Document:

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                                                                    EXHIBIT 4.11

                           UNION PLANTERS CORPORATION

                                       AND

                                  [__________],

                                AS WARRANT AGENT

                       WARRANT AGREEMENT - DEBT SECURITIES

                          DATED AS OF [______], 200[_]

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         THIS WARRANT AGREEMENT dated as of [__________], 200[_] between Union
Planters Corporation, a Tennessee corporation (hereinafter called the "Company,"
which term includes any successor corporation under the Indenture hereinafter
referred to) and _________________________, as Warrant Agent (herein called the
"Warrant Agent").

         WHEREAS, the Company has entered into an indenture (the "Indenture")
dated as of ________, 200[_], between the Company and Bank One Trust Company,
N.A., as trustee (the "Indenture Trustee"), providing for the issuance from time
to time of its unsecured [senior] [subordinated] debentures, notes or other
evidences of indebtedness (the "[Senior] [Subordinated] Debt Securities"), to be
issued in one or more series as provided in the [Senior] [Subordinated]
Indenture; [if Warrant Securities are not under same Indenture as Debt
Securities to which they are attached -- and an Indenture (the "[Senior]
[Subordinated] Indenture," the Senior and Subordinated Indentures being referred
to collectively as the "Indentures") dated as of __________, 200_ between the
Company and Bank One Trust Company, N.A., as trustee (the "[Senior]
[Subordinated] Trustee," (the Senior and Subordinated Trustees being referred to
collectively as the "Trustees"), providing for the issuance from time to time of
its [senior] [subordinated] debentures, notes or other evidences of indebtedness
(the "[Senior] [Subordinated] Debt Securities", the [Senior] and [Subordinated]
Debt Securities being referred to collectively as the "Debt Securities"), to be
issued in one or more series as provided in the [________] Indenture]; and

         WHEREAS, the Company proposes to sell [if Warrants are sold with Debt
Securities or Preferred Stock -- [title of Debt Securities or Preferred Stock
being offered] (the "Offered Securities") with] warrant certificates evidencing
one or more warrants (the "Warrants" or individually a "Warrant") representing
the right to purchase [title of Debt Securities purchasable through exercise of
Warrants] (the "Warrant Securities"), such warrant certificates and other
warrant certificates issued pursuant to this Agreement being herein called the
"Warrant Certificates"; and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company in connection with the issuance, exchange, exercise and replacement of
the Warrant Certificates, and in this Agreement wishes to set forth, among other
things, the form and provisions of the Warrant Certificates and the terms and
conditions on which they may be issued, exchanged, exercised and replaced;

         NOW THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                     ISSUANCE OF WARRANTS AND EXECUTION AND
                        DELIVERY OF WARRANT CERTIFICATES

         SECTION 1.1       Issuance of Warrants.

         [If Warrants alone - Upon issuance, each Warrant Certificate shall
evidence one or more Warrants.] [If Offered Securities and Warrants -- Warrants
shall be [initially] issued in connection with the issuance of the Offered
Securities [but shall be separately transferable on and after _______________
(the "Detachable Date")] [and shall not be separately transferable] and each
Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein
and therein, to purchase a Warrant Security in the principal amount of
____________. [If Offered Securities and Warrants -- Warrant Certificates shall
be initially issued in units with the Offered Securities and each Warrant
Certificate included in such a unit shall evidence __________ Warrants for each
[__________ principal amount] [________ shares] of Offered Securities included
in such unit.]

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         SECTION 1.2       Execution and Delivery of Warrant Certificates.

         Each Warrant Certificate, whenever issued, shall be in [registered]
[bearer] form substantially in the form set forth in Exhibit A hereto, shall be
dated ____________ and may have such letters, numbers, or other marks of
identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as the officers of the Company executing the
same may approve (execution thereof to be conclusive evidence of such approval)
and as are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the
Warrants may be listed, or to conform to usage. The Warrant Certificates shall
be executed on behalf of the Company by the Chief Executive Officer, President,
Chief Financial Officer, Treasurer, any Senior Executive Vice President, any
Executive Vice President, or the Senior Vice President of Accounting and by the
Secretary or any Assistant Secretary under its corporate seal reproduced
thereon. Such signatures may be manual or facsimile signatures of such
authorized officers and may be imprinted or otherwise reproduced in the Warrant
Certificates. The seal of the Company may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
Certificates.

         No Warrant Certificates shall be valid for any purpose, and no Warrant
evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by
the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence that the Warrant Certificate so countersigned has been duly
issued hereunder.

         In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to be
such officer before the Warrant Certificates so signed shall have been
countersigned and delivered by the Warrant Agent, such Warrant Certificates may
be countersigned and delivered notwithstanding that the person who signed such
Warrant Certificates ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company, although at the date of the execution of this Agreement
any such person was not such officer.

         The term "holder" or "holder of a Warrant Certificate" as used herein
shall mean [the bearer of such Warrant Certificate] [any person in whose name at
the time any Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose] [If Offered Securities and
Warrants are not immediately detachable -- or [the bearer] [upon the register]
of the Offered Securities prior to the Detachable Date. [Prior to the Detachable
Date, the Company will, or will cause the registrar of the Offered Securities
to, make available at all times to the Warrant Agent such information as to
holders of the Offered Securities with Warrants as may be necessary to keep the
Warrant Agent's records up to date]].

         SECTION 1.3       Issuance of Warrant Certificates.

         Warrant Certificates evidencing the right to purchase an aggregate
principal amount not exceeding ____________ aggregate principal amount of
Warrant Securities (except as provided in Sections 1.4, 2.3(c), 3.2 and 4.1) may
be executed by the Company and delivered to the Warrant Agent upon the execution
of this Warrant Agreement or from time to time thereafter. The Warrant Agent
shall, upon receipt of Warrant Certificates duly executed on behalf of the
Company, countersign Warrant Certificates evidencing Warrants representing the
right to purchase up to __________ aggregate principal amount of Warrant
Securities and shall deliver such Warrant Certificates to or upon the order of
the Company. Subsequent to such issuance of the Warrant Certificates, the
Warrant Agent shall countersign a Warrant Certificate only if the Warrant
Certificate is issued in exchange or substitution for one or more previously
countersigned Warrant Certificates or in connection with their transfer, as
hereinafter provided or as provided in Section 2.3(c).

         SECTION 1.4       Temporary Warrant Certificate.

         Pending the preparation of definitive Warrant Certificates, the Company
may execute, and upon the order of the Company, the Warrant Agent shall
authenticate and deliver, temporary Warrant Certificates which are printed,
lithographed, typewritten, mimeographed or otherwise produced substantially of
the tenor of the definitive Warrant Certificate in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions

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and other variations as the officers executing such Warrant Certificates may
determined, as evidenced by their execution of such Warrant Certificates.

         If temporary Warrant Certificates are issued, the Company will cause
definitive Warrant Certificates to be prepared without unreasonable delay. After
the preparation of definitive Warrant Certificates, the temporary Warrant
Certificates shall be exchangeable for definitive Warrant Certificates upon
surrender of the temporary Warrant Certificates at the corporate trust office of
the Warrant Agent [or _______________], without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Warrant Certificates,
the Company shall execute and the Warrant Agent shall authenticate and deliver
in exchange therefor definitive Warrant Certificates representing the same
aggregate number of Warrants. Until so exchanged, the temporary Warrant
Certificates shall in all respects be entitled to the same benefits under this
Agreement as definitive Warrant Certificates.

                                   ARTICLE II

                           WARRANT PRICE, DURATION AND
                              EXERCISE OF WARRANTS

         SECTION 2.1       Warrant Price.

         During the period from ____________ through and including ____________,
the exercise price of each Warrant shall be __________ plus [accrued
amortization of the original issue discount] [accrued interest] from __________.
During the period from __________ through and including __________, the exercise
price of each Warrant will be __________ plus [accrued amortization of the
original issue discount] [accrued interest] from ____________. [In each case,
the original issue discount will be amortized at a ______% annual rate, computed
on an annual basis using the "interest" method and using a 360-day year
consisting of twelve 30-day months]. Such exercise price of Warrant Securities
is referred to in this Agreement as the "Warrant Price". [The original issue
discount for each __________ principal amount of Warrant Securities is
____________.]

         SECTION 2.2       Duration of Warrants.

         Each Warrant may be exercised in whole at any time, as specified
herein, on or after [the date thereof] [____________] and at or before 5 P.M.,
New York City time, on ____________ [or such later date as the Company may
designate, by notice to the Warrant Agent and the holders of Warrant
Certificates mailed to their addresses as set forth in the record books of the
Warrant Agent] (the "Expiration Date"). Each Warrant not exercised at or before
5 P.M., New York City time, on the Expiration Date shall become void, and all
rights of the holder of the Warrant Certificate evidencing such Warrant under
this Agreement shall cease.

         SECTION 2.3       Exercise of Warrants.

         (a) During the period specified in Section 2.2, any whole number of
Warrants may be exercised by providing certain information as set forth on the
reverse side of the Warrant Certificate and by paying in full, in [lawful money
of the United States of America] [applicable currency,] [in cash or by certified
check or official bank check or by bank wire transfer, in each case,] [by bank
wire transfer] [in immediately available funds] the Warrant Price for each
Warrant exercised, to the Warrant Agent at its corporate trust office [or at
____________], provided that such exercise is subject to receipt within five
business days of such [payment] [wire transfer] by the Warrant Agent of the
Warrant Certificate with the form of election to purchase Warrant Securities set
forth on the reverse side of the Warrant Certificate properly completed and duly
executed [including any applicable certifications if the Warrant Securities are
issuable in bearer form]. The date on which payment in full of the Warrant Price
is received by the Warrant Agent shall, subject to receipt of the Warrant
Certificate as aforesaid, be deemed to be the date on which the Warrant is
exercised. The Warrant Agent shall deposit all funds received by it in payment
of the Warrant Price in an account of the Company maintained with it [if
non-dollar denominated funds -- or in such other account designated by the
Company] and shall advise the Company by telephone at the end of each day on
which a [payment] [wire transfer] for the exercise of Warrants is received of
the amount so deposited to its account. The Warrant Agent shall promptly confirm
such telephone advice to the Company in writing.

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         (b) The Warrant Agent shall, from time to time, as promptly as
practicable, advise the Company and the [Trustee under the Indenture relating to
the Warrant Securities] of (i) the number of Warrants exercised, (ii) the
instructions of each holder of the Warrant Certificates evidencing such Warrants
with respect to delivery of the Warrant Securities to which such holder is
entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing
the balance, if any, of the Warrants remaining after such exercise, and (iv)
such other information as the Company or such Trustee shall reasonable require.

         (c) As promptly as practicable after the exercise of any Warrant, the
Company shall issue, pursuant to the Indenture, in authorized denominations to
or upon the order of the holder of the Warrant Certificate evidencing such
Warrant, the Warrant Securities to which such holder is entitled, in fully
registered form, registered in such name or names as may be directed by such
holder. If fewer than all of the Warrants evidenced by such Warrant Certificate
are exercised, the Company shall execute, and an authorized officer of the
Warrant Agent shall manually countersign and deliver, a new Warrant Certificate
evidencing the number of such Warrants remaining unexercised.

         (d) The Company shall not be required to pay any stamp or other tax or
other governmental charge required to be paid in connection with any transfer
involved in the issue of the Warrant Securities, and in the event that any such
transfer is involved, the Company shall not be required to issue or deliver any
Warrant Security until such tax or other charge shall have been paid or it has
been established to the Company's satisfaction that no such tax or other charge
is due.

                                   ARTICLE III

                       OTHER PROVISIONS RELATING TO RIGHTS
                       OF HOLDERS OF WARRANT CERTIFICATES

         SECTION 3.1       No Rights as Warrant Securityholder Conferred by
Warrants or Warrant Certificates.

         No Warrant Certificates or Warrant evidenced thereby shall entitle the
holder thereof to any of the rights of a holder of Warrant Securities,
including, without limitation, the right to receive the payment of principal of,
premium, if any, or interest, if any, on Warrant Securities or to enforce any of
the covenants in the Indenture relating to the Warrant Securities.

         SECTION 3.2       Lost, Stolen, Mutilated or Destroyed Warrant
Certificates.

         Upon receipt by the Warrant Agent of evidence reasonably satisfactory
to it and the Company of the ownership of and the loss, theft, destruction or
mutilation of any Warrant Certificate and of indemnity reasonably satisfactory
to the Warrant Agent and the Company, and, in the case of mutilation, upon
surrender thereof to the Warrant Agent for cancellation, then, in the absence of
notice to the Company or the Warrant Agent that such Warrant Certificate has
been acquired by a bona fide purchaser, the Company shall execute, and an
authorized officer of the Warrant Agent shall manually countersign and deliver,
in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate of the same tenor and evidencing a like
number of Warrants. Upon the issuance of any new Warrant Certificate under this
Section, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Warrant Agent) in
connection therewith. Every substitute Warrant Certificate executed and
delivered pursuant to this Section in lieu of any lost, stolen or destroyed
Warrant Certificate shall represent an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered 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 of mutilated, lost, stolen or
destroyed Warrant Certificates.

         SECTION 3.3       Holder of Warrant Certificate May Enforce Rights.

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         Notwithstanding any of the provisions of this Agreement, any holder of
a Warrant Certificate, without the consent of the Warrant Agent, the Trustee,
the holder of any Warrant Securities or the holder of any other Warrant
Certificate, may, in his own behalf and for his own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, his right to exercise the
Warrants evidenced by his Warrant Certificate in the manner provided in his
Warrant Certificate and in this Agreement.

         SECTION 3.4       Consolidation, Merger, Sale or Conveyance.

         If at any time there shall be a consolidation merger, sale or
conveyance to which Article [__] of the Indenture relating to the Warrant
Securities applies, then in any such event the successor or assuming corporation
referred to therein shall succeed to and be substituted for the Company, with
the same effect, subject to such Indenture, as if it had been named herein and
in the Warrant as the Company; the Company shall thereupon be relieved of any
further obligation hereunder or under the Warrants, and the Company as the
predecessor corporation may thereupon or at any time thereafter be dissolved,
wound up or liquidated. Such successor or assuming corporation thereupon may
cause to be signed, and may issue either in its own name or in the name of the
Company, any or all of the Warrants issuable hereunder which theretofore shall
not have been signed by the Company, and may execute and deliver Warrant
Securities in its own name pursuant to such Indenture, in fulfillment of its
obligations to deliver Warrant Securities upon exercise of the Warrants. All the
Warrants so issued shall in all respects have the same legal rank and benefit
under this Agreement as the Warrants theretofore or thereafter issued in
accordance with the terms of this Agreement as though all of such Warrants had
been issued at the date of the execution hereof. In any case of any such
consolidation, merger, sale or conveyance, such changes in phraseology and form
(but not in substance) may be made in the Warrants thereafter to be issued as
may be appropriate.

         The Warrant Agent may receive a written opinion of legal counsel as
conclusive evidence that any such consolidation, merger, sale or conveyance
complies with the provisions of this Section 3.4 and such Indenture.

                                   ARTICLE IV

                              EXCHANGE AND TRANSFER
                             OF WARRANT CERTIFICATES

         SECTION 4.1       Exchange and Transfer of Warrant Certificates.

         [If Offered Securities with Warrants which are immediately detachable
-- Upon] [If Offered Securities with Warrants which are not immediately
detachable -- Prior to the Detachable Date, a Warrant Certificate may be
exchanged or transferred only together with the Offered Security to which the
Warrant Certificate was initially attached, and only for the purpose of
effecting, or in conjunction with, an exchange or transfer of such Offered
Security. Prior to any Detachable Date, each transfer of the Offered Security on
the register of the Offered Securities shall operate also to transfer the
related Warrant Certificates. After the Detachable Date, upon] surrender at the
corporate trust office of the Warrant Agent [or ________], Warrant Certificates
evidencing Warrants may be exchanged for Warrant Certificates in other
denominations evidencing such Warrants [or the transfer thereof may be
registered in whole or in part]; provided that such other Warrant Certificates
evidence the same aggregate number of Warrants as the Warrant Certificates so
surrendered. [The Warrant Agent shall keep, at its corporate trust office [and
at ________], books in which, subject to such reasonable regulations as it may
prescribe, it shall register Warrant Certificates and exchanges and transfers of
outstanding Warrant Certificates, upon surrender of the Warrant Certificates to
the Warrant Agent at its corporate trust office [or ________] for exchange or
registration of transfer, properly endorsed or accompanied by appropriate
instruments of registration of transfer and written instructions for transfer,
all in form satisfactory to the Company and the Warrant Agent.] No service
charge shall be made for any exchange [or registration of transfer] of Warrant
Certificates, but the Company may require payment of a sum sufficient to cover
any stamp or other tax or other governmental charge that may be imposed in
connection with any such exchange [or registration of transfer]. Whenever any
Warrant Certificates are so surrendered for exchange [or registration of
transfer], an authorized officer of the Warrant Agent shall manually countersign
and deliver to the person or persons entitled thereto a Warrant Certificate or
Warrant Certificates duly authorized and executed by the Company, as so
requested. The Warrant Agent shall not be required to effect any exchange [or
registration of

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transfer] which will result in the issuance of a Warrant Certificate evidencing
a fraction of a Warrant or a number of full Warrants and a fraction of a
Warrant. All Warrant Certificates issued upon any exchange [or registration of
transfer] of Warrant Certificates shall be the valid obligations of the Company,
evidencing the same obligations, and entitled to the same benefits under this
Agreement, as the Warrant Certificate surrendered for such exchange [or
registration of transfer].

         SECTION 4.2       Treatment of Holders of Warrant Certificates

         [If Offered Securities and Warrants are not immediately detachable --
Prior to the Detachable Date, the Company, the Warrant Agent and all other
persons may treat the owner of the Offered Security as the owner of the Warrant
Certificates initially attached thereto for any purpose or as the person
entitled to exercise the rights represented by the Warrants evidenced by such
Warrant Certificates, any notice to the contrary notwithstanding. After the
Detachable Date,] [if registered Warrants -- and prior to due presentment of a
Warrant Certificate for registration for registration of transfer,] the Company,
the Warrant Agent and all other persons may treat the holder of a Warrant
Certificate as the owner thereof for any purpose and as the person entitled to
exercise the rights represented by the Warrants evidenced thereby, any notice to
the contrary notwithstanding.

         SECTION 4.3       Cancellation of Warrant Certificates.

         Any Warrant Certificates surrendered for exchange[, registration of
transfer] or exercise of the Warrants evidenced thereby shall, if surrendered to
the Company, be delivered to the Warrant Agent, and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly cancelled by
the Warrant Agent and shall not be reissued and, except as expressly permitted
by this Agreement, no Warrant Certificate shall be issued hereunder in exchange
or in lieu thereof. The Warrant Agent shall deliver to the Company from time to
time or otherwise dispose of cancelled Warrant Certificates in a manner
satisfactory to the Company.

                                    ARTICLE V

                          CONCERNING THE WARRANT AGENT

         SECTION 5.1       Warrant Agent.

         The Company hereby appoints [__________] as Warrant Agent of the
Company in respect of the Warrants and the Warrant Certificates upon the terms
and subject to the conditions herein set forth; and [___________] hereby accepts
such appointment. The Warrant Agent shall have the powers and authority granted
to and conferred upon it in the Warrant Certificates and herein and such further
powers and authority to act on behalf of the Company as the Company may
hereafter grant to or confer upon it. All of the terms and provisions with
respect to such powers and authority contained in the Warrant Certificates are
subject to and governed by the terms and provisions hereof.

         SECTION 5.2       Conditions of Warrant Agent's Obligations.

         The Warrant Agent accepts its obligations herein set forth upon the
terms and conditions hereof, including the following, to all of which the
Company agrees and to all of which the rights hereunder of the holders from time
to time of the Warrant Certificates shall be subject:

         (a) Compensation and Indemnification. The Company agrees promptly to
pay the Warrant Agent the compensation to be agreed upon with the Company for
all services rendered by the Warrant Agent and to reimburse the Warrant Agent
for reasonable out-of-pocket expenses (including reasonable counsel fees)
incurred by the Warrant Agent without negligence, bad faith or breach of this
Agreement on its part in connection with the services rendered hereunder by the
Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and
to hold it harmless against, any loss, liability or expense incurred without
negligence or bad faith on the part of the Warrant Agent, arising out of or in
connection with its acting as Warrant Agent hereunder, as well as the reasonable
costs and expenses of defending against any claim of such liability.

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         (b) Agent for the Company. In acting under this Warrant Agreement and
in connection with the Warrant Certificates, the Warrant Agent is acting solely
as agent of the Company and does not assume any obligations or relationship of
agency or trust for or with any of the holders of Warrant Certificates or
beneficial owners of Warrants.

         (c) Counsel. The Warrant Agent may consult with counsel satisfactory to
it, and the written advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in accordance with the advice of such counsel.

         (d) Documents. The Warrant Agent shall be protected and shall incur no
liability for or in respect of any action taken or thing suffered by it in
reliance upon any Warrant Certificate, notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by the proper parties.

         (e) Certain Transactions. The Warrant Agent, and its officers,
directors and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights that it or they would have if it were not the
Warrant Agent hereunder, and, to the extent permitted by applicable law, it or
they may engage or be interested in any financial or other transaction with the
Company and may act on, or as depositary, trustee or agent for, any committee or
body of holders of Warrant Securities or other obligations of the Company as
freely as if it were not the Warrant Agent hereunder. Nothing in the Warrant
Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee
under any of the Indentures.

         (f) No Liability for Interest. Unless otherwise agreed with the
Company, the Warrant Agent shall have no liability for interest on any monies at
any time received by it pursuant to any of the provisions of this Agreement or
of the Warrant Certificates.

         (g) No Liability for Invalidity. The Warrant Agent shall have no
liability with respect to any invalidity of this Agreement or any of the Warrant
Certificates (except as to the Warrant Agent's countersignature thereon).

         (h) No Responsibility for Representations. The Warrant Agent shall not
be responsible for any of the recitals representations herein or in the Warrant
Certificates (except as to the Warrant Agent's countersignature thereon), all of
which are made solely by the Company.

         (i) No Implied Obligations. The Warrant Agent shall be obligated to
perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read into
this Agreement or the Warrant Certificates against the Warrant Agent. The
Warrant Agent shall not be under any obligation to take any action hereunder
which may tend to involve it in any expense or liability, the payment of which
within a reasonable time is not, in its reasonable opinion, assured to it. The
Warrant Agent shall not be accountable or under any duty or responsibility for
the use by the Company of any of the Warrant Certificates authenticated by the
Warrant Agent and delivered by it to the Company pursuant to this Agreement or
for the application by the Company of the proceeds of the Warrant Certificates.
The Warrant Agent shall have no duty or responsibility in case of any default by
the Company in the performance of its covenants or agreements contained herein
or in the Warrant Certificates or in the case of the receipt of any written
demand from a holder of a Warrant Certificate with respect to such default,
including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law or
otherwise or, except as provided in Section 6.2 hereof, to make any demand upon
the Company.

         SECTION 5.3       Resignation and Appointment of Successor.

         (a) The Company agrees, for the benefit of the holders from time to
time of the Warrant Certificates, that there shall at all times be a Warrant
Agent hereunder until all the Warrants have been exercised or are no longer
exercisable.

         (b) The Warrant Agent may at any time resign as such agent by giving
written notice to the Company of such intention on its part, specifying the date
on which its desired resignation shall become effective; provided that such date
shall not be less than 90 days after the date on which such notice is given
unless the Company otherwise

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agrees. The Warrant Agent hereunder may be removed at any time by the filing
with it of an instrument in writing signed by or on behalf of the Company and
specifying such removal and the date when it shall become effective. Such
resignation or removal shall take effect upon the appointment by the Company, as
hereinafter provided, of a successor Warrant Agent (which shall be a bank or
trust company in good standing, authorized under the laws of the jurisdiction of
its organization to exercise corporate trust powers) and the acceptance of such
appointment by such successor Warrant Agent. The obligation of the Company under
Section 5.2(a) shall continue to the extent set forth therein notwithstanding
the resignation or removal of the Warrant Agent.

         (c) In case at any time the Warrant Agent shall resign, or shall be
removed, or shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or shall commence a voluntary case under the federal bankruptcy laws,
as now or hereafter constituted, or under any other applicable federal or state
bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall
admit in writing its inability to pay its debts generally as they become due, or
shall take corporate action in furtherance of any such action, or a decree or
order for relief by a court having jurisdiction in the premises shall have been
entered in respect of the Warrant Agent in an involuntary case under the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or similar law; or a decree or order by
a court having jurisdiction in the premises shall have been entered for the
appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant Agent
or of its property or affairs for the purpose of rehabilitation, conservation,
winding up or liquidation, a successor Warrant Agent, qualified as aforesaid,
shall be appointed by the Company by an instrument in writing, filed with the
successor Warrant Agent. Upon the appointment as aforesaid of a successor
Warrant Agent and acceptance by the successor Warrant Agent of such appointment,
the Warrant Agent shall cease to be Warrant Agent hereunder.

         (d) Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor with like effect as if originally named Warrant Agent
hereunder, and such predecessor, upon payment of its charges and disbursements
then unpaid, shall thereupon become obligated to transfer, deliver and pay over,
and such successor Warrant Agent shall be entitled to receive, all monies,
securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder.

         (e) Any corporation into which the Warrant Agent hereunder may be
merged or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Warrant Agent shall be a party, or any corporation to
which the Warrant Agent shall be a party, or any corporation to which
substantially all the assets and business of the Warrant Agent, provided that it
shall be qualified as aforesaid, shall be the successor Warrant Agent under this
Agreement without the execution or filing of any paper or any further act on the
part of any of the parties hereto.

                                   ARTICLE VI

                                  MISCELLANEOUS

         SECTION 6.1       Amendment.

         (a) This Agreement may be amended by the parties hereto, without the
consent of the holder of any Warrant Certificate, for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision
contained herein, or making any other provisions with respect to matters or
questions arising under this Agreement as the Company and the Warrant Agent may
deem necessary or desirable; provided that such action shall not affect
adversely the interests of the holders of the Warrant Certificates.

         (b) The Company and the Warrant Agent may modify or amend this
Agreement (by means of an agreement

                                       8
<PAGE>

supplemental hereto or otherwise) with the consent of holders of Warrants
constituting not less than a majority in number of the then outstanding Warrants
of all series affected by such modification or amendment, for any purpose;
provided, however, that no such modification or amendment that changes the
exercise price of the Warrants of any series, reduces the amount receivable upon
exercise, cancellation or expiration of the Warrants other than in accordance
with the antidilution provisions or other similar adjustment provisions included
in the terms of the Warrants, shortens the period of time during which the
Warrants of such series may be exercised, or otherwise materially and adversely
affects the exercise rights of the affected holders or reduces the percentage of
the number of outstanding Warrants of such series, the consent of whose holders
is required for modification or amendment of this Agreement, may be made without
the consent of each holder affected thereby.

         SECTION 6.2       Notices and Demands to the Company and Warrant Agent.

         If the Warrant Agent shall receive any notice or demand addressed to
the Company by the holder of a Warrant Certificate pursuant to the provisions of
the Warrant Certificates, the Warrant Agent shall promptly forward such notice
or demand to the Company.

         SECTION 6.3       Addresses.

         Any communication from the Company to the Warrant Agent with respect to
this Agreement shall be addressed to __________________________________,
_____________, Attention: ____________________ and any communication from the
Warrant Agent to the Company with respect to this Agreement shall be addressed
to Union Planters Corporation, 6200 Poplar Avenue, Memphis, Tennessee 38119,
Attention: ________________ (or such other address as shall be specified in
writing by the Warrant Agent or by the Company).

         SECTION 6.4        Applicable Law.

         The validity, interpretation and performance of this Agreement and each
Warrant Certificate issued hereunder and of the respective terms and provisions
thereof shall be governed by, and construed in accordance with, the laws of the
State of New York.

         SECTION 6.5       Delivery of Prospectus.

         The Company will furnish to the Warrant Agent sufficient copies of a
prospectus relating to the Warrant Securities deliverable upon exercise of the
Warrants (the "Prospectus"), and the Warrant Agent agrees that upon the exercise
of any Warrant, the Warrant Agent will deliver to the holder of the Warrant
Certificate evidencing such Warrant, prior to or concurrently with the delivery
of the Warrant Securities issued upon such exercise, a Prospectus. The Warrant
Agent shall not, by reason of any such delivery, assume any responsibility for
the accuracy or adequacy of such Prospectus.

         SECTION 6.6       Obtaining of Governmental Approvals.

         The Company will from time to time take all action which may be
necessary to obtain and keep effective any and all permits, consents and
approvals of governmental agencies and authorities and securities acts filings
under United States federal and state laws (including without limitation a
registration statement in respect of the Warrants and Warrant Securities under
the Securities Act of 1933), which may be or become requisite in connection with
the issuance, sale, transfer, and delivery of the Warrant Securities issued upon
exercise of the Warrant Certificates, the exercise of the Warrants, the
issuance, sale, transfer and delivery of the Warrants or upon the expiration of
the period during which the Warrants are exercisable.

         SECTION 6.7       Persons Having Rights under Warrant Agreement.

         Nothing in this Agreement shall give to any person other than the
Company, the Warrant Agent and the holders of the Warrant Certificates any
right, remedy or claim under or by reason of this Agreement.

         SECTION 6.8       Headings.

                                       9
<PAGE>

         The descriptive headings of the several Articles and Sections of this
Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

         SECTION 6.9       Counterparts.

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

         SECTION 6.10      Inspection of Agreement.

         A copy of this Agreement shall be available at all reasonable times at
the principal corporate trust office of the Warrant Agent for inspection by the
holder of any Warrant Certificate. The Warrant Agent may require such holder to
submit his Warrant Certificate for inspection by it.

                                       10
<PAGE>

         IN WITNESS WHEREOF, Union Planters Corporation and have caused this
Agreement to be signed by their respective duly authorized officers, and their
respective corporate seals to be affixed hereunto, and the same to be attested
by their respective Secretaries or one of their respective Assistant
Secretaries, all as of the day and year first above written.

                                                  UNION PLANTERS CORPORATION

                                                  By:___________________________
                                                     Name:
                                                     Title:

Attest:___________________________
       Title:

                                                  [____________________________]

                                                  By:___________________________
                                                     Name:
                                                     Title:

Attest:___________________________
       Title:

<PAGE>

EXHIBIT A

                           FORM OF WARRANT CERTIFICATE
                          [Face of Warrant Certificate]

[Form of Legend if Offered Securities      Prior to _______________ this Warrant
which are not immediately detachable.      Certificate cannot be transferred or
                                           exchanged unless attached to a[Title
                                           of Offered Securities]]

[Form of Legend if Warrants are not        Prior to _______________, Warrants
immediately exercisable.                   evidenced by this Warrant Certificate
                                           cannot be exercised.]

                EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT
                            AGENT AS PROVIDED HEREIN

                           UNION PLATNERS CORPORATION
                              WARRANTS TO PURCHASE
                          [Title of Warrant Securities]

            VOID AFTER 5 P.M. NEW YORK CITY TIME, ON _______________

No. __________                                               __________ Warrants

         This certifies that [the bearer is the] [_________________or registered
assigns is the registered] owner of the above indicated number of Warrants, each
Warrant entitling such owner [if Offered Securities with Warrants which are not
immediately detachable -- , subject to the [bearer] [registered owner]
qualifying as a "holder" of this Warrant Certificate, as hereinafter defined] to
purchase, at any time [after 5 P.M., New York City time, on _______________ and]
on or before 5 P.M., New York City time, on _______________, __________
principal amount of [Title of Warrant Securities] (the "Warrant Securities"), of
Union Planters Corporation (the "Company"), issued and to be issued under the
Indenture (as hereinafter defined), on the following basis: during the period
from _______________ through and including _______________, the exercise price
of each Warrant will be ________ plus [accrued amortization of the original
issue discount] [accrued interest] from _______________; during the period from
_______________ through and including _______________, the exercise price of
each Warrant will be ________ plus [accrued amortization of the original issue
discount] [accrued interest] from _______________; [in each case, the original
issue discount will be amortized at a ___% annual rate, computed on an annual
basis using the "interest" method and using a 360-day year consisting of twelve
30-day months] (the "Warrant Price"). [The original issue discount for each
________ principal amount of Warrant Securities is ________.] The holder may
exercise the Warrants evidenced hereby by providing certain information set
forth on the back hereof, including any applicable certifications if the Warrant
Securities are issuable in bearer form, and by paying in full [in lawful money
of the United States of America] [applicable currency] [in cash or by certified
check or official bank check or by bank wire transfer, in each case,] [by bank
wire transfer] in immediately available funds, the Warrant Price for each
Warrant exercised to the Warrant Agent (as hereinafter defined) and by
surrendering this Warrant Certificate, with the purchase form on the back hereof
duly executed, at the corporate trust office of ____________________, or its
successor as warrant agent (the "Warrant Agent"), [or ____________] currently at
the address specified on the reverse hereof, and upon compliance with and
subject to the conditions set forth herein and in the Warrant Agreement (as
hereinafter defined).

         The term "holder" as used herein shall mean [if Offered Securities with
Warrants which are not immediately detachable prior to ____________ (the
"Detachable Date"), the registered owner of the Company's [title of Offered
Securities] to which this Warrant Certificate is initially attached, and after
such Detachable Date,] [the bearer of this Warrant Certificate] [the person in
whose name at the time this Warrant Certificate shall be registered upon the
books to be maintained by the Warrant Agent for that purpose pursuant to Section
4.1 of the

                                      A-1
<PAGE>

Warrant Agreement].

         Any whole number of Warrants evidenced by this Warrant Certificate may
be exercised to purchase Warrant Securities in registered form in denominations
of ____________ and any integral multiples thereof. Upon any exercise of fewer
than all of the Warrants evidenced by this Warrant Certificate, there shall be
issued to the holder hereof a new Warrant Certificate evidencing the number of
Warrants remaining unexercised.

         This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of ____________ (the "Warrant Agreement") between the
Company and the Warrant Agent and is subject to the terms and provisions
contained in the Warrant Agreement, to all of which terms and provisions the
holder of this Warrant Certificate consents by acceptance hereof. Copies of the
Warrant Agreement are on file at the above-mentioned office of the Warrant Agent
[and at _______________].

         The Warrant Securities to be issued and delivered upon the exercise of
the Warrants evidenced by this Warrant Certificate will be issued under and in
accordance with an indenture (the "Indenture"), dated as of [____________,
200_], between the Company and Bank One Trust Company, N.A., as trustee (the
"Trustee"), and will be subject to the terms and provisions contained in the
Indenture. Copies of the Indenture and the form of the Warrant Securities are on
file at the corporate trust office of the Trustee [and at _______________].

         [If Offered Securities with Warrants which are not immediately
detachable -- Prior to ____________, this Warrant Certificate may be exchanged
or transferred only together with the [Title of Offered Securities] ("Offered
Securities") to which this Warrant Certificate was initially attached, and only
for the purpose of effecting, or in conjunction with, an exchange or transfer of
such Offered Security. After such date, this] [if Offered Securities with
Warrants which are immediately detachable -- Transfer of this] Warrant
Certificate may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent [or ____________] by the
registered owner or his assigns, in person or by an attorney duly authorized in
writing, in the manner and subject to the limitations provided in the Warrant
Agreement.] [effected by delivery and the Company and the Warrant Agent may
treat the bearer hereof as the owner for all purposes.]

         [If Offered Securities with Warrants which are not immediately
detachable -- Except as provided in the immediately preceding paragraph, after]
[If Offered Securities with Warrants which are immediately detachable or
Warrants alone -- After] countersignature by the Warrant Agent and prior to the
expiration of this Warrant Certificate, this Warrant Certificate may be
exchanged at the corporate trust office of the Warrant Agent [or ____________]
for Warrant Certificates representing the same aggregate number of Warrants.

         This Warrant Certificate shall not entitle the holder hereof to any of
the rights of a holder of the Warrant Securities, including, without limitation,
the right to receive payments of principal of, premium, if any, or interest, if
any, on the Warrant Securities or to enforce any of the covenants of the
Indenture.

                                      A-2
<PAGE>

         This Warrant Certificate shall not be valid or obligatory for any
purpose until countersigned by the Warrant Agent.

Dated as of _____________, 20__.

                                                  UNION PLANTERS CORPORATION

                                                  By:___________________________
                                                     Name:
                                                     Title:

Attest:___________________________
       Title:

                                                  [____________________________]

                                                  By:___________________________
                                                     Name:
                                                     Title:

Attest:___________________________
       Title:

                                      A-3
<PAGE>

                        [Reverse of Warrant Certificate]
                      Instructions for Exercise of Warrant

         To exercise the Warrants evidenced hereby, the holder must pay in
[Dollars] [applicable currency] [in cash or by certified check or official bank
check or by bank wire transfer] [by bank wire transfer] [in immediately
available funds] the Warrant Price in full for Warrants exercised to
_____________________, [corporate trust department] [insert address of Warrant
Agent], Attn. __________ [or ____________], which [payment] [wire transfer] must
specify the name of the holder and the number of Warrants exercised by such
holder. In addition, the holder must complete the information required below and
present this Warrant Certificate in person or by mail (certified or registered
mail is recommended) to the Warrant Agent at the appropriate address set forth
below. This Warrant Certificate, completed and duly executed, must be received
by the Warrant Agent within five business days of the [payment] [wire transfer].

                     To Be Executed Upon Exercise of Warrant

         The undersigned hereby irrevocably elects to exercise ____________
Warrants, evidenced by this Warrant Certificate, to purchase ____________
principal amount of the [Title of Warrant Securities ] (the "Warrant
Securities") of Union Planters Corporation and represents that he has tendered
payment for such Warrant Securities in [Dollars] [applicable currency] [in cash
or by certified check or official bank check or by bank wire transfer, in each
case] [by bank wire transfer] in immediately available funds to the order of
Union Planters Corporation, c/o _________________________, [address of Warrant
Agent], in the amount of ____________ in accordance with the terms hereof. The
undersigned requests that said principal amount of Warrant Securities be in the
authorized denominations, registered in such names and delivered all as
specified in accordance with the instructions set forth below.

         If the number of Warrants exercised is less than all of the Warrants
evidenced hereby, the undersigned requests that a new Warrant Certificate
representing the remaining Warrants evidenced hereby be issued and delivered to
the undersigned unless otherwise specified in the instructions below.

Dated: ____________________                Name: _______________________________

___________________________                Address: ____________________________
(Insert Social Security or other
Identifying Number of Holder)

Signature Guaranteed                       Signature: __________________________
                                           (Signature must conform in all
                                           respects to name of holder as
                                           specified on the face of this Warrant
                                           Certificate and must bear a signature
                                           guarantee by a bank, trust company or
                                           member broker of the New York,
                                           Midwest or Pacific Stock Exchanges)

                                      A-4
<PAGE>

The Warrants evidenced hereby may be exercised at the following addresses:

By hand at
                         _______________________________
                         _______________________________
                         _______________________________
                         _______________________________

By mail at
                         _______________________________
                         _______________________________
                         _______________________________
                         _______________________________

         [Instructions as to form and delivery of Warrant Securities and, if
applicable, Warrant Certificate evidencing unexercised Warrants - complete as
appropriate.]

                                      A-5
<PAGE>

                                   ASSIGNMENT

                  [Form of Assignment To Be Executed If Holder
                 Desires To Transfer Warrants Evidenced Hereby]

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
________________________________________________________________________________
________________________________________________________________________________

(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)
________________________________________________________________________________
________________________________________________________________________________

(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Warrant Certificate and all rights thereunder, hereby irrevocably
constituting and appointing_____________________ attorney to transfer said
Warrant Certificate on the books of the Warrant Agent with full power of
substitution in the premises.

Dated:_____________________                Signature:___________________________

                                           NOTICE: The signature to this
                                           assignment must correspond with the
                                           name as it appears upon the face of
                                           the within Warrant Certificate in
                                           every particular, without alteration
                                           or enlargement or any change
                                           whatsoever.

Signature Guarantee:___________________________________________________

                                      A-6<PAGE>

                                                                    EXHIBIT 4.13

                           UNION PLANTERS CORPORATION

                                       AND

                                   [________],

                           AS PURCHASE CONTRACT AGENT

                           PURCHASE CONTRACT AGREEMENT

                          DATED AS OF [______], 200[_]

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                               <C>
ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION........................          1
SECTION 1.1 Definitions..................................................................          1
SECTION 1.2 Compliance Certificates and Opinions.........................................         11
SECTION 1.3 Form of Documents Delivered to Agent.........................................         11
SECTION 1.4 Acts of Holders; Record Dates................................................         12
SECTION 1.5 Notices......................................................................         13
SECTION 1.6 Notice to Holders; Waiver....................................................         13
SECTION 1.7 Effect of Headings and Table of Contents.....................................         14
SECTION 1.8 Successors and Assigns.......................................................         14
SECTION 1.9 Separability Clause..........................................................         14
SECTION 1.10 Benefits of Agreement.......................................................         14
SECTION 1.11 Governing Law...............................................................         14
SECTION 1.12 Legal Holidays..............................................................         14
SECTION 1.13 Counterparts................................................................         15
SECTION 1.14 Inspection of Agreement.....................................................         15
SECTION 1.15 Appointment of Financial Institution as Agent for the Company...............         15
SECTION 1.16 No Waiver...................................................................         15
ARTICLE II CERTIFICATE FORMS.............................................................         15
SECTION 2.1 Forms of Certificates Generally..............................................         15
SECTION 2.2 Form of Agent's Certificate of Authentication................................         16
ARTICLE III THE UNITS....................................................................         16
SECTION 3.1 Number of Units; Denominations...............................................         16
SECTION 3.2 Rights and Obligations Evidenced by the Certificates.........................         17
SECTION 3.3 Execution, Authentication, Delivery and Dating...............................         17
SECTION 3.4 Temporary Certificates.......................................................         18
SECTION 3.5 Registration; Registration of Transfer and Exchange..........................         18
SECTION 3.6 Book-Entry Interests.........................................................         20
SECTION 3.7 Notices to Holders...........................................................         20
SECTION 3.8 Appointment of Successor Clearing Agency.....................................         20
SECTION 3.9 Definitive Certificates......................................................         20
SECTION 3.10 Mutilated, Destroyed, Lost and Stolen Certificates..........................         21
SECTION 3.11 Persons Deemed Owners.......................................................         22
SECTION 3.12 Cancellation................................................................         22
SECTION 3.13 Establishment of Stripped Units.............................................         22
SECTION 3.14 Reestablishment of Normal Units.............................................         23
SECTION 3.15 Transfer of Collateral upon Occurrence of Termination Event.................         24
SECTION 3.16 No Consent to Assumption....................................................         25
SECTION 3.17 CUSIP Numbers...............................................................         25
ARTICLE IV THE NOTES.....................................................................         25
SECTION 4.1 Payment of Interest; Rights to Interest Payments Preserved; Notice...........         25
SECTION 4.2 Notice and Voting............................................................         26
SECTION 4.3 Special Event Redemption.....................................................         26
SECTION 4.4 Consent to Treatment for Tax Purposes........................................         26
ARTICLE V THE PURCHASE CONTRACTS; THE REMARKETING........................................         27
SECTION 5.1 Purchase of Common Stock.....................................................         27
SECTION 5.2 Contract Adjustment Payments.................................................         28
SECTION 5.3 Deferral of Contract Adjustment Payments.....................................         32
SECTION 5.4 Payment of Purchase Price; Remarketing.......................................         33
SECTION 5.5 Issuance of Shares of Common Stock...........................................         36
SECTION 5.6 Adjustment of Settlement Rate................................................         37
SECTION 5.7 Notice of Adjustments and Certain Other Events...............................         41
SECTION 5.8 Termination Event; Notice....................................................         42
SECTION 5.9 Early Settlement.............................................................         42
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                               <C>
SECTION 5.10 Early Settlement Upon Cash Merger...........................................         43
SECTION 5.11 Charges and Taxes...........................................................         45
SECTION 5.12 No Fractional Shares........................................................         45
ARTICLE VI REMEDIES......................................................................         45
SECTION 6.1 Unconditional Right of Holders to Receive Purchase Contract Adjustment
               Payments and Purchase Common Stock........................................         45
SECTION 6.2 Restoration of Rights and Remedies...........................................         46
SECTION 6.3 Rights and Remedies Cumulative...............................................         46
SECTION 6.4 Delay or Omission Not Waiver.................................................         46
SECTION 6.5 Undertaking for Costs........................................................         46
SECTION 6.6 Waiver of Stay or Extension Laws.............................................         46
ARTICLE VII THE AGENT....................................................................         47
SECTION 7.1 Certain Duties and Responsibilities..........................................         47
SECTION 7.2 Notice of Default............................................................         47
SECTION 7.3 Certain Rights of Agent......................................................         47
SECTION 7.4 Not Responsible for Recitals or Issuance of Units............................         48
SECTION 7.5 May Hold Units...............................................................         49
SECTION 7.6 Money Held in Custody........................................................         49
SECTION 7.7 Compensation and Reimbursement...............................................         49
SECTION 7.8 Corporate Agent Required; Eligibility........................................         49
SECTION 7.9 Resignation and Removal; Appointment of Successor............................         50
SECTION 7.10 Acceptance of Appointment by Successor......................................         51
SECTION 7.11 Merger, Conversion, Consolidation or Succession to Business.................         51
SECTION 7.12 Preservation of Information.................................................         51
SECTION 7.13 No Obligations of Agent.....................................................         51
SECTION 7.14 Tax Compliance..............................................................         51
ARTICLE VIII SUPPLEMENTAL AGREEMENTS.....................................................         52
SECTION 8.1 Supplemental Agreements Without Consent of Holders...........................         52
SECTION 8.2 Supplemental Agreements with Consent of Holders..............................         52
SECTION 8.3 Execution of Supplemental Agreements.........................................         53
SECTION 8.4 Effect of Supplemental Agreements............................................         53
SECTION 8.5 Reference to Supplemental Agreements.........................................         53
ARTICLE IX CONSOLIDATION, MERGER, SALE OR CONVEYANCE.....................................         54
SECTION 9.1 Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under
               Certain Conditions........................................................         54
SECTION 9.2 Rights and Duties of Successor Corporation...................................         54
SECTION 9.3 Opinion of Counsel Given to Agent............................................         54
ARTICLE X COVENANTS......................................................................         55
SECTION 10.1 Performance Under Purchase Contracts........................................         55
SECTION 10.2 Maintenance of Office or Agency.............................................         55
SECTION 10.3 Company to Reserve Common Stock.............................................         55
SECTION 10.4 Covenants as to Common Stock................................................         55
SECTION 10.5 Statements of Officer of the Company as to Default..........................         55
</TABLE>

EXHIBITS

EXHIBIT A         Form of Normal Units Certificate
EXHIBIT B         Form of Stripped Units Certificate
EXHIBIT C         Instruction from Purchase Contract Agent to Collateral Agent
EXHIBIT D         Instruction to Purchase Contract Agent
EXHIBIT E         Notice to Settle by Separate Cash

                                       ii

<PAGE>

                  PURCHASE CONTRACT AGREEMENT, dated as of [______], 200[_],
between Union Planters Corporation, a Tennessee corporation (the "Company"), and
[________], a [______] [banking corporation], acting as purchase contract agent
and attorney-in-fact for the Holders of Units from time to time (the "Agent").

                                    RECITALS

                  The Company has duly authorized the execution and delivery of
this Agreement and the Certificates evidencing the Units.

                  All things necessary to make the Purchase Contracts, when the
Certificates are executed by the Company and authenticated, executed on behalf
of the Holders and delivered by the Agent, as provided in this Agreement, the
valid obligations of the Company, and to constitute this Agreement a valid
agreement of the Company, in accordance with its terms, have been done.

                                   WITNESSETH:

                  For and in consideration of the premises and the purchase of
the Units by the Holders thereof, it is mutually agreed as follows:

                                   ARTICLE I

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

                  SECTION 1.1 Definitions.

                  For all purposes of this Agreement, 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, and nouns and pronouns of the masculine gender include the
         feminine and neuter genders;

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

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

                  (d)      the following terms have the meanings given to them
         in this Section 1.1(d):

                  "Accounting Event" means the receipt at any time prior to the
         earlier of the date of any successful remarketing of the Notes pursuant
         to the provisions of Section 5.4 and the Stock Purchase Date by the
         audit committee of the Board of Directors of a written report in
         accordance with Statement on Auditing Standards ("SAS") No. 97,
         "Amendment to SAS No. 50 - Reports on the Application of Accounting
         Principles," from the Company's independent auditors, provided at the
         request of the management of the Company, to the effect that, as a
         result of a change in accounting rules applicable to the Company after
         [______], 200[_], the Company must either (a) account for the Purchase
         Contracts as derivatives under SFAS 133 (or any successor accounting
         standard) or (b) account for the Units using the if-converted method
         under SFAS 128 (or any successor accounting standard), and that such
         accounting treatment will cease to apply upon redemption of the Notes.

                  "Act" when used with respect to any Holder, has the meaning
         specified in Section 1.4(a).

<PAGE>

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

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

                  "Agent-purchased Treasury Consideration" has the meaning
         specified in Section 5.4(b)(i).

                  "Agreement" means this agreement as originally executed or as
         it may from time to time be supplemented or amended by one or more
         agreements supplemental hereto entered into pursuant to the applicable
         provisions hereof.

                  "Applicable Market Value" has the meaning specified in Section
         5.1(c).

                  "Bankruptcy Code" means Title 11 of the United States Code, or
         any other law of the United States that from time to time provides a
         uniform system of bankruptcy laws.

                  "Beneficial Owner" means, with respect to a Book-Entry
         Interest, a Person who is the beneficial owner of such Book-Entry
         Interest as reflected on the books of the Clearing Agency or on the
         books of a Person maintaining an account with such Clearing Agency
         (directly as a Clearing Agency Participant or as an indirect
         participant, in each case in accordance with the rules of such Clearing
         Agency).

                  "Board of Directors" means either the Board of Directors of
         the Company or the executive committee of such Board of Directors or
         any other committee of such Board of Directors duly authorized to act
         generally or in any particular respect for the Board of Directors
         hereunder.

                  "Board Resolution" means (i) a copy of a resolution certified
         by the Secretary or the 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, (ii) a copy of a unanimous
         written consent of the Board of Directors or (iii) a certificate signed
         by the authorized officer or officers to whom the Board of Directors
         has delegated its authority and, in each case, delivered to the Agent.

                  "Book-Entry Interest" means a beneficial interest in a Global
         Certificate, ownership and transfers of which shall be maintained and
         made through book entries by a Clearing Agency as described in Section
         3.6.

                  "Business Day" means any day that is not a Saturday, Sunday or
         day on which banking institutions and trust companies in The City of
         New York or at a place of payment are authorized or required by law,
         regulation or executive order to close.

                  "Capital Stock" means any and all shares, interests, rights to
         purchase, warrants, options, participations or other equivalents of or
         interests in (however designated, whether voting or non-voting)
         corporate stock or similar interests in other types of entities.

                  "Cash Merger" has the meaning set forth in Section 5.10(a).

                  "Cash Merger Date" means the date on which a Cash Merger is
         consummated.

                  "Cash Settlement" has the meaning set forth in Section 5.4(a).

                  "Certificate" means a Normal Units Certificate or a Stripped
         Units Certificate.

                  "Clearing Agency" means an organization registered as a
         "clearing agency" pursuant to Section 17A of the Exchange Act that is
         acting as a depositary for the Units and in whose name, or in the name
         of a

                                       2

<PAGE>

         nominee of that organization, shall be registered a Global Certificate
         and which shall undertake to effect book-entry transfers and pledges of
         the Units.

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

                  "Closing Price" has the meaning specified in Section 5.1(c).

                  "Collateral" has the meaning specified in Section 2.1(a) of
         the Pledge Agreement.

                  "Collateral Agent" means [________], a [_______] [trust
         company], as Collateral Agent under the Pledge Agreement until a
         successor Collateral Agent shall have become such pursuant to the
         applicable provisions of the Pledge Agreement, and thereafter
         "Collateral Agent" shall mean the Person who is then the Collateral
         Agent thereunder.

                  "Collateral Substitution" has the meaning specified in Section
         3.13(a).

                  "Common Stock" means the Common Stock, par value $5.00 per
         share, of the Company.

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

                  "Constituent Person" has the meaning specified in Section
         5.6(b).

                  "Contract Adjustment Payments" means, in the case of Normal
         Units and Stripped Units, the amount payable by the Company in respect
         of each Purchase Contract constituting a part of such Unit, which
         amount shall be equal to [___]% per year of the Stated Amount, in each
         case computed (i) for any full quarterly period, on the basis of a
         360-day year of twelve 30-day months and (ii) for any period shorter
         than a full quarterly period, on the basis of a 30-day month, and for
         periods of less than a month, on the basis of the actual number of days
         elapsed per 30-day month, plus any Deferred Contract Adjustment
         Payments accrued pursuant to Section 5.3.

                  "Corporate Trust Office" means the corporate trust office of
         the Agent at which, at any particular time, its corporate trust
         business shall be principally administered, which office at the date
         hereof is located at [________], Attention: [_____________].

                  "Coupon Rate" means the percentage rate per annum at which
         each Note will bear interest initially.

                  "Current Market Price" has the meaning specified in Section
         5.6(a)(8).

                  "Custodial Agent" means [________], a [_______] [trust
         company], as Custodial Agent under the Pledge Agreement until a
         successor Custodial Agent shall have become such pursuant to the
         applicable provisions of the Pledge Agreement, and thereafter
         "Custodial Agent" shall mean the Person who is then the Custodial Agent
         thereunder.

                  "Default" means a default by the Company in any of its
         obligations under this Agreement.

                  "Deferred Contract Adjustment Payments" has the meaning
         specified in Section 5.3(a).

                  "Depositary" means, initially, DTC, until another Clearing
         Agency becomes its successor.

                  "DTC" means The Depository Trust Company, the initial Clearing
         Agency.

                                       3

<PAGE>

                  "Early Settlement" has the meaning specified in Section
         5.9(a).

                  "Early Settlement Amount" has the meaning specified in Section
         5.9(a).

                  "Early Settlement Date" has the meaning specified in Section
         5.9(a).

                  "Early Settlement Rate" has the meaning specified in Section
         5.9(b).

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

                  "Expiration Date" has the meaning specified in Section 1.4(f).

                  "Expiration Time" has the meaning specified in Section
         5.6(a)(6).

                  "Failed Remarketing" has the meaning specified in Section
         5.4(b)(ii).

                  "Fair Market Value," with respect to securities distributed in
         a Spin-Off, means (a) in the case of any Spin-Off that is effected
         simultaneously with an Initial Public Offering of such securities, the
         initial public offering price of those securities and (b) in the case
         of any other Spin-Off, the average of the Sale Price of those
         securities over the first ten Trading Days after the effective date of
         such Spin-Off.

                  "Global Certificate" means a Certificate that evidences all or
         part of the Units and is registered in the name of a Depositary or a
         nominee thereof.

                  "Holder" means the Person in whose name the Unit evidenced by
         a Normal Units Certificate and/or a Stripped Units Certificate is
         registered in the related Normal Units Register and/or the Stripped
         Units Register, as the case may be.

                  "Indenture" means the Indenture, dated as of [_______],
         200[_], between the Company and the Trustee pursuant to which the Notes
         are to be issued, as originally executed and delivered and as it may
         from time to time be supplemented or amended by one or more indentures
         supplemental thereto entered into pursuant to the applicable provisions
         thereof and shall include the terms of a particular series established
         as contemplated thereof.

                  "Initial Public Offering," with respect to a Spin-Off, means
         the first time securities of the same class or type as the securities
         being distributed in such Spin-Off are bona fide offered to the public
         for cash.

                  "Issuer Order" or "Issuer Request" means a written order or
         request signed in the name of the Company by the Chief Executive
         Officer, President, Chief Financial Officer, Treasurer, any Senior
         Executive Vice President, any Executive Vice President, Senior Vice
         President of Accounting, the Secretary or any Assistant Secretary (or
         other officer performing similar functions) of the Company and
         delivered to the Agent.

                  "Last Failed Remarketing" has the meaning specified in Section
         5.4(b)(ii).

                  "Merger Early Settlement" has the meaning specified in Section
         5.10(a).

                  "Merger Early Settlement Amount" has the meaning specified in
         Section 5.10(b).

                  "Merger Early Settlement Date" has the meaning specified in
         Section 5.10(a)(i).

                  "Non-electing Share" has the meaning specified in Section
         5.6(b).

                                       4

<PAGE>

                  "Normal Unit" means the collective rights and obligations of a
         Holder of a Normal Units Certificate in respect of a 1/[__] undivided
         beneficial interest in a Note in the original principal amount of
         $[____] or the appropriate Treasury Consideration, as the case may be,
         subject in each case to the Pledge thereof, and the related Purchase
         Contract.

                  "Normal Units Certificate" means a certificate evidencing the
         rights and obligations of a Holder in respect of the number of Normal
         Units specified on such certificate, substantially in the form of
         Exhibit A hereto.

                  "Normal Units Register" and "Normal Units Registrar" have the
         respective meanings specified in Section 3.5(a).

                  "Notes" means the [__]% Senior Notes due 200[_] of the Company
         issued under the Indenture.

                  "NYSE" has the meaning specified in Section 5.1(c).

                  "Officers' Certificate" means a certificate signed by the
         Chief Executive Officer, President, Chief Financial Officer, any Senior
         Executive Vice President, any Executive Vice President or the Senior
         Vice President of Accounting, and by the Treasurer, any Assistant
         Treasurer, the Secretary or any Assistant Secretary (or other officer
         performing similar functions) of the Company and delivered to the
         Agent.

                  "Opinion of Counsel" means an opinion in writing signed by
         legal counsel, who may be an employee of or counsel to the Company or
         an Affiliate of the Company and who shall be reasonably acceptable to
         the Agent.

                  "Opt-out Treasury Consideration" has the meaning specified in
         Section 5.4(b)(iv).

                  "Outstanding Units" means, as of the date of determination,
         all Normal Units or Stripped Units evidenced by Certificates
         theretofore authenticated, executed and delivered under this Agreement,
         except:

                           (i)      If a Termination Event has occurred, (A)
                  Stripped Units and (B) Normal Units for which the related
                  Notes or the appropriate Treasury Consideration, as the case
                  may be, has been theretofore deposited with the Agent in trust
                  for the Holders of such Normal Units;

                           (ii)     Normal Units and Stripped Units evidenced by
                  Certificates theretofore cancelled by the Agent or delivered
                  to the Agent for cancellation or deemed cancelled pursuant to
                  the provisions of this Agreement; and

                           (iii)    Normal Units and Stripped Units evidenced by
                  Certificates in exchange for or in lieu of which other
                  Certificates have been authenticated, executed on behalf of
                  the Holder and delivered pursuant to this Agreement, other
                  than any such Certificate in respect of which there shall have
                  been presented to the Agent proof satisfactory to it that such
                  Certificate is held by a protected purchaser in whose hands
                  the Normal Units or Stripped Units evidenced by such
                  Certificate are valid obligations of the Company;

         provided that, in determining whether the Holders of the requisite
         number of the Normal Units or Stripped Units have given any request,
         demand, authorization, direction, notice, consent or waiver hereunder,
         Normal Units or Stripped Units owned by the Company or any Affiliate of
         the Company shall be disregarded and deemed not to be outstanding,
         except that, in determining whether the Agent shall be protected in
         relying upon any such request, demand, authorization, direction,
         notice, consent or waiver, only Normal Units or Stripped Units which a
         Responsible Officer of the Agent knows to be so owned shall be so
         disregarded. Normal Units or Stripped Units so owned which have been
         pledged in good faith may be regarded as Outstanding Units if the
         pledgee establishes to the satisfaction of the Agent the pledgee's
         right so to act with respect to such Normal Units or Stripped Units and
         that the pledgee is not the Company or any Affiliate of the Company.

                                       5

<PAGE>

                  "Payment Date" means each [_______],[_______],[_______]and
         [_______], commencing [_______], 200[_] and ending on [_______],
         200[_].

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

                  "Pledge" means the pledge under the Pledge Agreement of the
         Notes, the Treasury Securities or the appropriate Treasury
         Consideration, in each case constituting a part of the Units, property,
         cash, securities, financial assets and security entitlements of the
         Collateral Account (as defined in the Pledge Agreement) and any
         proceeds of any of the foregoing.

                  "Pledge Agreement" means the Pledge Agreement, dated as of the
         date hereof, by and among the Company, the Collateral Agent, the
         Custodial Agent, the Securities Intermediary and the Agent, on its own
         behalf and as attorney-in-fact for the Holders from time to time of the
         Units.

                  "Pledged Notes" has the meaning set forth in Section 2.1(c) of
         the Pledge Agreement.

                  "Pledged Treasury Consideration" has the meaning set forth in
         Section 2.1(c) of the Pledge Agreement.

                  "Pledged Treasury Securities" has the meaning set forth in
         Section 2.1(c) of the Pledge Agreement.

                  "Predecessor Certificate" means a Predecessor Normal Units
         Certificate or a Predecessor Stripped Units Certificate.

                  "Predecessor Normal Units Certificate" of any particular
         Normal Units Certificate means every previous Normal Units Certificate
         evidencing all or a portion of the rights and obligations of the
         Company and the Holder under the Normal Units evidenced thereby; and,
         for the purposes of this definition, any Normal Units Certificate
         authenticated and delivered under Section 3.10 in exchange for or in
         lieu of a mutilated, destroyed, lost or stolen Normal Units Certificate
         shall be deemed to evidence the same rights and obligations of the
         Company and the Holder as the mutilated, destroyed, lost or stolen
         Normal Units Certificate.

                  "Predecessor Stripped Units Certificate" of any particular
         Stripped Units Certificate means every previous Stripped Units
         Certificate evidencing all or a portion of the rights and obligations
         of the Company and the Holder under the Stripped Units evidenced
         thereby; and, for the purposes of this definition, any Stripped Units
         Certificate authenticated and delivered under Section 3.10 in exchange
         for or in lieu of a mutilated, destroyed, lost or stolen Stripped Units
         Certificate shall be deemed to evidence the same rights and obligations
         of the Company and the Holder as the mutilated, destroyed, lost or
         stolen Stripped Units Certificate.

                  "Purchase Contract," when used with respect to any Unit, means
         the contract forming a part of such Unit and obligating the Company to
         issue and sell and the Holder of such Unit to purchase shares of Common
         Stock on the terms and subject to the conditions set forth in Article
         V.

                  "Purchase Contract Settlement Fund" has the meaning specified
         in Section 5.5.

                  "Purchase Price" has the meaning specified in Section 5.1(a).

                  "Purchased Shares" has the meaning specified in Section
         5.6(a)(6).

                  "Quotation Agent" means [_________] or any of its successors
         or any other primary U.S. government securities dealer in New York City
         selected by the Company.

                                       6

<PAGE>

                  "Record Date" for the payment of a distribution payable on any
         Payment Date means, as to any Global Certificate, the Business Day next
         preceding such Payment Date, and in the event that other Certificates
         are issued pursuant to this Agreement, the 15th calendar day preceding
         such Payment Date.

                  "Redemption Price" means, for each Note, whether or not
         included in a Normal Unit, the product of (i) the principal amount of
         such Note and (ii) a fraction whose numerator is the applicable
         Treasury Portfolio Purchase Price and whose denominator is the
         applicable Special Event Redemption Principal Amount.

                  "Register" means the Normal Units Register and the Stripped
         Units Register, as applicable.

                  "Registrar" means the Normal Units Registrar and the Stripped
         Units Registrar, as applicable.

                  "Remarketing Agent" has the meaning specified in Section
         5.4(b)(i).

                  "Remarketing Agreement" means the Remarketing Agreement to be
         entered into by and among the Company, the Remarketing Agent and the
         Agent.

                  "Remarketing Date" means the third Business Day preceding
         [_______], 200[_].

                  "Remarketing Fee" has the meaning specified in Section
         5.4(b)(i).

                  "Remarketing Period" means each of (i) the three Business Day
         period beginning on the Remarketing Date and ending after the two
         immediately following Business Days; (ii) the three Business Day period
         immediately preceding [_____], 200[_]; and (iii) the third Business Day
         immediately preceding the Stock Purchase Date.

                  "Remarketing Rate" means the percentage rate per year at which
         each Note will bear interest on and following the Reset Date.

                  "Remarketing Value" means, with respect to any Note, the sum
         of

                           (i)      the value at the Remarketing Date or any
                  Subsequent Remarketing Date, as the case may be, of U.S.
                  Treasury securities that will pay, on or prior to the Stock
                  Purchase Date, an amount of cash equal to the interest payment
                  scheduled to be payable on that date on such Note, assuming
                  for that purpose, even if not true, that the interest rate on
                  such Note is equal to the Coupon Rate, and

                           (ii)     the value at the Remarketing Date or any
                  Subsequent Remarketing Date, as the case may be, of U.S.
                  Treasury securities that will pay, on or prior to the Stock
                  Purchase Date, an amount of cash equal to the Stated Amount of
                  such Note;

         provided that, for purposes of clauses (i) and (ii) above, the
         Remarketing Value shall be calculated on the assumptions that (x) the
         U.S. Treasury securities are highly liquid and mature on or within 35
         days prior to the Stock Purchase Date, as determined in good faith by
         the Remarketing Agent in a manner intended to minimize the cash value
         of the U.S. Treasury securities, and (y) the U.S. Treasury securities
         are valued based on the ask-side price of such U.S. Treasury securities
         at a time between 9:00 a.m. and 11:00 a.m., New York City time,
         selected by the Remarketing Agent, on the Remarketing Date or any
         Subsequent Remarketing Date, as the case may be, as determined on a
         third-day settlement basis by a reasonable and customary means selected
         in good faith by the Remarketing Agent, plus accrued interest to that
         date.

                  "Reorganization Event" has the meaning specified in Section
         5.6(b).

                                       7

<PAGE>

                  "Reset Date" means the date following the Remarketing Date or
         a Subsequent Remarketing Date, as applicable, on which the trades in a
         successful remarketing of the Notes, pursuant to the provisions of
         Section 5.4, settle.

                  "Responsible Officer" means, when used with respect to the
         Agent, any officer within the corporate trust department of the Agent
         (or any successor of the Agent), including any Vice-President, any
         assistant Vice-President, any assistant secretary, the treasurer, any
         assistant treasurer, any trust officer, any senior trust officer or any
         other officer of the Agent who customarily performs functions similar
         to those performed by the Persons who at the time shall be such
         officers, respectively, or to whom any corporate trust matter is
         referred because of such person's knowledge of and familiarity with the
         particular subject and who, in each of the above cases, shall have
         direct responsibility for the administration of this Agreement.

                  "Sale Price" of any securities distributed in a Spin-Off on
         any Trading Day means the closing sale price per share (or, if no
         closing sale price is reported, the average of the bid and ask prices,
         or, if more than one in either case, the average of the average bid and
         average ask prices) on such Trading Day as reported in composite
         transactions for the principal U.S. securities exchange on which such
         securities are traded, or, if such securities are not listed on a U.S.
         national or regional securities exchange, as reported by the Nasdaq
         Stock Market, or, if such securities are not so reported, the last
         quoted bid price for such securities in the over-the-counter market as
         reported by the National Quotation Bureau or similar organization, or,
         if such bid price is not available, the market value of such securities
         on such date as determined by a nationally recognized independent
         investment banking firm retained by the Company for this purpose.

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

                  "Securities Intermediary" means [________], a [_______] [trust
         company], in its capacity as Securities Intermediary under the Pledge
         Agreement, together with its successors in such capacity.

                  "Senior Indebtedness" means indebtedness of any kind of the
         Company unless the instrument under which such indebtedness is incurred
         expressly provides that it is in parity or subordinate in right of
         payment to the Contract Adjustment Payments.

                  "Separate Notes" has the meaning set forth in the Pledge
         Agreement.

                  "Settlement Date" means any Early Settlement Date or Merger
         Early Settlement Date or the Stock Purchase Date.

                  "Settlement Rate" has the meaning specified in Section 5.1(a).

                  "Special Event" means either a Tax Event or an Accounting
         Event.

                  "Special Event Redemption" means, if a Special Event shall
         occur and be continuing, the redemption of the Notes, at the option of
         the Company, in whole but not in part, on not less than 30 days' nor
         more than 60 days' prior written notice.

                  "Special Event Redemption Date" means the date upon which a
         Special Event Redemption is to occur.

                  "Special Event Redemption Principal Amount" means (i) in the
         case of a Special Event Redemption Date occurring prior to a successful
         remarketing of the Notes pursuant to the provisions of Section 5.4, the
         aggregate principal amount of Notes included in Normal Units
         outstanding on such date, and (ii) in the case of a Special Event
         Redemption Date occurring after either a successful remarketing of the
         Notes pursuant to the provisions of Section 5.4 or the Stock Purchase
         Date, the aggregate principal amount of the Notes outstanding on such
         date.

                                       8

<PAGE>

                  "Special Event Redemption Treasury Consideration" means, with
         respect to a Normal Unit, (A) a 1/[__], or [__]%, undivided beneficial
         ownership interest in a $[____] principal or interest amount of a
         principal or interest strip in a U.S. Treasury security included in the
         Treasury Portfolio which matures on or prior to the Stock Purchase Date
         and (B) for each scheduled interest Payment Date on the Notes that
         occurs after the Special Event Redemption Date and on or before the
         Stock Purchase Date, a [__]% undivided beneficial ownership interest in
         a $[____] principal or interest amount of a principal or interest strip
         in a U.S. Treasury security included in the Treasury Portfolio that
         matures on or prior to that interest Payment Date.

                  "Spin-Off" means a dividend or other distribution on the
         Common Stock of shares of Capital Stock of any class or series, or
         similar equity interests, of or relating to a subsidiary or other
         business unit of the Company.

                  "Stated Amount" means, with respect to any one Normal Unit or
         Stripped Unit, $[__], and, with respect to any one Note, $[____].

                  "Stock Purchase Date" means [______], 200[_].

                  "Stripped Unit" means the collective rights and obligations of
         a Holder of a Stripped Units Certificate in respect of a 1/[__]
         undivided beneficial interest in a Treasury Security, subject to the
         Pledge thereof, and the related Purchase Contract.

                  "Stripped Units Certificate" means a certificate evidencing
         the rights and obligations of a Holder in respect of the number of
         Stripped Units specified on such certificate, substantially in the form
         of Exhibit B hereto.

                  "Stripped Units Register" and "Stripped Units Registrar" have
         the respective meanings specified in Section 3.5(a).

                  "Subsequent Remarketing" has the meaning specified in Section
         5.4(b)(ii).

                  "Subsequent Remarketing Date" means any date during any
         Remarketing Period on which the Remarketing Agent attempts a Subsequent
         Remarketing in accordance with Section 5.4 hereof.

                  "Tax Event" means the receipt by the Company of an opinion of
         a nationally recognized tax counsel experienced in such matters (which
         may be Alston & Bird LLP) to the effect that there is more than an
         insubstantial risk that interest payable by the Company on the Notes on
         the next Payment Date will not be deductible, in whole or in part, by
         the Company for United States federal income tax purposes, as a result
         of (a) any amendment to, or change (including any announced proposed
         change) in, the laws (or any regulations thereunder) of the United
         States or any political subdivision or taxing authority thereof or
         therein affecting taxation, (b) any amendment to or change in an
         official interpretation or application of such laws or regulations by
         any legislative body, court, governmental agency or regulatory
         authority or (c) any official interpretation, pronouncement or
         application that provides for a position with respect to such laws or
         regulations that differs from the generally accepted position on
         [______], 200[_], which amendment, change or proposed change is
         effective or which interpretation or pronouncement is announced on or
         after [______], 200[_].

                  "Termination Date" means the date, if any, on which a
         Termination Event occurs.

                  "Termination Event" means the occurrence of any of the
         following events:

                           (i)      at any time on or prior to the Stock
                  Purchase Date, a judgment, decree or court order shall have
                  been entered granting relief under the Bankruptcy Code or any
                  other similar foreign, federal or state law, adjudicating the
                  Company to be insolvent, or approving as properly filed a
                  petition seeking reorganization or liquidation of the Company,
                  and, unless such judgment,

                                       9

<PAGE>

                  decree or order shall have been entered within 60 days prior
                  to the Stock Purchase Date, such decree or order shall have
                  continued undischarged and unstayed for a period of 60 days;

                           (ii)     at any time on or prior to the Stock
                  Purchase Date, a judgment, decree or court order for the
                  appointment of a receiver or liquidator or trustee or assignee
                  in bankruptcy or insolvency of the Company or of its property
                  substantially in its entirety, or for the winding up or
                  liquidation of its affairs, shall have been entered, and,
                  unless such judgment, decree or order shall have been entered
                  within 60 days prior to the Stock Purchase Date, such
                  judgment, decree or order shall have continued undischarged
                  and unstayed for a period of 60 days; or

                           (iii)    at any time on or prior to the Stock
                  Purchase Date, the Company shall file a petition for relief
                  under the Bankruptcy Code or any other similar foreign,
                  federal or state law, or shall consent to the filing of a
                  bankruptcy proceeding against it, or shall file a petition or
                  answer or consent seeking reorganization or liquidation under
                  the Bankruptcy Code or any other similar foreign, federal or
                  state law, or shall consent to the filing of any such
                  petition, or shall consent to the appointment of a receiver or
                  liquidator or trustee or assignee in bankruptcy or insolvency
                  of it or of its property substantially in its entirety, or
                  shall make an assignment for the benefit of creditors, or
                  shall admit in writing its inability to pay its debts
                  generally as they become due.

                  "Threshold Appreciation Price" has the meaning specified in
         Section 5.1(a)(i).

                  "TIA" means the Trust Indenture Act of 1939, and any statute
         successor thereto, in each case as amended from time to time, and the
         rules and regulations promulgated thereunder.

                  "Trading Day" has the meaning specified in Section 5.1(c).

                  "Treasury Consideration" means the Agent-purchased Treasury
         Consideration, the Opt-out Treasury Consideration or the Special Event
         Redemption Treasury Consideration.

                  "Treasury Portfolio" means (i) if a Special Event Redemption
         occurs prior to a successful remarketing of the Notes pursuant to the
         provisions of Section 5.4, a portfolio of (A) zero-coupon U.S. Treasury
         securities consisting of principal or interest strips of U.S. Treasury
         securities that mature on or prior to the Stock Purchase Date in an
         aggregate amount equal to the applicable Special Event Redemption
         Principal Amount and (B) with respect to each scheduled interest
         Payment Date on the Notes that occurs after the Special Event
         Redemption Date and on or before the Stock Purchase Date, interest or
         principal strips of U.S. Treasury securities that mature on or prior to
         such interest Payment Date in an aggregate amount equal to the
         aggregate interest payment that would be due on the applicable Special
         Event Redemption Principal Amount on such date if the interest rate of
         the Notes were not reset on the Reset Date, and (ii) solely for
         purposes of determining the Treasury Portfolio Purchase Price in the
         case of a Special Event Redemption Date occurring after either of a
         successful remarketing of the Notes pursuant to the provisions of
         Section 5.4, or the Stock Purchase Date, a portfolio of (A) zero-coupon
         U.S. Treasury securities consisting of principal or interest strips of
         U.S. Treasury securities that mature on or prior to [______], 200[_] in
         an aggregate amount equal to the applicable Special Event Redemption
         Principal Amount and (B) with respect to each scheduled interest
         Payment Date on the Notes that occurs after the Special Event
         Redemption Date and on or before [______], 200[_], interest or
         principal strips of U.S. Treasury securities that mature on or prior to
         such interest Payment Date in an aggregate amount equal to the
         aggregate interest payment that would be due on the applicable Special
         Event Redemption Principal Amount.

                  "Treasury Portfolio Purchase Price" means the lowest aggregate
         price quoted by a primary U.S. government securities dealer in New York
         City to the Quotation Agent on the third Business Day immediately
         preceding the Special Event Redemption Date for the purchase of the
         Treasury Portfolio for settlement on the Special Event Redemption Date.

                                       10

<PAGE>

                  "Treasury Security" means a zero-coupon U.S. Treasury security
         (CUSIP Number _________) maturing on [______], 200[_] that will pay
         $[____] on such maturity date.

                  "Trustee" means Bank One Trust Company, N.A., a national
         banking association, successor in interest to The First National Bank
         of Chicago, as trustee under the Indenture and any supplemental
         indenture to the Indenture, or any successor thereto.

                  "Underwriting Agreement" means the Underwriting Agreement
         relating to the Units dated [______], 200[_] between the Company and
         the underwriters named therein.

                  "Unit" means a Normal Unit or a Stripped Unit.

                  "Vice-President" means any vice-president, whether or not
         designated by a number or a word or words added before or after the
         title "vice-president."

                  SECTION 1.2 Compliance Certificates and Opinions.

                  Except as otherwise expressly provided by this Agreement, upon
any application or request by the Company to the Agent to take any action under
any provision of this Agreement, the Company shall furnish to the Agent an
Officers' Certificate stating that all conditions precedent, if any, provided
for in this Agreement relating to the proposed action have been complied with
and, if requested by the Agent, an Opinion of Counsel stating that, in the
opinion of such counsel, such action is authorized or permitted by this
Agreement and that 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
Agreement 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 Agreement shall include:

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

                  (d)      a statement as to whether, in the opinion of such
         individual based on his or her knowledge, such condition or covenant
         has been complied with.

                  SECTION 1.3 Form of Documents Delivered to Agent.

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

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

                                       11

<PAGE>

         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 Agreement, they may, but need not, be consolidated
and form one instrument.

                  SECTION 1.4 Acts of Holders; Record Dates.

                  (a)      Any request, demand, authorization, direction,
         notice, consent, waiver or other action provided by this Agreement to
         be 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; and, except as
         herein otherwise expressly provided, such action shall become effective
         when such instrument or instruments are delivered to the Agent and,
         where it is hereby expressly required, to the Company. Such instrument
         or instruments (and the action embodied therein and evidenced thereby)
         are herein sometimes referred to as the "Act" of the Holders signing
         such instrument or instruments. Proof of execution of any such
         instrument or of a writing appointing any such agent shall be
         sufficient for any purpose of this Agreement and (subject to Section
         7.1) conclusive in favor of the Agent and the Company, if made in the
         manner provided in this Section.

                  (b)      The fact and date of the execution by any Person of
         any such instrument or writing may be proved in any manner which the
         Agent deems sufficient.

                  (c)      The ownership of Units shall be proved by the Normal
         Units Register or the Stripped Units Register, as the case may be.

                  (d)      Any request, demand, authorization, direction,
         notice, consent, waiver or other Act of the Holder of any Certificate
         shall bind every future Holder of the same Certificate and the Holder
         of every Certificate 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 Agent or the Company in reliance
         thereon, whether or not notation of such action is made upon such
         Certificate.

                  (e)      The Company may set any day as a record date for the
         purpose of determining the Holders of Outstanding Units entitled to
         give, make or take any request, demand, authorization, direction,
         notice, consent, waiver or other action provided or permitted by this
         Agreement to be given, made or taken by Holders of Units. If any record
         date is set pursuant to this paragraph, the Holders of the Outstanding
         Normal Units and the Outstanding Stripped Units, as the case may be, on
         such record date, and no other Holders, shall be entitled to take the
         relevant action with respect to the Normal Units or the Stripped Units,
         as the case may be, whether or not such Holders remain Holders after
         such record date; provided that no such action shall be effective
         hereunder unless taken on or prior to the applicable Expiration Date by
         Holders of the requisite number of Outstanding Units on such record
         date. Nothing in this paragraph shall be construed to prevent the
         Company from setting a new record date for any action for which a
         record date has previously been set pursuant to this paragraph
         (whereupon the record date previously set shall automatically and with
         no action by any Person be cancelled and of no effect), and nothing in
         this paragraph shall be construed to render ineffective any action
         taken by Holders of the requisite number of Outstanding Units on the
         date such action is taken. Promptly after any record date is set
         pursuant to this paragraph, the Company, at its own expense, shall
         cause notice of such record date, the proposed action by Holders and
         the applicable Expiration Date to be given to the Agent in writing and
         to each Holder of Units in the manner set forth in Section 1.6.

                  (f)      With respect to any record date set pursuant to this
         Section, the Company may designate any date as the "Expiration Date"
         and from time to time may change the Expiration Date to any earlier or
         later day; provided that no such change shall be effective unless
         notice of the proposed new Expiration Date is given to the Agent in
         writing, and to each Holder of Units in the manner set forth in Section
         1.6, on

                                       12

<PAGE>

         or prior to the existing Expiration Date. If an Expiration Date is not
         designated with respect to any record date set pursuant to this
         Section, the Company shall be deemed to have initially designated the
         180th day after such record date as the Expiration Date with respect
         thereto, subject to its right to change the Expiration Date as provided
         in this paragraph. Notwithstanding the foregoing, no Expiration Date
         shall be later than the 180th day after the applicable record date.

                  SECTION 1.5 Notices.

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

                  (a)      the Agent by any Holder or by the Company shall be
         sufficient for every purpose hereunder (unless otherwise herein
         expressly provided) if made, given, furnished or filed in writing and
         personally delivered, mailed, first-class postage prepaid, telecopied
         or delivered by overnight air courier guaranteeing next day delivery,
         addressed to and received by the Agent at [________], [___________],
         Attention: [____________], telecopy: (___) ___-____, or at any other
         address furnished in writing by the Agent to the Holders and the
         Company; or

                  (b)      the Company by the Agent or by any Holder shall be
         sufficient for every purpose hereunder (unless otherwise herein
         expressly provided) if made, given, furnished or filed in writing and
         personally delivered, mailed, first-class postage prepaid, telecopied
         or delivered by overnight air courier guaranteeing at least second day
         delivery, addressed to and received by the Company at Union Planters
         Corporation, 6200 Poplar Avenue, Memphis, Tennessee 38119, Attention:
         E. James House, Jr., Secretary and Manager of the Legal Department,
         telecopy: (901) 580-5770, or at any other address furnished in writing
         to the Agent by the Company; or

                  (c)      the Collateral Agent by the Agent, the Company or any
         Holder shall be sufficient for every purpose hereunder (unless
         otherwise herein expressly provided) if made, given, furnished or filed
         in writing and personally delivered, mailed, first-class postage
         prepaid, telecopied or delivered by overnight air courier guaranteeing
         next day delivery, addressed to and received by the Collateral Agent at
         [________], [________], Attention: [_________], telecopy: (___)
         ___-____, or at any other address furnished in writing by the
         Collateral Agent to the Agent, the Company and the Holders; or

                  (d)      the Trustee by the Company shall be sufficient for
         every purpose hereunder (unless otherwise herein expressly provided) if
         made, given, furnished or filed in writing and personally delivered,
         mailed, first-class postage prepaid, telecopied or delivered by
         overnight air courier guaranteeing next day delivery, addressed to and
         received by the Trustee at One First National Plaza, Chicago, Illinois
         60670, Attention: Global Corporate Trust Services, telecopy: (312)
         407-1708, or at any other address furnished in writing by the Trustee
         to the Company.

                  SECTION 1.6 Notice to Holders; Waiver.

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

                                       13

<PAGE>

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

                  SECTION 1.7 Effect of Headings and Table of Contents.

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

                  SECTION 1.8 Successors and Assigns.

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

                  SECTION 1.9 Separability Clause.

                  If any provision hereof is invalid and unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (i) the other
provisions hereof shall remain in full force and effect in such jurisdiction and
shall be liberally construed in order to carry out the intentions of the parties
hereto as nearly as may be possible and (ii) the invalidity or unenforceability
of any provision hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction.

                  SECTION 1.10 Benefits of Agreement.

                  Nothing in this Agreement or in the Units, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and, to the extent provided hereby, the Holders, any benefits or any
legal or equitable right, remedy or claim under this Agreement. The Holders from
time to time shall be beneficiaries of this Agreement and shall be bound by all
of the terms and conditions hereof and of the Units evidenced by their
Certificates by their acceptance of delivery of such Certificates.

                  SECTION 1.11 Governing Law.

                  This Agreement and the Units shall be governed by, deemed to
be a contract under, and construed in accordance with, the laws of the State of
New York.

                  SECTION 1.12 Legal Holidays.

                  (a)      In any case where any Payment Date shall not be a
         Business Day, then (notwithstanding any other provision of this
         Agreement or the Normal Units Certificates) payments on the Units shall
         not be made on such date, but such payments shall be made on the next
         succeeding day which is a Business Day with the same force and effect
         as if made on such Payment Date, provided that no interest shall accrue
         or be payable by the Company in respect of such payment for the period
         from and after any such Payment Date, except that if such next
         succeeding Business Day is in the next succeeding calendar year, such
         payment shall be made on the immediately preceding Business Day with
         the same force and effect as if made on such Payment Date.

                  (b)      If any date on which Contract Adjustment Payments are
         to be made on the Purchase Contracts is not a Business Day, then
         payment of the Contract Adjustment Payments payable on that date will
         be made on the next succeeding day which is a Business Day, and no
         interest or additional payment will be paid in respect of the delay.
         However, if that Business Day is in the next succeeding calendar year,
         the payment will be made on the immediately preceding Business Day with
         the same force and effect as if made on that Payment Date.

                  (c)      In any case where the Stock Purchase Date shall not
         be a Business Day, then (notwithstanding any other provision of this
         Agreement or the Certificates) the Purchase Contracts shall not

                                       14

<PAGE>

         be performed on such date, but the Purchase Contracts shall be
         performed on the next succeeding day which is a Business Day with the
         same force and effect as if performed on the Stock Purchase Date.

                  SECTION 1.13 Counterparts.

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

                  SECTION 1.14 Inspection of Agreement.

                  A copy of this Agreement shall be available at all reasonable
times during normal business hours at the Corporate Trust Office for inspection
by any Holder.

                  SECTION 1.15 Appointment of Financial Institution as Agent for
         the Company.

                  The Company may appoint a financial institution (which may be
the Collateral Agent) to act as its agent in performing its obligations and in
accepting and enforcing performance of the obligations of the Agent and the
Holders, under this Agreement and the Purchase Contracts, by giving notice of
such appointment in the manner provided in Section 1.5 hereof. Any such
appointment shall not relieve the Company in any way from its obligation
hereunder.

                  SECTION 1.16 No Waiver.

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

                                   ARTICLE II

                                CERTIFICATE FORMS

                  SECTION 2.1 Forms of Certificates Generally.

                  (a)      The Normal Units Certificates (including the form of
         Purchase Contract forming part of the Normal Units evidenced thereby)
         shall be in substantially the form set forth in Exhibit A hereto, with
         such letters, numbers or other marks of identification or designation
         and such legends or endorsements printed, lithographed or engraved
         thereon as may be required by the rules of any securities exchange or
         quotation system on which the Normal Units are listed or quoted for
         trading or any depositary therefor, or as may, consistently herewith,
         be determined by the officers of the Company executing such Normal
         Units Certificates, as evidenced by their execution of the Normal Units
         Certificates.

                  (b)      The definitive Normal Units Certificates shall be
         printed, lithographed or engraved on steel engraved borders or may be
         produced in any other manner, all as determined by the officers of the
         Company executing such Normal Units Certificates, consistent with the
         provisions of this Agreement, as evidenced by their execution thereof.

                  (c)      The Stripped Units Certificates (including the form
         of Purchase Contracts forming part of the Stripped Units evidenced
         thereby) shall be in substantially the form set forth in Exhibit B
         hereto, with such letters, numbers or other marks of identification or
         designation and such legends or endorsements printed, lithographed or
         engraved thereon as may be required by the rules of any securities
         exchange or the quotation system on which the Stripped Units may be
         listed or quoted for trading or any depositary

                                       15

<PAGE>

         therefor, or as may, consistently herewith, be determined by the
         officers of the Company executing such Stripped Units Certificates, as
         evidenced by their execution of the Stripped Units Certificates.

                  (d)      The definitive Stripped Units Certificates shall be
         printed, lithographed or engraved on steel engraved borders or may be
         produced in any other manner, all as determined by the officers of the
         Company executing such Stripped Units Certificates, consistent with the
         provisions of this Agreement, as evidenced by their execution thereof.

                  (e)      Every Global Certificate authenticated, executed on
         behalf of the Holders and delivered hereunder shall bear a legend in
         substantially the following form:

                  "THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING
                  OF THE PURCHASE CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE
                  HEREOF) AND IS REGISTERED IN THE NAME OF THE CLEARING AGENCY
                  OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED IN
                  WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER
                  OF THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN
                  THE NAME OF ANY PERSON OTHER THAN SUCH CLEARING AGENCY OR A
                  NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
                  IN THE PURCHASE CONTRACT AGREEMENT.

                  [Unless this Certificate is presented by an authorized
                  representative of The Depository Trust Company (55 Water
                  Street, New York, New York) to the Company or its agent for
                  registration of transfer, exchange or payment, and any
                  Certificate issued is registered in the name of Cede & Co., or
                  such other name as requested by an authorized representative
                  of The Depository Trust Company, and any payment hereon is
                  made to Cede & Co. or to such other entity as is requested by
                  an authorized representative of The Depository Trust Company,
                  any transfer, pledge or other use hereof FOR VALUE or
                  otherwise by OR TO ANY person is wrongful since the registered
                  owner hereof, Cede & Co., has an interest herein.]

                  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
                  CERTIFICATES IN DEFINITIVE REGISTERED FORM IN THE LIMITED
                  CIRCUMSTANCES REFERRED TO IN THE PURCHASE CONTRACT AGREEMENT,
                  THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A
                  WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
                  NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
                  OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
                  A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
                  DEPOSITARY."

                  SECTION 2.2 Form of Agent's Certificate of Authentication.

                  (a)      The form of the Agent's certificate of authentication
         of the Normal Units shall be in substantially the form set forth on the
         form of the Normal Units Certificates.

                  (b)      The form of the Agent's certificate of authentication
         of the Stripped Units shall be in substantially the form set forth on
         the form of the Stripped Units Certificates.

                                   ARTICLE III

                                    THE UNITS

                  SECTION 3.1 Number of Units; Denominations.

                  (a)      The aggregate number of Normal Units and Stripped
         Units, if any, evidenced by Certificates authenticated, executed on
         behalf of the Holders and delivered hereunder is limited to

                                       16

<PAGE>

         [_________] ([_________] if the underwriters' option to purchase
         additional Normal Units pursuant to the Underwriting Agreement is
         exercised in full), except for Certificates authenticated, executed on
         behalf of the Holder and delivered upon registration of transfer of, in
         exchange for, or in lieu of, other Certificates pursuant to Section
         3.4, 3.5, 3.10, 3.13, 3.14, 5.9(e), 5.10(e) or 8.5.

                  (b)      The Certificates shall be issuable only in registered
         form and only in denominations of a single Unit and any integral
         multiple thereof.

                  SECTION 3.2 Rights and Obligations Evidenced by the
         Certificates.

                  (a)      Each Normal Units Certificate shall evidence the
         number of Normal Units specified therein, with each such Normal Unit
         representing the ownership by the Holder thereof of a 1/[__] undivided
         beneficial interest in a Note in the original principal amount of
         $[____] or the appropriate Treasury Consideration, as the case may be,
         subject to the Pledge of such interest in such Note or the Treasury
         Consideration, as the case may be, by such Holder pursuant to the
         Pledge Agreement, and the rights and obligations of the Holder thereof
         and the Company under one Purchase Contract. The Agent, as
         attorney-in-fact for, and on behalf of, the Holder of each Normal Unit,
         shall pledge, pursuant to the Pledge Agreement, the interest in such
         Note or the Treasury Consideration forming a part of such Normal Unit,
         to the Collateral Agent and grant to the Collateral Agent a security
         interest in the right, title, and interest of such Holder in such
         interest in such Note or Treasury Consideration for the benefit of the
         Company, to secure the obligation of such Holder under the related
         Purchase Contract to purchase shares of Common Stock of the Company.

                  (b)      Each Stripped Units Certificate shall evidence the
         number of Stripped Units specified therein, with each such Stripped
         Unit representing the ownership by the Holder thereof of a 1/[__]
         undivided beneficial interest in a Treasury Security, subject to the
         Pledge of such interest in such Treasury Security by such Holder
         pursuant to the Pledge Agreement, and the rights and obligations of the
         Holder thereof and the Company under one Purchase Contract. The Agent,
         as attorney-in-fact for, and on behalf of, the Holder of each Stripped
         Unit, shall pledge, pursuant to the Pledge Agreement, the interest in
         the Treasury Security forming a part of such Stripped Unit, to the
         Collateral Agent and grant to the Collateral Agent a security interest
         in the right, title, and interest of such Holder in such interest in
         the Treasury Security for the benefit of the Company, to secure the
         obligation of such Holder under the related Purchase Contract to
         purchase shares of Common Stock of the Company.

                  (c)      Prior to the purchase of shares of Common Stock under
         each Purchase Contract, such Purchase Contract shall not entitle the
         Holder of the related Units Certificates to any of the rights of a
         holder of shares of Common Stock, including, without limitation, the
         right to vote or receive any dividends or other payments or to consent
         or to receive notice as a shareholder in respect of the meetings of
         shareholders or for the election of directors of the Company or for any
         other matter, or any other rights whatsoever as a shareholder of the
         Company.

                  SECTION 3.3 Execution, Authentication, Delivery and Dating.

                  (a)      Subject to the provisions of Sections 3.13 and 3.14,
         upon the execution and delivery of this Agreement, and at any time and
         from time to time thereafter, the Company may deliver Certificates
         executed by the Company to the Agent for authentication, execution on
         behalf of the Holders and delivery, together with its Issuer Order for
         authentication and delivery of such Certificates, and the Agent in
         accordance with such Issuer Order shall authenticate, execute on behalf
         of the Holders and deliver such Certificates.

                  (b)      The Certificates shall be executed on behalf of the
         Company by the Chief Executive Officer, President, Chief Financial
         Officer, Treasurer, any Senior Executive Vice President, any Executive
         Vice President, Senior Vice President of Accounting, any Assistant
         Treasurer, the Secretary or any Assistant Secretary (or other officer
         performing similar functions) of the Company and delivered to the
         Agent. The signature of any of these officers on the Certificates may
         be manual or facsimile.

                                       17

<PAGE>

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

                  (d)      No Purchase Contract evidenced by a Certificate shall
         be valid until such Certificate has been executed on behalf of the
         Holder by the manual signature of an authorized officer of the Agent,
         as such Holder's attorney-in-fact. Such signature by an authorized
         officer of the Agent shall be conclusive evidence that the Holder of
         such Certificate has entered into the Purchase Contract or Purchase
         Contracts evidenced by such Certificate.

                  (e)      Each Certificate shall be dated the date of its
         authentication.

                  (f)      No Certificate shall be entitled to any benefit under
         this Agreement or be valid or obligatory for any purpose unless there
         appears on such Certificate a certificate of authentication
         substantially in the form provided for herein executed by an authorized
         officer of the Agent by manual signature, and such certificate upon any
         Certificate shall be conclusive evidence, and the only evidence, that
         such Certificate has been duly authenticated and delivered hereunder.

                  SECTION 3.4 Temporary Certificates.

                  (a)      Pending the preparation of definitive Certificates,
         the Company shall execute and deliver to the Agent, and the Agent shall
         authenticate, execute on behalf of the Holders, and deliver, in lieu of
         such definitive Certificates, temporary Certificates which are in
         substantially the form set forth in Exhibit A or Exhibit B hereto, as
         the case may be, with such letters, numbers or other marks of
         identification or designation and such legends or endorsements printed,
         lithographed or engraved thereon as may be required by the rules of any
         securities exchange on which the Normal Units or Stripped Units, as the
         case may be, are listed or quoted for trading or any depositary
         transfer, or as may, consistently herewith, be determined by the
         officers of the Company executing such Certificates, as evidenced by
         their execution of the Certificates.

                  (b)      If temporary Certificates are issued, the Company
         will cause definitive Certificates to be prepared without unreasonable
         delay. After the preparation of definitive Certificates, the temporary
         Certificates shall be exchangeable for definitive Certificates upon
         surrender of the temporary Certificates at the Corporate Trust Office
         or such other office or agency designated pursuant to Section 10.2 at
         the expense of the Company and without charge to the Holder. Upon
         surrender for cancellation of any one or more temporary Certificates,
         the Company shall execute and deliver to the Agent, and the Agent shall
         authenticate, execute on behalf of the Holder, and deliver in exchange
         therefor, one or more definitive Certificates of like tenor and
         denominations and evidencing a like number of Normal Units or Stripped
         Units, as the case may be, as the temporary Certificate or Certificates
         so surrendered. Until so exchanged, the temporary Certificates shall in
         all respects evidence the same benefits and the same obligations with
         respect to the Normal Units or Stripped Units, as the case may be,
         evidenced thereby as definitive Certificates.

                  SECTION 3.5 Registration; Registration of Transfer and
         Exchange.

                  (a)      The Agent shall keep at the Corporate Trust Office a
         register (the register maintained in such office or in any other office
         or agency designated pursuant to Section 10.2 being herein referred to
         as "Normal Units Register") in which, subject to such reasonable
         regulations as it may prescribe, the Agent shall provide for the
         registration of Normal Units Certificates and of transfers of Normal
         Units Certificates (the Agent, in such capacity, the "Normal Units
         Registrar") and a register (the register maintained in such office or
         in any other office or agency designated pursuant to Section 10.2 being
         herein referred to as the "Stripped Units Register") in which, subject
         to such reasonable regulations as it may prescribe, the Agent shall
         provide for the registration of the Stripped Units Certificates and
         transfers of Stripped Units Certificates (the Agent, in such capacity,
         the "Stripped Units Registrar").

                                       18

<PAGE>

                  (b)      Upon surrender for registration of transfer of any
         Certificate at the Corporate Trust Office or such office or agency
         designated pursuant to Section 10.2, the Company shall execute and
         deliver to the Agent, and the Agent shall authenticate, execute on
         behalf of the designated transferee or transferees, and deliver one or
         more new Certificates of like tenor and denominations, registered in
         the name of the designated transferee or transferees, and evidencing a
         like number of Normal Units or Stripped Units, as the case may be.

                  (c)      At the option of the Holder, Certificates may be
         exchanged for other Certificates, of like tenor and denominations and
         evidencing a like number of Normal Units or Stripped Units, as the case
         may be, upon surrender of the Certificates to be exchanged at such
         office or agency. Whenever any Certificates are so surrendered for
         exchange, the Company shall execute and deliver to the Agent, and the
         Agent shall authenticate, execute on behalf of the Holder, and deliver
         the Certificates which the Holder making the exchange is entitled to
         receive.

                  (d)      All Certificates issued upon any registration of
         transfer or exchange of a Certificate shall evidence the ownership of
         the same number of Normal Units or Stripped Units, as the case may be,
         and be entitled to the same benefits and subject to the same
         obligations, under this Agreement as the Normal Units or Stripped
         Units, as the case may be, evidenced by the Certificate surrendered
         upon such registration of transfer or exchange.

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

                  (f)      No service charge shall be made for any registration
         of transfer or exchange of a Certificate, but the Company and the Agent
         may require payment from the Holder of a sum sufficient to cover any
         tax or other governmental charge that may be imposed in connection with
         any registration of transfer or exchange of Certificates, other than
         any exchanges pursuant to Sections 3.6, 3.9 and 8.5 not involving any
         transfer.

                  (g)      Notwithstanding the foregoing, the Company shall not
         be obligated to issue or execute and deliver to the Agent, and the
         Agent shall not be obligated to authenticate, execute on behalf of the
         Holder and deliver, any Certificate presented or surrendered for
         registration of transfer or for exchange on or after the Business Day
         immediately preceding the earlier of the Stock Purchase Date or the
         Termination Date. In lieu of delivery of a new Certificate, upon
         satisfaction of the applicable conditions specified above in this
         Section and receipt of appropriate registration or transfer
         instructions from such Holder, the Agent shall,

                           (i)      if the Stock Purchase Date has occurred,
                  deliver the shares of Common Stock issuable in respect of the
                  Purchase Contracts forming a part of the Units evidenced by
                  such Certificate,

                           (ii)     in the case of Normal Units, if a
                  Termination Event shall have occurred prior to the Stock
                  Purchase Date, transfer the Notes or the appropriate Treasury
                  Consideration, as applicable, relating to such Normal Units,
                  or

                           (iii)    in the case of Stripped Units, if a
                  Termination Event shall have occurred prior to the Stock
                  Purchase Date, transfer the Treasury Securities relating to
                  such Stripped Units,

in each case subject to the applicable conditions and in accordance with the
applicable provisions of Article V.

                                       19

<PAGE>

                  SECTION 3.6 Book-Entry Interests.

                  The Certificates, on original issuance, will be issued in the
form of one or more fully registered Global Certificates, to be delivered to the
Depositary or a nominee or custodian thereof by, or on behalf of, the Company.
Such Global Certificate shall initially be registered on the books and records
of the Company in the name of Cede & Co., the nominee of the Depositary, and no
Beneficial Owner will receive a definitive Certificate representing such
Beneficial Owner's interest in such Global Certificate, except as provided in
Section 3.9. The Agent shall enter into a customary agreement with the
Depositary if so requested by the Company. Unless and until definitive, fully
registered Certificates have been issued to Beneficial Owners pursuant to
Section 3.9:

                  (a)      the provisions of this Section 3.6 shall be
         in full force and effect;

                  (b)      the Company and the Agent shall be entitled to deal
         with the Clearing Agency for all purposes of this Agreement (including
         the payment of Contract Adjustment Payments, if any, and receiving
         approvals, votes or consents hereunder) as the Holder of the Units and
         the sole holder of the Global Certificate(s) and shall have no
         obligation to the Beneficial Owners;

                  (c)      to the extent that the provisions of this Section 3.6
         conflict with any other provisions of this Agreement or any
         Certificate, the provisions of this Section 3.6 shall control; and

                  (d)      the rights of the Beneficial Owners shall be
         exercised only through the Clearing Agency and shall be limited to
         those established by law and agreements between such Beneficial Owners
         and the Clearing Agency and/or the Clearing Agency Participants.

                  The Clearing Agency will make book-entry transfers among
Clearing Agency Participants and receive and transmit payments of Contract
Adjustment Payments to such Clearing Agency Participants.

                  SECTION 3.7 Notices to Holders.

                  Whenever a notice or other communication to the Holders is
required to be given under this Agreement, the Company or the Company's agent
shall give such notices and communications to the Holders and, with respect to
any Units registered in the name of a Clearing Agency or the nominee of a
Clearing Agency, the Company or the Company's agent shall, except as set forth
herein, have no obligations to the Beneficial Owners.

                  SECTION 3.8 Appointment of Successor Clearing Agency.

                  If any Clearing Agency elects to discontinue its services as
securities depositary with respect to the Units, the Company may, in its sole
discretion, appoint a successor Clearing Agency with respect to the Units.

                  SECTION 3.9 Definitive Certificates.

                  If

                           (i)      a Clearing Agency notifies the Company that
                  it is unwilling or unable to continue its services as
                  securities depositary with respect to the Units and a
                  successor Clearing Agency is not appointed within 90 days
                  after such discontinuance pursuant to Section 3.8,

                           (ii)     the Company elects to terminate the
                  book-entry system arrangements through the Clearing Agency
                  with respect to the Units, or

                           (iii)    there shall have occurred and be continuing
                  a default by the Company in respect of its obligations under
                  (x) one or more Purchase Contracts or (y) the indenture
                  governing the Notes,

                                       20

<PAGE>

then, upon surrender of the Global Certificates representing the Book-Entry
Interests with respect to the Units by the Clearing Agency, accompanied by
registration instructions, the Company shall cause definitive Certificates to be
delivered to Beneficial Owners in accordance with the instructions of the
Clearing Agency. The Company shall not be liable for any delay in delivery of
such instructions and may conclusively rely on and shall be protected in relying
on, such instructions.

                  SECTION 3.10 Mutilated, Destroyed, Lost and Stolen
         Certificates.

                  (a)      If any mutilated Certificate is surrendered to the
         Agent, the Company shall execute and deliver to the Agent, and the
         Agent shall authenticate, execute on behalf of the Holder, and deliver
         in exchange therefor, a new Certificate at the cost of the Holder,
         evidencing the same number of Normal Units or Stripped Units, as the
         case may be, and bearing a Certificate number not contemporaneously
         outstanding.

                  (b)      If there shall be delivered to the Company and the
         Agent (i) evidence to their satisfaction of the destruction, loss or
         theft of any Certificate, and (ii) such security or indemnity at the
         cost of the Holder as may be required by them to hold each of them and
         any agent of either of them harmless, then, in the absence of notice to
         the Company or to a Responsible Officer of the Agent that such
         Certificate has been acquired by a protected purchaser, the Company
         shall execute and deliver to the Agent, and the Agent shall
         authenticate, execute on behalf of the Holder, and deliver to the
         Holder, in lieu of any such destroyed, lost or stolen Certificate, a
         new Certificate, evidencing the same number of Normal Units or Stripped
         Units, as the case may be, and bearing a Certificate number not
         contemporaneously outstanding.

                  (c)      Notwithstanding the foregoing, the Company shall not
         be obligated to execute and deliver to the Agent, and the Agent shall
         not be obligated to authenticate, execute on behalf of the Holder, and
         deliver to the Holder, a Certificate on or after the Business Day
         immediately preceding the earlier of the Stock Purchase Date or the
         Termination Date. In lieu of delivery of a new Certificate, upon
         satisfaction of the applicable conditions specified above in this
         Section and receipt of appropriate registration or transfer
         instructions from such Holder, the Agent shall

                           (i)      if the Stock Purchase Date has occurred,
                  deliver the shares of Common Stock issuable in respect of the
                  Purchase Contracts forming a part of the Units evidenced by
                  such Certificate,

                           (ii)     in the case of Normal Units, if a
                  Termination Event shall have occurred prior to the Stock
                  Purchase Date, transfer the Notes or the appropriate Treasury
                  Consideration, as applicable, relating to such Normal Units,
                  or

                           (iii)    in the case of Stripped Units, if a
                  Termination Event shall have occurred prior to the Stock
                  Purchase Date, transfer the Treasury Securities relating to
                  such Stripped Units,

in each case subject to the applicable conditions and in accordance with the
applicable provisions of Article V.

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

                  (e)      Every new Certificate issued pursuant to this Section
         in lieu of any destroyed, lost or stolen Certificate shall constitute
         an original additional contractual obligation of the Company and of the
         Holder in respect of the Unit evidenced thereby, whether or not the
         destroyed, lost or stolen Certificate (and the Units evidenced thereby)
         shall be at any time enforceable by anyone, and shall be entitled to
         all the benefits and be subject to all the obligations of this
         Agreement equally and proportionately with any and all other
         Certificates delivered hereunder.

                                       21

<PAGE>

                  (f)      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 Certificates.

                  SECTION 3.11 Persons Deemed Owners.

                  (a)      Prior to due presentment of a Certificate for
         registration of transfer, the Company and the Agent, and any agent of
         the Company or the Agent, may treat the Person in whose name such
         Certificate is registered on the Register as the owner of the Units
         evidenced thereby, for the purpose of receiving quarterly payments on
         the Notes or Treasury Consideration, receiving payment of Contract
         Adjustment Payments, if any, and any Deferred Contract Adjustment
         Payments, performance of the Purchase Contracts and for all other
         purposes whatsoever, whether or not any such payments shall be overdue
         and notwithstanding any notice to the contrary, and neither the Company
         nor the Agent, nor any agent of the Company or the Agent, shall be
         affected by notice to the contrary.

                  (b)      Notwithstanding the foregoing, with respect to any
         Global Certificate, nothing herein shall prevent the Company, the Agent
         or any agent of the Company or the Agent, from treating the Clearing
         Agency as the sole Holder of such Global Certificate or from giving
         effect to any written certification, proxy or other authorization
         furnished by any Clearing Agency (or its nominee), as a Holder of such
         Global Certificate, with respect to such Global Certificate or impair,
         as between such Clearing Agency and owners of beneficial interests in
         such Global Certificate, the operation of customary practices governing
         the exercise of rights of such Clearing Agency (or its nominee) as a
         Holder of such Global Certificate.

                  SECTION 3.12 Cancellation.

                  (a)      All Certificates surrendered (i) for delivery of
         Common Stock on or after any Settlement Date; (ii) upon the transfer of
         Notes or Treasury Consideration or Treasury Securities, as the case may
         be, after the occurrence of a Termination Event or pursuant to an Early
         Settlement or Merger Early Settlement, or a Collateral Substitution or
         an establishment or re-establishment of a Normal Unit; or (iii) upon
         the registration of a transfer or exchange of a Unit shall, if
         surrendered to any Person other than the Agent, be delivered to the
         Agent and, if not already cancelled, shall be promptly cancelled by it.
         The Company may at any time deliver to the Agent for cancellation any
         Certificates previously authenticated, executed on behalf of the Holder
         and delivered hereunder which the Company may have acquired in any
         manner whatsoever, and all Certificates so delivered shall, upon Issuer
         Order, be promptly cancelled by the Agent. No Certificates shall be
         authenticated, executed on behalf of the Holder and delivered in lieu
         of or in exchange for any Certificates cancelled as provided in this
         Section, except as expressly permitted by this Agreement. All cancelled
         Certificates held by the Agent shall be disposed of by the Agent in
         accordance with its then customary procedures.

                  (b)      If the Company or any Affiliate of the Company shall
         acquire any Certificate, such acquisition shall not operate as a
         cancellation of such Certificate unless and until such Certificate is
         delivered to the Agent cancelled or for cancellation.

                  SECTION 3.13 Establishment of Stripped Units.

                  (a)      A Holder may separate the Pledged Notes or Pledged
         Treasury Consideration, as applicable, from the related Purchase
         Contracts in respect of the Normal Units held by such Holder by
         substituting for such Pledged Notes or Pledged Treasury Consideration,
         as the case may be, Treasury Securities that will pay at the Stock
         Purchase Date an amount equal to the aggregate Stated Amount of such
         Normal Units (a "Collateral Substitution"), at any time from and after
         the date of this Agreement and on or prior to the seventh Business Day
         immediately preceding the Stock Purchase Date, by (i) depositing with
         the Collateral Agent Treasury Securities having an aggregate principal
         amount equal to the aggregate Stated Amount of such Normal Units, and
         (ii) transferring the related Normal Units to the Agent accompanied by
         a notice to the Agent, substantially in the form of Exhibit D hereto,
         stating that the Holder has transferred the relevant amount of Treasury
         Securities to the Collateral Agent and requesting that the

                                       22

<PAGE>

         Agent instruct the Collateral Agent to release the Pledged Notes or
         Pledged Treasury Consideration, as the case may be, underlying such
         Normal Units, whereupon the Agent shall promptly give such instruction
         to the Collateral Agent, substantially in the form of Exhibit C hereto.
         Notwithstanding the foregoing, a Holder may not separate the Pledged
         Notes or Pledged Treasury Consideration from the related Purchase
         Contracts in respect of the Normal Units held by such Holder during the
         period beginning on the fourth Business Day prior to the first day of
         the first or second Remarketing Period and ending on the third Business
         Day after the end of such Remarketing Period. Upon receipt of the
         Treasury Securities described in clause (i) above and the instruction
         described in clause (ii) above, in accordance with the terms of the
         Pledge Agreement, the Collateral Agent will release to the Agent, on
         behalf of the Holder, such Pledged Notes or Pledged Treasury
         Consideration from the Pledge, free and clear of the Company's security
         interest therein, and upon receipt thereof the Agent shall promptly:

                           (x)      cancel the related Normal Units;

                           (y)      transfer the Pledged Notes or Pledged
                  Treasury Consideration, as the case may be, to the Holder; and

                           (z)      authenticate, execute on behalf of such
                  Holder and deliver a Stripped Units Certificate executed by
                  the Company in accordance with Section 3.3 evidencing the same
                  number of Purchase Contracts as were evidenced by the
                  cancelled Normal Units.

                  (b)      Holders who elect to separate the Pledged Notes or
         Pledged Treasury Consideration, as the case may be, from the related
         Purchase Contract and to substitute Treasury Securities for such
         Pledged Notes or Pledged Treasury Consideration shall be responsible
         for any fees or expenses payable to the Collateral Agent for its
         services as Collateral Agent in respect of the substitution, and the
         Company shall not be responsible for any such fees or expenses.

                  (c)      Holders may make Collateral Substitutions (i) if
         Treasury Securities are being substituted for Pledged Notes, only in
         integral multiples of [__] Normal Units, or (ii) if the Collateral
         Substitutions occur after a successful remarketing of the Notes
         pursuant to the provisions of Section 5.4 or after a Special Event
         Redemption, as the case may be, only in integral multiples of Normal
         Units such that the Treasury Securities to be deposited and the
         Treasury Consideration to be released are in integral multiples of
         $[____].

                  (d)      In the event a Holder making a Collateral
         Substitution pursuant to this Section 3.13 fails to effect a book-entry
         transfer of the Normal Units or fails to deliver a Normal Units
         Certificate to the Agent after depositing Treasury Securities with the
         Collateral Agent, the Pledged Notes or Pledged Treasury Consideration,
         as the case may be, constituting a part of such Normal Units, and any
         distributions on such Pledged Notes or Pledged Treasury Consideration
         shall be held in the name of the Agent or its nominee in trust for the
         benefit of such Holder, until such Normal Units are so transferred or
         the Normal Units Certificate is so delivered, as the case may be, or,
         with respect to a Normal Units Certificate, such Holder provides
         evidence satisfactory to the Company and the Agent that such Normal
         Units Certificate has been destroyed, lost or stolen, together with any
         indemnity that may be required by the Agent and the Company.

                  (e)      Except as described in this Section 3.13, for so long
         as the Purchase Contract underlying a Normal Unit remains in effect,
         such Normal Unit shall not be separable into its constituent parts, and
         the rights and obligations of the Holder of such Normal Unit in respect
         of the Pledged Note or the Pledged Treasury Consideration, as the case
         may be, and the Purchase Contract comprising such Normal Unit may be
         acquired, and may be transferred and exchanged, only as a Normal Unit.

                  SECTION 3.14 Reestablishment of Normal Units.

                  (a)      A Holder of Stripped Units may reestablish Normal
         Units at any time from and after the date of this Agreement and on or
         prior to the seventh Business Day immediately preceding the Stock

                                       23

<PAGE>

         Purchase Date, by (i) depositing with the Collateral Agent Notes in a
         principal amount or the appropriate Treasury Consideration (identified
         and calculated by reference to the Treasury Consideration then
         comprising Normal Units), as the case may be, then comprising such
         number of Normal Units as is equal to the number of such Stripped Units
         and (ii) transferring such Stripped Units to the Agent accompanied by a
         notice to the Agent, substantially in the form of Exhibit D hereto,
         stating that the Holder has transferred the relevant principal amount
         of Notes or the appropriate Treasury Consideration, as the case may be,
         to the Collateral Agent and requesting that the Agent instruct the
         Collateral Agent to release the Pledged Treasury Securities underlying
         such Stripped Unit, whereupon the Agent shall promptly give such
         instruction to the Collateral Agent, substantially in the form of
         Exhibit C hereto. Notwithstanding the foregoing, a Holder may not
         reestablish Normal Units during the period beginning on the fourth
         Business Day prior to the first day of the first or second Remarketing
         Period and ending on the third Business Day after the end of such
         Remarketing Period. Upon receipt of the Notes or the appropriate
         Treasury Consideration, as the case may be, described in clause (i)
         above and the instruction described in clause (ii) above, in accordance
         with the terms of the Pledge Agreement, the Collateral Agent will
         release to the Agent, on behalf of the Holder, such Pledged Treasury
         Securities from the Pledge, free and clear of the Company's security
         interest therein, and upon receipt thereof the Agent shall promptly:

                           (x)      cancel the related Stripped Units;

                           (y)      transfer the Pledged Treasury Securities to
                  the Holder; and

                           (z)      authenticate, execute on behalf of such
                  Holder and deliver a Normal Units Certificate executed by the
                  Company in accordance with Section 3.3 evidencing the same
                  number of Purchase Contracts as were evidenced by the
                  cancelled Stripped Units.

                  (b)      Holders of Stripped Units may reestablish Normal
         Units (i) if Notes are being substituted for the Pledged Treasury
         Securities, only in integral multiples of [__] Stripped Units for [__]
         Normal Units or (ii) if the reestablishment occurs after a successful
         remarketing of the Notes pursuant to the provisions of Section 5.4 or
         after a Special Event Redemption, as the case may be, only in integral
         multiples of Stripped Units such that the Treasury Consideration to be
         deposited and the Treasury Securities to be released are in integral
         multiples of $[____].

                  (c)      Except as provided in this Section 3.14, for so long
         as the Purchase Contract underlying a Stripped Unit remains in effect,
         such Stripped Unit shall not be separable into its constituent parts,
         and the rights and obligations of the Holder of such Stripped Unit in
         respect of the Pledged Treasury Securities and Purchase Contract
         comprising such Stripped Unit may be acquired, and may be transferred
         and exchanged, only as a Stripped Unit.

                  SECTION 3.15 Transfer of Collateral upon Occurrence of
         Termination Event.

                  Upon the occurrence of a Termination Event and the transfer to
the Agent of the Notes or the appropriate Treasury Consideration or the Treasury
Securities, as the case may be, underlying the Normal Units and the Stripped
Units pursuant to the terms of the Pledge Agreement, the Agent shall request
transfer instructions with respect to such Notes or the appropriate Treasury
Consideration or Treasury Securities, as the case may be, from each Holder by
written request mailed to such Holder at its address as it appears in the Normal
Units Register or the Stripped Units Register, as the case may be. Upon
book-entry transfer of the Normal Units or Stripped Units or delivery of a
Normal Units Certificate or Stripped Units Certificate to the Agent with such
transfer instructions, the Agent shall transfer the Notes, the appropriate
Treasury Consideration or the Treasury Securities underlying such Normal Units
or Stripped Units, as the case may be, to such Holder by book-entry transfer, or
other appropriate procedures, in accordance with such instructions. In the event
a Holder of Normal Units or Stripped Units fails to effect such transfer or
delivery, the Notes, the appropriate Treasury Consideration or the Treasury
Securities, as the case may be, underlying such Normal Units or Stripped Units,
as the case may be, and any distributions thereon, shall be held in the name of
the Agent or its nominee in trust for the benefit of such Holder, until such
Normal Units or Stripped Units are transferred or the Normal Units Certificate
or Stripped Units Certificate is surrendered or such Holder provides
satisfactory evidence that such Normal Units Certificate or Stripped Units
Certificate has been destroyed, lost or stolen, together with any indemnity that
may be required by the Agent and the Company. In the

                                       24

<PAGE>

case of the Treasury Portfolio or any Treasury Securities, the Agent may dispose
of the subject securities for cash and pay the applicable portion of such cash
to the Holders in lieu of such Holders' Treasury Securities, where such Holder
would otherwise have been entitled to receive less than $[____] of any such
security.

                  SECTION 3.16 No Consent to Assumption.

                  Each Holder of a Unit, by acceptance thereof, shall be deemed
expressly to have withheld any consent to the assumption (i.e., affirmance),
under Section 365 of the Bankruptcy Code or otherwise, of the Purchase Contract
by the Company, any receiver, liquidator or person or entity performing similar
functions or its trustee in the event that the Company becomes the debtor under
the Bankruptcy Code or subject to other similar state or federal law providing
for reorganization or liquidation.

                  SECTION 3.17 CUSIP Numbers.

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

                                   ARTICLE IV

                                    THE NOTES

                  SECTION 4.1 Payment of Interest; Rights to Interest Payments
         Preserved; Notice.

                  (a)      A payment on any Note or Treasury Consideration, as
         the case may be, which is paid on any Payment Date shall, subject to
         receipt thereof by the Agent from the Collateral Agent as provided by
         the terms of the Pledge Agreement, be paid to the Person in whose name
         the Normal Units Certificate (or one or more Predecessor Normal Units
         Certificates), of which such Note or the appropriate Treasury
         Consideration is a part, is registered at the close of business on the
         Record Date for such Payment Date.

                  (b)      Each Normal Units Certificate evidencing Notes
         delivered under this Agreement upon registration of transfer of or in
         exchange for or in lieu of any other Normal Units Certificate shall
         carry the rights to interest accrued and unpaid, and rights to accrue
         interest, which were carried by the Notes underlying such other Normal
         Units Certificate.

                  (c)      In the case of any Normal Unit, with respect to which
         Early Settlement of the underlying Purchase Contract is effected on an
         Early Settlement Date, or with respect to which Merger Early Settlement
         of the underlying Purchase Contract is effected on a Merger Early
         Settlement Date, or with respect to which Cash Settlement is effected
         on the Business Day immediately preceding the Stock Purchase Date, or
         with respect to which a Collateral Substitution is effected, in each
         case on a date that is after any Record Date and on or prior to the
         next succeeding Payment Date, payments on the Note or the appropriate
         Treasury Consideration, as the case may be, underlying such Normal Unit
         otherwise payable on such Payment Date shall be payable on such Payment
         Date notwithstanding such Early Settlement, Merger Early Settlement,
         Cash Settlement or Collateral Substitution, as the case may be, and
         such payments shall, subject to receipt thereof by the Agent, be
         payable to the Person in whose name the Normal Units Certificate (or
         one or more Predecessor Normal Unit Certificates) was registered at the
         close of business on such Record Date. Except as otherwise expressly
         provided in the immediately preceding sentence, in the case of any
         Normal Unit with respect to which Early Settlement, Merger Early
         Settlement or Cash Settlement of the underlying Purchase Contract is
         effected, or with respect to which a Collateral Substitution has been
         effected, payments on the related Notes or payments on the appropriate
         Treasury Consideration that would otherwise be payable after the
         applicable Settlement Date or after such Collateral Substitution, as
         the case may be, shall not be payable hereunder to the Holder of such
         Normal Unit;

                                       25

<PAGE>

         provided that, to the extent that such Holder continues to hold the
         separated Notes that formerly comprised a part of such Holder's Normal
         Units, such Holder shall be entitled to receive any payments on such
         separated Notes.

                  SECTION 4.2 Notice and Voting.

                  Under and subject to the terms of the Pledge Agreement and
this Agreement, the Agent will be entitled to exercise the voting and any other
consensual rights pertaining to the Pledged Notes but only to the extent
instructed by the Holders as described below. Upon receipt of notice of any
meeting at which holders of Notes are entitled to vote or upon any solicitation
of consents, waivers or proxies of holders of Notes, the Agent shall, as soon as
practicable thereafter, mail to the Holders of Normal Units a notice prepared by
the Company at the Company's expense (a) containing such information as is
contained in the notice or solicitation, (b) stating that each Holder on the
record date set by the Agent therefor (which, to the extent possible, shall be
the same date as the record date for determining the holders of Notes entitled
to vote) shall be entitled to instruct the Agent as to the exercise of the
voting rights pertaining to the Pledged Notes underlying their Normal Units and
(c) stating the manner in which such instructions may be given. Upon the written
request of any Holder of Normal Units on such record date, the Agent shall
endeavor insofar as practicable to vote or cause to be voted, in accordance with
the instructions set forth in such request, the maximum number of Pledged Notes
as to which any particular voting instructions are received. In the absence of
specific instructions from the Holder of a Normal Unit, the Agent shall abstain
from voting the Pledged Note underlying such Normal Unit. The Company hereby
agrees, if applicable, to solicit Holders of Normal Units to timely instruct the
Agent in order to enable the Agent to vote such Pledged Notes.

                  SECTION 4.3 Special Event Redemption.

                  Upon the occurrence of a Special Event Redemption prior to the
successful remarketing of the Notes pursuant to the provisions of Section 5.4,
the Company shall instruct in writing the Collateral Agent to apply, and upon
such written instruction, the Collateral Agent shall apply, out of the aggregate
Redemption Price for the Notes that are components of Normal Units, an amount
equal to the Special Event Redemption Principal Amount to purchase on behalf of
the Holders of Normal Units the Treasury Portfolio and promptly remit the
remaining portion of such Redemption Price to the Agent for payment to the
Holders of such Normal Units. The Treasury Portfolio will be substituted for the
Pledged Notes, and will be pledged to the Collateral Agent in accordance with
the terms of the Pledge Agreement to secure the obligation of each Holder of a
Normal Unit to purchase the Common Stock under the Purchase Contract
constituting a part of such Normal Unit. Following the occurrence of a Special
Event Redemption prior to a successful remarketing of the Notes pursuant to the
provisions of Section 5.4, the Holders of Normal Units and the Collateral Agent
shall have such security interests, rights and obligations with respect to the
Treasury Portfolio as the Holder of Normal Units and the Collateral Agent had in
respect of the Notes, as the case may be, subject to the Pledge thereof as
provided in Articles II, III, IV, V and VI of the Pledge Agreement, and any
reference herein or in the Certificates to the Note shall be deemed to be a
reference to such Treasury Portfolio and any reference herein or in the
Certificates to interest on the Notes shall be deemed to be a reference to
corresponding distributions on the Treasury Portfolio. The Company may cause to
be made in any Normal Unit Certificates thereafter to be issued such change in
phraseology and form (but not in substance) as may be appropriate to reflect the
substitution of the Treasury Portfolio for Notes as collateral.

                  Upon the occurrence of a Special Event Redemption after the
successful remarketing of the Notes, the Redemption Price will be payable in
cash to the holders of the Notes.

                  SECTION 4.4 Consent to Treatment for Tax Purposes.

                  Each Holder of a Normal Unit or a Stripped Unit, by its
acceptance thereof, covenants and agrees to treat itself as the owner, for
federal, state and local income and franchise tax purposes of (i) the related
Notes or the appropriate Treasury Consideration, in the case of the Normal
Units, or (ii) the Treasury Securities, in the case of the Stripped Units. Each
Holder of a Normal Unit, by its acceptance thereof, further covenants and agrees
(i) to treat the Notes as indebtedness of the Company for federal, state and
local income and franchise tax purposes and (ii) to allocate [__]% of the issue
price of a Normal Unit to the beneficial interest in the Note and [__]% of the
issue price to the Purchase Contract.

                                       26

<PAGE>

                                   ARTICLE V

                     THE PURCHASE CONTRACTS; THE REMARKETING

                  SECTION 5.1 Purchase of Common Stock.

                  (a)      Each Purchase Contract shall, unless a Termination
         Event, an Early Settlement or a Merger Early Settlement shall have
         occurred prior to the Stock Purchase Date, obligate the Holder of the
         related Unit to purchase, and the Company to sell, on the Stock
         Purchase Date at a price equal to $[__] (the "Purchase Price"), a
         number of validly issued, fully paid and non-assessable newly issued
         shares of Common Stock equal to the Settlement Rate. The "Settlement
         Rate" is equal to,

                           (i)      if the Applicable Market Value (as defined
                  below) is equal to or greater than $[__] (the "Threshold
                  Appreciation Price"), [____] shares of Common Stock per
                  Purchase Contract,

                           (ii)     if the Applicable Market Value is less than
                  the Threshold Appreciation Price, but is greater than $[__],
                  the number of shares of Common Stock per Purchase Contract
                  equal to the Purchase Price divided by the Applicable Market
                  Value, and

                           (iii)    if the Applicable Market Value is equal to
                  or less than $[__], [____] shares of Common Stock per Purchase
                  Contract,

         in each case subject to adjustment as provided in Section 5.6 (and in
         each case rounded upward or downward to the nearest 1/10,000th of a
         share).

                  (b)      No fractional shares of Common Stock will be issued
         by the Company with respect to the payment of Contract Adjustment
         Payments on the Stock Purchase Date. In lieu of fractional shares
         otherwise issuable with respect to such payment of Contract Adjustment
         Payments, the Holder will be entitled to receive an amount in cash as
         provided in Section 5.12.

                  (c)      The "Applicable Market Value" means the average of
         the Closing Price per share of Common Stock on each of the 20
         consecutive Trading Days ending on the third Trading Day immediately
         preceding the Stock Purchase Date or, in the event of a Cash Merger,
         the Cash Merger Date. The "Closing Price" of the Common Stock on any
         date of determination means the closing sale price (or, if no closing
         sale price is reported, the last reported sale price) of the Common
         Stock on the New York Stock Exchange (the "NYSE") on such date or, if
         the Common Stock is not listed for trading on the NYSE on any such
         date, as reported in the composite transactions for the principal
         United States securities exchange on which the Common Stock is so
         listed, or if the Common Stock is not so listed on a United States
         securities exchange, as reported by The Nasdaq Stock Market, or, if the
         Common Stock is not so reported, the last quoted bid price for the
         Common Stock in the over-the-counter market as reported by the National
         Quotation Bureau or similar organization, or, if such bid price is not
         available, the market value of the Common Stock on such date as
         determined by a nationally recognized independent investment banking
         firm retained for this purpose by the Company. A "Trading Day" means a
         day on which the Common Stock (A) is not suspended from trading on any
         national or regional securities exchange or association or
         over-the-counter market at the close of business and (B) has traded at
         least once on the national or regional securities exchange or
         association or over-the-counter market that is the primary market for
         the trading of the Common Stock at the close of business on such day.

                  (d)      Each Holder of a Unit, by its acceptance thereof,
         irrevocably authorizes the Agent to enter into and perform the related
         Purchase Contract on its behalf as its attorney-in-fact (including the
         execution of Certificates on behalf of such Holder), agrees to be bound
         by the terms and provisions thereof, covenants and agrees to perform
         its obligations under such Purchase Contract, consents to the
         provisions hereof, irrevocably authorizes the Agent as its
         attorney-in-fact to enter into and perform the Pledge Agreement on its
         behalf as its attorney-in-fact, and consents to and agrees to be bound
         by the Pledge of the

                                       27
<PAGE>

         Notes, the appropriate Treasury Consideration or the Treasury
         Securities pursuant to the Pledge Agreement; provided that upon a
         Termination Event, the rights of the Holder of such Unit under the
         Purchase Contract may be enforced without regard to any other rights or
         obligations. Each Holder of a Unit, by its acceptance thereof, further
         covenants and agrees that, to the extent and in the manner provided in
         Section 5.4 and the Pledge Agreement, but subject to the terms thereof,
         payments in respect of the Pledged Notes, the Pledged Treasury
         Consideration or the Pledged Treasury Securities to be paid upon
         settlement of such Holder's obligations to purchase shares of Common
         Stock under the Purchase Contract, shall be paid on the Stock Purchase
         Date by the Collateral Agent to the Company in satisfaction of such
         Holder's obligations under such Purchase Contract and such Holder shall
         acquire no right, title or interest in such payments.

                  (e)      Upon registration of transfer of a Certificate, the
         transferee shall be bound (without the necessity of any other action on
         the part of such transferee) under the terms of this Agreement, the
         Purchase Contracts underlying such Certificate and the Pledge
         Agreement, and the transferor shall be released from the obligations
         under this Agreement, the Purchase Contracts underlying the Certificate
         so transferred and the Pledge Agreement. The Company covenants and
         agrees, and each Holder of a Certificate, by its acceptance thereof,
         likewise covenants and agrees, to be bound by the provisions of this
         paragraph.

                  SECTION 5.2 Contract Adjustment Payments.

                  (a)      Subject to Section 5.3, the Company shall pay, on
         each Payment Date, the Contract Adjustment Payments, if any, payable in
         respect of each Purchase Contract to the Person in whose name a
         Certificate (or one or more Predecessor Certificates) is registered on
         the Register at the close of business on the Record Date next preceding
         such Payment Date in such coin or currency of the United States as at
         the time of payment shall be legal tender for payments. The Contract
         Adjustment Payments, if any, will be payable at the Corporate Trust
         Office or, at the option of the Company, by check mailed to the address
         of the Person entitled thereto at such Person's address as it appears
         on the Register or by wire transfer to the account maintained in the
         United States designated by a prior written notice by such Person.

                  (b)      Upon the occurrence of a Termination Event, the
         Company's obligation to pay Contract Adjustment Payments (including any
         accrued and unpaid Deferred Contract Adjustment Payments), if any,
         shall cease.

                  (c)      Each Certificate delivered under this Agreement upon
         registration of transfer of or in exchange for or in lieu of any other
         Certificate (including as a result of a Collateral Substitution or the
         re-establishment of a Normal Unit) shall carry the rights to receive
         Contract Adjustment Payments (including any accrued and unpaid Deferred
         Contract Adjustment Payments), if any, and to accrue Contract
         Adjustment Payments, if any, which were carried by the Purchase
         Contracts underlying such other Certificates.

                  (d)      Subject to Sections 5.4, 5.9 and 5.10, in the case of
         any Unit with respect to which Early Settlement or Merger Early
         Settlement of the underlying Purchase Contract is effected on an Early
         Settlement Date or a Merger Early Settlement Date, respectively, or in
         respect of which Cash Settlement of the underlying Purchase Contract is
         effected on the Business Day immediately preceding the Stock Purchase
         Date, or with respect to which a Collateral Substitution or an
         establishment or re-establishment of a Normal Unit pursuant to Section
         3.14 is effected, in each case on a date that is after any Record Date
         and on or prior to the next succeeding Payment Date, Contract
         Adjustment Payments on the Purchase Contract underlying such Unit
         otherwise payable on such Payment Date shall be payable on such Payment
         Date notwithstanding such Cash Settlement, Early Settlement, Merger
         Early Settlement, Collateral Substitution or establishment or
         re-establishment of Normal Units, and such Contract Adjustment Payments
         shall, subject to receipt thereof by the Agent, be payable to the
         Person in whose name the Certificate evidencing such Unit (or one or
         more Predecessor Certificates) was registered at the close of business
         on such Record Date. Except as otherwise expressly provided in the
         immediately preceding sentence, in the case of any Unit with respect to
         which Early Settlement or Merger Early Settlement or Cash Settlement of
         the underlying Purchase Contract is effected on an Early Settlement
         Date or Merger Early Settlement Date or on the Business Day immediately
         preceding the Stock Purchase Date, as the case may be, or with respect
         to

                                       28

<PAGE>

         which a Collateral Substitution or an establishment or re-establishment
         of a Normal Unit has been effected, Contract Adjustment Payments, if
         any, that would otherwise be payable after the Early Settlement Date,
         or Merger Early Settlement Date, Collateral Substitution or such
         establishment or re-establishment with respect to such Purchase
         Contract shall not be payable.

                  (e)      The Company's obligations with respect to Contract
         Adjustment Payments (including any accrued or Deferred Contract
         Adjustment Payments) will be subordinated and junior in right of
         payment to the Company's obligations under any Senior Indebtedness to
         the extent set forth in Section 5.2(f).

                  (f)      Subject to the provisions of Section 5.8, in the
         event (x) of any payment by, or distribution of assets of, the Company
         of any kind or character, whether in cash, property or securities, to
         creditors upon any dissolution, winding-up, liquidation or
         reorganization of the Company, whether voluntary or involuntary or in
         bankruptcy, insolvency, receivership or other proceedings, or (y)
         subject to the provisions of Section 5.2(h) below, that (i) a default
         shall have occurred and be continuing with respect to the payment of
         principal, interest or any other monetary amounts due and payable on
         any Senior Indebtedness and such default shall have continued beyond
         the period of grace, if any, specified in the instrument evidencing
         such Senior Indebtedness (and the Agent shall have received written
         notice thereof from the Company or one or more holders of Senior
         Indebtedness or their representative or representatives or the trustee
         or trustees under any indenture pursuant to which any such Senior
         Indebtedness may have been issued), or (ii) the maturity of any Senior
         Indebtedness shall have been accelerated because of a default in
         respect of such Senior Indebtedness (and the Agent shall have received
         written notice thereof from the Company or one or more holders of
         Senior Indebtedness or their representative or representatives or the
         trustee or trustees under any indenture pursuant to which any such
         Senior Indebtedness may have been issued), then:

                           (i)      the holders of all Senior Indebtedness shall
                  first be entitled to receive, in the case of clause (x) above,
                  payment in full of all amounts due or to become due upon all
                  Senior Indebtedness and, in the case of subclauses (i) and
                  (ii) of clause (y) above, payment of all amounts due thereon,
                  or provision shall be made for such payment in money or
                  money's worth, before the Holders of any of the Units are
                  entitled to receive any Contract Adjustment Payments on the
                  Purchase Contracts underlying the Units;

                           (ii)     any payment by, or distribution of assets
                  of, the Company of any kind or character, whether in cash,
                  property or securities, to which the Holders of any of the
                  Units would be entitled except for the provisions of Sections
                  5.2(e) through (q), including any such payment or distribution
                  which may be payable or deliverable by reason of the payment
                  of any other indebtedness of the Company being subordinated to
                  the payment of such Contract Adjustment Payments on the
                  Purchase Contracts underlying the Units, shall be paid or
                  delivered by the Person making such payment or distribution,
                  whether a trustee in bankruptcy, a receiver or liquidating
                  trustee or otherwise, directly to the holders of such Senior
                  Indebtedness or their representative or representatives or to
                  the trustee or trustees under any indenture under which any
                  instruments evidencing any of such Senior Indebtedness may
                  have been issued, ratably according to the aggregate amounts
                  remaining unpaid on account of such Senior Indebtedness held
                  or represented by each, to the extent necessary to make
                  payment in full of all Senior Indebtedness remaining unpaid
                  after giving effect to any concurrent payment or distribution
                  (or provision therefor) to the holders of such Senior
                  Indebtedness, before any payment or distribution is made of
                  such Contract Adjustment Payments to the Holders of such
                  Units; and

                           (iii)    in the event that, notwithstanding the
                  foregoing, any payment by, or distribution of assets of, the
                  Company of any kind or character, whether in cash, property or
                  securities, including any such payment or distribution which
                  may be payable or deliverable by reason of the payment of any
                  other indebtedness of the Company being subordinated to the
                  payment of Contract Adjustment Payments on the Purchase
                  Contracts underlying the Units, shall be received by the Agent
                  or the Holders of any of the Units when such payment or
                  distribution is prohibited pursuant to Sections 5.2(e) through
                  (q), such payment or distribution shall be paid over to the
                  holders of

                                       29

<PAGE>

                  such Senior Indebtedness or their representative or
                  representatives or to the trustee or trustees under any
                  indenture pursuant to which any instruments evidencing any
                  such Senior Indebtedness may have been issued, ratably as
                  aforesaid, for application to the payment of all Senior
                  Indebtedness remaining unpaid until all such Senior
                  Indebtedness shall have been paid in full, after giving effect
                  to any concurrent payment or distribution (or provision
                  therefor) to the holders of such Senior Indebtedness.

                  (g)      For purposes of Sections 5.2(e) through (q), the
         words "cash, property or securities" shall not be deemed to include
         shares of stock of the Company as reorganized or readjusted, or
         securities of the Company or any other Person provided for by a plan of
         reorganization or readjustment, the payment of which is subordinated at
         least to the extent provided in Sections 5.2(e) through (q) with
         respect to such Contract Adjustment Payments on the Units to the
         payment of all Senior Indebtedness which may at the time be
         outstanding; provided that (i) the indebtedness or guarantee of
         indebtedness, as the case may be, that constitutes Senior Indebtedness
         is assumed by the Person, if any, resulting from any such
         reorganization or readjustment, and (ii) the rights of the holders of
         the Senior Indebtedness are not, without the consent of each such
         holder adversely affected thereby, altered by such reorganization or
         readjustment.

                  (h)      Any failure by the Company to make any payment on or
         perform any other obligation under Senior Indebtedness, other than any
         indebtedness incurred by the Company or assumed or guaranteed, directly
         or indirectly, by the Company for money borrowed (or any deferral,
         renewal, extension or refunding thereof) or any indebtedness or
         obligation as to which the provisions of Sections 5.2(e) through (g)
         shall have been waived by the Company in the instrument or instruments
         by which the Company incurred, assumed, guaranteed or otherwise created
         such indebtedness or obligation, shall not be deemed a default or event
         of default if (i) the Company shall be disputing its obligation to make
         such payment or perform such obligation and (ii) either (A) no final
         judgment relating to such dispute shall have been issued against the
         Company which is in full force and effect and is not subject to further
         review, including a judgment that has become final by reason of the
         expiration of the time within which a party may seek further appeal or
         review, and (B) in the event a judgment that is subject to further
         review or appeal has been issued, the Company shall in good faith be
         prosecuting an appeal or other proceeding for review and a stay of
         execution shall have been obtained pending such appeal or review.

                  (i)      Subject to the payment in full of all Senior
         Indebtedness, the Holders of the Purchase Contracts underlying the
         Units shall be subrogated (equally and ratably with the holders of all
         obligations of the Company which by their express terms are
         subordinated to Senior Indebtedness of the Company to the same extent
         as payment of the Contract Adjustment Payments in respect of the
         Purchase Contracts underlying the Units is subordinated and which are
         entitled to like rights of subrogation) to the rights of the holders of
         Senior Indebtedness to receive payments or distributions of cash,
         property or securities of the Company applicable to the Senior
         Indebtedness until all such Contract Adjustment Payments owing on the
         Purchase Contracts underlying the Units shall be paid in full, and as
         between the Company, its creditors other than holders of such Senior
         Indebtedness and the Holders, no such payment or distribution made to
         the holders of Senior Indebtedness by virtue of Sections 5.2(e) through
         (q) that otherwise would have been made to the Holders shall be deemed
         to be a payment by the Company on account of such Senior Indebtedness,
         it being understood that the provisions of Sections 5.2(e) through (q)
         are and are intended solely for the purpose of defining the relative
         rights of the Holders, on the one hand, and the holders of Senior
         Indebtedness, on the other hand.

                  (j)      Nothing contained in Sections 5.2(e) through (q) or
         elsewhere in this Agreement or in the Units is intended to or shall
         impair, as among the Company, its creditors other than the holders of
         Senior Indebtedness and the Holders, the obligation of the Company,
         which, subject to the occurrence of a Termination Event as described in
         Section 5.2(b) and the Company's right pursuant to Section 5.3 to defer
         Contract Adjustment Payments, is absolute and unconditional, to pay to
         the Holders such Contract Adjustment Payments on the Purchase Contracts
         underlying the Units as and when the same shall become due and payable
         in accordance with their terms, or is intended to or shall affect the
         relative rights of the Holders and creditors of the Company other than
         the holders of Senior Indebtedness, nor shall anything herein or
         therein prevent the Agent or any Holder from exercising all remedies
         otherwise permitted by applicable law upon default under this
         Agreement, subject to the rights, if any, under these Sections 5.2(e)

                                       30

<PAGE>

         through (q), of the holders of Senior Indebtedness in respect of cash,
         property or securities of the Company received upon the exercise of any
         such remedy.

                  (k)      Upon payment or distribution of assets of the Company
         referred to in these Sections 5.2(e) through (q), the Agent and the
         Holders shall be entitled to rely upon any order or decree made by any
         court of competent jurisdiction in which any such dissolution, winding
         up, liquidation or reorganization proceeding affecting the affairs of
         the Company is pending or upon a certificate of the trustee in
         bankruptcy, receiver, assignee for the benefit of creditors,
         liquidating trustee or agent or other Person making any payment or
         distribution, delivered to the Agent or to the Holders, for the purpose
         of ascertaining the Persons entitled to participate in such payment or
         distribution, the holders of the Senior Indebtedness and other
         indebtedness of the Company, the amount thereof or payable thereon, the
         amount or amounts paid or distributed thereon and all other facts
         pertinent thereto or to these Sections 5.2(e) through (q).

                  (l)      The Agent shall be entitled to rely on the delivery
         to it of a written notice by a Person representing himself to be a
         holder of Senior Indebtedness (or a trustee or representative on behalf
         of such holder) to establish that such notice has been given by a
         holder of Senior Indebtedness or a trustee or representative on behalf
         of any such holder or holders. In the event that the Agent determines
         in good faith that further evidence is required with respect to the
         right of any Person as a holder of Senior Indebtedness to participate
         in any payment or distribution pursuant to Sections 5.2(e) through (q),
         the Agent may request such Person to furnish evidence to the reasonable
         satisfaction of the Agent as to the amount of Senior Indebtedness held
         by such Person, the extent to which such Person is entitled to
         participate in such payment or distribution and any other facts
         pertinent to the rights of such Person under Sections 5.2(e) through
         (q), and, if such evidence is not furnished, the Agent may defer
         payment to such Person pending judicial determination as to the right
         of such Person to receive such payment.

                  (m)      Nothing contained in Sections 5.2(e) through (q)
         shall affect the obligations of the Company to make, or prevent the
         Company from making, payment of the Contract Adjustment Payments,
         except as provided in these Sections 5.2(e) through (q).

                  (n)      Each Holder of Units, by his acceptance thereof,
         authorizes and directs the Agent on his, her or its behalf to take such
         action as may be necessary or appropriate to effectuate the
         subordination provided in Sections 5.2(e) through (q) and appoints the
         Agent his, her or its attorney-in-fact, as the case may be, for any and
         all such purposes.

                  (o)      The Company shall give prompt written notice to the
         Agent of any fact known to the Company that would prohibit the making
         of any payment of moneys to or by the Agent in respect of the Purchase
         Contracts underlying the Units pursuant to the provisions of this
         Section 5.2. Notwithstanding the provisions of Sections 5.2(e) through
         (q) or any other provisions of this Agreement, the Agent shall not be
         charged with knowledge of the existence of any facts that would
         prohibit the making of any payment of moneys to or by the Agent, or the
         taking of any other action by the Agent, unless and until the Agent
         shall have received written notice thereof mailed or delivered to a
         Responsible Officer of the Agent from the Company, any Holder, any
         paying agent or the holder or representative of any Senior
         Indebtedness; provided that, if at least two Business Days prior to the
         date upon which by the terms hereof any such moneys may become payable
         for any purpose, the Agent shall not have received with respect to such
         moneys the notice provided for in this Section 5.2(o), then, anything
         herein contained to the contrary notwithstanding, the Agent shall have
         full power and authority to receive such moneys and to apply the same
         to the purpose for which they were received and shall not be affected
         by any notice to the contrary that may be received by it within two
         Business Days prior to or on or after such date.

                  (p)      The Agent in its individual capacity shall be
         entitled to all the rights set forth in this Section 5.2 with respect
         to any Senior Indebtedness at the time held by it, to the same extent
         as any other holder of Senior Indebtedness and nothing in this
         Agreement shall deprive the Agent of any of its rights as such holder.

                                       31

<PAGE>

                  (q)      No right of any present or future holder of any
         Senior Indebtedness to enforce the subordination herein shall at any
         time or in any way be prejudiced or impaired by any act or failure to
         act on the part of the Company or by any noncompliance by the Company
         with the terms, provisions and covenants of this Agreement, regardless
         of any knowledge thereof which any such holder may have or be otherwise
         charged with.

                  (r)      Nothing in this Section 5.2 shall apply to claims of,
         or payments to, the Agent under or pursuant to Section 7.7 hereof.

With respect to the holders of Senior Indebtedness, (i) the duties and
obligations of the Agent shall be determined solely by the express provisions of
this Agreement; (ii) the Agent shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Agreement;
(iii) no implied covenants or obligations shall be read into this Agreement
against the Agent; and (iv) the Agent shall not be deemed to be a fiduciary as
to such holders.

                  SECTION 5.3 Deferral of Contract Adjustment Payments.

                  (a)      The Company shall have the right, at any time prior
         to the Stock Purchase Date, to defer the payment of any or all of the
         Contract Adjustment Payments otherwise payable on any Payment Date, but
         only if the Company shall give the Holders and the Agent written notice
         of its election to defer each such deferred Contract Adjustment Payment
         (specifying the amount to be deferred) at least ten Business Days prior
         to the earlier of (i) the next succeeding Payment Date or (ii) the date
         the Company is required to give notice of the Record Date or Payment
         Date with respect to payment of such Contract Adjustment Payments to
         the NYSE or other applicable self-regulatory organization or to Holders
         of the Units, but in any event not less than one Business Day prior to
         such Record Date. Any Contract Adjustment Payments so deferred shall,
         to the extent permitted by law, accrue additional Contract Adjustment
         Payments thereon at the rate of [__]% per year (computed on the basis
         of a 360-day year of twelve 30-day months), compounding on each
         succeeding Payment Date, until paid in full (such deferred installments
         of Contract Adjustment Payments, if any, together with the additional
         Contract Adjustment Payments, if any, accrued thereon, being referred
         to herein as the "Deferred Contract Adjustment Payments"). Deferred
         Contract Adjustment Payments, if any, shall be due on the next
         succeeding Payment Date except to the extent that payment is deferred
         pursuant to this Section 5.3. No Contract Adjustment Payments may be
         deferred to a date that is after the Settlement Date and no such
         deferral period may end other than on a Payment Date. If the Purchase
         Contracts are terminated upon the occurrence of a Termination Event,
         the Holder's right to receive Contract Adjustment Payments, if any, and
         any Deferred Contract Adjustment Payments, will terminate.

                  (b)      In the event that the Company elects to defer the
         payment of Contract Adjustment Payments on the Purchase Contracts until
         a Payment Date prior to the Stock Purchase Date, then all Deferred
         Contract Adjustment Payments, if any, shall be payable to the
         registered Holders as of the close of business on the Record Date
         immediately preceding such Payment Date.

                  (c)      In the event that the Company elects to defer the
         payment of Contract Adjustment Payments on the Purchase Contracts until
         the Stock Purchase Date, each Holder will receive on the Stock Purchase
         Date in lieu of a cash payment a number of shares of Common Stock (in
         addition to a number of shares of Common Stock equal to the Settlement
         Rate) equal to (A) the aggregate amount of Deferred Contract Adjustment
         Payments payable to such Holder (net of any required tax withholding on
         such Deferred Contract Adjustment Payment, which shall be remitted to
         the appropriate taxing jurisdiction) divided by (B) the Applicable
         Market Value.

                  (d)      No fractional shares of Common Stock will be issued
         by the Company with respect to the payment of Deferred Contract
         Adjustment Payments on the Stock Purchase Date. In lieu of fractional
         shares otherwise issuable with respect to such payment of Deferred
         Contract Adjustment Payments, the Holder will be entitled to receive an
         amount in cash as provided in Section 5.12.

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<PAGE>

                  (e)      In the event the Company exercises its option to
         defer the payment of Contract Adjustment Payments then, until the
         earlier of (x) the Termination Date or (y) the date on which the
         Deferred Contract Adjustment Payments have been paid, the Company shall
         not declare or pay dividends on, make distributions with respect to, or
         redeem, purchase or acquire, or make a liquidation payment with respect
         to, any of the Company's Capital Stock other than:

                           (i)      repurchases, redemptions or acquisitions of
                  shares of Capital Stock of the Company in connection with any
                  employment contract, benefit plan or other similar arrangement
                  with or for the benefit of employees, officers, directors or
                  agents or a share purchase or dividend reinvestment plan, or
                  the satisfaction by the Company of its obligations pursuant to
                  any contract or security outstanding on the date the Company
                  exercises its right to defer the payment of Contract
                  Adjustment Payments;

                           (ii)     as a result of a reclassification of the
                  Company's Capital Stock or the exchange or conversion of one
                  class or series of the Company's Capital Stock for another
                  class or series of the Company's Capital Stock;

                           (iii)    the purchase of fractional interests of the
                  Company's Capital Stock pursuant to the conversion or exchange
                  provisions of such Capital Stock or the security being
                  converted or exchanged;

                           (iv)     dividends or distributions in the Company's
                  Capital Stock (or rights to acquire the Company's Capital
                  Stock) or repurchases, acquisitions or redemptions of the
                  Company's Capital Stock in exchange for or out of the net cash
                  proceeds of the sale of the Company's Capital Stock (or
                  securities convertible into or exchangeable for shares of the
                  Company's Capital Stock); or

                           (v)      redemptions, exchanges or repurchases of any
                  rights outstanding under a shareholder rights plan or the
                  declaration or payment thereunder of a dividend or
                  distribution of or with respect to rights in the future, or
                  the redemption or repurchase of any rights pursuant thereto.

                  SECTION 5.4 Payment of Purchase Price; Remarketing.

                  (a)      Unless a Special Event Redemption, successful
         remarketing of the Notes pursuant to the provisions of this Section 5.4
         or Termination Event has occurred, or a Holder of a Unit has settled
         the underlying Purchase Contract through an Early Settlement pursuant
         to Section 5.9 or a Merger Early Settlement pursuant to Section 5.10,
         each Holder of a Normal Unit may pay in cash ("Cash Settlement") the
         Purchase Price for the shares of Common Stock to be purchased pursuant
         to a Purchase Contract if such Holder notifies the Agent by surrender
         of the Normal Unit Certificate and delivery of a notice in
         substantially the form of Exhibit E hereto of its intention to make a
         Cash Settlement. Such notice shall be made on or prior to 5:00 p.m.,
         New York City time, on the seventh Business Day immediately preceding
         the Stock Purchase Date. The Agent shall promptly notify the Collateral
         Agent of the receipt of such a notice from a Holder intending to make a
         Cash Settlement.

                           (i)      A Holder of a Normal Unit who has so
                  notified the Agent of its intention to make a Cash Settlement
                  is required to pay the Purchase Price to the Collateral Agent
                  prior to 11:00 a.m., New York City time, on the Business Day
                  immediately preceding the Stock Purchase Date in lawful money
                  of the United States by certified or cashier's check or wire
                  transfer, in each case in immediately available funds payable
                  to or upon the order of the Company. Any cash received by the
                  Collateral Agent will be paid to the Company on the Stock
                  Purchase Date in settlement of the Purchase Contract in
                  accordance with the terms of this Agreement and the Pledge
                  Agreement.

                           (ii)     If a Holder of a Normal Unit fails to notify
                  the Agent of its intention to make a Cash Settlement in
                  accordance with paragraph (a)(i) above, the Holder shall be
                  deemed to have

                                       33

<PAGE>

                  consented to the disposition of the Pledged Notes pursuant to
                  the remarketing as described in paragraph (b) below. If a
                  Holder of a Normal Unit does notify the Agent as provided in
                  paragraph (a)(i) above of its intention to pay the Purchase
                  Price in cash, but fails to make such payment as required by
                  paragraph (a)(i) above, such failure shall constitute an event
                  of default; however, the Notes of such a Holder will not be
                  remarketed but instead the Collateral Agent, for the benefit
                  of the Company, will exercise its rights as a secured party
                  with respect to such Notes, including but not limited to those
                  rights specified in subsection (b)(iii) below.

                  (b)      (i) Unless a Special Event Redemption has occurred,
         the Company shall engage, no later than 30 days prior to the
         Remarketing Date, a nationally recognized investment bank (the
         "Remarketing Agent") pursuant to a Remarketing Agreement to be mutually
         agreed on by the Company, the Agent and the Remarketing Agent, but
         providing for remarketing procedures substantially as set forth below
         to sell the Notes of Holders of Normal Units, other than Holders that
         have elected not to participate in the remarketing pursuant to the
         procedures set forth in clause (iv) below, and holders of Separate
         Notes that have elected to participate in the remarketing pursuant to
         the procedures set forth in Section 4.5(d) of the Pledge Agreement. On
         the seventh Business Day prior to the first day of each Remarketing
         Period, the Agent shall give Holders of Normal Units and holders of
         Separate Notes notice of the remarketing including the specific U.S.
         Treasury security or securities (including the CUSIP number and/or the
         principal terms of such Treasury security or securities) that must be
         delivered by Holders of Normal Units that elect not to participate in
         the remarketing and the deadline for such delivery. The Company or the
         Agent, at the Company's request, shall request not later than seven nor
         more than 15 calendar days prior to any Remarketing Period, that the
         Clearing Agency notify the Clearing Agency participants of such
         Remarketing Period. The Agent shall notify, by 10:00 a.m., New York
         City time, on the third Business Day preceding the first day of such
         Remarketing Period, the Remarketing Agent and the Collateral Agent of
         the aggregate principal amount of Notes of Normal Unit Holders to be
         remarketed. On the third Business Day preceding the first day of such
         Remarketing Period, no later than by 10:00 a.m., New York City time,
         pursuant to the terms of the Pledge Agreement, the Custodial Agent will
         notify the Remarketing Agent of the aggregate principal amount of
         Separate Notes to be remarketed. No later than 10:00 a.m., New York
         City time, on the Business Day immediately preceding the first day of
         such Remarketing Period, the Collateral Agent and the Custodial Agent,
         pursuant to the terms of the Pledge Agreement, will deliver for
         remarketing to the Remarketing Agent all Notes to be remarketed. Upon
         receipt of such notice from the Agent and the Custodial Agent and such
         Notes from the Collateral Agent and the Custodial Agent, the
         Remarketing Agent will, on the Remarketing Date (and any Subsequent
         Remarketing Date), use its commercially reasonable best efforts to sell
         such Notes on such date at an aggregate price equal to at least [___]%
         of the Remarketing Value. The sale of the Notes will be settled on or
         prior to the third Business Day following the Remarketing Date or any
         Subsequent Remarketing Date on which the Notes were successfully
         remarketed. The Remarketing Agent will use the proceeds from a
         successful remarketing to purchase the appropriate U.S. Treasury
         securities (the "Agent-purchased Treasury Consideration") with the
         CUSIP numbers, if any, selected by the Remarketing Agent, described in
         clauses (i)(1) and (ii)(1) of the definition of Remarketing Value
         related to the Notes of Holders of Normal Units that were remarketed.
         On or prior to the third Business Day following the Remarketing Date or
         any Subsequent Remarketing Date on which the Notes are successfully
         remarketed, the Remarketing Agent shall deliver such Agent-purchased
         Treasury Consideration to the Agent, which shall thereupon deliver such
         Agent-purchased Treasury Consideration to the Collateral Agent. The
         Collateral Agent, for the benefit of the Company, will thereupon apply
         such Agent-purchased Treasury Consideration, in accordance with the
         Pledge Agreement, to secure such Holders' obligations under the
         Purchase Contracts. In the event of a successful remarketing pursuant
         to this Section 5.4, the Remarketing Agent will deduct as a remarketing
         fee after allowing for the aggregate purchase price of the
         Agent-purchased Treasury Consideration an amount not exceeding [__]
         basis points ([__]%) of the Remarketing Value (the "Remarketing Fee").
         The Remarketing Agent will remit (1) the portion of the proceeds from
         the remarketing attributable to the Separate Notes to the holders of
         Separate Notes that were remarketed and (2) the remaining portion of
         the proceeds, less those proceeds used to purchase the Agent-purchased
         Treasury Consideration, to the Agent for the benefit of the Holders of
         the Normal Units that were remarketed, all determined on a pro rata
         basis, in each case, on or prior to the third Business Day following
         the Remarketing Date or any Subsequent Remarketing Date on which the
         Notes were successfully remarketed. Holders whose Notes are so
         remarketed will not otherwise be responsible for the payment of any
         Remarketing Fee in connection therewith.

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<PAGE>

                           (ii)     If, in spite of using its commercially
                  reasonable best efforts, the Remarketing Agent cannot remarket
                  the Notes included in the remarketing at a price equal to at
                  least [___]% of the Remarketing Value on the Remarketing Date,
                  the Remarketing Agent will attempt to establish a Remarketing
                  Rate meeting these requirements on each of the two immediately
                  following Business Days. If the Remarketing Agent cannot
                  establish a Remarketing Rate meeting these requirements on any
                  day during a Remarketing Period, the remarketing in such
                  Remarketing Period will be deemed to have failed (a "Failed
                  Remarketing"). In the event of a Failed Remarketing with
                  respect to the first Remarketing Period, the Remarketing Agent
                  will undertake the procedures set forth in clause (i) above on
                  each of the three Business Days in the second Remarketing
                  Period. In the event of a Failed Remarketing in the second
                  Remarketing Period, the Remarketing Agent will further attempt
                  to establish such a Remarketing Rate on the third Business Day
                  immediately preceding the Stock Purchase Date. If, in spite of
                  using its commercially reasonable best efforts, the
                  Remarketing Agent fails to remarket the Notes underlying the
                  Normal Units at a price equal to at least [___]% of the
                  Remarketing Value in accordance with the terms of the Pledge
                  Agreement by 4:00 p.m., New York City time, on the third
                  Business Day immediately preceding the Stock Purchase Date,
                  the "Last Failed Remarketing" will be deemed to have occurred.
                  Each remarketing attempt that takes place in accordance with
                  this Section 5.4 after the Remarketing Date is referred to
                  herein as a "Subsequent Remarketing." Within three Business
                  Days following the date of a Failed Remarketing or the Last
                  Failed Remarketing, as the case may be, the Remarketing Agent
                  shall return any Notes delivered to it to the Collateral Agent
                  and the Custodial Agent, as applicable. The Collateral Agent,
                  for the benefit of the Company, may exercise its rights as a
                  secured party with respect to such Notes, including those
                  actions specified in (b) (iii) below; provided that if upon
                  the Last Failed Remarketing, the Collateral Agent exercises
                  such rights for the benefit of the Company with respect to
                  such Notes, any accumulated and unpaid interest on such Notes
                  will become payable by the Company to the Agent for payment to
                  the Holders of the Normal Units to which such Notes relate.
                  Such payment will be made by the Company on or prior to 11:00
                  a.m., New York City time, on the Stock Purchase Date in lawful
                  money of the United States by certified or cashier's check or
                  wire transfer in immediately available funds payable to or
                  upon the order of the Agent. The Company will cause a notice
                  of any Failed Remarketing and of the Last Failed Remarketing
                  to be published on the fourth Business Day following each
                  Failed Remarketing and the Last Failed Remarketing, as the
                  case may be, in a daily newspaper in the English language of
                  general circulation in The City of New York, which shall be
                  The Wall Street Journal, if such newspaper is then so
                  published. The Company will also release this information by
                  means of Bloomberg and Reuters newswire (or any successor or
                  equivalent of such newswires).

                           (iii)    With respect to any Notes which constitute
                  part of Normal Units which are subject to the Last Failed
                  Remarketing, the Collateral Agent for the benefit of the
                  Company reserves all of its rights as a secured party with
                  respect thereto and, subject to applicable law and Section 5.4
                  (e) below, may, among other things, (A) retain such Notes in
                  full satisfaction of the Holders' obligations under the
                  Purchase Contracts or (B) sell such Notes in one or more
                  public or private sales or otherwise.

                           (iv)     A Holder of Normal Units may elect not to
                  participate in the remarketing and retain the Notes underlying
                  such Units by notifying the Agent of such election and
                  delivering the specific U.S. Treasury security or securities
                  (including the CUSIP number and/or the principal terms of such
                  security or securities) identified by the Agent (as having
                  been based solely on the identification that the Remarketing
                  Agent shall have advised the Agent) that constitute the U.S.
                  Treasury securities described in clauses (i) and (ii) of the
                  definition of Remarketing Value relating to the retained Notes
                  (as if only such Notes were being remarketed) (the "Opt-out
                  Treasury Consideration") to the Agent not later than 10:00
                  a.m., New York City time, on the fourth Business Day prior to
                  the first day of any Remarketing Period. Upon receipt thereof
                  by the Agent, the Agent shall deliver such Opt-out Treasury
                  Consideration to the Collateral Agent, which will, for the
                  benefit of the Company, thereupon apply such Opt-out Treasury
                  Consideration to secure such Holder's obligations under the
                  Purchase Contracts. On the Business Day immediately preceding
                  the first day of a Remarketing Period, the Collateral Agent,
                  pursuant to the terms of the

                                       35

<PAGE>

                  Pledge Agreement, will deliver the Pledged Notes of such
                  Holder to the Agent. Within three Business Days following the
                  last day of such Remarketing Period, (A) if the remarketing
                  was successful, the Agent shall distribute such Notes to the
                  Holders thereof, and (B) if there was a Failed Remarketing on
                  such date, the Agent will deliver such Notes to the Collateral
                  Agent, which will, for the benefit of the Company, thereupon
                  apply such Notes to secure such Holders' obligations under the
                  Purchase Contract and return the Opt-out Treasury
                  Consideration delivered by such Holders to such Holders. A
                  Holder that does not so deliver the Opt-out Treasury
                  Consideration or does not so notify the agent of its election
                  not to participate in the remarketing pursuant to this clause
                  (iv) shall be deemed to have elected to participate in the
                  remarketing.

                  (c)      Upon the maturity of the Pledged Treasury Securities
         underlying the Stripped Units and, in the event of a successful
         remarketing or a Special Event Redemption, the Pledged Treasury
         Consideration underlying the Normal Units on the Stock Purchase Date,
         the Collateral Agent shall remit to the Company an amount equal to the
         aggregate Purchase Price applicable to such Units, as payment for the
         shares of Common Stock issuable upon settlement thereof without needing
         to receive any instructions from the Holders of such Units. In the
         event the payments in respect of the Pledged Treasury Securities or the
         Pledged Treasury Consideration underlying a Unit is in excess of the
         Purchase Price of the Purchase Contract being settled thereby, the
         Collateral Agent will distribute such excess to the Agent for the
         benefit of the Holder of such Unit when received.

                  (d)      Any distribution to Holders of excess funds and
         interest described in Section 5.4 (b) and (c) above shall be payable at
         the Corporate Trust Office or, at the option of the Holder or the
         holder of Separate Notes, as applicable, by check mailed to the address
         of the Person entitled thereto at such address as it appears on the
         Register or by wire transfer to an account maintained in the United
         States specified by the Holder or the holder of Separate Notes, as
         applicable.

                  (e)      Notwithstanding anything to the contrary herein or in
         the Pledge Agreement, subject to Section 3.2 of the Pledge Agreement,
         the obligations of each Holder to pay the Purchase Price are
         non-recourse obligations and are payable solely out of the proceeds of
         any Collateral pledged to secure the obligations of the Holders (except
         to the extent paid by Cash Settlement, Early Settlement or Merger Early
         Settlement) and in no event will Holders be liable for any deficiency
         between such payments and the Purchase Price.

                  (f)      Notwithstanding anything to the contrary herein, the
         Company shall not be obligated to issue any shares of Common Stock in
         respect of a Purchase Contract or deliver any certificates therefor to
         the Holder of the related Unit unless the Company shall have (i)
         received payment in full of the aggregate Purchase Price for the shares
         of Common Stock to be purchased thereunder by such Holder in the manner
         herein set forth or (ii) become entitled to exercise its rights as a
         secured party under Section 5.4(b)(iii).

                  SECTION 5.5 Issuance of Shares of Common Stock.

                  Unless a Termination Event shall have occurred on or prior to
the Stock Purchase Date or an Early Settlement or a Merger Early Settlement
shall have occurred, on the Stock Purchase Date, upon the Company's receipt of
payment in full of the Purchase Price for the shares of Common Stock purchased
by the Holders pursuant to the foregoing provisions of this Article and subject
to Section 5.6(b) or the Company's exercise of its rights as a secured party
pursuant to Section 5.4(b)(iii), the Company shall issue and deposit with the
Agent, for the benefit of the Holders of the Outstanding Units, one or more
certificates representing the newly issued shares of Common Stock, registered in
the name of the Agent (or its nominee) as custodian for the Holders (such
certificates for shares of Common Stock, together with any dividends or
distributions for which both a record date and payment date for such dividend or
distribution has occurred after the Stock Purchase Date, being hereinafter
referred to as the "Purchase Contract Settlement Fund"), to which the Holders
are entitled hereunder. Subject to the foregoing, upon surrender of a
Certificate to the Agent on or after the Stock Purchase Date, together with
settlement instructions thereon duly completed and executed, the Holder of such
Certificate shall be entitled to receive in exchange therefor a certificate
representing that number of whole shares of Common Stock which such Holder is
entitled to receive pursuant to the provisions of this Article V (after taking
into account all Units then held by such Holder) together with cash in lieu of
fractional shares as provided in Section 5.12 and any dividends or distributions
with respect to

                                       36

<PAGE>

such shares constituting part of the Purchase Contract Settlement Fund, but
without any interest thereon, and the Certificate so surrendered shall forthwith
be cancelled. Such shares shall be registered in the name of the Holder or the
Holder's designee as specified in the settlement instructions provided by the
Holder to the Agent. If any shares of Common Stock issued in respect of a
Purchase Contract are to be registered to a Person other than the Person in
whose name the Certificate evidencing such Purchase Contract is registered, no
such registration shall be made unless the Person requesting such registration
has paid any transfer and other taxes required by reason of such registration in
a name other than that of the registered Holder of such Certificate or has
established to the satisfaction of the Company that such tax either has been
paid or is not payable.

                  SECTION 5.6 Adjustment of Settlement Rate.

                  (a)      Adjustments for Dividends, Distributions, Stock
         Splits, Etc.

                           (1)      Stock Dividends. In case the Company shall
                  pay or make a dividend or other distribution on the Common
                  Stock in shares of Common Stock, the Settlement Rate, as in
                  effect at the opening of business on the day following the
                  date fixed for the determination of shareholders entitled to
                  receive such dividend or other distribution shall be increased
                  by dividing such Settlement Rate by a fraction of which the
                  numerator shall be the number of shares of Common Stock
                  outstanding at the close of business on the date fixed for
                  such determination and the denominator shall be the sum of
                  such number of shares of Common Stock and the total number of
                  shares of Common Stock constituting such dividend or other
                  distribution, such increase to become effective immediately
                  after the opening of business on the day following the date
                  fixed for such determination. For the purposes of this
                  paragraph (1), the number of shares of Common Stock at the
                  time outstanding shall not include shares held in the treasury
                  of the Company but shall include any shares issuable in
                  respect of any scrip certificates issued in lieu of fractions
                  of shares of Common Stock. The Company will not pay any
                  dividend or make any distribution on Common Stock held in the
                  treasury of the Company.

                           (2)      Stock Purchase Rights. In case the Company
                  shall issue rights, options or warrants to all holders of its
                  Common Stock (that are not available on an equivalent basis to
                  Holders of the Units upon settlement of the Purchase Contracts
                  underlying such Units) entitling them, for a period expiring
                  within 45 days after the record date for the determination of
                  shareholders entitled to receive such rights, options or
                  warrants, to subscribe for or purchase shares of Common Stock
                  at a price per share less than the Current Market Price per
                  share of Common Stock on the date fixed for the determination
                  of shareholders entitled to receive such rights, options or
                  warrants (other than pursuant to a dividend reinvestment,
                  share purchase or similar plan), the Settlement Rate in effect
                  at the opening of business on the day following the date fixed
                  for such determination shall be increased by dividing such
                  Settlement Rate by a fraction, the numerator of which shall be
                  the number of shares of Common Stock outstanding at the close
                  of business on the date fixed for such determination plus the
                  number of shares of Common Stock which the aggregate of the
                  offering price of the total number of shares of Common Stock
                  so offered for subscription or purchase would purchase at such
                  Current Market Price per share of Common Stock and the
                  denominator of which shall be the number of shares of Common
                  Stock outstanding at the close of business on the date fixed
                  for such determination plus the number of shares of Common
                  Stock so offered for subscription or purchase, such increase
                  to become effective immediately after the opening of business
                  on the day following the date fixed for such determination.
                  For the purposes of this paragraph (2), the number of shares
                  of Common Stock at any time outstanding shall not include
                  shares held in the treasury of the Company but shall include
                  any shares issuable in respect of any scrip certificates
                  issued in lieu of fractions of shares of Common Stock. The
                  Company shall not issue any such rights, options or warrants
                  in respect of Common Stock held in the treasury of the
                  Company.

                           (3)      Stock Splits; Reverse Splits. In case
                  outstanding shares of Common Stock shall be subdivided or
                  split into a greater number of shares of Common Stock, the
                  Settlement Rate in effect at the opening of business on the
                  day following the day upon which such subdivision or split
                  becomes effective shall be proportionately increased, and,
                  conversely, in case outstanding shares

                                       37

<PAGE>

                  of Common Stock shall each be combined into a smaller number
                  of shares of Common Stock, the Settlement Rate in effect at
                  the opening of business on the day following the day upon
                  which such combination becomes effective shall be
                  proportionately reduced, such increase or reduction, as the
                  case may be, to become effective immediately after the opening
                  of business on the day following the day upon which such
                  subdivision, split or combination becomes effective.

                           (4)      Debt or Asset Distributions. (i) In case the
                  Company shall, by dividend or otherwise, distribute to all
                  holders of its Common Stock evidences of its indebtedness or
                  assets (including securities, but excluding any rights or
                  warrants referred to in paragraph (2) of this Section 5.6(a),
                  shares of capital stock of any class or series, or similar
                  equity interests, of or relating to a subsidiary or other
                  business unit in the case of a Spin-Off referred to in the
                  next paragraph, or any dividend or distribution paid
                  exclusively in cash and any dividend or distribution referred
                  to in paragraph (1) of this Section 5.6(a)), the Settlement
                  Rate shall be adjusted so that the same shall equal the rate
                  determined by dividing the Settlement Rate in effect
                  immediately prior to the close of business on the date fixed
                  for the determination of shareholders entitled to receive such
                  distribution by a fraction, the numerator of which shall be
                  the Current Market Price per share of Common Stock on the date
                  fixed for such determination less the then fair market value
                  (as determined by the Board of Directors, whose determination
                  shall be conclusive and described in a Board Resolution filed
                  with the Agent) of the portion of the assets or evidences of
                  indebtedness so distributed applicable to one share of Common
                  Stock and the denominator of which shall be such Current
                  Market Price per share of Common Stock, such adjustment to
                  become effective immediately prior to the opening of business
                  on the day following the date fixed for the determination of
                  shareholders entitled to receive such distribution. In any
                  case in which this paragraph (4) is applicable, paragraph (2)
                  of this Section 5.6(a) shall not be applicable.

                           (ii) In the case of a Spin-Off, the Settlement Rate
                  in effect immediately before the close of business on the
                  record date fixed for determination of shareholders entitled
                  to receive that distribution will be increased by multiplying
                  the Settlement Rate by a fraction, the numerator of which is
                  the Current Market Price per share of Common Stock plus the
                  Fair Market Value of the portion of those shares of Capital
                  Stock or similar equity interests so distributed applicable to
                  one share of Common Stock and the denominator of which is the
                  Current Market Price per share of Common Stock. Any adjustment
                  to the settlement rate under this paragraph 4(ii) will occur
                  on the date that is the earlier of (1) the tenth Trading Day
                  following the effective date of the Spin-Off and (2) the date
                  of the securities being offered in the Initial Public Offering
                  of the Spin-Off, if that Initial Public Offering is effected
                  simultaneously with the Spin-Off.

                           (5)      Cash Distributions. In case the Company
                  shall, (i) by dividend (other than regular quarterly,
                  semi-annual or annual cash dividends) or otherwise, distribute
                  to all holders of its Common Stock cash (excluding any cash
                  that is distributed in a Reorganization Event to which Section
                  5.6(b) applies or as part of a distribution referred to in
                  paragraph (4) of this Section 5.6(a)) in an aggregate amount
                  that, combined together with (ii) the aggregate amount of any
                  other distributions to all holders of its Common Stock made
                  exclusively in cash (other than regular quarterly, semi-annual
                  or annual cash dividends) within the 12 months preceding the
                  date of payment of such distribution and in respect of which
                  no adjustment pursuant to this paragraph (5) or paragraph (6)
                  of this Section 5.6(a) has been made and (iii) the aggregate
                  of any cash plus the fair market value as of the date or
                  expiration of the tender or exchange offer referred to below
                  (as determined by the Board of Directors, whose determination
                  shall be conclusive and described in a Board Resolution filed
                  with the Agent) of consideration payable in respect of any
                  tender or exchange offer (other than consideration payable in
                  respect of any odd-lot tender offer) by the Company or any of
                  its subsidiaries for all or any portion of the Common Stock
                  concluded within the 12 months preceding the date of payment
                  of the distribution described in clause (i) above and in
                  respect of which no adjustment pursuant to this paragraph (5)
                  or paragraph (6) of this Section 5.6(a) has been made, exceeds
                  [__]% of the product of the Current Market Price per share of
                  Common Stock on the date for the determination of holders of
                  Common Stock entitled to receive such distribution times the
                  number of Common Stock outstanding on such date, then, and in
                  each

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<PAGE>

                  such case, immediately after the close of business on the
                  fifth Trading Day following such date for determination, the
                  Settlement Rate shall be increased so that the same shall
                  equal the rate determined by multiplying the Settlement Rate
                  in effect immediately prior to the close of business on the
                  date fixed for determination of the shareholders entitled to
                  receive such distribution by a fraction (A) the numerator of
                  which shall be equal to the Current Market Price per share of
                  the Common Stock plus an amount equal to the quotient of (x)
                  the combined amount distributed or payable in the transactions
                  described in clauses (i), (ii) and (iii) of this paragraph (5)
                  and (y) the number of shares of Common Stock outstanding on
                  such date for determination and (B) the denominator of which
                  shall be equal to the Current Market Price per share of the
                  Common Stock. Such increase in the Settlement Rate shall be
                  given effect retroactively as of the opening of business on
                  the "ex date."

                           (6)      Tender Offers. In case (i) a tender or
                  exchange offer made by the Company or any subsidiary of the
                  Company for all or any portion of the Common Stock shall
                  expire and such tender or exchange offer (as amended upon the
                  expiration thereof) shall require the payment to shareholders
                  (based on the acceptance (up to any maximum specified in the
                  terms of the tender or exchange offer) of Purchased Shares) of
                  an aggregate consideration having a fair market value (as
                  determined by the Board of Directors, whose determination
                  shall be conclusive and described in a Board Resolution filed
                  with the Agent) that when combined together with (ii) the
                  aggregate of the cash plus the fair market value (as
                  determined by the Board of Directors, whose determination
                  shall be conclusive and described in a Board Resolution filed
                  with the Agent), as of the expiration of such tender or
                  exchange offer (other than consideration payable in respect of
                  any odd-lot tender offer), of consideration payable in respect
                  of any other tender or exchange offer, by the Company or any
                  subsidiary of the Company for all or any portion of the Common
                  Stock expiring within the 12 months preceding the expiration
                  of such tender or exchange offer and in respect of which no
                  adjustment pursuant to paragraph (5) of this Section 5.6(a) or
                  this paragraph (6) has been made and (iii) the aggregate
                  amount of any distributions to all holders of the Common Stock
                  made exclusively in cash (other than regular quarterly,
                  semi-annual or annual cash dividends) within the 12 months
                  preceding the expiration of such tender or exchange offer and
                  in respect of which no adjustment pursuant to paragraph (5) of
                  this Section 5.6(a) or this paragraph (6) has been made,
                  exceeds [__]% of the product of the Current Market Price per
                  share of Common Stock as of the last time (the "Expiration
                  Time") tenders could have been made pursuant to such tender or
                  exchange offer (as it may be amended) times the number of
                  shares of Common Stock outstanding (including any tendered
                  shares) on the Expiration Time, then, and in each such case,
                  immediately after the close of business on the fifth Trading
                  Day after the date of the Expiration Time, the Settlement Rate
                  shall be adjusted so that the same shall equal the rate
                  determined by multiplying the Settlement Rate immediately
                  prior to the close of business on the date of the Expiration
                  Time by a fraction (A) the numerator of which shall be equal
                  to (x) the product of (I) the Current Market Price per share
                  of the Common Stock and (II) the number of shares of Common
                  Stock outstanding (excluding any tendered shares) on the fifth
                  Trading Day following the date of the Expiration Time plus (y)
                  the amount of cash plus the fair market value (determined as
                  aforesaid) of the aggregate consideration payable to
                  shareholders based on the transactions described in clauses
                  (i), (ii) and (iii) of this paragraph (6) (assuming in the
                  case of clause (i) the acceptance, up to any maximum specified
                  in the terms of the tender or exchange offer, of Purchased
                  Shares), and (B) the denominator of which shall be equal to
                  the product of (x) the Current Market Price per share of the
                  Common Stock and (y) the number of shares of Common Stock
                  outstanding on the fifth Trading Day following the date of the
                  Expiration Time plus the number of all shares validly tendered
                  and not withdrawn as of the Expiration Time (the shares deemed
                  so accepted, up to any such maximum, being referred to as the
                  "Purchased Shares"). Such increase in the Settlement Rate
                  shall be given effect retroactively as of the close of
                  business on the date of the Expiration Time.

                           (7)      Reclassification. The reclassification of
                  Common Stock into securities including securities other than
                  Common Stock (other than any reclassification upon a
                  Reorganization Event to which Section 5.6(b) applies) shall be
                  deemed to involve (i) a distribution of such securities other
                  than Common Stock to all holders of Common Stock (and the
                  effective date of such reclassification shall be deemed to be
                  "the date fixed for the determination of

                                       39

<PAGE>

                  shareholders entitled to receive such distribution" and the
                  "date fixed for such determination" within the meaning of
                  paragraph (4) of this Section 5.6(a)), and (ii) a subdivision,
                  split or combination, as the case may be, of the number of
                  shares of Common Stock outstanding immediately prior to such
                  reclassification into the number of shares of Common Stock
                  outstanding immediately thereafter (and the effective date of
                  such reclassification shall be deemed to be "the day upon
                  which such subdivision or split becomes effective" or "the day
                  upon which such combination becomes effective," as the case
                  may be, and "the day upon which such subdivision, split or
                  combination becomes effective" within the meaning of paragraph
                  (3) of this Section 5.6(a)).

                           (8)      "Current Market Price". The "Current Market
                  Price" per share of Common Stock means (a) except as provided
                  in clauses (b) through (e) of this paragraph (8), for purposes
                  of paragraphs (2), (4), (5) and (6) of this Section 5.6(a), on
                  any day the average of the Closing Price per share of Common
                  Stock on each of the five consecutive Trading Days ending on
                  the earlier of the day in question and the day before the "ex
                  date" with respect to the issuance or distribution requiring
                  such computation, (b) for purposes of subclauses (A) and (B)
                  of paragraph (5) of this Section 5.6(a), the average of the
                  Closing Price per share of Common Stock on each of the five
                  consecutive Trading Days commencing on the "ex date" with
                  respect to the distribution requiring such computation, (c)
                  for purposes of subclauses (A) and (B) of paragraph (6) of
                  this Section 5.6(a), the average of the Closing Price per
                  share of Common Stock on each of the five consecutive Trading
                  Days immediately following the date of the Expiration Time,
                  (d) in the case of any Spin-Off that is effected
                  simultaneously with an Initial Public Offering of the
                  securities being distributed in the Spin-Off, the Closing
                  Price of the Common Stock on the Trading Day on which the
                  initial price of the securities being distributed in the
                  Spin-Off is determined, and (e) in the case of any other
                  Spin-Off, the average of the Closing Prices per share of
                  Common Stock over the first 10 Trading Days after the
                  effective date of such Spin-Off. For purposes of this
                  paragraph and the last sentence of paragraph (6) of this
                  Section 5.6(a), the term "ex date," when used with respect to
                  any issuance or distribution, shall mean the first date on
                  which the Common Stock trades regular way on such exchange or
                  in such market without the right to receive such issuance or
                  distribution.

                           (9)      Calculation of Adjustments. All adjustments
                  to the Settlement Rate shall be calculated to the nearest
                  1/10,000th of a share of Common Stock (or if there is not a
                  nearest 1/10,000th of a share to the next lower 1/10,000th of
                  a share). No adjustment in the Settlement Rate shall be
                  required unless such adjustment would require an increase or
                  decrease of at least one percent therein; provided that any
                  adjustments which by reason of this subparagraph are not
                  required to be made shall be carried forward and taken into
                  account in any subsequent adjustment. If an adjustment is made
                  to the Settlement Rate pursuant to paragraph (1) through (7)
                  or (10) of this Section 5.6(a), an adjustment shall also be
                  made to the Applicable Market Value solely to determine which
                  of clauses (i), (ii) or (iii) of the definition of Settlement
                  Rate in Section 5.1(a) will apply on the Stock Purchase Date.
                  Such adjustment shall be made by multiplying the Applicable
                  Market Value by a fraction, the numerator of which shall be
                  the Settlement Rate immediately after such adjustment pursuant
                  to paragraph (1) through (7) or (10) of this Section 5.6(a)
                  and the denominator of which shall be the Settlement Rate
                  immediately before such adjustment; provided that if such
                  adjustment to the Settlement Rate is required to be made
                  pursuant to the occurrence of any of the events contemplated
                  by paragraph (1) through (7) or (10) of this Section 5.6(a)
                  during the period taken into consideration for determining the
                  Applicable Market Value, appropriate and customary adjustments
                  shall be made to the Settlement Rate.

                           (10)     Increase of Settlement Rate. The Company may
                  make such increases in the Settlement Rate, in addition to
                  those required by this Section, as it considers to be
                  advisable in order to avoid or diminish any income tax to any
                  holders of shares of Common Stock resulting from any dividend
                  or distribution of Capital Stock or issuance of rights or
                  warrants to purchase or subscribe for stock or from any event
                  treated as such for income tax purposes or for any other
                  reasons.

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<PAGE>

                  (b)      Adjustment for Consolidation, Merger or Other
         Reorganization Event.

                  In the event of

                           (1)      any consolidation or merger of the Company
                  with or into another Person (other than a merger or
                  consolidation in which the Company is the continuing
                  corporation and in which the shares of Common Stock
                  outstanding immediately prior to the merger or consolidation
                  are not exchanged for cash, securities or other property of
                  the Company or another corporation),

                           (2)      any sale, transfer, lease or conveyance to
                  another Person of the property of the Company as an entirety
                  or substantially as an entirety,

                           (3)      any statutory exchange of securities of the
                  Company with another Person (other than in connection with a
                  merger or acquisition), or

                           (4)      any liquidation, dissolution or winding up
                  of the Company other than as a result of or after the
                  occurrence of a Termination Event (any such event, a
                  "Reorganization Event"),

each share of Common Stock covered by each Purchase Contract forming part of a
Unit immediately prior to such Reorganization Event shall, after such
Reorganization Event, be converted for purposes of the Purchase Contract into
the kind and amount of securities, cash and other property receivable in such
Reorganization Event (without any interest thereon, and without any right to
dividends or distribution thereon which have a record date that is prior to the
Stock Purchase Date) per share of Common Stock by a holder of Common Stock that
(i) is not a Person with which the Company consolidated or into which the
Company merged or which merged into the Company or to which such sale or
transfer was made, as the case may be (any such Person, a "Constituent Person"),
or an Affiliate of a Constituent Person to the extent such Reorganization Event
provides for different treatment of shares of Common Stock held by Affiliates of
the Company and non-Affiliates, and (ii) failed to exercise his rights of
election, if any, as to the kind or amount of securities, cash and other
property receivable upon such Reorganization Event (provided that if the kind or
amount of securities, cash and other property receivable upon such
Reorganization Event is not the same for each share of Common Stock held
immediately prior to such Reorganization Event by a Person other than a
Constituent Person or an Affiliate thereof and in respect of which such rights
of election shall not have been exercised ("Non-electing Share"), then for the
purpose of this Section the kind and amount of securities, cash and other
property receivable upon such Reorganization Event by each Non-electing Share
shall be deemed to be the kind and amount so receivable per share of Common
Stock by a plurality of the Non-electing Shares). On the Stock Purchase Date,
the Settlement Rate then in effect will be applied to the value on the Stock
Purchase Date of such securities, cash or other property.

                  In the event of such a Reorganization Event, the Person formed
by such consolidation, merger or exchange or the Person which acquires the
assets of the Company or, in the event of a liquidation or dissolution of the
Company, the Company or a liquidating trust created in connection therewith,
shall execute and deliver to the Agent an agreement supplemental hereto
providing that the Holder of each Outstanding Unit shall have the rights
provided by this Section 5.6. Such supplemental agreement shall provide for
adjustments which, for events subsequent to the effective date of such
supplemental agreement, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Section. The above provisions of this
Section shall similarly apply to successive Reorganization Events.

                  SECTION 5.7 Notice of Adjustments and Certain Other Events.

                  (a)      Whenever the Settlement Rate is adjusted as herein
         provided, the Company shall:

                           (i)      forthwith compute the Settlement Rate in
                  accordance with Section 5.6 and prepare and transmit to the
                  Agent an Officers' Certificate setting forth the Settlement
                  Rate, the method of calculation thereof in reasonable detail,
                  and the facts requiring such adjustment and upon which such
                  adjustment is based; and

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<PAGE>

                           (ii)     as soon as practicable following the
                  occurrence of an event that requires an adjustment to the
                  Settlement Rate pursuant to Section 5.6 (or if the Company is
                  not aware of such occurrence, as soon as practicable after
                  becoming so aware), provide a written notice to the Agent of
                  the occurrence of such event and a statement setting forth in
                  reasonable detail the method by which the adjustment to the
                  Settlement Rate was determined and setting forth the adjusted
                  Settlement Rate.

                  (b)      The Agent shall not at any time be under any duty or
         responsibility to any Holder of Units to determine whether any facts
         exist which may require any adjustment of the Settlement Rate, or with
         respect to the nature or extent or calculation of any such adjustment
         when made, or with respect to the method employed in making the same.
         The Agent shall not be accountable with respect to the validity or
         value (or the kind or amount) of any shares of Common Stock, or of any
         securities or property, which may at the time be issued or delivered
         with respect to any Purchase Contract, and the Agent makes no
         representation with respect thereto. The Agent shall not be responsible
         for any failure of the Company to issue, transfer or deliver any shares
         of Common Stock pursuant to a Purchase Contract or to comply with any
         of the duties, responsibilities or covenants of the Company contained
         in this Article.

                  SECTION 5.8 Termination Event; Notice.

                  The Purchase Contracts and all obligations and rights of the
Company and the Holders thereunder, including, without limitation, the rights of
Holders to receive Contract Adjustment Payments, if any, or any Deferred
Contract Adjustment Payments and obligations of Holders to purchase shares of
Common Stock, shall immediately and automatically terminate, without the
necessity of any notice or action by any Holder, the Agent or the Company, if,
on or prior to the Stock Purchase Date, a Termination Event shall have occurred.
Upon and after the occurrence of a Termination Event, the Normal Units shall
thereafter represent the right to receive the Notes or the appropriate Treasury
Consideration, as the case may be, forming a part of such Normal Units, and the
Stripped Units shall thereafter represent the right to receive the Treasury
Securities forming a part of such Stripped Units, in each case in accordance
with the provisions of Section 4.3 of the Pledge Agreement. Upon the occurrence
of a Termination Event, the Company shall promptly but in no event later than
two Business Days thereafter give written notice to the Agent, the Collateral
Agent and to the Holders, at their addresses as they appear in the Register.

                  SECTION 5.9 Early Settlement.

                  (a)      Subject to and upon compliance with the provisions of
         this Section 5.9, Purchase Contracts underlying Units having an
         aggregate Stated Amount equal to $[____] or an integral multiple
         thereof may, at the option of the Holder thereof, be settled early
         ("Early Settlement") on or prior to 10:00 a.m., New York City time, on
         the seventh Business Day immediately preceding the Stock Purchase Date.
         Holders of Stripped Units may only effect Early Settlement of the
         related Purchase Contracts in integral multiples of [__] Stripped
         Units, and if Treasury Consideration has been substituted for the Notes
         as a component in the Normal Units due to a successful remarketing of
         the Notes pursuant to the provisions of Section 5.4 or the occurrence
         of a Special Event Redemption, Purchase Contracts underlying such
         Normal Units may only be settled early in integral multiples of Normal
         Units such that the Treasury Consideration to be deposited and the
         Treasury Consideration to be released are in integral multiples of
         $[____]. In order to exercise the right to effect Early Settlement with
         respect to any Purchase Contracts, the Holder of the Certificate
         evidencing the related Units shall deliver such Certificate to the
         Agent at the Corporate Trust Office duly endorsed for transfer to the
         Company or in blank with the form of Election to Settle Early on the
         reverse thereof duly completed and accompanied by payment payable to
         the Company in immediately available funds in an amount (the "Early
         Settlement Amount") equal to (A) the product of (i) the Purchase Price
         multiplied by (ii) the number of Purchase Contracts with respect to
         which the Holder has elected to effect Early Settlement, plus (B) if
         such delivery is made with respect to any Purchase Contracts during the
         period from the close of business on any Record Date next preceding any
         Payment Date to the opening of business on such Payment Date, an amount
         equal to the Contract Adjustment Payments, if any, payable on such
         Payment Date with respect to such Purchase Contracts; provided that no
         payment shall be required pursuant to clause (B) of this sentence if
         the Company shall have elected to defer the Contract Adjustment
         Payments which would otherwise be payable on such Payment Date. Except
         as provided in the immediately preceding sentence and subject to
         Section 5.2(d), no payment or adjustment shall be made

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<PAGE>

         upon Early Settlement of any Purchase Contract on any Contract
         Adjustment Payments accrued on such Purchase Contract or on account of
         any dividends on the shares of Common Stock issued upon such Early
         Settlement. If the foregoing requirements are first satisfied with
         respect to Purchase Contracts underlying any Unit at or prior to 5:00
         p.m., New York City time, on a Business Day, such day shall be the
         "Early Settlement Date" with respect to such Unit and if such
         requirements are first satisfied after 5:00 p.m., New York City time,
         on a Business Day or on a day that is not a Business Day, the "Early
         Settlement Date" with respect to such Units shall be the next
         succeeding Business Day.

                  (b)      Upon Early Settlement of any Purchase Contract by the
         Holder of the related Units, the Company shall issue, and the Holder
         shall be entitled to receive, [____] shares of Common Stock on account
         of such Purchase Contract (the "Early Settlement Rate"). The Early
         Settlement Rate shall be adjusted in the same manner and at the same
         time as the Settlement Rate is adjusted pursuant to Section 5.6. As
         promptly as practicable after Early Settlement of Purchase Contracts in
         accordance with the provisions of this Section 5.9, the Company shall
         issue and shall deliver to the Agent at the Corporate Trust Office a
         certificate or certificates for the full number of shares of Common
         Stock issuable upon such Early Settlement together with payment in lieu
         of any fraction of a share, as provided in Section 5.12.

                  (c)      No later than the third Business Day after the
         applicable Early Settlement Date the Company shall cause (i) the shares
         of Common Stock issuable upon Early Settlement of Purchase Contracts to
         be issued and delivered, and (ii) the related Pledged Notes or Pledged
         Treasury Consideration, in the case of Normal Units, or the related
         Pledged Treasury Securities, in the case of Stripped Units, to be
         released from the Pledge by the Collateral Agent and transferred, in
         each case, to the Agent for delivery to the Holder thereof or the
         Holder's designee.

                  (d)      Upon Early Settlement of any Purchase Contracts, and
         subject to receipt of shares of Common Stock from the Company and the
         Pledged Notes, Pledged Treasury Consideration or Pledged Treasury
         Securities, as the case may be, from the Collateral Agent, as
         applicable, the Agent shall, in accordance with the instructions
         provided by the Holder thereof on the applicable form of Election to
         Settle Early on the reverse of the Certificate evidencing the related
         Units, (i) transfer to the Holder the Pledged Notes, Pledged Treasury
         Consideration or Pledged Treasury Securities, as the case may be,
         forming a part of such Units, and (ii) deliver to the Holder a
         certificate or certificates for the full number of shares of Common
         Stock issuable upon such Early Settlement together with payment in lieu
         of any fraction of a share, as provided in Section 5.12.

                  (e)      In the event that Early Settlement is effected with
         respect to Purchase Contracts underlying less than all the Units
         evidenced by a Certificate, upon such Early Settlement the Company
         shall execute and the Agent shall authenticate, execute on behalf of
         the Holder and deliver to the Holder thereof, at the expense of the
         Company, a Certificate evidencing the Units as to which Early
         Settlement was not effected.

                  (f)      No Early Settlement will be permitted under this
         Section 5.9 unless, at the time of delivery of the Election to Settle
         Early form or the time the Early Settlement is effected, there is an
         effective registration statement with respect to the shares of Common
         Stock to be issued and delivered in connection with such Early
         Settlement, if such a registration statement is required (in the view
         of counsel, which need not be in the form of a written opinion, for
         either the Company or the Agent) under the Securities Act. If such a
         registration statement is so required, the Company covenants and agrees
         to use its commercially reasonable efforts to (A) have in effect a
         registration statement covering the shares of Common Stock to be
         delivered in respect of the Purchase Contracts being settled and (B)
         provide a prospectus in connection therewith, in each case in a form
         that the Agent may use in connection with such Early Settlement.

                  SECTION 5.10 Early Settlement Upon Cash Merger.

                  (a)      In the event of a merger or consolidation of the
         Company of the type described in clause (1) of Section 5.6(b) in which
         the shares of Common Stock outstanding immediately prior to such merger
         or consolidation are exchanged for consideration consisting of at least
         30% cash or cash equivalents (any

                                       43

<PAGE>

         such event a "Cash Merger"), then the Company (or the successor to the
         Company hereunder) shall be required to offer the Holder of each Unit
         the right to settle the Purchase Contract underlying such Unit prior to
         the Stock Purchase Date ("Merger Early Settlement") as provided herein.
         On or before the fifth Business Day after the consummation of a Cash
         Merger, the Company or, at the request and expense of the Company, the
         Agent, shall give all Holders notice of the occurrence of the Cash
         Merger and of the right of Merger Early Settlement arising as a result
         thereof. The Company shall also deliver a copy of such notice to the
         Agent and the Collateral Agent.

                  Each such notice shall contain:

                           (i)      the date, which shall be not less than 20
                  nor more than 30 calendar days after the date of such notice,
                  on which the Merger Early Settlement will be effected (the
                  "Merger Early Settlement Date");

                           (ii)     the date, which shall be on or one Business
                  Day prior to the Merger Early Settlement Date, by which the
                  Merger Early Settlement right must be exercised;

                           (iii)    the Settlement Rate in effect as a result of
                  such Cash Merger and the kind and amount of securities, cash
                  and other property receivable by the Holder upon settlement of
                  each Purchase Contract pursuant to Section 5.6(b);

                           (iv)     a statement to the effect that all or a
                  portion of the Purchase Price payable by the Holder to settle
                  the Purchase Contract will be offset against the amount of
                  cash so receivable upon exercise of Merger Early Settlement,
                  as applicable; and

                           (v)      the instructions a Holder must follow to
                  exercise the Merger Early Settlement right.

                  (b)      To exercise a Merger Early Settlement right, a Holder
         shall deliver to the Agent at the Corporate Trust Office on or before
         5:00 p.m., New York City time, on the date specified in the notice the
         Certificate(s) evidencing the Units with respect to which the Merger
         Early Settlement right is being exercised duly endorsed for transfer to
         the Company or in blank with the form of Election to Settle Early on
         the reverse thereof duly completed and accompanied by payment payable
         to the Company in immediately available funds in an amount equal to the
         Early Settlement Amount less the amount of cash that otherwise would be
         deliverable by the Company or its successor upon settlement of the
         Purchase Contract in lieu of shares of Common Stock pursuant to Section
         5.6(b) and as described in the notice to Holders (the "Merger Early
         Settlement Amount").

                  (c)      On the Merger Early Settlement Date, the Company
         shall deliver or cause to be delivered (i) the net cash, securities and
         other property to be received by such exercising Holder, equal to the
         Settlement Rate as adjusted pursuant to Section 5.6, in respect of the
         number of Purchase Contracts for which such Merger Early Settlement
         right was exercised, and (ii) the related Pledged Notes or Pledged
         Treasury Consideration, in the case of Normal Units, or Pledged
         Treasury Securities, in the case of Stripped Units, to be released from
         the Pledge by the Collateral Agent and transferred, in each case, to
         the Corporate Trust Office for delivery to the Holder thereof or its
         designee. In the event a Merger Early Settlement right shall be
         exercised by a Holder in accordance with the terms hereof, all
         references herein to Stock Purchase Date shall be deemed to refer to
         such Merger Early Settlement Date.

                  (d)      Upon Merger Early Settlement of any Purchase
         Contracts, and subject to receipt of such net cash, securities or other
         property from the Company and the Pledged Notes, Pledged Treasury
         Consideration or Pledged Treasury Securities, as the case may be, from
         the Collateral Agent, as applicable, the Agent shall, in accordance
         with the instructions provided by the Holder thereof on the applicable
         form of Election to Settle Early on the reverse of the Certificate
         evidencing the related Units, (i) transfer to the Holder the Pledged
         Notes, Pledged Treasury Consideration or Pledged Treasury Securities,
         as the case may be, forming a part of such Units, and (ii) deliver to
         the Holder such net cash, securities or other property

                                       44

<PAGE>

         issuable upon such Merger Early Settlement together with payment in
         lieu of any fraction of a share, as provided in Section 5.12.

                  (e)      In the event that Merger Early Settlement is effected
         with respect to Purchase Contracts underlying less than all the Units
         evidenced by a Certificate, upon such Merger Early Settlement the
         Company (or the successor to the Company hereunder) shall execute and
         the Agent shall authenticate, execute on behalf of the Holder and
         deliver to the Holder thereof, at the expense of the Company, a
         Certificate evidencing the Units as to which Merger Early Settlement
         was not effected.

                  SECTION 5.11 Charges and Taxes.

                  The Company will pay all stock transfer and similar taxes
attributable to the initial issuance and delivery of the shares of Common Stock
pursuant to the Purchase Contracts and in payment of any Deferred Contract
Adjustment Payments; provided that the Company shall not be required to pay any
such tax or taxes which may be payable in respect of any exchange of or
substitution for a Certificate evidencing a Unit or any issuance of a share of
Common Stock in a name other than that of the registered Holder of a Certificate
surrendered in respect of the Units evidenced thereby, other than in the name of
the Agent, as custodian for such Holder, and the Company shall not be required
to issue or deliver such Certificate or share of Common Stock unless and until
the Person or Persons requesting the transfer or issuance thereof shall have
paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

                  SECTION 5.12 No Fractional Shares.

                  No fractional shares or scrip representing fractional shares
of Common Stock shall be issued or delivered upon settlement on the Stock
Purchase Date or upon Early Settlement or Merger Early Settlement of any
Purchase Contracts. If Certificates evidencing more than one Purchase Contract
shall be surrendered for settlement at one time by the same Holder, the number
of full shares of Common Stock which shall be delivered upon settlement shall be
computed on the basis of the aggregate number of Purchase Contracts evidenced by
the Certificates so surrendered. Instead of any fractional share of Common Stock
which would otherwise be deliverable upon settlement of any Purchase Contracts
on the applicable Settlement Date or upon Early Settlement or Merger Early
Settlement, the Company, through the Agent, shall make a cash payment in respect
of such fractional shares in an amount equal to the value of such fractional
shares times the Applicable Market Value. The Company shall provide the Agent
from time to time with sufficient funds to permit the Agent to make all cash
payments required by this Section 5.12 in a timely manner.

                                   ARTICLE VI

                                    REMEDIES

                  SECTION 6.1 Unconditional Right of Holders to Receive Purchase
Contract Adjustment Payments and Purchase Common Stock.

                  The Holder of any Unit shall have the right, which is absolute
         and unconditional,

                  (a)      subject to the right of the Company to defer payment
         thereof pursuant to Section 5.3, and to the forfeiture of any Deferred
         Contract Adjustment Payments upon Early Settlement pursuant to Section
         5.9 or upon Merger Early Settlement pursuant to Section 5.10 or upon
         the occurrence of a Termination Event, to receive payment of each
         installment of the Contract Adjustment Payments, if any, with respect
         to the Purchase Contract constituting a part of such Unit on the
         respective Payment Date for such Unit, and to institute suit for the
         enforcement of such right to receive Contract Adjustment Payments, and

                  (b)      to purchase shares of Common Stock pursuant to the
         Purchase Contract constituting a part of such Unit and to institute
         suit for the enforcement of any such right to purchase shares of Common
         Stock, and such rights shall not be impaired without the consent of
         such Holder.

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<PAGE>

                  SECTION 6.2 Restoration of Rights and Remedies.

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

                  SECTION 6.3 Rights and Remedies Cumulative.

                  Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Certificates in Section
3.10(f), no right or remedy herein conferred upon or reserved 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 6.4 Delay or Omission Not Waiver.

                  No delay or omission of any Holder to exercise any right or
remedy upon a default shall impair any such right or remedy or constitute a
waiver of any such right. Every right and remedy given by this Article or by law
to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by such Holders.

                  SECTION 6.5 Undertaking for Costs.

                  All parties to this Agreement agree, and each Holder of a
Unit, by its acceptance of such Unit 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 Agreement, or in any suit against the Agent for any
action taken, suffered or omitted by it as Agent, 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;
provided that the provisions of this Section shall not apply to any suit
instituted by the Company, to any suit instituted by the Agent, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% of the Outstanding Units, or to any suit instituted by any Holder for
the enforcement of distributions on any Notes or Contract Adjustment Payments,
if any, on any Purchase Contract on or after the respective Payment Date
therefor in respect of any Unit held by such Holder, or for enforcement of the
right to purchase shares of Common Stock under the Purchase Contract
constituting part of any Unit held by such Holder.

                  SECTION 6.6 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 Agreement; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                                       46

<PAGE>

                                   ARTICLE VII

                                    THE AGENT

                  SECTION 7.1 Certain Duties and Responsibilities.

                  (a)      (1) The Agent undertakes to perform, with respect to
         the Units and Separate Notes, such duties and only such duties as are
         specifically set forth in this Agreement and the Pledge Agreement, and
         no implied covenants or obligations shall be read into this Agreement
         against the Agent; and

                           (2)      in the absence of bad faith, willful
                  misconduct or negligence on its part, the Agent may, with
                  respect to the Units and Separate Notes, conclusively rely, as
                  to the truth of the statements and the correctness of the
                  opinions expressed therein, upon certificates or opinions
                  furnished to the Agent and conforming to the requirements of
                  this Agreement, but in the case of any certificates or
                  opinions which by any provision hereof are specifically
                  required to be furnished to the Agent, the Agent shall be
                  under a duty to examine the same to determine whether or not
                  they conform to the requirements of this Agreement (but need
                  not confirm or investigate the accuracy of the mathematical
                  calculations or other facts stated therein).

                  (b)      No provision of this Agreement shall be construed to
         relieve the Agent from liability for its own negligent action, its own
         negligent failure to act, its own bad faith or its own willful
         misconduct, except that:

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

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

                           (3)      no provision of this Agreement shall require
                  the Agent 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.

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

                  (d)      The Agent is authorized to execute and deliver the
         Pledge Agreement in its capacity as Agent.

                  SECTION 7.2 Notice of Default.

                  Within 30 days after the occurrence of any default by the
Company hereunder of which a Responsible Officer of the Agent has actual
knowledge, the Agent shall transmit by mail to the Company and the Holders of
Units, as their names and addresses appear in the applicable Register, notice of
such default hereunder, unless such default shall have been cured or waived.

                  SECTION 7.3 Certain Rights of Agent.

                  Subject to the provisions of Section 7.1:

                  (a)      the Agent may conclusively rely and shall be fully
         protected in acting or refraining from acting upon any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction,

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<PAGE>

         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 an Officers' Certificate,
         Issuer Order or Issuer Request, and any resolution of the Board of
         Directors of the Company may be sufficiently evidenced by a Board
         Resolution;

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

                  (d)      the Agent may consult with counsel and the 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 Agent 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 Agent, in its
         discretion, may make reasonable further inquiry or investigation into
         such facts or matters related to the execution, delivery and
         performance of the Purchase Contracts as it may see fit, and, if the
         Agent shall determine to make such further inquiry or investigation, it
         shall be given a reasonable opportunity to examine the books, records
         and premises of the Company, personally or by agent or attorney;

                  (f)      the Agent may execute any of the powers hereunder or
         perform any duties hereunder either directly or by or through agents or
         attorneys or an Affiliate of the Agent and the Agent shall not be
         responsible for any misconduct or negligence on the part of any agent
         or attorney or an affiliate of the Agent appointed with due care
         hereunder;

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

                  (h)      the Agent shall not be deemed to have notice of any
         default unless a responsible Officer of the Agent has actual knowledge
         thereof or unless written notice of any event which is in fact such a
         default is received by the Agent at the Corporate Trust Office of the
         Agent, and such notice references the Units and this Agreement and
         states that it is a notice of default; and

                  (i)      the Agent may request that the Company deliver an
         Officers' Certificate setting forth the names of individuals and/or
         titles of officers authorized at such time to take specified actions
         pursuant to this Agreement, which Officers' Certificate may be signed
         by any person authorized to sign an Officers' Certificate, including
         any person specified as so authorized in any such Certificate
         previously delivered and not superseded.

                  SECTION 7.4 Not Responsible for Recitals or Issuance of Units.

                  The recitals contained herein and in the Certificates shall be
taken as the statements of the Company and the Agent assumes no responsibility
for their accuracy. The Agent makes no representations as to the validity or
sufficiency of either this Agreement or of the Units, or of the Pledge Agreement
or the Pledge. The Agent shall not be accountable for the use or application by
the Company of the Units or the proceeds therefrom or in respect of the Purchase
Contracts.

                                       48

<PAGE>

                  SECTION 7.5 May Hold Units.

                  Any Registrar or any other agent of the Company, or the Agent
and its Affiliates, in their individual or any other capacity, may become the
owner or pledgee of Units and may otherwise deal with the Company, the
Collateral Agent or any other Person with the same rights it would have if it
were not Registrar or such other agent, or the Agent.

                  SECTION 7.6 Money Held in Custody.

                  Money held by the Agent in custody hereunder need not be
segregated from the Agent's other funds except to the extent required by law or
provided herein. The Agent shall be under no obligation to invest or pay
interest on any money received by it hereunder except as otherwise agreed in
writing with the Company.

                  SECTION 7.7 Compensation and Reimbursement.

                  The Company agrees:

                  (a)      to pay to the Agent from time to time reasonable
         compensation for all services rendered by it hereunder;

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

                  (c)      to indemnify the Agent and any predecessor Agent for,
         and to hold it harmless against, any loss, liability or expense
         incurred without negligence, willful misconduct or bad faith on its
         part, arising out of or in connection with the acceptance or
         administration of its duties hereunder, including the costs and
         expenses of defending itself against any claim or liability in
         connection with the exercise or performance of any of its powers or
         duties hereunder. The Agent shall promptly notify the Company of any
         third-party claim which may give rise to the indemnity hereunder and
         give the Company the opportunity to control the defense of such claim
         with counsel reasonably satisfactory to the indemnified party, and no
         such claim shall be settled without the written consent of the Company,
         which consent shall not be unreasonably withheld.

                  For purposes of this Section 7.7, "Agent" shall include any
predecessor Agent; provided that the negligence, bad faith or willful misconduct
of any Agent hereunder shall not affect the rights of any other Agent hereunder.

                  The provisions of this Section 7.7 shall survive the
termination of this Agreement, the satisfaction or discharge of the Units and/or
the Separate Notes and/or the resignation or removal of the Agent.

                  SECTION 7.8 Corporate Agent Required; Eligibility.

                  There shall at all times be an Agent hereunder which shall be
a corporation organized and doing business under the laws of the United States
of America, any State thereof or the District of Columbia, authorized under such
laws to exercise corporate trust powers, having (or being a member of a bank
holding company having) a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and having a
Corporate Trust Office in the Borough of Manhattan, The City of New York, if
there be such a corporation, qualified and eligible under this Article and
willing to act on reasonable terms. If such corporation 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 corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so

                                       49

<PAGE>

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

                  SECTION 7.9 Resignation and Removal; Appointment of Successor.

                  (a)      No resignation or removal of the Agent and no
         appointment of a successor Agent pursuant to this Article shall become
         effective until the acceptance of appointment by the successor Agent
         in accordance with the applicable requirements of Section 7.10.

                  (b)      The Agent may resign at any time by giving written
         notice thereof to the Company 60 days prior to the effective date of
         such resignation. If the instrument of acceptance by a successor Agent
         required by Section 7.10 shall not have been delivered to the Agent
         within 30 days after the giving of such notice of resignation, the
         resigning Agent may petition any court of competent jurisdiction for
         the appointment of a successor Agent.

                  (c)      The Agent may be removed at any time by Act of the
         Holders of a majority in number of the Outstanding Units delivered to
         the Agent and the Company.

                  (d)      If at any time:

                           (1)      the Agent fails to comply with Section
                  310(b) of the TIA, as if the Agent were an indenture trustee
                  under an indenture qualified under the TIA, after written
                  request therefor by the Company or by any Holder who has been
                  a bona fide Holder of a Unit for at least six months; or

                           (2)      the Agent shall cease to be eligible under
                  Section 7.8 and shall fail to resign after written request
                  therefor by the Company or by any such Holder; or

                           (3)      the Agent shall become incapable of acting
                  or shall be adjudged a bankrupt or insolvent or a receiver of
                  the Agent or of its property shall be appointed or any public
                  officer shall take charge or control of the Agent 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 Agent, or (y) any Holder who has been a bona fide Holder of
         a Unit for at least six months may, on behalf of himself and all others
         similarly situated, petition any court of competent jurisdiction for
         the removal of the Agent and the appointment of a successor Agent.

                  (e)      If the Agent shall resign, be removed or become
         incapable of acting, or if a vacancy shall occur in the office of Agent
         for any reason, the Company, by a Board Resolution, shall promptly
         appoint a successor Agent and shall comply with the applicable
         requirements of Section 7.10. If no successor Agent shall have been so
         appointed by the Company and accepted appointment in the manner
         required by Section 7.10, any Holder who has been a bona fide Holder of
         a Unit 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 Agent.

                  (f)      The Company shall give, or shall cause such successor
         Agent to give, notice of each resignation and each removal of the Agent
         and each appointment of a successor Agent by mailing written notice of
         such event by first-class mail, postage prepaid, to all Holders as
         their names and addresses appear in the applicable Register. Each
         notice shall include the name of the successor Agent and the address of
         its Corporate Trust Office.

                                       50

<PAGE>

                  SECTION 7.10 Acceptance of Appointment by Successor.

                  (a)      In case of the appointment hereunder of a successor
         Agent, every such successor Agent so appointed shall execute,
         acknowledge and deliver to the Company and to the retiring Agent an
         instrument accepting such appointment, and thereupon the resignation or
         removal of the retiring Agent shall become effective and such successor
         Agent, without any further act, deed or conveyance, shall become vested
         with all the rights, powers, agencies and duties of the retiring Agent.
         On the request of the Company or the successor Agent, such retiring
         Agent shall, upon payment of its charges, execute and deliver an
         instrument transferring to such successor Agent all the rights, powers
         and trusts of the retiring Agent and shall duly assign, transfer and
         deliver to such successor Agent all property and money held by such
         retiring Agent hereunder.

                  (b)      Upon request of any such successor Agent, the Company
         shall execute any and all instruments for more fully and certainly
         vesting in and confirming to such successor Agent all such rights,
         powers and agencies referred to in paragraph (a) of this Section.

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

                  SECTION 7.11 Merger, Conversion, Consolidation or Succession
to Business.

                  Any Person into which the Agent 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 Agent shall be a party, or any Person
succeeding to all or substantially all the corporate trust business of the
Agent, shall be the successor of the Agent hereunder, provided such Person shall
be otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto.
In case any Certificates shall have been authenticated and executed on behalf of
the Holders, but not delivered, by the Agent then in office, any successor to
such Agent shall adopt such authentication and execution and deliver the
Certificates so authenticated and executed with the same effect as if such
successor Agent had itself authenticated and executed such Units.

                  SECTION 7.12 Preservation of Information.

                  The Agent shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders received by the Agent
in its capacity as Registrar.

                  SECTION 7.13 No Obligations of Agent.

                  Except to the extent otherwise provided in this Agreement, the
Agent assumes no obligation and shall not be subject to any liability under this
Agreement, the Pledge Agreement or any Purchase Contract in respect of the
obligations of the Holder of any Unit thereunder. The Company agrees, and each
Holder of a Certificate, by such Holder's acceptance thereof, shall be deemed to
have agreed, that the Agent's execution of the Certificates on behalf of the
Holders shall be solely as agent and attorney-in-fact for the Holders, and that
the Agent shall have no obligation to perform such Purchase Contracts on behalf
of the Holders, except to the extent expressly provided in Article V.

                  SECTION 7.14 Tax Compliance.

                  (a)      The Agent, on its own behalf and on behalf of the
         Company, will comply with all applicable certification, information
         reporting and withholding (including "backup" withholding) requirements
         imposed by applicable tax laws, regulations or administrative practice
         with respect to (i) any payments made with respect to the Units or (ii)
         the issuance, delivery, holding, transfer, redemption or exercise of
         rights under the Units. Such compliance shall include, without
         limitation, the preparation and timely filing of required returns and
         the timely payment of all amounts required to be withheld to the
         appropriate taxing authority or its designated agent.

                                       51

<PAGE>

                  (b)      The Agent shall comply with any reasonable written
         direction timely received from the Company with respect to the
         execution or certification of any required documentation and the
         application of such requirements to particular payments or Holders or
         in other particular circumstances, and may for purposes of this
         Agreement conclusively rely on any such direction in accordance with
         the provisions of Section 7.1(a)(2).

                  (c)      The Agent shall maintain all appropriate records
         documenting compliance with such requirements, and shall make such
         records available, on written request, to the Company or its authorized
         representative within a reasonable period of time after receipt of such
         request.

                                  ARTICLE VIII

                             SUPPLEMENTAL AGREEMENTS

                  SECTION 8.1 Supplemental Agreements Without Consent of
Holders.

         Without the consent of any Holders, the Company and the Agent, at any
time and from time to time, may enter into one or more agreements supplemental
hereto, in form satisfactory to the Company and the Agent, 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 Certificates; or

                  (b)      to add to the covenants of the Company for the
         benefit of the Holders, or to surrender any right or power herein
         conferred upon the Company (provided such covenants or such surrender
         shall not adversely affect the validity, perfection or priority of the
         security interests granted or created under the Pledge Agreement); or

                  (c)      to evidence and provide for the acceptance of
         appointment hereunder by a successor Agent; or

                  (d)      to make provision with respect to the rights of
         Holders pursuant to the requirements of Section 5.6(b) or 5.10; or

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

                  SECTION 8.2 Supplemental Agreements with Consent of Holders.

                  (a)      With the consent of the Holders of not less than a
         majority of the outstanding Purchase Contracts voting together as one
         class, by Act of said Holders delivered to the Company and the Agent,
         the Company, when authorized by a Board Resolution, and the Agent may
         enter into an agreement or agreements supplemental hereto for the
         purpose of modifying in any manner the terms of the Purchase Contracts,
         or the provisions of this Agreement or the rights of the Holders in
         respect of the Units; provided that, except as contemplated herein, no
         such supplemental agreement shall, without the consent of the Holder of
         each Outstanding Unit affected thereby:

                           (1)      change any Payment Date;

                           (2)      change the amount or the type of Collateral
                  required to be Pledged to secure a Holder's obligations under
                  the Purchase Contract, impair the right of the Holder of any
                  Purchase Contract to receive distributions on the related
                  Collateral (except for the rights of Holders of Normal Units
                  to substitute the Treasury Securities for the Pledged Notes or
                  Pledged Treasury

                                       52

<PAGE>

                  Consideration or the rights of holders of Stripped Units to
                  substitute Notes or appropriate Treasury Consideration for the
                  Pledged Treasury Securities) or otherwise materially adversely
                  affect the Holder's rights in or to such Collateral;

                           (3)      reduce any Contract Adjustment Payments or
                  any Deferred Contract Adjustment Payment, or change any place
                  where, or the coin or currency in which, any Contract
                  Adjustment Payment is payable or increase any amounts payable
                  in respect of the Units or decrease any other amounts
                  receivable by Holders in respect of the Units;

                           (4)      impair the right to institute suit for the
                  enforcement of any Purchase Contract, any Contract Adjustment
                  Payment, if any, or any Deferred Contract Adjustment Payment,
                  if any;

                           (5)      reduce the number of shares of Common Stock
                  to be purchased pursuant to any Purchase Contract, increase
                  the price to purchase shares of Common Stock upon settlement
                  of any Purchase Contract, change the Stock Purchase Date or
                  otherwise materially adversely affect the Holder's rights
                  under any Purchase Contract; or

                           (6)      reduce the percentage of the outstanding
                  Purchase Contracts the consent of whose Holders is required
                  for any such supplemental agreement;

         provided that if any amendment or proposal referred to above would
         adversely affect only the Normal Units or the Stripped Units, then only
         the affected class of Holder as of the record date for the Holders
         entitled to vote thereon will be entitled to vote on or consent to such
         amendment or proposal, and such amendment or proposal shall not be
         effective except with the consent of Holders of not less than a
         majority of such class; provided, however, that no such agreement,
         whether with or without the consent of Holders, shall affect Section
         3.16.

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

                  SECTION 8.3 Execution of Supplemental Agreements.

                  In executing, or accepting the additional agencies created by,
any supplemental agreement permitted by this Article or the modifications
thereby of the agencies created by this Agreement, the Agent shall be entitled
to receive and (subject to Section 7.1) shall be fully protected in relying
upon, an Officer's Certificate and an Opinion of Counsel stating that the
execution of such supplemental agreement is authorized or permitted by this
Agreement and that all conditions precedent to the execution of such
supplemental agreement have been satisfied. The Agent shall enter into any such
supplemental agreement which does not materially adversely affect the Agent's
own rights, duties or immunities under this Agreement or otherwise.

                  SECTION 8.4 Effect of Supplemental Agreements.

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

                  SECTION 8.5 Reference to Supplemental Agreements.

                  Certificates authenticated, executed on behalf of the Holders
and delivered after the execution of any supplemental agreement pursuant to this
Article may, and shall if required by the Agent, bear a notation in form
approved by the Agent as to any matter provided for in such supplemental
agreement. If the Company shall so determine, new Certificates so modified as to
conform, in the opinion of the Agent and the Company, to any such

                                       53

<PAGE>

supplemental agreement may be prepared and executed by the Company and
authenticated, executed on behalf of the Holders and delivered by the Agent in
exchange for Outstanding Certificates.

                                   ARTICLE IX

                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

                  SECTION 9.1 Covenant Not to Merge, Consolidate, Sell or Convey
Property Except Under Certain Conditions.

                  The Company covenants that, so long as any Units are
outstanding, it will not (a) merge with or into or consolidate with any other
Person or (b) transfer, lease or convey all or substantially all its assets to
any Person or buy all or substantially all of the assets of another Person,
unless (i) either the Company shall be the continuing entity, or the successor
(if other than the Company) shall be a corporation, partnership or trust
organized and existing under the laws of the United States of America or a State
thereof or the District of Columbia and such Person shall expressly assume all
the obligations of the Company under the Purchase Contracts, this Agreement, the
Remarketing Agreement and the Pledge Agreement by one or more supplemental
agreements in form reasonably satisfactory to the Agent and the Collateral
Agent, executed and delivered to the Agent and the Collateral Agent by such
Person, and (ii) the Company or such successor, as the case may be, shall not,
immediately after such merger or consolidation, or such transfer, lease or
conveyance, be in default in the performance of any covenant or condition
hereunder, under any of the Purchase Contracts, under the Remarketing Agreement
or under the Pledge Agreement.

                  SECTION 9.2 Rights and Duties of Successor Corporation.

                  (a)      In case of any such consolidation, merger, transfer,
lease, purchase or conveyance and upon any such assumption by a successor entity
in accordance with Section 9.1, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been named herein
as the Company. Such successor entity thereupon may cause to be signed, and may
issue either in its own name or in the name of the Company, any or all of the
Certificates evidencing Units issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Agent; and, upon the order
of such successor corporation, instead of the Company, and subject to all the
terms, conditions and limitations in this Agreement prescribed, the Agent shall
authenticate and execute on behalf of the Holders and deliver any Certificates
which previously shall have been signed and delivered by the officers of the
Company to the Agent for authentication, execution on behalf of the Holder and
delivery, and any Certificate evidencing Units which such successor entity
thereafter shall cause to be signed and delivered to the Agent for that purpose.
All the Certificates so issued shall in all respects have the same legal rank
and benefit under this Agreement as the Certificates theretofore or thereafter
issued in accordance with the terms of this Agreement as though all of such
Certificates had been issued at the date of the execution hereof.

                  (b)      In case of any such consolidation, merger, transfer,
lease, purchase or conveyance such change in phraseology and form (but not in
substance) may be made in the Certificates evidencing Units thereafter to be
issued as may be appropriate.

                  SECTION 9.3 Opinion of Counsel Given to Agent.

                  The Agent, subject to Sections 7.1 and 7.3, shall receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger,
transfer, lease, purchase or conveyance, and any such assumption, complies with
the provisions of this Article and that all conditions precedent to the
consummation of any such consolidation, merger, sale, assignment, transfer,
lease, purchase or conveyance have been met.

                                       54

<PAGE>

                                    ARTICLE X

                                    COVENANTS

                  SECTION 10.1 Performance Under Purchase Contracts.

                  The Company covenants and agrees for the benefit of the
Holders from time to time of the Units that it will duly and punctually perform
its obligations under the Purchase Contracts in accordance with the terms of the
Purchase Contracts and this Agreement.

                  SECTION 10.2 Maintenance of Office or Agency.

                  (a)      The Company will maintain in the Borough of
         Manhattan, The City of New York an office or agency where Certificates
         may be presented or surrendered for acquisition of shares of Common
         Stock upon settlement of the Purchase Contracts on any Settlement Date
         and for transfer of Collateral upon occurrence of a Termination Event,
         where Certificates may be surrendered for registration of transfer or
         exchange, for a Collateral Substitution or reestablishment of Normal
         Units and where notices and demands to or upon the Company in respect
         of the Units and this Agreement may be served. The Company will give
         prompt written notice to the Agent of the location, and any change in
         the location, of such office or agency. If at any time the Company
         shall fail to maintain any such required office or agency or shall fail
         to furnish the Agent with the address thereof, such presentations,
         surrenders, notices and demands may be made or served at the Corporate
         Trust Office, and the Company hereby appoints the Agent as its agent to
         receive all such presentations, surrenders, notices and demands.

                  (b)      The Company may also from time to time designate one
         or more other offices or agencies where Certificates may be presented
         or surrendered for any or all such purposes and may from time to time
         rescind such designations; provided that no such designation or
         rescission shall in any manner relieve the Company of its obligation to
         maintain an office or agency in the Borough of Manhattan, The City of
         New York for such purposes. The Company will give prompt written notice
         to the Agent of any such designation or rescission and of any change in
         the location of any such other office or agency. The Company hereby
         designates as the place of payment for the Units the Corporate Trust
         Office and appoints the Agent at its Corporate Trust Office as paying
         agent in such city.

                  SECTION 10.3 Company to Reserve Common Stock.

                  The Company shall at all times prior to the Stock Purchase
Date reserve and keep available, free from preemptive rights, out of its
authorized but unissued Common Stock the maximum number of shares of Common
Stock issuable against tender of payment in respect of all Purchase Contracts
constituting a part of the Units evidenced by Outstanding Certificates.

                  SECTION 10.4 Covenants as to Common Stock.

                  The Company covenants that all shares of Common Stock which
may be issued against tender of payment in respect of any Purchase Contract
constituting a part of the Outstanding Units will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable.

                  SECTION 10.5 Statements of Officer of the Company as to
Default.

                  The Company will deliver to the Agent, within 120 days after
the end of each fiscal year of the Company ending after the date hereof, an
Officers' Certificate, stating whether or not to the best knowledge of the
signers thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions hereof, and if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which such Officers may have knowledge. In the event the Company shall change
its fiscal year at any time the Units are outstanding, the Company shall notify
the Agent of the effective date of such change.

                                       55

<PAGE>

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

                                    UNION PLANTERS CORPORATION

                                    By: ____________________________
                                        Name:
                                        Title:

                                    [________],
                                    as Purchase Contract Agent

                                    By: _____________________________
                                        Name:
                                        Title:
<PAGE>

                                    EXHIBIT A
                        FORM OF NORMAL UNITS CERTIFICATE
                       (Form of Global Certificate Legend)

[THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE
CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE
NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.]*

[so long as DTC is the Depositary, insert: Unless this Certificate is presented
by an authorized representative of The Depository Trust Company (55 Water
Street, New York, New York) to the Company or its agent for registration of
transfer, exchange or payment, and any Certificate issued is registered in the
name of Cede & Co., or such other name as requested by an authorized
representative of The Depository Trust Company, and any payment hereon is made
to Cede & Co. or to such other entity as is requested by an authorized
representative of The Depository Trust Company, any transfer, pledge or other
use hereof FOR VALUE or otherwise by OR TO ANY person is wrongful since the
registered owner hereof, Cede & Co., has an interest herein.]

[UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE
PURCHASE CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.]*

--------------------------
* To be inserted in Global Certificates only.

                                       A-1

<PAGE>

                   (Form of Face of Normal Units Certificate)

                           Union Planters Corporation

                           [__]% [_____________ Units]

No.                                     CUSIP No. [_______]
Number of Normal Units

                  This Normal Units Certificate certifies that ______ is the
registered Holder of the number of Normal Units set forth above [If the
Certificate is a Global Certificate, insert - , as such number may be increased
or decreased as set forth on the Schedule of Increases or Decreases in Global
Certificate annexed hereto]. Each Normal Unit represents (i) either (a) a
1/[__], or [__]%, beneficial ownership interest of the Holder in one [__]%
Senior Note due 200[_] (the "Note") of Union Planters Corporation, a Tennessee
corporation (the "Company"), having a principal amount of $[____], subject to
the Pledge of such Note by such Holder pursuant to the Pledge Agreement, or (b)
if the Notes have been remarketed by the Remarketing Agent (or if the Holder has
elected not to have the Note represented by the Normal Units evidenced by this
Normal Units Certificate remarketed or a Special Event Redemption has occurred),
the appropriate Treasury Consideration, subject to the Pledge of such Treasury
Consideration by such Holder pursuant to the Pledge Agreement, and (ii) the
rights and obligations of the Holder under one Purchase Contract with the
Company. Each Normal Unit will have a stated amount of $[__] (the "Stated
Amount"). All capitalized terms used herein which are defined in the Purchase
Contract Agreement have the meaning set forth therein.

                  Pursuant to the Pledge Agreement, the interest in the Note or
the appropriate Treasury Consideration, as the case may be, constituting part of
each Normal Unit evidenced hereby has been pledged to the Collateral Agent, for
the benefit of the Company, to secure the obligations of the Holder under the
Purchase Contract comprising a part of such Normal Unit to purchase shares of
Common Stock of the Company. Prior to the purchase of shares of Common Stock
under each Purchase Contract, such Purchase Contracts shall not entitle the
Holders of Normal Units Certificates to any of the rights of a holder of shares
of Common Stock, including without limitation, the right to vote or receive any
dividends or other payments or to consent or to receive notice as shareholders
in respect of the meetings of shareholders, or for the election of directors of
the Company or for any other matter or any other rights whatsoever as
shareholder of the Company.

                  The Pledge Agreement provides that all payments in respect of
the Pledged Notes or Pledged Treasury Consideration received by the Collateral
Agent shall be paid by the Collateral Agent by wire transfer in same day funds
(i) in the case of (A) quarterly cash distributions on Normal Units which
include Pledged Notes or Pledged Treasury Consideration, as the case may be, and
(B) any payments in respect of the Notes or Treasury Consideration, as the case
may be, that have been released from the Pledge pursuant to the Pledge
Agreement, to the Agent to the account designated by the Agent, no later than
11:00 a.m., New York City time, on the Business Day such payment is received by
the Collateral Agent (provided that in the event such payment is received by the
Collateral Agent on a day that is not a Business Day or after 9:00 a.m., New
York City time, on a Business Day, then such payment shall be made no later than
9:30 a.m., New York City time, on the next succeeding Business Day) and (ii) in
the case of payments in respect of any Pledged Notes or Pledged Treasury
Consideration, as the case may be, to be paid upon settlement of such Holder's
obligations to purchase shares of Common Stock under the Purchase Contract, to
the Company on the Stock Purchase Date (as defined herein) in accordance with
the terms of the Pledge Agreement, in full satisfaction of the respective
obligations of the Holders of the Normal Units of which such Pledged Notes or
Pledged Treasury Consideration are a part under the Purchase Contracts forming a
part of such Normal Units. Payments payable on each Payment Date (as defined
below) with respect to Pledged Notes or the appropriate Pledged Treasury
Consideration included in the Normal Units shall be made quarterly in arrears on
such Payment Date, subject to receipt thereof by the Agent from the Trustee or
Collateral Agent, as the case may be, be paid to the Person in whose name this
Normal Units Certificate (or a Predecessor Normal Units Certificate) is
registered at the close of business on the Record Date for such Payment Date.

                  Each Purchase Contract evidenced hereby obligates the Holder
of this Normal Units Certificate to purchase, and the Company to sell, on
[______], 200[_] (the "Stock Purchase Date"), at a price equal to $[__] (the
"Purchase Price"), a number of shares of Common Stock, par value $5.00 per share
("Common Stock"), of the

                                       A-2

<PAGE>

Company, equal to the Settlement Rate, unless on or prior to the Stock Purchase
Date there shall have occurred a Termination Event or an Early Settlement or
Merger Early Settlement with respect to the Normal Units of which such Purchase
Contract is a part, all as provided in the Purchase Contract Agreement, as
defined and more fully described on the reverse hereof. The Purchase Price for
the shares of Common Stock purchased pursuant to each Purchase Contract
evidenced hereby, if not paid earlier, shall be satisfied on the Stock Purchase
Date by either (i) the application of payments received with regard to Pledged
Treasury Consideration, or (ii) the exercise of the Company's rights as a
secured party in connection with the Pledged Notes, as the case may be.

                  The Company shall pay on each [______],[______],[______] and
[______] each year, commencing [______], 200[_] (a "Payment Date") in respect of
each Purchase Contract forming part of a Normal Unit evidenced hereby an amount
(the "Contract Adjustment Payments") equal to [___]% per year of the Stated
Amount, computed on the basis of a 360-day year of twelve 30-day months, subject
to deferral at the option of the Company as provided in the Purchase Contract
Agreement and more fully described on the reverse hereof (provided that if on
any date on which Contract Adjustment Payments are to be made on the Purchase
Contracts is not a Business Day, then payment of the Contract Adjustment
Payments payable on that date will be made on the next succeeding day which is a
Business Day, and no interest or payment will be paid in respect of the delay,
except that if such next succeeding Business Day is in the next succeeding
calendar year, such payment will be made on the immediately preceding Business
Day). Such Contract Adjustment Payments shall be payable to the Person in whose
name this Normal Units Certificate (or a Predecessor Normal Units Certificate)
is registered at the close of business on the Record Date for such Payment Date.

                  Contract Adjustment Payments and payments on the Notes or the
appropriate Treasury Consideration will be payable at the office of the Agent in
The City of New York or, at the option of the Company, by check mailed to the
address of the Person entitled thereto as such address appears on the Normal
Units Register or by wire transfer to the account designated by such Person in
writing.

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

                  Unless the certificate of authentication hereon has been
executed by the Agent by manual signature, this Normal Units Certificate shall
not be entitled to any benefit under the Pledge Agreement or the Purchase
Contract Agreement or be valid or obligatory for any purpose.

                                      A-3

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.

Dated: ____________

                                    UNION PLANTERS CORPORATION

                                    By: __________________________________
                                        Name:
                                        Title:

                                    HOLDER SPECIFIED ABOVE (as to obligations of
                                    such Holder under the Purchase Contracts
                                    evidenced hereby)

                                    By: [________],
                                        not individually but solely as
                                        Attorney-in-Fact of such Holder

                                        By: _______________________________
                                            Name:
                                            Title:

                                      A-4

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Normal Units Certificates referred to in
the within mentioned Purchase Contract Agreement.

                                             [____________],
                                             as Purchase Contract Agent

Dated: _____________________________         By: ______________________________
                                                 Authorized Officer

                                      A-5

<PAGE>

                  (Form of Reverse of Normal Units Certificate)

                  Each Purchase Contract evidenced hereby is governed by a
Purchase Contract Agreement, dated as of [______], 200[_] (as may be
supplemented from time to time, the "Purchase Contract Agreement"), between the
Company and [________], as Purchase Contract Agent (including its successors
thereunder, herein called the "Agent"), to which Purchase Contract Agreement and
supplemental agreements thereto reference is hereby made for a description of
the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Agent, the Company, and the Holders and of the terms upon
which the Normal Units Certificates are, and are to be, executed and delivered.
All defined terms used but not defined in this Certificate have the meanings
ascribed to them in the Purchase Contract Agreement.

                  Each Purchase Contract evidenced hereby obligates the Holder
of this Normal Units Certificate to purchase, and the Company to sell, on the
Stock Purchase Date at a price equal to $[__] (the "Purchase Price"), a number
of shares of Common Stock of the Company equal to the Settlement Rate, unless,
on or prior to the Stock Purchase Date, there shall have occurred a Termination
Event or a Cash Settlement, Early Settlement or Merger Early Settlement with
respect to the Unit of which such Purchase Contract is a part. The "Settlement
Rate" is equal to (a) if the Applicable Market Value (as defined below) is equal
to or greater than $[__] (the "Threshold Appreciation Price"), [____] shares of
Common Stock per Purchase Contract, (b) if the Applicable Market Value is less
than the Threshold Appreciation Price but is greater than $[__], the number of
shares of Common Stock per Purchase Contract equal to the Purchase Price divided
by the Applicable Market Value and (c) if the Applicable Market Value is equal
to or less than $[__], [____] shares of Common Stock per Purchase Contract, in
each case subject to adjustment as provided in the Purchase Contract Agreement.
No fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement.

                  The "Applicable Market Value" means the average of the Closing
Price per share of Common Stock on each of the 20 consecutive Trading Days
ending on the third Trading Day immediately preceding the Stock Purchase Date
or, in the event of a Cash Merger, the Cash Merger Date.

                  The "Closing Price" of the Common Stock on any date of
determination means the closing sale price (or, if no closing sale price is
reported, the last reported sale price) of the Common Stock on the New York
Stock Exchange (the "NYSE") on such date or, if the Common Stock is not listed
for trading on the NYSE on any such date, as reported in the composite
transactions for the principal United States securities exchange on which the
Common Stock is so listed, or if the Common Stock is not so listed on a United
States national or regional securities exchange, as reported by The Nasdaq Stock
Market, or, if the Common Stock is not so reported, the last quoted bid price
for the Common Stock in the over-the-counter market as reported by the National
Quotation Bureau or similar organization, or, if such bid price is not
available, the market value of the Common Stock on such date as determined by a
nationally recognized independent investment banking firm retained for this
purpose by the Company.

                  A "Trading Day" means a day on which the Common Stock (A) is
not suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has
traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of the Common Stock at the close of business on such day.

                  Each Purchase Contract evidenced hereby may be settled prior
to the Stock Purchase Date through Cash Settlement, Early Settlement or Merger
Early Settlement, in accordance with the terms of the Purchase Contract
Agreement.

                  In accordance with the terms of the Purchase Contract
Agreement, the Holder of this Normal Units Certificate shall pay the Purchase
Price for the shares of Common Stock purchased pursuant to each Purchase
Contract evidenced hereby (i) by effecting a Cash Settlement, an Early
Settlement or Merger Early Settlement, (ii) by application of payments received
in respect of the Pledged Treasury Consideration acquired from the proceeds of a
remarketing of the related Pledged Notes underlying the Normal Units represented
by this Normal Units Certificate as contemplated by Section 5.4 of the Purchase
Contract Agreement, (iii) if the Holder has elected not to participate in the
remarketing, by application of payments received in respect of the Pledged
Opt-out Treasury Consideration deposited by such Holder in respect of such
Purchase Contract or (iv) if a Special Event Redemption

                                      A-6

<PAGE>

has occurred prior to the successful remarketing of the Notes as contemplated by
Section 5.4 of the Purchase Contract Agreement, by application of payments
received in respect of the Pledged Treasury Consideration purchased by the
Collateral Agent on behalf of the Holder of this Normal Units Certificate. The
Company shall not be obligated to issue any shares of Common Stock in respect of
a Purchase Contract or deliver any certificates therefor to the Holder unless it
shall have received payment in full of the aggregate Purchase Price for the
shares of Common Stock to be purchased thereunder or become entitled to exercise
its rights as a secured party in the manner set forth in the Purchase Contract
Agreement. If, as provided in the Purchase Contract Agreement, upon the
occurrence of a Last Failed Remarketing the Collateral Agent, for the benefit of
the Company, exercises its rights as a secured creditor with respect to the
Pledged Notes related to this Normal Units Certificate, any accrued and unpaid
interest on such Pledged Notes will become payable by the Company to the Holder
of this Normal Units Certificate in the manner provided for in the Purchase
Contract Agreement.

                  Under and subject to the terms of the Pledge Agreement and the
Purchase Contract Agreement, the Agent will be entitled to exercise the voting
and any other consensual rights pertaining to the Pledged Notes, but only to the
extent instructed by the Holders as described below. Upon receipt of notice of
any meeting at which holders of Notes are entitled to vote or upon the
solicitation of consents, waivers or proxies of holders of Notes, the Agent
shall, as soon as practicable thereafter, mail to the Holders of Normal Units a
notice (a) containing such information as is contained in the notice or
solicitation, (b) stating that each such Holder on the record date set by the
Agent therefor (which, to the extent possible, shall be the same date as the
record date for determining the holders of Notes entitled to vote) shall be
entitled to instruct the Agent as to the exercise of the voting rights
pertaining to the Pledged Notes constituting a part of such Holder's Normal
Units and (c) stating the manner in which such instructions may be given. Upon
the written request of any Holder of Normal Units on such record date, the Agent
shall endeavor insofar as practicable to vote or cause to be voted, in
accordance with the instructions set forth in such request the maximum number of
Pledged Notes as to which any particular voting instructions are received. In
the absence of specific instructions from the Holder of a Normal Unit, the Agent
shall abstain from voting the Pledged Note evidenced by such Normal Unit.

                  The Normal Units Certificates are issuable only in registered
form and only in denominations of a single Normal Unit and any integral multiple
thereof. The transfer of any Normal Units Certificate will be registered and
Normal Units Certificates may be exchanged as provided in the Purchase Contract
Agreement. The Normal Units Registrar may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents permitted by the
Purchase Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange of a Normal Units Certificate, but the
Company and the Agent may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Certificates, other than exchanges not
involving any transfer as provided for in the Purchase Contract Agreement. The
Holder of a Normal Unit may substitute for the Pledged Notes or Pledged Treasury
Consideration securing its obligations under the related Purchase Contract
Treasury Securities in accordance with the terms of the Purchase Contract
Agreement and the Pledge Agreement. From and after such Collateral Substitution,
the Unit for which such Pledged Treasury Securities secures the Holder's
obligation under the Purchase Contract shall be referred to as a "Stripped
Unit." A Holder that elects to substitute Treasury Securities for Pledged Notes
or Pledged Treasury Consideration, thereby creating Stripped Units, shall be
responsible for any fees or expenses payable in connection therewith. Except as
provided in the Purchase Contract Agreement, for so long as the Purchase
Contract underlying a Normal Unit remains in effect, such Normal Unit shall not
be separable into its constituent parts, and the rights and obligations of the
Holder of such Normal Units in respect of the Pledged Note or Pledged Treasury
Consideration and Purchase Contract comprising such Normal Unit may be acquired,
and may be transferred and exchanged, only as a Normal Unit.

                  A Holder of Stripped Units may reestablish Normal Units at any
time from and after the date of the Purchase Contract Agreement and on or prior
to the seventh Business Day immediately preceding the Stock Purchase Date by
depositing with the Collateral Agent the Notes or the appropriate Treasury
Consideration in exchange for the release of the Pledged Treasury Securities in
accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement.

                  Subject to the next succeeding paragraph, the Company shall
pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in
respect of each Purchase Contract to the Person in whose name the Normal Units
Certificate (or one or more Predecessor Normal Units Certificates) evidencing
such Purchase

                                      A-7

<PAGE>

Contract is registered on the Normal Units Register at the close of business on
the Record Date next preceding such Payment Date. The Contract Adjustment
Payments, if any, will be payable at the Corporate Trust Office or such other
office or agency designated as set forth in the Purchase Contract Agreement or,
at the option of the Company, by check mailed to the address of the Person
entitled thereto at such Person's address as it appears on the Normal Units
Register or by wire transfer to the account designated by such Person in
writing.

                  The Company shall have the right, at any time prior to the
Stock Purchase Date, to defer the payment of any or all of the Contract
Adjustment Payments otherwise payable on any Payment Date, but only if the
Company shall give the Holders and the Agent written notice of its election to
defer each such Contract Adjustment Payments as provided in the Purchase
Contract Agreement. Any Contract Adjustment Payments so deferred shall, to the
extent permitted by law, accrue additional Contract Adjustment Payments thereon
at the rate of [__]% per year (computed on the basis of a 360-day year of twelve
30-day months), compounding on each succeeding Payment Date, until paid in full
(such deferred installments of Contract Adjustment Payments, if any, together
with the additional Contract Adjustment Payments, if any, accrued thereon, are
referred to herein as the "Deferred Contract Adjustment Payments"). Deferred
Contract Adjustment Payments, if any, shall be due on the next succeeding
Payment Date except to the extent that payment is deferred pursuant to the
Purchase Contract Agreement. No Contract Adjustment Payments may be deferred to
a date that is after the Stock Purchase Date and no such deferral period may end
other than on a Payment Date.

                  In the event that the Company elects to defer the payment of
Contract Adjustment Payments on the Purchase Contracts until a Payment Date
prior to the Stock Purchase Date, then all Deferred Contract Adjustment
Payments, if any, shall be payable to the registered Holders as of the close of
business on the Record Date immediately preceding such Payment Date.

                  The Company's obligations with respect to Contract Adjustment
Payments (including any accrued or Deferred Contract Adjustment Payments) will
be subordinated and junior in right of payment to the Company's obligations
under any Senior Indebtedness in the manner and to the extent set forth in the
Purchase Contract Agreement.

                  In the event that the Company elects to defer the payment of
Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase
Date, the Holder of this Normal Units Certificate will receive on the Stock
Purchase Date, in lieu of a cash payment, a number of shares of Common Stock (in
addition to the number of shares of Common Stock equal to the Settlement Rate)
equal to (i) the aggregate amount of Deferred Contract Adjustment Payments
payable to the Holder of this Normal Units Certificate divided by (ii) the
Applicable Market Value.

                  In the event the Company exercises its option to defer the
payment of Contract Adjustment Payments, then, until the earlier of (x) the
Termination Date and (y) the date on which the Deferred Contract Adjustment
Payments have been paid, the Company shall not, and will not permit any
subsidiary of the Company to, declare or pay dividends on, make distributions
with respect to, or redeem, purchase or acquire, or make a liquidation payment
with respect to, any of the Company's Capital Stock other than (i) repurchases,
redemptions or acquisitions of shares of the Company's Capital Stock in
connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of employees, officers, directors or agents
or a stock purchase or dividend reinvestment plan, or the satisfaction by the
Company of its obligations pursuant to any contract or security outstanding on
the date the Company exercises its rights to defer the Contract Adjustment
Payments; (ii) as a result of a reclassification of the Company's Capital Stock
or the exchange or conversion of one class or series of the Company's Capital
Stock for another class or series of the Company's Capital Stock; (iii) the
purchase of fractional interests in shares of any series of the Company's
Capital Stock pursuant to the conversion or exchange provisions of such Capital
Stock or the security being converted or exchanged; (iv) dividends or
distributions in any series of the Company's Capital Stock (or rights to acquire
Capital Stock) or repurchases, acquisitions or redemptions of the Company's
Capital Stock in connection with the issuance or exchange of any series of the
Company's Capital Stock (or securities convertible into or exchangeable for
shares of the Company's Capital Stock); or (v) redemptions, exchanges or
repurchases of any rights outstanding under a shareholder rights plan or the
declaration or payment thereunder of a dividend or distribution of or with
respect to rights in the future, or the redemption or repurchase of any rights
pursuant thereto.

                                      A-8

<PAGE>

                  The Purchase Contracts and all obligations and rights of the
Company and the Holders thereunder, including, without limitation, the rights of
the Holders to receive accumulated Contract Adjustment Payments, if any, or any
Deferred Contract Adjustment Payments and the obligations of the Holders to
purchase shares of Common Stock, shall immediately and automatically terminate,
without the necessity of any notice or action by any Holder, the Agent or the
Company, if, on or prior to the Stock Purchase Date, a Termination Event shall
have occurred. Upon the occurrence of a Termination Event, the Company shall
promptly but in no event later than two Business Days thereafter give written
notice to the Agent, the Collateral Agent and to the Holders, at their addresses
as they appear in the Normal Units Register. Upon and after the occurrence of a
Termination Event, the Collateral Agent shall release the Pledged Notes or
Pledged Treasury Consideration from the Pledge in accordance with the provisions
of the Pledge Agreement.

                  Upon registration of transfer of this Normal Units
Certificate, the transferee shall be bound (without the necessity of any other
action on the part of such transferee, except as may be required by the Agent
pursuant to the Purchase Contract Agreement), under the terms of the Purchase
Contract Agreement, the Purchase Contracts evidenced hereby and the Pledge
Agreement and the transferor shall be released from the obligations under the
Purchase Contract Agreement, the Purchase Contracts evidenced by this Normal
Units Certificate and the Pledge Agreement. The Company covenants and agrees,
and the Holder, by its acceptance hereof, likewise covenants and agrees, to be
bound by the provisions of this paragraph.

                  The Holder of this Normal Units Certificate, by its acceptance
hereof, irrevocably authorizes the Agent to enter into and perform the related
Purchase Contracts forming part of the Normal Units evidenced hereby on his
behalf as his attorney-in-fact, expressly withholds any consent to the
assumption (i.e., affirmance) of the Purchase Contracts by the Company or its
trustee in the event that the Company becomes the subject of a case under the
Bankruptcy Code, agrees to be bound by the terms and provisions thereof,
covenants and agrees to perform such Holder's obligations under such Purchase
Contracts, consents to the provisions of the Purchase Contract Agreement,
irrevocably authorizes the Agent to enter into and perform the Pledge Agreement
on such Holder's behalf as attorney-in-fact, and consents to the Pledge of the
Notes or the appropriate Treasury Consideration underlying this Normal Units
Certificate pursuant to the Pledge Agreement. The Holder further covenants and
agrees, that, to the extent and in the manner provided in the Purchase Contract
Agreement and the Pledge Agreement, but subject to the terms thereof, payments
in respect of the Pledged Notes or the Pledged Treasury Consideration to be paid
upon settlement of such Holder's obligations to purchase shares of Common Stock
under the Purchase Contract, shall be paid on the Stock Purchase Date by the
Collateral Agent to the Company in satisfaction of such Holder's obligations
under such Purchase Contract and such Holder shall acquire no right, title or
interest in such payments. The obligations of each Holder to pay the Purchase
Price are non-recourse obligations and except to the extent paid by Cash
Settlement, Early Settlement or Merger Early Settlement, are payable solely out
of the proceeds of any Collateral pledged to secure the obligations of the
Holders and in no event will Holders be liable for any deficiency between such
payments and the Purchase Price. Notwithstanding anything to the contrary
herein, the Company shall not be obligated to issue any shares of Common Stock
in respect of a Purchase Contract or deliver any certificates therefor to the
Holder of the related Unit unless the Company shall have (i) received payment in
full of the aggregate Purchase Price for the shares of Common Stock to be
purchased thereunder by such Holder in the manner herein set forth or (ii)
exercised its rights as a secured party under Section 5.4(b)(iii) of the
Purchase Contract Agreement.

                  Each Holder of any Unit, and each Beneficial Owner thereof, by
its acceptance thereof or of its interest therein, further agrees to treat (i)
itself as the owner of the related Notes, Treasury Consideration or Treasury
Securities, as the case may be, and (ii) the Notes as indebtedness of the
Company in each case, for United States federal, state and local income and
franchise tax purposes.

                  Subject to certain exceptions, the provisions of the Purchase
Contract Agreement may be amended with the consent of the Holders of a majority
of the outstanding Purchase Contracts.

                  The Purchase Contracts shall for all purposes be governed by,
deemed to be a contract under, and construed in accordance with, the laws of the
State of New York.

                  The Company, the Agent and its Affiliates and any agent of the
Company or the Agent may treat the Person in whose name this Normal Units
Certificate is registered as the owner of the Normal Units evidenced

                                      A-9

<PAGE>

hereby for the purpose of receiving quarterly payments of interest on the Notes
or the Treasury Consideration, as the case may be, receiving payments of
Contract Adjustment Payments, if any, and any Deferred Contract Adjustment
Payments, performance of the Purchase Contracts and for all other purposes
whatsoever, whether or not any payments in respect thereof be overdue and
notwithstanding any notice to the contrary, and neither the Company, the Agent,
such Affiliates nor any such agent shall be affected by notice to the contrary.

                  The Purchase Contracts shall not, prior to the settlement
thereof, entitle the Holder to any of the rights of a holder of shares of Common
Stock.

                  A copy of the Purchase Contract Agreement is available for
inspection at the offices of the Agent.

                                      A-10

<PAGE>

                                  ABBREVIATIONS

                  The following abbreviations, when used in the inscription on
the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations:

TEN COM -                            as tenants in common

UNIF GIFT MIN ACT -                  Custodian

                                     ________________________________
                                     (cust)                   (minor)

                                     Under Uniform Gifts to Minors Act

                                     ________________________________
                                                 (State)

TEN ENT -                            as tenants by the entireties

JT TEN -                             as joint tenants with right of survivorship
                                     and not as tenants in common

Additional abbreviations may also be used though not in the above list.

                                      A-11

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
________________________________________________________________________________
________________________________________________________________________________

(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Normal Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing ____________________________________
attorney to transfer said Normal Units Certificates on the books of Union
Planters Corporation with full power of substitution in the premises.

Dated: ____________________         Signature: ____________________

                                    NOTICE: The signature to this assignment
                                    must correspond with the name as it appears
                                    upon the face of the within Normal Units
                                    Certificates in every particular, without
                                    alteration or enlargement or any change
                                    whatsoever.

Signature Guarantee: _________________________________________________________

                                      A-12

<PAGE>

                             SETTLEMENT INSTRUCTIONS

                  The undersigned Holder directs that a certificate for shares
of Common Stock deliverable upon settlement on or after the Stock Purchase Date
of the Purchase Contracts underlying the number of Normal Units evidenced by
this Normal Units Certificate be registered in the name of, and delivered,
together with a check in payment for any fractional share, to the undersigned at
the address indicated below unless a different name and address have been
indicated below. If shares are to be registered in the name of a Person other
than the undersigned, the undersigned will pay any transfer tax payable incident
thereto.

Dated: ______________________       Signature: _________________________
                                    Signature Guarantee: _______________
                                    (if assigned to another person)

If shares are to be registered in   REGISTERED HOLDER
the name of and delivered to a
Person other than the Holder,       Please print name and address of Registered
please (i) print such Person's      Holder:
name and address and (ii) provide
a guarantee of your signature:

_________________________________   ____________________________________________
             Name                                        Name

_________________________________   ____________________________________________
           Address                                     Address

Social Security or other Taxpayer
Identification Number, if any

                                      A-13

<PAGE>

                            ELECTION TO SETTLE EARLY

                  The undersigned Holder of this Normal Units Certificate hereby
irrevocably exercises the option to effect Early Settlement in accordance with
the terms of the Purchase Contract Agreement with respect to the Purchase
Contracts underlying the number of Normal Units evidenced by this Normal Units
Certificate specified below. The option to effect Early Settlement may be
exercised only with respect to Purchase Contracts underlying Normal Units with
an aggregate Purchase Price equal to $[____] or an integral multiple thereof.
The undersigned Holder directs that a certificate for shares of Common Stock
deliverable upon such Early Settlement be registered in the name of, and
delivered, together with a check in payment for any fractional share and any
Normal Units Certificate representing any Normal Units evidenced hereby as to
which Early Settlement of the related Purchase Contracts is not effected, to the
undersigned at the address indicated below unless a different name and address
have been indicated below. Pledged Notes or Pledged Treasury Consideration
deliverable upon such Early Settlement will be transferred in accordance with
the transfer instructions set forth below. If shares of Common Stock are to be
registered in the name of a Person other than the undersigned, the undersigned
will pay any transfer tax payable incident thereto.

Dated: ________________             Signature: _________________________
Signature Guarantee: _____________  Signature Guarantee: _______________

                  Number of Units evidenced hereby as to which Early Settlement
of the related Purchase Contracts is being elected:

If shares of Common Stock are to    REGISTERED HOLDER
be registered in the name of and
delivered to and Pledged Notes or   Please print name and address of Registered
Pledged Treasury Consideration      Holder:
are to be transferred to a Person
other than the Holder, please
print such Person's name and
address:

_________________________________   ____________________________________________
             Name                                        Name

_________________________________   ____________________________________________
           Address                                     Address

Social Security or other Taxpayer
Identification Number, if any

Transfer instructions for Pledged Notes or Pledged Treasury Consideration
transferable upon Early Settlement or a Termination Event:

                                      A-14

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

            The following increases or decreases in this Global Certificate
have been made:

<TABLE>
<CAPTION>
                 Amount of Decrease     Amount of Increase       Stated Amount of the
                 in Stated Amount of    in Stated Amount of       Global Certificate        Signature of
                     the Global              the Global             Following Such           Authorized
    Date             Certificate             Certificate         Decrease or Increase     Officer of Agent
------------     -------------------    -------------------      --------------------     ----------------
<S>              <C>                    <C>                      <C>                      <C>
</TABLE>

                                      A-15

<PAGE>

                                    EXHIBIT B
                       FORM OF STRIPPED UNITS CERTIFICATE
                       (Form of Global Certificate Legend)

[THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE
CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE
NAME OF A CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.]*

[so long as DTC is the Depositary, insert: Unless this Certificate is presented
by an authorized representative of The Depository Trust Company (55 Water
Street, New York, New York) to the Company or its agent for registration of
transfer, exchange or payment, and any Certificate issued is registered in the
name of Cede & Co., or such other name as requested by an authorized
representative of The Depository Trust Company, and any payment hereon is made
to Cede & Co. or to such other entity as is requested by an authorized
representative of The Depository Trust Company, any transfer, pledge or other
use hereof FOR VALUE or otherwise by OR TO ANY person is wrongful since the
registered owner hereof, Cede & Co., has an interest herein.]

[UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE
PURCHASE CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.]*

--------------------------------
* To be inserted in Global Certificates only.

                                      B-1

<PAGE>

                  (Form of Face of Stripped Units Certificate)

                           Union Planters Corporation

                           [__]% [_____________ Units]

No.                                     CUSIP No. [_______]
Number of Stripped Units

                  This Stripped Units Certificate certifies that _________ is
the registered Holder of the number of Stripped Units set forth above [If the
Certificate is a Global Certificate, insert - , as such number may be increased
or decreased as set forth on the Schedule of Increases or Decreases in Global
Certificate annexed hereto]. Each Stripped Unit represents (i) a 1/[__]
undivided beneficial ownership interest in a Treasury Security, subject to the
Pledge of such interest in such Treasury Security by such Holder pursuant to the
Pledge Agreement, and (ii) the rights and obligations of the Holder under one
Purchase Contract with Union Planters Corporation, a Tennessee corporation (the
"Company"). Each Stripped Unit will have a stated amount of $[__] (the "Stated
Amount"). All capitalized terms used herein which are defined in the Purchase
Contract Agreement have the meaning set forth therein.

                  Pursuant to the Pledge Agreement, the Treasury Security
constituting part of each Stripped Unit evidenced hereby has been pledged to the
Collateral Agent, for the benefit of the Company, to secure the obligations of
the Holder under the Purchase Contract comprising a part of such Stripped Unit
to purchase shares of Common Stock of the Company. Prior to the purchase of
shares of Common Stock under each Purchase Contract, such Purchase Contracts
shall not entitle the Holders of Normal Units Certificates to any of the rights
of a holder of shares of Common Stock, including without limitation, the right
to vote or receive any dividends or other payments or to consent or to receive
notice as shareholders in respect of the meetings of shareholders, or for the
election of directors of the Company or for any other matter or any other rights
whatsoever as shareholder of the Company.

                  Each Purchase Contract evidenced hereby obligates the Holder
of this Stripped Units Certificate to purchase, and the Company to sell, on
[______], 200[_] (the "Stock Purchase Date"), at a price equal to $[__] (the
"Purchase Price"), a number of shares of Common Stock, par value $5.00 per share
("Common Stock"), of the Company, equal to the Settlement Rate, unless on or
prior to the Stock Purchase Date there shall have occurred a Termination Event
or an Early Settlement or Merger Early Settlement with respect to the Stripped
Units of which such Purchase Contract is a part, all as provided in the Purchase
Contract Agreement and more fully described on the reverse hereof. The Purchase
Price (as defined herein) for the shares of Common Stock purchased pursuant to
each Purchase Contract evidenced hereby, if not paid earlier, shall be paid on
the Stock Purchase Date by application of payments received in respect of the
Pledged Treasury Securities pledged to secure the obligations of the Holder
under such Purchase Contract in accordance with the terms of the Pledge
Agreement.

                  The Company shall pay on each Payment Date in respect of each
Purchase Contract forming part of a Stripped Unit evidenced hereby an amount
(the "Contract Adjustment Payments") equal to [___]% per year of the Stated
Amount, computed on the basis of a 360-day year of twelve 30-day months, subject
to deferral at the option of the Company as provided in the Purchase Contract
Agreement and more fully described on the reverse hereof (provided that if on
any date on which Contract Adjustment Payments are to be made on the Purchase
Contracts is not a Business Day, then payment of the Contract Adjustment
Payments payable on that date will be made on the next succeeding day which is a
Business Day, and no interest or payment will be paid in respect of the delay,
except that if such next succeeding Business Day is in the next succeeding
calendar year, such payment will be made on the immediately preceding Business
Day). Such Contract Adjustment Payments shall be payable to the Person in whose
name this Stripped Units Certificate (or a Predecessor Stripped Units
Certificate) is registered at the close of business on the Record Date for such
Payment Date.

                  Contract Adjustment Payments will be payable at the office of
the Agent in the City of New York or, at the option of the Company, by check
mailed to the address of the Person entitled thereto as such address appears on
the Normal Units Register or by wire transfer to the account designated by such
Person in writing.

                                      B-2

<PAGE>

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

                  Unless the certificate of authentication hereon has been
executed by the Agent by manual signature, this Stripped Units Certificate shall
not be entitled to any benefit under the Pledge Agreement or the Purchase
Contract Agreement or be valid or obligatory for any purpose.

                                      B-3

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.

Dated: ____________

                                    UNION PLANTERS CORPORATION

                                    By: ____________________________________
                                        Name:
                                        Title:

                                    HOLDER SPECIFIED ABOVE (as to obligations of
                                    such Holder under the Purchase Contracts
                                    evidenced hereby)

                                    By: [________], not individually but solely
                                        as Attorney-in-Fact of such Holder

                                    By: _________________________________
                                        Name:
                                        Title:

                                      B-4

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Stripped Units Certificates referred to in
the within-mentioned Purchase Contract Agreement.

Dated: ____________

                                    [________],
                                    as Purchase Contract Agent

                                    By: ____________________________
                                         Authorized Officer

                                      B-5

<PAGE>

                 (Form of Reverse of Stripped Units Certificate)

                  Each Purchase Contract evidenced hereby is governed by a
Purchase Contract Agreement, dated as of [______], 200[_] (as may be
supplemented from time to time, the "Purchase Contract Agreement"), between the
Company and [________], as Purchase Contract Agent (including its successors
thereunder, herein called the "Agent"), to which the Purchase Contract Agreement
and supplemental agreements thereto reference is hereby made for a description
of the respective rights, limitations of rights, obligations, duties and
immunities thereunder of the Agent, the Company and the Holders and of the terms
upon which the Stripped Units Certificates are, and are to be, executed and
delivered. All defined terms used but not defined in this Certificate have the
meanings ascribed to them in the Purchase Contract Agreement.

                  Each Purchase Contract evidenced hereby obligates the Holder
of this Stripped Units Certificate to purchase, and the Company to sell, on the
Stock Purchase Date at a price equal to $[__] (the "Purchase Price"), a number
of shares of Common Stock of the Company equal to the Settlement Rate, unless,
on or prior to the Stock Purchase Date, there shall have occurred a Termination
Event or a Cash Settlement, an Early Settlement or Merger Early Settlement with
respect to the Unit of which such Purchase Contract is a part. The "Settlement
Rate" is equal to (a) if the Applicable Market Value (as defined below) is equal
to or greater than $[__] (the "Threshold Appreciation Price"), [____] shares of
Common Stock per Purchase Contract, (b) if the Applicable Market Value is less
than the Threshold Appreciation Price but is greater than $[__], the number of
shares of Common Stock per Purchase Contract equal to the Purchase Price divided
by the Applicable Market Value and (c) if the Applicable Market Value is equal
to or less than $[__], [____] shares of Common Stock per Purchase Contract, in
each case subject to adjustment as provided in the Purchase Contract Agreement.
No fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement.

                  The "Applicable Market Value" means the average of the Closing
Price per share of Common Stock on each of the 20 consecutive Trading Days
ending on the third Trading Day immediately preceding the Stock Purchase Date or
in the event of a Cash Merger, the Cash Merger Date.

                  The "Closing Price" of the Common Stock on any date of
determination means the closing sale price (or, if no closing sale price is
reported, the last reported sale price) of the Common Stock on the New York
Stock Exchange (the "NYSE") on such date or, if the Common Stock is not listed
for trading on the NYSE on any such date, as reported in the composite
transactions for the principal United States securities exchange on which the
Common Stock is so listed, or if the Common Stock is not so listed on a United
States national or regional securities exchange, as reported by The Nasdaq Stock
Market, or, if the Common Stock is not so reported, the last quoted bid price
for the Common Stock in the over-the-counter market as reported by the National
Quotation Bureau or similar organization, or, if such bid price is not
available, the market value of the Common Stock on such date as determined by a
nationally recognized independent investment banking firm retained for this
purpose by the Company.

                  A "Trading Day" means a day on which the Common Stock (A) is
not suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has
traded at least once on the national or regional securities exchange or
association or over-the-counter market that is the primary market for the
trading of the Common Stock at the close of business of such day.

                  Each Purchase Contract evidenced hereby may be settled prior
to the Stock Purchase Date through Cash Settlement, Early Settlement or Merger
Early Settlement, in accordance with the terms of the Purchase Contract
Agreement.

                  In accordance with the terms of the Purchase Contract
Agreement, the Holder of this Stripped Units Certificate shall pay the Purchase
Price for the shares of Common Stock purchased pursuant to each Purchase
Contract evidenced hereby (i) by effecting a Cash Settlement, an Early
Settlement or Merger Early Settlement or (ii) by application of payments
received in respect of the Pledged Treasury Securities underlying the Stripped
Units represented by this Stripped Units Certificate.

                                      B-6

<PAGE>

                  The Company shall not be obligated to issue any shares of
Common Stock in respect of a Purchase Contract or deliver any certificates
therefor to the Holder unless it shall have received payment in full of the
aggregate Purchase Price for the shares of Common Stock to be purchased
thereunder in the manner herein set forth.

                  The Stripped Units Certificates are issuable only in
registered form and only in denominations of a single Stripped Unit and any
integral multiple thereof. The transfer of any Stripped Units Certificate will
be registered and Stripped Units Certificates may be exchanged as provided in
the Purchase Contract Agreement. The Stripped Units Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents permitted by the Purchase Contract Agreement. No service charge shall
be required for any such registration of transfer or exchange of a Stripped
Units Certificate, but the Company and the Agent may require payment from the
Holder of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Certificates, other than exchanges not involving any transfer as provided for in
the Purchase Contract Agreement. The Holder of a Stripped Unit may substitute
for the Pledged Treasury Securities securing its obligations under the related
Purchase Contract Notes or the appropriate Treasury Consideration in accordance
with the terms of the Purchase Contract Agreement and the Pledge Agreement. From
and after such Collateral Substitution, the Unit for which such Pledged Notes or
Pledged Treasury Consideration secures the Holder's obligation under the
Purchase Contract shall be referred to as a "Normal Unit." A Holder that elects
to substitute Notes or the appropriate Treasury Consideration for Pledged
Treasury Securities, thereby reestablishing Normal Units, shall be responsible
for any fees or expenses payable in connection therewith. Except as provided in
the Purchase Contract Agreement, for so long as the Purchase Contract underlying
a Stripped Unit remains in effect, such Stripped Unit shall not be separable
into its constituent parts, and the rights and obligations of the Holder of such
Stripped Unit in respect of the Pledged Treasury Security and the Purchase
Contract comprising such Stripped Unit may be acquired, and may be transferred
and exchanged, only as a Stripped Unit.

                  A Holder of Normal Units may establish Stripped Units at any
time from and after the date of the Purchase Contract Agreement and on or prior
to the seventh Business Day immediately preceding the Stock Purchase Date by
depositing with the Collateral Agent Treasury Securities in exchange for the
release of the Pledged Notes or the appropriate Pledged Treasury Consideration
in accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement.

                  Subject to the next succeeding paragraph, the Company shall
pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in
respect of each Purchase Contract to the Person in whose name the Stripped Units
Certificate (or one or more Predecessor Stripped Units Certificates) evidencing
such Purchase Contract is registered on the Stripped Units Register at the close
of business on the Record Date next preceding such Payment Date. Contract
Adjustment Payments, if any, will be payable at the Corporate Trust Office or
such other office or agency designated as set forth in the Purchase Contract
Agreement or, at the option of the Company, by check mailed to the address of
the Person entitled thereto at such Person's address as it appears on the
Stripped Units Register or by wire transfer to the account designated by such
Person in writing.

                  The Company shall have the right, at any time prior to the
Stock Purchase Date, to defer the payment of any or all of the Contract
Adjustment Payments otherwise payable on any Payment Date, but only if the
Company shall give the Holders and the Agent written notice of its election to
defer each such Contract Adjustment Payments as provided in the Purchase
Contract Agreement. Any Contract Adjustment Payments so deferred shall, to the
extent permitted by law, accrue additional Contract Adjustment Payments thereon
at the rate of [__]% per year (computed on the basis of a 360-day year of twelve
30-day months), compounding on each succeeding Payment Date, until paid in full
(such deferred installments of Contract Adjustment Payments, if any, together
with the additional Contract Adjustment Payments, if any, accrued thereon, are
referred to herein as the "Deferred Contract Adjustment Payments"). Deferred
Contract Adjustment Payments, if any, shall be due on the next succeeding
Payment Date except to the extent that payment is deferred pursuant to the
Purchase Contract Agreement. No Contract Adjustment Payments may be deferred to
a date that is after the Stock Purchase Date and no such deferral period may end
other than on a Payment Date.

                  In the event that the Company elects to defer the payment of
Contract Adjustment Payments on the Purchase Contracts until a Payment Date
prior to the Stock Purchase Date, then all Deferred Contract

                                      B-7

<PAGE>

Adjustment Payments, if any, shall be payable to the registered Holders as of
the close of business on the Record Date immediately preceding such Payment
Date.

                  In the event that the Company elects to defer the payment of
Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase
Date, the Holder of this Stripped Units Certificate will receive on the Stock
Purchase Date, in lieu of a cash payment, a number of shares of Common Stock (in
addition to the number of shares of Common Stock equal to the Settlement Rate)
equal to (i) the aggregate amount of Deferred Contract Adjustment Payments
payable to the Holder of this Stripped Units Certificate divided by (ii) the
Applicable Market Value.

                  The Company's obligations with respect to Contract Adjustment
Payments (including any accrued or Deferred Contract Adjustment Payments) will
be subordinated and junior in right of payment to the Company's obligations
under any Senior Indebtedness in the manner and to the extent set forth in the
Purchase Contract Agreement.

                  In the event the Company exercises its option to defer the
payment of Contract Adjustment Payments, then, until the earlier of (x) the
Termination Date and (y) the date on which the Deferred Contract Adjustment
Payments have been paid, the Company shall not, and will not permit any
subsidiary of the Company to, declare or pay dividends on, make distributions
with respect to, or redeem, purchase or acquire, or make a liquidation payment
with respect to, any of the Company's Capital Stock other than (i) repurchases,
redemptions or acquisitions of shares of the Company's Capital Stock in
connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of employees, officers, directors or agents
or a stock purchase or dividend reinvestment plan, or the satisfaction by the
Company of its obligations pursuant to any contract or security outstanding on
the date the Company exercises its rights to defer the Contract Adjustment
Payments; (ii) as a result of a reclassification of the Company's Capital Stock
or the exchange or conversion of one class or series of the Company's Capital
Stock for another class or series of the Company's Capital Stock; (iii) the
purchase of fractional interests in shares of the Company's Capital Stock
pursuant to the conversion or exchange provisions of such Capital Stock or the
security being converted or exchanged; (iv) dividends or distributions in any
series of the Company's Capital Stock (or rights to acquire Capital Stock) or
repurchases, acquisitions or redemptions of the Company's Capital Stock in
connection with the issuance or exchange of any series of the Company's Capital
Stock (or securities convertible into or exchangeable for shares of the
Company's Capital Stock); or (v) redemptions, exchanges or repurchases of any
rights outstanding under a shareholder rights plan or the declaration or payment
thereunder of a dividend or distribution of or with respect to rights in the
future, or the redemption or repurchase of any rights pursuant thereto.

                  The Purchase Contracts and all obligations and rights of the
Company and the Holders thereunder, including, without limitation, the rights of
the Holders to receive accumulated Contract Adjustment Payments, if any, or any
Deferred Contract Adjustment Payments, and the obligations of the Holders to
purchase shares of Common Stock, shall immediately and automatically terminate,
without the necessity of any notice or action by any Holder, the Agent or the
Company, if, on or prior to the Stock Purchase Date, a Termination Event shall
have occurred. Upon the occurrence of a Termination Event, the Company shall
promptly but in no event later than two business days thereafter give written
notice to the Agent, the Collateral Agent and to the Holders, at their addresses
as they appear in the Stripped Units Register. Upon and after the occurrence of
a Termination Event, the Collateral Agent shall release the Pledged Treasury
Securities from the Pledge in accordance with the provisions of the Pledge
Agreement.

                  Upon registration of transfer of this Stripped Units
Certificate, the transferee shall be bound (without the necessity of any other
action on the part of such transferee, except as may be required by the Agent
pursuant to the Purchase Contract Agreement), under the terms of the Purchase
Contract Agreement, the Purchase Contracts evidenced hereby and the Pledge
Agreement and the transferor shall be released from the obligations under the
Purchase Contract Agreement, the Purchase Contracts evidenced by this Stripped
Units Certificate and the Pledge Agreement. The Company covenants and agrees,
and the Holder, by his acceptance hereof, likewise covenants and agrees, to be
bound by the provisions of this paragraph.

                  The Holder of this Stripped Units Certificate, by its
acceptance hereof, irrevocably authorizes the Agent to enter into and perform
the related Purchase Contracts forming part of the Stripped Units evidenced
hereby

                                      B-8

<PAGE>

on his behalf as its attorney-in-fact, expressly withholds any consent to the
assumption (i.e., affirmance) of the Purchase Contracts by the Company or its
trustee in the event that the Company becomes the subject of a case under the
Bankruptcy Code, agrees to be bound by the terms and provisions thereof,
covenants and agrees to perform such Holder's obligations under such Purchase
Contracts, consents to the provisions of the Purchase Contract Agreement,
irrevocably authorizes the Agent to enter into and perform the Pledge Agreement
on such Holder's behalf as attorney-in-fact, and consents to the Pledge of the
Treasury Securities underlying this Stripped Units Certificate pursuant to the
Pledge Agreement. The Holder further covenants and agrees, that, to the extent
and in the manner provided in the Purchase Contract Agreement and the Pledge
Agreement, but subject to the terms thereof, payments in respect of the Pledged
Treasury Securities, to be paid upon settlement of such Holder's obligations to
purchase shares of Common Stock under the Purchase Contract, shall be paid on
the Stock Purchase Date by the Collateral Agent to the Company in satisfaction
of such Holder's obligations under such Purchase Contract and such Holder shall
acquire no right, title or interest in such payments. The obligations of each
Holder to pay the Purchase Price are non-recourse obligations and except to the
extent paid by Early Settlement or Merger Early Settlement, are payable solely
out of the proceeds of any Collateral pledged to secure the obligations of the
Holders and in no event will Holders be liable for any deficiency between such
payments and the Purchase Price.

                  Each Holder of any Unit, and each Beneficial Owner thereof, by
its acceptance thereof or of its interest therein, further agrees to treat (i)
itself as the owner of the related Notes, Treasury Consideration or Treasury
Securities, as the case may be, and (ii) the Notes as indebtedness of the
Company in each case, for United States federal, state and local income and
franchise tax purposes.

                  Subject to certain exceptions, the provisions of the Purchase
Contract Agreement may be amended with the consent of the Holders of a majority
of the Purchase Contracts.

                  The Purchase Contracts shall for all purposes be governed by
and deemed to be a contract under, and construed in accordance with, the laws of
the State of New York.

                  The Company, the Agent and its Affiliates and any agent of the
Company or the Agent may treat the Person in whose name this Stripped Units
Certificate is registered as the owner of the Stripped Units evidenced hereby
for the purpose of receiving any Contract Adjustment Payments and any Deferred
Contract Adjustment Payments, performance of the Purchase Contracts and for all
other purposes whatsoever, whether or not any payments in respect thereof be
overdue and notwithstanding any notice to the contrary, and neither the Company,
the Agent, such Affiliate, nor any such agent shall be affected by notice to the
contrary.

                  The Purchase Contracts shall not, prior to the settlement
thereof, entitle the Holder to any of the rights of a holder of shares of Common
Stock.

                  A copy of the Purchase Contract Agreement is available for
inspection at the offices of the Agent.

                                      B-9

<PAGE>

                                  ABBREVIATIONS

                  The following abbreviations, when used in the inscription on
the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations:

TEN COM -                           as tenants in common

UNIF GIFT MIN ACT -                 Custodian

                                    _________________________________
                                    (cust)                   (minor)

                                    Under Uniform Gifts to Minors Act

                                    ________________________________
                                                 (State)

TEN ENT -                           as tenants by the entireties

JT TEN -                            as joint tenants with right of survivorship
                                    and not as tenants in common

Additional abbreviations may also be used though not in the above list.

                                      B-10

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
________________________________________________________________________________
________________________________________________________________________________

(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)
________________________________________________________________________________
________________________________________________________________________________

(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Stripped Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing ________________________________________
____________ attorney to transfer said Stripped Units Certificates on the books
of Union Planters Corporation with full power of substitution in the premises.

Dated: _______________________      Signature: _____________________________

                                    NOTICE: The signature to this assignment
                                    must correspond with the name as it appears
                                    upon the face of the within Stripped Units
                                    Certificates in every particular, without
                                    alteration or enlargement or any change
                                    whatsoever.

Signature Guarantee: __________________________________________________________

                                      B-11

<PAGE>

                             SETTLEMENT INSTRUCTIONS

                  The undersigned Holder directs that a certificate for shares
of Common Stock deliverable upon settlement on or after the Stock Purchase Date
of the Purchase Contracts underlying the number of Stripped Units evidenced by
this Stripped Units Certificate be registered in the name of, and delivered,
together with a check in payment for any fractional share, to the undersigned at
the address indicated below unless a different name and address have been
indicated below. If shares are to be registered in the name of a Person other
than the undersigned, the undersigned will pay any transfer tax payable incident
thereto.

Dated: ________________________     Signature: _______________________________
                                    Signature Guarantee: _____________________
                                    (if assigned to another person)

If shares are to be registered in   REGISTERED HOLDER
the name of and delivered to a
Person other than the Holder,       Please print name and address of Registered
please (i) print such Person's      Holder:
name and address and (ii) provide
a guarantee of your signature:

_________________________________   ________________________________________
             Name                                     Name

_________________________________   ________________________________________
           Address                                   Address

Social Security or other Taxpayer
Identification Number, if any

                                      B-12

<PAGE>

                            ELECTION TO SETTLE EARLY

                  The undersigned Holder of this Stripped Units Certificate
hereby irrevocably exercises the option to effect Early Settlement in accordance
with the terms of the Purchase Contract Agreement with respect to the Purchase
Contracts underlying the number of Stripped Units evidenced by this Stripped
Units Certificate specified below. The option to effect Early Settlement may be
exercised only with respect to Purchase Contracts underlying Stripped Units with
an aggregate Purchase Price equal to $[____] or an integral multiple thereof.
The undersigned Holder directs that a certificate for shares of Common Stock
deliverable upon such Early Settlement be registered in the name of, and
delivered, together with a check in payment for any fractional share and any
Stripped Units Certificate representing any Stripped Units evidenced hereby as
to which Early Settlement of the related Purchase Contracts is not effected, to
the undersigned at the address indicated below unless a different name and
address have been indicated below. Pledged Treasury Securities deliverable upon
such Early Settlement will be transferred in accordance with the transfer
instructions set forth below. If shares of Common Stock are to be registered in
the name of a Person other than the undersigned, the undersigned will pay any
transfer tax payable incident thereto.

Dated: _________________________    Signature: __________________________
                                    Signature Guarantee: ________________

                  Number of Units evidenced hereby as to which Early Settlement
of the related Purchase Contracts is being elected:

If shares of Common Stock are to    REGISTERED HOLDER
be registered in the name of and
delivered to and Pledged Treasury   Please print name and address of Registered
Securities are to be transferred    Holder:
to a Person other than the Holder,
please print such Person's name
and address:

_________________________________   ________________________________________
             Name                                     Name

_________________________________   ________________________________________
           Address                                   Address

Social Security or other Taxpayer
Identification Number, if any

Transfer instructions for Pledged Treasury Securities, transferable upon Early
Settlement or a Termination Event:

                                      B-13

<PAGE>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

                  The following increases or decreases in this Global
Certificate have been made:

<TABLE>
<CAPTION>
                 Amount of Decrease          Amount of         Stated Amount of the
                 in Stated Amount of    Increase in Stated      Global Certificate        Signature of
                     the Global            Amount of the          Following Such       Authorized Officer
    Date            Certificate         Global Certificate     Decrease or Increase         of Agent
------------     -------------------    ------------------     --------------------    ------------------
<S>              <C>                    <C>                    <C>                     <C>
</TABLE>

                                      B-14

<PAGE>

                                    EXHIBIT C

                   INSTRUCTION FROM PURCHASE CONTRACT AGENT TO
                                COLLATERAL AGENT

[________]
[________]

Attention: [________]

                  Re: [__]% [______________ Units] of Union Planters Corporation
(the "Company")

                  We hereby notify you in accordance with Section 4.1 of the
Pledge Agreement, dated as of [______], 200[_], among the Company, you, as
Collateral Agent, Custodial Agent and Securities Intermediary, and us, as
Purchase Contract Agent and as attorney-in-fact for the holders of [Normal
Units] [Stripped Units] from time to time, that the holder of securities listed
below (the "Holder") has elected to substitute [$ _______ aggregate principal
amount of Treasury Securities (CUSIP No. _________)] [$_______ principal amount
of Notes or the appropriate Treasury Consideration, as the case may be,] in
exchange for the related [Pledged Notes or Pledged Treasury Consideration]
[Pledged Treasury Securities (CUSIP No. _________),] held by you in accordance
with the Pledge Agreement and has delivered to us a notice stating that the
Holder has transferred [Treasury Securities] [Notes or the appropriate Treasury
Consideration] to you, as Collateral Agent. We hereby instruct you, upon receipt
of such [Pledged Treasury Securities] [Pledged Notes or Pledged Treasury
Consideration], and upon the payment by such Holder of any applicable fees, to
release the [Notes or Treasury Consideration, as the case may be,] [Treasury
Securities] related to such [Normal Units] [Stripped Units] to us in accordance
with the Holder's instructions. Capitalized terms used herein but not defined
shall have the meaning set forth in the Purchase Contract Agreement.

Date: _____________________________

                                    [________],
                                    As Purchase Contract Agent under the
                                    Purchase Contract Agreement, dated as of
                                    [______], 200[_], between the Company and
                                    the Purchase Contract Agent

                                    By: ______________________________________
                                        Name:
                                        Title:

                                      C-1

<PAGE>

Please print name and address of Registered Holder electing to substitute
[Treasury Securities] [Notes or Treasury Consideration, as the case may be,] for
the [Pledged Notes or Pledged Treasury Consideration, as the case may be,]
[Pledged Treasury Securities]:

         Name

         Address

Social Security or other Taxpayer
Identification Number, if any

                                      C-2

<PAGE>

                                    EXHIBIT D

                     INSTRUCTION TO PURCHASE CONTRACT AGENT

[________], as Purchase Contract Agent
[________]

Attention: Institutional Trust Services

                  Re: [__]% [_______________] Units of Union Planters
Corporation (the "Company")

                  The undersigned Holder hereby notifies you, as Purchase
Contract Agent under the Purchase Contract Agreement, dated as of [______],
200[_], between the Company and you, that it has delivered to [________], as
Collateral Agent, Custodial Agent and Securities Intermediary [$_________
aggregate principal amount of Treasury Securities] [$_________ principal amount
of Notes or the appropriate Treasury Consideration, as the case may be,] in
exchange for the related [Pledged Notes or Pledged Treasury Consideration, as
the case may be,] [Pledged Treasury Securities] held by the Collateral Agent, in
accordance with Section 4.1 of the Pledge Agreement, dated as of [______],
200[_], among you, the Company and the Collateral Agent. The undersigned Holder
has paid the Collateral Agent all applicable fees relating to such exchange. The
undersigned Holder hereby instructs you to instruct the Collateral Agent to
release to you on behalf of the undersigned Holder the [Pledged Notes or Pledged
Treasury Consideration, as the case may be,] [Pledged Treasury Securities]
related to such [Normal Units] [Stripped Units]. Capitalized terms used herein
but not defined shall have the meaning set forth in the Purchase Contract
Agreement.

Date:

                                    By: _______________________________

                                    Signature Guarantee: ______________

Dated:

Please print name and address of
Registered Holder:

Name                                Social Security or other Taxpayer
                                    Identification Number, if any

Address

<PAGE>

                                    EXHIBIT E

                        NOTICE TO SETTLE BY SEPARATE CASH

[________], as Purchase Contract Agent
[________]

Attention: Institutional Trust Services

                  Re: [__]% [____________] Units of Union Planters Corporation
(the "Company")

                  The undersigned Holder hereby notifies you in accordance with
Section 5.4 of the Purchase Contract Agreement, dated as of [______], 200[_],
between the Company and you, that it has delivered to [________], as Collateral
Agent, Custodial Agent and Securities Intermediary as Purchase Contract Agent,
Attorney-in-Fact and Trustee for the Holders of the Purchase Contracts, that
such Holder has elected to pay to the Collateral Agent, on or prior to 11:00
a.m. New York City time, on the Business Day immediately preceding the Stock
Purchase Date, (in lawful money of the United States by certified or cashier's
check or wire transfer, in each case in immediately available funds), $___ as
the Purchase Price for the shares of Common Stock issuable to such Holder by the
Company under the related Purchase Contract on the Stock Purchase Date. The
undersigned Holder hereby instructs you to notify promptly the Collateral Agent
of the undersigned Holder's election to make such cash settlement with respect
to the Purchase Contracts related to such Holder's Normal Units. Capitalized
terms used herein but not defined shall have the meaning set forth in the
Purchase Contract Agreement.

Date:

                                    By: _________________________________

                                    Signature Guarantee: ________________

Dated:

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

Please print name and address of
Registered Holder:

Name                                Social Security or other Taxpayer
                                    Identification Number, if any

Address

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