Document:

<PAGE>
                                                           Executed in 6 Parts
                                                           Counterpart No. (  )

                              NATIONAL EQUITY TRUST

                           UNIQUE OPPORTUNITIES TRUST

                            REFERENCE TRUST AGREEMENT

     This Reference Trust Agreement dated October 11, 2000 among Prudential
Securities Incorporated, as Depositor and The Bank of New York, as Trustee, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "National Equity Trust, Trust Indenture and Agreement"
(the "Basic Agreement") dated February 2, 2000. Such provisions as are set forth
in full herein and such provisions as are incorporated by reference constitute a
single instrument (the "Indenture").

                                WITNESSETH THAT:

     In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                     Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof, all the provisions contained
in the Basic Agreement are herein incorporated by reference in their entirety
and shall be deemed to be a part of this instrument as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

     A. Article III,  entitled  "Administration  of Trust,"  shall be amended as
follows:

    (i)  Section 3.14 Deferred Sales Charge shall be amended to add the
         following sentences at the end thereof:

<PAGE>

                                       -2-

         "References to Deferred Sales Charge in this Trust Indenture and
         Agreement shall include any Creation and Development Fee indicated in
         the prospectus for a Trust. The Creation and Development Fee shall be
         payable on each date so designated and in an amount determined as
         specified in the prospectus for a Trust."

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

          The following special terms and conditions are hereby agreed to:

          A. The Trust is denominated National Equity Trust, Unique
     Opportunities Trust.

          B. The Units of the Trust shall be subject to a deferred sales charge.

          C. The publicly traded stocks listed in Schedule A hereto are those
     which, subject to the terms of this Indenture, have been or are to be
     deposited in Trust under this Indenture as of the date hereof.

          D. The term "Depositor" shall mean Prudential Securities Incorporated.

          E. The aggregate number of Units referred to in Sections 2.03 and 9.01
     of the Basic Agreement is 125,000 as of the date hereof.

          F. A Unit of the Trust is hereby declared initially equal to
     1/125,000th of the Trust.

          G. The term "First Settlement Date" shall mean October 17, 2000.

          H. The terms "Computation Day" and "Record Date" shall mean on tenth
     day of January 2001, April 2001, July 2001 and October 2001.

          I. The term "Distribution Date" shall mean on the twenty-fifth day of
     January 2001, April 2001, July 2001 and October 2001.

          J. The term "Termination Date" shall mean November 14, 2001.

<PAGE>

                                       -3-

          K. The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for
     49,999,999 and below units outstanding $.84 (per 1,000 Units) on the next
     50,000,000 Units, $.78 (per 1,000 Units) on the next 100,000,000 Units, and
     $.66 (per 1,000 Units) on Units in excess of 200,000,000 Units. In
     calculating the Trustee's annual fee, the fee applicable to the number of
     units outstanding shall apply to all units outstanding.

          L. The Depositor's Portfolio supervisory service fee shall be $.25 per
     1,000 Units. [Signatures and acknowledgments on separate pages]

<PAGE>

                                       -4-

The Schedule of Portfolio Securities in Part A of the prospectus included in
this Registration Statement for National Equity Trust, Unique Opportunities
Trust is hereby incorporated by reference herein as Schedule A hereto.Exhibit 4-A

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

                                    GPU, INC.

                                       TO

                     UNITED STATES TRUST COMPANY OF NEW YORK

                                                      Trustee

                                    ---------

                                    Indenture
                         (For Unsecured Debt Securities)

                        Dated as of ------------- , ----

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

<PAGE>

                                       -i-

                                TABLE OF CONTENTS

PARTIES                                                                     1
RECITAL OF THE COMPANY                                                      1
                                   ARTICLE ONE

                  Definitions and Other Provisions of General Application

section 101. Definitions                                                    1
   Act                                                                      2
   Affiliate                                                                2
   Authenticating Agent                                                     2
   Authorized Officer                                                       2
   Board of Directors                                                       2
   Board Resolution                                                         3
   Business Day                                                             3
   Commission                                                               3
   Company                                                                  3
   Company Request or Company Order                                         3
   Corporate Trust Office                                                   3
   corporation                                                              3
   Defaulted Interest                                                       3
   Discount Security                                                        3
   Dollar or $                                                              4
   Eligible Obligations                                                     4
   Event of Default                                                         4
   Governmental Authority                                                   4
   Government Obligations                                                   4
   Holder                                                                   4
   Indenture                                                                5
   Interest Payment Date                                                    5
   Maturity                                                                 5
   Officer's Certificate                                                    5
   Opinion of Counsel                                                       5
   Outstanding                                                              5
   Paying Agent                                                             6
   Periodic Offering                                                        6
   Person                                                                   7
   Place of Payment                                                         7
   Predecessor Security                                                     7
   Redemption Date                                                          7
   Redemption Price                                                         7
   Regular Record Date                                                      7
   Required Currency                                                        7
   Responsible Officer                                                      7
   Securities                                                               7
   Security Register and Security Registrar                                 8
   Special Record Date                                                      8
   Stated Interest Rate                                                     8
   Stated Maturity                                                          8

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

<PAGE>

                                      -ii-

   Subsidiary                                                               8
   Tranche                                                                  8
   Trust Indenture Act                                                      8
   Trustee                                                                  9
   United States                                                            9
section 102. Compliance Certificates and Opinions.                          9
section 103. Form of Documents Delivered to Trustee.                        9
section 104. Acts of Holders.                                              11
section 105. Notices, etc. to Trustee and Company.                         13
section 106. Notice to Holders of Securities; Waiver.                      13
section 107. Conflict with Trust Indenture Act.                            14
section 108. Effect of Headings and Table of Contents.                     14
section 109. Successors and Assigns.                                       14
section 110. Separability Clause.                                          14
section 111. Benefits of Indenture.                                        15
section 112. Governing Law.                                                15
section 113. Legal Holidays.                                               15

                                   ARTICLE TWO

                                 Security Forms

section 201. Forms Generally.                                              15
section 202. Form of Trustee's Certificate of Authentication.              16

                                  ARTICLE THREE

                                 The Securities

section 301. Amount Unlimited; Issuable in Series.                         16
section 302. Denominations.                                                21
section 303. Execution, Authentication, Delivery and Dating.               21
section 304. Temporary Securities.                                         25
section 305. Registration, Registration of
                  Transfer and Exchange.                                   25
section 306. Mutilated, Destroyed, Lost and Stolen
                  Securities.                                              27
section 307. Payment of Interest; Interest Rights Preserved.               28
section 308. Persons Deemed Owners.                                        29
section 309. Cancellation by Security Registrar.                           29
section 310. Computation of Interest.                                      30
section 311. Payment to Be in Proper Currency.                             30
section 312. Extension of Interest Payment.                                31

                                  ARTICLE FOUR

                            Redemption of Securities

section 401. Applicability of Article.                                     31
section 402. Election to Redeem; Notice to Trustee.                        31
section 403. Selection of Securities to Be Redeemed.                       31
section 404. Notice of Redemption.                                         32
section 405. Securities Payable on Redemption Date.                        33
section 406. Securities Redeemed in Part.                                  34

<PAGE>

                                      -iii-

                                  ARTICLE FIVE

                                  Sinking Funds

section 501. Applicability of Article.                                     34
section 502. Satisfaction of Sinking Fund Payments
                  with Securities.                                         35
section 503. Redemption of Securities for Sinking Fund.                    35

                                   ARTICLE SIX

                                    Covenants

section 601. Payment of Principal, Premium and Interest.                   36
section 602. Maintenance of Office or Agency.                              36
section 603. Money for Securities Payments to Be Held
                  in Trust                                                 37
section 604. Corporate Existence.                                          39
section 605. Maintenance of Properties.                                    39
section 606. Annual Officer's Certificate as to Compliance.                39
section 607. Waiver of Certain Covenants.                                  39
section 608. Limitation on Liens.                                          40

                                  ARTICLE SEVEN

                           Satisfaction and Discharge

section 701. Satisfaction and Discharge of Securities.                     43
section 702. Satisfaction and Discharge of Indenture.                      46
section 703. Application of Trust Money.                                   47

                                  ARTICLE EIGHT

                           Events of Default; Remedies

section 801. Events of Default.                                            48
section 802. Acceleration of Maturity; Rescission
                  and Annulment.                                           49
section 803. Collection of Indebtedness and Suits
                  for Enforcement by Trustee.                              51
section 804. Trustee May File Proofs of Claim.                             51
section 805. Trustee May Enforce Claims Without Possession
                  of Securities.                                           52
section 806. Application of Money Collected.                               52
section 807. Limitation on Suits.                                          53
section 808. Unconditional Right of Holders to
                  Receive Principal, Premium and Interest.                 54
section 809. Restoration of Rights and Remedies.                           54
section 810. Rights and Remedies Cumulative.                               54
section 811. Delay or Omission Not Waiver.                                 54
section 812. Control by Holders of Securities.                             55
section 813. Waiver of Past Defaults.                                      55
section 814. Undertaking for Costs.                                        56
section 815. Waiver of Stay or Extension Laws.                             56

<PAGE>

                                      -iv-

                                  ARTICLE NINE

                                   The Trustee

section 901. Certain Duties and Responsibilities.                          56
section 902. Notice of Defaults.                                           57
section 903. Certain Rights of Trustee.                                    58
section 904. Not Responsible for Recitals or Issuance of
                  Securities.                                              59
section 905. May Hold Securities.                                          59
section 906. Money Held in Trust.                                          59
section 907. Compensation and Reimbursement.                               60
section 908. Disqualification; Conflicting Interests.                      61
section 909. Corporate Trustee Required; Eligibility.                      61
section 910. Resignation and Removal; Appointment of
                  Successor.                                               62
section 911. Acceptance of Appointment by Successor.                       64
section 912. Merger, Conversion, Consolidation or
                  Succession to Business.                                  65
section 913. Preferential Collection of Claims Against
                  Company.                                                 66
section 914. Co-trustees and Separate Trustees.                            66
section 915. Appointment of Authenticating Agent.                          68

                                   ARTICLE TEN

                     Holders' Lists and Reports by Trustee and Company

section 1001. Lists of Holders.                                            70
section 1002. Reports by Trustee and Company.                              70

                                 ARTICLE ELEVEN

                    Consolidation, Merger, Conveyance or Other Transfer

section 1101. Company May Consolidate, etc., Only on Certain
                  Terms.                                                   71
section 1102. Successor Person Substituted.                                71

                                 ARTICLE TWELVE

                             Supplemental Indentures

section 1201. Supplemental Indentures Without Consent
                  of Holders.                                              72
section 1202. Supplemental Indentures With Consent
                  of Holders.                                              74
section 1203. Execution of Supplemental Indentures.                        76
section 1204. Effect of Supplemental Indentures.                           76
section 1205. Conformity With Trust Indenture Act.                         76
section 1206. Reference in Securities to Supplemental
                  Indentures.                                              76
section 1207. Modification Without Supplemental Indenture .                77

<PAGE>

                                       -v-

                                ARTICLE THIRTEEN

                   Meetings of Holders; Action Without Meeting

section 1301. Purposes for Which Meetings May Be Called.                   77
section 1302. Call, Notice and Place of Meetings.                          77
section 1303. Persons Entitled to Vote at Meetings.                        78
section 1304. Quorum; Action.                                              78
section 1305. Attendance at Meetings; Determination of
                  Voting Rights;                                           80
section 1306. Counting Votes and Recording Action of
                  Meetings.                                                81
section 1307. Action Without Meeting.                                      81

                                ARTICLE FOURTEEN

Immunity of Incorporators, Shareholders, Officers and Directors

section 1401. Liability Solely Corporate.                                  82

<PAGE>

                                    GPU, INC.

           Reconciliation and tie between Trust Indenture Act of 1939
                        and Indenture, dated as of , ----

Trust Indenture Act Section                                  Indenture Section

SECTION 310    (a)(1)                                                     909
               (a)(2)                                                     909
               (a)(3)                                                     914
               (a)(4)                                          Not Applicable
               (b)                                                        908
                                                                             910
SECTION 311    (a)                                                        913
               (b)                                                        913
               (c)                                                        913
SECTION 312    (a)                                                       1001
               (b)                                                       1001
               (c)                                                       1001
SECTION 313    (a)                                                       1002
               (b)                                                       1002
               (c)                                                       1002
SECTION 314    (a)                                                       1002
               (a)(4)                                                     606
               (b)                                             Not Applicable
               (c)(1)                                                     102
               (c)(2)                                                     102
               (c)(3)                                          Not Applicable
               (d)                                             Not Applicable
               (e)                                                        102
SECTION 315    (a)                                                        901
                                                                             903
               (b)                                                        902
               (c)                                                        901
               (d)                                                        901
               (e)                                                        814
SECTION 316    (a)                                                        812
                                                                             813
               (a)(1)(A)                                                  802
                                                                             812
               (a)(1)(B)                                                  813
               (a)(2)                                          Not Applicable
               (b)                                                        808
SECTION 317    (a)(1)                                                     803
               (a)(2)                                                     804
               (b)                                                        603
SECTION 318    (a)                                                        107

<PAGE>

            INDENTURE,  dated as of  -----------,  ----,  between  GPU,  INC., a
corporation  duly organized and existing under the laws of the  Commonwealth  of
Pennsylvania  (herein called the "Company"),  having its principal office at 300
Madison Avenue,  Morristown,  New Jersey, 07962, and UNITED STATES TRUST COMPANY
OF NEW YORK, a New York a corporation duly organized and existing under the laws
of the State of New York,  having its  principal  corporate  trust office at 114
West 47th  Street,  New York,  New York  10036,  as Trustee  (herein  called the
"Trustee").

                             RECITAL OF THE COMPANY

            The Company has duly  authorized  the execution and delivery of this
Indenture  to  provide  for the  issuance  from  time  to time of its  unsecured
debentures,  notes  or  other  evidences  of  indebtedness  (herein  called  the
"Securities"), in an unlimited aggregate principal amount to be issued in one or
more  series  as  contemplated  herein;  and all  acts  necessary  to make  this
Indenture a valid agreement of the Company have been performed.

            For all purposes of this  Indenture,  except as otherwise  expressly
provided or unless the context otherwise requires, capitalized terms used herein
shall have the meanings assigned to them in Article One of this Indenture.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

            For and in  consideration  of the  premises  and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and  proportionate  benefit  of all  Holders of the  Securities  or of any
series thereof, as follows:

                                   ARTICLE ONE

                  Definitions and Other Provisions of General Application

SECTION 101.  Definitions.

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

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

      (b) all terms used  herein  without  definition  which are  defined in the
     Trust  Indenture Act,  either  directly or by reference  therein,  have the
     meanings assigned to them therein;

      (c) all  accounting  terms not otherwise  defined herein have the meanings
     assigned  to  them  in  accordance  with  generally   accepted   accounting
     principles in the United States, and,

<PAGE>

                                       -2-

      except  as  otherwise  herein  expressly  provided,  the  term  "generally
     accepted accounting principles" with respect to any computation required or
     permitted hereunder shall mean such accounting  principles as are generally
     accepted in the United  States at the date of such  computation  or, at the
     election of the Company from time to time, at the date of the execution and
     delivery  of  this  Indenture;   provided,  however,  that  in  determining
     generally accepted  accounting  principles  applicable to the Company,  the
     Company  shall,  to the extent  required,  conform  to any  order,  rule or
     regulation  of any  administrative  agency,  regulatory  authority or other
     governmental body having jurisdiction over the Company; and

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

            Certain terms, used principally in Article Nine, are defined in that
Article.

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

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

            "Authenticating  Agent" means any Person  (other than the Company or
an Affiliate of the Company)  authorized by the Trustee  pursuant to Section 915
to act on behalf of the Trustee to authenticate one or more series of Securities
or Tranche thereof.

            "Authorized Officer" means the Chairman of the Board, the President,
any Vice President, the Treasurer, any Assistant Treasurer, or any other officer
or agent of the Company  duly  authorized  by the Board of  Directors  to act in
respect of matters relating to this Indenture.

            "Board of  Directors"  means  either the board of  directors  of the
Company or any  committee  thereof duly  authorized to act in respect of matters
relating to this Indenture.

<PAGE>

                                       -3-

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

            "Business  Day", when used with respect to a Place of Payment or any
other particular  location specified in the Securities or this Indenture,  means
any day,  other than a Saturday or Sunday,  which is not a day on which  banking
institutions  or trust  companies in such Place of Payment or other location are
generally authorized or required by law, regulation or executive order to remain
closed, except as may be otherwise specified as contemplated by Section 301.

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

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

            "Company  Request" or  "Company  Order"  means a written  request or
order signed in the name of the Company by an  Authorized  Officer and delivered
to the Trustee.

            "Corporate Trust Office" means the office of the Trustee at which at
any  particular   time  its  corporate   trust  business  shall  be  principally
administered,  which  office  at the  date of  execution  and  delivery  of this
instrument is located at 114 West 47th Street, New York, New York 10036.

            "corporation"  means a corporation,  association,  company,  limited
liability company, partnership, joint stock company or business trust.

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

            "Discount  Security" means any Security which provides for an amount
less than the principal  amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 802. "Interest" with
respect to a Discount Security means interest, if any, borne by such Security at
a Stated Interest Rate.

<PAGE>

                                       -4-

            "Dollar" or "$" means a dollar or other equivalent unit in such coin
or  currency of the United  States as at the time shall be legal  tender for the
payment of public and private debts.

            "Eligible Obligations" means:

           (a)    with   respect  to   Securities   denominated   in   Dollars,
     Government  Obligations; or

           (b) with respect to Securities  denominated  in a currency other than
      Dollars or in a composite currency,  such other obligations or instruments
      as shall be specified with respect to such Securities,  as contemplated by
      Section 301.

            "Event of Default" has the meaning specified in Section 801.

            "Governmental  Authority"  means the government of the United States
or of any State or  Territory  thereof or of the  District of Columbia or of any
county,  municipality or other political subdivision of any of the foregoing, or
any  department,  agency,  authority  or  other  instrumentality  of  any of the
foregoing.

            "Government Obligations" means:

            (a) direct  obligations  of, or  obligations  the  principal  of and
      interest on which are unconditionally guaranteed by, the United States and
      entitled to the benefit of the full faith and credit thereof; and

            (b)  certificates,  depositary  receipts or other  instruments which
      evidence a direct  ownership  interest in obligations  described in clause
      (a) above or in any specific interest or principal payments due in respect
      thereof;  provided,  however,  that the custodian of such  obligations  or
      specific  interest or principal  payments shall be a bank or trust company
      (which may include the Trustee or any Paying Agent)  subject to Federal or
      state supervision or examination with a combined capital and surplus of at
      least $50,000,000;  and provided, further, that except as may be otherwise
      required by law, such  custodian  shall be obligated to pay to the holders
      of such  certificates,  depositary  receipts or other instruments the full
      amount  received  by such  custodian  in  respect of such  obligations  or
      specific  payments  and  shall  not be  permitted  to make  any  deduction
      therefrom.

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

<PAGE>

                                       -5-

            "Indenture"  means  this  instrument  as  originally   executed  and
delivered and as it may from time to time be  supplemented  or amended by one or
more  indentures  supplemental  hereto  entered into pursuant to the  applicable
provisions  hereof  and  shall  include  the  terms of a  particular  series  of
Securities established as contemplated by Section 301.

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

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

            "Officer's  Certificate" means a certificate signed by an Authorized
Officer and delivered to the Trustee.

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

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

            (a)  Securities  theretofore  canceled or  delivered to the Security
      Registrar for cancellation;

            (b) Securities  deemed to have been paid in accordance  with Section
      701; and

            (c)  Securities  which have been paid  pursuant to Section 306 or in
      exchange for or in lieu of which other Securities have been  authenticated
      and delivered  pursuant to this Indenture,  other than any such Securities
      in respect of which there shall have been  presented to the Trustee  proof
      satisfactory to it and the Company that such Securities are held by a bona
      fide  purchaser or  purchasers  in whose hands such  Securities  are valid
      obligations of the Company;

provided,  however,  that  in  determining  whether  or not the  Holders  of the
requisite  principal amount of the Securities  Outstanding under this Indenture,
or the Outstanding  Securities of any series or Tranche, have given any request,
demand, authorization,

<PAGE>

                                       -6-

direction,  notice,  consent or waiver  hereunder  or whether or not a quorum is
present at a meeting of Holders of Securities,

                  (x) Securities  owned by the Company or any other obligor upon
            the  Securities  or any  Affiliate  of the  Company or of such other
            obligor (unless the Company, such Affiliate or such obligor owns all
            Securities  Outstanding  under this  Indenture,  or (except  for the
            purposes  of  actions  to be taken by  Holders  of (i) more than one
            series  voting as a class  under  Section  812 or (ii) more than one
            series or more  than one  Tranche,  as the case may be,  voting as a
            class under  Section 1202) all  Outstanding  Securities of each such
            series and each such Tranche, as the case may be, determined without
            regard to this clause (x)) shall be disregarded and deemed not to be
            Outstanding,  except that, in determining  whether the Trustee shall
            be   protected   in   relying   upon  any  such   request,   demand,
            authorization, direction, notice, consent or waiver or upon any such
            determination as to the presence of a quorum,  only Securities which
            the Trustee knows to be so owned shall be so disregarded;  provided,
            however,  that  Securities  so owned which have been pledged in good
            faith may be regarded as Outstanding  if the pledgee  establishes to
            the  satisfaction  of the Trustee the pledgee's right so to act with
            respect to such  Securities  and that the pledgee is not the Company
            or any other  obligor upon the  Securities  or any  Affiliate of the
            Company or of such other obligor; and

                  (y) the principal amount of a Discount  Security that shall be
            deemed to be  Outstanding  for such purposes  shall be the amount of
            the  principal  thereof that would be due and payable as of the date
            of such  determination  upon a declaration  of  acceleration  of the
            Maturity thereof pursuant to Section 802;

provided,  further,  that, in the case of any Security the principal of which is
payable from time to time without presentment or surrender, the principal amount
of such  Security  that  shall be deemed to be  Outstanding  at any time for all
purposes of this Indenture shall be the original  principal  amount thereof less
the aggregate amount of principal thereof theretofore paid.

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

            "Periodic  Offering"  means an offering of  Securities  of a series
from time to time any or all of the specific terms of

<PAGE>

                                       -7-

which Securities, including without limitation the rate or rates of interest, if
any,  thereon,  the Stated  Maturity or  Maturities  thereof and the  redemption
provisions, if any, with respect thereto, are to be determined by the Company or
its agents upon the issuance of such Securities.

            "Person" means any individual,  corporation, joint venture, trust or
unincorporated organization or any Governmental Authority.

            "Place of Payment",  when used with respect to the Securities of any
series,  or any  Tranche  thereof,  means  the  place or  places,  specified  as
contemplated by Section 301, at which,  subject to Section 602, principal of and
premium,  if any,  and  interest,  if any, on the  Securities  of such series or
Tranche are payable.

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

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

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

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

            "Required Currency" has the meaning specified in Section 311.

            "Responsible Officer",  when used with respect to the Trustee, means
any Vice President,  Assistant Vice President, Trust Officer or other officer of
the  Trustee  assigned  by the  Trustee to the  Corporate  Trust  Administration
Division  of the  Trustee  (or  any  successor  division  or  department  of the
Trustee).

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

<PAGE>

                                       -8-

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

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

            "Stated  Interest  Rate" means a rate (whether fixed or variable) at
which an  obligation  by its  terms  is  stated  to bear  simple  interest.  Any
calculation or other  determination to be made under this Indenture by reference
to the Stated  Interest Rate on a Security  shall be made without  regard to the
effective  interest cost to the Company of such  Security and without  regard to
the Stated  Interest Rate on, or the effective cost to the Company of, any other
indebtedness  in respect of which the  Company's  obligations  are  evidenced or
secured in whole or in part by such Security.

            "Stated  Maturity",  when used with respect to any obligation or any
installment of principal  thereof or interest  thereon,  means the date on which
the principal of such obligation or such installment of principal or interest is
stated to be due and payable  (without  regard to any provisions for redemption,
prepayment, acceleration, purchase or extension).

            "Subsidiary"  means a corporation  more than 50% of the  outstanding
voting stock of which is owned, directly or indirectly, by the Company or by one
or  more  other  Subsidiaries,   or  by  the  Company  and  one  or  more  other
Subsidiaries.  For the purposes of this  definition,  "voting stock" means stock
that  ordinarily has voting power for the election of directors,  whether at all
times  or only so long as no  senior  class of stock  has such  voting  power by
reason of any contingency.

            "Tranche"  means a group  of  Securities  which  (a) are of the same
series and (b) have identical terms except as to principal amount and/or date of
issuance.

            "Trust Indenture Act" means, as of any time, the Trust Indenture Act
of 1939, or any successor statute, as in effect at such time.
            "Trustee"  means  the  Person  named as the  "Trustee"  in the first
paragraph of this  Indenture  until a successor  Trustee  shall have become such
with  respect to one or more series of  Securities  pursuant  to the  applicable
provisions of this  Indenture,  and thereafter  "Trustee"  shall mean or include
each  Person who is then a Trustee  hereunder,  and if at any time there is more
than one such Person,  "Trustee" as used with respect to the  Securities  of any
series shall mean the Trustee with respect to Securities of that series.

<PAGE>

                                       -9-

            "United States" means the United States of America, its Territories,
its possessions and other areas subject to its political jurisdiction.

Section 102.  Compliance Certificates and Opinions.

            Except as otherwise  expressly provided in this Indenture,  upon any
application  or request by the Company to the  Trustee to take any action  under
any provision of this Indenture, the Company shall, if requested by the Trustee,
furnish to the Trustee an  Officer's  Certificate  stating  that all  conditions
precedent,  if any,  provided  for in this  Indenture  relating to the  proposed
action  (including any covenants  compliance with which  constitutes a condition
precedent) have been complied with and an Opinion of Counsel stating that in the
opinion  of such  counsel  all such  conditions  precedent,  if any,  have  been
complied with,  except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this  Indenture  relating  to such  particular  application  or  request,  no
additional certificate or opinion need be furnished.

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

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

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

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

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

SECTION 103.  Form of Documents Delivered to Trustee.

            In any case where  several  matters are required to be certified
by, or covered by an opinion of, any specified Person,

<PAGE>

                                      -10-

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

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

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

            Whenever,  subsequent  to the  receipt  by the  Trustee of any Board
Resolution,  Officer's  Certificate,  Opinion of Counsel  or other  document  or
instrument,  a clerical,  typographical  or other  inadvertent or  unintentional
error or omission shall be discovered  therein, a new document or instrument may
be  substituted  therefor in corrected form with the same force and effect as if
originally filed in the corrected form and, irrespective of the date or dates of
the actual  execution  and/or  delivery  thereof,  such  substitute  document or
instrument shall be deemed to have been executed and/or delivered as of the date
or dates  required  with respect to the document or  instrument  for which it is
substituted. Anything in this Indenture to the contrary notwithstanding,  if any
such corrective  document or instrument  indicates that action has been taken by
or at the  request  of the  Company  which  could  not have  been  taken had the
original document or instrument not contained such error or omission, the action
so taken shall not be invalidated or otherwise rendered ineffective but shall be
and remain in full force and effect, except to the extent that such action was a
result of willful  misconduct or bad faith.  Without  limiting the generality of
the  foregoing,  any  Securities  issued under the  authority of such  defective
document or instrument shall

<PAGE>

                                      -11-

nevertheless be the valid obligations of the Company entitled to the benefits of
this Indenture equally and ratably with all other Outstanding Securities, except
as aforesaid.

SECTION 104.  Acts of Holders.

            (a) Any request, demand, authorization,  direction, notice, consent,
      election,  waiver or other action  provided by this  Indenture to be made,
      given or taken by Holders may be embodied in and  evidenced by one or more
      instruments  of  substantially  similar  tenor  signed by such  Holders in
      person or by an agent duly appointed in writing or, alternatively,  may be
      embodied  in and  evidenced  by the  record  of  Holders  voting  in favor
      thereof,  either in person or by proxies duly appointed in writing, at any
      meeting of Holders duly called and held in accordance  with the provisions
      of Article  Thirteen,  or a combination of such  instruments  and any such
      record.  Except as herein otherwise expressly provided,  such action shall
      become effective when such instrument or instruments or record or both are
      delivered to the Trustee and, where it is hereby  expressly  required,  to
      the Company.  Such  instrument or instruments and any such record (and the
      action  embodied  therein  and  evidenced  thereby)  are herein  sometimes
      referred  to as the  "Act"  of the  Holders  signing  such  instrument  or
      instruments  and so voting at any such meeting.  Proof of execution of any
      such  instrument  or of a writing  appointing  any such  agent,  or of the
      holding by any Person of a Security,  shall be sufficient  for any purpose
      of this Indenture and (subject to Section 901)  conclusive in favor of the
      Trustee and the Company,  if made in the manner  provided in this Section.
      The  record of any  meeting  of  Holders  shall be  proved  in the  manner
      provided in Section 1306.

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

            (c) The principal amount (except as otherwise contemplated in clause
      (y) of the first  proviso to the  definition  of  Outstanding)  and serial
      numbers of Securities

<PAGE>

                                      -12-

      held by any Person,  and the date of holding the same, shall be proved
      by the Security Register.

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

            (e) Until such time as written instruments shall have been delivered
      to the Trustee  with  respect to the  requisite  percentage  of  principal
      amount of Securities for the action contemplated by such instruments,  any
      such instrument  executed and delivered by or on behalf of a Holder may be
      revoked with respect to any or all of such Securities by written notice by
      such Holder or any subsequent  Holder,  proven in the manner in which such
      instrument was proven.

            (f) Securities of any series, or any Tranche thereof,  authenticated
      and  delivered  after any Act of Holders may, and shall if required by the
      Trustee,  bear a notation in form approved by the Trustee as to any action
      taken by such Act of  Holders.  If the  Company  shall so  determine,  new
      Securities  of any  series,  or any  Tranche  thereof,  so  modified as to
      conform, in the opinion of the Trustee and the Company, to such action may
      be prepared and executed by the Company and authenticated and delivered by
      the  Trustee in  exchange  for  Outstanding  Securities  of such series or
      Tranche.

            (g) If the Company shall  solicit from Holders any request,  demand,
      authorization,  direction,  notice,  consent,  waiver  or other  Act,  the
      Company  may,  at its  option,  fix in  advance  a  record  date  for  the
      determination   of  Holders   entitled  to  give  such  request,   demand,
      authorization,  direction,  notice,  consent, waiver or other Act, but the
      Company shall have no obligation to do so. If such a record date is fixed,
      such request, demand, authorization, direction, notice, consent, waiver or
      other Act may be given  before or after  such  record  date,  but only the
      Holders of record at the close of  business  on the  record  date shall be
      deemed to be Holders for the purposes of  determining  whether  Holders of
      the requisite proportion of the Outstanding  Securities have authorized or
      agreed or consented to such  request,  demand,  authorization,  direction,
      notice, consent, waiver or other Act, and for that purpose the Outstanding
      Securities shall be computed as of the record date.

<PAGE>

                                      -13-

SECTION 105.  Notices, etc. to Trustee and Company.

            Any request,  demand,  authorization,  direction,  notice,  consent,
election,  waiver or Act of Holders or other  document  provided or permitted by
this  Indenture  to be made upon,  given or  furnished  to, or filed  with,  the
Trustee by any Holder or by the Company, or the Company by the Trustee or by any
Holder, shall be sufficient for every purpose hereunder (unless otherwise herein
expressly  provided)  if in writing and  delivered  personally  to an officer or
other responsible employee of the addressee at the applicable location set forth
below or at such other location as such party may from time to time designate by
written notice, or transmitted by facsimile transmission or other direct written
electronic  means to such telephone  number or other  electronic  communications
address  as the  parties  hereto  shall from time to time  designate  by written
notice, or transmitted by certified or registered mail, charges prepaid,  to the
applicable  address  set forth  below or to such other  address as either  party
hereto may from time to time designate by written notice:

            If to the Trustee, to:

            United States Trust Company of New York
            114 West 47th Street
            New York, New York  10036
            Attention:  Vice President, Corporate Trust Department
            Telephone:  (212) 852-1671
            Telecopy:   (212) 852-1626

            If to the Company, to:

            GPU, Inc.
            300 Madison Avenue
            Morristown, New Jersey 07962
            Attention:  Vice President and Treasurer
            Telephone:        (973) 401-8519
            Telecopy:         (973) 644-4224

Any communication  contemplated herein shall be deemed to have been made, given,
furnished  and  filed  if  personally  delivered,  on the date of  delivery,  if
transmitted by facsimile  transmission or other direct written electronic means,
on the date of receipt,  and if transmitted by certified or registered  mail, on
the date of receipt.

SECTION 106.  Notice to Holders of Securities; Waiver.

            Except as otherwise expressly provided herein,  where this Indenture
provides for notice to Holders of any event,  such notice shall be  sufficiently
given, and shall be deemed given, to

<PAGE>

                                      -14-

Holders if in writing and mailed,  first-class  postage prepaid,  to each Holder
affected  by such  event,  at the  address  of such  Holder as it appears in the
Security Register,  not later than the latest date, if any, and not earlier than
the earliest date, if any, prescribed for the giving of such notice.

            In case by reason of the  suspension  of regular  mail service or by
reason  of any other  cause it shall be  impracticable  to give  such  notice to
Holders by mail,  then such  notification  as shall be made with the approval of
the  Trustee  shall  constitute  a  sufficient  notification  for every  purpose
hereunder.  In any case where  notice to Holders is given by mail,  neither  the
failure to mail such  notice,  nor any  defect in any  notice so mailed,  to any
particular  Holder shall affect the  sufficiency  of such notice with respect to
other Holders.

            Any notice  required by this  Indenture  may be waived in writing by
the Person  entitled to receive  such notice,  either  before or after the event
otherwise to be specified  therein,  and such waiver shall be the  equivalent of
such notice.  Waivers of notice by Holders shall be filed with the Trustee,  but
such filing  shall not be a condition  precedent  to the  validity of any action
taken in reliance upon such waiver.

SECTION 107.  Conflict with Trust Indenture Act.

            If any provision of this  Indenture  limits,  qualifies or conflicts
with another provision hereof which is required or deemed to be included in this
Indenture  by, or is otherwise  governed by, any of the  provisions of the Trust
Indenture Act, such other provision shall control;  and if any provision  hereof
otherwise  conflicts with the Trust Indenture Act, the Trust Indenture Act shall
control unless otherwise provided as contemplated by Section 301 with respect to
any series of Securities.

SECTION 108.  Effect of Headings and Table of Contents.

            The Article and Section  headings in this Indenture and the Table of
Contents are for convenience only and shall not affect the construction hereof.

SECTION 109.  Successors and Assigns.

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

SECTION 110.  Separability Clause.

            In case any  provision  in this  Indenture or the  Securities
shall be invalid, illegal or unenforceable, the

<PAGE>

                                      -15-

validity,  legality and enforceability of the remaining  provisions shall not in
any way be affected or impaired thereby.

SECTION 111.  Benefits of Indenture.

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

SECTION 112.  Governing Law.

            This Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York,  except to the extent that
the law of any other jurisdiction shall be mandatorily applicable.

SECTION 113.  Legal Holidays.

            In any case where any  Interest  Payment  Date,  Redemption  Date or
Stated  Maturity  of any  Security  shall not be a Business  Day at any Place of
Payment,  then  (notwithstanding any other provision of this Indenture or of the
Securities  other than a provision in Securities  of any series,  or any Tranche
thereof,  or in the Board Resolution or Officer's  Certificate which establishes
the terms of the Securities of such series or Tranche, which specifically states
that such provision shall apply in lieu of this Section)  payment of interest or
principal and premium, if any, need not be made at such Place of Payment on such
date,  but may be made on the  next  succeeding  Business  Day at such  Place of
Payment,  with the same force and effect,  and in the same amount, as if made on
the Interest Payment Date or Redemption Date, or at the Stated Maturity,  as the
case may be, and, if such payment is made or duly  provided for on such Business
Day, no interest  shall  accrue on the amount so payable for the period from and
after such Interest  Payment Date,  Redemption Date or Stated  Maturity,  as the
case may be, to such Business Day.

                                   ARTICLE TWO

                                 Security Forms

SECTION 201.  Forms Generally.

            The definitive  Securities of each series shall be in  substantially
the form or forms  thereof  established  in the  indenture  supplemental  hereto
establishing  such series or in a Board Resolution  establishing such series, or
in an Officer's Certificate pursuant to such supplemental indenture or Board

<PAGE>

                                      -16-

Resolution,   in  each  case  with  such  appropriate   insertions,   omissions,
substitutions  and  other  variations  as are  required  or  permitted  by  this
Indenture,  and may have such letters,  numbers or other marks of identification
and such  legends or  endorsements  placed  thereon as may be required to comply
with the rules of any securities exchange or as may,  consistently  herewith, be
determined  by the officers  executing  such  Securities,  as evidenced by their
execution of the  Securities.  If the form or forms of  Securities of any series
are established in a Board Resolution or in an Officer's Certificate pursuant to
a Board  Resolution,  such Board Resolution and Officer's  Certificate,  if any,
shall be  delivered  to the  Trustee at or prior to the  delivery of the Company
Order  contemplated by Section 303 for the  authentication  and delivery of such
Securities.

            Unless otherwise  specified as contemplated by Section 301 or clause
(g) of  Section  1201,  the  Securities  of each  series  shall be  issuable  in
registered form without coupons. The definitive  Securities shall be produced in
such manner as shall be determined by the officers executing such Securities, as
evidenced by their execution thereof.

SECTION 202.  Form of Trustee's Certificate of Authentication.

            The   Trustee's   certificate   of   authentication   shall   be  in
substantially the form set forth below:

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

Dated:
                                    ---------------------------------
                                   as Trustee

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

                                  ARTICLE THREE

                                 The Securities

SECTION 301.  Amount Unlimited; Issuable in Series.

            The  aggregate   principal   amount  of  Securities   which  may  be
authenticated and delivered under this Indenture is unlimited.

            The Securities  may be issued in one or more series.  Subject to the
last  paragraph of this  Section,  prior to the  authentication  and delivery of
Securities  of any series  there  shall be  established  by  specification  in a
supplemental indenture

<PAGE>

                                      -17-

or  in a  Board  Resolution,  or  in  an  Officer's  Certificate  pursuant  to a
supplemental indenture or a Board Resolution:

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

            (b) any limit upon the aggregate  principal amount of the Securities
      of such  series  which  may be  authenticated  and  delivered  under  this
      Indenture   (except  for  Securities   authenticated  and  delivered  upon
      registration  of  transfer  of, or in exchange  for, or in lieu of,  other
      Securities  of such series  pursuant to Section 304, 305, 306, 406 or 1206
      and except for any Securities  which,  pursuant to Section 303, are deemed
      never to have been authenticated and delivered hereunder);

            (c) the Person or Persons (without specific  identification) to whom
      interest on Securities of such series,  or any Tranche  thereof,  shall be
      payable on any Interest  Payment  Date, if other than the Persons in whose
      names  such  Securities  (or  one  or  more  Predecessor  Securities)  are
      registered  at the close of business  on the Regular  Record Date for such
      interest;

            (d) the date or dates on which the  principal of the  Securities  of
      such series, or any Tranche thereof,  is payable or any formulary or other
      method or other means by which such date or dates shall be determined,  by
      reference to an index or other fact or event ascertainable outside of this
      Indenture or otherwise  (without  regard to any provisions for redemption,
      prepayment, acceleration, purchase or extension);

            (e) the rate or rates at which the Securities of such series, or any
      Tranche thereof,  shall bear interest, if any (including the rate or rates
      at which overdue principal shall bear interest, if different from the rate
      or rates at which such  Securities  shall bear interest prior to Maturity,
      and, if applicable, the rate or rates at which overdue premium or interest
      shall bear  interest,  if any),  or any formulary or other method or other
      means by which such rate or rates shall be determined,  by reference to an
      index or other fact or event  ascertainable  outside of this  Indenture or
      otherwise;  the date or dates from which such interest  shall accrue;  the
      Interest  Payment  Dates on which such  interest  shall be payable and the
      Regular Record Date, if any, for the interest  payable on such  Securities
      on any Interest Payment Date; the right of the Company, if any, to

<PAGE>

                                      -18-

      extend the interest payment periods and the duration of any such extension
      as  contemplated by Section 312; and the basis of computation of interest,
      if other than as provided in Section 310;

            (f) the  place  or  places  at  which or  methods  by which  (1) the
      principal of and premium,  if any, and interest,  if any, on Securities of
      such series, or any Tranche thereof, shall be payable, (2) registration of
      transfer of  Securities  of such series,  or any Tranche  thereof,  may be
      effected,  (3)  exchanges of  Securities  of such  series,  or any Tranche
      thereof,  may be  effected  and (4)  notices  and  demands  to or upon the
      Company  in respect  of the  Securities  of such  series,  or any  Tranche
      thereof, and this Indenture may be served; the Security Registrar for such
      series or Tranche;  and if such is the case,  that the  principal  of such
      Securities shall be payable without presentment or surrender thereof;

            (g) the  period or  periods  within  which,  or the date or dates on
      which,  the price or prices  at which  and the terms and  conditions  upon
      which the  Securities  of such  series,  or any  Tranche  thereof,  may be
      redeemed,  in whole or in  part,  at the  option  of the  Company  and any
      restrictions  on  such  redemptions,   including  but  not  limited  to  a
      restriction  on a partial  redemption by the Company of the  Securities of
      any  series,  or any  Tranche  thereof,  resulting  in  delisting  of such
      Securities from any national exchange;

            (h) the obligation or obligations,  if any, of the Company to redeem
      or  purchase  the  Securities  of such  series,  or any  Tranche  thereof,
      pursuant to any sinking fund or other mandatory  redemption  provisions or
      at the option of a Holder  thereof and the period or periods  within which
      or the date or dates on which,  the price or prices at which and the terms
      and conditions upon which such Securities  shall be redeemed or purchased,
      in  whole  or  in  part,  pursuant  to  such  obligation,  and  applicable
      exceptions  to the  requirements  of Section 404 in the case of  mandatory
      redemption or redemption at the option of the Holder;

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

            (j) the currency or currencies,  including composite currencies,  in
      which  payment of the principal of and premium,  if any, and interest,  if
      any, on the Securities of

<PAGE>

                                      -19-

      such series,  or any Tranche  thereof,  shall be payable (if other than in
      Dollars);

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

            (l) if the principal of or premium, if any, or interest,  if any, on
      the Securities of such series, or any Tranche thereof,  are to be payable,
      or are to be payable at the  election of the Company or a Holder  thereof,
      in securities or other property, the type and amount of such securities or
      other  property,  or the formulary or other method or other means by which
      such amount shall be  determined,  and the period or periods within which,
      and the terms and conditions upon which, any such election may be made;

            (m) if the amount payable in respect of principal of or premium,  if
      any, or interest, if any, on the Securities of such series, or any Tranche
      thereof,  may be  determined  with  reference to an index or other fact or
      event  ascertainable  outside of this Indenture,  the manner in which such
      amounts  shall be  determined  to the extent not  established  pursuant to
      clause (e) of this paragraph;

            (n) if other than the principal  amount thereof,  the portion of the
      principal  amount of  Securities of such series,  or any Tranche  thereof,
      which shall be payable upon  declaration of  acceleration  of the Maturity
      thereof pursuant to Section 802;

            (o) any Events of Default, in addition to those specified in Section
      801, with respect to the  Securities of such series,  and any covenants of
      the  Company  for the  benefit of the  Holders of the  Securities  of such
      series, or any Tranche thereof,  in addition to those set forth in Article
      Six;

            (p) the terms,  if any,  pursuant  to which the  Securities  of such
      series,  or any Tranche  thereof,  may be converted  into or exchanged for
      shares of capital  stock or other  securities  of the Company or any other
      Person;

<PAGE>

                                      -20-

            (q)  the  obligations  or  instruments,   if  any,  which  shall  be
      considered to be Eligible Obligations in respect of the Securities of such
      series,  or any  Tranche  thereof,  denominated  in a currency  other than
      Dollars or in a composite  currency,  and any  additional  or  alternative
      provisions for the reinstatement of the Company's  indebtedness in respect
      of such  Securities  after  the  satisfaction  and  discharge  thereof  as
      provided in Section 701;

            (r) if the Securities of such series, or any Tranche thereof, are to
      be issued in global form, (i) any  limitations on the rights of the Holder
      or Holders of such  Securities  to  transfer  or  exchange  the same or to
      obtain the registration of transfer  thereof,  (ii) any limitations on the
      rights of the Holder or Holders thereof to obtain certificates therefor in
      definitive  form in lieu of  temporary  form and  (iii)  any and all other
      matters incidental to such Securities;

            (s) if the Securities of such series, or any Tranche thereof, are to
      be issuable as bearer  securities,  any and all matters incidental thereto
      which  are not  specifically  addressed  in a  supplemental  indenture  as
      contemplated by clause (g) of Section 1201;

            (t) to the extent  not  established  pursuant  to clause (r) of this
      paragraph,  any limitations on the rights of the Holders of the Securities
      of such  Series,  or any Tranche  thereof,  to  transfer or exchange  such
      Securities or to obtain the  registration  of transfer  thereof;  and if a
      service charge will be made for the  registration  of transfer or exchange
      of Securities of such series, or any Tranche thereof,  the amount or terms
      thereof;

            (u) any exceptions to Section 113, or variation in the definition of
      Business  Day,  with  respect to the  Securities  of such  series,  or any
      Tranche thereof;

            (v)  any  collateral  security,   assurance  or  guarantee  for  the
      Securities of such series;

            (w) any  non-applicability  of Section 608 to the Securities of such
      series or any exceptions or  modifications  of Section 608 with respect to
      the Securities of such series;

<PAGE>

                                      -21-

            (x) any rights or duties of another Person to assume the obligations
      of the Company with respect to the  Securities of such series  (whether as
      joint obligor,  primary obligor,  secondary obligor or substitute obligor)
      and any rights or duties to discharge and release any obligor with respect
      to the Securities of such series or the Indenture to the extent related to
      such series; and

            (y) any other terms of the Securities of such series, or any Tranche
      thereof, not inconsistent with the provisions of this Indenture.

            With  respect  to  Securities  of a  series  subject  to a  Periodic
Offering,  the  indenture  supplemental  hereto  or the Board  Resolution  which
establishes  such  series,  or  the  Officer's   Certificate  pursuant  to  such
supplemental  indenture  or Board  Resolution,  as the case may be, may  provide
general terms or  parameters  for  Securities of such series and provide  either
that the specific  terms of Securities of such series,  or any Tranche  thereof,
shall be specified in a Company  Order or that such terms shall be determined by
the Company or its agents in accordance with  procedures  specified in a Company
Order as contemplated by the clause (b) of Section 303.

SECTION 302.  Denominations.

            Unless  otherwise  provided  as  contemplated  by  Section  301 with
respect to any series of Securities,  or any Tranche thereof,  the Securities of
each  series  shall be  issuable  in  denominations  of $1,000 and any  integral
multiple thereof.

SECTION 303.  Execution, Authentication, Delivery and Dating.

            Unless  otherwise  provided  as  contemplated  by  Section  301 with
respect to any series of  Securities,  or any Tranche  thereof,  the  Securities
shall be executed on behalf of the Company by an Authorized Officer and may have
the corporate seal of the Company affixed thereto or reproduced thereon attested
by any other Authorized Officer or by the Secretary or an Assistant Secretary of
the Company. The signature of any or all of these officers on the Securities may
be manual or facsimile.

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

<PAGE>

                                      -22-

            The Trustee shall  authenticate and deliver  Securities of a series,
for  original  issue,  at one time or from time to time in  accordance  with the
Company Order referred to below, upon receipt by the Trustee of:

            (a)   the instrument or instruments  establishing the form or forms
      and terms of such series, as provided in Sections 201 and 301;

            (b) a Company Order  requesting the  authentication  and delivery of
      such Securities and, to the extent that the terms of such Securities shall
      not have been  established  in an  indenture  supplemental  hereto or in a
      Board  Resolution,   or  in  an  Officer's   Certificate   pursuant  to  a
      supplemental  indenture  or  Board  Resolution,  all  as  contemplated  by
      Sections 201 and 301,  either (i)  establishing  such terms or (ii) in the
      case of Securities of a series subject to a Periodic Offering,  specifying
      procedures,  acceptable  to the  Trustee,  by which  such  terms are to be
      established (which procedures may provide, to the extent acceptable to the
      Trustee,  for  authentication  and delivery pursuant to oral or electronic
      instructions  from the Company or any agent or agents thereof,  which oral
      instructions are to be promptly  confirmed  electronically or in writing),
      in either case in accordance with the instrument or instruments  delivered
      pursuant to clause (a) above;

            (c) the Securities of such series, executed on behalf of the Company
      by an Authorized Officer;

            (d)   an Opinion of Counsel to the effect that:

                  (i)    the form or forms of such  Securities  have  been  duly
                         authorized by the Company and have been  established in
                         conformity with the provisions of this Indenture;
                  (ii)   the terms of such  Securities have been duly authorized
                         by the Company and have been  established in conformity
                         with the provisions of this Indenture; and
                  (iii)  such Securities,  when  authenticated  and delivered by
                         the Trustee and issued and  delivered by the Company in
                         the manner and subject to any  conditions  specified in
                         such  Opinion of  Counsel,  will have been duly  issued
                         under  this  Indenture  and will  constitute  valid and
                         legally binding obligations of the Company, entitled to
                         the   benefits   provided   by  this   Indenture,   and
                         enforceable in accordance with their terms,

<PAGE>

                                      -23-

                         subject,  as to  enforcement,  to laws  relating  to or
                         affecting   generally  the  enforcement  of  creditors'
                         rights, including,  without limitation,  bankruptcy and
                         insolvency  laws and to  general  principles  of equity
                         (regardless   of   whether   such   enforceability   is
                         considered in a proceeding in equity or at law);

provided,  however,  that,  with respect to Securities of a series  subject to a
Periodic  Offering,  the Trustee  shall be entitled to receive  such  Opinion of
Counsel  only once at or prior to the time of the first  authentication  of such
Securities  (provided that such Opinion of Counsel addresses the  authentication
and delivery of all  Securities of such series) and that in lieu of the opinions
described in clauses (ii) and (iii) above Counsel may opine that:

                  (x)  when  the  terms  of  such  Securities  shall  have  been
            established  pursuant  to a Company  Order or Orders or  pursuant to
            such procedures (acceptable to the Trustee) as may be specified from
            time to time by a Company Order or Orders,  all as  contemplated  by
            and in  accordance  with the  instrument  or  instruments  delivered
            pursuant  to  clause  (a)  above,  such  terms  will  have been duly
            authorized  by  the  Company  and  will  have  been  established  in
            conformity with the provisions of this Indenture; and

                  (y) such Securities,  when  authenticated and delivered by the
            Trustee in accordance  with this  Indenture and the Company Order or
            Orders or specified  procedures  referred to in paragraph  (x) above
            and issued and delivered by the Company in the manner and subject to
            any conditions specified in such Opinion of Counsel,  will have been
            duly  issued  under this  Indenture  and will  constitute  valid and
            legally binding obligations of the Company, entitled to the benefits
            provided by the Indenture,  and enforceable in accordance with their
            terms, subject, as to enforcement,  to laws relating to or affecting
            generally the enforcement of creditors' rights,  including,  without
            limitation,   bankruptcy  and   insolvency   laws,  and  to  general
            principles of equity  (regardless of whether such  enforceability is
            considered in a proceeding in equity or at law).

            With  respect  to  Securities  of a  series  subject  to a  Periodic
Offering,  the Trustee may  conclusively  rely, as to the  authorization  by the
Company of any of such  Securities,  the form,  terms  thereof and the legality,
validity, binding effect and

<PAGE>

                                      -24-

enforceability  thereof,  and  compliance  of the  authentication  and  delivery
thereof with the terms and  conditions  of this  Indenture,  upon the Opinion of
Counsel and other documents  delivered pursuant to Sections 201 and 301 and this
Section, as applicable,  at or prior to the time of the first  authentication of
Securities of such series unless and until such opinion or other  documents have
been  superseded  or revoked or expire by their terms.  In  connection  with the
authentication  and  delivery of  Securities  of a series  subject to a Periodic
Offering,   the  Trustee   shall  be  entitled  to  assume  that  the  Company's
instructions  to  authenticate  and deliver such  Securities  do not violate any
applicable law or any applicable  rule,  regulation or order of any Governmental
Authority having jurisdiction over the Company.

            If the form or terms  of the  Securities  of any  series  have  been
established by or pursuant to a Board Resolution or an Officer's  Certificate as
permitted  by  Sections  201 or  301,  the  Trustee  shall  not be  required  to
authenticate such Securities if the issuance of such Securities pursuant to this
Indenture will materially or adversely  affect the Trustee's own rights,  duties
or immunities  under the  Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

            Unless  otherwise  specified  as  contemplated  by Section  301 with
respect to any series of Securities, or any Tranche thereof, each Security shall
be dated the date of its authentication.

            Unless  otherwise  specified  as  contemplated  by Section  301 with
respect  to any series of  Securities,  no  Security  shall be  entitled  to any
benefit under this  Indenture or be valid or obligatory  for any purpose  unless
there appears on such Security a certificate of authentication  substantially in
the form provided for herein executed by the Trustee or an Authenticating  Agent
by manual signature,  and such certificate upon any Security shall be conclusive
evidence, and the only evidence,  that such Security has been duly authenticated
and  delivered  hereunder  and is  entitled to the  benefits of this  Indenture.
Notwithstanding the foregoing, if any Security shall have been authenticated and
delivered  hereunder to the  Company,  or any Person  acting on its behalf,  but
shall never have been  issued and sold by the  Company,  and the  Company  shall
deliver such Security to the Trustee for cancellation as provided in Section 309
together  with a written  statement  (which need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel) stating that such Security has
never been issued and sold by the Company,  for all  purposes of this  Indenture
such  Security  shall be deemed never to have been  authenticated  and delivered
hereunder and shall never be entitled to the benefits hereof.

<PAGE>

                                      -25-

SECTION 304.  Temporary Securities.

            Pending the preparation of definitive  Securities of any series,  or
any Tranche thereof, the Company may execute, and upon Company Order the Trustee
shall  authenticate  and  deliver,   temporary  Securities  which  are  printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of
which  they  are   issued,   with  such   appropriate   insertions,   omissions,
substitutions and other variations as the officers executing such Securities may
determine,  as  evidenced  by  their  execution  of such  Securities;  provided,
however, that temporary Securities need not recite specific redemption,  sinking
fund, conversion or exchange provisions.

            Unless  otherwise  specified  as  contemplated  by Section  301 with
respect to the  Securities  of any  series,  or any Tranche  thereof,  after the
preparation  of definitive  Securities of such series or Tranche,  the temporary
Securities of such series or Tranche shall be  exchangeable,  without  charge to
the Holder  thereof,  for  definitive  Securities of such series or Tranche upon
surrender of such  temporary  Securities  at the office or agency of the Company
maintained  pursuant to Section  602 in a Place of Payment for such  Securities.
Upon such  surrender  of temporary  Securities  for such  exchange,  the Company
shall,  except as  aforesaid,  execute and the Trustee  shall  authenticate  and
deliver  in  exchange  therefor  definitive  Securities  of the same  series and
Tranche of authorized  denominations  and of like tenor and aggregate  principal
amount.

            Until   exchanged  in  full  as  hereinabove   provided,   temporary
Securities  shall in all  respects be entitled to the same  benefits  under this
Indenture as  definitive  Securities  of the same series and Tranche and of like
tenor authenticated and delivered hereunder.

SECTION 305.  Registration, Registration of Transfer and Exchange.

            The  Company  shall  cause  to be  kept in  each  office  designated
pursuant to Section  602,  with  respect to the  Securities  of each  series,  a
register (all registers kept in accordance with this Section being  collectively
referred to as the  "Security  Register") in which,  subject to such  reasonable
regulations as it may prescribe,  the Company shall provide for the registration
of Securities of such series,  or any Tranche  thereof,  and the registration of
transfer  thereof.  The  Company  shall  designate  one Person to  maintain  the
Security Register for the Securities of each series on a consolidated basis, and
such Person is referred to herein, with respect to such series, as the

<PAGE>

                                      -26-

"Security  Registrar."  Anything  herein to the  contrary  notwithstanding,  the
Company  may  designate  one or more of its  offices  as an  office  in  which a
register  with  respect  to the  Securities  of  one or  more  series  shall  be
maintained,  and the Company may designate  itself the Security  Registrar  with
respect to one or more of such series.  The Security  Register shall be open for
inspection by the Trustee and the Company at all reasonable times.

            Except as otherwise  specified as  contemplated  by Section 301 with
respect to the Securities of any series, or any Tranche thereof,  upon surrender
for  registration  of transfer of any  Security of such series or Tranche at the
office or agency of the Company maintained pursuant to Section 602 in a Place of
Payment for such series or Tranche,  the Company shall execute,  and the Trustee
shall  authenticate  and deliver,  in the name of the  designated  transferee or
transferees,  one or more new  Securities  of the same  series and  Tranche,  of
authorized denominations and of like tenor and aggregate principal amount.

            Except as otherwise  specified as  contemplated  by Section 301 with
respect to the Securities of any series, or any Tranche thereof, any Security of
such series or Tranche may be exchanged at the option of the Holder,  for one or
more new Securities of the same series and Tranche, of authorized  denominations
and of  like  tenor  and  aggregate  principal  amount,  upon  surrender  of the
Securities to be exchanged at any such office or agency. Whenever any Securities
are so  surrendered  for exchange,  the Company shall  execute,  and the Trustee
shall  authenticate  and deliver,  the  Securities  which the Holder  making the
exchange is entitled to receive.

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

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

            Unless  otherwise  specified  as  contemplated  by Section  301 with
respect to Securities of any series,  or any Tranche thereof,  no service charge
shall be made for any  registration  of transfer or exchange of Securities,  but
the Company may require payment of a sum sufficient to cover any tax or other

<PAGE>

                                      -27-

governmental  charge that may be imposed in connection with any  registration of
transfer or exchange of  Securities,  other than  exchanges  pursuant to Section
304, 406 or 1206 not involving any transfer.

            The  Company  shall not be required to execute or to provide for the
registration of transfer of or the exchange of (a) Securities of any series,  or
any Tranche thereof,  during a period of 15 days immediately  preceding the date
notice is to be given  identifying  the serial numbers of the Securities of such
series or Tranche  called for  redemption  or (b) any  Security so selected  for
redemption in whole or in part,  except the  unredeemed  portion of any Security
being redeemed in part.

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

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

            If there  shall be  delivered  to the  Company  and the  Trustee (a)
evidence to their satisfaction of the ownership of and the destruction,  loss or
theft of any  Security and (b) such  security or indemnity as may be  reasonably
required by them to save each of them and any agent of either of them  harmless,
then,  in the absence of notice to the Company or the Trustee that such Security
is held by a Person  purporting  to be the owner of such  Security,  the Company
shall execute and the Trustee  shall  authenticate  and deliver,  in lieu of any
such destroyed,  lost or stolen Security,  a new Security of the same series and
Tranche,  and of like  tenor and  principal  amount  and  bearing  a number  not
contemporaneously outstanding.

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

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

            Every new Security of any series issued  pursuant to this Section in
lieu of any  destroyed,  lost or stolen  Security  shall  constitute an original
additional contractual obligation of the Company,  whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone other than

<PAGE>

                                      -28-

the Holder of such new Security,  and any such new Security shall be entitled to
all the benefits of this Indenture equally and proportionately  with any and all
other Securities of such series duly issued hereunder.

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

SECTION 307.  Payment of Interest; Interest Rights Preserved.

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

            Subject to Section  312,  any interest on any Security of any series
which is  payable,  but is not  punctually  paid or duly  provided  for,  on any
Interest Payment Date (herein called "Defaulted Interest") shall forthwith cease
to be payable  to the Holder on the  related  Regular  Record  Date by virtue of
having been such Holder, and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in clause (a) or (b) below:

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

<PAGE>

                                      -29-

      Trustee shall promptly notify the Company of such Special Record Date and,
      in the name and at the expense of the Company, shall promptly cause notice
      of the proposed payment of such Defaulted  Interest and the Special Record
      Date therefor to be mailed, first-class postage prepaid, to each Holder of
      Securities  of such  series at the address of such Holder as it appears in
      the Security Register,  not less than 10 days prior to such Special Record
      Date.  Notice of the proposed  payment of such Defaulted  Interest and the
      Special  Record  Date  therefor  having  been so  mailed,  such  Defaulted
      Interest  shall be paid to the  Persons in whose names the  Securities  of
      such series (or their respective Predecessor Securities) are registered at
      the close of business on such Special Record Date.

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

            Subject to the foregoing provisions of this Section and Section 305,
each Security delivered under this Indenture upon registration of transfer of or
in  exchange  for or in lieu of any other  Security  shall  carry the  rights to
interest  accrued and unpaid,  and to accrue,  which were  carried by such other
Security.

SECTION 308.  Persons Deemed Owners.

            Prior to due presentment of a Security for registration of transfer,
the  Company,  the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is  registered  as the absolute  owner of
such Security for the purpose of receiving  payment of principal of and premium,
if any, and (subject to Sections 305 and 307) interest, if any, on such Security
and for all other purposes whatsoever,  whether or not such Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

SECTION 309.  Cancellation by Security Registrar.

            All Securities surrendered for payment, redemption,  registration of
transfer or exchange shall, if surrendered to any Person other than the Security
Registrar,  be  delivered  to the  Security  Registrar  and, if not  theretofore
canceled,  shall be promptly canceled by the Security Registrar. The Company may
at any time deliver to the Security Registrar for cancellation any

<PAGE>

                                      -30-

Securities  previously  authenticated and delivered  hereunder which the Company
may have  acquired in any manner  whatsoever or which the Company shall not have
issued and sold, and all Securities so delivered  shall be promptly  canceled by
the Security  Registrar.  No Securities  shall be authenticated in lieu of or in
exchange  for any  Securities  canceled as provided in this  Section,  except as
expressly  permitted  by this  Indenture.  All canceled  Securities  held by the
Security  Registrar  shall be  disposed  of in  accordance  with  the  customary
practices  of the  Security  Registrar  at the time in effect,  and the Security
Registrar shall not be required to destroy any such  certificates.  The Security
Registrar shall promptly deliver a certificate of disposition to the Trustee and
the Company unless, by a Company Order,  similarly delivered,  the Company shall
direct that canceled  Securities be returned to it. The Security Registrar shall
promptly  deliver  evidence of any cancellation of a Security in accordance with
this Section 309 to the Trustee and the Company.

SECTION 310.  Computation of Interest.

            Except as  otherwise  specified as  contemplated  by Section 301 for
Securities of any series, or any Tranche thereof,  interest on the Securities of
each  series  shall be  computed on the basis of a 360-day  year  consisting  of
twelve 30-day months and for any period shorter than a full month,  on the basis
of the actual number of days elapsed in such period.

SECTION 311.  Payment to Be in Proper Currency.

            In the case of the Securities of any series, or any Tranche thereof,
denominated in any currency  other than Dollars or in a composite  currency (the
"Required  Currency"),  except  as  otherwise  specified  with  respect  to such
Securities as contemplated by Section 301, the obligation of the Company to make
any payment of the principal thereof, or the premium or interest thereon,  shall
not be discharged or satisfied by any tender by the Company,  or recovery by the
Trustee, in any currency other than the Required Currency,  except to the extent
that such tender or recovery shall result in the Trustee timely holding the full
amount of the  Required  Currency  then due and  payable.  If any such tender or
recovery is in a currency other than the Required Currency, the Trustee may take
such  actions as it  considers  appropriate  to exchange  such  currency for the
Required Currency.  The costs and risks of any such exchange,  including without
limitation the risks of delay and exchange rate  fluctuation,  shall be borne by
the  Company,  the  Company  shall  remain  fully  liable for any  shortfall  or
delinquency in the full amount of Required Currency then due and payable, and in
no circumstances  shall the Trustee be liable therefor except in the case of its
negligence or willful misconduct.

<PAGE>

                                      -31-

SECTION 312.  Extension of Interest Payment.

            The Company shall have the right at any time, so long as the Company
is not in default in the  payment of interest  on the  Securities  of any series
hereunder,  to extend interest  payment periods on all Securities of one or more
series,  if so  specified  as  contemplated  by Section 301 with respect to such
Securities  and upon such terms as may be specified as  contemplated  by Section
301 with respect to such Securities.

                                  ARTICLE FOUR

                            Redemption of Securities

SECTION 401.  Applicability of Article.

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

SECTION 402.  Election to Redeem; Notice to Trustee.

            The  election  of the  Company  to redeem  any  Securities  shall be
evidenced by a Board Resolution or an Officer's Certificate.  The Company shall,
at least 45 days prior to the  Redemption  Date fixed by the  Company  (unless a
shorter  notice shall be  satisfactory  to the  Trustee),  notify the Trustee in
writing of such Redemption  Date and of the principal  amount of such Securities
to be redeemed.  In the case of any  redemption of  Securities  (a) prior to the
expiration of any restriction on such  redemption  provided in the terms of such
Securities or elsewhere in this  Indenture or (b) pursuant to an election of the
Company  which  is  subject  to a  condition  specified  in the  terms  of  such
Securities,  the Company shall furnish the Trustee with an Officer's Certificate
evidencing compliance with such restriction or condition.

SECTION 403.  Selection of Securities to Be Redeemed.

            If less  than  all the  Securities  of any  series,  or any  Tranche
thereof, are to be redeemed,  the particular  Securities to be redeemed shall be
selected  by the  Trustee  from the  Outstanding  Securities  of such  series or
Tranche  not  previously  called  for  redemption,  by such  method  as shall be
provided for any particular series, or, in the absence of any such provision, by
such method as the Trustee shall deem fair and appropriate and which may provide
for the selection for  redemption of portions  (equal to the minimum  authorized
denomination for Securities of

<PAGE>

                                      -32-

such series or Tranche or any integral multiple thereof) of the principal amount
of  Securities  of such  series or Tranche  of a  denomination  larger  than the
minimum  authorized  denomination  for  Securities  of such  series or  Tranche;
provided,  however,  that if, as  indicated  in an  Officer's  Certificate,  the
Company  shall  have  offered to  purchase  all or any  principal  amount of the
Securities then Outstanding of any series, or any Tranche thereof, and less than
all of such  Securities as to which such offer was made shall have been tendered
to the Company for such purchase,  the Trustee, if so directed by Company Order,
shall select for redemption all or any principal amount of such Securities which
have not been so tendered.

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

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

SECTION 404.  Notice of Redemption.

            Except as  otherwise  specified as  contemplated  by Section 301 for
Securities  of any  series,  notice of  redemption  shall be given in the manner
provided in Section 106 to the Holders of the Securities to be redeemed not less
than 30 nor more than 60 days prior to the Redemption Date.

            All notices of redemption shall state:

         (a)  the Redemption Date,

         (b)  the Redemption Price (if known),

         (c) if less than all the  Securities of any series or Tranche are to be
      redeemed,  the identification of the particular  Securities to be redeemed
      and the portion of the principal  amount of any Security to be redeemed in
      part,

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

         (e) the place or places where such  Securities are to be surrendered
     for payment of the Redemption Price and accrued

<PAGE>

                                      -33-

         interest,  if any,  unless it shall have been specified as contemplated
      by Section 301 with respect to such  Securities  that such surrender shall
      not be required,

         (f) that the  redemption  is for a sinking or other fund, if such is
      the case, and

         (g) such  other  matters as the  Company  shall  deem  desirable  or
      appropriate.

            Unless  otherwise  specified  with  respect  to  any  Securities  in
accordance  with  Section  301,  with  respect  to any notice of  redemption  of
Securities  at the  election  of the  Company,  unless,  upon the giving of such
notice,  such  Securities  shall be deemed to have been paid in accordance  with
Section 701,  such notice may state that such  redemption  shall be  conditional
upon the receipt by the Paying Agent or Agents for such Securities,  on or prior
to the date fixed for such redemption,  of money sufficient to pay the principal
of and premium,  if any, and interest,  if any, on such  Securities  and that if
such money shall not have been so received  such notice  shall be of no force or
effect and the Company shall not be required to redeem such  Securities.  In the
event that such notice of redemption contains such a condition and such money is
not so received,  the redemption  shall not be made and within a reasonable time
thereafter  notice  shall be  given,  in the  manner  in  which  the  notice  of
redemption  was given,  that such money was not so received and such  redemption
was not required to be made,  and the Paying Agent or Agents for the  Securities
otherwise to have been redeemed shall promptly return to the Holders thereof any
of such Securities which had been surrendered for payment upon such redemption.

            Notice of redemption of Securities to be redeemed at the election of
the Company, and any notice of non-satisfaction of a condition for redemption as
aforesaid,  shall be given by the Company or, at the Company's  request,  by the
Security  Registrar  in the name and at the  expense of the  Company.  Notice of
mandatory  redemption of Securities shall be given by the Security  Registrar in
the name and at the expense of the Company.

SECTION 405.  Securities Payable on Redemption Date.

            Notice  of  redemption  having  been  given  as  aforesaid,  and the
conditions,  if any,  set  forth  in such  notice  having  been  satisfied,  the
Securities or portions  thereof so to be redeemed shall, on the Redemption Date,
become due and payable at the Redemption Price therein  specified,  and from and
after such date (unless,  in the case of an unconditional  notice of redemption,
the Company  shall  default in the payment of the  Redemption  Price and accrued
interest, if any) such Securities or portions

<PAGE>

                                      -34-

thereof, if  interest-bearing,  shall cease to bear interest.  Upon surrender of
any such Security for redemption in accordance  with such notice,  such Security
or  portion  thereof  shall  be paid by the  Company  at the  Redemption  Price,
together  with  accrued  interest,  if any, to the  Redemption  Date;  provided,
however,  that no such  surrender  shall be a  condition  to such  payment if so
specified  as  contemplated  by Section 301 with respect to such  Security;  and
provided, further, that except as otherwise specified as contemplated by Section
301 with respect to such Security,  any  installment of interest on any Security
the Stated  Maturity of which  installment is on or prior to the Redemption Date
shall be  payable  to the Holder of such  Security,  or one or more  Predecessor
Securities,  registered as such at the close of business on the related  Regular
Record  Date  according  to the  terms  of  such  Security  and  subject  to the
provisions of Section 307.

SECTION 406.  Securities Redeemed in Part.

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

                                  ARTICLE FIVE

                                  Sinking Funds

SECTION 501.  Applicability of Article.

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

            The minimum  amount of any sinking fund payment  provided for by the
terms of Securities of any series, or any Tranche thereof, is herein referred to
as a "mandatory sinking fund payment", and any payment in excess of such minimum
amount provided for by the terms of Securities of any series, or any

<PAGE>

                                      -35-

Tranche thereof, is herein referred to as an "optional sinking fund payment". If
provided for by the terms of Securities of any series,  or any Tranche  thereof,
the cash  amount of any sinking  fund  payment  may be subject to  reduction  as
provided in Section  502.  Each  sinking  fund  payment  shall be applied to the
redemption  of  Securities  of the  series or Tranche in respect of which it was
made as provided for by the terms of such Securities.

SECTION 502.  Satisfaction of Sinking Fund Payments with Securities.

            The Company (a) may  deliver to the Trustee  Outstanding  Securities
(other  than any  previously  called for  redemption)  of a series or Tranche in
respect  of which a  mandatory  sinking  fund  payment is to be made and (b) may
apply as a credit  Securities of such series or Tranche which have been redeemed
either at the election of the Company  pursuant to the terms of such  Securities
or through the application of permitted  optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part
of such  mandatory  sinking fund payment with respect to the  Securities of such
series;  provided,  however, that no Securities shall be applied in satisfaction
of a  mandatory  sinking  fund  payment  if  such  Securities  shall  have  been
previously so applied.  Securities so applied shall be received and credited for
such purpose by the Trustee at the Redemption Price specified in such Securities
for  redemption  through  operation  of the sinking  fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly.

SECTION 503.  Redemption of Securities for Sinking Fund.

            Not less than 45 days prior to each  sinking  fund  payment date for
the Securities of any series, or any Tranche thereof,  the Company shall deliver
to the Trustee an Officer's Certificate specifying:

        (a) the amount of the next succeeding mandatory sinking fund  payment
     for such series or Tranche;

        (b) the amount,  if any, of the optional sinking fund payment to be made
     together with such mandatory sinking fund payment;

        (c) the aggregate sinking fund payment;

        (d) the  portion,  if any, of such  aggregate  sinking  fund payment
     which is to be satisfied by the payment of cash; and

       (e) the portion,  if any, of such aggregate sinking fund payment which is
     to be satisfied by delivering and crediting

<PAGE>

                                      -36-

     Securities  of such  series or Tranche  pursuant to Section 502 and stating
     the basis for such credit and that such Securities have not previously been
     so  credited,  and the  Company  shall  also  deliver  to the  Trustee  any
     Securities to be so delivered.

            If the Company shall have not delivered such  Officer's  Certificate
and, to the extent applicable,  all such Securities, the next succeeding sinking
fund  payment for such series or Tranche  shall be made  entirely in cash in the
amount of the mandatory sinking fund payment.  Not less than 30 days before each
such sinking fund payment  date the Trustee  shall select the  Securities  to be
redeemed upon such sinking fund payment date in the manner  specified in Section
403 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner  provided in Section  404.  Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 405 and 406.

                                   ARTICLE SIX

                                    Covenants

SECTION 601.  Payment of Principal, Premium and Interest.

            The Company  shall pay the  principal  of and  premium,  if any, and
interest,  if any, on the Securities of each series in accordance with the terms
of such Securities and this Indenture.

SECTION 602.  Maintenance of Office or Agency.

            The  Company  shall  maintain  in  each  Place  of  Payment  for the
Securities  of each series,  or any Tranche  thereof,  an office or agency where
payment of such Securities  shall be made, where the registration of transfer or
exchange of such  Securities may be effected and where notices and demands to or
upon the Company in respect of such Securities and this Indenture may be served.
The Company shall give prompt written notice to the Trustee of the location, and
any change in the  location,  of each such office or agency and prompt notice to
the Holders of any such change in the manner specified in Section 106. If at any
time the Company  shall fail to maintain any such  required  office or agency in
respect of Securities of any series,  or any Tranche  thereof,  or shall fail to
furnish the Trustee with the address  thereof,  payment of such Securities shall
be made,  registration  of  transfer or  exchange  thereof  may be effected  and
notices and  demands in respect  thereof  may be served at the  Corporate  Trust
Office of the Trustee,  and the Company hereby appoints the Trustee as its agent
for all such purposes in any such event.

<PAGE>

                                      -37-

            The Company may also from time to time  designate  one or more other
offices or agencies with respect to the Securities of one or more series, or any
Tranche thereof,  for any or all of the foregoing  purposes and may from time to
time  rescind such  designations;  provided,  however,  that,  unless  otherwise
specified as  contemplated by Section 301 with respect to the Securities of such
series or Tranche, no such designation or rescission shall in any manner relieve
the Company of its  obligation to maintain an office or agency for such purposes
in each Place of Payment for such Securities in accordance with the requirements
set forth above.  The Company shall give prompt  written  notice to the Trustee,
and prompt notice to the Holders in the manner  specified in Section 106, of any
such  designation  or  rescission  and of any change in the location of any such
other office or agency.

            Anything  herein  to the  contrary  notwithstanding,  any  office or
agency  required by this Section may be  maintained at an office of the Company,
in which event the Company  shall  perform all functions to be performed at such
office or agency.

SECTION 603.  Money for Securities Payments to Be Held in Trust.

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

            Whenever  the Company  shall have one or more Paying  Agents for the
Securities of any series,  or any Tranche  thereof,  it shall, on or before each
due date of the principal of and premium, if any, and interest,  if any, on such
Securities,   deposit  with  such  Paying   Agents  sums   sufficient   (without
duplication)  to pay the principal and premium or interest so becoming due, such
sums  to be held in  trust  for the  benefit  of the  Persons  entitled  to such
principal,  premium or  interest,  and (unless such Paying Agent is the Trustee)
the Company shall promptly notify the Trustee of any failure by it so to act.

            The Company shall cause each Paying Agent for the  Securities of any
series,  or any  Tranche  thereof,  other than the  Company or the  Trustee,  to
execute  and  deliver to the Trustee an  instrument  in which such Paying  Agent
shall agree with the Trustee,  subject to the  provisions of this Section,  that
such Paying Agent shall:

<PAGE>

                                      -38-

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

         (b) give the Trustee notice of any failure by the Company (or any other
      obligor  upon such  Securities)  to make any  payment of  principal  of or
      premium, if any, or interest, if any, on such Securities; and

         (c) at any time during the  continuance  of any such failure,  upon the
      written  request of the Trustee,  forthwith pay to the Trustee all sums so
      held in trust  by such  Paying  Agent  and  furnish  to the  Trustee  such
      information  as it  possesses  regarding  the names and  addresses  of the
      Persons entitled to such sums.

            The  Company  may at any time pay,  or by Company  Order  direct any
Paying  Agent to pay,  to the  Trustee  all sums held in trust by the Company or
such Paying  Agent,  such sums to be held by the Trustee upon the same trusts as
those upon which such sums were held by the Company or such Paying Agent and, if
so stated in a Company Order  delivered to the Trustee,  in accordance  with the
provisions of Article  Seven;  and, upon such payment by any Paying Agent to the
Trustee,  such Paying Agent shall be released  from all further  liability  with
respect to such money.

            Any money  deposited  with the Trustee or any Paying Agent,  or then
held by the Company,  in trust for the payment of the  principal of and premium,
if any, or interest,  if any, on any Security and  remaining  unclaimed  for two
years after such  principal and premium,  if any, or interest has become due and
payable shall be paid to the Company on Company Request, or, if then held by the
Company,  shall be  discharged  from  such  trust;  and,  upon such  payment  or
discharge,  the Holder of such Security shall, as an unsecured  general creditor
and not as a Holder of an  Outstanding  Security,  look only to the  Company for
payment of the amount so due and payable and remaining unpaid, and all liability
of the Trustee or such Paying Agent with  respect to such trust  money,  and all
liability of the Company as trustee thereof,  shall thereupon  cease;  provided,
however,  that the Trustee or such Paying Agent,  before being  required to make
any such payment to the Company,  may at the expense of the Company  cause to be
mailed,  on one  occasion  only,  notice to such Holder that such money  remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such mailing,  any unclaimed balance of such money then
remaining will be paid to the Company.

<PAGE>

                                      -39-

SECTION 604.  Corporate Existence.

            Subject to the  rights of the  Company  under  Article  Eleven,  the
Company  shall do or cause to be done all things  necessary to preserve and keep
in full force and effect its corporate existence.

SECTION 605.  Maintenance of Properties.

            The Company  shall  cause (or,  with  respect to  property  owned in
common with others,  make reasonable effort to cause) all its properties used or
useful  in the  conduct  of its  business  to be  maintained  and  kept  in good
condition,  repair  and  working  order and shall  cause  (or,  with  respect to
property  owned in common with others,  make  reasonable  effort to cause) to be
made all necessary repairs, renewals, replacements, betterments and improvements
thereof,  all as, in the judgment of the  Company,  may be necessary so that the
business carried on in connection therewith may be properly conducted; provided,
however,   that  nothing  in  this  Section   shall  prevent  the  Company  from
discontinuing,  or causing the  discontinuance of, the operation and maintenance
of any of its  properties  if such  discontinuance  is, in the  judgment  of the
Company, desirable in the conduct of its business.

SECTION 606.  Annual Officer's Certificate as to Compliance.

            Not later than April 1 in each year,  commencing  April 1, 2001, the
Company  shall  deliver to the Trustee an Officer's  Certificate  which need not
comply with  Section  102,  executed by the  principal  executive  officer,  the
principal financial officer or the principal  accounting officer of the Company,
as to such officer's  knowledge of the Company's  compliance with all conditions
and covenants  under this Indenture,  such  compliance to be determined  without
regard to any period of grace or requirement of notice under this Indenture, and
making any other  statements  as may be  required by the  provisions  of Section
314(a)(4) of the Trust Indenture Act.

SECTION 607.  Waiver of Certain Covenants.

            The Company may omit in any  particular  instance to comply with any
term,  provision  or  condition  set forth in (a) Section 602 or any  additional
covenant or restriction  specified with respect to the Securities of any series,
or any Tranche  thereof,  as contemplated by Section 301, if before the time for
such compliance the Holders of a majority in aggregate  principal  amount of the
Outstanding  Securities  of all  series  and  Tranches  with  respect  to  which
compliance with Section 602 or such additional  covenant or restriction is to be
omitted,  considered as one class,  shall, by Act of such Holders,  either waive
such

<PAGE>

                                      -40-

compliance  in such  instance  or  generally  waive  compliance  with such term,
provision or condition and (b) Section 604, 605 or Article  Eleven if before the
time for such  compliance  the  Holders of a  majority  in  principal  amount of
Securities  Outstanding  under this  Indenture  shall,  by Act of such  Holders,
either waive such compliance in such instance or generally waive compliance with
such term,  provision  or  condition;  but,  in the case of (a) or (b),  no such
waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived,  and, until such waiver shall become effective,  the
obligations  of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and effect.

SECTION 608.  Limitation on Liens.

         (a) Except as otherwise  specified as  contemplated  by Section 301 for
     Securities  of any  series,  so long as any  Securities  of any  series are
     Outstanding, the Company will not pledge, mortgage,  hypothecate or grant a
     security interest in, or permit any mortgage,  pledge, security interest or
     other lien upon,  any  capital  stock of any  Subsidiary  now or  hereafter
     directly  owned by the  Company,  to secure any  Indebtedness  (hereinafter
     defined)  without  concurrently  making  effective  provision  whereby  the
     Outstanding  Securities shall (so long as such other  Indebtedness shall be
     so  secured) be equally  and  ratably  secured  with any and all such other
     Indebtedness and any other  indebtedness  similarly  entitled to be equally
     and ratably secured;  provided,  however,  that this restriction  shall not
     apply to nor prevent the creation or existence of:

                  (1)  any  mortgage,   pledge,   security  interest,   lien  or
            encumbrance  upon any such capital  stock created at the time of the
            acquisition  of such capital stock by the Company or within one year
            after such time to secure all or a portion of the purchase price for
            such capital stock;

                  (2)  any  mortgage,   pledge,   security  interest,   lien  or
            encumbrance upon any such capital stock existing thereon at the time
            of the  acquisition  thereof  by the  Company  (whether  or not  the
            obligations secured thereby are assumed by the Company);

                  (3) any  extension,  renewal  or  refunding  of any  mortgage,
            pledge,   security  interest,   lien  or  encumbrance  permitted  by
            Subsection  (1) or (2)  above on  capital  stock  of any  Subsidiary
            theretofore  subject  thereto  (or  substantially  the same  capital
            stock) or any portion thereof; or

<PAGE>

                                      -41-

                  (4) any judgment, levy, execution, attachment or other similar
            lien arising in  connection  with court  proceedings,  provided that
            either

                  (ii)   the  execution  or  enforcement  of each  such  lien is
                         effectively  stayed  within 30 days after  entry of the
                         corresponding  judgment (or the corresponding  judgment
                         has been discharged  within such 30 day period) and the
                         claims  secured  thereby  are being  contested  in good
                         faith by appropriate  proceedings  timely commenced and
                         diligently prosecuted;

                  (iii)  the  payment  of each such lien is  covered  in full by
                         insurance and the  insurance  company has not denied or
                         contested coverage thereof; or

                  (iv)   so long as each such  lien is  adequately  bonded,  any
                         appropriate  legal  proceedings that may have been duly
                         initiated for the review of the corresponding judgment,
                         decree or order shall not have been fully terminated or
                         the  period  within  which  such   proceedings  may  be
                         initiated shall not have expired.

            For  purposes  of  this  Section  608,   "Indebtedness"   means  all
indebtedness,  whether or not represented by bonds,  debentures,  notes or other
securities,  created  or  assumed  by the  Company  for the  repayment  of money
borrowed.  All  indebtedness  for money borrowed  secured by a lien upon capital
stock owned by the Company and upon which  indebtedness  for money  borrowed the
Company  customarily  pays  interest,  although  the  Company has not assumed or
become liable for the payment of such indebtedness for money borrowed, shall for
purposes of this Section 608 be deemed to be  Indebtedness  of the Company.  All
indebtedness  of others for money  borrowed which is guaranteed as to payment of
principal  by the  Company  or in effect  guaranteed  by the  Company  through a
contingent  agreement to purchase such indebtedness for money borrowed shall for
purposes of this Section 608 be deemed to be Indebtedness of the Company, but no
other contingent  obligation of the Company in respect of indebtedness for money
borrowed  or other  obligations  incurred by others  shall for  purposes of this
Section 608 be deemed to be Indebtedness of the Company.

            In case the Company shall propose to pledge,  mortgage,  hypothecate
or grant a security interest in any capital stock of any Subsidiary owned by the
Company  to secure any  Indebtedness,  other than as  permitted  by  Subsections
(a)(1) to (a)(3),  inclusive,  of this  Section,  the Company will prior thereto
give

<PAGE>

                                      -42-

written  notice  thereof  to the  Trustee,  and the  Company  will  prior  to or
simultaneously  with such pledge,  mortgage,  hypothecation or grant of security
interest,  by supplemental  indenture  executed to the Trustee (or to the extent
legally necessary to another trustee or an additional or separate  trustee),  in
form satisfactory to the Trustee,  effectively secure (for so long as such other
Indebtedness  shall be so secured) all the  Securities  equally and ratably with
such Indebtedness and with any other  indebtedness for money borrowed  similarly
entitled to be equally and ratably secured.

            (b) Except as otherwise specified as contemplated by Section 301 for
      Securities of any series, the provisions of Subsection (a) of this Section
      608 shall not apply in the event that the Company shall pledge,  mortgage,
      hypothecate or grant a security interest in or other lien upon any capital
      stock of any  Subsidiary  now or hereafter  owned by the Company to secure
      any  Indebtedness  which  would  otherwise  be  subject  to the  foregoing
      restriction  up to an  aggregate  amount  which,  together  with all other
      Indebtedness (other than mortgages,  pledges, security interests, liens or
      encumbrances  permitted by Subsection (a) of this Section 608) which would
      otherwise be subject to the  foregoing  restriction,  does not at the time
      exceed 5% of Consolidated Capitalization.

            For purposes of this Section 608:

                  (1)  The  term  "Consolidated  Capitalization"  means  the sum
            obtained  by adding  (i)  Consolidated  Shareholders'  Equity,  (ii)
            Consolidated  Indebtedness  for  money  borrowed  (exclusive  of any
            thereof  which is due and  payable  within one year of the date such
            sum is determined) and, without duplication, (iii) any preference or
            preferred stock of the Company or any Consolidated  Subsidiary which
            is subject to mandatory redemption or sinking fund provisions.

                  (2) The term  "Consolidated  Shareholders'  Equity"  means the
            total Assets of the Company and its Consolidated  Subsidiaries  less
            all liabilities of the Company and its Consolidated Subsidiaries. As
            used in this definition,  "liabilities"  means all obligations which
            would, in accordance with generally accepted accounting  principles,
            be classified on a balance sheet as liabilities,  including  without
            limitation,  (i) indebtedness  secured by property of the Company or
            any of its Consolidated  Subsidiaries  whether or not the Company or
            such  Consolidated  Subsidiary  is liable  for the  payment  thereof
            unless, in the case that the Company or such Consolidated Subsidiary
            is not so

<PAGE>

                                      -43-

            liable,  such property has not been included among the Assets of the
            Company or such Consolidated  Subsidiary on such balance sheet, (ii)
            deferred  liabilities,  (iii)  indebtedness of the Company or any of
            its  Consolidated  Subsidiaries  that is expressly  subordinated  in
            right and priority of payment to other liabilities of the Company or
            such   Consolidated   Subsidiary.   As  used  in  this   definition,
            "liabilities"  includes preference or preferred stock of the Company
            or any  Consolidated  Subsidiary  only  to the  extent  of any  such
            preference   or  preferred   stock  that  is  subject  to  mandatory
            redemption or sinking fund provisions.

                  (3) The term  "Consolidated  Subsidiary" means at any date any
            Subsidiary  the  financial   statements  of  which  under  generally
            accepted  accounting  principles would be consolidated with those of
            the  Company in its  consolidated  financial  statements  as of such
            date.

                  (4) The  "Assets" of any Person means the whole or any part of
            its business, property, assets, cash and receivables.

                  (5)  The  term   "Consolidated   Indebtedness"   means   total
            indebtedness  as  shown  on the  consolidated  balance  sheet of the
            Company and its Consolidated Subsidiaries.

                                  ARTICLE SEVEN

                           Satisfaction and Discharge

SECTION 701.  Satisfaction and Discharge of Securities.

            Any Security or Securities,  or any portion of the principal  amount
thereof,  shall be deemed to have been paid for all purposes of this  Indenture,
and the entire indebtedness of the Company in respect thereof shall be deemed to
have been  satisfied  and  discharged,  if there  shall  have  been  irrevocably
deposited  with the Trustee or any Paying  Agent  (other than the  Company),  in
trust:

         (a)  money in an amount which shall be sufficient, or

         (b) in the  case  of a  deposit  made  prior  to the  Maturity  of such
     Securities  or  portions  thereof,  Eligible  Obligations,  which shall not
     contain provisions permitting the redemption or other prepayment thereof at
     the option of the issuer  thereof,  the  principal  of and the  interest on
     which when due,  without any regard to reinvestment  thereof,  will provide
     moneys which, together with the money, if any, deposited with

<PAGE>

                                      -44-

     or held by the Trustee or such Paying Agent, shall be sufficient, or

         (c)      a combination of (a) or (b) which shall be sufficient,

to pay when due the principal of and premium, if any, and interest,  if any, due
and to  become  due on such  Securities  or  portions  thereof  on or  prior  to
Maturity;  provided,  however,  that in the case of the provision for payment or
redemption  of less  than all the  Securities  of any  series or  Tranche,  such
Securities  or  portions  thereof  shall have been  selected  by the  Trustee as
provided  herein and, in the case of a redemption,  the notice  requisite to the
validity of such redemption shall have been given or irrevocable authority shall
have  been  given by the  Company  to the  Trustee  to give such  notice,  under
arrangements  satisfactory  to the  Trustee;  and  provided,  further,  that the
Company shall have delivered to the Trustee and such Paying Agent:
                  (x) if such deposit shall have been made prior to the Maturity
            of such  Securities,  a  Company  Order  stating  that the money and
            Eligible Obligations deposited in accordance with this Section shall
            be held in trust, as provided in Section 703; and

                  (y) if  Eligible  Obligations  shall have been  deposited,  an
            Opinion of Counsel  that the  obligations  so  deposited  constitute
            Eligible  Obligations and do not contain  provisions  permitting the
            redemption or other  prepayment at the option of the issuer thereof,
            and an opinion of an  independent  public  accountant  of nationally
            recognized standing, selected by the Company, to the effect that the
            requirements set forth in clause (b) above have been satisfied; and

                  (z) if such deposit shall have been made prior to the Maturity
            of such Securities,  an Officer's  Certificate stating the Company's
            intention  that,  upon delivery of such Officer's  Certificate,  its
            indebtedness in respect of such Securities or portions  thereof will
            have been satisfied and discharged as contemplated in this Section.

            Upon the  deposit  of money or  Eligible  Obligations,  or both,  in
accordance  with this Section,  together with the documents  required by clauses
(x), (y) and (z) above,  the Trustee shall,  upon receipt of a Company  Request,
acknowledge in writing that the Security or Securities or portions  thereof with
respect  to which  such  deposit  was made are  deemed to have been paid for all
purposes of this  Indenture and that the entire  indebtedness  of the Company in
respect thereof has been satisfied and

<PAGE>

                                      -45-

discharged  as  contemplated  in this  Section.  In the  event  that  all of the
conditions  set forth in the preceding  paragraph  shall have been  satisfied in
respect of any Securities or portions  thereof except that, for any reason,  the
Officer's  Certificate  specified  in clause (z) shall not have been  delivered,
such  Securities or portions  thereof shall  nevertheless be deemed to have been
paid for all purposes of this  Indenture,  and the Holders of such Securities or
portions  thereof shall  nevertheless  be no longer  entitled to the benefits of
this  Indenture  or of any of the  covenants  of the Company  under  Article Six
(except the covenants  contained in Sections 602 and 603) or any other covenants
made in respect of such  Securities  or  portions  thereof  as  contemplated  by
Section 301, but the  indebtedness  of the Company in respect of such Securities
or portions  thereof shall not be deemed to have been  satisfied and  discharged
prior to Maturity for any other purpose,  and the Holders of such  Securities or
portions  thereof  shall  continue  to be  entitled  to look to the  Company for
payment of the indebtedness  represented thereby; and, upon Company Request, the
Trustee shall  acknowledge in writing that such  Securities or portions  thereof
are deemed to have been paid for all purposes of this Indenture.

            If payment at Stated  Maturity of less than all of the Securities of
any series, or any Tranche thereof, is to be provided for in the manner and with
the effect  provided in this Section,  the Security  Registrar shall select such
Securities,  or portions of principal amount thereof, in the manner specified by
Section 403 for  selection for  redemption of less than all the  Securities of a
series or Tranche.

            In the event that Securities which shall be deemed to have been paid
for purposes of this  Indenture,  and, if such is the case,  in respect of which
the Company's  indebtedness  shall have been  satisfied and  discharged,  all as
provided in this Section do not mature and are not to be redeemed  within the 60
day  period  commencing  with the date of the  deposit  of  moneys  or  Eligible
Obligations, as aforesaid, the Company shall, as promptly as practicable, give a
notice,  in the same  manner  as a notice of  redemption  with  respect  to such
Securities,  to the Holders of such  Securities  to the effect that such deposit
has been made and the effect thereof.

            Notwithstanding  that any  Securities  shall be  deemed to have been
paid for  purposes of this  Indenture,  as  aforesaid,  the  obligations  of the
Company and the Trustee in respect of such  Securities  under Sections 304, 305,
306,  404,  503 (as to notice of  redemption),  602,  603,  907 and 915 and this
Article Seven shall survive.

            The Company shall pay, and shall indemnify the Trustee or any Paying
Agent with which Eligible Obligations shall have

<PAGE>

                                      -46-

been deposited as provided in this Section against, any tax, fee or other charge
imposed on or assessed  against such  Eligible  Obligations  or the principal or
interest received in respect of such Eligible  Obligations,  including,  but not
limited to, any such tax payable by any entity deemed, for tax purposes, to have
been created as a result of such deposit.

            Anything herein to the contrary notwithstanding, (a) if, at any time
after a  Security  would  be  deemed  to have  been  paid for  purposes  of this
Indenture,  and,  if such is the case,  the  Company's  indebtedness  in respect
thereof would be deemed to have been satisfied or  discharged,  pursuant to this
Section (without regard to the provisions of this paragraph), the Trustee or any
Paying  Agent,  as the case may be,  shall be  required  to return  the money or
Eligible Obligations,  or combination thereof, deposited with it as aforesaid to
the  Company  or its  representative  under  any  applicable  Federal  or  State
bankruptcy,  insolvency or other similar law, such Security  shall  thereupon be
deemed retroactively not to have been paid and any satisfaction and discharge of
the Company's  indebtedness in respect thereof shall retroactively be deemed not
to have been effected,  and such Security shall be deemed to remain  Outstanding
and (b) any satisfaction and discharge of the Company's  indebtedness in respect
of any  Security  shall be subject to the  provisions  of the last  paragraph of
Section 603.

SECTION 702.  Satisfaction and Discharge of Indenture.

            This  Indenture  shall  upon  Company  Request,  accompanied  by  an
Officer's  Certificate  and an Opinion of Counsel in compliance with Section 102
of  this  Indenture,  cease  to be of  further  effect  (except  as  hereinafter
expressly  provided),  and the  Trustee,  at the expense of the  Company,  shall
execute  proper  instruments  acknowledging  satisfaction  and discharge of this
Indenture, when

        (a) no Securities remain Outstanding hereunder; and

        (b) the  Company  has paid or  caused  to be paid all  other
     sums  payable hereunder by the Company;

provided,  however,  that if, in accordance  with the last  paragraph of Section
701,  any  Security,  previously  deemed to have been paid for  purposes of this
Indenture,  shall  be  deemed  retroactively  not to  have  been so  paid,  this
Indenture shall thereupon be deemed retroactively not to have been satisfied and
discharged,  as  aforesaid,  and to remain in full  force  and  effect,  and the
Company  shall  execute  and  deliver  such  instruments  as the  Trustee  shall
reasonably request to evidence and acknowledge the same.

          Notwithstanding  the  satisfaction  and discharge of this Indenture as
aforesaid, the obligations of the Company and the

<PAGE>

                                      -47-

Trustee under  Sections  304,  305, 306, 404, 503 (as to notice of  redemption),
602, 603, 907 and 915 and this Article Seven shall survive.

            Upon  satisfaction  and  discharge of this  Indenture as provided in
this Section,  the Trustee shall assign,  transfer and turn over to the Company,
subject to the lien provided by Section 907, any and all money,  securities  and
other  property  then held by the  Trustee for the benefit of the Holders of the
Securities  other  than  money  and  Eligible  Obligations  held by the  Trustee
pursuant to Section 703.

SECTION 703.  Application of Trust Money.

            Neither the Eligible Obligations nor the money deposited pursuant to
Section  701,  nor the  principal  or  interest  payments  on any such  Eligible
Obligations, shall be withdrawn or used for any purpose other than, and shall be
held in trust for,  the payment of the  principal  of and  premium,  if any, and
interest,  if any, on the Securities or portions of principal  amount thereof in
respect of which such deposit was made, all subject,  however, to the provisions
of  Section  603;  provided,  however,  that,  so long as there  shall  not have
occurred and be  continuing  an Event of Default,  any cash  received  from such
principal or interest payments on such Eligible Obligations,  if not then needed
for such purpose,  shall, to the extent practicable and upon Company Request, be
invested  in Eligible  Obligations  of the type  described  in clause (b) in the
first  paragraph  of Section 701  maturing at such times and in such  amounts as
shall be  sufficient,  together  with any other moneys and the  principal of and
interest on any other Eligible Obligations then held by the Trustee, to pay when
due the  principal of and  premium,  if any,  and  interest,  if any, due and to
become due on such  Securities or portions  thereof on and prior to the Maturity
thereof,  and interest earned from such  reinvestment  shall be paid over to the
Company  as  received,  free and clear of any trust,  lien or pledge  under this
Indenture except the lien provided by Section 907; and provided,  further, that,
so long as there shall not have  occurred and be continuing an Event of Default,
any moneys  held in  accordance  with this  Section on the  Maturity of all such
Securities in excess of the amount required to pay the principal of and premium,
if any, and interest,  if any, then due on such Securities shall be paid over to
the Company  free and clear of any trust,  lien or pledge  under this  Indenture
except the lien provided by Section 907; and provided, further, that if an Event
of Default shall have occurred and be continuing,  moneys to be paid over to the
Company pursuant to this Section shall be held until such Event of Default shall
have been waived or cured.

<PAGE>

                                      -48-

                                  ARITCLE EIGHT

                           Events of Default; Remedies

SECTION 801.  Events of Default.

            "Event of Default",  wherever used herein with respect to Securities
of any series, means any one of the following events:

         (a) failure to pay  interest,  if any,  on any  Security of such series
      within 30 days after the same becomes due and payable; provided,  however,
      that a valid  extension of the interest  payment  period by the Company as
      contemplated  in Section  312 of this  Indenture  shall not  constitute  a
      failure to pay interest for this purpose; or

         (b)  failure to pay the  principal  of or premium,  if any, on any
     Security of such  series at its Maturity; or

         (c)  failure to perform or breach of any  covenant  or  warranty of the
      Company in this Indenture  (other than a covenant or warranty a default in
      the  performance  of which or breach of which is elsewhere in this Section
      specifically  dealt  with or which has  expressly  been  included  in this
      Indenture solely for the benefit of one or more series of Securities other
      than such  series) for a period of 90 days after there has been given,  by
      registered  or certified  mail,  to the Company by the Trustee,  or to the
      Company and the Trustee by the Holders of at least 33% in principal amount
      of the Outstanding  Securities of such series, a written notice specifying
      such  default or breach and  requiring  it to be remedied and stating that
      such notice is a "Notice of Default" hereunder, unless the Trustee, or the
      Trustee and the Holders of a principal amount of Securities of such series
      not less than the principal amount of Securities the Holders of which gave
      such notice, as the case may be, shall agree in writing to an extension of
      such period prior to its expiration;  provided, however, that the Trustee,
      or the Trustee and the Holders of such  principal  amount of Securities of
      such  series,  as the case may be,  shall be deemed  to have  agreed to an
      extension of such period if corrective  action is initiated by the Company
      within such period and is being diligently pursued; or

         (d) the entry by a court having  jurisdiction  in the premises of (1) a
      decree or order for  relief in respect  of the  Company in an  involuntary
      case or  proceeding  under any  applicable  Federal  or State  bankruptcy,
      insolvency,  reorganization  or other similar law or (2) a decree or order
      adjudging the Company a bankrupt or insolvent, or approving

<PAGE>

                                      -49-

      as properly filed a petition by one or more Persons other than the Company
      seeking  reorganization,  arrangement,  adjustment or composition of or in
      respect of the  Company  under any  applicable  Federal  or State law,  or
      appointing  a  custodian,   receiver,   liquidator,   assignee,   trustee,
      sequestrator  or  other  similar  official  for  the  Company  or for  any
      substantial  part  of  its  property,   or  ordering  the  winding  up  or
      liquidation of its affairs, and any such decree or order for relief or any
      such other decree or order shall have remained  unstayed and in effect for
      a period of 90 consecutive days; or

         (e) the  commencement  by the Company of a voluntary case or proceeding
      under   any   applicable   Federal   or  State   bankruptcy,   insolvency,
      reorganization  or other similar law or of any other case or proceeding to
      be adjudicated a bankrupt or insolvent,  or the consent by it to the entry
      of a decree or order for  relief in  respect  of the  Company in a case or
      proceeding under any applicable  Federal or State bankruptcy,  insolvency,
      reorganization  or  other  similar  law  or to  the  commencement  of  any
      bankruptcy or insolvency  case or proceeding  against it, or the filing by
      it of a petition  or answer or consent  seeking  reorganization  or relief
      under any  applicable  Federal or State law,  or the  consent by it to the
      filing of such petition or to the appointment of or taking possession by a
      custodian,  receiver,  liquidator,   assignee,  trustee,  sequestrator  or
      similar  official  of  the  Company  or of  any  substantial  part  of its
      property,  or  the  making  by it of an  assignment  for  the  benefit  of
      creditors,  or the  admission by it in writing of its inability to pay its
      debts generally as they become due, or the authorization of such action by
      the Board of Directors; or

         (f)  any other  Event of  Default  specified  with  respect to
     Securities  of such  series.

SECTION 802.  Acceleration of Maturity; Rescission and Annulment.

            If an Event of Default  due to the  default in payment of  principal
of, or  interest  on,  any  series of  Securities  or due to the  default in the
performance  or  breach  of any  other  covenant  or  warranty  of  the  Company
applicable  to  the  Securities  of  such  series  but  not  applicable  to  all
Outstanding Securities shall have occurred and be continuing, either the Trustee
or the Holders of not less than 33% in  principal  amount of the  Securities  of
such series may then declare the principal  amount (or, if any of the Securities
of such series are Discount Securities,  such portion of the principal amount as
may be specified  in the terms  thereof as  contemplated  by Section 301) of all
Securities  of such series and  interest  accrued  thereon to be due and payable
immediately. If an Event of Default due to

<PAGE>

                                      -50-

default in the  performance  of any other of the covenants or agreements  herein
applicable to all  Outstanding  Securities  or an Event of Default  specified in
Section 801(d) or (e) shall have occurred and be continuing,  either the Trustee
or the Holders of not less than 33% in principal  amount of all Securities  then
Outstanding  (considered as one class), and not the Holders of the Securities of
any one of such series, may declare the principal of all Securities and interest
accrued thereon to be due and payable immediately. As a consequence of each such
declaration  (herein referred to as a declaration of acceleration)  with respect
to Securities of any series,  the  principal  amount (or portion  thereof in the
case of Discount  Securities) of such  Securities and interest  accrued  thereon
shall become due and payable immediately.

            At any time after such a declaration of acceleration with respect to
Securities  of any series  shall have been made and before a judgment  or decree
for  payment  of the money  due  shall  have been  obtained  by the  Trustee  as
hereinafter in this Article provided, the Event or Events of Default giving rise
to such  declaration of  acceleration  shall,  without further act, be deemed to
have been waived,  and such  declaration  and its  consequences  shall,  without
further act, be deemed to have been rescinded and annulled, if

         (a)  the Company shall have paid or deposited  with the Trustee a sum
     sufficient to  pay

                  (1)   all overdue interest on all Securities of such series;

                  (2) the principal of and premium, if any, on any Securities of
            such series which have become due otherwise than by such declaration
            of acceleration and interest thereon at the rate or rates prescribed
            therefor in such Securities;

                  (3) to the extent  that  payment of such  interest  is lawful,
            interest  upon  overdue  interest,  if any,  at the  rate  or  rates
            prescribed therefor in such Securities;

                  (4)   all amounts due to the Trustee under Section 907;
and

         (b) any other Event or Events of Default with respect to  Securities of
      such series,  other than the  nonpayment of the principal of Securities of
      such  series  which shall have  become due solely by such  declaration  of
      acceleration, shall have been cured or waived as provided in Section 813.

<PAGE>

                                      -51-

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

SECTION 803.  Collection of Indebtedness and Suits for Enforcement by Trustee.

            If an Event of Default described in clause (a) or (b) of Section 801
shall have occurred and be  continuing,  the Company  shall,  upon demand of the
Trustee,  pay to it, for the  benefit of the  Holders of the  Securities  of the
series  with  respect to which such Event of Default  shall have  occurred,  the
whole amount then due and payable on such  Securities for principal and premium,
if any, and interest,  if any, and, to the extent permitted by law,  interest on
any overdue principal and interest,  at the rate or rates prescribed therefor in
such  Securities,  and, in addition  thereto,  such  further  amount as shall be
sufficient to cover any amounts due to the Trustee under Section 907.

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

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

SECTION 804.  Trustee May File Proofs of Claim.

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

<PAGE>

                                      -52-

         (a) to file  and  prove a claim  for the  whole  amount  of  principal,
     premium,  if any, and interest,  if any, owing and unpaid in respect of the
     Securities  and to file such other  papers or documents as may be necessary
     or  advisable  in order to have the claims of the  Trustee  (including  any
     claim for amounts due to the Trustee  under Section 907) and of the Holders
     allowed in such judicial proceeding, and

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

and any custodian,  receiver,  assignee,  trustee,  liquidator,  sequestrator or
other similar official in any such judicial  proceeding is hereby  authorized by
each  Holder to make such  payments  to the  Trustee  and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amounts due it under Section 907.

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

SECTION 805.  Trustee May Enforce Claims Without Possession of Securities.

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

SECTION 806.  Application of Money Collected.

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

<PAGE>

                                      -53-

            First:  To the payment of all amounts due the Trustee  under Section
907;

            Second:  To the payment of the amounts  then due and unpaid upon the
Securities  for  principal of and  premium,  if any,  and  interest,  if any, in
respect of which or for the  benefit  of which  such  money has been  collected,
ratably,  without  preference or priority of any kind,  according to the amounts
due and payable on such Securities for principal, premium, if any, and interest,
if any, respectively; and

            Third: To the payment of the remainder, if any, to the Company or to
whomsoever  may be  lawfully  entitled  to  receive  the  same or as a court  of
competent jurisdiction may direct.

SECTION 807.  Limitation on Suits.

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

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

         (b) the  Holders of a majority  in  aggregate  principal  amount of the
      Outstanding  Securities  of all  series  in  respect  of which an Event of
      Default  shall have occurred and be  continuing,  considered as one class,
      shall have made written request to the Trustee to institute proceedings in
      respect of such Event of Default in its own name as Trustee hereunder;

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

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

         (e) no direction inconsistent with such written request shall have been
      given to the  Trustee  during  such  60-day  period  by the  Holders  of a
      majority in aggregate  principal  amount of the Outstanding  Securities of
      all series in respect of which an Event of Default shall have occurred and
      be continuing, considered as one class;

it being  understood and intended that no one or more of such Holders shall have
any right in any manner  whatever by virtue of, or by availing of, any provision
of this Indenture to affect,

<PAGE>

                                      -54-

disturb or prejudice  the rights of any other of such Holders or to obtain or to
seek to obtain  priority  or  preference  over any other of such  Holders  or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all of such Holders.

SECTION 808.  Unconditional  Right of Holders to Receive Principal,  Premium and
Interest.

            Notwithstanding any other provision in this Indenture, the Holder of
any  Security  shall have the right,  which is absolute  and  unconditional,  to
receive  payment of the  principal  of and  premium,  if any,  and  (subject  to
Sections 307 and 312) interest,  if any, on such Security on the Stated Maturity
or Maturities expressed in such Security (or, in the case of redemption,  on the
Redemption  Date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

SECTION 809.  Restoration of Rights and Remedies.

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

SECTION 810.  Rights and Remedies Cumulative.

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

SECTION 811.  Delay or Omission Not Waiver.

            No delay or omission of the Trustee or of any Holder to exercise any
right or remedy  accruing  upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every

<PAGE>

                                      -55-

right  and  remedy  given by this  Article  or by law to the  Trustee  or to the
Holders  may be  exercised  from  time to time,  and as  often as may be  deemed
expedient, by the Trustee or by the Holders, as the case may be.

SECTION 812.  Control by Holders of Securities.

            If an Event of Default  shall have  occurred  and be  continuing  in
respect of a series of Securities, the Holders of a majority in principal amount
of the Outstanding  Securities of such series shall have the right to direct the
time,  method and place of conducting any proceeding for any remedy available to
the Trustee,  or exercising  any trust or power  conferred on the Trustee,  with
respect to the Securities of such series; provided, however, that if an Event of
Default  shall have  occurred  and be  continuing  with respect to more than one
series of Securities, the Holders of a majority in aggregate principal amount of
the Outstanding  Securities of all such series,  considered as one class,  shall
have the right to make such direction,  and not the Holders of the Securities of
any one of such series; and provided,  further, that such direction shall not be
in conflict  with any rule of law or with this  Indenture.  The Trustee may take
any other action,  deemed proper by the Trustee,  which is not inconsistent with
any such direction.  Before  proceeding to exercise any right or power hereunder
at the direction of such Holders,  the Trustee shall be entitled to receive from
such Holders  reasonable  security or indemnity against the costs,  expenses and
liabilities which might be incurred by it in compliance with any such direction.

SECTION 813.  Waiver of Past Defaults.

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

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

         (b) in respect of a covenant or provision  hereof  which under  Section
     1202  cannot be  modified  or amended  without the consent of the Holder of
     each Outstanding Security of such series affected.

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

<PAGE>

                                      -56-

SECTION 814.  Undertaking for Costs.

            The Company and the Trustee agree, and each Holder by his acceptance
thereof  shall be deemed to have  agreed,  that any court may in its  discretion
require,  in any suit for the  enforcement  of any  right or remedy  under  this
Indenture,  or in any suit against the Trustee for any action taken, suffered or
omitted by it as  Trustee,  the filing by any party  litigant in such suit of an
undertaking  to pay the  costs of such  suit,  and that  such  court  may in its
discretion  assess  reasonable  costs,  including  reasonable  attorneys'  fees,
against  any party  litigant  in such suit,  having due regard to the merits and
good  faith of the  claims or  defenses  made by such  party  litigant;  but the
provisions  of this  Section  shall  not  apply  to any suit  instituted  by the
Company,  to any suit  instituted by the Trustee,  to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in aggregate
principal amount of the Outstanding Securities of all series in respect of which
such suit may be brought,  considered as one class, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or premium, if
any, or  interest,  if any, on any  Security on or after the Stated  Maturity or
Maturities  expressed in such  Security  (or, in the case of  redemption,  on or
after the Redemption Date).

SECTION 815.  Waiver of Stay or Extension Laws.

            The Company  covenants  (to the extent  that it may  lawfully do so)
that it will not at any time insist upon, or plead, or in any manner  whatsoever
claim or take the benefit or advantage  of, any stay or  extension  law wherever
enacted,  now or at any time hereafter in force,  which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and  covenants  that it will not hinder,  delay or impede the  execution  of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                  ARTICLE NINE

                                   The Trustee

SECTION 901.  Certain Duties and Responsibilities.

         (a) The  Trustee  shall  have  and be  subject  to all the  duties  and
      responsibilities  specified  with respect to an  indenture  trustee in the
      Trust Indenture Act and no implied  covenants or obligations shall be read
      into this Indenture  against the Trustee.  For purposes of Sections 315(a)
      and

<PAGE>

                                      -57-

      315(c) of the Trust Indenture Act, the term "default" is hereby defined as
      an Event of Default which has occurred and is continuing.

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

         (c)  Notwithstanding  anything  contained  in  this  Indenture  to  the
      contrary,  the  duties  and  responsibilities  of the  Trustee  under this
      Indenture  shall  be  subject  to  the   protections,   exculpations   and
      limitations  on  liability  afforded  to an  indenture  trustee  under the
      provisions  of the Trust  Indenture  Act.  For the  purposes  of  Sections
      315(b)(2) and 315(d)(2) of the Trust Indenture Act, the term  "responsible
      officer" is hereby  defined as a  Responsible  Officer and the chairman or
      vice chairman of the board of directors,  the chairman or vice chairman of
      the executive committee of the board of directors, the president, any vice
      president,  the  secretary,  any  assistant  secretary,  the treasurer any
      assistant treasurer, the cashier, any assistant cashier, any trust officer
      or assistant trust officer, the controller and any assistant controller of
      the Trustee,  or any other officer of the Trustee  customarily  performing
      functions  similar to those  performed by a Responsible  Officer or any of
      the above designated officers and also means, with respect to a particular
      corporate trust matter,  any other officer to whom such matter is referred
      because of his or her  knowledge of and  familiarity  with the  particular
      subject.

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

SECTION 902.  Notice of Defaults.

            The Trustee shall give notice of any default  hereunder known to the
Trustee  with  respect  to the  Securities  of any  series  to  the  Holders  of
Securities  of such series in the manner and to the extent  required to do so by
the Trust  Indenture  Act,  unless such default shall have been cured or waived;
provided, however, that in the case of any default of the character specified in
Section 801(c),  no such notice to Holders shall be given until at least 45 days
after the occurrence thereof.  For the purpose of this Section and clause (h) of
Section 903, the term "default"

<PAGE>

                                      -58-

means any  event  which is,  or after  notice or lapse of time,  or both,  would
become, an Event of Default.

SECTION 903.  Certain Rights of Trustee.

            Subject  to the  provisions  of  Section  901 and to the  applicable
provisions of the Trust Indenture Act:

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

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

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

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

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

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

<PAGE>

                                      -59-

      shall (subject to applicable  legal  requirements) be entitled to examine,
      during  normal  business  hours,  the books,  records and  premises of the
      Company, personally or by agent or attorney;

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

         (h) the Trustee  shall not be charged with  knowledge of any default or
      Event of Default,  as the case may be, with respect to the  Securities  of
      any  series  for  which  it is  acting  as  Trustee  unless  either  (1) a
      Responsible  Officer of the Trustee shall have actual  knowledge that such
      default or Event of Default,  as the case may be, exists and constitutes a
      default or Event of Default under this  Indenture or (2) written notice of
      such  default  or Event of  Default,  as the case may be,  shall have been
      given in the manner  provided  in Section 105 hereof to the Trustee by the
      Company,  any other  obligor on such  Securities  or by any Holder of such
      Securities.

SECTION 904.  Not Responsible for Recitals or Issuance of Securities.

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

SECTION 905.  May Hold Securities.

            Each of the Trustee, any Authenticating Agent, any Paying Agent, any
Security  Registrar or any other agent of the Company,  in its individual or any
other capacity,  may become the owner or pledgee of Securities  and,  subject to
Sections 908 and 913, may  otherwise  deal with the Company with the same rights
it would have if it were not the Trustee,  Authenticating  Agent,  Paying Agent,
Security Registrar or such other agent.

SECTION 906.  Money Held in Trust.

            Money held by the Trustee in trust  hereunder need not be segregated
from other funds, except to the extent required by

<PAGE>

                                      -60-

law. The Trustee shall be under no liability for interest on any money  received
by it hereunder  except as expressly  provided herein or otherwise  agreed with,
and for the sole benefit of, the Company.

SECTION 907.  Compensation and Reimbursement.

            The Company shall

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

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

         (c)  indemnify  the Trustee for, and hold it harmless from and against,
      any loss, liability or expense reasonably incurred by it arising out of or
      in connection with the acceptance or administration of the trust or trusts
      hereunder  or the  performance  of its  duties  hereunder,  including  the
      reasonable  costs and  expenses of defending  itself  against any claim or
      liability in  connection  with the exercise or  performance  of any of its
      powers or duties hereunder,  except to the extent any such loss, liability
      or expense may be attributable to its negligence, wilful misconduct or bad
      faith.

            As security for the  performance  of the  obligations of the Company
under this Section,  the Trustee shall have a lien prior to the Securities  upon
all  property  and funds  held or  collected  by the  Trustee as such other than
property and funds held in trust under Section 703 (except as otherwise provided
in Section  703).  "Trustee"  for  purposes of this  Section  shall  include any
predecessor Trustee; provided,  however, that the negligence,  wilful misconduct
or bad faith of any Trustee  hereunder  shall not affect the rights of any other
Trustee hereunder.

            When the Trustee incurs  expenses or renders  services in connection
with an Event of Default  specified  in Section  801(d) or Section  801(e),  the
expenses  (including the reasonable charges and expenses of its counsel) and the
compensation for the

<PAGE>

                                      -61-

services  are  intended  to  constitute  expenses  of  administration  under any
applicable Federal or State bankruptcy, insolvency or other similar law.

            The provisions of this Section 907 shall survive the  termination of
this Indenture.

SECTION 908.  Disqualification; Conflicting Interests.

            If the Trustee shall have or acquire any conflicting interest within
the  meaning  of the  Trust  Indenture  Act,  it  shall  either  eliminate  such
conflicting interest or resign to the extent, in the manner and with the effect,
and  subject to the  conditions,  provided in the Trust  Indenture  Act and this
Indenture.  For purposes of Section  310(b)(1) of the Trust Indenture Act and to
the extent permitted thereby, the Trustee, in its capacity as trustee in respect
of the  Securities  of any  series,  shall not be  deemed to have a  conflicting
interest  arising from its capacity as trustee in respect of the  Securities  of
any other series.

SECTION 909.  Corporate Trustee Required; Eligibility.

            There shall at all times be a Trustee hereunder which shall be

         (a) a corporation  organized and doing  business  under the laws of the
      United States, any State or Territory thereof or the District of Columbia,
      authorized  under such laws to exercise  corporate trust powers,  having a
      combined  capital  and  surplus  of at least  $50,000,000  and  subject to
      supervision or examination by Federal or State authority, or

         (b)  if and  to  the  extent  permitted  by  the  Commission  by  rule,
      regulation  or order  upon  application,  a  corporation  or other  Person
      organized  and doing  business  under  the laws of a  foreign  government,
      authorized  under such laws to exercise  corporate trust powers,  having a
      combined  capital  and  surplus  of at  least  $50,000,000  or the  Dollar
      equivalent of the applicable  foreign  currency and subject to supervision
      or  examination  by authority of such  foreign  government  or a political
      subdivision thereof substantially equivalent to supervision or examination
      applicable to United States institutional trustees,

and, in either case,  qualified  and  eligible  under this Article and the Trust
Indenture  Act. If such  corporation  publishes  reports of  condition  at least
annually,  pursuant  to  law or to  the  requirements  of  such  supervising  or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such  corporation  shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so

<PAGE>

                                      -62-

published.  If at any time the Trustee  shall cease to be eligible in accordance
with the provisions of this Section,  it shall resign  immediately in the manner
and with the effect hereinafter specified in this Article.

SECTION 910.  Resignation and Removal; Appointment of Successor.

         (a) No  resignation  or removal of the Trustee and no  appointment of a
      successor  Trustee  pursuant to this Article shall become  effective until
      the acceptance of appointment by the successor  Trustee in accordance with
      the applicable requirements of Section 911.

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

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

         (d)  If at any time:

            (1) the Trustee  shall fail to comply with Section 908 after written
      request  therefor by the Company or by any Holder who has been a bona fide
      Holder for at least six months, or

            (2) the Trustee  shall cease to be  eligible  under  Section 909 and
      shall fail to resign after written  request  therefor by the Company or by
      any such Holder, or

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

then,  in any such case,  (x) the Company by a Board  Resolution  may remove the
Trustee with respect to all Securities or (y) subject to Section 814, any Holder
who has been a bona  fide  Holder  for at least  six  months  may,  on behalf of
himself  and all others  similarly  situated,  petition  any court of  competent
jurisdiction

<PAGE>

                                      -63-

for  the  removal  of the  Trustee  with  respect  to  all  Securities  and  the
appointment of a successor Trustee or Trustees.

         (e) If the Trustee  shall  resign,  be removed or become  incapable  of
      acting, or if a vacancy shall occur in the office of Trustee for any cause
      (other  than as  contemplated  in  clause  (y) in  Subsection  (d) of this
      Section),  with  respect  to the  Securities  of one or more  series,  the
      Company, by a Board Resolution, shall promptly appoint a successor Trustee
      or Trustees  with  respect to the  Securities  of that or those series (it
      being  understood  that any such  successor  Trustee may be appointed with
      respect to the Securities of one or more or all of such series and that at
      any time there shall be only one Trustee with respect to the Securities of
      any particular  series) and shall comply with the applicable  requirements
      of Section 911.  If,  within one year after such  resignation,  removal or
      incapability,  or the occurrence of such vacancy, a successor Trustee with
      respect to the  Securities  of any series shall be appointed by Act of the
      Holders of a majority in principal amount of the Outstanding Securities of
      such  series  delivered  to the  Company  and the  retiring  Trustee,  the
      successor  Trustee so appointed  shall,  forthwith  upon its acceptance of
      such appointment in accordance with the applicable requirements of Section
      911,  become the successor  Trustee with respect to the Securities of such
      series and to that extent supersede the successor Trustee appointed by the
      Company.  If no successor  Trustee with respect to the  Securities  of any
      series  shall have been so  appointed  by the  Company or the  Holders and
      accepted appointment in the manner required by Section 911, any Holder who
      has been a bona fide  Holder of a Security of such series for at least six
      months  may,  on behalf  of  itself  and all  others  similarly  situated,
      petition  any court of competent  jurisdiction  for the  appointment  of a
      successor Trustee with respect to the Securities of such series.

         (f) So long as no event which is, or after notice or lapse of time,  or
      both,  would  become,  an Event of  Default  shall  have  occurred  and be
      continuing,  and except with respect to a Trustee  appointed by Act of the
      Holders of a majority in principal  amount of the  Outstanding  Securities
      pursuant to  Subsection  (e) of this  Section,  if the Company  shall have
      delivered  to the Trustee (i) a Board  Resolution  appointing  a successor
      Trustee,  effective as of a date specified therein, and (ii) an instrument
      of  acceptance  of such  appointment,  effective as of such date,  by such
      successor  Trustee in  accordance  with Section 911, the Trustee  shall be
      deemed to have resigned as contemplated in Subsection (b) of this Section,
      the  successor  Trustee  shall be  deemed to have  been  appointed  by the
      Company pursuant to

<PAGE>

                                      -64-

      Subsection  (e) of this  Section and such  appointment  shall be deemed to
      have been  accepted as  contemplated  in Section 911, all as of such date,
      and all  other  provisions  of this  Section  and  Section  911  shall  be
      applicable to such  resignation,  appointment and acceptance except to the
      extent inconsistent with this Subsection (f).

            (g) The Company (or, should the Company fail so to act promptly, the
      successor trustee at the expense of the Company) shall give notice of each
      resignation and each removal of the Trustee with respect to the Securities
      of any series and each appointment of a successor  Trustee with respect to
      the  Securities of any series by mailing  written  notice of such event by
      first-class  mail,  postage prepaid,  to all Holders of Securities of such
      series as their names and addresses appear in the Security Register.  Each
      notice shall include the name of the successor Trustee with respect to the
      Securities of such series and the address of its corporate trust office.

SECTION 911.  Acceptance of Appointment by Successor.

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

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

<PAGE>

                                      -65-

      relates,  (2) if the retiring  Trustee is not retiring with respect to all
      Securities,  shall contain such provisions as shall be deemed necessary or
      desirable to confirm that all the rights, powers, trusts and duties of the
      retiring Trustee with respect to the Securities of that or those series as
      to which the retiring  Trustee is not retiring shall continue to be vested
      in  the  retiring  Trustee  and  (3)  shall  add to or  change  any of the
      provisions  of this  Indenture  as shall be  necessary  to provide  for or
      facilitate  the  administration  of the trusts  hereunder by more than one
      Trustee,  it being understood that nothing herein or in such  supplemental
      indenture shall constitute such Trustees co-trustees of the same trust and
      that each such  Trustee  shall be trustee  of a trust or trusts  hereunder
      separate and apart from any trust or trusts hereunder  administered by any
      other  such  Trustee;   and  upon  the  execution  and  delivery  of  such
      supplemental  indenture the resignation or removal of the retiring Trustee
      shall  become  effective  to the  extent  provided  therein  and each such
      successor  Trustee,  without any further act,  deed or  conveyance,  shall
      become  vested  with all the  rights,  powers,  trusts  and  duties of the
      retiring Trustee with respect to the Securities of that or those series to
      which the appointment of such successor  Trustee relates;  but, on request
      of the Company or any  successor  Trustee,  such  retiring  Trustee,  upon
      payment of all sums owed to it, shall duly assign, transfer and deliver to
      such  successor  Trustee  all  property  and money  held by such  retiring
      Trustee  hereunder  with respect to the Securities of that or those series
      to which the appointment of such successor Trustee relates.

         (c) Upon  request of any such  successor  Trustee,  the  Company  shall
      execute any instruments  which fully vest in and confirm to such successor
      Trustee all such rights,  powers and trusts  referred to in Subsection (a)
      or (b) of this Section, as the case may be.

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

SECTION 912.  Merger, Conversion, Consolidation or Succession to Business.

            Any Person into which the Trustee may be merged or converted or with
which  it  may be  consolidated,  or  any  Person  resulting  from  any  merger,
conversion or consolidation to which the Trustee shall be a party, or any Person
succeeding  to all or  substantially  all the  corporate  trust  business of the
Trustee,  shall be the successor of the Trustee hereunder,  provided such Person
shall be otherwise qualified and eligible under this

<PAGE>

                                      -66-

Article,  without the execution or filing of any paper or any further act on the
part of any of the  parties  hereto.  In case any  Securities  shall  have  been
authenticated,  but not delivered,  by the Trustee then in office, any successor
by merger,  conversion or consolidation to such authenticating Trustee may adopt
such  authentication  and deliver the Securities so authenticated  with the same
effect as if such successor Trustee had itself authenticated such Securities.

SECTION 913.  Preferential Collection of Claims Against Company.

            If the  Trustee  shall be or become a creditor of the Company or any
other  obligor  upon the  Securities  (other  than by reason  of a  relationship
described in Section  311(b) of the Trust  Indenture  Act), the Trustee shall be
subject  to any  and  all  applicable  provisions  of the  Trust  Indenture  Act
regarding the  collection of claims  against the Company or such other  obligor.
For purposes of Section 311(b) of the Trust Indenture Act:

         (a) the term "cash  transaction"  means any  transaction  in which full
      payment  for goods or  securities  sold is made  within  seven  days after
      delivery  of the goods or  securities  in  currency  or in checks or other
      orders drawn upon banks or bankers and payable upon demand;

         (b)  the  term  "self-liquidating  paper"  means  any  draft,  bill  of
      exchange,  acceptance or obligation  which is made,  drawn,  negotiated or
      incurred  by the  Company  for the  purpose  of  financing  the  purchase,
      processing,  manufacturing,  shipment,  storage or sale of goods, wares or
      merchandise  and  which is  secured  by  documents  evidencing  title  to,
      possession  of, or a lien upon,  the goods,  wares or  merchandise  or the
      receivables  or  proceeds  arising  from the sale of the  goods,  wares or
      merchandise previously constituting the security, provided the security is
      received by the Trustee  simultaneously  with the creation of the creditor
      relationship   with  the  Company   arising  from  the  making,   drawing,
      negotiating  or incurring of the draft,  bill of exchange,  acceptance  or
      obligation.

SECTION 914.  Co-trustees and Separate Trustees.

            At any  time  or  times,  for  the  purpose  of  meeting  the  legal
requirements of any applicable  jurisdiction,  the Company and the Trustee shall
have power to appoint,  and,  upon the written  request of the Trustee or of the
Holders of at least 33% in principal amount of the Securities then  Outstanding,
the Company  shall for such purpose join with the Trustee in the  execution  and
delivery of all instruments and agreements  necessary or proper to appoint,  one
or more Persons  approved by the Trustee  either to act as  co-trustee,  jointly
with the

<PAGE>

                                      -67-

Trustee,  or to act as separate trustee,  in either case with such powers as may
be  provided in the  instrument  of  appointment,  and to vest in such Person or
Persons, in the capacity aforesaid,  any property,  title, right or power deemed
necessary or desirable,  subject to the other provisions of this Section. If the
Company does not join in such appointment within 15 days after the receipt by it
of a request so to do, or if an Event of  Default  shall  have  occurred  and be
continuing, the Trustee alone shall have power to make such appointment.

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

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

         (a) the  Securities  shall  be  authenticated  and  delivered,  and all
      rights, powers, duties and obligations hereunder in respect of the custody
      of securities, cash and other personal property held by, or required to be
      deposited  or pledged  with,  the Trustee  hereunder,  shall be  exercised
      solely, by the Trustee;

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

         (c) the Trustee at any time, by an  instrument  in writing  executed by
      it, with the concurrence of the Company,  may accept the resignation of or
      remove any co-trustee or separate  trustee  appointed  under this Section,
      and, if an Event of Default  shall have  occurred and be  continuing,  the
      Trustee shall have power to accept the resignation of, or remove, any such
      co-trustee or separate  trustee  without the  concurrence  of the Company.
      Upon the written  request of the Trustee,  the Company shall join with the
      Trustee in the

<PAGE>

                                      -68-

         execution and delivery of all instruments  and agreements  necessary or
      proper to  effectuate  such  resignation  or removal.  A successor  to any
      co-trustee or separate  trustee so resigned or removed may be appointed in
      the manner provided in this Section;

         (d) no co-trustee  or separate  trustee  hereunder  shall be personally
      liable by reason of any act or omission of the Trustee,  or any other such
      trustee hereunder; and

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

SECTION 915.  Appointment of Authenticating Agent.

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

            Any corporation into which an Authenticating  Agent may be merged or
converted or with which it may be  consolidated,  or any  corporation  resulting
from any merger, conversion or

<PAGE>

                                      -69-

consolidation  to which  such  Authenticating  Agent  shall  be a party,  or any
corporation succeeding to the corporate agency or corporate trust business of an
Authenticating  Agent,  shall continue to be an Authenticating  Agent,  provided
such  corporation  shall be otherwise  eligible under this Section,  without the
execution  or filing of any paper or any  further act on the part of the Trustee
or the Authenticating Agent.

            An  Authenticating  Agent may  resign at any time by giving  written
notice  thereof to the Trustee and to the  Company.  The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof
to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation  or  upon  such  a  termination,   or  in  case  at  any  time  such
Authenticating  Agent  shall  cease  to  be  eligible  in  accordance  with  the
provisions of this Section,  the Trustee may appoint a successor  Authenticating
Agent which shall be  acceptable to the Company.  Any  successor  Authenticating
Agent upon acceptance of its appointment  hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder,  with like effect as
if originally  named as an  Authenticating  Agent.  No successor  Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

            The Company agrees to pay to each Authenticating  Agent from time to
time reasonable compensation for its services under this Section.

            The  provisions  of Sections 308, 904 and 905 shall be applicable to
each Authenticating Agent.

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

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

                                          ------------------------
                                            As Trustee

                                          By
                                            ----------------------
                                            As Authenticating Agent

                                          By
                                            ----------------------
                                            Authorized Signatory

<PAGE>

                                      -70-

            If all of the Securities of a series may not be originally issued at
one time, and if the Trustee does not have an office  capable of  authenticating
Securities  upon  original  issuance  located  in a Place of  Payment  where the
Company  wishes to have  Securities of such series  authenticated  upon original
issuance,  the Trustee, if so requested by the Company in writing (which writing
need not comply with  Section 102 and need not be  accompanied  by an Opinion of
Counsel),  shall appoint, in accordance with this Section and in accordance with
such procedures as shall be acceptable to the Trustee,  an Authenticating  Agent
having an office in a Place of Payment designated by the Company with respect to
such series of Securities.

                                   ARTICLE TEN

                     Holders' Lists and Reports by Trustee and Company

SECTION 1001.  Lists of Holders.

            Semiannually,  not later  than  October 1 and April 1 in each  year,
commencing  April 1, 2001, and at such other times as the Trustee may request in
writing,  the  Company  shall  furnish or cause to be  furnished  to the Trustee
information as to the names and addresses of the Holders,  and the Trustee shall
preserve such  information and similar  information  received by it in any other
capacity and afford to the Holders access to information so preserved by it, all
to such  extent,  if any,  and in such  manner as shall be required by the Trust
Indenture Act; provided, however, that no such list need be furnished so long as
the Trustee shall be the Security Registrar.

SECTION 1002.  Reports by Trustee and Company.

            Not later than August 15 in each year, commencing with the year 2001
, the Trustee shall transmit to the Holders,  the Commission and each securities
exchange upon which any  Securities are listed,  a report,  dated as of the next
preceding  June,  15, with respect to any events and other matters  described in
Section  313(a) of the Trust  Indenture  Act,  in such  manner and to the extent
required by the Trust  Indenture Act. The Trustee shall transmit to the Holders,
the  Commission  and each  securities  exchange  upon which any  Securities  are
listed, and the Company shall file with the Trustee (within 30 days after filing
with the Commission in the case of reports which pursuant to the Trust Indenture
Act must be filed with the Commission and furnished to the Trustee) and transmit
to the Holders, such other information,  reports and other documents, if any, at
such times and in such manner,  as shall be required by the Trust Indenture Act.
The Company  shall  notify the Trustee of the listing of any  Securities  on any
securities exchange.

<PAGE>

                                      -71-

                                 ARTICLE ELEVEN

                    Consolidation, Merger, Conveyance or Other Transfer

SECTION 1101.  Company May Consolidate, etc., Only on Certain Terms.

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

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

         (b)  immediately  after giving effect to such  transaction  no Event of
      Default,  and no event which, after notice or lapse of time or both, would
      become an Event of Default, shall have occurred and be continuing; and

         (c) the  Company  shall have  delivered  to the  Trustee  an  Officer's
      Certificate   and  an  Opinion  of  Counsel,   each   stating   that  such
      consolidation,  merger,  conveyance,  or other  transfer or lease and such
      supplemental  indenture  comply with this Article and that all  conditions
      precedent  herein  provided  for relating to such  transactions  have been
      complied with.

SECTION 1102.  Successor Person Substituted.

            Upon any  consolidation by the Company with or merger by the Company
into any  other  Person or any  conveyance,  or other  transfer  or lease of the
properties and assets of the Company  substantially as an entirety in accordance
with Section 1101,  the successor  Person formed by such  consolidation  or into
which the Company is merged or the Person to which such conveyance,  transfer or
lease is made shall succeed to, and be  substituted  for, and may exercise every
right and power of, the Company under this  Indenture with the same effect as if
such  successor  Person had been named as the Company  herein,  and  thereafter,
except in

<PAGE>

                                      -72-

the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities Outstanding hereunder.

                                 ARTICLE TWELVE

                             Supplemental Indentures

SECTION 1201.  Supplemental Indentures Without Consent of Holders.

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

         (a) to evidence the succession of another Person to the Company and the
      assumption by any such  successor of the  covenants of the Company  herein
      and in the Securities, all as provided in Article Eleven; or

         (b) to add one or more covenants of the Company or other provisions for
      the  benefit of all  Holders or for the  benefit of the  Holders of, or to
      remain in effect only so long as there shall be Outstanding, Securities of
      one or more specified series,  or one or more specified  Tranches thereof,
      or to surrender any right or power herein conferred upon the Company; or

         (c)to add any  additional  Events of Default  with  respect to all or
      any series of Securities Outstanding hereunder; or

         (d) to change or eliminate  any  provision of this  Indenture or to add
      any new  provision  to this  Indenture;  provided,  however,  that if such
      change,  elimination or addition shall  adversely  affect the interests of
      the Holders of Securities of any series or Tranche Outstanding on the date
      of such  indenture  supplemental  hereto  in any  material  respect,  such
      change,  elimination  or addition  shall become  effective with respect to
      such series or Tranche  only  pursuant to the  provisions  of Section 1202
      hereof or when no Security of such series or Tranche remains  Outstanding;
      or

         (e) to  provide  collateral  security  for all  but not  part of the
      Securities; or

         (f) to establish  the form or terms of  Securities  of any series or
      Tranche as contemplated by Sections 201 and 301; or

<PAGE>

                                      -73-

         (g) to provide for the authentication and delivery of bearer securities
      and coupons appertaining thereto  representing  interest,  if any, thereon
      and for the  procedures  for the  registration,  exchange and  replacement
      thereof and for the giving of notice to, and the  solicitation of the vote
      or consent  of, the  holders  thereof,  and for any and all other  matters
      incidental thereto; or

         (h) to evidence and provide for the acceptance of appointment hereunder
      by a separate  or  successor  Trustee or  co-trustee  with  respect to the
      Securities  of one or  more  series  and  to add to or  change  any of the
      provisions  of this  Indenture  as shall be  necessary  to provide  for or
      facilitate  the  administration  of the trusts  hereunder by more than one
      Trustee, pursuant to the requirements of Section 911(b); or

         (i) to provide  for the  procedures  required  to permit the Company to
      utilize, at its option, a noncertificated  system of registration for all,
      or any series or Tranche of, the Securities; or

         (j) to  change  any  place or places  where  (1) the  principal  of and
      premium, if any, and interest, if any, on all or any series of Securities,
      or any  Tranche  thereof,  shall  be  payable,  (2) all or any  series  of
      Securities, or any Tranche thereof, may be surrendered for registration of
      transfer, (3) all or any series of Securities, or any Tranche thereof, may
      be  surrendered  for  exchange  and (4) notices and demands to or upon the
      Company  in respect of all or any  series of  Securities,  or any  Tranche
      thereof, and this Indenture may be served; or

         (k) to cure any  ambiguity,  to correct  or  supplement  any  provision
      herein  which may be defective or  inconsistent  with any other  provision
      herein,  or to make any other changes to the  provisions  hereof or to add
      other  provisions with respect to matters or questions  arising under this
      Indenture,  provided  that  such  other  changes  or  additions  shall not
      adversely  affect the interests of the Holders of Securities of any series
      or Tranche in any material respect.

            Without  limiting  the  generality  of the  foregoing,  if the Trust
Indenture  Act as in effect at the date of the  execution  and  delivery of this
Indenture or at any time thereafter shall be amended and

                  (x) if any such amendment shall require one or more changes to
            any  provisions  hereof or the  inclusion  herein of any  additional
            provisions,  or shall by  operation  of law be deemed to effect such
            changes or  incorporate  such  provisions by reference or otherwise,
            this Indenture shall be deemed to have been amended so

<PAGE>

                                      -74-

            as to conform to such amendment to the Trust  Indenture Act, and the
            Company and the  Trustee  may,  without the consent of any  Holders,
            enter into an  indenture  supplemental  hereto to effect or evidence
            such changes or additional provisions; or

                  (y) if any such amendment shall permit one or more changes to,
            or the elimination  of, any provisions  hereof which, at the date of
            the execution  and delivery  hereof or at any time  thereafter,  are
            required by the Trust  Indenture  Act to be contained  herein,  this
            Indenture  shall be  deemed  to have been  amended  to  effect  such
            changes or elimination, and the Company and the Trustee may, without
            the consent of any  Holders,  enter into an  indenture  supplemental
            hereto to evidence such amendment hereof.

SECTION 1202.  Supplemental Indentures With Consent of Holders.

            With the consent of the Holders of a majority in aggregate principal
amount of the Securities of all series then  Outstanding  under this  Indenture,
considered as one class, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture  or  indentures  supplemental  hereto for the purpose of
adding any provisions  to, or changing in any manner or  eliminating  any of the
provisions  of,  this  Indenture  or  modifying  in any manner the rights of the
Holders of Securities  of such series under the  Indenture;  provided,  however,
that if there shall be Securities of more than one series Outstanding  hereunder
and if a proposed supplemental indenture shall directly affect the rights of the
Holders of  Securities of one or more,  but less than all, of such series,  then
the consent only of the Holders of a majority in aggregate  principal  amount of
the Outstanding Securities of all series so directly affected, considered as one
class, shall be required;  and provided,  further, that if the Securities of any
series  shall  have been  issued in more than one  Tranche  and if the  proposed
supplemental  indenture  shall  directly  affect  the  rights of the  Holders of
Securities of one or more, but less than all, of such Tranches, then the consent
only  of  the  Holders  of a  majority  in  aggregate  principal  amount  of the
Outstanding  Securities of all Tranches so directly affected,  considered as one
class,  shall be required;  and  provided,  further,  that no such  supplemental
indenture shall:

         (a) change the Stated  Maturity of the principal of, or any installment
      of  principal  of or interest on, any  Security,  or reduce the  principal
      amount  thereof  or the rate of  interest  thereon  (or the  amount of any
      installment of interest  thereon) or change the method of calculating such
      rate or reduce any premium payable upon the redemption

<PAGE>

                                      -75-

       thereof,  or reduce the amount of the  principal  of a Discount  Security
       that would be due and payable upon a declaration of  acceleration  of the
       Maturity  thereof pursuant to Section 802, or change the coin or currency
       (or other property), in which any Security or any premium or the interest
       thereon  is  payable,  or  impair  the  right to  institute  suit for the
       enforcement  of any such  payment on or after the Stated  Maturity of any
       Security  (or,  in the case of  redemption,  on or after  the  Redemption
       Date),  without,  in any such  case,  the  consent  of the Holder of such
       Security, or

         (b)  reduce  the  percentage  in  principal  amount of the  Outstanding
      Securities  of any  series,  or any  Tranche  thereof,  the consent of the
      Holders of which is required for any such supplemental  indenture,  or the
      consent of the Holders of which is required  for any waiver of  compliance
      with any provision of this  Indenture or of any default  hereunder and its
      consequences,  or reduce the  requirements  of Section  1304 for quorum or
      voting,  without,  in any such case,  the  consent of the  Holders of each
      Outstanding Security of such series or Tranche, or

         (c)  modify  any of the  provisions  of this  Section,  Section  607 or
      Section 813 with respect to the  Securities of any series,  or any Tranche
      thereof,  except to increase the percentages in principal  amount referred
      to in this  Section  or such  other  Sections  or to  provide  that  other
      provisions  of this  Indenture  cannot be modified  or waived  without the
      consent  of the  Holder of each  Outstanding  Security  affected  thereby;
      provided,  however,  that this  clause  shall not be deemed to require the
      consent of any Holder with  respect to changes in the  references  to "the
      Trustee" and concomitant  changes in this Section, or the deletion of this
      proviso,  in accordance with the requirements of Sections 911(b),  914 and
      1201(h).

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

            It shall not be necessary  for any Act of Holders under this Section
to approve the particular form of any proposed  supplemental  indenture,  but it
shall be sufficient if such Act shall approve the substance thereof. A waiver by
a Holder of such Holder's right to consent under this Section shall be deemed to
be a consent of such Holder.

<PAGE>

                                      -76-

SECTION 1203.  Execution of Supplemental Indentures.

            In executing,  or accepting the  additional  trusts  created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture,  the Trustee shall be entitled to receive,
and  (subject  to Section  901) shall be fully  protected  in relying  upon,  an
Opinion of Counsel stating that the execution of such supplemental  indenture is
authorized  or  permitted by this  Indenture.  The Trustee may, but shall not be
obligated  to,  enter into any such  supplemental  indenture  which  affects the
Trustee's own rights, duties,  immunities or liabilities under this Indenture or
otherwise.

SECTION 1204.  Effect of Supplemental Indentures.

            Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith,  and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities  theretofore or thereafter  authenticated and delivered  hereunder
shall be bound thereby. Any supplemental indenture permitted by this Article may
restate this  Indenture in its  entirety,  and,  upon the execution and delivery
thereof,  any such restatement  shall supersede this Indenture as theretofore in
effect for all purposes.

SECTION 1205.  Conformity With Trust Indenture Act.

            Unless  otherwise  provided  as  contemplated  by  Section  301 with
respect to any  series of  Securities,  every  supplemental  indenture  executed
pursuant  to  this  Article  shall  conform  to the  requirements  of the  Trust
Indenture Act as then in effect.

SECTION 1206.  Reference in Securities to Supplemental Indentures.

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

<PAGE>

                                      -77-

SECTION 1207.  Modification Without Supplemental Indenture .

            If the terms of any particular  series of Securities shall have been
established in a Board Resolution or an Officer's Certificate as contemplated by
Section 301, and not in an indenture supplemental hereto,  additions to, changes
in or the  elimination  of any of such  terms  may be  effected  by  means  of a
supplemental  Board  Resolution  or Officer's  Certificate,  as the case may be,
delivered  to,  and  accepted  by, the  Trustee;  provided,  however,  that such
supplemental Board Resolution or Officer's  Certificate shall not be accepted by
the Trustee or otherwise be effective  unless all  conditions  set forth in this
Indenture which would be required to be satisfied if such additions,  changes or
elimination  were  contained  in  a  supplemental   indenture  shall  have  been
appropriately  satisfied.  Upon the acceptance thereof by the Trustee,  any such
supplemental  Board Resolution or Officer's  Certificate shall be deemed to be a
"supplemental indenture" for purposes of Section 1204 and 1206.

                                ARTICLE THIRTEEN

                   Meetings of Holders; Action Without Meeting

SECTION 1301.  Purposes for Which Meetings May Be Called.

            A meeting of Holders of Securities  of one or more, or all,  series,
or any Tranche or Tranches  thereof,  may be called at any time and from time to
time  pursuant  to this  Article  to  make,  give or take any  request,  demand,
authorization,  direction,  notice,  consent, waiver or other action provided by
this  Indenture  to be made,  given or taken by  Holders of  Securities  of such
series or Tranches.

SECTION 1302.  Call, Notice and Place of Meetings.

         (a) The Trustee may at any time call a meeting of Holders of Securities
      of one or more, or all, series,  or any Tranche or Tranches  thereof,  for
      any purpose specified in Section 1301, to be held at such time and at such
      place in the Borough of  Manhattan,  The City of New York,  as the Trustee
      shall determine, or, with the approval of the Company, at any other place.
      Notice of every such meeting, setting forth the time and the place of such
      meeting  and in  general  terms the  action  proposed  to be taken at such
      meeting,  shall be given,  in the manner provided in Section 106, not less
      than 21 nor more than 180 days prior to the date fixed for the meeting.

         (b) If the Trustee  shall have been  requested to call a meeting of the
      Holders of Securities of one or more,  or all,  series,  or any Tranche or
      Tranches thereof, by the Company

<PAGE>

                                      -78-

      or by the  Holders  of 33% in  aggregate  principal  amount of all of such
      series and Tranches, considered as one class, for any purpose specified in
      Section 1301, by written  request  setting forth in reasonable  detail the
      action proposed to be taken at the meeting, and the Trustee shall not have
      given the  notice of such  meeting  within 21 days  after  receipt of such
      request or shall not thereafter proceed to cause the meeting to be held as
      provided  herein,  then the Company or the Holders of  Securities  of such
      series and Tranches in the amount above specified, as the case may be, may
      determine the time and the place in the Borough of Manhattan,  The City of
      New York, or in such other place as shall be determined or approved by the
      Company,  for such meeting and may call such meeting for such  purposes by
      giving notice thereof as provided in Subsection (a) of this Section.

         (c) Any  meeting  of  Holders  of  Securities  of one or more,  or all,
      series, or any Tranche or Tranches thereof,  shall be valid without notice
      if the Holders of all  Outstanding  Securities  of such series or Tranches
      are  present in person or by proxy and if  representatives  of the Company
      and the Trustee are present,  or if notice is waived in writing  before or
      after the meeting by the  Holders of all  Outstanding  Securities  of such
      series, or any Tranche or Tranches thereof,  or by such of them as are not
      present at the  meeting in person or by proxy,  and by the Company and the
      Trustee.

SECTION 1303.  Persons Entitled to Vote at Meetings.

            To be entitled to vote at any  meeting of Holders of  Securities  of
one or more, or all, series, or any Tranche or Tranches thereof,  a Person shall
be (a) a  Holder  of one or  more  Outstanding  Securities  of  such  series  or
Tranches,  or (b) a Person  appointed by an instrument in writing as proxy for a
Holder  or  Holders  of one or more  Outstanding  Securities  of such  series or
Tranches by such Holder or  Holders.  The only  Persons who shall be entitled to
attend any meeting of Holders of  Securities  of any series or Tranche  shall be
the  Persons   entitled  to  vote  at  such  meeting  and  their  counsel,   any
representatives  of the Trustee and its counsel and any  representatives  of the
Company and its counsel.

SECTION 1304.  Quorum; Action.

            The  Persons  entitled  to vote a majority  in  aggregate  principal
amount of the Outstanding  Securities of the series and Tranches with respect to
which a meeting shall have been called as hereinbefore  provided,  considered as
one class,  shall  constitute a quorum for a meeting of Holders of Securities of
such series and Tranches; provided, however, that if any action

<PAGE>

                                      -79-

is to be taken at such meeting which this  Indenture  expressly  provides may be
taken by the Holders of a specified  percentage,  which is less than a majority,
in principal  amount of the Outstanding  Securities of such series and Tranches,
considered as one class, the Persons entitled to vote such specified  percentage
in principal  amount of the Outstanding  Securities of such series and Tranches,
considered as one class,  shall constitute a quorum.  In the absence of a quorum
within one hour of the time  appointed for any such meeting,  the meeting shall,
if convened at the request of Holders of Securities of such series and Tranches,
be dissolved.  In any other case the meeting may be adjourned for such period as
may be  determined by the chairman of the meeting  prior to the  adjournment  of
such meeting.  In the absence of a quorum at any such  adjourned  meeting,  such
adjourned  meeting may be further adjourned for such period as may be determined
by the  chairman  of the  meeting  prior to the  adjournment  of such  adjourned
meeting. Except as provided by Section 1305(e), notice of the reconvening of any
meeting  adjourned  for more than 30 days shall be given as  provided in Section
1302(a)  not  less  than 10 days  prior  to the date on  which  the  meeting  is
scheduled to be reconvened.  Notice of the  reconvening of an adjourned  meeting
shall state expressly the percentage, as provided above, of the principal amount
of the Outstanding Securities of such series and Tranches which shall constitute
a quorum.

            Except as limited by Section  1202,  any  resolution  presented to a
meeting or  adjourned  meeting duly  reconvened  at which a quorum is present as
aforesaid  may be  adopted  only by the  affirmative  vote of the  Holders  of a
majority in aggregate  principal  amount of the  Outstanding  Securities  of the
series and Tranches  with respect to which such meeting  shall have been called,
considered as one class;  provided,  however,  that,  except as so limited,  any
resolution  with respect to any action which this Indenture  expressly  provides
may be taken by the  Holders  of a  specified  percentage,  which is less than a
majority,  in principal amount of the Outstanding  Securities of such series and
Tranches,  considered as one class,  may be adopted at a meeting or an adjourned
meeting  duly  reconvened  and at which a quorum is present as  aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount
of the  Outstanding  Securities of such series and  Tranches,  considered as one
class.

            Any resolution passed or decision taken at any meeting of Holders of
Securities duly held in accordance with this Section shall be binding on all the
Holders of  Securities  of the series and  Tranches  with  respect to which such
meeting  shall have been  held,  whether or not  present or  represented  at the
meeting.

<PAGE>

                                      -80-

SECTION 1305.  Attendance at Meetings; Determination of Voting Rights;

Conduct and Adjournment of Meetings.

         (a) Attendance at meetings of Holders of Securities may be in person or
      by proxy; and, to the extent permitted by law, any such proxy shall remain
      in effect and be binding  upon any future  Holder of the  Securities  with
      respect to which it was given unless and until specifically revoked by the
      Holder or future Holder of such Securities before being voted.

         (b) Notwithstanding any other provisions of this Indenture, the Trustee
      may make such  reasonable  regulations  as it may deem  advisable  for any
      meeting of Holders of Securities in regard to proof of the holding of such
      Securities  and  of the  appointment  of  proxies  and  in  regard  to the
      appointment  and  duties  of  inspectors  of  votes,  the  submission  and
      examination  of proxies,  certificates  and other evidence of the right to
      vote,  and such other matters  concerning the conduct of the meeting as it
      shall deem appropriate.  Except as otherwise  permitted or required by any
      such regulations,  the holding of Securities shall be proved in the manner
      specified in Section 104 and the  appointment of any proxy shall be proved
      in the manner  specified in Section 104. Such regulations may provide that
      written  instruments  appointing  proxies,  regular on their face,  may be
      presumed valid and genuine  without the proof  specified in Section 104 or
      other proof.

         (c) The Trustee shall, by an instrument in writing, appoint a temporary
      chairman of the meeting,  unless the meeting shall have been called by the
      Company or by Holders as  provided in Section  1302(b),  in which case the
      Company or the Holders of  Securities  of the series and Tranches  calling
      the meeting,  as the case may be, shall in like manner appoint a temporary
      chairman.  A permanent  chairman and a permanent  secretary of the meeting
      shall be elected by vote of the  Persons  entitled  to vote a majority  in
      aggregate principal amount of the Outstanding Securities of all series and
      Tranches represented at the meeting, considered as one class.

         (d) At any  meeting  each Holder or proxy shall be entitled to one vote
      for each $1 principal  amount of Securities  held or  represented  by him;
      provided, however, that no vote shall be cast or counted at any meeting in
      respect of any Security  challenged  as not  Outstanding  and ruled by the
      chairman of the meeting to be not Outstanding. The chairman of the meeting
      shall have no right to vote, except as a Holder of a Security or proxy.

<PAGE>

                                      -81-

         (e) Any meeting duly called  pursuant to Section 1302 at which a quorum
      is present may be adjourned from time to time by Persons  entitled to vote
      a majority in aggregate principal amount of the Outstanding  Securities of
      all series and  Tranches  represented  at the meeting,  considered  as one
      class; and the meeting may be held as so adjourned without further notice.

SECTION 1306.  Counting Votes and Recording Action of Meetings.

            The vote upon any  resolution  submitted  to any  meeting of Holders
shall be by written  ballots on which shall be subscribed  the signatures of the
Holders  or of their  representatives  by proxy and the  principal  amounts  and
serial numbers of the  Outstanding  Securities,  of the series and Tranches with
respect to which the meeting  shall have been  called,  held or  represented  by
them.  The permanent  chairman of the meeting  shall  appoint two  inspectors of
votes  who  shall  count  all  votes  cast at the  meeting  for or  against  any
resolution  and who shall make and file with the  secretary of the meeting their
verified  written  reports  of all votes  cast at the  meeting.  A record of the
proceedings of each meeting of Holders shall be prepared by the secretary of the
meeting and there shall be attached to said record the  original  reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing  that said notice was given as provided in Section  1302
and, if applicable,  Section 1304. Each copy shall be signed and verified by the
affidavits of the  permanent  chairman and secretary of the meeting and one such
copy  shall be  delivered  to the  Company,  and  another  to the  Trustee to be
preserved by the Trustee,  the latter to have attached thereto the ballots voted
at the meeting.  Any record so signed and verified shall be conclusive  evidence
of the matters therein stated.

SECTION 1307.  Action Without Meeting.

            In  lieu  of  a  vote  of  Holders  at  a  meeting  as  hereinbefore
contemplated in this Article,  any request,  demand,  authorization,  direction,
notice,  consent,  waiver or other action may be made, given or taken by Holders
by written instruments as provided in Section 104.

<PAGE>

                                      -82-

                                ARTICLE FOURTEEN

              Immunity of Incorporators, Shareholders, Officers and Directors

SECTION 1401.  Liability Solely Corporate.

            No  recourse  shall be had for the  payment of the  principal  of or
premium, if any, or interest, if any, on any Securities, or any part thereof, or
for  any  claim  based  thereon  or  otherwise  in  respect  thereof,  or of the
indebtedness represented thereby, or upon any obligation,  covenant or agreement
under  this  Indenture,  against  any  incorporator,   shareholder,  officer  or
director,  as such, past, present or future of the Company or of any predecessor
or  successor   corporation  (either  directly  or  through  the  Company  or  a
predecessor or successor  corporation),  whether by virtue of any constitutional
provision,  statute or rule of law, or by the  enforcement  of any assessment or
penalty  or  otherwise;  it being  expressly  agreed  and  understood  that this
Indenture and all the Securities are solely corporate  obligations,  and that no
personal  liability   whatsoever  shall  attach  to,  or  be  incurred  by,  any
incorporator,  shareholder, officer or director, past, present or future, of the
Company or of any  predecessor  or  successor  corporation,  either  directly or
indirectly  through the Company or any  predecessor  or  successor  corporation,
because of the  indebtedness  hereby  authorized or under or by reason of any of
the obligations,  covenants or agreements  contained in this Indenture or in any
of the  Securities  or to be implied  herefrom or  therefrom,  and that any such
personal  liability is hereby  expressly  waived and released as a condition of,
and as part of the  consideration  for, the execution of this  Indenture and the
issuance of the Securities.
                                 -------------------------

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

<PAGE>

                                      -83-

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

                                GPU, INC.

                                By:
                                   ---------------------------
                                  T. G. Howson
                                   Vice President and Treasurer

                                UNITED STATES TRUST COMPANY OF NEW YORK,
                                Trustee

                                By:
                                   --------------------------
                                 Louis F. Young
                                 Vice President

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