2003

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                                TABLE OF CONTENTS

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ARTICLE 1
        DEFINITIONS
        SECTION 1.01.  Definitions...................................................................   3

ARTICLE 2
        PLEDGE
        SECTION 2.01.  Pledge........................................................................   8
        SECTION 2.02.  Control; Financing Statement..................................................   8
        SECTION 2.03.  Termination...................................................................   8

ARTICLE 3
        DISTRIBUTIONS ON PLEDGED COLLATERAL
        SECTION 3.01.  Income and Distributions......................................................   9
        SECTION 3.02.  Principal Payments Following Termination Event................................   9
        SECTION 3.03.  Principal Payments Prior to or on Purchase Contract
             Settlement Date.........................................................................   9
        SECTION 3.04.  Payments to Purchase Contract Agent...........................................  10
        SECTION 3.05.  Assets Not Properly Released..................................................  10

ARTICLE 4
        CONTROL
        SECTION 4.01.  Establishment of Collateral Account...........................................  11
        SECTION 4.02.  Treatment as Financial Assets.................................................  11
        SECTION 4.03.  Sole Control by Collateral Agent..............................................  11
        SECTION 4.04.  Securities Intermediary's Location............................................  12
        SECTION 4.05.  No Other Claims...............................................................  12
        SECTION 4.06.  Investment and Release........................................................  12
        SECTION 4.07.  Statements and Confirmations..................................................  12
        SECTION 4.08.  Tax Allocations...............................................................  12
        SECTION 4.09.  No Other Agreements...........................................................  12
        SECTION 4.10.  Powers Coupled with an Interest...............................................  13
        SECTION 4.11.  Waiver of Lien; Waiver of Set-off.............................................  13

ARTICLE 5
        INITIAL DEPOSIT; CREATION OF STRIPPED UNITS AND RECREATION OF
        NORMAL UNITS
        SECTION 5.01.  Initial Deposit of Senior Notes...............................................  13
        SECTION 5.02.  Creation of Stripped Units....................................................  14
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        SECTION 5.03.  Recreation of Normal Units....................................................  15
        SECTION 5.04.  Termination Event.............................................................  16
        SECTION 5.05.  Cash Settlement...............................................................  18
        SECTION 5.06.  Early Settlement and Cash Merger Early Settlement.............................  19
        SECTION 5.07.  Application of Proceeds in Settlement of Purchase Contracts...................  20
        SECTION 5.08.  Special Event Redemption......................................................  23

ARTICLE 6
        VOTING RIGHTS - PLEDGED SENIOR NOTES
        SECTION 6.01.  Voting Rights.................................................................  23

ARTICLE 7
        RIGHTS AND REMEDIES
        SECTION 7.01.  Rights and Remedies of the Collateral Agent...................................  24
        SECTION 7.02.  Special Event Redemption......................................................  25
        SECTION 7.03.  Initial Remarketing...........................................................  25
        SECTION 7.04.  Second Remarketing............................................................  26
        SECTION 7.05.  Third Remarketing.............................................................  26
        SECTION 7.06.  Successful Remarketing........................................................  26
        SECTION 7.07.  Substitutions.................................................................  27

ARTICLE 8
        REPRESENTATIONS AND WARRANTIES; COVENANTS
        SECTION 8.01.  Representations and Warranties................................................  27
        SECTION 8.02.  Covenants.....................................................................  28

ARTICLE 9
        THE COLLATERAL AGENT, THE CUSTODIAL AGENT AND THE SECURITIES INTERMEDIARY
        SECTION 9.01.  Appointment, Powers and Immunities............................................  28
        SECTION 9.02.  Instructions of the Company...................................................  30
        SECTION 9.03.  Reliance by Collateral Agent and Securities Intermediary......................  30
        SECTION 9.04.  Certain Rights................................................................  30
        SECTION 9.05.  Merger, Conversion, Consolidation or Succession to Business...................  31
        SECTION 9.06.  Rights in Other Capacities....................................................  31
        SECTION 9.07.  Non-Reliance on Collateral Agent, the Custodial Agent
              and Securities Intermediary............................................................  31
        SECTION 9.08.  Compensation and Indemnity....................................................  32
        SECTION 9.09.  Failure to Act................................................................  32
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        SECTION 9.10.  Resignation of Collateral Agent, the Custodial Agent
              and Securities Intermediary............................................................  33
        SECTION 9.11.  Right to Appoint Agent or Advisor.............................................  35
        SECTION 9.12.  Survival......................................................................  35
        SECTION 9.13.  Exculpation...................................................................  35

ARTICLE 10
        AMENDMENT
        SECTION 10.01.  Amendment Without Consent of Holders.........................................  36
        SECTION 10.02.  Amendment with Consent of Holders............................................  36
        SECTION 10.03.  Execution of Amendments......................................................  37
        SECTION 10.04.  Effect of Amendments.........................................................  38
        SECTION 10.05.  Reference of Amendments......................................................  38

ARTICLE 11
        MISCELLANEOUS
        SECTION 11.01.  No Waiver....................................................................  38
        SECTION 11.02.  Governing Law; Submission to Jurisdiction....................................  38
        SECTION 11.03.  Notices......................................................................  39
        SECTION 11.04.  Successors and Assigns.......................................................  39
        SECTION 11.05.  Counterparts.................................................................  39
        SECTION 11.06.  Severability.................................................................  39
        SECTION 11.07.  Expenses, Etc................................................................  40
        SECTION 11.08.  Security Interest Absolute...................................................  40
        SECTION 11.09.  Notice of Special Event, Special Event Redemption and
                 Termination Event...................................................................  41
</TABLE>

Exhibit A -       Instruction from Purchase Contract Agent to Collateral Agent
                     (Creation of Stripped Units)

Exhibit B -       Instruction from Collateral Agent to Securities Intermediary
                    (Creation of Stripped Units)

Exhibit C -       Instruction from Purchase Contract Agent to Collateral Agent
                    (Recreation of Normal Units)

Exhibit D -       Instruction from Collateral Agent to Securities Intermediary
                    (Recreation of Normal Units)

Exhibit E -       Notice of Cash Settlement from Securities Intermediary to
                  Purchase Contract Agent (Cash Settlement Amounts)

Exhibit F -       Instruction to Custodial Agent
                    (Regarding Remarketing)

Exhibit G -       Instruction to Custodial Agent
                   (Withdrawal from Remarketing)

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                                PLEDGE AGREEMENT

         PLEDGE AGREEMENT, dated as of May 23, 2003, among THE HARTFORD
FINANCIAL SERVICES GROUP, INC., a Delaware corporation (the "COMPANY"), JPMORGAN
CHASE BANK, a New York banking corporation, as collateral agent (in such
capacity, together with its successors in such capacity, the "COLLATERAL
AGENT"), as custodial agent (in such capacity, together with its successors in
such capacity, the "CUSTODIAL AGENT"), and as securities intermediary (as
defined in Sections 8-102(a)(14) of the UCC) with respect to the Collateral
Account (in such capacity, together with its successors in such capacity, the
"SECURITIES INTERMEDIARY"), and JPMORGAN CHASE BANK, a New York banking
corporation, as purchase contract agent and as attorney-in- fact of the Holders
from time to time of the Units (in such capacity, together with its successors
in such capacity, the "PURCHASE CONTRACT AGENT") under the Purchase Contract
Agreement (as defined below).

                                    RECITALS

         WHEREAS, the Company and the Purchase Contract Agent are parties to the
Purchase Contract Agreement dated as of the date hereof (as modified and
supplemented and in effect from time to time, the "PURCHASE CONTRACT
AGREEMENT"), pursuant to which 12,000,000 (or 13,800,000 if the over-allotment
option granted to the Underwriters pursuant to the Underwriting Agreement is
exercised in full) Normal Units will be issued.

         WHEREAS, each Normal Unit, at issuance, consists of a unit comprised of
(a) a stock purchase contract (a "PURCHASE CONTRACT") pursuant to which the
Holder will purchase from the Company on the Purchase Contract Settlement Date,
for an amount equal to $50.00 (the "STATED AMOUNT"), a number of shares of the
Company's common stock, par value $0.01 per share ("COMMON STOCK"), equal to the
Settlement Rate and (b) an Applicable Ownership Interest in Senior Notes.

         WHEREAS, pursuant to the terms of the Purchase Contract Agreement and
the Purchase Contracts, the Holders of the Units have irrevocably authorized the
Purchase Contract Agent, as attorney-in-fact of such Holders, among other
things, to execute and deliver this Agreement on behalf of such Holders and to
grant the pledge provided herein of the Collateral to secure the Obligations.

         NOW, THEREFORE, the Company, the Collateral Agent, the Custodial Agent,
the Securities Intermediary and the Purchase Contract Agent agree as follows:

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                                    ARTICLE 1
                                   DEFINITIONS

         SECTION 1.01. Definitions. For all purposes of this Agreement, except
as otherwise expressly provided or unless the context otherwise requires:

         (a)  the words "HEREIN," "HEREOF" and "HEREUNDER" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section, Exhibit or other subdivision;

         (b)  the following terms which are defined in the UCC shall have the
meanings set forth therein: "CERTIFICATED SECURITY," "CONTROL," "FINANCIAL
ASSET," "ENTITLEMENT ORDER," "SECURITIES ACCOUNT" and "SECURITY ENTITLEMENT";

         (c)  capitalized terms used herein and not defined herein have the
meanings assigned to them in the Purchase Contract Agreement; and

         (d)  the following terms have the meanings given to them in this
Section 1.01(d):

         "AGREEMENT" means this Pledge Agreement, as the same may be amended,
modified or supplemented from time to time.

         "CASH" means any coin or currency of the United States of America as at
the time shall be legal tender for payment of public and private debts.

         "COLLATERAL" means the collective reference to:

                  (i)  the Collateral Account and all investment property and
         other financial assets from time to time credited to the Collateral
         Account, including, without limitation, (A) the Applicable Ownership
         Interests in Senior Notes and security entitlements relating thereto
         that are a component of the Normal Units from time to time, and the
         aggregate principal amount of Senior Notes underlying the aggregate
         Applicable Ownership Interests in Senior Notes and securities
         entitlements relating thereto from time to time (B) the Applicable
         Ownership Interests in the Treasury Portfolio (as specified in clause
         (i) of the definition of such term) of the Holders which are a
         component of the Normal Units from time to time; (C) any Treasury
         Securities and security entitlements relating thereto delivered from
         time to time upon creation of Stripped Units in accordance

                                        3

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         with Section 5.02 hereof and (D) payments made by Holders pursuant to
         Section 5.05 hereof;

                  (ii)  all Proceeds of any of the foregoing (whether such
         Proceeds arise before or after the commencement of any proceeding under
         any applicable bankruptcy, insolvency or other similar law, by or
         against the pledgor or with respect to the pledgor); and

                  (iii)  all powers and rights now owned or hereafter acquired
         under or with respect to the Collateral.

         "COLLATERAL ACCOUNT" means the securities account of JPMorgan Chase
Bank, a New York banking corporation, as Collateral Agent, maintained by the
Securities Intermediary and designated "JPMorgan Chase Bank, as Collateral Agent
of The Hartford Financial Services Group, Inc., as pledgee of JPMorgan Chase
Bank, as the Purchase Contract Agent on behalf of and as attorney-in-fact for
the Holders".

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

         "NORMAL UNIT" means the collective rights and obligations of a Holder
of a Normal Units Certificate in respect of an Applicable Ownership Interest in
Senior Notes or an Applicable Ownership Interest in the Treasury Portfolio, as
the case may be, subject in each case to the Pledge thereof, and the related
Purchase Contract; provided that the appropriate Applicable Ownership Interest
in the Treasury Portfolio (as specified in clause (ii) of the definition of such
term) shall not be subject to the Pledge.

         "NORMAL UNITS CERTIFICATE " means a certificate evidencing the rights
and obligations of a Holder in respect of the number of Normal Units specified
on such certificate.

         "OBLIGATIONS" means, with respect to each Holder, all obligations and
liabilities of such Holder under such Holder's Purchase Contract, the Purchase
Contract Agreement and this Agreement or any other document made, delivered or
given in connection herewith or therewith, in each case whether on account of
principal, interest (including, without limitation, interest accruing before and
after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to such Holder, whether
or not a claim for post-filing or post-petition interest is allowed in such
proceeding), fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees

                                        4

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and disbursements of counsel to the Company or the Collateral Agent or the
Securities Intermediary that are required to be paid by the Holder pursuant to
the terms of any of the foregoing agreements).

         "PERMITTED INVESTMENTS" means any one of the following, in each case
maturing on the Business Day following the date of acquisition:

                  (1)  any evidence of indebtedness with an original maturity of
         365 days or less issued, or directly and fully guaranteed or insured,
         by the United States of America or any agency or instrumentality
         thereof (provided that the full faith and credit of the United States
         of America is pledged in support of the timely payment thereof or such
         indebtedness constitutes a general obligation of it);

                  (2)  deposits, certificates of deposit or acceptances with an
         original maturity of 365 days or less of any institution which is a
         member of the Federal Reserve System having combined capital and
         surplus and undivided profits of not less than $500 million at the time
         of deposit (and which may include the Collateral Agent);

                  (3)  investments with an original maturity of 365 days or less
         of any Person that is fully and unconditionally guaranteed by a bank
         referred to in clause (2);

                  (4)  repurchase agreements and reverse repurchase agreements
         relating to marketable direct obligations issued or unconditionally
         guaranteed by the United States of America or issued by any agency
         thereof and backed as to timely payment by the full faith and credit of
         the United States of America;

                  (5)  investments in commercial paper, other than commercial
         paper issued by the Company or its affiliates, of any corporation
         incorporated under the laws of the United States or any State thereof,
         which commercial paper has a rating at the time of purchase at least
         equal to "A-1" by Standard & Poor's Ratings Services ("S&P") or at
         least equal to "P-1" by Moody's Investors Service, Inc. ("MOODY'S");
         and

                  (6)  investments in money market funds (including, but not
         limited to, money market funds managed by the Collateral Agent or an
         affiliate of the Collateral Agent) registered under the Investment
         Company Act of 1940, as amended, rated in the highest applicable rating
         category by S&P or Moody's.

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         "PERSON" means any legal person, including, without limitation, any
individual, corporation, estate, partnership, joint venture, association,
joint-stock company, limited liability company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

         "PLEDGE" means the lien and security interest created by this
Agreement.

         "PLEDGED APPLICABLE OWNERSHIP INTERESTS IN SENIOR NOTES" means the
Applicable Ownership Interests in Senior Notes of the Holders and security
entitlements with respect thereto from time to time credited to the Collateral
Account and not then released from the Pledge.

         "PLEDGED APPLICABLE OWNERSHIP INTERESTS IN THE TREASURY PORTFOLIO"
means the Applicable Ownership Interests in the Treasury Portfolio (as specified
in clause (i) of the definition of such term) of the Holders and security
entitlements with respect thereto from time to time credited to the Collateral
Account and not then released from the Pledge.

         "PLEDGED SENIOR NOTES" means Senior Notes underlying the Pledged
Applicable Ownership Interests in Senior Notes and security entitlements with
respect thereto from time to time credited to the Collateral Account and not
then released from the Pledge.

         "PLEDGED SECURITIES" means the Pledged Senior Notes, the Pledged
Applicable Ownership Interests in Senior Notes, the Pledged Applicable Ownership
Interests in the Treasury Portfolio and the Pledged Treasury Securities,
collectively.

         "PLEDGED TREASURY SECURITIES" means Treasury Securities and security
entitlements with respect thereto from time to time credited to the Collateral
Account and not then released from the Pledge.

         "PROCEEDS" has the meaning ascribed thereto in the UCC and includes,
without limitation, all interest, dividends, cash, instruments, securities,
financial assets and other property received, receivable or otherwise
distributed upon the sale, exchange, collection or disposition of any financial
assets from time to time held in the Collateral Account.

         "PURCHASE CONTRACT AGENT" has the meaning specified in the paragraph
preceding the recitals of this Agreement.

         "SENIOR NOTES" means the series of notes designated the 2.56% senior
notes due August 16, 2008 to be issued by the Company under the Indenture.

                                        6

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         "SEPARATE SENIOR NOTES" means Senior Notes held separately from Normal
Units.

         "STRIPPED UNIT" means, following the substitution of Treasury
Securities for Applicable Ownership Interests in Senior Notes and the related
Senior Notes or Applicable Ownership Interests in the Treasury Portfolio as
collateral to secure a Holder's obligations under the Purchase Contract, the
collective rights and obligations of a Holder of a Stripped Units Certificate in
respect of such Treasury Securities, subject to the Pledge thereof, and the
related Purchase Contract.

         "STRIPPED UNITS CERTIFICATE" means a certificate evidencing the rights
and obligations of a Holder in respect of the number of Stripped Units specified
on such certificate.

         "TRADES" means the Treasury/Reserve Automated Debt Entry System
maintained by the Federal Reserve Bank of New York pursuant to the TRADES
Regulations.

         "TRADES REGULATIONS" means the regulations of the United States
Department of the Treasury, published at 31 C.F.R. Part 357, as amended from
time to time. Unless otherwise defined herein, all terms defined in the TRADES
Regulations are used herein as therein defined.

         "TRANSFER" means (i) in the case of certificated securities in
registered form, delivery as provided in Section 8-301(a) of the UCC, indorsed
to the transferee or in blank by an effective endorsement; (ii) in the case of
Treasury Securities, registration of the transferee as the owner of such
Treasury Securities on TRADES; and (iii) in the case of security entitlements,
including, without limitation, security entitlements with respect to Treasury
Securities, a securities intermediary indicating by book entry that such
security entitlement has been credited to the transferee's securities account.

         "TREASURY SECURITIES" means zero-coupon U.S. treasury securities that
mature on August 15, 2006 (CUSIP No. 912833CQ1).

         "UCC" means the Uniform Commercial Code as in effect in the State of
New York from time to time.

         "VALUE" means, with respect to any item of Collateral on any date, as
to (1) Cash, the face amount thereof, (2) Treasury Securities or Senior Notes,
the aggregate principal amount thereof at maturity, (3) Applicable Ownership
Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term), the appropriate percentage of the aggregate principal
amount at

                                        7
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maturity of the Treasury Portfolio and (4) Applicable Ownership Interests in
Senior Notes, the appropriate percentage of the aggregate principal amount of
the related Pledged Senior Notes.

                                    ARTICLE 2
                                     PLEDGE

         SECTION 2.01. Pledge. Each Holder, acting through the Purchase Contract
Agent as such Holder's attorney-in-fact, and the Purchase Contract Agent, acting
as such attorney-in-fact and to the extent of its ownership of the Senior Notes,
hereby pledges and grants to the Collateral Agent, as agent of and for the
benefit of the Company, a continuing first priority security interest in and to,
and a lien upon and right of set-off against, all of such Person's right, title
and interest in and to the Collateral (including, for the avoidance of doubt,
such Person's Applicable Ownership Interest in Senior Notes) to secure the
prompt and complete payment and performance when due (whether at stated
maturity, by acceleration or otherwise) of the Obligations. The Collateral Agent
shall have all of the rights, remedies and recourses with respect to the
Collateral afforded a secured party by the UCC, in addition to, and not in
limitation of, the other rights, remedies and recourses afforded to the
Collateral Agent by this Agreement.

         SECTION 2.02. Control; Financing Statement.

         (a)  The Collateral Agent shall have control of the Collateral Account
pursuant to the provisions of Article 4 of this Agreement.

         (b)  Subsequent to the date of initial issuance of the Units, the
Purchase Contract Agent shall deliver to the Collateral Agent a copy of the
financing statement prepared by the Company and filed in the Office of the
Secretary of State of the State of New York and any other jurisdictions which
the Company deems necessary, authorized by the Purchase Contract Agent, as
attorney-in-fact for the Holders, as Debtors, and describing the Collateral,
such filing to be undertaken by the Company.

         SECTION 2.03. Termination. As to each Holder, this Agreement and the
Pledge created hereby shall terminate upon the satisfaction of such Holder's
Obligations. Upon such termination, the Collateral Agent shall Transfer such
Holder's portion of the Collateral to the Purchase Contract Agent for
distribution to such Holder, free and clear of the Pledge created hereby.

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                                    ARTICLE 3
                       DISTRIBUTIONS ON PLEDGED COLLATERAL

         SECTION 3.01. Income and Distributions. The Collateral Agent shall
transfer all income and distributions received by the Collateral Agent on
account of the Pledged Senior Notes, the Pledged Applicable Ownership Interests
in the Treasury Portfolio or Permitted Investments from time to time held in the
Collateral Account (ABA No. 021000021, A/C No. 5074943536, Re: The Hartford
Financial Services Group, Inc.) to the Purchase Contract Agent for distribution
to the applicable Holders as provided in the Purchase Contracts or Purchase
Contract Agreement.

         SECTION 3.02. Principal Payments Following Termination Event. Following
a Termination Event, the Collateral Agent shall transfer all principal payments
it receives, if any, in respect of (1) the Pledged Applicable Ownership
Interests in the Treasury Portfolio and the Pledged Senior Notes, and (2) the
Pledged Treasury Securities, to the Purchase Contract Agent for the benefit of
the applicable Holders for distribution to such Holders in accordance with their
respective interests, free and clear of the Pledge created hereby.

         SECTION 3.03. Principal Payments Prior to or on Purchase Contract
Settlement Date.

         (a)  Subject to the provisions of Sections 5.06 and 5.08, and except as
provided in clause 3.03(b) below, if no Termination Event shall have occurred,
all principal payments received by the Collateral Agent in respect of (1) the
Pledged Senior Notes, (2) the Pledged Applicable Ownership Interests in the
Treasury Portfolio and (3) the Pledged Treasury Securities, shall be held and
invested in Permitted Investments until the Purchase Contract Settlement Date,
and transferred to the Company on the Purchase Contract Settlement Date as
provided in Section 5.07 hereof. Any balance remaining in the Collateral Account
shall be released from the Pledge and transferred to the Purchase Contract Agent
for the benefit of the applicable Holders for distribution to such Holders in
accordance with their respective interests, free and clear of the Pledge created
thereby. The Company shall instruct the Collateral Agent in writing as to the
type of Permitted Investments in which any payments made under this Section
shall be invested, provided, however, that if the Company fails to deliver such
instructions by 10:30 a.m. (New York City time) on the day such payments are
received by the Collateral Agent, the Collateral Agent shall invest such
payments in the Permitted Investments described in clause (6) of the definition
of Permitted Investments. In no event shall the Collateral Agent be liable for
the selection of Permitted Investments or for investment losses incurred
thereon. The Collateral Agent shall

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have no liability in respect of losses incurred as a result of the failure of
the Company to provide timely written investment direction.

         (b)  All principal payments received by the Collateral Agent in respect
of (1) the Pledged Senior Notes, (2) the Applicable Ownership Interests in the
Treasury Portfolio (as specified in clause (i) of the definition of such term)
and (3) the Treasury Securities or security entitlements thereto, that, in each
case, have been released from the Pledge pursuant hereto shall be transferred to
the Purchase Contract Agent for the benefit of the applicable Holders for
distribution to such Holders in accordance with their respective interests.

         SECTION 3.04. Payments to Purchase Contract Agent. The Collateral Agent
shall use all commercially reasonable efforts to deliver payments to the
Purchase Contract Agent hereunder to the account designated by the Purchase
Contract Agent for such purpose not later than 12:00 p.m. (New York City time)
on the Business Day such payment is received by the Collateral Agent; provided,
however, that if such payment is received on a day that is not a Business Day or
after 11:00 a.m. (New York City time) on a Business Day, then the Collateral
Agent shall use all commercially reasonable efforts to deliver such payment to
the Purchase Contract Agent no later than 10:30 a.m. (New York City time) on the
next succeeding Business Day.

         SECTION 3.05. Assets Not Properly Released. If the Purchase Contract
Agent or any Holder shall receive any principal payments on account of financial
assets credited to the Collateral Account and not released therefrom in
accordance with this Agreement, the Purchase Contract Agent or such Holder shall
hold the same as trustee of an express trust for the benefit of the Company and,
upon receipt of an Officers' Certificate of the Company so directing, promptly
deliver the same to the Collateral Agent for credit to the Collateral Account or
to the Company for application to the Obligations of the Holders, and the
Purchase Contract Agent and Holders shall acquire no right, title or interest in
any such payments of principal amounts so received. The Purchase Contract Agent
shall have no liability under this Section 3.05 unless and until it has been
notified in writing that such payment was delivered to it erroneously and shall
have no liability for any action taken, suffered or omitted to be taken prior to
its receipt of such notice.

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                                    ARTICLE 4
                                     CONTROL

         SECTION 4.01. Establishment of Collateral Account. The Securities
Intermediary hereby confirms that:

         (a) the Securities Intermediary has established the Collateral Account;

         (b)  the Collateral Account is a securities account;

         (c)  subject to the terms of this Agreement, the Securities
Intermediary shall identify in its records the Collateral Agent as the
entitlement holder entitled to exercise the rights that comprise any financial
asset credited to the Collateral Account;

         (d)  all property delivered to the Securities Intermediary pursuant to
this Agreement or the Purchase Contract Agreement will be credited promptly to
the Collateral Account; and

         (e)  all securities or other property underlying any financial assets
credited to the Collateral Account shall be (i) registered in the name of the
Purchase Contract Agent and indorsed to the Collateral Agent or in blank, (ii)
registered in the name of the Collateral Agent or (iii) credited to another
securities account maintained in the name of the Collateral Agent. The
Collateral Agent may, at any time or from time to time, in its sole discretion,
cause any or all securities or other property underlying any financial assets
credited to the Collateral Account not registered in its name to be so
registered in its name. In no case will any financial asset credited to the
Collateral Account be registered in the name of the Purchase Contract Agent or
any Holder or specially indorsed to the Purchase Contract Agent or any Holder.

         SECTION 4.02. Treatment as Financial Assets. Each item of property
(whether investment property, financial asset, security, instrument or cash)
credited to the Collateral Account shall be treated as a financial asset.

         SECTION 4.03. Sole Control by Collateral Agent. Except as provided in
Section 6.01, at all times prior to the termination of the Pledge, the
Collateral Agent shall have sole control of the Collateral Account, and the
Securities Intermediary shall take instructions and directions with respect to
the Collateral Account solely from the Collateral Agent. If at any time the
Securities Intermediary shall receive an entitlement order issued by the
Collateral Agent and relating to the Collateral Account, the Securities
Intermediary shall comply with such entitlement order without further consent by
the Purchase Contract Agent or

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any Holder or any other Person. Except as otherwise permitted under this
Agreement, until termination of the Pledge, the Securities Intermediary will not
comply with any entitlement orders issued by the Purchase Contract Agent or any
Holder.

         SECTION 4.04. Securities Intermediary's Location. The Collateral
Account, and the rights and obligations of the Securities Intermediary, the
Collateral Agent, the Purchase Contract Agent and the Holders with respect
thereto, shall be governed by the laws of the State of New York. Regardless of
any provision in any other agreement, for purposes of the UCC, New York shall be
deemed to be the Securities Intermediary's location.

         SECTION 4.05. No Other Claims. Except for the claims and interest of
the Collateral Agent and of the Purchase Contract Agent and the Holders in the
Collateral Account, the Securities Intermediary (without any duty to
investigate) does not know of any claim to, or interest in, the Collateral
Account or in any financial asset credited thereto. If any Person asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against the Collateral
Account or in any financial asset carried therein, the Securities Intermediary
will promptly notify the Collateral Agent and the Purchase Contract Agent.

         SECTION 4.06. Investment and Release. All proceeds of financial assets
from time to time deposited in the Collateral Account shall be invested and
reinvested as provided in this Agreement. At all times prior to termination of
the Pledge, no property shall be released from the Collateral Account except in
accordance with this Agreement or upon written instructions of the Collateral
Agent.

         SECTION 4.07. Statements and Confirmations. The Securities Intermediary
will promptly send copies of all statements, confirmations and other
correspondence concerning the Collateral Account and any financial assets
credited thereto simultaneously to each of the Purchase Contract Agent and the
Collateral Agent at their addresses for notices under this Agreement.

         SECTION 4.08. Tax Allocations. The Purchase Contract Agent shall report
all items of income, gain, expense and loss recognized in the Collateral
Account, to the extent such reporting is required by law, to the Internal
Revenue Service authorities in the manner required by law. Neither the
Securities Intermediary nor the Collateral Agent shall have any tax reporting
duties hereunder.

         SECTION 4.09. No Other Agreements. The Securities Intermediary has not
entered into, and prior to the termination of the Pledge will not enter into,
any

                                       12

<PAGE>

agreement with any other Person relating to the Collateral Account or any
financial assets credited thereto, including, without limitation, any agreement
to comply with entitlement orders of any Person other than the Collateral Agent.

         SECTION 4.10. Powers Coupled with an Interest. The rights and powers
granted in this Article 4 to the Collateral Agent have been granted in order to
perfect its security interests in the Collateral Account, are powers coupled
with an interest and will be affected neither by the bankruptcy of the Purchase
Contract Agent or any Holder nor by the lapse of time. The obligations of the
Securities Intermediary under this Article 4 shall continue in effect until the
termination of the Pledge.

         SECTION 4.11. Waiver of Lien; Waiver of Set-off. The Securities
Intermediary waives any security interest, lien or right to make deductions or
setoffs that it may now have or hereafter acquire in or with respect to the
Collateral Account, any financial asset credited thereto or any security
entitlement in respect thereof. Neither the financial assets credited to the
Collateral Account nor the security entitlements in respect thereof will be
subject to deduction, set-off, banker's lien, or any other right in favor of any
Person other than the Company.

                                    ARTICLE 5
           INITIAL DEPOSIT; CREATION OF STRIPPED UNITS AND RECREATION
                                 OF NORMAL UNITS

         SECTION 5.01. Initial Deposit of Senior Notes. (a) Prior to or
concurrently with the execution and delivery of this Agreement, the Purchase
Contract Agent, on behalf of the initial Holders of the Normal Units, shall
Transfer to the Collateral Agent, for credit to the Collateral Account, the
Applicable Ownership Interests in Senior Notes and the aggregate principal
amount of Senior Notes underlying the aggregate Applicable Ownership Interests
in Senior Notes or, in each case, security entitlements relating thereto, and,
in the case of security entitlements, the Securities Intermediary shall indicate
by book-entry that a securities entitlement to such Applicable Ownership
Interest in Senior Notes and such Senior Notes has been credited to the
Collateral Account.

         (b)  Unless any Event of Default (as defined in the Indenture) shall
have occurred and be continuing, the Collateral Agent agrees to hold any Pledged
Senior Notes or security entitlements relating thereto, constituting a portion
of the Collateral registered in the name of the Purchase Contract Agent, as
attorney-in- fact for the Holders, with appropriate indorsement in the form
delivered to it and

                                       13

<PAGE>

shall not re-register Pledged Applicable Ownership Interests in Senior Notes or
Pledged Senior Notes or security entitlements relating thereto unless an Event
of Default shall have occurred and be continuing.

         SECTION 5.02. Creation of Stripped Units.

         (a)  So long as the Applicable Ownership Interests in the Treasury
Portfolio have not replaced the Applicable Ownership Interests in Senior Notes
as components of the Normal Units, a Holder of Normal Units shall have the
right, at any time prior to 5:00 p.m. (New York City time) on the fifth Business
Day immediately preceding the Purchase Contract Settlement Date, to create
Stripped Units by substitution of Treasury Securities or security entitlements
with respect thereto for the Pledged Applicable Ownership Interests in Senior
Notes comprising a part of such Holder's Normal Units, in integral multiples of
20 Normal Units by:

                  (i)  Transferring to the Collateral Agent for credit to the
         Collateral Account Treasury Securities or security entitlements with
         respect thereto having a Value equal to the aggregate principal amount
         of the Pledged Senior Notes underlying the Pledged Applicable Ownership
         Interests in Senior Notes to be released, accompanied by a notice,
         substantially in the form of Exhibit C to the Purchase Contract
         Agreement, whereupon the Purchase Contract Agent shall deliver to the
         Collateral Agent a notice, substantially in the form of Exhibit A
         hereto, (A) stating that such Holder has notified the Purchase Contract
         Agent that such Holder has Transferred Treasury Securities or security
         entitlements with respect thereto to the Collateral Agent for credit to
         the Collateral Account, (B) stating the Value of the Treasury
         Securities or security entitlements with respect thereto Transferred by
         such Holder and (C) requesting that the Collateral Agent release from
         the Pledge the Pledged Applicable Ownership Interests in Senior Notes
         that are a component of such Normal Units and the aggregate principal
         amount of Pledged Senior Notes related thereto; and

                  (ii)  delivering the related Normal Units to the Purchase
         Contract Agent.

         Upon receipt of such notice and confirmation that Treasury Securities
or security entitlements with respect thereto have been credited to the
Collateral Account as described in such notice, the Collateral Agent shall
instruct the Securities Intermediary by a notice, substantially in the form of
Exhibit B, to release such Pledged Applicable Ownership Interests in Senior
Notes and the aggregate principal amount of Pledged Senior Notes related thereto
from the

                                       14

<PAGE>

Pledge by Transfer of such Senior Notes to the Purchase Contract Agent for
distribution to such Holder, free and clear of the Pledge created hereby.

         If the Applicable Ownership Interests in the Treasury Portfolio have
replaced the Applicable Ownership Interests in Senior Notes as components of the
Normal Units and subject to the conditions of the Purchase Contract Agreement, a
Holder may, at any time on or prior to the second Business Day immediately
preceding the Purchase Contract Settlement Date, substitute Treasury Securities
for the Pledged Applicable Ownerships Interests in the Treasury Portfolio with
respect to such Normal Units, but only in multiples of 12,500 Normal Units. In
such an event, the Holder shall Transfer Treasury Securities having a Value
equal to the aggregate Stated Amount of the Purchase Contracts comprising a
component of such Normal Units to the Collateral Agent, and the Purchase
Contract Agent shall instruct the Collateral Agent to release the Pledge of and
transfer to the Holder the appropriate Applicable Ownership Interests in the
Treasury Portfolio in the manner set forth above.

         (b)  Upon credit to the Collateral Account of Treasury Securities or
security entitlements with respect thereto delivered by a Holder of Normal Units
and receipt of the related instruction from the Collateral Agent, the Securities
Intermediary shall release such Pledged Applicable Ownership Interests in Senior
Notes and the aggregate principal amount of Pledged Senior Notes related thereto
or such Pledged Applicable Ownership Interests in the Treasury Portfolio, as the
case may be, and shall promptly Transfer the same to the Purchase Contract Agent
for distribution to such Holder, free and clear of the Pledge created hereby.

         SECTION 5.03. Recreation of Normal Units.

         (a)  So long as the Applicable Ownership Interests in the Treasury
Portfolio have not replaced the Applicable Ownership Interests in Senior Notes
as components of the Normal Units, at any time prior to 5:00 p.m. (New York City
time) on the fifth Business Day immediately preceding the Purchase Contract
Settlement Date, a Holder of Stripped Units shall have the right to recreate
Normal Units by substitution of Applicable Ownership Interests in Senior Notes
and an aggregate principal amount of Senior Notes underlying such Applicable
Ownership Interests in Senior Notes or security entitlements with respect
thereto for Pledged Treasury Securities in integral multiples of 20 Stripped
Units by:

                  (i)  Transferring to the Collateral Agent for credit to the
         Collateral Account Applicable Ownership Interests in Senior Notes and
         related Senior Notes or security entitlements with respect thereto
         having a Value equal to the Value of the Pledged Treasury Securities to
         be released, accompanied by a notice, substantially in the form of
         Exhibit C to the Purchase Contract Agreement, whereupon the Purchase
         Contract Agent

                                       15

<PAGE>

         shall deliver to the Collateral Agent a notice, substantially in the
         form of Exhibit C hereto, stating that such Holder has Transferred the
         Applicable Ownership Interests in Senior Notes and related Senior Notes
         or security entitlements with respect thereto to the Collateral Account
         for credit to the Collateral Account and requesting that the Collateral
         Agent release from the Pledge the Pledged Treasury Securities related
         to such Stripped Units; and

                  (ii)  delivering the related Stripped Units to the Purchase
         Contract Agent.

         Upon receipt of such notice and confirmation that the Applicable
Ownership Interests in Senior Notes and Senior Notes or security entitlements
with respect thereto have been credited to the Collateral Account as described
in such notice, the Collateral Agent shall instruct the Securities Intermediary
by a notice substantially in the form of Exhibit D hereto to release such
Pledged Treasury Securities from the Pledge by Transfer to the Purchase Contract
Agent for distribution to such Holder, free and clear of the Pledge created
hereby.

         If the Applicable Ownership Interests in the Treasury Portfolio have
replaced the Applicable Ownership Interests in Senior Notes as components of the
Normal Units, a Holder may, at any time on or prior to the second Business Day
immediately preceding the Purchase Contract Settlement Date, substitute
Applicable Ownership Interests in the Treasury Portfolio for Pledged Treasury
Securities, but only in multiples of 12,500 Stripped Units. In such an event,
the Holder shall Transfer the Applicable Ownership Interests in the Treasury
Portfolio to the Collateral Agent in an amount such that the Value of such
Applicable Ownership Interests in the Treasury Portfolio (as specified in clause
(i) of the definition of such term) is equal to the aggregate Stated Amount of
the Purchase Contracts underlying such Stripped Units, and the Purchase Contract
Agent shall instruct the Collateral Agent to release and transfer to the Holder
the appropriate Treasury Securities in the manner set forth above.

         (b) Upon credit to the Collateral Account of the Applicable Ownership
Interests in Senior Notes and the related Senior Notes or the Applicable
Ownership Interests in the Treasury Portfolio, as the case may be, or security
entitlements with respect thereto delivered by a Holder of Stripped Units and
receipt of the related instruction from the Collateral Agent, the Securities
Intermediary shall release such Pledged Treasury Securities and shall promptly
Transfer the same to the Purchase Contract Agent for distribution to such
Holder, free and clear of the Pledge created hereby.

         SECTION 5.04.  Termination Event.

                                       16

<PAGE>

         (a) Upon receipt by the Collateral Agent of written notice from the
Company or the Purchase Contract Agent that a Termination Event has occurred,
the Collateral Agent shall release all Collateral from the Pledge and shall
promptly Transfer:

                  (i)  any Pledged Applicable Ownership Interests in Senior
         Notes and Pledged Senior Notes or security entitlements with respect
         thereto;

                  (ii)  any Pledged Applicable Ownership Interests in the
         Treasury Portfolio or security entitlements with respect thereto;

                  (iii)  any Pledged Treasury Securities, and

                  (iv)  any payments by Holders (or the Permitted Investments of
         such payments) pursuant to Section 5.05 hereof,

to the Purchase Contract Agent for the benefit of the Holders for distribution
to such Holders, in accordance with their respective interests, free and clear
of the Pledge created hereby; provided, however, if any Holder shall be entitled
to receive less than $1,000 with respect to its interest in the Applicable
Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term), the Purchase Contract Agent shall have the right (but
not the obligation) to dispose of such interest for cash and deliver to such
Holder cash in lieu of delivering the Applicable Ownership Interests in the
Treasury Portfolio (as specified in clause (i) of the definition of such term).

         (b) If such Termination Event shall result from the Company's becoming
a debtor under the Bankruptcy Code, and if the Collateral Agent shall for any
reason fail promptly to effectuate the release and Transfer of all Collateral
and Proceeds of any of the foregoing, as the case may be, as provided by this
Section 5.04, the Purchase Contract Agent shall:

                  (i)  use its best efforts to obtain an opinion of a nationally
         recognized law firm reasonably acceptable to the Collateral Agent to
         the effect that, notwithstanding the Company's being the debtor in such
         a bankruptcy case, the Collateral Agent will not be prohibited from
         releasing or Transferring the Collateral as provided in this Section
         5.04, and shall deliver or cause to be delivered such opinion to the
         Collateral Agent within ten days after the occurrence of such
         Termination Event, and if (A) the Purchase Contract Agent shall be
         unable to obtain such opinion within ten days after the occurrence of
         such Termination Event or (B) the Collateral Agent shall continue,
         after delivery of such opinion, to refuse to effectuate the release and
         Transfer of all Collateral and Proceeds of any of

                                       17

<PAGE>

         the foregoing, as the case may be, as provided in this Section 5.04,
         then the Purchase Contract Agent shall within fifteen days after the
         occurrence of such Termination Event commence an action or proceeding
         in the court having jurisdiction of the Company's case under the
         Bankruptcy Code seeking an order requiring the Collateral Agent to
         effectuate the release and transfer of all Collateral and Proceeds of
         any of the foregoing, or as the case may be, as provided by this
         Section 5.04; or

                  (ii)  commence an action or proceeding like that described in
         clause 5.04(b)(i) hereof within ten days after the occurrence of such
         Termination Event.

         SECTION 5.05. Cash Settlement.

         (a) Upon receipt by the Collateral Agent of (1) a notice from the
Purchase Contract Agent promptly after the receipt by the Purchase Contract
Agent of a notice from a Holder of Normal Units that such Holder has elected, in
accordance with the procedures specified in Section 5.02(c)(i) of the Purchase
Contract Agreement, to effect a Cash Settlement and (2) payment by such Holder
by deposit in the Collateral Account prior to 11:00 a.m. (New York City time) on
the fourth Business Day immediately preceding the Purchase Contract Settlement
Date of the Purchase Price in lawful money of the United States of America by
certified or cashier's check or wire transfer of immediately available funds
payable to or upon the order of the Securities Intermediary, then the Collateral
Agent shall:

                  (i)   instruct the Securities Intermediary promptly to invest
         any such Cash in Permitted Investments;

                  (ii)  instruct the Securities Intermediary to release from the
         Pledge such Holder's Pledged Applicable Ownership Interests in Senior
         Notes and the aggregate principal amount of Pledged Senior Notes
         underlying such Pledged Applicable Ownership Interests in Senior Notes
         related to the Normal Units, as to which such Holder has effected a
         Cash Settlement pursuant to this Section 5.05(a); and

                  (iii) instruct the Securities Intermediary to Transfer all
         such Pledged Applicable Ownership Interests in Senior Notes and such
         Pledged Senior Notes to the Purchase Contract Agent for distribution to
         such Holder, in each case free and clear of the Pledge created hereby.

         A Holder of Normal Units may only affect a Cash Settlement in integral
multiples of 20 Units. The Company shall instruct the Collateral Agent in
writing

                                       18

<PAGE>

as to the type of Permitted Investments in which any such Cash shall be
invested; provided, however, that if the Company fails to deliver such written
instructions by 10:30 a.m. (New York City time) on the day such Cash is received
by the Collateral Agent or to be reinvested by the Securities Intermediary, the
Collateral Agent shall instruct the Securities Intermediary to invest such Cash
in the Permitted Investments described in clause (6) of the definition of
Permitted Investments. In no event shall the Collateral Agent or Securities
Intermediary be liable for the selection of Permitted Investments or for
investment losses incurred thereon. The Collateral Agent and Securities
Intermediary shall have no liability in respect of losses incurred as a result
of the failure of the Company to provide timely written investment direction.

         Upon receipt of the proceeds upon the maturity of the Permitted
Investments on the Purchase Contract Settlement Date, the Collateral Agent shall
(A) instruct the Securities Intermediary to pay the portion of such proceeds and
deliver any certified or cashier's checks received, in an aggregate amount equal
to the Purchase Price, to the Company on the Purchase Contract Settlement Date,
and (B) release any amounts in excess of the Purchase Price earned from such
Permitted Investments to the Purchase Contract Agent for distribution to such
Holder.

          (b)  If a Holder of Normal Units (i) fails to notify the Purchase
Contract Agent of its intention to make a Cash Settlement as provided in
paragraph 5.02(c)(i) of the Purchase Contract Agreement or (ii) does notify the
Purchase Contract Agent of its intention to pay the Purchase Price in cash, but
fails to make such payment as required by paragraph 5.02(c)(ii) of the Purchase
Contract Agreement, such Holder shall be deemed to have consented to the
disposition of the Pledged Senior Notes related to such Holder's Applicable
Ownership Interests in Senior Notes in accordance with paragraph 5.02(c)(iii) of
the Purchase Contract Agreement.

          (c)  As soon as practicable after 11:00 a.m. (New York City time) on
the fourth Business Day immediately preceding the Purchase Contract Settlement
Date, the Collateral Agent shall deliver to the Purchase Contract Agent a
notice, substantially in the form of Exhibit E hereto, stating (i) the amount of
Cash that it has received with respect to the Cash Settlement of Normal Units,
and (ii) the amount of Pledged Senior Notes to be remarketed in the Final
Remarketing pursuant to Section 5.02(c)(iii) of the Purchase Contract Agreement.

         SECTION 5.06. Early Settlement and Cash Merger Early Settlement. Upon
receipt by the Collateral Agent of a notice from the Purchase Contract Agent
that a Holder of Units has elected to effect either (i) Early Settlement of its
obligations under the Purchase Contracts forming a part of such Units in
accordance with the terms of the Purchase Contracts and Section 5.07 of the
Purchase Contract Agreement or (ii) Cash Merger Early Settlement of its
obligations under the Purchase Contracts forming a part of such Units in

                                       19

<PAGE>

accordance with the terms of the Purchase Contracts and Section 5.04(b)(2) of
the Purchase Contract Agreement (which notice shall set forth the number of such
Purchase Contracts as to which such Holder has elected to effect Early
Settlement or Cash Merger Early Settlement), and that the Purchase Contract
Agent has received from such Holder, and paid to the Company as confirmed in
writing by the Company, the related Purchase Price pursuant to the terms of the
Purchase Contracts and the Purchase Contract Agreement and that all conditions
to such Early Settlement or Cash Merger Early Settlement, as the case may be,
have been satisfied, then the Collateral Agent shall release from the Pledge,
(1) the Pledged Applicable Ownership Interests in Senior Notes and the aggregate
principal amount of Pledged Senior Notes underlying such Pledged Applicable
Ownership Interests in Senior Notes or the Pledged Applicable Ownership
Interests in the Treasury Portfolio, as the case may be, related to such Units
in the case of a Holder of Normal Units or (2) Pledged Treasury Securities, in
the case of a Holder of Stripped Units, in each case with a Value equal to the
product of (x) the Stated Amount times (y) the number of Purchase Contracts as
to which such Holder has elected to effect Early Settlement or Cash Merger Early
Settlement, and shall instruct the Securities Intermediary to Transfer all such
Pledged Senior Notes (including, for the avoidance of doubt, the related Pledged
Applicable Ownership Interests in such Pledged Senior Notes) and Pledged
Applicable Ownership Interests in the Treasury Portfolio, or Pledged Treasury
Securities, as the case may be, to the Purchase Contract Agent for distribution
to such Holder, in each case free and clear of the Pledge created hereby. A
Holder of Units may settle early only in integral multiples of 20 Units;
provided that a Holder of Normal Units, if the Applicable Ownership Interests in
the Treasury Portfolio have replaced the Applicable Ownership Interests in
Senior Notes as components of such Normal Units, may settle early only in
integral multiples of 12,500 Normal Units.

         SECTION 5.07.  Application of Proceeds in Settlement of Purchase
Contracts.

         (a)  If a Holder of Normal Units (if the Applicable Ownership Interests
in the Treasury Portfolio have not replaced the Applicable Ownership Interests
in Senior Notes as components of such Normal Units) has not elected to make an
effective Cash Settlement by notifying the Purchase Contract Agent in the manner
provided for in Section 5.02(c)(i) of the Purchase Contract Agreement or does
notify the Purchase Contract Agent as provided in paragraph 5.02(c)(i) of the
Purchase Contract Agreement of its intention to pay the Purchase Price in cash,
but fails to make such payment as required by paragraph 5.02(c)(ii) of the
Purchase Contract Agreement, such Holder shall be deemed to have elected to pay

                                       20

<PAGE>

for the shares of Common Stock to be issued under such Purchase Contracts from
the Proceeds of the Final Remarketing of the related Pledged Senior Notes. In
such event, upon written direction from the Purchase Contract Agent, the
Collateral Agent shall instruct the Securities Intermediary to Transfer the
related Pledged Senior Notes to the Remarketing Agent for Final Remarketing.
Upon receiving such Pledged Senior Notes, the Remarketing Agent, pursuant to the
terms of the Remarketing Agreement, will use its reasonable efforts to remarket
such Pledged Senior Notes. The Remarketing Agent will deposit the Proceeds of
such Final Remarketing (less, to the extent permitted by the Remarketing
Agreement, the Remarketing Fee) in the Collateral Account, and the Collateral
Agent shall invest the Proceeds of the Final Remarketing in Permitted
Investments set forth in clause (6) of the definition of Permitted Investments.
On the Purchase Contract Settlement Date, the Purchase Contract Agent shall
consult with the Collateral Agent regarding the instruction the Collateral Agent
shall give to the Securities Intermediary in order to apply a portion of the
Proceeds from such Final Remarketing equal to the aggregate principal amount of
such Pledged Senior Notes to satisfy in full such Holder's obligations to pay
the Purchase Price to purchase the shares of Common Stock under the related
Purchase Contracts and the balance of the Proceeds from the Final Remarketing,
if any, that shall be transferred to the Purchase Contract Agent for
distribution to such Holder.

         If the Remarketing Agent advises the Collateral Agent in writing that
there has been a Failed Final Remarketing, the Collateral Agent, for the benefit
of the Company shall, at the written direction of the Company, exercise the
Company's rights as a secured party with respect to the Pledged Applicable
Ownership Interests in Senior Notes and the related Pledged Senior Notes in
accordance with applicable law or deliver the Pledged Applicable Ownership
Interests in Senior Notes and the related Pledged Senior Notes to the Company to
retain to the extent permitted by applicable law. Following such action, the
Holder's obligations to pay the Purchase Price for the shares of Common Stock
will be deemed to be satisfied in full.

         (b)  In the case of a Stripped Unit or a Normal Unit (if the Applicable
Ownership Interests in the Treasury Portfolio have replaced the Applicable
Ownership Interests in Senior Notes as a component of the Normal Units),
promptly after 11:00 a.m. (New York City time) on the Business Day immediately
prior to the Purchase Contract Settlement Date, the Collateral Agent shall
invest the Cash Proceeds of the maturing Pledged Treasury Securities or Pledged
Applicable Ownership Interests in the Treasury Portfolio, as the case may be, in
Permitted Investments set forth in clause (6) of the definition of Permitted
Investments, unless prior to 10:30 a.m. (New York City time) on such date, the
Company shall otherwise instruct the Collateral Agent in writing as to the type
of Permitted Investments in which any such Cash Proceeds shall be invested. In
no

                                       21

<PAGE>

event shall the Collateral Agent be liable for the selection of Permitted
Investments or for investment losses incurred thereon. The Collateral Agent
shall have no liability in respect of losses incurred as a result of the failure
of the Company to provide timely written investment direction. Without receiving
any instruction from any such Holder, the Collateral Agent shall apply the
Proceeds of the related Pledged Treasury Securities or Pledged Applicable
Ownership Interests in the Treasury Portfolio, as the case may be, to the
settlement of such Purchase Contracts on the Purchase Contract Settlement Date.
In the event the sum of the Proceeds from the related Pledged Treasury
Securities or Pledged Applicable Ownership Interests in the Treasury Portfolio,
as the case may be, and the investment earnings from the investment in Permitted
Investments exceeds the aggregate Purchase Price of the Purchase Contracts being
settled thereby, the Collateral Agent shall instruct the Securities Intermediary
to transfer such excess, when received, to the Purchase Contract Agent for
distribution to such Holder.

         (c)  Prior to 5:00 p.m. (New York City time) on the fifth Business Day
immediately preceding the applicable Remarketing Date, but no earlier than the
Payment Date immediately preceding such date, Holders of Separate Senior Notes
may elect to have their Separate Senior Notes remarketed under the Remarketing
Agreement, by delivering their Separate Senior Notes along with a notice of such
election, substantially in the form of Exhibit F hereto, to the Custodial Agent.
After such time, such election shall become an irrevocable election to have such
Separate Senior Notes remarketed in such Remarketing and, if such Remarketing
fails, in any subsequent Remarketing. The Custodial Agent shall hold Separate
Senior Notes in an account separate from the Collateral Account in which the
Pledged Securities shall be held. Holders of Separate Senior Notes electing to
have their Separate Senior Notes remarketed will also have the right to withdraw
that election by written notice to the Custodial Agent, substantially in the
form of Exhibit G hereto, prior to 5:00 p.m. (New York City time) on the fifth
Business Day immediately preceding the applicable Remarketing Date, upon which
notice the Custodial Agent shall return such Separate Senior Notes to such
Holder.

         By 11:00 a.m. (New York City time) on the Business Day immediately
preceding the applicable Remarketing Date, the Custodial Agent shall notify the
Remarketing Agent of the aggregate principal amount of the Separate Senior Notes
to be remarketed and deliver to the Remarketing Agent for remarketing all
Separate Senior Notes delivered to the Custodial Agent pursuant to this Section
5.07(c) and not validly withdrawn prior to such date. In the event of a
Successful Remarketing, after deducting the Remarketing Fee (to the extent
permitted under the terms of the Remarketing Agreement), the Remarketing Agent
will remit to the Custodial Agent the remaining portion of the proceeds of such
Remarketing for payment to the Holders of the remarketed Separate Senior Notes,
in accordance with their respective interests. In the event of a Failed
Remarketing,

                                       22

<PAGE>

the Remarketing Agent will promptly return such Separate Senior
Notes to the Custodial Agent, and, in the event of a Failed Final Remarketing,
the Custodial Agent shall deliver such Separate Senior Notes to the appropriate
Holders.

         SECTION 5.08. Special Event Redemption. If the Collateral Agent
receives written notice that a Special Event Redemption has occurred while
Applicable Ownership Interests in Senior Notes are still credited to the
Collateral Account, the Collateral Agent shall apply the Redemption Amount to
purchase the Treasury Portfolio, and the Collateral Agent shall credit the
Applicable Ownership Interests in the Treasury Portfolio (as specified in clause
(i) of the definition of such term) to the Collateral Account and shall transfer
the Applicable Ownership Interests in the Treasury Portfolio (as specified in
clause (ii)(y) of the definition of such term) to the Purchase Contract Agent to
hold on behalf of the Holders of Normal Units and distribute to the Holders of
the Normal Units in accordance with the Purchase Contract Agreement. Upon credit
to the Collateral Account of the Applicable Ownership Interests in the Treasury
Portfolio (as specified in clause (i) of the definition of such term) having a
Value equal to the Value of the Pledged Applicable Ownership Interests in Senior
Notes, the Collateral Agent shall cause the Securities Intermediary to release
the Pledged Senior Notes from the Collateral Account and shall promptly transfer
the Pledged Senior Notes to the Company.

                                    ARTICLE 6
                      VOTING RIGHTS - PLEDGED SENIOR NOTES

         SECTION 6.01. Voting Rights. Subject to the terms of Section 4.02 of
the Purchase Contract Agreement, the Purchase Contract Agent may exercise, or
refrain from exercising, any and all voting and other consensual rights
pertaining to the Pledged Senior Notes or any part thereof for any purpose not
inconsistent with the terms of this Agreement and in accordance with the terms
of the Purchase Contract Agreement; provided, that the Purchase Contract Agent
shall not exercise or shall not refrain from exercising such right, as the case
may be, if, in the judgment of the Purchase Contract Agent, such action would
impair or otherwise have a material adverse effect on the value of all or any of
the Pledged Senior Notes; and provided, further, that the Purchase Contract
Agent shall give the Company and the Collateral Agent at least five Business
Days' prior written notice of the manner in which it intends to exercise, or its
reasons for refraining from exercising, any such right. Upon receipt of any
notices and other communications in respect of any Pledged Senior Notes,
including notice of any meeting at which holders of the Pledged Senior Notes are
entitled to vote or solicitation of consents, waivers or proxies of holders of
the Senior Notes, the

                                       23

<PAGE>

Collateral Agent shall use reasonable efforts to send promptly to the Purchase
Contract Agent such notice or communication, and as soon as reasonably
practicable after receipt of a written request therefor from the Purchase
Contract Agent, execute and deliver to the Purchase Contract Agent such proxies
and other instruments in respect of such Pledged Senior Notes (in form and
substance satisfactory to the Collateral Agent) as are prepared by the Company
and delivered to the Purchase Contract Agent with respect to the Pledged Senior
Notes.

                                    ARTICLE 7
                               RIGHTS AND REMEDIES

         SECTION 7.01. Rights and Remedies of the Collateral Agent.

         (a)  In addition to the rights and remedies specified in Section 5.07
hereof or otherwise available at law or in equity, after an event of default (as
specified in Section 7.01(b) below) hereunder, the Collateral Agent shall have
all of the rights and remedies with respect to the Collateral of a secured party
under the UCC (whether or not the UCC is in effect in the jurisdiction where the
rights and remedies are asserted) and the TRADES Regulations and such additional
rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be
asserted. Without limiting the generality of the foregoing, such remedies may
include, to the extent permitted by applicable law, (1) retention of the Pledged
Applicable Ownership Interests in Senior Notes and the related Pledged Senior
Notes, Pledged Treasury Securities or the Pledged Applicable Ownership Interests
in the Treasury Portfolio or (2) sale of the Pledged Senior Notes, Pledged
Treasury Securities or the Pledged Applicable Ownership Interests in the
Treasury Portfolio in one or more public or private sales, and in each instance,
the Holders' obligations under the Purchase Contracts and the Purchase Contract
Agreement shall be deemed to have been satisfied in full.

         (b)  Without limiting any rights or powers otherwise granted by this
Agreement to the Collateral Agent, in the event the Collateral Agent is unable
to make payments to the Company on account of the applicable Pledged Applicable
Ownership Interests in the Treasury Portfolio, or on account of principal
payments of any Pledged Treasury Securities as provided in Article 3 hereof, in
satisfaction of the Obligations of the Holder of the Units of which such
applicable Pledged Applicable Ownership Interests in the Treasury Portfolio or
such Pledged Treasury Securities, as applicable, are a part under the related
Purchase Contracts, the inability to make such payments shall constitute an
event of default hereunder and the Collateral Agent shall have and may exercise,
with reference to such

                                       24

<PAGE>

Pledged Treasury Securities or Pledged Applicable Ownership Interests in the
Treasury Portfolio, as applicable, any and all of the rights and remedies
available to a secured party under the UCC and the TRADES Regulations after
default by a debtor, and as otherwise granted herein or under any other law.

         (c)  Without limiting any rights or powers otherwise granted by this
Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of (i) the principal amount of
the Pledged Senior Notes, (ii) the principal amount of the Pledged Applicable
Ownership Interests in the Treasury Portfolio, and (iii) the principal amount of
the Pledged Treasury Securities, subject, in each case, to the provisions of
Article 3 hereof, and as otherwise granted herein.

         (d)  The Purchase Contract Agent and each Holder of Units agrees that,
from time to time, upon the written request of the Collateral Agent or the
Purchase Contract Agent, such Holder shall execute and deliver such further
documents and do such other acts and things as the Collateral Agent may
reasonably request in order to maintain the Pledge, and the perfection and
priority thereof, and to confirm the rights of the Collateral Agent hereunder.
The Purchase Contract Agent shall have no liability to any Holder for executing
any documents or taking any such acts requested by the Collateral Agent
hereunder, except for liability for its own grossly negligent acts, its own
grossly negligent failure to act or its own willful misconduct.

         SECTION 7.02. Special Event Redemption. Upon the occurrence of a
Special Event Redemption while any Applicable Ownership Interests in Senior
Notes and the related Pledged Senior Notes are still credited to the Collateral
Account, the Redemption Price shall be credited to the Collateral Account by the
Collateral Agent upon receipt thereof from the Indenture Trustee, on or prior to
12:30 p.m., New York City time on such Special Event Redemption Date, by federal
funds check or wire transfer of immediately available funds. The Collateral
Agent is hereby authorized to present the Pledged Senior Notes for payment as
may be required by their respective terms. Upon receipt of such funds, the
Pledged Senior Notes shall be released from the Collateral Account. In the event
such funds are credited to the Collateral Account, the Collateral Agent, at the
written direction of the Company, shall instruct the Securities Intermediary to
(a) apply an amount equal to the Redemption Amount of such funds to purchase the
Treasury Portfolio from the Quotation Agent for credit to the Collateral Account
and (b) promptly remit the remaining portion of such funds, if any, to the
Purchase Contract Agent for payment to the Holders of Normal Units, in
accordance with their respective interests.

                                       25

<PAGE>

         SECTION 7.03. Initial Remarketing. Unless a Special Event Redemption
has occurred prior to the Initial Remarketing Date, the Collateral Agent shall,
by 11:00 a.m., New York City time, on the Business Day immediately preceding the
Initial Remarketing Date, without any instruction from any Holder of Normal
Units, present the related Pledged Senior Notes to the Remarketing Agent for
Initial Remarketing. In the event of a Failed Initial Remarketing, the Senior
Notes presented to the Remarketing Agent pursuant to this Section 7.03 for
Remarketing shall be redeposited into the Collateral Account.

         SECTION 7.04. Second Remarketing. Unless a Special Event Redemption has
occurred prior to the Second Remarketing Date, if a Failed Initial Remarketing
has occurred, the Collateral Agent shall, by 11:00 a.m., New York City time, on
the Business Day immediately preceding the Second Remarketing Date, without any
instruction from any Holder of Normal Units, present the related Pledged Senior
Notes to the Remarketing Agent for Second Remarketing. In the event of a Failed
Second Remarketing, the Senior Notes presented to the Remarketing Agent pursuant
to this Section 7.04 for Remarketing shall be redeposited into the Collateral
Account.

         SECTION 7.05. Third Remarketing. Unless a Special Event Redemption has
occurred prior to the Third Remarketing Date, if a Failed Second Remarketing has
occurred, the Collateral Agent shall, by 11:00 a.m., New York City time, on the
Business Day immediately preceding the Third Remarketing Date, without any
instruction from any Holder of Normal Units, present the related Pledged Senior
Notes to the Remarketing Agent for Third Remarketing. In the event of a Failed
Third Remarketing, the Senior Notes presented to the Remarketing Agent pursuant
to this Section 7.05 for Remarketing shall be redeposited into the Collateral
Account.

         SECTION 7.06. Successful Remarketing. In the event the Collateral Agent
receives Proceeds of the Pledged Senior Notes from any Successful Remarketing
prior to the Final Remarketing Date (after deducting any Remarketing Fee to the
extent permitted under the terms of the Remarketing Agreement), the Collateral
Agent will, at the written direction of the Company, apply an amount equal to
the Treasury Portfolio Purchase Price to purchase from the Quotation Agent the
Treasury Portfolio and promptly remit the remaining portion of such Proceeds to
the Purchase Contract Agent for payment to the Holders of Normal Units, in
accordance with their respective interests. With respect to Separate Senior
Notes, any Proceeds of such Remarketing (after deducting any Remarketing Fee to
the extent permitted under the terms of the Remarketing Agreement) attributable
to the Separate Senior Notes will be remitted to the Custodial Agent for payment
to the holders of Separate Senior Notes. The Collateral Agent shall Transfer the
Treasury Portfolio to the Collateral Account and the Pledged Applicable

                                       26

<PAGE>

Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term) will secure the obligation of all Holders of Normal
Units to purchase Common Stock of the Company under the Purchase Contracts
constituting a part of such Normal Units, in substitution for the Pledged
Applicable Ownership Interests in Senior Notes and the related Pledged Senior
Notes, which shall be released from the Collateral Account.

         SECTION 7.07. Substitutions. Whenever a Holder has the right to
substitute Treasury Securities, Applicable Ownership Interests in Senior Notes
and related Senior Notes or the appropriate Applicable Ownership Interests in
the Treasury Portfolio (as defined in clause (i) of the definition of such term)
or security entitlements for any of them, as the case may be, for financial
assets held in the Collateral Account, such substitution shall not constitute a
novation of the security interest created hereby.

                                    ARTICLE 8
                    REPRESENTATIONS AND WARRANTIES; COVENANTS

         SECTION 8.01. Representations and Warranties. Each Holder from time to
time, acting through the Purchase Contract Agent as attorney-in-fact (it being
understood that the Purchase Contract Agent shall not be liable for any
representation or warranty made by or on behalf of a Holder), hereby represents
and warrants to the Collateral Agent (with respect to such Holder's interest in
the Collateral), which representations and warranties shall be deemed repeated
on each day a Holder Transfers Collateral, that:

         (a)  such Holder has the power to grant a security interest in and lien
on the Collateral;

         (b)  such Holder is the sole beneficial owner of the Collateral and, in
the case of Collateral delivered in physical form, is the sole holder of such
Collateral and is the sole beneficial owner of, or has the right to Transfer,
the Collateral it Transfers to the Collateral Agent for credit to the Collateral
Account, free and clear of any security interest, lien, encumbrance, call,
liability to pay money or other restriction other than the security interest and
lien granted under Article 2 hereof;

         (c)  upon the Transfer of the Collateral to the Collateral Agent for
credit to the Collateral Account, the Collateral Agent, for the benefit of the
Company, will have a valid and perfected first priority security interest
therein (assuming that any central clearing operation or any securities
intermediary or other entity

                                       27

<PAGE>

not within the control of the Holder involved in the Transfer of the Collateral,
including the Collateral Agent and the Securities Intermediary, gives the
notices and takes the action required of it hereunder and under applicable law
for perfection of that interest and assuming the establishment and exercise of
control pursuant to Article 4 hereof); and

         (d)  the execution and performance by the Holder of its obligations
under this Agreement will not result in the creation of any security interest,
lien or other encumbrance on the Collateral other than the security interest and
lien granted under Article 2 hereof or violate any provision of any existing law
or regulation applicable to it or of any mortgage, charge, pledge, indenture,
contract or undertaking to which it is a party or which is binding on it or any
of its assets.

         SECTION 8.02. Covenants. The Holders from time to time, acting through
the Purchase Contract Agent as their attorney-in-fact (it being understood that
the Purchase Contract Agent shall not be liable for any covenant made by or on
behalf of a Holder), hereby covenant to the Collateral Agent that for so long as
the Collateral remains subject to the Pledge:

         (a)  neither the Purchase Contract Agent nor such Holders will create
or purport to create or allow to subsist any mortgage, charge, lien, pledge or
any other security interest whatsoever over the Collateral or any part of it
other than pursuant to this Agreement; and

         (b)  neither the Purchase Contract Agent nor such Holders will sell or
otherwise dispose (or attempt to dispose) of the Collateral or any part of it
except for the beneficial interest therein, subject to the Pledge hereunder,
transferred in connection with the Transfer of the Units.

                                    ARTICLE 9
          THE COLLATERAL AGENT, THE CUSTODIAL AGENT AND THE SECURITIES
                                  INTERMEDIARY

         It is hereby agreed as follows:

         SECTION 9.01. Appointment, Powers and Immunities. The Collateral Agent,
the Custodial Agent or Securities Intermediary shall act as agent for the
Company hereunder with such powers as are specifically vested in the Collateral
Agent, the Custodial Agent or Securities Intermediary, as the case may be, by
the terms of this Agreement. The Collateral Agent, the Custodial Agent and
Securities Intermediary shall:

                                       28

<PAGE>

         (a)  have no duties or responsibilities except those expressly set
forth in this Agreement and no implied covenants or obligations shall be
inferred from this Agreement against the Collateral Agent, the Custodial Agent
and Securities Intermediary, nor shall the Collateral Agent, the Custodial Agent
and Securities Intermediary be bound by the provisions of any agreement by any
party hereto beyond the specific terms hereof;

         (b)  not be responsible for any recitals contained in this Agreement,
or in any certificate or other document referred to or provided for in, or
received by it under, this Agreement, the Units or the Purchase Contract
Agreement, or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement (other than as against the
Collateral Agent, the Custodial Agent or Securities Intermediary, as the case
may be), the Units, any Collateral or the Purchase Contract Agreement or any
other document referred to or provided for herein or therein or for any failure
by the Company or any other Person (except the Collateral Agent, the Custodial
Agent or Securities Intermediary, as the case may be) to perform any of its
obligations hereunder or thereunder or for the perfection, priority or, except
as expressly required hereby, maintenance of any security interest created
hereunder;

         (c)  not be required to initiate or conduct any litigation or
collection proceedings hereunder (except pursuant to directions furnished under
Section 9.02 hereof, subject to Section 9.08 hereof);

         (d)  not be responsible for any action taken or omitted to be taken by
it hereunder or under any other document or instrument referred to or provided
for herein or in connection herewith or therewith, except for its own gross
negligence or willful misconduct; and

         (e)  not be required to advise any party as to selling or retaining, or
taking or refraining from taking any action with respect to, any securities or
other property deposited hereunder.

Subject to the foregoing, during the term of this Agreement, the Collateral
Agent, the Custodial Agent and the Securities Intermediary shall take all
reasonable action in connection with the safekeeping and preservation of the
Collateral hereunder as determined by industry standards.

         No provision of this Agreement shall require the Collateral Agent,
Custodial Agent or Securities Intermediary to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder. In no event shall the Collateral Agent, Custodial Agent or Securities
Intermediary be liable for any amount in excess of the Value of the Collateral.

                                       29

<PAGE>

         SECTION 9.02. Instructions of the Company. The Company shall have the
right, by one or more written instruments executed and delivered to the
Collateral Agent, to direct the time, method and place of conducting any
proceeding for the realization of any right or remedy available to the
Collateral Agent, or of exercising any power conferred on the Collateral Agent,
or to direct the taking or refraining from taking of any action authorized by
this Agreement; provided, however, that (i) such direction shall not conflict
with the provisions of any law or of this Agreement or involve the Collateral
Agent in personal liability and (ii) the Collateral Agent shall be indemnified
to its satisfaction as provided herein. Nothing contained in this Section 9.02
shall impair the right of the Collateral Agent in its discretion to take any
action or omit to take any action which it deems proper and which is not
inconsistent with such direction.

         SECTION 9.03. Reliance by Collateral Agent and Securities Intermediary.
Each of the Securities Intermediary, the Custodial Agent and the Collateral
Agent shall be entitled to rely conclusively upon any certification, order,
judgment, opinion, notice or other written communication (including, without
limitation, any thereof by e-mail or similar electronic means, telecopy, telex
or facsimile) believed by it to be genuine and correct and to have been signed
or sent by or on behalf of the proper Person or Persons (without being required
to determine the correctness of any fact stated therein) and consult with and
conclusively rely upon advice, opinions and statements of legal counsel and
other experts selected by the Collateral Agent, the Custodial Agent or the
Securities Intermediary, as the case may be. As to any matters not expressly
provided for by this Agreement, the Collateral Agent, the Custodial Agent and
the Securities Intermediary shall in all cases be fully protected in acting, or
in refraining from acting, hereunder in accordance with instructions given by
the Company in accordance with this Agreement.

         SECTION 9.04. Certain Rights. (a) Whenever in the administration of the
provisions of this Agreement the Collateral Agent, the Custodial Agent or the
Securities Intermediary shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering any action to be taken
hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of gross negligence or bad faith on
the part of the Collateral Agent, the Custodial Agent or the Securities
Intermediary, be deemed to be conclusively proved and established by a
certificate signed by one of the Company's officers, and delivered to the
Collateral Agent, the Custodial Agent or the Securities Intermediary and such
certificate, in the absence of gross negligence or bad faith on the part of the
Collateral Agent, the Custodial Agent or the Securities Intermediary, shall be
full warrant to the Collateral Agent, the Custodial Agent or the Securities
Intermediary for any action taken, suffered or omitted by it under the
provisions of this Agreement upon the faith thereof.

                                       30

<PAGE>

         (b)  The Collateral Agent, the Custodial Agent or the Securities
Intermediary 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, entitlement order, approval or other paper or
document.

         SECTION 9.05. Merger, Conversion, Consolidation or Succession to
Business. Any corporation into which the Collateral Agent, the Custodial Agent
or the Securities Intermediary 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 Collateral Agent, the Custodial Agent or the
Securities Intermediary shall be a party, or any corporation succeeding to all
or substantially all of the corporate trust business of the Collateral Agent,
the Custodial Agent or the Securities Intermediary shall be the successor of the
Collateral Agent, the Custodial Agent or the Securities Intermediary hereunder
without the execution or filing of any paper with any party hereto or any
further act on the part of any of the parties hereto except where an instrument
of transfer or assignment is required by law to effect such succession, anything
herein to the contrary notwithstanding.

         SECTION 9.06. Rights in Other Capacities. The Collateral Agent, the
Custodial Agent and the Securities Intermediary and their affiliates may
(without having to account therefor to the Company) accept deposits from, lend
money to, make their investments in and generally engage in any kind of banking,
trust or other business with the Purchase Contract Agent, any other Person
interested herein and any Holder of Units (and any of their respective
subsidiaries or affiliates) as if it were not acting as the Collateral Agent,
the Custodial Agent or the Securities Intermediary, as the case may be, and the
Collateral Agent, the Custodial Agent, the Securities Intermediary and their
affiliates may accept fees and other consideration from the Purchase Contract
Agent and any Holder of Units without having to account for the same to the
Company; provided that each of the Securities Intermediary, the Custodial Agent
and the Collateral Agent covenants and agrees with the Company that it shall not
accept, receive or permit there to be created in favor of itself and shall take
no affirmative action to permit there to be created in favor of any other
Person, any security interest, lien or other encumbrance of any kind in or upon
the Collateral other than the lien created by the Pledge.

         SECTION 9.07. Non-Reliance on Collateral Agent, the Custodial Agent and
Securities Intermediary. None of the Securities Intermediary, the Custodial
Agent or the Collateral Agent shall be required to keep itself informed as to
the performance or observance by the Purchase Contract Agent or any Holder of
Units of this Agreement, the Purchase Contract Agreement, the Units or any other
document referred to or provided for herein or therein or to inspect the
properties or books of the Purchase Contract Agent or any Holder of Units. None
of the Collateral Agent, the Custodial Agent or the Securities Intermediary
shall have any duty or responsibility to provide the Company with any credit or
other information

                                       31

<PAGE>

concerning the affairs, financial condition or business of the Purchase Contract
Agent or any Holder of Units (or any of their respective affiliates) that may
come into the possession of the Collateral Agent, the Custodial Agent or the
Securities Intermediary or any of their respective affiliates.

         SECTION 9.08. Compensation and Indemnity. The Company agrees to:

         (a)  pay the Collateral Agent, the Custodial Agent and the Securities
Intermediary from time to time such compensation as shall be agreed in writing
between the Company and the Collateral Agent, the Custodial Agent or the
Securities Intermediary, as the case may be, for all services rendered by them
hereunder;

         (b)  indemnify and hold harmless the Collateral Agent, the Custodial
Agent, the Securities Intermediary and each of their respective directors,
officers, agents and employees (collectively, the "INDEMNITEES"), harmless from
and against any and all claims, liabilities, losses, damages, fines, penalties
and expenses (including reasonable fees and expenses of counsel) (collectively,
"Losses" and individually, a "LOSS") that may be imposed on, incurred by, or
asserted against, the Indemnitees or any of them for following any instructions
or other directions upon which either the Collateral Agent, the Custodial Agent
or the Securities Intermediary is entitled to rely pursuant to the terms of this
Agreement, provided the Collateral Agent, the Custodial Agent or the Securities
Intermediary has not acted with gross negligence or engaged in willful
misconduct or bad faith with respect to the specific Loss against which
indemnification is sought; and

         (c)  in addition to and not in limitation of paragraph (b) immediately
above, indemnify and hold the Indemnitees and each of them harmless from and
against any and all Losses that may be imposed on, incurred by or asserted
against, the Indemnitees or any of them in connection with or arising out of the
Collateral Agent's, the Custodial Agent's or the Securities Intermediary's
acceptance or performance of its powers and duties under this Agreement,
provided the Collateral Agent, the Custodial Agent or the Securities
Intermediary has not acted with gross negligence or engaged in willful
misconduct or bad faith with respect to the specific Loss against which
indemnification is sought.

         The provisions of this Section and Section 11.07 shall survive the
resignation or removal of the Collateral Agent, Custodial Agent or Securities
Intermediary and the termination of this Agreement.

         SECTION 9.09. Failure to Act. In the event of any ambiguity in the
provisions of this Agreement or any dispute between or conflicting claims by or
among the parties hereto or any other Person with respect to any funds or
property

                                       32

<PAGE>

deposited hereunder, then at its sole option, each of the Collateral Agent, the
Custodial Agent and the Securities Intermediary shall be entitled, after prompt
notice to the Company and the Purchase Contract Agent, to refuse to comply with
any and all claims, demands or instructions with respect to such property or
funds so long as such dispute or conflict shall continue, and the Collateral
Agent, the Custodial Agent and the Securities Intermediary shall not be or
become liable in any way to any of the parties hereto for its failure or refusal
to comply with such conflicting claims, demands or instructions. The Collateral
Agent, the Custodial Agent and the Securities Intermediary shall be entitled to
refuse to act until either:

         (a)  such conflicting or adverse claims or demands shall have been
finally determined by a court of competent jurisdiction or settled by agreement
between the conflicting parties as evidenced in a writing satisfactory to the
Collateral Agent, the Custodial Agent or the Securities Intermediary; or

         (b)  the Collateral Agent, the Custodial Agent or the Securities
Intermediary shall have received security or an indemnity satisfactory to it
sufficient to save it harmless from and against any and all loss, liability or
reasonable out-of-pocket expense which it may incur by reason of its acting.

The Collateral Agent, the Custodial Agent and the Securities Intermediary may in
addition elect to commence an interpleader action or seek other judicial relief
or orders as the Collateral Agent, the Custodial Agent or the Securities
Intermediary may deem necessary. Notwithstanding anything contained herein to
the contrary, none of the Collateral Agent, the Custodial Agent or the
Securities Intermediary shall be required to take any action that is in its
opinion contrary to law or to the terms of this Agreement, or which would in its
opinion subject it or any of its officers, employees or directors to liability.

         SECTION 9.10. Resignation of Collateral Agent, the Custodial Agent and
Securities Intermediary.

         (a)  Subject to the appointment and acceptance of a successor
Collateral Agent, Custodial Agent or Securities Intermediary as provided below:

                  (i)  the Collateral Agent, the Custodial Agent and the
         Securities Intermediary may resign at any time by giving notice thereof
         to the Company and the Purchase Contract Agent as attorney-in-fact for
         the Holders of Units;

                  (ii)  the Collateral Agent, the Custodial Agent and the
         Securities Intermediary may be removed at any time by the Company; and

                                       33

<PAGE>

                  (iii)  if the Collateral Agent, the Custodial Agent or the
         Securities Intermediary fails to perform any of its material
         obligations hereunder in any material respect for a period of not less
         than 20 days after receiving written notice of such failure by the
         Purchase Contract Agent and such failure shall be continuing, the
         Collateral Agent, the Custodial Agent and the Securities Intermediary
         may be removed by the Purchase Contract Agent, acting at the direction
         of the Holders of Units.

The Purchase Contract Agent shall promptly notify the Company of any removal of
the Collateral Agent, the Custodial Agent or the Securities Intermediary
pursuant to clause (iii) of this Section 9.10(a). Upon any such resignation or
removal, the Company shall have the right to appoint a successor Collateral
Agent, Custodial Agent or Securities Intermediary, as the case may be, which
shall not be an Affiliate of the Purchase Contract Agent. If no successor
Collateral Agent, Custodial Agent or Securities Intermediary shall have been so
appointed and shall have accepted such appointment within 30 days after the
retiring Collateral Agent's, Custodial Agent's or Securities Intermediary's
giving of notice of resignation or the Company's or the Purchase Contract
Agent's giving notice of such removal, then the retiring or removed Collateral
Agent, Custodial Agent or Securities Intermediary may petition any court of
competent jurisdiction, at the expense of the Company, for the appointment of a
successor Collateral Agent, Custodial Agent or Securities Intermediary. The
Collateral Agent, the Custodial Agent and the Securities Intermediary shall each
be a bank or a national banking association which has an office (or an agency
office) in New York City with a combined capital and surplus of at least
$50,000,000. Upon the acceptance of any appointment as Collateral Agent,
Custodial Agent or Securities Intermediary hereunder by a successor Collateral
Agent, Custodial Agent or Securities Intermediary, as the case may be, such
successor Collateral Agent, Custodial Agent or Securities Intermediary, as the
case may be, shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Collateral Agent, Custodial Agent
or Securities Intermediary, as the case may be, and the retiring Collateral
Agent, Custodial Agent or Securities Intermediary, as the case may be, shall
take all appropriate action, subject to payment of any amounts then due and
payable to it hereunder, to transfer any money and property held by it hereunder
(including the Collateral) to such successor. The retiring Collateral Agent,
Custodial Agent or Securities Intermediary shall, upon such succession, be
discharged from its duties and obligations as Collateral Agent, Custodial Agent
or Securities Intermediary hereunder. After any retiring Collateral Agent's,
Custodial Agent's or Securities Intermediary's resignation hereunder as
Collateral Agent, Custodial Agent or Securities Intermediary, the provisions of
this Article 9 shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as the Collateral

                                       34

<PAGE>

Agent, Custodial Agent or Securities Intermediary. Any resignation or removal of
the Collateral Agent, Custodial Agent or Securities Intermediary hereunder, at a
time when such Person is acting as the Collateral Agent, Custodial Agent or
Securities Intermediary, shall be deemed for all purposes of this Agreement as
the simultaneous resignation or removal of the Collateral Agent, Securities
Intermediary or Custodial Agent, as the case may be.

         (b)  Since JPMorgan Chase Bank is serving as the Collateral Agent
hereunder and the Purchase Contract Agent under the Purchase Contract Agreement,
if an event of default (other than an event of default occurring as a result of
a Failed Final Remarketing) occurs hereunder or under the Purchase Contract
Agreement, JPMorgan Chase Bank will resign as the Collateral Agent, but continue
to act as the Purchase Contract Agent. A successor Collateral Agent will be
appointed in accordance with the terms hereof.

         SECTION 9.11. Right to Appoint Agent or Advisor. The Collateral Agent
shall have the right to appoint agents or advisors in connection with any of its
duties hereunder, and the Collateral Agent shall not be liable for any action
taken or omitted by, or in reliance upon the advice of, such agents or advisors
selected in good faith. The appointment of agents pursuant to this Section 9.11
shall be subject to prior written consent of the Company, which consent shall
not be unreasonably withheld.

         SECTION 9.12. Survival. The provisions of this Article 9 shall survive
termination of this Agreement and the resignation or removal of the Collateral
Agent, the Custodial Agent or the Securities Intermediary.

         SECTION 9.13. Exculpation. Anything contained in this Agreement to the
contrary notwithstanding, in no event shall the Collateral Agent, the Custodial
Agent or the Securities Intermediary or their officers, directors, employees or
agents be liable under this Agreement to any third party for indirect, special,
punitive, or consequential loss or damage of any kind whatsoever, including, but
not limited to, lost profits, whether or not the likelihood of such loss or
damage was known to the Collateral Agent, the Custodial Agent or the Securities
Intermediary, or any of them and regardless of the form of action.

                                       35

<PAGE>

                                   ARTICLE 10
                                    AMENDMENT

         SECTION 10.01. Amendment Without Consent of Holders. Without the
consent of any Holders, the Company, when authorized by a Board Resolution, the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Purchase Contract Agent, at any time and from time to time, may amend this
Agreement, in form satisfactory to the Company, the Collateral Agent, the
Custodial Agent, the Securities Intermediary and the Purchase Contract Agent,
to:

         (a)  evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company;

         (b)  evidence and provide for the acceptance of appointment hereunder
by a successor Collateral Agent, Custodial Agent, Securities Intermediary or
Purchase Contract Agent;

         (c)  add to the covenants of the Company for the benefit of the
Holders, or surrender any right or power herein conferred upon the Company,
provided that such covenants or such surrender do not adversely affect the
validity, perfection or priority of the Pledge created hereunder; or

         (d)  cure any ambiguity (or formal defect), correct or supplement any
provisions herein which may be inconsistent with any other such provisions
herein, or make any other provisions with respect to such matters or questions
arising under this Agreement, provided that such action shall not adversely
affect the interests of the Holders in any material respect.

         SECTION 10.02. Amendment with Consent of Holders. With the consent of
the Holders of not less than a majority of the Purchase Contracts at the time
outstanding, including without limitation the consent of the Holders obtained in
connection with a tender or an exchange offer, by Act of such Holders delivered
to the Company, the Purchase Contract Agent, the Custodial Agent, the Securities
Intermediary and the Collateral Agent, as the case may be, the Company, when
duly authorized by a Board Resolution, the Purchase Contract Agent, the
Collateral Agent, the Securities Intermediary and the Custodial Agent may amend
this Agreement for the purpose of modifying in any manner the provisions of this
Agreement or the rights of the Holders in respect of the Units; provided,
however, that no such supplemental agreement shall, without the unanimous
consent of the Holders of each Outstanding Unit adversely affected thereby in
any material respect:

                                       36

<PAGE>

         (a)  change the amount or type of Collateral underlying a Unit (except
for the rights of holders of Normal Units to substitute the Treasury Securities
for the Pledged Applicable Ownership Interests in Senior Notes and the related
Senior Notes or the Applicable Ownership Interests in the Treasury Portfolio, as
the case may be, or the rights of Holders of Stripped Units to substitute
Applicable Ownership Interests in Senior Notes and the related Senior Notes or
the Applicable Ownership Interests in the Treasury Portfolio (as specified in
clause (i) of the definition of such term), as applicable, for the Pledged
Treasury Securities), unless such change is not adverse to the Holders, impair
the right of the Holder of any Unit to receive distributions on the underlying
Collateral or otherwise adversely affect the Holder's rights in or to such
Collateral; or

         (b)  otherwise effect any action that would require the consent of the
Holder of each Outstanding Unit affected thereby pursuant to the Purchase
Contract Agreement if such action were effected by a modification or amendment
of the provisions of the Purchase Contract Agreement; or

         (c)  reduce the percentage of Purchase Contracts the consent of whose
Holders is required for the modification or amendment of the provisions of this
Agreement;

provided that if any amendment or proposal referred to above would adversely
affect only the Normal Units or only the Stripped Units, then only the affected
class of Holders as of the record date for the Holders entitled to vote thereon
will be entitled to vote on such amendment or proposal, and such amendment or
proposal shall not be effective except with the consent of Holders of not less
than a majority of such class; provided, further, that the unanimous consent of
the Holders of each outstanding Purchase Contract of such class affected thereby
shall be required to approve any amendment or proposal specified in clauses (a)
through (c) above.

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

         SECTION 10.03. Execution of Amendments. In executing any amendment
permitted by this Article, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Purchase Contract Agent shall be entitled to
receive and (subject to Section 7.01 of the Purchase Contract Agreement with
respect to the Purchase Contract Agent) shall be fully authorized and protected
in relying upon, an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and that all conditions
precedent, if any, to the execution and delivery of such amendment have been
satisfied. The Collateral

                                       37

<PAGE>

Agent, Custodial Agent, Securities Intermediary and Purchase Contract Agent may,
but shall not be obligated to, enter into any such amendment which affects their
own respective rights, duties or immunities under this Agreement or otherwise.

         SECTION 10.04. Effect of Amendments. Upon the execution of any
amendment under this Article, this Agreement shall be modified in accordance
therewith, and such amendment shall form a part of this Agreement for all
purposes; and every Holder of Certificates theretofore or thereafter
authenticated, executed on behalf of the Holders and delivered under the
Purchase Contract Agreement shall be bound thereby.

         SECTION 10.05. Reference of Amendments. Certificates authenticated,
executed on behalf of the Holders and delivered after the execution of any
amendment pursuant to this Section may, and shall if required by the Collateral
Agent or the Purchase Contract Agent, bear a notation in form approved by the
Purchase Contract Agent and the Collateral Agent as to any matter provided for
in such amendment. If the Company shall so determine, new Certificates so
modified as to conform, in the opinion of the Collateral Agent, the Purchase
Contract Agent and the Company, to any such amendment may be prepared and
executed by the Company and authenticated, executed on behalf of the Holders and
delivered by the Purchase Contract Agent in accordance with the Purchase
Contract Agreement in exchange for Certificates representing Outstanding Units.

                                   ARTICLE 11
                                  MISCELLANEOUS

         SECTION 11.01. No Waiver. No failure on the part of the Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary or any of
their respective agents to exercise, and no course of dealing with respect to,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Company,
the Collateral Agent, the Custodial Agent, the Securities Intermediary or any of
their respective agents of any right, power or remedy hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or
remedy. The remedies herein are cumulative and are not exclusive of any remedies
provided by law.

         SECTION 11.02. Governing Law; Submission to Jurisdiction. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK

                                       38

<PAGE>

WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF. The Company,
the Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Holders from time to time of the Units, acting through the Purchase Contract
Agent as their attorney-in-fact, hereby submit to the nonexclusive jurisdiction
of the United States District Court for the Southern District of New York and of
any New York state court sitting in New York City for the purposes of all legal
proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. The Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Holders from time to time of the Units, acting
through the Purchase Contract Agent as their attorney-in-fact, irrevocably
waive, to the fullest extent permitted by applicable law, any objection which
they may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient forum.

         SECTION 11.03. Notices. All notices, requests, consents and other
communications provided for herein (including, without limitation, any
modifications of, or waivers or consents under, this Agreement) shall be given
or made in writing (including, without limitation, by telecopy) delivered to the
intended recipient at the "ADDRESS FOR NOTICES" specified below its name on the
signature pages hereof or, as to any party, at such other address as shall be
designated by such party in a notice to the other parties. Except as otherwise
provided in this Agreement, all such communications shall be deemed to have been
duly given when transmitted by telecopier or personally delivered or, in the
case of a mailed notice, upon receipt, in each case given or addressed as
aforesaid.

         SECTION 11.04. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the respective successors and assigns of the
Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary
and the Purchase Contract Agent, and the Holders from time to time of the Units,
by their acceptance of the same, shall be deemed to have agreed to be bound by
the provisions hereof and to have ratified the agreements of, and the grant of
the Pledge hereunder by, the Purchase Contract Agent.

         SECTION 11.05. Counterparts. This Agreement may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same instrument, and any of the parties hereto may execute this Agreement by
signing any such counterpart.

         SECTION 11.06. Severability. If any provision hereof is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in order to carry out the
intentions of the parties

                                       39

<PAGE>

hereto as nearly as may be possible and (ii) the invalidity or unenforceability
of any provision hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction.

         SECTION 11.07. Expenses, Etc.. The Company agrees to reimburse the
Collateral Agent, the Custodial Agent and the Securities Intermediary for:

         (a)  all reasonable costs and expenses of the Collateral Agent, the
Custodial Agent and the Securities Intermediary (including, without limitation,
the reasonable fees and expenses of counsel to the Collateral Agent, the
Custodial Agent and the Securities Intermediary), in connection with (i) the
negotiation, preparation, execution and delivery or performance of this
Agreement and (ii) any modification, supplement or waiver of any of the terms of
this Agreement;

         (b)  all reasonable costs and expenses of the Collateral Agent, the
Custodial Agent and the Securities Intermediary (including, without limitation,
reasonable fees and expenses of counsel) in connection with (i) any enforcement
or proceedings resulting or incurred in connection with causing any Holder of
Units to satisfy its obligations under the Purchase Contracts forming a part of
the Units and (ii) the enforcement of this Section 11.07;

         (c)  all transfer, stamp, documentary or other similar taxes,
assessments or charges levied by any governmental or revenue authority in
respect of this Agreement or any other document referred to herein and all
costs, expenses, taxes, assessments and other charges incurred in connection
with any filing, registration, recording or perfection of any security interest
contemplated hereby;

         (d)  all reasonable fees and expenses of any agent or advisor appointed
by the Collateral Agent and consented to by the Company under Section 9.11 of
this Agreement; and

         (e)  any other out-of-pocket costs and expenses reasonably incurred by
the Collateral Agent, the Custodial Agent and the Securities Intermediary in
connection with the performance of their duties hereunder.

         SECTION 11.08. Security Interest Absolute. All rights of the Collateral
Agent and security interests hereunder, and all obligations of the Holders from
time to time hereunder, shall be absolute and unconditional irrespective of:

         (a)  any lack of validity or enforceability of any provision of the
Purchase Contracts or the Units or any other agreement or instrument relating
thereto;

                                       40

<PAGE>

         (b)  any change in the time, manner or place of payment of, or any
other term of, or any increase in the amount of, all or any of the obligations
of Holders of the Units under the related Purchase Contracts, or any other
amendment or waiver of any term of, or any consent to any departure from any
requirement of, the Purchase Contract Agreement or any Purchase Contract or any
other agreement or instrument relating thereto; or

         (c)  any other circumstance which might otherwise constitute a defense
available to, or discharge of, a borrower, a guarantor or a pledgor.

         SECTION 11.09. Notice of Special Event, Special Event Redemption and
Termination Event. Upon the occurrence of a Special Event, a Special Event
Redemption or a Termination Event, the Company shall deliver written notice to
the Purchase Contract Agent, the Collateral Agent and the Securities
Intermediary. Upon the written request of the Collateral Agent or the Securities
Intermediary, the Company shall inform such party whether or not a Special
Event, a Special Event Redemption or a Termination Event has occurred.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                               41

<PAGE>

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

The Hartford Financial Services Group,      JPMORGAN CHASE BANK, as
Inc.                                        Purchase Contract Agent and
                                            as attorney-in-fact of the Holders
                                            from time to time of the Units

By: /s/ John N. Giamalis                    By: /s/ Joanne Adamis
    ______________________________              _____________________________
    Name: John N. Giamalis                      Name:  Joanne Adamis
    Title: Senior Vice President                Title: Vice President
           and Treasurer

Address for Notices:                        Address for Notices:

The Hartford Financial Services             4 New York Plaza, 15th Floor,
Group, Inc.                                 New York, New York 10004
Hartford Plaza, Hartford                    Telecopier No.: (212) 623-6167
Connecticut 06115-1900                      Attention: Institutional Trust
Telecopier No.:860-547-5714                            Services
Attention: General Counsel

JPMORGAN CHASE BANK,
as Collateral Agent, Custodial Agent and
Securities Intermediary

By: /s/ Joanne Adamis
    ____________________________________
    Name:  Joanne Adamis
    Title: Vice President

Address for Notices:

4 New York Plaza, 15th Floor,
New York, New York 10004
Telecopier: (212) 623-6167
Attention: Institutional Trust Services

<PAGE>

                                                                       EXHIBIT A

                                   INSTRUCTION
                          FROM PURCHASE CONTRACT AGENT
                               TO COLLATERAL AGENT
                          (Creation of Stripped Units)

JPMorgan Chase Bank
The Collateral Agent
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

     Re: _________ Normal Units of The Hartford Financial Services
         Group, Inc. (the "COMPANY")

         The securities account of JPMorgan Chase Bank, as Collateral Agent,
         maintained by the Securities Intermediary and designated "JPMorgan
         Chase Bank, as Collateral Agent of The Hartford Financial Services
         Group, Inc., as pledgee of JPMorgan Chase Bank, as the Purchase
         Contract Agent on behalf of and as attorney-in-fact for the Holders"
         (the "COLLATERAL ACCOUNT")

         Please refer to the Pledge Agreement, dated as of May 23, 2003 (the
"PLEDGE AGREEMENT"), among the Company, you, as Collateral Agent, as Securities
Intermediary and as Custodial Agent and the undersigned, as Purchase Contract
Agent and as attorney-in-fact for the holders of Normal Units from time to time.
Capitalized terms used herein but not defined shall have the meaning set forth
in the Pledge Agreement.

         We hereby notify you in accordance with Section 5.02 of the Pledge
Agreement that the holder of securities named below (the "HOLDER") has elected
to substitute Treasury Securities or security entitlements with respect thereto
having a Value of $________ in exchange for an equal Value of Pledged Senior
Notes underlying the Pledged Applicable Ownership Interests in Senior Notes
relating to _________ Normal Units and has delivered to the undersigned a notice
stating that the Holder has Transferred such Treasury Securities or security
entitlements with respect thereto to the Securities Intermediary, for credit to
the Collateral Account.

<PAGE>

         We hereby request that you instruct the Securities Intermediary, upon
confirmation that such Treasury Securities or security entitlements thereto have
been credited to the Collateral Account, to release to the undersigned an equal
Value of Pledged Senior Notes and the related Pledged Applicable Ownership
Interests in Senior Notes in accordance with Section 5.02 of the Pledge
Agreement.

                                            JPMORGAN CHASE BANK,
Date:                                       as Purchase Contract Agent and as
                                            attorney-in-fact of the Holders from
                                            time to time of the Units

                                            By:_________________________________
                                                Name:
                                                Title:

<PAGE>

Please print name and address of Holder electing to substitute Treasury
Securities or security entitlements with respect thereto for the Pledged Senior
Notes:

__________________________________          ____________________________________
             Name                           Social Security or other
                                            Taxpayer Identification Number,
                                            if any
__________________________________
            Address

__________________________________

__________________________________

<PAGE>

                                                                       EXHIBIT B

                                   INSTRUCTION
                              FROM COLLATERAL AGENT
                           TO SECURITIES INTERMEDIARY
                          (Creation of Stripped Units)

JPMorgan Chase Bank
as Securities Intermediary
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Re:  __________ Normal Units of The Hartford Financial Services Group, Inc.
     (the "COMPANY")

     The securities account of JPMorgan Chase Bank, as Collateral Agent,
     maintained by the Securities Intermediary and designated "JPMorgan
     Chase Bank, as Collateral Agent of The Hartford Financial Services
     Group, Inc., as pledgee of JPMorgan Chase Bank, as the Purchase
     Contract Agent on behalf of and as attorney-in-fact for the Holders"
     (the "COLLATERAL ACCOUNT")

     Please refer to the Pledge Agreement, dated as of May 23, 2003 (the "PLEDGE
AGREEMENT"), among the Company, you, as Securities Intermediary, JPMorgan Chase
Bank, as Purchase Contract Agent and as attorney-in-fact for the holders of
Normal Units from time to time, and the undersigned, as Collateral Agent.
Capitalized terms used herein but not defined shall have the meanings set forth
in the Pledge Agreement.

     When you have confirmed that $__________ Value of Treasury Securities or
security entitlements with respect thereto has been credited to the Collateral
Account by or for the benefit of _________, as Holder of Normal Units (the
"HOLDER"), you are hereby instructed to release from the Collateral Account an
equal Value of Pledged Senior Notes and the related Applicable Ownership
Interest in Senior Notes or security entitlements with respect thereto relating
to _____ Normal Units of the Holder by Transfer to the Purchase Contract Agent.

<PAGE>

                                            JPMORGAN CHASE BANK
                                            as Collateral Agent

Dated:_______________

                                            By:________________________
                                                Name:
                                                Title:

<PAGE>

Please print name and address of Holder:

_______________________________             ____________________________________
             Name                           Social Security or other
                                            Taxpayer Identification Number,
                                            if any
_______________________________
           Address

_______________________________

_______________________________

<PAGE>

                                                                       EXHIBIT C

                                   INSTRUCTION
                          FROM PURCHASE CONTRACT AGENT
                               TO COLLATERAL AGENT
                          (Recreation of Normal Units)

JPMorgan Chase Bank
The Purchase Contract Agent
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Re:      ____________ Stripped Units of The Hartford Financial Services Group,
         Inc. (the "COMPANY")

         Please refer to the Pledge Agreement dated as of May 23, 2003 (the
"PLEDGE AGREEMENT"), among the Company, you, as Collateral Agent, as Securities
Intermediary, as Custodial Agent and the undersigned, as Purchase Contract Agent
and as attorney-in-fact for the holders of Stripped Units from time to time.
Capitalized terms used herein but not defined shall have the meaning set forth
in the Pledge Agreement.

         We hereby notify you in accordance with Section 5.03(a) of the Pledge
Agreement that the holder of securities named below (the "HOLDER") has elected
to substitute Applicable Ownership Interests in Senior Notes and related Senior
Notes or security entitlements with respect thereto having a Value of $_________
in exchange for $__________ Value of Pledged Treasury Securities and has
delivered to the undersigned a notice stating that the holder has Transferred
such Applicable Ownership Interests in Senior Notes and related Senior Notes or
security entitlements with respect thereto to the Securities Intermediary, for
credit to the Collateral Account.

         We hereby request that you instruct the Securities Intermediary, upon
confirmation that such Applicable Ownership Interests in Senior Notes and
related Senior Notes or security entitlements with respect thereto have been
credited to

<PAGE>

the Collateral Account, to release to the undersigned $__________ Value of
Treasury Securities or security entitlements with respect thereto related to
_____ Stripped Units of such Holder in accordance with Section 5.03(a) of the
Pledge Agreement.

                                            JPMORGAN CHASE BANK
                                            as Purchase Contract Agent

Dated:_______________                       By:________________________
                                                Name:
                                                Title:

Please print name and address of Holder electing to substitute Senior Notes or
security entitlements with respect thereto for Pledged Treasury Securities:

_________________________________           ____________________________________
                  Name                      Social Security or other
                                            Taxpayer Identification Number,
                                            if any

_________________________________
            Address

_________________________________

_________________________________

<PAGE>

                                                                       EXHIBIT D

                                   INSTRUCTION
                              FROM COLLATERAL AGENT
                          TO SECURITIES INTERMEDIARY
                          (Recreation of Normal Units)

JPMorgan Chase Bank
as Securities Intermediary
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Re:      ___________ Stripped Units of The Hartford Financial Services Group,
Inc. (the "COMPANY")

         The securities account of JPMorgan Chase Bank, as Collateral Agent,
         maintained by the Securities Intermediary and designated "JPMorgan
         Chase Bank, as Collateral Agent of The Hartford Financial Services
         Group, Inc., as pledgee of JPMorgan Chase Bank, as the Purchase
         Contract Agent on behalf of and as attorney-in-fact for the Holders"
         (the "COLLATERAL ACCOUNT")

         Please refer to the Pledge Agreement dated as of May 23, 2003 (the
"PLEDGE AGREEMENT"), among the Company, you, as Securities Intermediary,
Custodial Agent and Collateral Agent and JPMorgan Chase Bank, as Purchase
Contract Agent and as attorney-in-fact for the holders of Normal Units from time
to time, and the undersigned, as Collateral Agent. Capitalized terms used herein
but no defined shall have the meaning set forth in the Pledge Agreement.

         When you have confirmed that Applicable Ownership Interests in Senior
Notes and related Senior Notes or security entitlements with respect thereto
having a Value of $________________ have been credited to the Collateral Account
by or for the benefit of ________________, as Holder of Stripped Units (the
"HOLDER"), you are hereby instructed to release from the Collateral Account $
__________ Value of Treasury Securities or security entitlements thereto by
Transfer to the Purchase Contract Agent.

                                            JPMORGAN CHASE BANK,
                                            as Collateral Agent

Dated:_______________                       By:_______________________
                                                Name:
                                                Title:

<PAGE>

_______________________________             _______________________________
             Name                           Social Security or other
                                            Taxpayer Identification Number,
                                            if any

_______________________________
           Address

_______________________________

_______________________________

<PAGE>

                                                                       EXHIBIT E

                    NOTICE OF CASH SETTLEMENT FROM COLLATERAL
                        AGENT TO PURCHASE CONTRACT AGENT
                            (Cash Settlement Amounts)

JPMorgan Chase Bank
The Purchase Contract Agent
4 New York Plaza, 15th Floor
New York, New York 10004
Attention: Institutional Trust Services

Re:      __________  Normal Units of The Hartford Financial Services Group,
         Inc. (the "COMPANY")

         Please refer to the Pledge Agreement dated as of May 23, 2003 (the
"PLEDGE AGREEMENT"), by and among you, the Company, and JPMorgan Chase Bank, as
Collateral Agent, Custodial Agent and Securities Intermediary. Unless otherwise
defined herein, terms defined in the Pledge Agreement are used herein as defined
therein.

         In accordance with Section 5.05(c) of the Pledge Agreement, we hereby
notify you that as of 11:00 a.m. (New York City time) on the fourth Business Day
immediately preceding August 16, 2006 (the "PURCHASE CONTRACT SETTLEMENT DATE"),
we have received (i) $ _______________ in immediately available funds paid in an
aggregate amount equal to the Purchase Price due to the Company on the Purchase
Contract Settlement Date with respect to ________________ Normal Units and (ii)
based on the funds received set forth in clause (i) above, an aggregate
principal amount of $_________ of Pledged Senior Notes are to be tendered for
purchase in the Final Remarketing.

                                            JPMORGAN CHASE BANK,
                                            as Collateral Agent,

Dated:_______________                       By:_______________________
                                                Name:
                                                Title:

<PAGE>

                                                                       EXHIBIT F

                    INSTRUCTION TO CUSTODIAL AGENT REGARDING
                                   REMARKETING

JPMorgan Chase Bank
The Custodial Agent
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

                  Re: Senior Notes Due 2008 of The Hartford Financial Services
Group, Inc. (the "COMPANY")

         The undersigned hereby notifies you in accordance with Section 5.07(c)
of the Pledge Agreement, dated as of May 23, 2003 (the "PLEDGE AGREEMENT"),
among the Company, you, as Collateral Agent, Custodial Agent and Securities
Intermediary and JPMorgan Chase Bank, as the Purchase Contract Agent and as
attorney-in-fact for the holders of Normal Units from time to time, that the
undersigned elects to deliver $______________ aggregate principal amount of
Separate Senior Notes for delivery to the Remarketing Agent prior to 5:00 p.m.
(New York City time) on the fifth Business Day immediately preceding the _______
Remarketing Date for remarketing pursuant to Section 5.07(c) of the Pledge
Agreement. The undersigned will, upon request of the Remarketing Agent, execute
and deliver any additional documents deemed by the Remarketing Agent or by the
Company to be necessary or desirable to complete the sale, assignment and
transfer of the Separate Senior Notes tendered hereby. Capitalized terms used
herein but not defined shall have the meaning set forth in the Pledge Agreement.

         The undersigned hereby instructs you, upon receipt of the Proceeds of
such remarketing from the Remarketing Agent, to deliver such Proceeds to the
undersigned in accordance with the instructions indicated herein under "A.
Payment Instructions." The undersigned hereby instructs you, in the event of a
Failed Final Remarketing, upon receipt of the Separate Senior Notes tendered
herewith from the Remarketing Agent, to deliver such Separate Senior Notes to
the person(s) and the address(es) indicated herein under "B. Delivery
Instructions."

         With this notice, the undersigned hereby (i) represents and warrants
that the undersigned has full power and authority to tender, sell, assign and
transfer the Separate Senior Notes tendered hereby and that the undersigned is
the record owner of any Senior Notes tendered herewith in physical form or a
participant in The Depositary Trust Company ("DTC") and the beneficial owner of
any Senior Notes tendered herewith by book-entry transfer to your account at
DTC, (ii)

<PAGE>

agrees to be bound by the terms and conditions of Section 5.07(c) of the Pledge
Agreement and (iii) acknowledges and agrees that after 5:00 p.m. (New York City
time) on the fifth Business Day immediately preceding the ________ Remarketing
Date, such election shall become an irrevocable election to have such Separate
Senior Notes remarketed in the Remarketing and, in the case of a Failed
Remarketing, in any subsequent Remarketing, and that the Separate Senior Notes
tendered herewith will only be returned in the event of a Failed Final
Remarketing.

Date:_____________

                                    _______________________________________

                                    By: ___________________________________
                                    Name:
                                    Title:
                                    Signature Guarantee:___________________

________________________________
                                            ____________________________________
         Name                               Social Security or other Taxpayer
                                            Identification Number, if any
_________________________________
            Address
_________________________________

_________________________________

<PAGE>

A. PAYMENT INSTRUCTIONS

Proceeds of the remarketing should be paid by check in the name of the person(s)
set forth below and mailed to the address set forth below.

Name(s)

(Please Print)
Address

(Please Print)

(Zip Code)

(Tax Identification or Social Security Number)

B. DELIVERY INSTRUCTIONS

In the event of a failed final remarketing, Senior Notes which are in physical
form should be delivered to the person(s) set forth below and mailed to the
address set forth below.

Name(s)

(Please Print)
Address

(Please Print)

(Zip Code)

(Tax Identification or Social Security Number)

<PAGE>

In the event of a failed final remarketing, Senior Notes which are in book-entry
form should be credited to the account at The Depository Trust Company set forth
below.

__________________
DTC Account Number

Name of Account Party:_________________________________

<PAGE>

                                                                       EXHIBIT G

                    INSTRUCTION TO CUSTODIAL AGENT REGARDING
                           WITHDRAWAL FROM REMARKETING

JPMorgan Chase Bank
The Custodial Agent
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

                  Re:  Senior Notes due 2008 of The Hartford Financial Services
Group, Inc. (the "COMPANY")

         The undersigned hereby notifies you in accordance with Section 5.07(c)
of the Pledge Agreement, dated as of May __, 2003 (the "Pledge Agreement"),
among the Company and you, as Collateral Agent, Custodial Agent and Securities
Intermediary, and JPMorgan Chase Bank, as Purchase Contract Agent and as
attorney-in-fact for the holders of Normal Units from time to time, that the
undersigned elects to withdraw the $_________ aggregate principal amount of
Separate Senior Notes delivered to the Collateral Agent on _________, 200_ for
remarketing pursuant to Section 5.07(c) of the Pledge Agreement. The undersigned
hereby instructs you to return such Senior Notes to the undersigned in
accordance with the undersigned's instructions. With this notice, the
Undersigned hereby agrees to be bound by the terms and conditions of Section
5.07(c) of the Pledge Agreement. Capitalized terms used herein but not defined
shall have the meaning set forth in the Pledge Agreement.

Date:_____________
                                            ____________________________________
                                            By:_________________________________
                                            Name:
                                            Title:
                                            Signature Guarantee:________________

________________________________            ____________________________________
           Name                             Social Security or other Taxpayer
                                            Identification Number, if any

________________________________
         Address
________________________________

________________________________<PAGE>
                                                                     Exhibit 4.4

                              REMARKETING AGREEMENT

                                                                    May 23, 2003

Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004

JPMorgan Chase Bank
4 New York Plaza 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Ladies and Gentlemen:

         This Agreement is dated as of May 23, 2003 (the "AGREEMENT") by and
between The Hartford Financial Services Group, Inc., a Delaware corporation (the
"COMPANY"), Goldman, Sachs & Co., as the remarketing agent (the "REMARKETING
AGENT"), and JPMorgan Chase Bank, a New York banking corporation, not
individually but solely as Purchase Contract Agent (the "PURCHASE CONTRACT
AGENT") and as attorney-in-fact of the holders of Purchase Contracts (as defined
in the Purchase Contract Agreement referred to below).

                  Section 1.  Definitions.

                  (a)  Capitalized terms used and not defined in this Agreement
         shall have the meanings set forth in the Purchase Contract Agreement,
         dated as of May 23, 2003, between the Company and JPMorgan Chase Bank,
         as Purchase Contract Agent, as amended from time to time (the "PURCHASE
         CONTRACT AGREEMENT").

                  (b)  As used in this Agreement, the following terms have the
         following meanings:

         "PRELIMINARY PROSPECTUS" means any preliminary prospectus relating to
the Remarketed Senior Notes included in the Registration Statement, including
the documents incorporated by reference therein as of the date of such
Preliminary Prospectus; and any reference to any amendment or supplement to such
Preliminary Prospectus shall be deemed to refer to and include any documents
filed after the date of such Preliminary Prospectus, under the Exchange Act, and
incorporated by reference in such Preliminary Prospectus.

         "PROSPECTUS" means the prospectus relating to the Remarketed Senior
Notes, in the form in which first filed, or transmitted for filing, with the
Commission after the effective date of the Registration Statement pursuant to
Rule 424(b), including the documents incorporated by reference therein as of the
date of such Prospectus; and any reference to any amendment or

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supplement to such Prospectus shall be deemed to refer to and include any
documents filed after the date of such Prospectus, under the Exchange Act, and
incorporated by reference in such Prospectus.

         "REGISTRATION STATEMENT" means a registration statement under the
Securities Act prepared by the Company covering, inter alia, the Remarketing of
the Remarketed Senior Notes pursuant to Section 5(a) hereunder, including all
exhibits thereto and the documents incorporated by reference in the prospectus
contained in such registration statement, and any post-effective amendments
thereto.

         "REMARKETED SENIOR NOTES" means the Pledged Senior Notes and the
Separate Senior Notes, if any, subject to Remarketing as identified to the
Remarketing Agent by the Purchase Contract Agent and the Custodial Agent,
respectively, after 11:00 a.m., New York City time, on the Business Day
immediately preceding the applicable Remarketing Date, and shall include: (a)
(i) in the case of the Initial Remarketing, the Second Remarketing and the Third
Remarketing, the Pledged Senior Notes and (ii) in the case of the Final
Remarketing, the Senior Notes of the Holders of Normal Units who have not
notified the Purchase Contract Agent prior to 5:00 p.m. on the fifth Business
Day immediately preceding the Purchase Contract Settlement Date of their
intention to effect a Cash Settlement of the related Purchase Contracts pursuant
to the terms of the Purchase Contract Agreement or who have so notified the
Purchase Contract Agent but failed to make the required cash payment on the
fourth Business Day immediately preceding the Purchase Contract Settlement Date
pursuant to the terms of the Purchase Contract Agreement, and (b) the Separate
Senior Notes of the holders of Separate Senior Notes, if any, who have elected
to have their Separate Senior Notes be remarketed in such Remarketing pursuant
to the terms of the Purchase Contract Agreement.

         "REMARKETING" means the remarketing of the Remarketed Senior Notes
pursuant to this Remarketing Agreement.

         "REMARKETING FEE" has the meaning set forth in Section 4.

         "REMARKETING MATERIALS" means the Preliminary Prospectus, the
Prospectus or any other information furnished by the Company to the Remarketing
Agent for distribution to investors in connection with the Remarketing.

         "SENIOR NOTES" means the senior notes due August 16, 2008 of the
Company.

         "TRANSACTION DOCUMENTS" means this Agreement, the Purchase Contract
Agreement, the Pledge Agreement and the Indenture, in each case as amended or
supplemented from time to time.

                  Section 2.   Appointment and Obligations of the Remarketing
                               Agent.

                  (a)  The Company hereby appoints Goldman, Sachs & Co. as the
         exclusive Remarketing Agent, and, subject to the terms and conditions
         set forth herein, Goldman, Sachs & Co. hereby accepts appointment as
         Remarketing Agent, for the purpose of (i) remarketing the Remarketed
         Senior Notes on behalf of the holders thereof, (ii) determining, in
         consultation with the Company, in the manner provided for herein and in
         the Purchase Contract Agreement and the Indenture, the Reset Rate for
         the Senior Notes, and (iii) performing such other duties as are
         assigned to the Remarketing Agent in the Transaction Documents.

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                  (b)  Unless a Special Event Redemption has occurred prior to
         such date, on the third Business Day immediately preceding May 16, 2006
         (the "INITIAL REMARKETING DATE"), the Remarketing Agent shall use its
         reasonable efforts to remarket ("INITIAL REMARKETING") the Remarketed
         Senior Notes, at a price (the "REMARKETING PRICE"), based on the Reset
         Rate, equal to approximately 100.50% (or, if the Remarketing Agent is
         unable to remarket the Remarketed Senior Notes at such price, at a
         price below 100.50% in the discretion of the Remarketing Agent, but in
         no event less than 100%, net of any Remarketing Fee and any other fees
         and commissions) of the sum of the Treasury Portfolio Purchase Price
         and the Separate Senior Notes Purchase Price.

                  (c)  In the case of a Failed Initial Remarketing and unless a
         Special Event Redemption has occurred prior to such date, on the third
         Business Day immediately preceding June 16, 2006 (the "SECOND
         REMARKETING DATE"), the Remarketing Agent shall use its reasonable
         efforts to remarket (the "SECOND REMARKETING") the Remarketed Senior
         Notes at the Remarketing Price. In the case of a Failed Second
         Remarketing and unless a Special Event Redemption has occurred prior to
         such date, on the third Business Day immediately preceding July 16,
         2006 (the "THIRD REMARKETING DATE"), the Remarketing Agent shall use
         its reasonable efforts to remarket (the "THIRD REMARKETING") the
         Remarketed Senior Notes at the Remarketing Price. In the case of a
         Failed Third Remarketing and unless a Special Event Redemption has
         occurred prior to such date, on the third Business Day immediately
         preceding the Purchase Contract Settlement Date (the "FINAL REMARKETING
         DATE"), the Remarketing Agent shall use its reasonable efforts to
         remarket (the "FINAL REMARKETING") the Remarketed Senior Notes at a
         price (the "FINAL REMARKETING PRICE"), based on the Reset Rate, equal
         to approximately 100.50% (or, if the Remarketing Agent is unable to
         remarket the Remarketed Senior Notes at such price, at a price below
         100.50% in the discretion of the Remarketing Agent, but in no event
         less than 100%, net of any Remarketing Fee and any other fees and
         commissions) of the aggregate principal amount of the Remarketed Senior
         Notes being remarketed in such Final Remarketing. It is understood and
         agreed that the Remarketing on any Remarketing Date will be considered
         successful and no further attempts will be made if the resulting
         proceeds are at least 100% (net of any Remarketing Fee and any other
         fees and commissions) of the sum of the Treasury Portfolio Purchase
         Price and the Separate Senior Notes Purchase Price, in the case of a
         Remarketing other than the Final Remarketing, or 100% (net of any
         Remarketing Fee and any other fees and commissions) of the aggregate
         principal amount of the Remarketed Senior Notes in the case of the
         Final Remarketing.

                  (d)  In connection with each Remarketing, the Remarketing
         Agent shall determine, in consultation with the Company, the rate per
         annum, rounded to the nearest one-thousandth (0.001) of one percent per
         annum, that the Senior Notes should bear (the "RESET RATE") in order
         for the Senior Notes of the Normal Unit holders to have an aggregate
         market value equal to the Remarketing Price or the Final Remarketing
         Price, as the case may be, and that in the sole reasonable discretion
         of the Remarketing Agent will enable it to remarket all of the
         Remarketed Senior Notes at the Remarketing Price or Final Remarketing
         Price, as the case may be, in such Remarketing, provided that such rate
         shall not exceed the maximum interest rate permitted by law.

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                  (e)  If, by 4:00 p.m. (New York City time) on the applicable
         Remarketing Date, the Remarketing Agent is unable to remarket all of
         the Remarketed Senior Notes at the Remarketing Price or the Final
         Remarketing Price, as the case may be, pursuant to the terms and
         conditions hereof, a Failed Remarketing shall be deemed to have
         occurred, and the Remarketing Agent shall advise, by telephone, the
         Depositary, the Purchase Contract Agent and the Company, and return the
         Remarketed Senior Notes to the Collateral Agent or the Custodial Agent,
         as the case may be. Whether or not there has been a Failed Remarketing
         will be determined in the sole reasonable discretion of the Remarketing
         Agent.

                  (f)  In the event of a Successful Remarketing, by
         approximately 4:30 p.m. (New York City time) on the applicable
         Remarketing Date, the Remarketing Agent shall advise, by telephone:

                           (i)  the Depositary, the Purchase Contract Agent, the
                  Indenture Trustee and the Company of the Reset Rate determined
                  by the Remarketing Agent in such Remarketing and the number of
                  Remarketed Senior Notes sold in such Remarketing;

                           (ii)  each purchaser (or the Depositary Participant
                  thereof) of Remarketed Senior Notes of the Reset Rate and the
                  number of Remarketed Senior Notes such purchaser is to
                  purchase; and

                           (iii)  each such purchaser to give instructions to
                  its Depositary Participant to pay the purchase price on the
                  date on which such Remarketing is to be settled, which shall
                  be no later than the third business day immediately following
                  the date of such Successful Remarketing, in same day funds
                  against delivery of the Remarketed Senior Notes purchased
                  through the facilities of the Depositary.

         The Remarketing Agent shall also, if required by the Securities Act or
the rules and regulations promulgated thereunder, deliver to each purchaser a
Prospectus in connection with the Remarketing.

                  (g)  After deducting any fees specified in Section 4 below,
         the proceeds from a Successful Remarketing (i) with respect to the
         Pledged Senior Notes, shall be paid to the Collateral Agent in
         accordance with Sections 5.07 and 7.06 of the Pledge Agreement, as the
         case may be, and Section 5.02 of the Purchase Contract Agreement and
         (ii) with respect to the Separate Senior Notes, shall be paid to the
         Custodial Agent for payment to the holders of such Separate Senior
         Notes in accordance with Section 5.02 of the Purchase Contract
         Agreement and Section 7.06 of the Pledge Agreement.

                  (h)  The right of each holder of Separate Senior Notes or
         Normal Units to have Remarketed Senior Notes remarketed and sold on any
         Remarketing Date shall be subject to the conditions that (i) the
         Remarketing Agent conducts an (A) Initial Remarketing, (B) a Second
         Remarketing in the event of a Failed Initial Remarketing, (C) a Third
         Remarketing in the event of a Failed Second Remarketing and (D) a Final
         Remarketing in

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<PAGE>

         the event of a Failed Third Remarketing, each pursuant to the terms of
         this Agreement, (ii) a Special Event Redemption has not occurred prior
         to such Remarketing Date, (iii) the Remarketing Agent is able to find a
         purchaser or purchasers for Remarketed Senior Notes at the Remarketing
         Price or the Final Remarketing Price, as the case may be, based on the
         Reset Rate, (iv) such purchaser or purchasers deliver the purchase
         price therefor to the Remarketing Agent as and when required and (v)
         the Remarketing is settled in accordance with this Agreement.

                  (i)  It is understood and agreed that the Remarketing Agent
         shall not have any obligation whatsoever to purchase any Remarketed
         Senior Notes, whether in the Remarketing or otherwise, and shall in no
         way be obligated to provide funds to make payment upon tender of
         Remarketed Senior Notes for Remarketing or to otherwise expend or risk
         its own funds or incur or to be exposed to financial liability in the
         performance of its duties under this Agreement, and without limitation
         of the foregoing, the Remarketing Agent shall not be deemed an
         underwriter of the Remarketed Senior Notes. Neither the Company nor the
         Remarketing Agent shall be obligated in any case to provide funds to
         make payment upon tender of the Remarketed Senior Notes for
         Remarketing.

                  Section 3.  Representations and Warranties of the Company.

         The Company represents and warrants (i) on and as of the date any
Remarketing Materials are first distributed in connection with the Remarketing
(the "COMMENCEMENT DATE"), (ii) on and as of the applicable Remarketing Date and
(iii) on and as of the settlement date relating to such Remarketing Date, that:

                  (a)  Each of the representations and warranties of the Company
         as set forth in Sections 2(e) through 2(r) of the Underwriting
         Agreement dated as of May 19, 2003 (the "UNDERWRITING AGREEMENT") among
         the Company and the Underwriters identified in Schedule I to the
         related Pricing Agreement dated as of May 19, 2003 among the Company
         and Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated and UBS
         Warburg LLC, is true and correct as if made on each of the dates
         specified above; provided that for purposes of this Section 3(a), (A)
         any reference in such sections of the Underwriting Agreement to (i) the
         "Registration Statement", the "Prospectus" or the "Preliminary
         Prospectus" shall be deemed to refer to such terms as defined herein
         and (ii) the "Time of Delivery" shall be deemed to refer to the
         applicable Remarketing Date and (B) the term "Significant Subsidiary"
         as used in Section 2(e) of the Underwriting Agreement shall be deemed
         to include any subsidiaries of the Company that are, on each of the
         dates specified above, "significant subsidiaries" of the Company within
         the meaning of Regulation S-X.

                  (b)  The Registration Statement, if any, in the form
         heretofore delivered or to be delivered to the Remarketing Agent, has
         been declared effective by the Commission in such form; and no stop
         order suspending the effectiveness of the Registration Statement has
         been issued and no proceeding for that purpose has been initiated or
         threatened by the Commission.

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<PAGE>
                  (c)  The documents incorporated by reference in the
         Prospectus, when they were filed with the Commission, conformed in all
         material respects to the requirements of the Exchange Act and the rules
         and regulations of the Commission thereunder, and none of such
         documents contained an untrue statement of a material fact or omitted
         to state a material fact required to be stated therein or necessary to
         make the statements therein, in light of the circumstances under which
         they were made, not misleading; and any further documents so filed and
         incorporated by reference in the Prospectus or any further amendment or
         supplement thereto, when such documents are filed with the Commission,
         will conform in all material respects to the requirements of the
         Exchange Act and the rules and regulations of the Commission
         thereunder, and will not contain an untrue statement of a material fact
         or omit to state a material fact required to be stated therein or
         necessary to make the statements therein, in light of the circumstances
         under which they were made, not misleading; provided, however, that
         this representation and warranty shall not apply to any statements or
         omissions made in reliance upon and in conformity with information
         relating to the Remarketing Agent furnished in writing to the Company
         by the Remarketing Agent or its counsel expressly for use in the
         Prospectus.

                  (d)  The Registration Statement, if any, conforms (and the
         Prospectus, if any, and any further amendments or supplements to the
         Registration Statement or the Prospectus, when they become effective or
         are filed with the Commission, as the case may be, will conform) in all
         material respects to the requirements of the Securities Act and the
         rules and regulations promulgated thereunder, and the Registration
         Statement and the Remarketing Materials (and any amendment or
         supplement thereto) as of their respective effective or filing dates
         and as of the Commencement Date, applicable Remarketing Date and
         Purchase Contract Settlement Date do not and will not contain any
         untrue statement of a material fact or omit to state a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading; provided that no representation and warranty is
         made as to any statement of eligibility on Form T-1 filed or
         incorporated by reference as part of the Registration Statement, the
         Prospectus or the Remarketing Materials, or as to information relating
         to the Remarketing Agent contained in or omitted from the Registration
         Statement, the Prospectus or the Remarketing Materials in reliance upon
         and in conformity with written information furnished to the Company by
         the Remarketing Agent.

                  (e)  This Agreement has been duly authorized, executed and
         delivered by the Company.

                  Section 4. Fees.

                  (a)  In the event of a Successful Remarketing of the
         Remarketed Senior Notes prior to the Final Remarketing Date, the
         Remarketing Agent may retain as a remarketing fee (the "INITIAL
         REMARKETING FEE") an amount up to the lesser of (i) 25 basis points
         (0.25%) of the sum of the Treasury Portfolio Purchase Price and the
         Separate Senior Note Purchase Price and (ii) the amount of the proceeds
         of such Remarketing in excess of the sum of the Treasury Portfolio
         Purchase Price and the Separate Senior Notes Purchase Price.

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                  (b)  In the event of a Successful Final Remarketing, the
         Remarketing Agent may retain as the remarketing fee an amount up to the
         lesser of (i) 25 basis points (0.25%), of the principal amount of the
         Remarketed Senior Notes and (ii) the amount of the proceeds of such
         Remarketing on the Final Remarketing Date in excess of the aggregate
         principal amount of such Remarketed Senior Notes (the "FINAL
         REMARKETING FEE" and together with the Initial Remarketing Fee, the
         "REMARKETING FEE").

                  Section 5.  Covenants of the Company.

         The Company covenants and agrees as follows:

                  (a)  If and to the extent the Remarketed Senior Notes are
         required (in the view of counsel, which need not be in the form of a
         written opinion, for either the Remarketing Agent or the Company) to be
         registered under the Securities Act as in effect at the time of the
         Remarketing,

                           (i)  to prepare the Registration Statement and the
                  Prospectus, in a form approved by the Remarketing Agent, to
                  file any such Prospectus pursuant to the Securities Act within
                  the period required by the Securities Act and the rules and
                  regulations thereunder and to use commercially reasonable
                  efforts to cause the Registration Statement to be declared
                  effective by the Commission prior to the second Business Day
                  immediately preceding the applicable Remarketing Date;

                           (ii)  to file promptly with the Commission any
                  amendment to the Registration Statement or the Prospectus or
                  any supplement to the Prospectus that may, in the reasonable
                  judgment of the Company or the Remarketing Agent, be required
                  by the Securities Act or requested by the Commission;

                           (iii)  to advise the Remarketing Agent, promptly
                  after it receives notice thereof, of the time when any
                  amendment to the Registration Statement has been filed or
                  becomes effective or any supplement to the Prospectus or any
                  amended Prospectus has been filed and to furnish the
                  Remarketing Agent with copies thereof;

                           (iv)  to file promptly all reports and any definitive
                  proxy or information statements required to be filed by the
                  Company with the Commission pursuant to Section 13(a), 13(c),
                  14 or 15(d) of the Exchange Act subsequent to the date of the
                  Prospectus and for so long as the delivery of a Prospectus is
                  required in connection with the offering or sale of the
                  Remarketed Senior Notes;

                           (v)  to advise the Remarketing Agent, promptly after
                  it receives notice thereof, of the issuance by the Commission
                  of any stop order or of any order preventing or suspending the
                  use of the Prospectus, of the suspension of the qualification
                  of any of the Remarketed Senior Notes for offering or sale in
                  any jurisdiction, of the initiation or threatening of any
                  proceeding for any such purpose, or of any request by the
                  Commission for the amending or supplementing of the
                  Registration Statement or the Prospectus or for additional
                  information, and,

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                  in the event of the issuance of any stop order or of any order
                  preventing or suspending the use of any Prospectus or
                  suspending any such qualification, to use promptly its best
                  efforts to obtain its withdrawal;

                           (vi)  to furnish promptly to the Remarketing Agent
                  such copies of the following documents as the Remarketing
                  Agent shall reasonably request: (A) conformed copies of the
                  Registration Statement as originally filed with the Commission
                  and each amendment thereto (in each case excluding exhibits);
                  (B) the Preliminary Prospectus and any amended or supplemented
                  Preliminary Prospectus, (C) the Prospectus and any amended or
                  supplemented Prospectus; and (D) any document incorporated by
                  reference in the Prospectus (excluding exhibits thereto); and,
                  if at any time when delivery of a prospectus is required in
                  connection with the Remarketing, any event shall have occurred
                  as a result of which the Prospectus as then amended or
                  supplemented would include any untrue statement of a material
                  fact or omit to state any material fact necessary in order to
                  make the statements therein, in the light of the circumstances
                  under which they were made when such Prospectus is delivered,
                  not misleading, or if for any other reason it shall be
                  necessary during such same period to amend or supplement the
                  Prospectus or to file under the Exchange Act any document
                  incorporated by reference in the Prospectus in order to comply
                  with the Securities Act or the Exchange Act, to notify the
                  Remarketing Agent and, upon its request, to file such document
                  and to prepare and furnish without charge to the Remarketing
                  Agent and to any dealer in securities as many copies as the
                  Remarketing Agent may from time to time reasonably request of
                  an amended or supplemented Prospectus that will correct such
                  statement or omission or effect such compliance;

                           (vii)  prior to filing with the Commission (A) any
                  amendment to the Registration Statement or supplement to the
                  Prospectus or (B) any Prospectus pursuant to Rule 424 under
                  the Securities Act, to furnish a copy thereof to the
                  Remarketing Agent and counsel to the Remarketing Agent; and
                  not to file any such amendment or supplement that shall be
                  reasonably disapproved by the Remarketing Agent promptly after
                  reasonable notice;

                           (viii)  as soon as practicable, but in any event not
                  later than eighteen months, after the effective date of the
                  Registration Statement, to make "generally available to its
                  security holders" an "earnings statement" of the Company and
                  its subsidiaries complying with (which need not be audited)
                  Section 11(a) of the Securities Act and the rules and
                  regulations thereunder (including, at the option of the
                  Company, Rule 158). The terms "GENERALLY AVAILABLE TO ITS
                  SECURITY HOLDERS" and "EARNINGS STATEMENT" shall have the
                  meanings set forth in Rule 158; and

                           (ix)  to take such action as the Remarketing Agent
                  may reasonably request in order to qualify the Remarketed
                  Senior Notes for offer and sale under the securities or "blue
                  sky" laws of such jurisdictions as the Remarketing Agent may
                  reasonably request; provided that in no event shall the
                  Company be required to qualify as a foreign corporation or to
                  file a general consent to service of process

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                  in any jurisdiction; and provided further that the Company
                  shall not be required to qualify the Units in any jurisdiction
                  if such qualification would result in any obligation on the
                  part of the Company to make filings with any governmental
                  entity in such jurisdiction after the completion of the
                  offering.

                  (b)  To pay: (1) the costs incident to the preparation and
         printing of the Registration Statement, if any, any Prospectus and any
         other Remarketing Materials and any amendments or supplements thereto;
         (2) the costs of distributing the Registration Statement, if any, any
         Prospectus and any other Remarketing Materials and any amendments or
         supplements thereto; (3) any fees and expenses of qualifying the
         Remarketed Senior Notes under the securities laws of the several
         jurisdictions as provided in Section 5(a)(ix) and of preparing,
         printing and distributing a Blue Sky Memorandum, if any (including any
         related fees and expenses of counsel to the Remarketing Agent); (4) all
         other costs and expenses incident to the performance of the obligations
         of the Company hereunder and the Remarketing Agent hereunder; and (5)
         the reasonable fees and expenses of counsel to the Remarketing Agent in
         connection with their duties hereunder.

                  (c)  To furnish the Remarketing Agent with such information
         and documents as the Remarketing Agent may reasonably request in
         connection with the transactions contemplated hereby, and to make
         reasonably available to the Remarketing Agent and any accountant,
         attorney or other advisor retained by the Remarketing Agent such
         information that parties would customarily require in connection with a
         due diligence investigation conducted in accordance with applicable
         securities laws and to cause the Company's officers, directors,
         employees and accountants to participate in all such discussions and to
         supply all such information reasonably requested by any such Person in
         connection with such investigation.

                  Section 6.  Conditions to the Remarketing Agent's Obligations.

         The obligations of the Remarketing Agent hereunder shall be subject to
the following conditions:

                  (a)  The Prospectus, if any, shall have been timely filed with
         the Commission; no stop order suspending the effectiveness of the
         Registration Statement, if any, or any part thereof shall have been
         issued and no proceeding for that purpose shall have been initiated or
         threatened by the Commission; and any request of the Commission for
         inclusion of additional information in the Registration Statement or
         the Prospectus or otherwise shall have been complied with.

                  (b)  (1) Trading generally shall not have been suspended or
         materially limited on the New York Stock Exchange or the Nasdaq
         National Market, (2) trading of any securities of the Company shall not
         have been materially suspended or limited on the New York Stock
         Exchange or any other exchange or over-the-counter market, (3) a
         material disruption in securities settlement, payment or clearance
         services in the United States shall not have occurred, (4) a general
         moratorium on commercial banking activities in New York shall not have
         been declared by either Federal or New York State

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         authorities, or (5) there shall not have occurred a material adverse
         change in the financial markets, any outbreak or escalation of
         hostilities involving the United States or the declaration by the
         United States of a national emergency or war or other calamity or
         crisis, if the effect of any such event specified in this clause (5) in
         the judgment of the Remarketing Agent makes it impracticable or
         inadvisable to proceed with the Remarketing or the delivery of the
         Remarketed Senior Notes on the terms and in the manner contemplated in
         the Transaction Documents.

                  (c)  The representations and warranties of the Company
         contained herein shall be true and correct in all material respects on
         and as of the applicable Remarketing Date, and the Company, the
         Purchase Contract Agent and the Collateral Agent shall have performed
         in all material respects all covenants and agreements contained herein
         or in the Purchase Contract Agreement or Pledge Agreement to be
         performed on their part at or prior to such Remarketing Date.

                  (d)  The Company shall have furnished to the Remarketing Agent
         a certificate, dated the applicable Remarketing Date, of the Chief
         Executive Officer and the Treasurer satisfactory to the Remarketing
         Agent stating that: (1) no order suspending the effectiveness of the
         Registration Statement, if any, or prohibiting the sale of the
         Remarketed Senior Notes is in effect, and no proceedings for such
         purpose are pending before or, to the knowledge of such officers,
         threatened by the Commission; (2) the representations and warranties of
         the Company in Section 3 are true and correct on and as of the
         applicable Remarketing Date and the Company has performed in all
         material respects all covenants and agreements contained herein to be
         performed on its part at or prior to such Remarketing Date; and (3) the
         Registration Statement, as of its effective date, and the Remarketing
         Materials, as of their respective dates, did not contain any untrue
         statement of a material fact and did not omit to state any material
         fact required to be stated therein or necessary to make the statements
         therein not misleading and the Prospectus did not contain any untrue
         statement of material fact or omit to state a material fact required to
         be stated therein or necessary to make the statements therein, in light
         of the circumstances under which they were made, not misleading.

                  (e)  On the applicable Remarketing Date, the Remarketing Agent
         shall have received a letter addressed to the Remarketing Agent and
         dated such date, in form and substance satisfactory to the Remarketing
         Agent, of Deloitte & Touche LLP, the independent accountants of the
         Company, containing statements and information of the type ordinarily
         included in accountants' "comfort letters" with respect to certain
         financial information contained in the Remarketing Materials, if any.

                  (f)  Each of (1) counsel for the Company and (2) General
         Counsel to the Company, shall have furnished to the applicable
         Remarketing Agent its opinion, addressed to the Remarketing Agent and
         dated the Remarketing Date, in form and substance reasonably
         satisfactory to the Remarketing Agent addressing such matters as are
         set forth in such counsel's opinion furnished pursuant to Sections 7(c)
         and 7(d) of the Underwriting Agreement, adapted as necessary to relate
         to the securities being remarketed hereunder and to the Remarketing
         Materials, if any, or to any changed

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         circumstances or events occurring subsequent to the date of this
         Agreement, such adaptations being reasonably acceptable to counsel to
         the Remarketing Agent.

                  (g)  Counsel for the Remarketing Agent, shall have furnished
         to the Remarketing Agent its opinion, addressed to the Remarketing
         Agent and dated the applicable Remarketing Date, in form and substance
         satisfactory to the Remarketing Agent.

                  (h)  Subsequent to the execution and delivery of this
         Agreement and prior to the applicable Remarketing Date, there shall not
         have occurred any downgrading, nor shall any notice have been given of
         any intended or potential downgrading or of any review for a possible
         change that does not indicate an improvement, in the rating accorded
         any of the Company's securities by any "nationally recognized
         statistical rating organization," as such term is defined for purposes
         of Rule 436(g)(2) under the Securities Act.

                  Section 7.  Indemnification.

                  (a)  The Company will indemnify and hold harmless the
         Remarketing Agent, its partners, directors and officers and each
         person, if any, who controls the Remarketing Agent within the meaning
         of Section 15 of the Securities Act, against any losses, claims,
         damages or liabilities, joint or several, to which the Remarketing
         Agent may become subject, under the Securities Act or otherwise,
         insofar as such losses, claims, damages or liabilities (or actions in
         respect thereof) arise out of or are based upon an untrue statement or
         alleged untrue statement of a material fact contained in the
         Registration Statement, the Prospectus, or any amendments or supplement
         thereto, or any related Preliminary Prospectus or preliminary
         prospectus supplement, or any other Remarketing Materials, or arise out
         of or are based upon the omission or alleged omission to state therein
         a material fact required to be stated therein or necessary to make the
         statements therein not misleading, and will reimburse the Remarketing
         Agent for any legal or other expenses reasonably incurred by the
         Remarketing Agent in connection with investigating or defending any
         such losses, claims, damages, liabilities or action as such expenses
         are incurred; provided, however, that the Company shall not be liable
         in any such case to the extent that any such loss, claim, damage or
         liability arises out of or is based upon an untrue statement or alleged
         untrue statement or omission or alleged omission from any of such
         documents in reliance upon and in conformity with written information
         furnished to the Company by the Remarketing Agent specifically for use
         therein.

                  (b)  The Remarketing Agent will indemnify and hold harmless
         the Company, its directors and officers and each person, if any, who
         controls the Company within the meaning of Section 15 of the Securities
         Act, against any losses, claims, damages or liabilities to which the
         Company may become subject, under the Securities Act or otherwise,
         insofar as such losses, claims, damages or liabilities (or actions in
         respect thereof) arise out of or are based upon an untrue statement or
         alleged untrue statement of a material fact contained in the
         Registration Statement, the Prospectus or any amendment or supplement
         thereto, or any related Preliminary Prospectus or Preliminary
         Prospectus supplement, or any other Remarketing Materials, or arise out
         of or are based upon the omission or alleged omission to state therein
         a material fact required to be stated therein

                                       11
<PAGE>

         or necessary to make the statements therein not misleading, in each
         case to the extent, but only to the extent, that such untrue statement
         or alleged untrue statement or omission or alleged omission was made in
         reliance upon and in conformity with written information furnished to
         the Company by the Remarketing Agent specifically for use therein, and
         will reimburse any legal or other expenses reasonably incurred by the
         Company in connection with investigating or defending any such loss,
         claim, damage, liability or action as such expenses are incurred.

                  (c)  Promptly after receipt by an indemnified party under this
         section of notice of the commencement of any action, such indemnified
         party shall, if a claim in respect thereof is to be made against the
         indemnifying party under subsection (a) or (b) above, notify the
         indemnifying party in writing of the commencement thereof; but the
         omission so to notify the indemnifying party shall not relieve it from
         any liability which it may have to any indemnified party otherwise than
         under subsection (a) or (b) above. In the case of parties indemnified
         pursuant to subsection (a) above, counsel to the indemnified parties
         shall be selected by the Remarketing Agent. An indemnifying party may
         participate at its own expense in the defense of any such action;
         provided, however, that counsel to the indemnifying party shall not
         (except with the consent of the indemnified party) also be counsel to
         the indemnified party. In no event shall the indemnifying parties be
         liable for fees and expenses of more than one counsel (in addition to
         any local counsel) separate from their own counsel for all indemnified
         parties in connection with any one action or separate but similar or
         related actions in the same jurisdiction arising out of the same
         general allegations or circumstances. No indemnifying party shall,
         without the prior written consent of the indemnified parties, settle or
         compromise or consent to the entry of any judgment with respect to any
         litigation, or any investigation or proceeding by any governmental
         agency or body, commenced or threatened, or any claim whatsoever in
         respect of which indemnification or contribution could be sought under
         this Section 7 or Section 8 hereof (whether or not the indemnified
         parties are actual or potential parties thereto), unless such
         settlement, compromise or consent (i) includes an unconditional release
         of each indemnified party from all liability arising out of such
         litigation, investigation, proceeding or claim and (ii) does not
         include a statement as to or an admission of fault, culpability or a
         failure to act by or on behalf of any indemnified party.

                  Section 8.  Contribution.

                  (a)  If the indemnification provided for in Section 7 hereof
         is for any reason unavailable to or insufficient to hold harmless an
         indemnified party in respect of any losses, liabilities, claims,
         damages or expenses referred to therein, then each indemnifying party,
         in lieu of such indemnification, shall contribute to the aggregate
         amount of such losses, liabilities, claims, damages or expenses as
         incurred (i) in such proportion as is appropriate to reflect the
         relative benefits received by the Company on the one hand and the
         Remarketing Agent on the other hand from the offering of the Remarketed
         Senior Notes or (ii) if the allocation provided by clause (i) is not
         permitted by applicable law, in such proportions as is appropriate to
         reflect not only the relative benefits referred to in clause (i) above
         but also the relative fault of the Company on the one hand and the
         Remarketing Agent on the other hand in connection with the statements

                                       12
<PAGE>

         of omissions which resulted in such losses, claims, damages or
         liabilities as well as any relevant equitable considerations. The
         relative benefits received by the Company on one hand and the
         Remarketing Agent on the other hand in connection with the Remarketing
         shall be deemed to be in the same proportions as the aggregate
         principal amount of the Remarketed Senior Notes less the fee paid to
         the Remarketing Agent on the one hand and the fee paid to the
         Remarketing Agent on the other hand bear to the aggregate principal
         amount of the Remarketed Senior Notes. The relative fault shall be
         determined by reference to, among other things, whether the untrue or
         alleged untrue statement of a material fact or the omission or alleged
         omission to state a material fact relates to information supplied by
         the Company on the one hand or the Remarketing Agent on the other hand
         and the parties' relative intent, knowledge, access to information and
         opportunity to correct or prevent such statement or omission. The
         Company and the Underwriters agree that it would not be just and
         equitable if contribution pursuant to this subsection (a) were
         determined by pro rata allocation or by any other method of allocation
         which does not take account of the equitable considerations referred to
         above in this subsection (a). The amount paid or payable by an
         indemnified party as a result of the losses, claims, damages or
         liabilities (or actions in respect thereof) referred to above in this
         subsection (a) shall be deemed to include any legal or other expenses
         reasonably incurred by such indemnified party in connection with
         investigating or defending any such action or claim. Notwithstanding
         the provisions of this subsection (a), the Remarketing Agent shall not
         be required to contribute any amount in excess of the amount by which
         the fees received by it under Section 4 exceeds the amount of any
         damages which the Remarketing Agent has otherwise been required to pay
         by reason of such untrue or alleged untrue statement or omission or
         alleged omission. No person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Securities Act) shall be
         entitled to contribution from any person who was not guilty of such
         fraudulent misrepresentation.

                  (b)  The obligations of the Company under this Section 8 shall
         be in addition to any liability which the Company may otherwise have
         and shall extend, upon the same terms and conditions, to each officer
         and director of the Remarketing Agent and to each person, if any, who
         controls the Remarketing Agent within the meaning of the Securities
         Act; and the obligations of the Remarketing Agent under this Section 8
         shall be in addition to any liability which the Remarketing Agent may
         otherwise have and shall extend, upon the same terms and conditions, to
         each director of the Company, to each officer of the Company who signed
         the Registration Statement and to each person, if any, who controls the
         Company within the meaning of the Securities Act.

                  (c)  The indemnity and contribution provisions contained in
         Section 7 and this Section 8 and the representations, warranties and
         other statements of the Company contained in this Agreement shall
         remain in full force and effect, regardless of any investigation (or
         any statement as to the results thereof) made by or on behalf of the
         Remarketing Agent or any person controlling the Remarketing Agent, or
         the Company, its officers or director or any controlling person of the
         Company, and the completion of the Remarketing.

                                       13
<PAGE>

                  Section 9.  Resignation and Removal of the Remarketing Agent.

         The Remarketing Agent may resign and be discharged from its duties and
obligations hereunder, and the Company may remove the Remarketing Agent, by
giving 30 days' prior written notice, in the case of a resignation, to the
Company, the Purchase Contract Agent and the Depositary and, in the case of a
removal, to the removed Remarketing Agent, the Purchase Contract Agent and the
Depositary; provided, however, that no such resignation nor any such removal
shall become effective until the Company shall have appointed at least one
nationally recognized broker-dealer as successor Remarketing Agent and such
successor Remarketing Agent shall have entered into a remarketing agreement with
the Company and the Purchase Contract Agent, in which it shall have agreed to
conduct the Remarketing in accordance with the Transaction Documents in all
material respects.

         In any such case, the Company will use commercially reasonable efforts
to appoint a successor Remarketing Agent and enter into such a remarketing
agreement with such person as soon as reasonably practicable. The provisions of
Sections 7 and 8 shall survive the resignation or removal of any Remarketing
Agent pursuant to this Agreement.

                  Section 10.  Dealing in Securities.

         The Remarketing Agent, when acting as a Remarketing Agent or in its
individual or any other capacity, may, to the extent permitted by law, buy,
sell, hold and deal in any of the Remarketed Senior Notes, Normal Units,
Stripped Units or any of the securities of the Company (together, the
"SECURITIES"). The Remarketing Agent may exercise any vote or join in any action
which any beneficial owner of such Securities may be entitled to exercise or
take pursuant to the Indenture with like effect as if it did not act in any
capacity hereunder. The Remarketing Agent, in its individual capacity, either as
principal or agent, may also engage in or have an interest in any financial or
other transaction with the Company as freely as if it did not act in any
capacity hereunder.

                  Section 11.  Remarketing Agent's Performance; Duty of Care.

         The duties and obligations of the Remarketing Agent shall be determined
solely by the express provisions of this Agreement and the Transaction
Documents. No implied covenants or obligations of or against the Remarketing
Agent shall be read into this Agreement or any of the Transaction Documents. In
the absence of bad faith on the part of the Remarketing Agent, the Remarketing
Agent may conclusively rely upon any document furnished to it, as to the truth
of the statements expressed in any of such documents. The Remarketing Agent
shall be protected in acting upon any document or communication reasonably
believed by it to have been signed, presented or made by the proper party or
parties except as otherwise set forth herein. The Remarketing Agent, acting
under this Agreement, shall incur no liability to the Company or to any holder
of Remarketed Senior Notes in its individual capacity or as Remarketing Agent
for any action or failure to act, on its part in connection with a Remarketing
or otherwise, except if such liability is judicially determined to have resulted
from its failure to comply with the material terms of this Agreement or the
gross negligence or willful misconduct on its part. The provisions of this
Section 11 shall survive the termination of this Agreement and shall survive the
resignation or removal of any Remarketing Agent pursuant to this Agreement.

                                       14
<PAGE>

                  Section 12.  Termination.

         This Agreement shall automatically terminate (i) as to the Remarketing
Agent on the effective date of the resignation or removal of the Remarketing
Agent pursuant to Section 9 and (ii) on the earlier of (x) any Special Event
Redemption Date and (y) the Purchase Contract Settlement Date. If this Agreement
is terminated pursuant to any of the other provisions hereof, except as
otherwise provided herein, the Company shall not be under any liability to the
Remarketing Agent and the Remarketing Agent shall not be under any liability to
the Company, except that if this Agreement is terminated by the Remarketing
Agent because of any failure or refusal on the part of the Company to comply
with the terms or to fulfill any of the conditions of this Agreement, the
Company will reimburse the Remarketing Agent for all of its out-of-pocket
expenses (including the fees and disbursements of its counsel) reasonably
incurred by it. Sections 7, 8 and 11 hereof shall survive the termination of
this Agreement or the resignation or removal of the Remarketing Agent.

                  Section 13.  Notices.

         All statements, requests, notices and agreements hereunder shall be in
writing, and:

                  (a)  if to the Remarketing Agent, shall be delivered or sent
         by mail, telex or facsimile transmission to Goldman, Sachs & Co., 85
         Broad Street, New York, New York, 10004, Attention: Don Hansen (Fax:
         212-357-5505);

                  (b)  if to the Company, shall be delivered or sent by mail,
         telex or facsimile transmission to The Hartford Financial Services
         Group, Inc., Hartford Plaza, Hartford, Connecticut 06115-1900,
         Attention: General Counsel (Fax: 860-547-5714); and

                  (c)  if to the Purchase Contract Agent, shall be delivered or
         sent by mail, telex or facsimile transmission to JPMorgan Chase Bank, 4
         New York Plaza, 15th Floor, New York, New York 10004, Attention:
         Institutional Trust Services (Fax: 212-623-6167).

         Any such statements, requests, notices or agreements shall take effect
at the time of receipt thereof.

                  Section 14.  Persons Entitled to Benefit of Agreement.

         This Agreement shall inure to the benefit of and be binding upon each
party hereto and its respective successors. This Agreement and the terms and
provisions hereof are for the sole benefit of only those persons, except that
(x) the representations, warranties, indemnities and agreements of the Company
contained in this Agreement shall also be deemed to be for the benefit of the
Remarketing Agent and the person or persons, if any, who control the Remarketing
Agent within the meaning of Section 15 of the Securities Act and (y) the
indemnity agreement of the Remarketing Agent contained in Section 7(b) of this
Agreement shall be deemed to be for the benefit of the Company's directors and
officers who sign the Registration Statement, if any, and any person controlling
the Company within the meaning of Section 15 of the Securities Act. Nothing
contained in this Agreement is intended or shall be construed to give any
person, other

                                       15
<PAGE>

than the persons referred to herein, any legal or equitable right, remedy or
claim under or in respect of this Agreement or any provision contained herein.

                  Section 15.  Survival.

         The respective indemnities, representations, warranties and agreements
of the Company and the Remarketing Agent contained in this Agreement or made by
or on behalf of them, respectively, pursuant to this Agreement, shall survive
any Remarketing and shall remain in full force and effect, regardless of any
investigation made by or on behalf of any of them or any person controlling any
of them.

                  Section 16.  Governing Law.

         This Agreement shall be governed by, and construed in accordance with,
the laws of New York, without regard to conflicts of laws principles.

                  Section 17.  Judicial Proceedings.

                  (a)  Each party hereto expressly accepts and irrevocably
         submits to the non-exclusive jurisdiction of the United States Federal
         or New York State court sitting in the Borough of Manhattan, The City
         of New York, New York, over any suit, action or proceeding arising out
         of or relating to this Agreement or the Remarketed Senior Notes. To the
         fullest extent it may effectively do so under applicable law, each
         party hereto irrevocably waives and agrees not to assert, by way of
         motion, as a defense or otherwise, any claim that it is not subject to
         the jurisdiction of any such court, any objection that it may now or
         hereafter have to the laying of the venue of any such suit, action or
         proceeding brought in any such court and any claim that any such suit,
         action or proceeding brought in any such court has been brought in an
         inconvenient forum.

                  (b)  Each party hereto agrees, to the fullest extent that it
         may effectively do so under applicable law, that a judgment in any
         suit, action or proceeding of the nature referred to in Section 17(a)
         brought in any such court shall be conclusive and binding upon such
         party, subject to rights of appeal and may be enforced in the courts of
         the United States of America or the State of New York (or any other
         court the jurisdiction to which the Company is or may be subject) by a
         suit upon such judgment.

                  Section 18.  Counterparts.

         This Agreement may be executed in one or more counterparts and, if
executed in more than one counterpart, the executed counterparts shall each be
deemed to be an original but all such counterparts shall together constitute one
and the same instrument.

                  Section 19.  Headings.

         The headings herein are inserted for convenience of reference only and
are not intended to be part of, or to affect the meaning or interpretation of,
this Agreement.

                  Section 20.  Severability.

                                       16
<PAGE>

         If any provision of this Agreement shall be held or deemed to be or
shall, in fact, be invalid, inoperative or unenforceable as applied in any
particular case in any or all jurisdictions because it conflicts with any
provisions of any constitution, statute, rule or public policy or for any other
reason, then, to the extent permitted by law, such circumstances shall not have
the effect of rendering the provision in question invalid, inoperative or
unenforceable in any other case, circumstance or jurisdiction, or of rendering
any other provision or provisions of this Agreement invalid, inoperative or
unenforceable to any extent whatsoever.

                  Section 21.  Amendments.

         This Agreement may be amended by an instrument in writing signed by the
parties hereto. Each of the Company and the Purchase Contract Agent agrees that
it will not enter into, cause or permit any amendment or modification of the
Transaction Documents or any other instruments or agreements relating to the
Senior Notes or the Normal Units that would in any way adversely affect the
rights, duties and obligations of the Remarketing Agent, without the prior
written consent of the Remarketing Agent.

                  Section 22.  Successors and Assigns.

         The rights and obligations of the Company hereunder may not be assigned
or delegated to any other Person without the prior written consent of the
Remarketing Agent. The rights and obligations of the Remarketing Agent hereunder
may not be assigned or delegated to any other Person (other than an affiliate of
the Remarketing Agent) without the prior written consent of the Company.

         If the foregoing correctly sets forth the agreement by and between the
Company, the Remarketing Agent and the Purchase Contract Agent, please indicate
your acceptance in the space provided for that purpose below.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       17

<PAGE>

                                                Very truly yours,

                                                THE HARTFORD FINANCIAL SERVICES
                                                GROUP, INC.

                                                By: /s/ John N. Giamalis
                                                    __________________________
                                                    Name: John N. Giamalis
                                                    Title: Senior Vice President
                                                           and Treasurer

CONFIRMED AND ACCEPTED:

GOLDMAN, SACHS & CO.
as Remarketing Agent

By: /s/ Goldman, Sachs & Co.
    _________________________
      (GOLDMAN, SACHS & CO.)

JPMORGAN CHASE BANK,
not individually but solely as Purchase Contract Agent
and as attorney-in-fact for the Holders of the Purchase Contracts

By: /s/ Joanne Adamis
   _________________________
    Name: Joanne Adamis
    Title: Vice President

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