Document:

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                                                                     EXHIBIT 4.1

                             BERKSHIRE HATHAWAY INC.

                                       AND

                              THE BANK OF NEW YORK,
                                  SQUARZ AGENT

                      AMENDED AND RESTATED SQUARZ AGREEMENT

                      ORIGINALLY DATED AS OF MAY 28, 2002,
                   AMENDED AND RESTATED AS OF AUGUST 13, 2002

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                                TABLE OF CONTENTS

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                                    ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1      Definitions...............................................................................  1
Section 1.2      Compliance Certificates and Opinions...................................................... 16
Section 1.3      Form of Documents Delivered to Agent...................................................... 17
Section 1.4      Acts of Holders; Record Dates............................................................. 17
Section 1.5      Notices................................................................................... 19
Section 1.6      Notice to Holders; Waiver................................................................. 19
Section 1.7      Effect of Headings and Table of Contents.................................................. 20
Section 1.8      Successors and Assigns.................................................................... 20
Section 1.9      Separability Clause....................................................................... 20
Section 1.10     Benefits of Agreement..................................................................... 20
Section 1.11     Governing Law............................................................................. 20
Section 1.12     Waiver of Jury Trial...................................................................... 20
Section 1.13     Inspection of Agreement................................................................... 21

                                    ARTICLE 2
                                CERTIFICATE FORMS

Section 2.1      Forms of Certificates Generally........................................................... 21
Section 2.2      Rights and Obligations Evidenced by the Certificates...................................... 21
Section 2.3      Form of Legend for Global Securities...................................................... 21
Section 2.4      Form of Agent's Certificate of Authentication............................................. 22
Section 2.5      Title and Terms; Denominations............................................................ 22
Section 2.6      Execution, Authentication, Delivery and Dating............................................ 22
Section 2.7      Registration; Registration of Transfer and Exchange....................................... 23
Section 2.8      Book-Entry Interests...................................................................... 25
Section 2.9      Notices to Holders........................................................................ 26
Section 2.10     Appointment of Successor Depositary....................................................... 26
Section 2.11     Definitive Certificates................................................................... 26
Section 2.12     Mutilated, Destroyed, Lost and Stolen Certificates........................................ 26
Section 2.13     Persons Deemed Owners..................................................................... 27
Section 2.14     Cancellation.............................................................................. 28
Section 2.15     CUSIP Numbers............................................................................. 28
Section 2.16     Form of Private Placement Legends......................................................... 29
Section 2.17     Transfer and Exchange..................................................................... 29

                                    ARTICLE 3
                                    THE UNITS

Section 3.1      Creation and Description of the Units..................................................... 30
Section 3.2      Creation of Stripped SQUARZ............................................................... 31
Section 3.3      Re-creation of SQUARZ..................................................................... 33

                                    ARTICLE 4
                                 THE COLLATERAL
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Section 4.1      Payments on Collateral.................................................................... 34
Section 4.2      Notice and Voting......................................................................... 35

                                    ARTICLE 5
               APPOINTMENT OF SQUARZ AGENT; THE UNDERLYING WARRANT

Section 5.1      Appointment of SQUARZ Agent............................................................... 35
Section 5.2      Underlying Warrant........................................................................ 36
Section 5.3      Underlying Warrant Installment Payments................................................... 37
Section 5.4      Exercise of Underlying Warrant............................................................ 38
Section 5.5      Settlement and Payment of Underlying Warrant Exercise Price............................... 39
Section 5.6      Cancellation of Unit, Payment of Settlement Amounts and Issuance of Shares of
                 Berkshire Common Stock Upon Exercise of Underlying Warrant................................ 41
Section 5.7      No Fractional Shares...................................................................... 42
Section 5.8      Anti-Dilution Adjustments................................................................. 42
Section 5.9      Notice of Adjustments and Certain Other Events............................................ 49
Section 5.10     Charges and Taxes......................................................................... 50
Section 5.11     Reservation of Shares..................................................................... 50
Section 5.12     Required Acceleration Event; Notice....................................................... 50
Section 5.13     Cancellation of Underlying Warrants....................................................... 51
Section 5.14     Reductions in Exercise Price.............................................................. 52

                                    ARTICLE 6
                                  REMARKETING.

Section 6.1      Engagement of Remarketing Agent........................................................... 52
Section 6.2      Remarketing Procedure..................................................................... 52
Section 6.3      Elections by Holders...................................................................... 54
Section 6.4      Other Agreements.......................................................................... 54

                                    ARTICLE 7
                                THE SQUARZ AGENT

Section 7.1      Certain Duties, Rights And Immunities..................................................... 55
Section 7.2      Notice Of Default......................................................................... 57
Section 7.3      Certain Rights Of Agent................................................................... 57
Section 7.4      Not Responsible For Recitals, Etc......................................................... 58
Section 7.5      May Hold Units And Other Dealings......................................................... 58
Section 7.6      Money Held In Custody..................................................................... 58
Section 7.7      Compensation And Reimbursement............................................................ 59
Section 7.8      Corporate Agent Required; Eligibility..................................................... 59
Section 7.9      Resignation And Removal; Appointment Of Successor......................................... 60
Section 7.10     Acceptance Of Appointment By Successor.................................................... 61
Section 7.11     Merger, Conversion, Consolidation Or Succession To Business............................... 61
Section 7.12     Preservation Of Information; Communications To Holders.................................... 62
Section 7.13     Failure To Act............................................................................ 62
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Section 7.14     No Obligations Of Agent................................................................... 63
Section 7.15     Tax Compliance............................................................................ 63

                                    ARTICLE 8
                             SUPPLEMENTAL AGREEMENTS

Section 8.1      Supplemental Agreements Without Consent of Holders........................................ 63
Section 8.2      Supplemental Agreements with Consent of Holders........................................... 64
Section 8.3      Execution of Supplemental Agreements...................................................... 65
Section 8.4      Effect of Supplemental Agreements......................................................... 65
Section 8.5      Reference to Supplemental Agreements...................................................... 65

                                    ARTICLE 9
                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section 9.1      Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
                 Conditions................................................................................ 65
Section 9.2      Rights and Duties of Successor Corporation................................................ 66
Section 9.3      Opinion of Counsel Given to SQUARZ Agent.................................................. 66

                                   ARTICLE 10
                            COVENANTS; MISCELLANEOUS

Section 10.1     Performance Under SQUARZ.................................................................. 67
Section 10.2     Maintenance of Office or Agency........................................................... 67
Section 10.3     Company to Reserve Berkshire Common Stock................................................. 67
Section 10.4     Covenants as to Berkshire Common Stock.................................................... 67
Section 10.5     Rights and Remedies Cumulative............................................................ 67
Section 10.6     Delay or Omission Not Waiver.............................................................. 68
Section 10.7     Undertaking for Costs..................................................................... 68
Section 10.8     Waiver of Stay or Extension Laws.......................................................... 68

                                    EXHIBITS

EXHIBIT A     Form of SQUARZ Certificate
EXHIBIT B     Form of Stripped SQUARZ Certificate
EXHIBIT C     Instruction from SQUARZ Agent to Collateral Agent
EXHIBIT D     Instruction to SQUARZ Agent
EXHIBIT E     Election of Exercise
EXHIBIT F     Remarketing Election Form
EXHIBIT G     144A Certificate
EXHIBIT H     Remarketing Agreement
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                      AMENDED AND RESTATED SQUARZ AGREEMENT

          This AMENDED AND RESTATED SQUARZ AGREEMENT (as amended or supplemented
from time to time and including all exhibits hereto, this "Agreement"),
originally dated as of May 28, 2002 and amended and restated as of August 13,
2002, is between Berkshire Hathaway Inc. (the "Company"), a Delaware
corporation, and The Bank of New York, a New York banking corporation (the
"SQUARZ Agent").

                                    RECITALS

          WHEREAS, the Company has duly authorized the execution and delivery of
this Agreement and the creation and issuance of the securities described herein
on the terms and conditions set forth herein; and

          WHEREAS, all things necessary have been done to make this Agreement a
valid agreement of the Company and to make the securities described herein, when
issued, executed, authenticated, and delivered as provided herein, the valid
obligations of the Company.

                                   WITNESSETH:

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

                                    ARTICLE 1
                        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 1 have the meanings
     assigned to them in this Article 1 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):

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          "Acceleration Event Remarketing" means a Remarketing being undertaken
following the occurrence of a Required Acceleration Event.

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

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

          "Agreement" has the meaning specified in the first paragraph hereof.

          "Applicable Benchmark Treasury" means direct obligations of the United
States, as agreed upon by the Company and the Remarketing Agent (which may be
obligations traded on a when-issued basis only), having a maturity closest to
six months.

          "Applicable Benchmark Treasury Yield" means the bid side yield
displayed at 10:00 a.m., New York City time, on the Remarketing Date in the
Telerate system (or if the Telerate system is no longer available on that date
or, in the opinion of the Remarketing Agent (after consultation with the
Company), no longer an appropriate system from which to obtain the yield, such
other nationally recognized quotation system as, in the opinion of the
Remarketing Agent (after consultation with the Company), is appropriate). If
this yield is not so displayed, the Applicable Benchmark Treasury Yield will be,
as calculated by the Remarketing Agent, the yield to maturity for the Applicable
Benchmark Treasury, expressed as a bond equivalent on the basis of a year of 365
or 366 days, as applicable, and applied on a daily basis, and computed by taking
the arithmetic mean of the secondary market bid yields, as of 10:30 a.m., New
York City time, on the Remarketing Date of three leading United States
government securities dealers selected by the Remarketing Agent (after
consultation with the Company) (which may include the Remarketing Agent or an
affiliate thereof).

          "Applicants" has the meaning specified in Section 7.12(b).

          "Average Market Value" means the arithmetic mean of the Closing Prices
of a share of Berkshire Class B Common Stock over the ten Trading Days
immediately following the effective exercise of the Underlying Warrant pursuant
to Sections 5.4 and 5.5, including delivery of an election of exercise
substantially in the form of Exhibit E (or in any other form that may be agreed
to between the Company and the SQUARZ Agent) for Net Share Settlement.

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

             (i)     the entry by a court having jurisdiction in the premises of
(A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law or (B) a decree or order adjudging the
Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company under any applicable federal or state law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and the

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continuance of any such decree or order for relief or any such other decree or
order undismissed or unstayed and in effect for a period of 60 consecutive days;
or

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

          "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 Depositary or on the books of a Person maintaining an account
with the Depositary (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing Agency).

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

          "Berkshire Class B Common Stock" means Class B Common Stock of the
Company, par value $0.1667 per share.

          "Berkshire Common Stock" means Berkshire Class A Common Stock and
Berkshire Class B Common Stock.

          "Board of Directors" means either the Board of Directors of the
Company or the executive committee of such Board or any other committee of such
Board duly authorized to act generally or in any particular respect for the
Board 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 SQUARZ 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 2.8.

                                      - 3 -

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          "Buffett Family Members" means Susan T. Buffett, all descendants of
Warren E. Buffett, including by way of adoption, and spouses of any such
descendants.

          "Buffett Entities" means (i) any corporation (other than a charitable
foundation) with respect to which Warren E. Buffett and Buffett Family Members
constitute a majority of the members of the board of directors and own more than
50% of each class of equity securities of such corporation, (ii) any partnership
or limited liability company with respect to which Warren E. Buffett and Buffett
Family Members own more than 50% of the value of (A) both the general and the
limited partnership interests for a partnership or (B) all classes of membership
interests for a limited liability company, (iii) the estate of Warren E. Buffett
or any Buffett Family Member, (iv) any trust (other than a charitable trust)
with respect to which Warren E. Buffett and Buffett Family Members constitute a
majority of the trustees, and (v) any charitable trust or charitable foundation
established or primarily endowed by Warren E. Buffett (while living or upon or
after death) or by Buffett Family Members.

          "Business Day" means any day, other than a Saturday, a Sunday, or a
day on which banking institutions in the Borough of Manhattan, the City of New
York are authorized or required by law, regulation, or executive order to close.

          "Cash Settlement" means the settlement procedure set forth in Section
5.5(a).

          "Certificate" means a SQUARZ Certificate or a Stripped SQUARZ
Certificate.

          "Certificate Custodian" means the custodian with respect to any Global
Certificate appointed by the Depositary, or any successor Person thereto, and
shall initially be the SQUARZ Agent.

          "Change of Control" means the occurrence of any of the following:

             (i)     the consummation of any reorganization, consolidation or
     merger of the Company in which the Company is not the continuing or
     surviving entity or pursuant to which the Berkshire Common Stock is
     converted into cash, securities or other property, except for (i) a merger
     or consolidation of the Company in which the holders of Berkshire Common
     Stock immediately prior to such merger or consolidation hold the same
     proportionate ownership, directly or indirectly, of the common stock (or
     equivalent interests) of the surviving entity immediately after the merger
     or consolidation as they held of Berkshire Common Stock immediately prior
     to such merger or consolidation and (ii) a merger or consolidation after
     which Warren E. Buffett, Buffett Family Members and Buffett Entities
     individually or collectively have beneficial ownership (for purposes of
     this definition, as defined in Rule 13d-3 under the Exchange Act or any
     successor provision) of at least 5% of the total voting power entitled to
     vote generally in the election of directors (or persons serving
     substantially the function of directors) and at least twice the amount of
     such total voting power as is represented by the beneficial ownership of
     any other person or "group" (within the meaning of Sections 13(d)(3) or
     14(d)(2) of the Exchange Act or any successor provision thereto);

                                      - 4 -

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             (ii)    all or substantially all of the assets of the Company are
     transferred or sold as an entirety to any Person or related group of
     Persons except for, individually or collectively, Warren E. Buffett,
     Buffett Family Members, or any Buffett Entities;

             (iii)   any Person or related group of Persons shall be, directly
     or indirectly, the beneficial owner of a greater percentage of the total
     voting power entitled to vote generally in the election of the Company's
     Board of Directors than Warren E. Buffett, Buffett Family Members and
     Buffett Entities, collectively; or

             (iv)    Warren E. Buffett, Buffett Family Members and Buffett
     Entities, collectively, cease to have beneficial ownership, directly or
     indirectly, of at least 5% of such total voting power;

provided, however, that, notwithstanding the foregoing, a Change in Control will
not be deemed to have occurred by virtue of the Company, any subsidiary of the
Company, any employee stock ownership plan or any other employee benefit plan of
or administered by the Company or any of the Company's subsidiaries, or any
Person holding shares of Berkshire Class A Common Stock or Berkshire Class B
Common Stock or other voting securities for or pursuant to the terms of any such
employee benefit plan, filing or becoming obligated to file a report under or in
response to Schedule 13D or Schedule TO (or any successor schedule, form or
report) under the Exchange Act disclosing beneficial ownership by it of shares
of Berkshire Class A Common Stock or Berkshire Class B Common Stock or other
voting securities, even if such beneficial ownership represents total voting
power in excess of that held by Warren E. Buffett, Buffett Family Members and
Buffett Entities.

          "Class A Exchange Ratio" means 0.1116, subject to adjustment pursuant
to Section 5.8.

          "Class A Note" has the meaning specified in the Indenture.

          "Class A Stub" has the meaning specified in Section 5.2(b).

          "Class B Exchange Ratio" means 3.3480, subject to adjustment pursuant
to Section 5.8.

          "Class B Note" has the meaning specified in the Indenture.

          "Class B Stub" has the meaning specified in Section 5.2(b).

          "Class C Note" has the meaning specified in the Indenture.

          "Clearing Agency" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as Depositary
for the Units and in whose name, or in the name of a nominee of that
organization, shall be registered a Global Certificate and which shall undertake
to effect book-entry transfers and pledges of the Units.

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

          "Closing Price" means

             (i)     with respect to Berkshire Common Stock, on any date of
determination, the closing sale price per share (or, if no closing price is
reported, the last reported sale price per share) of shares of the applicable
class of Berkshire Common Stock on the NYSE on such date or, if shares of such
class of Berkshire Common Stock are not listed for trading on the NYSE on such
date, as reported in the composite transactions for the principal United States
securities exchange on which shares of the applicable class of Berkshire Common
Stock are so listed, or if shares of the applicable class of Berkshire Common
Stock are not so listed on a United States national or regional securities
exchange, as reported by The Nasdaq Stock Market, or, if shares of the
applicable class of Berkshire Common Stock are not so reported, the last quoted
bid price for shares of the applicable class of Berkshire 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 shares
of the applicable class of Berkshire Common Stock on such date as determined by
a nationally recognized independent investment banking firm retained for this
purpose by the Company, and

             (ii)    with respect to Subsidiary Common Stock, on any applicable
date of determination, the closing sale price per share (or, if no closing price
is reported, the last reported sale price per share) of shares of the applicable
class of common stock of the applicable Subsidiary on the NYSE on such date or,
if shares of such class of such Subsidiary's common stock are not listed for
trading on the NYSE on such date, as reported in the composite transactions for
the principal United States securities exchange on which shares of the
applicable class of such Subsidiary's common stock are so listed, or if shares
of the applicable class of such Subsidiary's common stock are not so listed on a
United States national or regional securities exchange, as reported by The
Nasdaq Stock Market, or, if shares of the applicable class of such Subsidiary's
common stock are not so reported, the last quoted bid price for shares of the
applicable class of such Subsidiary's 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 shares of the applicable
class of such Subsidiary's common stock on such date as determined by a
nationally recognized independent investment banking firm retained for this
purpose by the Company.

          "Collateral" has the meaning specified in the Pledge Agreement.

          "Collateral Agent" means The Bank of New York, a New York banking
corporation, 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" means each of (a) a Pledge by a Holder of a
SQUARZ of Substitute Pledged Treasuries to the Collateral Agent in exchange for
the release to such Holder by the Collateral Agent of a Pledged Note from the
Pledge thereof pursuant to Section 3.2(c) and

                                      - 6 -

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(b) a Pledge by a Holder of a Stripped SQUARZ of a Note to the Collateral Agent
in exchange for the release to such Holder by the Collateral Agent of Substitute
Pledged Treasuries from the Pledge thereof pursuant to Section 3.3(c).

          "Company" means Berkshire Hathaway Inc., or any successor thereto
pursuant to the applicable provision of this Agreement, and thereafter "Company"
shall mean such successor.

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

          "Constituent Person" has the meaning specified in Section 5.8(b).

          "Corporate Trust Office" means the office of the SQUARZ Agent located
at 101 Barclay Street, New York, New York 10286, or any successor office
established by the SQUARZ Agent from time to time, upon notice of such change to
the Company.

          "Current Market Price" means, with respect to any class of Berkshire
Common Stock, on any day the arithmetic mean of the Closing Prices for 5
consecutive Trading Days selected by the Company commencing not more than 10
Trading Days before, and ending not later than, the day preceding the date of
determination.

          "Current Subsidiary Market Price" means, with respect to any class of
Subsidiary Common Stock, on any day the arithmetic mean of the Closing Prices
for 5 consecutive Trading Days of Subsidiary Common Stock selected by the
Company commencing not more than 10 Trading Days of Subsidiary Common Stock
before, and ending not later than, the day preceding the date of determination.

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

          "DTC" means The Depository Trust Company.

          "Excess Tender and Cash Amount" has the meaning specified in Section
5.8(a)(v).

          "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.

          "Exchange Ratio" means each of the Class A Exchange Ratio and the
Class B Exchange Ratio.

          "Expiration Time for Tenders" has the meaning specified in Section
5.8(a)(vi).

          "Failed Remarketing" has the meaning specified in Section 6.2(d).

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          "Global Certificate" means a Certificate that evidences all or part of
the Units and is registered in the name of the Depositary or a nominee thereof,
which shall bear appropriate legends, as specified in Section 2.3 and Section
2.16.

          "Global Note" has the meaning specified in the Indenture.

          "Holder" means the Person in whose name a Unit is registered in the
SQUARZ Register or the Stripped SQUARZ Register, as applicable.

          "Indenture" means the Indenture, dated as of May 28, 2002, made by the
Company to The Bank of New York, as trustee, as supplemented by the Officer's
Certificate, dated as of May 28, 2002, establishing the terms, provisions and
conditions of the Notes.

          "Indenture Trustee" means The Bank of New York, a New York banking
corporation, as trustee under the Indenture until a successor trustee shall have
become such pursuant to the applicable provisions of the Indenture, and
thereafter "Indenture Trustee" shall mean the Person who is then the trustee
thereunder.

          "Initial Pledged Treasuries Interest" means, with regard to any Unit,
an undivided pro rata beneficial ownership interest of the Holder thereof in all
of the unmatured Initial Pledged Treasuries as of any date of determination.

          "Initial Pledged Treasuries" means, with respect to a Unit, that
number of each of the zero-coupon U.S. Treasury securities listed below that
will entitle the holder thereof to receive in respect of the maturity thereof on
each subsequent Underlying Warrant Installment Payment Date a payment equal to
$37.50 (which equals the Underlying Warrant Installment Payment due on an
Underlying Warrant Installment Payment Date (i.e. $187.50, or 1.875% of the
Underlying Warrant Payment Exercise Price) minus the amount of interest payment
due on a Pledged Note on such Underlying Warrant Installment Payment Date (i.e.
$150.00, or 1.5% of the Underlying Warrant Exercise Price)), which Treasury
securities are Pledged to the Collateral Agent pursuant to the Pledge Agreement:

          (i)    the U.S. treasury strips identified by reference to CUSIP
                 number 912833FR6, maturing November 15, 2002;

          (ii)   the U.S. treasury strips identified by reference to CUSIP
                 number 912833FS4, maturing May 15, 2003;

          (iii)  the U.S. treasury strips identified by reference to CUSIP
                 number 912820DJ3, maturing November 15, 2003;

          (iv)   the U.S. treasury strips identified by reference to CUSIP
                 number 912820BJ5, maturing May 15, 2004;

          (v)    the U.S. treasury strips identified by reference to CUSIP
                 number 912803AB9, maturing November 15, 2004;

          (vi)   the U.S. treasury strips identified by reference to CUSIP
                 number 912803AD5, maturing May 15, 2005;

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<PAGE>

          (vii)  the U.S. treasury strips identified by reference to CUSIP
                 number 912833FX3, maturing November 15, 2005;

          (viii) the U.S. treasury strips identified by reference to CUSIP
                 number 912820BS5, maturing May 15, 2006;

          (ix)   the U.S. treasury strips identified by reference to CUSIP
                 number 912833FZ8, maturing November 15, 2006; and

          (x)    the U.S. treasury strips identified by reference to CUSIP
                 number 912820BX4, maturing May 15, 2007.

          "Initial Purchaser" means Goldman, Sachs & Co.

          "Maturity Date Remarketing" shall mean a Remarketing being undertaken
in the expectation of the occurrence of the Underlying Warrant Maturity Date.

          "Net Share Settlement" means the settlement procedure set forth in
Section 5.5(b).

          "Non-electing Share" has the meaning set forth in Section 5.8(b).

          "Notes" mean the Company's 3.0% Senior Notes due 2007 issued under the
Indenture.

          "NYSE" means the New York Stock Exchange, or any successor exchange.

          "Officer's Certificate" means a certificate signed by the Chairman,
the Vice Chairman, the Chief Executive Officer, the Chief Financial Officer, the
President, any Vice-President, the Treasurer, any Assistant Treasurer, the
Secretary or any Assistant Secretary (or other officer performing functions
similar to any of the foregoing) of the Company and delivered to the SQUARZ
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 (if other than the general counsel of the Company) shall be
reasonably acceptable to the SQUARZ Agent.

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

                 (i)   if a Required Acceleration Event has occurred, Units for
          which the Collateral is released from the Pledge by the Collateral
          Agent and deposited with the SQUARZ Agent in trust for the former
          Holders of such Units;

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

                 (iii) SQUARZ and Stripped SQUARZ evidenced by Certificates in
          exchange for or in lieu of which other Certificates have been
          authenticated,

                                      - 9 -

<PAGE>

          executed on behalf of the applicable Holder and delivered pursuant to
          this Agreement, other than any such Certificate in respect of which
          there shall have been presented to the SQUARZ Agent proof satisfactory
          to it that such Certificate is held by a bona fide purchaser in whose
          hands the SQUARZ or Stripped SQUARZ evidenced by such Certificate are
          valid obligations of the Company;

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

          "Participating Notes" has the meaning specified in Section 6.2(c).

          "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 (i) as a noun, with respect to any assets, the
existence of a security interest in such assets (and any proceeds of any of the
foregoing) in favor of the Company, which security interest has been created
pursuant to the Pledge Agreement, and (ii) as a verb, to cause such a security
interest pursuant to the Pledge Agreement to be created over a particular asset.

          "Pledge Agreement" means the Pledge Agreement, dated as of May 28,
2002 and amended and restated as of August 13, 2002, by and among the Company,
the Collateral Agent, the SQUARZ Agent, on its own behalf and as
attorney-in-fact for the Holders from time to time of the Units, and the other
parties thereto, as amended or supplemented from time to time.

          "Pledged Note" means a Note that, as of any given time of
determination, is subject to the Pledge.

          "Private Placement Legend" has the meaning assigned to it in Section
2.16(c).

          "Purchase Agreement" means the Purchase Agreement relating to the
SQUARZ dated May 22, 2002, between the Company and the Initial Purchaser.

          "Purchased Shares" has the meaning set forth in Section 5.8(a)(vi).

          "Put" has the meaning set forth in the Indenture.

          "QIB" means a "qualified institutional buyer" as defined in Rule 144A.

                                     - 10 -

<PAGE>

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

          "Register" means the SQUARZ Register and the Stripped SQUARZ Register,
as applicable.

          "Registrar" means the SQUARZ Registrar and the Stripped SQUARZ
Registrar, as applicable.

          "Registration Statement" means an effective shelf registration
statement filed by the Company under the Securities Act pursuant to the
Registration Rights Agreement, dated May 28, 2002, between the Company and the
Initial Purchaser.

          "Remarketing" has the meaning specified in Section 6.1.

          "Remarketing Agent" has the meaning specified in Section 6.1.

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

          "Remarketing Date" means (a) in the event of an Acceleration Event
Remarketing, the third Business Day preceding the Underlying Warrant Early
Expiration Date or (b) in the event of a Maturity Date Remarketing, May 10,
2007.

          "Remarketing Election Form" means an election form substantially in
the form of Exhibit F hereto (or in any other form that may be agreed to between
the Company and the SQUARZ Agent).

          "Remarketing Event" means the earlier to occur of a Required
Acceleration Event and April 1, 2007.

          "Repurchase Price" has the meaning specified in the Indenture.

          "Reorganization Event" has the meaning specified in Section 5.8(b).

          "Requisite Amount" means, with respect to Substitute Pledged
Treasuries, the amount described in the definition thereof in this Section 1.1.

          "Required Acceleration Event" means the occurrence of either of the
following events prior to October 15, 2006:

             (i)     the market value (as defined below) of a SQUARZ is less
     than 95% of its underlying value (as defined below) on each of the ten
     consecutive Trading Days beginning on the first Trading Day following
     receipt by the Company of written notice from a Holder requesting that the
     Company make a determination of the market value and underlying value of a
     SQUARZ; or

             (ii)    a Change of Control.

                                     - 11 -

<PAGE>

For purposes of this definition, the "market value" of a SQUARZ, on any date of
determination, means the average of the secondary market bid quotations per
SQUARZ obtained by the SQUARZ Agent for a lot of 1,000 SQUARZ at approximately
3:30 p.m., New York City time, on such determination date from three independent
nationally recognized securities dealers selected by the Company; provided that
if at least three such bids cannot reasonably be obtained by the SQUARZ Agent,
but two such bids are obtained, then the average of the two bids shall be used;
and provided, further, if only one such bid can reasonably be obtained by the
SQUARZ Agent, such single bid shall be used. If the SQUARZ Agent cannot
reasonably obtain at least one bid for a lot of 1,000 SQUARZ from a nationally
recognized securities dealer or, in the Company's reasonable judgment, the bid
quotations are not indicative of the secondary market value of the SQUARZ, then
the market value of a SQUARZ will be deemed to equal its underlying value (as
defined below). If, however, at any time the number of Outstanding Stripped
SQUARZ exceeds the number of Outstanding SQUARZ, the market value of a SQUARZ
will be deemed to be equal to the sum of the market value of a Stripped SQUARZ
plus the market value of a Class A Note, each obtained by applying the
procedures above, minus the market value of a Substitute Pledged Treasuries
Interest (calculated without taking into account the Pledge thereof pursuant to
the Pledge Agreement). The "underlying value" of a SQUARZ is the lower of (i)
the product of the number of shares (including fractional interests) of
Berkshire Class A Common Stock issuable upon exercise of the Underlying Warrant
comprising a part of such SQUARZ (assuming such Underlying Warrant was exercised
solely for shares of Berkshire Class A Common Stock) times the Closing Price of
Berkshire Class A Common Stock on the date of determination, and (ii) the
product of the number of shares (including fractional interests) of Berkshire
Class B Common Stock issuable upon exercise of the Underlying Warrant comprising
part of such SQUARZ (assuming such Underlying Warrant was exercised solely for
shares of Berkshire Class B Common Stock) times the Closing Price of Berkshire
Class B Common Stock on the date of determination.

          "Resale Restriction Termination Date" means, for any Restricted
Certificate (or beneficial interest therein), two years (or such other period
specified in Rule 144(k)) from the date of issuance.

          "Reset Announcement Date" means the fourth Business Day immediately
preceding the Remarketing Date.

          "Reset Rate" means, upon the occurrence of a Successful Remarketing,
the interest rate per annum to be paid by the Company on the Notes from and
including the Remarketing Date until the maturity thereof, which rate shall be
the sum of the Reset Spread and the Applicable Benchmark Treasury Yield in
effect on the Remarketing Date.

          "Reset Spread" is the amount determined by the Remarketing Agent on
the Reset Announcement Date as the amount that, when added to the Applicable
Benchmark Treasury Yield would cause the Notes (for purposes of this
calculation, the Notes shall be the Class A Notes) to have a market value on the
Remarketing Date of 100.125% of their principal amount, plus any accrued and
unpaid interest.

          "Responsible Officer" means, when used with respect to the SQUARZ
Agent, any officer within the corporate trust department of the SQUARZ Agent (or
any successor of the

                                     - 12 -

<PAGE>

SQUARZ Agent), including any vice president, any assistant vice president, any
assistant secretary, any assistant treasurer, any trust officer or any other
officer of the SQUARZ 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 shall have
direct responsibility for the administration of this Agreement.

          "Restricted Certificate" means any Certificate (or beneficial interest
therein) until such time as:

          (i)   such Certificate (or beneficial interest therein) has been
                transferred pursuant to a Registration Statement;

          (ii)  the Resale Restriction Termination Date therefor has passed; or

          (iii) the Private Placement Legend therefor has otherwise been removed
                pursuant to Section 2.17(b) or, in the case of a beneficial
                interest in a Global Certificate, such beneficial interest has
                been exchanged for an interest in a Global Certificate not
                bearing a Private Placement Legend.

          "Restricted Unit" means any Unit (or beneficial interest therein)
until such time as:

          (i)   such Unit (or beneficial interest therein) has been transferred
                pursuant to a Registration Statement;

          (ii)  the Resale Restriction Termination Date therefor has passed; or

          (iii) the Private Placement Legend therefor has otherwise been removed
                pursuant to Section 2.17(b) or, in the case of a beneficial
                interest in a Global Certificate, such beneficial interest has
                been exchanged for an interest in a Global Certificate not
                bearing a Private Placement Legend.

          "Rule 144" means Rule 144 under the Securities Act (or any successor
rule).

          "Rule 144A" means Rule 144A under the Securities Act (or any successor
rule).

          "Scheduled Repurchase Date" has the meaning specified in the
Indenture.

          "Securities Act" means the Securities Act of 1933, as amended.

          "Separate Note" means a Note that is not subject to the Pledge.

          "SQUARZ" means the security issued pursuant to this Agreement (i)
evidencing the ownership of the holder thereof in (a) a Pledged Note in the
principal amount of $10,000, (b) an Underlying Warrant with an exercise price of
$10,000, and (c) an Initial Pledged Treasuries Interest, and (ii) evidencing
certain obligations of the Holder thereof (including the obligation to make
Underlying Warrant Installment Payments).

                                     - 13 -

<PAGE>

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

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

          "SQUARZ Register" and "SQUARZ Registrar" have the respective meanings
specified in Section 2.7(a)(i).

          "Stripped SQUARZ" means the security issued pursuant to this Agreement
evidencing the ownership of the holder thereof in (a) a Substitute Pledged
Treasuries Interest; (b) an Underlying Warrant with an exercise price of
$10,000, and (c) an Initial Pledged Treasuries Interest.

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

          "Stripped SQUARZ Register" and "Stripped SQUARZ Registrar" have the
respective meanings specified in Section 2.7(a)(ii).

          "Subsidiary" means a corporation of which the Company, directly or
indirectly, owns a majority of the common stock.

          "Subsidiary Common Stock" means the common stock of a Subsidiary.

          "Substitute Pledged Treasuries Interest" means, with regard to a
Stripped SQUARZ, an undivided pro rata beneficial ownership interest of the
Holder thereof in all of the unmatured Substitute Pledged Treasuries as of any
date of determination.

          "Substitute Pledged Treasuries" means, with regard to the creation of
a Stripped SQUARZ pursuant to Section 3.2, that number of each of the
zero-coupon U.S. Treasury securities listed below (excluding any that mature
before the date on which such U.S. Treasury securities are Pledged to the
Collateral Agent as substitution for a Pledged Note) that will entitle the
holder thereof to receive in respect of the maturity thereof on each subsequent
Underlying Warrant Installment Payment Date an amount equal to $150.00 (which
equals (A) the Underlying Warrant Installment Payment due on an Underlying
Warrant Installment Payment Date (i.e., $187.50, or 1.875% of the Underlying
Warrant Exercise Price) minus (B) the amount to be received on the same
Underlying Warrant Installment Payment Date in respect of an Initial Pledged
Treasuries Interest (i.e., $37.50, or 0.375% of the Underlying Warrant Exercise
Price) for a difference of $150.00, or 1.5% of the Underlying Warrant Exercise
Price):

          (i)    the U.S. treasury strips identified by reference to CUSIP
                 number 912833FR6, maturing November 15, 2002;

                                     - 14 -

<PAGE>

          (ii)   the U.S. treasury strips identified by reference to CUSIP
                 number 912833FS4, maturing May 15, 2003;

          (iii)  the U.S. treasury strips identified by reference to CUSIP
                 number 912820DJ3, maturing November 15, 2003;

          (iv)   the U.S. treasury strips identified by reference to CUSIP
                 number 912820BJ5, maturing May 15, 2004;

          (v)    the U.S. treasury strips identified by reference to CUSIP
                 number 912803AB9, maturing November 15, 2004;

          (vi)   the U.S. treasury strips identified by reference to CUSIP
                 number 912803AD5, maturing May 15, 2005;

          (vii)  the U.S. treasury strips identified by reference to CUSIP
                 number 912833FX3, maturing November 15, 2005;

          (viii) the U.S. treasury strips identified by reference to CUSIP
                 number 912820BS5, maturing May 15, 2006;

          (ix)   the U.S. treasury strips identified by reference to CUSIP
                 number 912833FZ8, maturing November 15, 2006; and

          (x)    the U.S. treasury strips identified by reference to CUSIP
                 number 912820BX4, maturing May 15, 2007.

With regard to the re-creation of a SQUARZ pursuant to Section 3.3, "Substitute
Pledged Treasuries" means the Substitute Pledged Treasuries that were Pledged
with respect to the Stripped SQUARZ being re-created as a SQUARZ, but shall not
include any Substitute Pledged Treasuries listed above, or any proceeds thereof,
that have matured prior to the date on which the re-creation of such SQUARZ is
effective.

          "Successful Remarketing" means, on the Remarketing Date, the
Remarketing Agent is able to sell all of the Notes being Remarketed at a price
equal to at least 100% of the principal amount of the Notes being remarketed,
plus accrued and unpaid interest at the Reset Rate.

          "Tender and Cash Amount" has the meaning specified in Section
5.8(a)(vi).

          "TIA" means the Trust Indenture Act of 1939, as amended.

          "Trading Day" means a day on which shares of the applicable class or
classes of Berkshire Common Stock (i) are not suspended from trading on any
national or regional securities exchange or association or over-the-counter
market at the close of business on such day and (ii) have 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 shares of
such applicable class or classes of Berkshire Common Stock.

          "Trading Day of Subsidiary Common Stock" means a day on which shares
of an applicable class or classes of the common stock of a particular Subsidiary
(i) are not suspended from trading on any national or regional securities
exchange or association or over-the-counter market at the close of business on
such day and (ii) have traded at least once on the national or

                                     - 15 -

<PAGE>

regional securities exchange or association or over-the-counter market that is
the primary market for the trading of shares of the applicable class or classes
of such Subsidiary's common stock.

          "Transfer" has the meaning specified in the Pledge Agreement.

          "Transaction Documents" has the meaning specified in Section 7.1(a).

          "Underlying Warrant" has the meaning specified in Section 5.2(a).

          "Underlying Warrant Cancellation" means a cancellation of the
Underlying Warrant comprising a portion of a Unit pursuant to Section 5.13.

          "Underlying Warrant Cancellation Date" means, with respect to any
Unit, the effective date of the Underlying Warrant Cancellation.

          "Underlying Warrant Early Expiration Date" has the meaning specified
in Section 5.12.

          "Underlying Warrant Exercise Price" means, with respect to a single
Underlying Warrant, $10,000.

          "Underlying Warrant Installment Payment Date" means, for any Unit,
each May 15 and November 15, beginning on November 15, 2002, and ending on (and
including) the Underlying Warrant Maturity Date.

          "Underlying Warrant Installment Payments" means, for any Unit,
semi-annual installment payments, paid in arrears, of 3.75% per annum of the
Underlying Warrant Exercise Price (i.e., $187.50 on each Warrant Installation
Payment Date for each Underlying Warrant with an Underlying Warrant Exercise
Price of $10,000).

          "Underlying Warrant Maturity Date" means May 15, 2007.

          "Underlying Warrant Termination Date" means the earliest to occur of
(i) the Underlying Warrant Cancellation Date, (ii) the Underlying Warrant Early
Expiration Date, and (iii) the Underlying Warrant Maturity Date.

          "Unit" means a SQUARZ or a Stripped SQUARZ.

          "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.

             (a)     Except for actions to be taken by the SQUARZ Agent that are
described in this Agreement and except as otherwise expressly provided by this
Agreement, upon any application or request by the Company to the SQUARZ Agent to
take any action under any provision of this Agreement, the Company shall, if
requested by the SQUARZ Agent, furnish to the SQUARZ Agent an Officer's
Certificate stating that all conditions precedent, if any,

                                     - 16 -

<PAGE>

provided for in this Agreement relating to the proposed action have been
complied with in all material respects and, if requested by the SQUARZ Agent, an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent, if any, have been complied with in all material respects,
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; provided, however, that no such
Officer's Certificate or Opinion of Counsel described above will be required for
an initial issuance of SQUARZ on the date of this Agreement (or any additional
SQUARZ subsequently issued pursuant to an underwriter's over allotment or
similar arrangement).

             (b)     Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Agreement shall include:

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

                     (ii)   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;

                     (iii)  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

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

     Section 1.3     FORM OF DOCUMENTS DELIVERED TO SQUARZ 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 or instrument, but one such Person may make a certification 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 or instruments.

             (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 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

                                     - 17 -

<PAGE>

should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

             (c)     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 (which shall include the appointment of the SQUARZ Agent as
agent for the Holders pursuant to Section 5.1) and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the SQUARZ 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 SQUARZ Agent and the Company, if made in the manner
provided in this Section 1.4.

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

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

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

             (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 Outstanding Units. If any record

                                     - 18 -

<PAGE>

date is set pursuant to this Section 1.4(e), the Holders of the Outstanding
Units on such record date, and no other Holders, shall be entitled to take the
relevant action with respect to the Units 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 Record Date Expiration Time
(as defined in Section 1.4(f)) by Holders of the requisite number of Outstanding
Units on such record date. Nothing in this Section 1.4(e) 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 Section 1.4(e) (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 Section 1.4(e) 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 Section 1.4(e), the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Record Date Expiration Time to be given to the SQUARZ Agent
in writing and to each Holder in the manner set forth in Section 1.6.

             (f)     With respect to any record date set pursuant to this
Section 1.4, the Company may designate any date as the "Record Date Expiration
Time" and from time to time may change the Record Date Expiration Time to any
earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Record Date Expiration Time is given to the SQUARZ
Agent in writing, and to each Holder of Units in the manner set forth in Section
1.6, on or prior to the existing Record Date Expiration Time. If a Record Date
Expiration Time is not designated with respect to any record date set pursuant
to this Section 1.4, the Company shall be deemed to have initially designated
the 180th day after such record date as the Record Date Expiration Time with
respect thereto, subject to its right to change the Record Date Expiration Time
as provided in this Section 1.4(f). Notwithstanding the foregoing, no Record
Date Expiration Time 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:

                     (i)    the SQUARZ 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, to the
     SQUARZ Agent at its Corporate Trust Office, Attention: Corporate Trust
     Administration, telecopy: (212) 815-5704, or at any other address furnished
     in writing by the SQUARZ Agent to the Holders and the Company; or

                     (ii)   the Company by the SQUARZ 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 next day delivery, to the
     Company at Berkshire Hathaway Inc., 1440 Kiewit Plaza, Omaha, Nebraska
     68131, telecopy: (402) 346-3375, Attention: Chief Financial Officer, or at
     any other address furnished in writing to the SQUARZ Agent by the Company;
     or

                                     - 19 -

<PAGE>

                     (iii)  the Collateral Agent by the SQUARZ 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 the Collateral Agent at its Corporate Trust
     Office, Attention: Corporate Trust Administration, telecopy: (212)
     815-5704, or at any other address furnished in writing by the Collateral
     Agent to the SQUARZ Agent, the Company and the Holders; or

                     (iv)   the Indenture 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 the
     Indenture Trustee at its Corporate Trust Office, Attention: Corporate Trust
     Administration, telecopy: (212) 815-5704, or at any other address furnished
     in writing by the Indenture 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. 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 by or with the approval of the SQUARZ Agent shall constitute a sufficient
notification for every purpose hereunder.

             (b)     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
SQUARZ Agent, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

     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. In case any provision in this
Agreement or in the securities shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions hereof and
thereof shall not in any way be affected or impaired thereby.

                                     - 20 -

<PAGE>

     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 (and a Holder's appropriate
participants and all Beneficial Owners holding through such participants from
time to time) shall be beneficiaries of this Agreement and shall, by their
acceptance of the benefits of this Agreement, be bound by all of the
obligations, covenants, agreements, terms and conditions hereof and of the
Certificates evidencing Units by their acceptance of delivery of such Units
(whether or not certificated).

     Section 1.11    Governing Law. This Agreement, including the Units and
Underlying Warrants established hereby, shall be governed by and construed in
accordance with the laws of the State of New York, without regard to its
principles of conflicts of laws.

     Section 1.12    Waiver of Jury Trial. EACH OF THE COMPANY AND THE SQUARZ
AGENT, FOR ITSELF AND AS ATTORNEY-IN-FACT FOR ALL HOLDERS, HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE UNITS OR THE TRANSACTION CONTEMPLATED HEREBY.

     Section 1.13    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.

                                    ARTICLE 2
                                CERTIFICATE FORMS

     Section 2.1     FORMS OF CERTIFICATES GENERALLY.

             (a)     The SQUARZ Certificates shall be in substantially the form
set forth in Exhibit A hereto (except as provided for in Section 2.6(h) and
Section 2.17(b)), and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or depositary
therefor or as may, consistent herewith, be determined by the officers executing
such SQUARZ Certificates, as evidenced by their execution thereof.

             (b)     The definitive SQUARZ Certificates may be printed,
lithographed or engraved or produced in any other manner, all as determined by
the officers executing such SQUARZ Certificates, as evidenced by their execution
of such SQUARZ Certificates.

             (c)     The Stripped SQUARZ Certificates shall be in substantially
the form set forth in Exhibit B hereto (except as provided for in Section
2.6(h)), and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may be required to comply with
the rules of any securities exchange or depositary therefor or as may,
consistent herewith, be determined by the officers executing such Stripped
SQUARZ Certificates, as evidenced by their execution thereof.

                                     - 21 -

<PAGE>

             (d)     The definitive Stripped SQUARZ Certificates may be printed,
lithographed or engraved or produced in any other manner, all as determined by
the officers executing such Stripped SQUARZ Certificates, as evidenced by their
execution of such Stripped SQUARZ Certificates.

     Section 2.2     RIGHTS AND OBLIGATIONS EVIDENCED BY THE CERTIFICATES.

             (a)     Each SQUARZ Certificate shall evidence the number of SQUARZ
specified thereon.

             (b)     Each Stripped SQUARZ Certificate shall evidence the number
of Stripped SQUARZ specified thereon.

     Section 2.3     Form of Legend for Global Securities. 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 SQUARZ
     AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE NAME OF THE
     DEPOSITARY 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 THE DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
     LIMITED CIRCUMSTANCES DESCRIBED IN THE SQUARZ AGREEMENT."

     Section 2.4     FORM OF AGENT'S CERTIFICATE OF AUTHENTICATION.

             (a)     The form of the SQUARZ Agent's certificate of
authentication of the SQUARZ shall be in substantially the form set forth on the
form of the SQUARZ Certificates attached hereto as Exhibit A.

             (b)     The form of the SQUARZ Agent's certificate of
authentication of the Stripped SQUARZ shall be in substantially the form set
forth on the form of the Stripped SQUARZ Certificates attached hereto as Exhibit
B.

     Section 2.5     TITLE AND TERMS; DENOMINATIONS.

             (a)     The aggregate number of SQUARZ and Stripped SQUARZ, if any,
issued hereunder is limited to 50,000 (or, if less, the 40,000 SQUARZ purchased
by the Initial Purchaser on May 28, 2002 pursuant to the Purchase Agreement and
the additional SQUARZ purchased by the Initial Purchaser in exercise of the
over-allotment option in the Purchase Agreement).

             (b)     All SQUARZ Certificates shall be substantially identical to
each other except as to denomination and marks of identification. All Stripped
SQUARZ Certificates shall be substantially identical to each other except as to
denomination and marks of identification.

                                     - 22 -

<PAGE>

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

     Section 2.6     EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

             (a)     Certificates shall be executed on behalf of the Company by
its Chairman, its Vice-Chairman, its President or one of its Vice-Presidents,
and attested to by its Secretary or one of its Assistant Secretaries. The
signature of any of these officers on Certificates may be manual or facsimile.

             (b)     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 the fact 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.

             (c)     Subject to the provisions of Sections 3.2 and 3.3, at any
time and from time to time after the execution and delivery of this Agreement,
the Company may deliver Certificates executed by the Company to the SQUARZ Agent
for authentication, execution on behalf of the Holders, and delivery, together
with a Company Order for authentication of such Certificates, and the SQUARZ
Agent in accordance with such Company Order shall authenticate, execute on
behalf of the Holders and deliver such Certificates.

             (d)     The SQUARZ Agent shall not be required to authenticate any
Certificates if the issue of Units pursuant to this Agreement will affect the
SQUARZ Agent's own rights, duties or immunities under the Units and this
Agreement or otherwise in a manner which is not reasonably acceptable to the
SQUARZ Agent.

             (e)     Each Certificate shall be dated as of 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 (i) a certificate of authentication substantially in the form
provided by Section 2.4 executed by an authorized signatory of the SQUARZ 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, and (ii) the manual signature of an
authorized signatory of the SQUARZ Agent, as the applicable Holder's agent and
attorney-in-fact, and such signature by an authorized signatory of the SQUARZ
Agent shall be conclusive evidence that the Holder (and its appropriate
participants and all Beneficial Owners holding through such participants from
time to time) of such Certificate has accepted the obligations under the
Underlying Warrant (including, without limitation, the obligation to make
Underlying Warrant Installment Payments) evidenced by such Certificate.
Notwithstanding the foregoing, if any Certificate shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Certificate to the SQUARZ Agent for cancellation as
provided in Section 2.14, for all purposes of this Agreement such Certificate
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits, or subject to the obligations, of this
Agreement or the Units.

                                     - 23 -

<PAGE>

             (g)     The SQUARZ Agent shall have the right to decline to
authenticate and deliver any Certificates under this Section 2.6 if the SQUARZ
Agent, being advised by counsel, determines that such action may not lawfully be
taken or if the SQUARZ Agent in good faith shall determine that such action
would expose the SQUARZ Agent to personal liability to existing Holders.

             (h)     The Certificates may have notations, legends or
endorsements as specified in Section 2.3, Section 2.16, or as otherwise required
by law, stock exchange rule or any rule or usage of the Depositary. The Company
and the SQUARZ Agent shall approve the form of the Certificates and any
notation, legend or endorsement on them. Each Certificate shall be dated the
date of its authentication.

             (i)     SQUARZ originally offered and sold to QIBs in reliance on
Rule 144A will be issued in the form of one or more permanent Global
Certificates.

     Section 2.7     REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

             (a)     The SQUARZ Agent shall keep at the Corporate Trust Office:

                     (i)    a register (the "SQUARZ Register") in which, subject
          to such reasonable regulations as it may prescribe, the SQUARZ Agent
          shall provide for the registration of SQUARZ and of transfers of
          SQUARZ (the SQUARZ Agent, in such capacity, the "SQUARZ Registrar"),
          and

                     (ii)   a register (the "Stripped SQUARZ Register") in
          which, subject to such reasonable regulations as it or the Company may
          prescribe, the SQUARZ Agent shall provide for the registration of the
          Stripped SQUARZ Certificates and transfers of Stripped SQUARZ
          Certificates (the SQUARZ Agent, in such capacity, the "Stripped SQUARZ
          Registrar").

             (b)     Upon surrender for registration of transfer of any
Certificate at the Corporate Trust Office, the Company shall execute and deliver
to the SQUARZ Agent, and the SQUARZ Agent shall authenticate, execute on behalf
of the designated transferee or transferees, and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of like tenor
and denominations, evidencing a like number of SQUARZ or Stripped SQUARZ, as
applicable.

             (c)     Following the issuance of definitive Certificates pursuant
to Section 2.11, at the option of the Holder, Certificates may be exchanged for
other Certificates of like tenor and denominations, evidencing a like number of
SQUARZ or Stripped SQUARZ, as applicable, upon surrender of the Certificates to
be exchanged at the Corporate Trust Office. Whenever any Certificates are so
surrendered for exchange, the Company shall execute and deliver to the SQUARZ
Agent, and the SQUARZ Agent shall authenticate, execute on behalf of the Holder,
and deliver the Certificates which the Holder making the exchange is entitled to
receive.

             (d)     Following the issuance of definitive Certificates pursuant
to Section 2.11, all Certificates issued upon any registration of transfer or
exchange of a Certificate shall evidence the ownership of the same number of
SQUARZ or Stripped SQUARZ, as applicable,

                                     - 24 -

<PAGE>

and be entitled to the same benefits, and subject to the same obligations, under
this Agreement as the SQUARZ or Stripped SQUARZ, as applicable, 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 SQUARZ
Agent) be duly endorsed, or be accompanied by a written instrument of transfer
in form satisfactory to the Company and the SQUARZ 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 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 pursuant to Sections 2.8, 2.11, 2.12 or
8.5 not involving any transfer.

             (g)     Notwithstanding the foregoing, the Company shall not be
obligated to execute and deliver to the SQUARZ Agent, and the SQUARZ Agent shall
not be obligated to authenticate, execute on behalf of the Holder, or deliver
any Certificate presented or surrendered for registration of transfer or for
exchange on or after the earlier of the Underlying Warrant Maturity Date or the
Underlying Warrant Early Expiration Date. In lieu of delivery of a new
Certificate, upon satisfaction of the applicable conditions specified above in
this Section 2.7 and receipt of appropriate registration or transfer
instructions from such Holder, the SQUARZ Agent shall,

                     (i)    in the case of a SQUARZ, transfer the Note and, if
     any, the remaining Initial Pledged Treasuries Interest relating to such
     SQUARZ less any amounts required or expressly permitted hereunder to be
     withheld by this Agreement or the Pledge Agreement in payment of any
     Underlying Warrant Installment Payment due to the Company; or

                     (ii)   in the case of a Stripped SQUARZ, transfer the
     remaining Substitute Pledged Treasuries Interest and the remaining Initial
     Pledged Treasuries Interest relating to such Stripped SQUARZ, if any, less
     any amounts required or expressly permitted hereunder to be withheld by
     this Agreement or the Pledge Agreement in payment of any Underlying Warrant
     Installment Payment due to the Company,

in each case subject to the applicable conditions and in accordance with the
applicable provisions of Article 5.

     Section 2.8     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 by, or on behalf of, the
Company. Such Global Certificates 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 (i) as provided
in Section 2.11 and (ii) for the definitive Note issued to the Collateral Agent
for the benefit of the Holders of SQUARZ. The SQUARZ Agent shall enter into an
agreement with the Depositary if so

                                     - 25 -

<PAGE>

requested by the Company. Unless and until definitive, fully registered
Certificates have been issued to Beneficial Owners pursuant to Section 2.11:

             (a)     the provisions of this Section 2.8 shall be in full force
and effect;

             (b)     the Company shall be entitled to deal with the Depositary
for all purposes of this Agreement (including 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 2.8
conflict with any other provisions of this Agreement, the provisions of this
Section 2.8 shall control; and

             (d)     the rights of the Beneficial Owners shall be exercised only
through the Depositary and shall be limited to those established by law and
agreements between such Beneficial Owners and the Depositary and/or the Clearing
Agency Participants. The Depositary will make book-entry transfers among
Clearing Agency Participants.

     Section 2.9     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 2.10    Appointment of Successor Depositary. If any Depositary
elects to discontinue its services as Depositary with respect to the Units, the
Company may, in its sole discretion, appoint a successor Depositary with respect
to the Units.

     Section 2.11    Definitive Certificates. If

                     (i)    a Depositary elects to discontinue its services as
     Depositary with respect to the Units and a successor Depositary is not
     appointed within 90 days after such discontinuance pursuant to Section
     2.10;

                     (ii)   the Company elects to terminate the book-entry
     system through the Depositary with respect to the SQUARZ and/or the
     Stripped SQUARZ; or

                     (iii)  there shall have occurred and be continuing a
     default by the Company in respect of its obligations under one or more
     SQUARZ;

then upon surrender of the Global Certificates representing the Book-Entry
Interests with respect to the Units by the Depositary, accompanied by
registration instructions, the Company shall cause definitive Certificates to be
delivered to Beneficial Owners in accordance with the instructions of the
Depositary. 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.

                                     - 26 -

<PAGE>

     Section 2.12    MUTILATED, DESTROYED, LOST AND STOLEN CERTIFICATES.

             (a)     If any mutilated Certificate is surrendered to the SQUARZ
Agent, the Company shall execute and deliver to the SQUARZ Agent, and the SQUARZ
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 SQUARZ or Stripped SQUARZ, as the case may be, and bearing a
Certificate number not contemporaneously outstanding.

             (b)     If there shall be delivered to the Company and the SQUARZ
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 the Company or the SQUARZ Agent to hold each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the SQUARZ Agent that such Certificate has been acquired by a bona
fide purchaser, the Company shall execute and deliver to the SQUARZ Agent, and
the SQUARZ 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 SQUARZ or Stripped
SQUARZ, as applicable, and bearing a Certificate number not contemporaneously
outstanding.

             (c)     Notwithstanding the foregoing, the Company shall not be
obligated to execute and deliver to the SQUARZ Agent, and the SQUARZ Agent shall
not be obligated to authenticate, execute on behalf of the Holder, or deliver to
the Holder, a Certificate on or after the Underlying Warrant Maturity Date or
the Underlying Warrant Early Expiration Date. In lieu of delivery of a new
Certificate, upon satisfaction of the applicable conditions specified above in
this Section 2.12 and receipt of appropriate registration or transfer
instructions from such Holder, the SQUARZ Agent shall

                     (i)    in the case of a SQUARZ, transfer the Note and, if
     any, the remaining Initial Pledged Treasuries Interest relating to such
     SQUARZ less any amounts required or expressly permitted hereunder to be
     withheld by this Agreement or the Pledge Agreement in payment of any
     Underlying Warrant Installment Payment due to the Company; or

                     (ii)   in the case of a Stripped SQUARZ, transfer the
     remaining Substitute Pledged Treasuries Interest and the remaining Initial
     Pledged Treasuries Interest relating to such Stripped SQUARZ, if any, less
     any amounts required or expressly permitted hereunder to be withheld by
     this Agreement or the Pledge Agreement in payment of any Underlying Warrant
     Installment Payment due to the Company,

in each case subject to the applicable conditions and in accordance with the
applicable provisions of Article 5.

             (d)     Upon the issuance of any new Certificate under this Section
2.12, the Company and the SQUARZ 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 SQUARZ Agent) connected therewith.

                                     - 27 -

<PAGE>

             (e)     Every new Certificate issued pursuant to this Section 2.12
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 any Person, 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 of the same type or class delivered
hereunder.

             (f)     The provisions of this Section 2.12 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 2.13    PERSONS DEEMED OWNERS.

             (a)     Prior to due presentment of a Certificate for registration
of transfer, the Company, the SQUARZ Agent, and any agent of the Company or the
SQUARZ Agent may treat the Person in whose name such Certificate is registered
as the owner of the Units evidenced thereby for the purpose of receiving
payments on the applicable Notes, receiving maturity proceeds on the applicable
Substitute Pledged Treasuries Interest, receiving maturity proceeds on the
applicable Initial Pledged Treasuries Interest, the performance of the SQUARZ
obligations, the performance of the Stripped SQUARZ obligations, and for all
other purposes whatsoever, whether or not any such payments or performance shall
be overdue and notwithstanding any notice to the contrary, and neither the
Company nor the SQUARZ Agent, nor any agent of the Company or the SQUARZ 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 SQUARZ Agent, or any
agent of the Company or the SQUARZ Agent from giving effect to any written
certification, proxy or other authorization furnished by any Clearing Agency (or
its nominee), as a Holder, 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 Holder of such Global
Certificate or permitting or authorizing a Holder to act pursuant to
instructions from and on behalf of the Holder's appropriate participants or
other beneficial owners.

     Section 2.14    CANCELLATION.

             (a)     All Certificates surrendered

                     (i)    in conjunction with the exercise of an Underlying
     Warrant;

                     (ii)   in conjunction with the exercise of a Put of a Note
     to the Company; or

                     (iii)  upon the registration of a transfer or exchange of a
     Unit,

shall, if surrendered to any Person other than the SQUARZ Agent, be delivered to
the SQUARZ Agent and, if not already cancelled, shall be promptly cancelled by
it. The Company may at any

                                     - 28 -

<PAGE>

time deliver to the SQUARZ Agent for cancellation any Certificates previously
authenticated, executed and delivered hereunder that the Company may have
acquired in any manner whatsoever, and all Certificates so delivered shall, upon
Company Order, be promptly cancelled by the SQUARZ 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 2.14,
except as expressly permitted by this Agreement.

             (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 SQUARZ
Agent cancelled or for cancellation.

             (c)     All cancelled Certificates held by the SQUARZ Agent shall
be disposed of in accordance with the SQUARZ Agent's customary procedures.

     Section 2.15    CUSIP Numbers. The Company in issuing the Units may use
"CUSIP" numbers (if then generally in use), and, if so, the SQUARZ Agent shall
use "CUSIP" numbers in notices 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 Certificates or as contained in any notice
and that reliance may be placed only on the other identification numbers printed
on the Certificates, and any such matter shall not be affected by any defect in
or omission of such numbers. The Company will promptly notify the SQUARZ Agent
of any change in the "CUSIP" numbers.

     Section 2.16    FORM OF PRIVATE PLACEMENT LEGENDS.

             (a)     Each Restricted Certificate shall bear the following
legend:

   THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
   1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR OTHERWISE
   TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
   THEREFROM. EACH PURCHASER OF ANY OF THESE SECURITIES IS HEREBY NOTIFIED THAT
   THE SELLER OF ANY OF THESE SECURITIES MAY BE RELYING ON THE EXEMPTION FROM
   THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
   THEREUNDER.

   THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
   EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES IS A
   QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
   SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
   QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
   RULE 144A (IF AVAILABLE), (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION
   UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (3)
   TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE
   MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
   SECURITIES ACT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
   SECURITIES ACT (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION
   STATEMENT UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL APPLICABLE
   SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

             (b)     Each definitive Certificate that is a Restricted
Certificate shall bear the following additional legend:

                                     - 29 -

<PAGE>

   IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
   SUCH OPINIONS OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION AS IT MAY
   REASONABLY REQUIRE IN FORM REASONABLY SATISFACTORY TO IT AS PROVIDED FOR IN
   THE SQUARZ AGREEMENT TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
   RESTRICTIONS AS PROVIDED FOR IN THE SQUARZ AGREEMENT.

             (c)     Each Restricted Certificate shall bear the private
placement legends specified therefor in Section 2.16(a) and (b) on the face
thereof (together, the "Private Placement Legend").

     Section 2.17    TRANSFER AND EXCHANGE.

             (a)     Transfers. Any transfer of Restricted Units shall be made
only upon receipt by the Registrar of such opinions of counsel, certificates
and/or other information reasonably required by and satisfactory to it in order
to ensure compliance with the Securities Act or in accordance with Section
2.17(b).

             (b)     Use and Removal of Private Placement Legends. Upon the
transfer, exchange or replacement of Units not bearing a Private Placement
Legend, the Registrar shall exchange such Units for Units that do not bear a
Private Placement Legend. Upon the transfer, exchange or replacement of Units
bearing a Private Placement Legend, the Certificate Custodian and Registrar
shall deliver only Units that bear a Private Placement Legend unless:

                     (i)    such Units are transferred pursuant to a
     Registration Statement;

                     (ii)   such Units are transferred pursuant to Rule 144 upon
     delivery to the Registrar of a certificate of the transferor in the form of
     Exhibit G (or in any other form that may be agreed to between the Company
     and the SQUARZ Agent) and an Opinion of Counsel reasonably satisfactory to
     the Registrar and the Company;

                     (iii)  such Units are transferred, replaced or exchanged
     after the Resale Restriction Termination Date therefor; or

                     (iv)   in connection with such transfer, exchange or
     replacement, the Registrar and the Company shall have received an Opinion
     of Counsel and other evidence reasonably satisfactory to it to the effect
     that neither such Private Placement Legend nor the related restrictions on
     transfer are required in order to maintain compliance with the provisions
     of the Securities Act.

The Private Placement Legend on any Unit shall be removed at the request of the
Holder on or after the Resale Restriction Termination Date therefor. The Company
shall deliver to the SQUARZ Agent an Officer's Certificate promptly upon
effectiveness, withdrawal or suspension of any Registration Statement.

             (c)     In the case of an interest in a Global Certificate,
transfers must be effected in accordance with applicable law and the rules and
procedures of the Depositary, but such transfers are not subject to any
procedure required by this Agreement. The Holder of a Global Certificate may
exchange an interest therein for an equivalent interest in a Global Certificate
not

                                     - 30 -

<PAGE>

bearing a Private Placement Legend upon transfer of such interest pursuant to
any of clauses (i) through (iv) of Section 2.17(b).

     Section 2.18    Cancellation. All Units surrendered for payment,
registration of transfer or exchange, conversion pursuant to Sections 3.2 or
3.3, exercise of an Underlying Warrant, or otherwise, shall, if surrendered to
any Person other than the Registrar, be delivered to the Registrar and shall be
promptly cancelled by it. The Company may at any time deliver to the Registrar
for cancellation any Units previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to
the Registrar (or to any other Person for delivery to the Registrar) for
cancellation any Units previously authenticated hereunder that the Company has
not issued and sold, and all Units so delivered shall be promptly cancelled by
the Registrar. No Units shall be authenticated in lieu of or in exchange for any
Units cancelled as provided in this Section 2.18, except as expressly permitted
by this Agreement. All cancelled Certificates held by the Registrar shall be
disposed of in accordance with the Registrar's customary procedures.

                                    ARTICLE 3
                                    THE UNITS

     Section 3.1     CREATION AND DESCRIPTION OF THE UNITS.

             (a)     The Company hereby establishes a security designated as a
SQUARZ and a security designated as a Stripped SQUARZ. Each Unit has the terms
and conditions given to it by, and conveys and imposes upon the Company and the
Holder thereof the respective rights and obligations set forth in, this
Agreement.

             (b)     SQUARZ.

                     (i)    A SQUARZ represents and evidences the ownership by
     the Holder of such SQUARZ of:

                            (1)  a Pledged Note in the principal amount of
                     $10,000;

                            (2)  an Underlying Warrant with an exercise price of
                     $10,000; and

                            (3)  an Initial Pledged Treasuries Interest.

                     (ii)   Prior to the exercise of the Underlying Warrant
          comprising part of a SQUARZ, such SQUARZ shall not entitle the Holder
          thereof to enjoy any of the rights of a holder of shares of Berkshire
          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 stockholder in respect of the meetings of stockholders or
          for the election of directors of the Company or for any other matter,
          or any other rights whatsoever as a stockholder of the Company.

                                     - 31 -

<PAGE>

             (c)     Stripped SQUARZ.

                     (i)    A Stripped SQUARZ represents and evidences the
     ownership by the Holder of such Stripped SQUARZ of:

                            (1) a Substitute Pledged Treasuries Interest;

                            (2) an Underlying Warrant with an exercise price of
                     $10,000; and

                            (3) an Initial Pledged Treasuries Interest.

                     (ii)   Prior to the exercise of the Underlying Warrant
     comprising part of a Stripped SQUARZ, such Stripped SQUARZ shall not
     entitle the Holder thereof to enjoy any of the rights of a holder of shares
     of Berkshire 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 stockholder in respect of the meetings of stockholders or for
     the election of directors of the Company or for any other matter, or any
     other rights whatsoever as a stockholder of the Company.

             (d)     Each Holder, by purchasing a Unit, hereby agrees to treat
the Unit for U.S. federal income tax purposes as an investment unit consisting
of: (i) in the case of a SQUARZ, a Note, an Initial Pledged Treasuries Interest,
and an Underlying Warrant, each of which constitutes a separate and distinct
financial instrument, or (ii) in the case of a Stripped SQUARZ, a Note, an
Initial Pledged Treasuries Interest, and a Substitute Pledged Treasuries
Interest, each of which constitutes a separate and distinct financial
instrument. A Holder purchasing a SQUARZ upon initial issuance thereof agrees to
be bound by the allocation of the purchase price for each SQUARZ so purchased as
follows: (i) $10,000 to the Note, (ii) $0.00 to the Underlying Warrant, and
(iii) $339.63 to the Initial Pledged Treasuries Interest.

     Section 3.2     CREATION OF STRIPPED SQUARZ.

             (a)     Subject to the other provisions hereof, at any time on or
before the earlier to occur of (x) the second Business Day prior to the
Underlying Warrant Maturity Date and (y) the second Business Day prior to the
Underlying Warrant Early Expiration Date, the Holder of a SQUARZ may convert the
SQUARZ into a Stripped SQUARZ by:

                     (i)    Transferring to the Collateral Agent the Requisite
     Amount of Substitute Pledged Treasuries;

                     (ii) Transferring a SQUARZ to the SQUARZ Agent; and

                     (iii)  delivering a notice to the SQUARZ Agent,
     substantially in the form of Exhibit D hereto (or in any other form that
     may be agreed to between the Company and the SQUARZ Agent) (w) stating that
     such Holder has Transferred the Requisite Amount of Substitute Pledged
     Treasuries to the Collateral Agent pursuant to clause (i) above, (x)
     Pledging and instructing that such Substitute Pledged Treasuries be
     Pledged, (y) requesting that the SQUARZ Agent instruct the Collateral Agent
     to release a

                                     - 32 -

<PAGE>

          Pledged Note to the SQUARZ Agent, on behalf of such Holder, and (z)
          instructing the SQUARZ Agent to cancel such SQUARZ and issue the same
          amount of Stripped SQUARZ in the name of such Holder.

             (b)     Upon the receipt of the SQUARZ Certificate or a Book-Entry
Interest pursuant to Section 3.2(a)(ii) and the notice referenced in Section
3.2(a)(iii), the SQUARZ Agent shall promptly instruct the Collateral Agent, by
delivering a written instruction substantially in the form of Exhibit C hereto
(or in any other form that may be agreed to between the Company and the SQUARZ
Agent), to release to the SQUARZ Agent, on behalf of the applicable Holder, a
Class A Note free and clear of the Pledge.

             (c)     Upon the receipt by the SQUARZ Agent, on behalf of the
applicable Holder and in accordance with the Pledge Agreement, of a Class A Note
free and clear of the Pledge pursuant to Section 3.2(b) (and confirmation from
the Collateral Agent of its receipt of the Requisite Amount of Substitute
Pledged Treasuries pursuant to Section 3.2(a)(i)), the SQUARZ Agent shall
promptly:

                     (i)    cancel the Transferred SQUARZ;

                     (ii)   deliver to the Indenture Trustee (with a copy to the
     Collateral Agent) a certificate by the SQUARZ Agent certifying (1) that a
     Holder of a SQUARZ has elected to separate the Pledged Note comprising part
     of its SQUARZ, (2) the identity of the Holder of the SQUARZ, the
     certificate or other identifying number of the SQUARZ, if applicable, and
     all other information required by the Trustee in order to issue a Note to
     the SQUARZ Holder;

                     (iii)  deliver to the Indenture Trustee the Pledged Note so
     released from the Pledge, by surrender of a certificate duly endorsed for
     transfer (if held in definitive form) or otherwise transferred to the
     Trustee (if held as a Global Note) (whereupon the Indenture Trustee,
     pursuant to the Indenture and the conditions set forth therein, shall issue
     in the name of the applicable Holder, and deliver to the SQUARZ Agent, a
     Class A Note); and

                     (iv)   authenticate, execute on behalf of such Holder and
     deliver to such Holder a Stripped SQUARZ Certificate executed by the
     Company or a Book-Entry Interest in accordance with Section 2.6, and
     deliver the Class A Note delivered to the SQUARZ Agent pursuant to clause
     (c)(iii), above.

             (d)     Holders who elect to convert a SQUARZ into a Stripped
SQUARZ shall be responsible for the payment to the Company (or its designee) of
any fees or expenses payable to the SQUARZ Agent or Collateral Agent in respect
of the conversion.

             (e)     Holders may convert SQUARZ into Stripped SQUARZ only in
integral multiples of 20 Units.

             (f)     Constituent parts of a SQUARZ shall be separable as set
forth in, but only as set forth in, this Section 3.2, and except as set forth in
this Section 3.2 the rights and obligations of the Holder of a SQUARZ in respect
of the constituent Pledged Note, the Initial

                                     - 33 -

<PAGE>

Pledged Treasuries Interest and the Underlying Warrant may be acquired,
transferred, and exchanged only as an integral SQUARZ. A Class A Note, after
delivery pursuant to Section 3.2(c)(iii), may be transferred and exchanged
separately unless and until it is re-Pledged pursuant to Section 3.3 and the
Pledge Agreement.

             (g)     In the event a Holder making a Collateral Substitution
pursuant to this Section 3.2 fails to effect a book-entry transfer of the SQUARZ
or fails to deliver a SQUARZ Certificate to the SQUARZ Agent after depositing
Substitute Pledged Treasuries with the Collateral Agent, such Substitute Pledged
Treasuries, and any distributions on such Substitute Pledged Treasuries, shall
be held in the name of the SQUARZ Agent or its nominee in trust for the benefit
of such Holder, until such SQUARZ are so transferred or the SQUARZ Certificate
is so delivered, as applicable, or, with respect to a SQUARZ Certificate, such
Holder provides evidence satisfactory to the Company and the SQUARZ Agent that
such SQUARZ Certificate has been destroyed, lost or stolen, together with any
indemnity that may be required by the SQUARZ Agent and the Company.

     Section 3.3     RE-CREATION OF SQUARZ.

             (a)     Subject to the other provisions hereof, at any time on or
before the earlier to occur of (x) the second Business Day prior to the
Underlying Warrant Maturity Date and (y) the second Business Day prior to the
Underlying Warrant Early Expiration Date, but in no event during the period
beginning 15 days prior to a Remarketing Date, the Holder of a Stripped SQUARZ
may convert the Stripped SQUARZ into a SQUARZ by:

                     (i)    Transferring to the Collateral Agent a Separate
     Note;

                     (ii)   Transferring a Stripped SQUARZ to the SQUARZ Agent;
     and

                     (iii)  delivering a notice to the SQUARZ Agent,
     substantially in the form of Exhibit D hereto (or in any other form that
     may be agreed to between the Company and the SQUARZ Agent) (w) stating that
     such Holder has Transferred a Separate Note to the Collateral Agent
     pursuant to clause (i) above, (x) Pledging and instructing that such
     Separate Note be Pledged, (y) requesting that the SQUARZ Agent instruct the
     Collateral Agent to release the Requisite Amount of Substitute Pledged
     Treasuries to the SQUARZ Agent, on behalf of such Holder, and (z)
     instructing the SQUARZ Agent to cancel such Stripped SQUARZ and issue the
     same amount of SQUARZ in the name of such Holder.

             (b)     Upon the receipt of the Stripped SQUARZ Certificate or
Book-Entry Interest pursuant to Section 3.3(a)(ii) and the notice referenced in
Section 3.3(a)(iii), the SQUARZ Agent shall promptly instruct the Collateral
Agent, by delivering a written instruction substantially in the form of Exhibit
C hereto (or in any other form that may be agreed to between the Company and the
SQUARZ Agent), to release to the SQUARZ Agent, on behalf of the applicable
Holder, the Requisite Amount of Substitute Pledged Treasuries free and clear of
the Pledge.

             (c)     Upon the receipt by the SQUARZ Agent, on behalf of the
applicable Holder and in accordance with the terms of the Pledge Agreement, of
the Substitute Pledged

                                     - 34 -

<PAGE>

Treasuries free and clear of the Pledge pursuant to Section 3.3(b) (and
confirmation from the Collateral Agent of its receipt of the Separate Note
pursuant to Section 3.3(a)(i)), the SQUARZ Agent shall promptly:

                     (i)    cancel the Transferred Stripped SQUARZ Certificate
     or Book-Entry Interest;

                     (ii)   deliver to the Indenture Trustee (with a copy to the
     Collateral Agent) a certificate by the SQUARZ Agent certifying (1) that a
     Holder of a Stripped SQUARZ has elected to recombine a SQUARZ, (2) the
     identity of the Holder of the Stripped SQUARZ, the certificate or other
     identifying number of the Stripped SQUARZ, if applicable, and all other
     information required by the Trustee in order to transfer the Note held by
     the SQUARZ Holder to the Collateral Agent;

                     (iii)  deliver to the Indenture Trustee a Note, by
     surrender of a certificate duly endorsed for transfer (if held in
     definitive form) or otherwise transferred to the Trustee (if held as a
     Global Note) (whereupon the Indenture Trustee, pursuant to the Indenture
     and the conditions set forth therein, shall issue in the name of the
     Collateral Agent, and deliver to the SQUARZ Agent, a Pledged Note);

                     (iv)   authenticate, execute on behalf of such Holder and
     deliver to such Holder a SQUARZ Certificate executed by the Company in
     accordance with Section 2.6 evidencing a SQUARZ or a Book-Entry Interest,
     and deliver such Substitute Pledged Treasuries to such Holder; and

                     (v)    deliver to the Collateral Agent the Pledged Note
     delivered to the SQUARZ Agent pursuant to clause (c)(iii), above.

             (d)     Holders who elect to convert a Stripped SQUARZ into a
SQUARZ shall be responsible for the payment to the Company (or its designee) of
any fees or expenses payable to the SQUARZ Agent or Collateral Agent in respect
of such conversion.

             (e)     Holders may convert Stripped SQUARZ into SQUARZ only in
integral multiples of 20 Units.

             (f)     Constituent parts of a Stripped SQUARZ shall be separable
as set forth in, but only as set forth in, this Section 3.3, and except as set
forth in this Section 3.3 the rights and obligations of the Holder of a Stripped
SQUARZ in respect of the constituent Substitute Pledged Treasuries Interest,
Initial Pledged Treasuries Interest, and Underlying Warrant may be acquired,
transferred, and exchanged only as an integral Stripped SQUARZ.

             (g)     In the event a Holder making a Collateral Substitution
pursuant to this Section 3.3 fails to effect a book-entry transfer of the
Stripped SQUARZ or fails to deliver a Stripped SQUARZ Certificate to the SQUARZ
Agent after depositing a Stripped Note with the Collateral Agent, such Stripped
Note, and any proceeds of such Stripped Note, shall be held in the name of the
SQUARZ Agent or its nominee in trust for the benefit of such Holder until such
Separate SQUARZ are so transferred or the Separate SQUARZ Certificate is so
delivered, as the case may be, or, with respect to a Stripped SQUARZ
Certificate, such Holder provides evidence

                                     - 35 -

<PAGE>

satisfactory to the Company and the SQUARZ Agent that such Stripped SQUARZ
Certificate has been destroyed, lost or stolen, together with any indemnity that
may be required by the SQUARZ Agent and the Company.

                                    ARTICLE 4
                                 THE COLLATERAL

     Section 4.1     PAYMENTS ON COLLATERAL.

             (a)     A payment of interest on, and a payment of proceeds upon a
Remarketing of, any Pledged Note shall, when received by the SQUARZ Agent as
provided by the terms of the Pledge Agreement, be paid to the Company to be
applied against the obligations of the Holder to make Underlying Warrant
Installment Payments hereunder, but only to the extent permitted by the Pledge
Agreement.

             (b)     A payment in respect of any Substitute Pledged Treasuries
or Initial Pledged Treasuries shall, subject to receipt thereof by the SQUARZ
Agent from the Collateral Agent as provided by the terms of the Pledge
Agreement, be paid to the Company to be applied against the obligations of the
Holder to make Underlying Warrant Installment Payments hereunder, but only to
the extent permitted by the Pledge Agreement.

     Section 4.2     NOTICE AND VOTING.

             (a)     Under the terms of the Pledge Agreement, the SQUARZ 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 SQUARZ Agent shall, as soon as
practicable thereafter, mail to the Holders of SQUARZ a notice:

                     (i)    containing such information as is contained in the
     notice or solicitation,

                     (ii)   stating that each Holder on the record date set by
     the SQUARZ 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 SQUARZ Agent as to the exercise of
     the voting rights pertaining to the Pledged Notes underlying their SQUARZ,
     and

                     (iii)  stating the manner in which such instructions may be
     given.

             (b)     Upon the written request of the Holders of SQUARZ on such
record date, the SQUARZ Agent shall endeavor insofar as practicable to vote or
cause to be voted, in accordance with the instructions set forth in such
requests, 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 SQUARZ, the SQUARZ Agent shall abstain from voting the Pledged Note
underlying such SQUARZ.

                                     - 36 -

<PAGE>

                                    ARTICLE 5
               APPOINTMENT OF SQUARZ AGENT; THE UNDERLYING WARRANT

     Section 5.1     Appointment of SQUARZ Agent. Each Holder of a Unit, by its
acceptance thereof:

             (a)     irrevocably authorizes the SQUARZ Agent to enter into and
perform its obligations under the related Unit on its behalf as its
attorney-in-fact (including the execution of Certificates on behalf of such
Holder);

             (b)     agrees to be bound by the terms and provisions of such
Units;

             (c)     covenants and agrees to perform its obligations under such
Units;

             (d)     consents to the provisions hereof;

             (e)     irrevocably authorizes the SQUARZ Agent as its agent and
attorney-in-fact to enter into and perform the Pledge Agreement on its behalf;
and

             (f)     consents to and agrees to be bound by the Pledge of the
Collateral in support of such Holder's obligation to make Underlying Warrant
Installment Payments as required herein.

     Section 5.2     UNDERLYING WARRANT.

             (a)     Subject to Section 5.4, each Unit shall, at any time on or
prior to the Underlying Warrant Termination Date, entitle the Holder thereof, at
the Holder's option, to purchase and to require the Company to sell, in
consideration of the payment of the Underlying Warrant Exercise Price, either,
at the Holder's election, that fraction of a fully paid and non-assessable share
of Berkshire Class A Common Stock equal to the Class A Exchange Ratio or that
number of fully paid and non-assessable shares of Berkshire Class B Common Stock
equal to the Class B Exchange Ratio, in each case subject to adjustment as
provided in Section 5.8. The right to purchase Berkshire Common Stock
established by this Section 5.2(a), and the obligation to make Underlying
Warrant Installment Payments as provided in Section 5.3, subject to the terms
and conditions set forth herein, are collectively referred to herein as the
"Underlying Warrant."

             (b)     Upon the exercise of one or more Underlying Warrants in
accordance with Sections 5.4 and 5.5, for which the Holder elected to receive
Berkshire Class A Common Stock, such Holder will receive:

                     (i)   that whole number of shares of Berkshire Class A
     Common Stock equal to the product of the aggregate number of Underlying
     Warrants such Holder is exercising multiplied by the Class A Exchange
     Ratio, with the product thereof (if not a whole number) then being rounded
     down to the nearest whole number (the difference between the product before
     rounding and such nearest whole number being the "Class A Stub"); plus

                                     - 37 -

<PAGE>

                     (ii)   that whole number of shares of Berkshire Class B
     Common Stock equal to the product of the Class A Stub multiplied by 30,
     with the product thereof (if not a whole number) being rounded down to the
     nearest whole number (the difference between the product before rounding
     and such nearest whole number being the "Class B Stub"); plus

                     (iii)  an amount in cash equal to the product of the
     Closing Price of one share of Berkshire Class B Common Stock on the date of
     exercise multiplied by the Class B Stub.

             (c)     Upon the exercise of one or more Underlying Warrants in
accordance with Sections 5.4 and 5.5, for which the Holder elected to receive
Berkshire Class B Common Stock, such Holder will receive that whole number of
shares of Berkshire Class B Common Stock equal to the product of the aggregate
number of Underlying Warrants such Holder is exercising multiplied by the Class
B Exchange Ratio; provided, that in lieu of any fractional shares, the Holder
will be paid an amount in cash equal to the product of the Closing Price of one
share of Berkshire Class B Common Stock on the date of exercise multiplied by
such fractional share.

             (d)     A Holder (or its appropriate participant, as applicable)
may provide multiple elections with respect to its aggregate Underlying Warrants
exercised on any particular day, provided that only one election shall be made
for any one Underlying Warrant.

             (e)     In the event that the Underlying Warrant Maturity Date, the
Underlying Warrant Early Expiration Date or an Underlying Warrant Cancellation
Date is not a Business Day, then such maturity, early expiration or cancellation
will be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of such delay), except that, if such
Business Day is in the next succeeding calendar year, such maturity, early
expiration or cancellation shall be effective on the immediately preceding
Business Day, in each case, with the same force and effect as if effective on
such date. The date of exercise of an Underlying Warrant must be a Business Day.

     Section 5.3     UNDERLYING WARRANT INSTALLMENT PAYMENTS.

             (a)     Each Holder of a Unit, by its acceptance thereof, covenants
and agrees that it will timely make Underlying Warrant Installment Payments on
each such Unit on each Underlying Warrant Installment Payment Date until the
Underlying Warrant Termination Date.

             (b)     Underlying Warrant Installment Payments will accrue from
and including the most recent Underlying Warrant Installment Payment Date (or,
for the Underlying Warrant Installment Payment due on November 15, 2002, from
and including May 15, 2002), to but excluding the date of payment. The amount of
any Underlying Warrant Installment Payment payable for any full semi-annual
period will be computed on the basis of a 360-day year consisting of twelve
30-day months. The amount of any Underlying Warrant Installment Payment payable
for any period shorter than a full semi-annual period will be computed on the
basis of 30-day months and, for periods of less than a month, the actual number
of days elapsed per 30-day month. In the event that any Underlying Warrant
Installment Payment Date (or other date on which a payment for the Underlying
Warrant is payable) is not a Business Day, then

                                     - 38 -

<PAGE>

payment of amounts payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of
such delay), except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day, in each case, with the same force and effect as if made on such date.

             (c)     Each Holder of a Unit, by its acceptance thereof, covenants
and agrees that, to the extent and in the manner provided in Section 4.1 and the
Pledge Agreement (but subject to the terms thereof), all payments in respect of
the Initial Pledged Treasuries, the Substitute Pledged Treasuries, and payments
on or for the Pledged Notes (other than payments of principal thereof), if
applicable, shall be received by the Collateral Agent on behalf of the Company
and paid to the SQUARZ Agent, to make the Underlying Warrant Installment
Payments to the Company; provided, however, that if, as of any Underlying
Warrant Installment Payment Date, the amount received from interest payments on
the Pledged Notes and amount received in respect of the Initial Pledged
Treasuries and the Substitute Pledged Treasuries exceeds the Underlying Warrant
Installment Payment due on such date, such excess amount will be distributed to
the Holders of the SQUARZ (to the extent of the excess received from the Pledged
Notes and Initial Pledged Treasuries) and Stripped SQUARZ (to the extent of the
excess received from the Substitute Pledged Treasuries and Initial Pledged
Treasuries) in each case, on a pro rata basis.

             (d)     Upon transfer of a Unit, the transferee thereof shall be
bound (without the necessity of any other action on the part of such transferee)
by the terms of this Agreement, the SQUARZ or Stripped SQUARZ and the Pledge
Agreement.

             (e)     If a Holder fails to make an Underlying Warrant Installment
Payment in full and on time (including as a result of the application of
withholding or backup withholding for taxes), the applicable Underlying Warrant
will become null and void; provided, that if the Underlying Warrant Installment
Payment Date was a date on which the Company defaulted in the payment of
interest on the Notes, such Holder will automatically have five Business Days
from the Underlying Warrant Installment Payment Date to pay such Underlying
Warrant Installment Payment in cash until the Underlying Warrant is deemed
cancelled.

             (f)     Upon an Underlying Warrant Early Expiration Date, each
Holder will be released from the obligation to make Underlying Warrant
Installment Payments that would otherwise accrue and be owing in respect of an
Underlying Warrant that has expired, other than Underlying Warrant Installment
Payments accrued to (but not including) the Underlying Warrant Early Expiration
Date.

             (g)     The Company will have no recourse against any Holder for a
failure to timely make Underlying Warrant Installment Payments, other than
recourse against the Collateral to the extent provided in the Pledge Agreement.

                                     - 39 -

<PAGE>

     Section 5.4     EXERCISE OF UNDERLYING WARRANT.

             (a)     A Holder may exercise the Underlying Warrant at any time at
or prior to the earlier to occur of (i) 5:00 p.m., New York City time, on the
Underlying Warrant Maturity Date, and (ii) 5:00 p.m., New York City time, on the
Underlying Warrant Early Expiration Date.

             (b)     To exercise an Underlying Warrant (in whole but not in
part), a Holder (or its appropriate participant, if applicable) must, no later
than 5:00 p.m., New York City time, on the proposed date of exercise:

                     (i)    surrender to the SQUARZ Agent the Certificate
     representing the Unit that contains the Underlying Warrant to be exercised
     (or cause a book-entry transfer of such Unit to the SQUARZ Agent);

                     (ii)   properly complete, execute, and deliver to the
     SQUARZ Agent an election of exercise substantially in the form of Exhibit E
     (or in any other form that may be agreed to between the Company and the
     SQUARZ Agent), or an election of exercise for Net Share Settlement in a
     form reasonably acceptable to the SQUARZ Agent and the Company if, pursuant
     to Section 5.5(b), the Holder is required or permitted to use the Net Share
     Settlement procedure;

                     (iii)  if the Unit that contains the Underlying Warrant to
     be exercised was received in a transaction exempt from the registration
     requirements of the Securities Act, furnish to the SQUARZ Agent such
     certifications, opinions of counsel, or other information as the Company
     may reasonably require to confirm that the proposed exercise of the
     Underlying Warrant and the subsequent issuance of Berkshire Common Stock is
     being made pursuant to an exemption from the registration requirement under
     the Securities Act; and

                     (iv)   comply with Section 5.5.

     Section 5.5     SETTLEMENT AND PAYMENT OF UNDERLYING WARRANT EXERCISE
PRICE.

             (a)     Cash Settlement.

                     (i)    A Holder electing to exercise an Underlying Warrant
     must pay in respect of each such Underlying Warrant on or prior to the date
     of exercise:

                            (1)  the Underlying Warrant Exercise Price;

                            (2)  if such date of exercise is an Underlying
             Warrant Installment Payment Date, the Underlying Warrant
             Installment Payment that would otherwise be due on such date in
             respect of such Underlying Warrant; and

                            (3)  if such date of exercise is not an Underlying
             Warrant Installment Payment Date, a payment equal to the next
             scheduled Underlying Warrant Installment Payment, or if a Required
             Acceleration Event has occurred,

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<PAGE>

             a payment equal to the accrued Underlying Warrant Installment
             Payment to but excluding the Underlying Warrant Early Expiration
             Date.

                     (ii)   Such payment must be made to the SQUARZ Agent prior
     to 5:00 p.m., New York City time, on the proposed date of exercise in
     lawful money of the United States by certified or official bank check or
     wire transfer to an account designated by the SQUARZ Agent or the Company
     or, at the option of the Company, through the Depositary; provided,
     however, if the date of exercise is an Underlying Warrant Installment
     Payment Date, the Underlying Warrant Installment Payment will be made from
     application of the proceeds of the Collateral. All such monies will be paid
     to the Company on the date of exercise in settlement of the exercise of the
     Underlying Warrant in accordance with the terms of this Agreement and the
     Pledge Agreement.

                     (iii)  Notwithstanding anything to the contrary in this
     Section 5.5(a), if the Holder of a SQUARZ exercising an Underlying Warrant
     also participates in a Remarketing of the Pledged Notes contained in such
     SQUARZ, such Holder may elect in the Remarketing Election Form delivered to
     the SQUARZ Agent on or prior to 5:00 p.m. New York City time, on the fifth
     Business Day prior to the Remarketing Date (or, if such Holder has
     previously elected to participate in a Remarketing, in a supplemental
     Remarketing Election Form) to have the proceeds of a Successful Remarketing
     of such Pledged Notes (or the proceeds of the exercise of a Put subsequent
     to a Failed Remarketing) applied to the payment of the Underlying Warrant
     Exercise Price. Holders of SQUARZ electing to apply the proceeds of a
     Remarketing to the Underlying Warrant Exercise Price must also designate
     that if the Remarketing fails they will require the Company to repurchase
     their Notes and apply the proceeds to the Underlying Warrant Exercise
     Price. Such elections shall be irrevocable as to such Holder's
     participation in the Remarketing, but shall be revocable as to the election
     by such Holder to exercise the Underlying Warrant and/or apply such
     proceeds to the payment of the Underlying Warrant Exercise Price at any
     time prior to 5:00 p.m. New York City time, on the Underlying Warrant Early
     Expiration Date or the Underlying Warrant Maturity Date, as applicable.
     Such a revocation must be effected in a writing actually received at the
     Corporate Trust Office prior to 5:00 p.m. New York City time, on the
     Underlying Warrant Early Expiration Date or the Underlying Warrant Maturity
     Date, as applicable. Upon such revocation, the Remarketing Agent shall
     distribute the proceeds of any Successful Remarketing in accordance with
     this Agreement and the Pledge Agreement for further distribution to the
     Holder pursuant to Section 4.6 of the Pledge Agreement.

                     (iv)   No Holders will be permitted, at any time, to tender
     Notes in consideration of the payment of the Underlying Warrant Exercise
     Price or an Underlying Warrant Installment Payment.

             (b)     Net Share Settlement.

                     (i)    Notwithstanding anything in Section 5.5(a) to the
     contrary, if (x) at the time of exercise of an Underlying Warrant there is
     not an effective registration statement under the Securities Act
     registering the shares of Berkshire Common Stock issuable upon exercise of
     the Underlying Warrant and (y) the shares of Berkshire

                                     - 41 -

<PAGE>

     Common Stock issued pursuant to this Section 5.5(b) would not be
     "restricted securities" under Rule 144, the Holder, in exercising its
     Underlying Warrants, shall be required to effect a Net Share Settlement
     (and will not be permitted to effect a Cash Settlement).

                     (ii)   Notwithstanding anything in Section 5.5(a) to the
     contrary, if there has been a Failed Remarketing and the Holder of a SQUARZ
     exercised its right to Put the Pledged Note contained in such SQUARZ but
     the Company has not timely paid the full Repurchase Price of such Note,
     such Holder may elect to effect a Net Share Settlement.

                     (iii)  Any Holder of a Unit required or entitled to elect a
     Net Share Settlement will receive, upon compliance with Section
     5.4(b)(i)-(iii), that number of shares of Berkshire Class B Common Stock
     equal to the quotient of (x) the product of (i) the Average Market Value
     multiplied by the Class B Exchange Ratio, minus (ii) the Underlying Warrant
     Exercise Price, divided by (y) the Average Market Value, and then rounding
     such quotient down to the nearest whole number. A Holder (unless it
     specifies otherwise) exercising multiple Underlying Warrants simultaneously
     will receive that number of shares of Berkshire Class B Common Stock equal
     to the product of the above quotient and the number of Underlying Warrants
     being exercised, rounded down to the nearest whole number. No fractional
     shares will be issued in conjunction with a Net Share Settlement, and such
     Holder (or its appropriate participant, if applicable) will receive a cash
     payment equal to the amount of fractional Berkshire Class B Common Stock
     multiplied by the Average Market Value of a share of Berkshire Class B
     Common Stock in lieu of such a fractional share.

                     (iv)   The effective date of exercise of an Underlying
     Warrant by Net Share Settlement will be the Business Day on which the
     Holder complies with the requirements of Section 5.4 and Section 5.5,
     notwithstanding the fact that the Average Market Value will not begin to be
     calculated until the Trading Day immediately following such date. Upon the
     exercise of an Underlying Warrant by Net Share Settlement, the exercising
     Holder (or its appropriate participant, if applicable) must tender to the
     Company on the applicable date of exercise, an amount equal to the next
     scheduled Underlying Warrant Installment Payment; provided, however, if
     such date on which such Underlying Warrant is exercised is subsequent to a
     Required Acceleration Event, such payment shall instead equal the accrued
     Underlying Warrant Installment Payment to but excluding the Underlying
     Warrant Early Expiration Date. If such payment is not timely received from
     such Holder, such exercise of such Underlying Warrant will not be
     effective; provided, however, that nothing in this paragraph (iv) will
     prevent the Holder of such Underlying Warrant from effecting a later
     exercise.

     Section 5.6     Cancellation of Unit, Payment of Settlement Amounts and
     Issuance of Shares of Berkshire Common Stock Upon Exercise of Underlying
     Warrant.

             (a)     Subject to Sections 5.4 and 5.5 (including the receipt by
the SQUARZ Agent of a Unit in connection with the exercise of the Underlying
Warrant contained therein and of the Underlying Warrant Exercise Price and the
Underlying Warrant Installment Payment (or accrued portion thereof) due upon
exercise), the SQUARZ Agent will, on the effective date of an exercise of an
Underlying Warrant,

                                     - 42 -

<PAGE>

                     (i)    cancel such Unit; provided, however, that if the
     Unit is evidenced by a Certificate not all of the Underlying Warrants under
     which are exercised, the SQUARZ Agent shall authenticate, execute, and
     deliver for the exercising Holder a Certificate evidencing the whole Units
     remaining after exercise of the Underlying Warrants;

                     (ii)   pay the Underlying Warrant Exercise Price and the
     Underlying Warrant Installment Payment (or accrued portion thereof) to the
     Company;

                     (iii)  if such Unit was a SQUARZ, instruct the Collateral
     Agent to release a Pledged Note from the Pledge and Transfer such Note to
     the SQUARZ Agent, free and clear of the Pledge, on behalf of the exercising
     Holder (or its applicable participant, if applicable) for each Unit
     exercised;

                     (iv)   if such Unit was a Stripped SQUARZ, instruct the
     Collateral Agent to Transfer to the SQUARZ Agent, on behalf of the
     exercising Holder (or its applicable participant) its remaining Substitute
     Pledged Treasuries Interest, if any, subject to Section 5.6(c), free and
     clear of the Pledge;

                     (v)    instruct the Collateral Agent to Transfer, free and
     clear of the Pledge, to the SQUARZ Agent, on behalf of the exercising
     Holder (or its appropriate participant, if applicable) its remaining
     Initial Pledged Treasuries Interest, if any, subject to Section 5.6(c);

                     (vi)   if such Unit was a SQUARZ, instruct the Indenture
     Trustee to authenticate and deliver to the SQUARZ Agent, on behalf of the
     exercising Holder (or its applicable participant, if applicable) a Note
     registered in the name of the exercising Holder for each Unit exercised
     (which Note shall be a Class B Note, if the effective date of exercise is
     more than 90 days prior to the next following Scheduled Repurchase Date, or
     a Class C Note, if the effective date of exercise is not more than 90 days
     prior to the next following Scheduled Repurchase Date, or a Class A Note,
     if the effective date of exercise is on or after February 14, 2006); and

                     (vii)  subject to Section 5.6(c), Transfer to such Holder
     (A) the shares of Berkshire Common Stock issuable to it upon such exercise,
     (B) the Class A Note, Class B Note, Class C Note, or any remaining
     Substitute Pledged Treasuries Interest held for the benefit of such Holder,
     and (C) any remaining Initial Pledged Treasuries Interest held for the
     benefit of such Holder.

             (b)     Upon its receipt of payment in full of (x) the Underlying
Warrant Exercise Price (either pursuant to a Cash Settlement or a Net Share
Settlement) pursuant to an exercise of an Underlying Warrant, and (y) any
Underlying Warrant Installment Payment (or portion thereof) then due, the
Company shall issue and deposit with the SQUARZ Agent, for the benefit of the
exercising Holder of the Underlying Warrant, one or more certificates
representing the newly issued shares of Berkshire Common Stock registered in the
name of such Holder.

             (c)     If a Holder (or its appropriate participant, if applicable)
exercises the Underlying Warrant of a number of Units that is not an integral
multiple of 80, the SQUARZ

                                     - 43 -

<PAGE>

Agent shall instruct the Collateral Agent, and the Collateral Agent will,
distribute to such Holder (or its appropriate participant) (i) Notes
constituting a part of such Units, and (ii) any Initial Pledged Treasuries
and/or Substitute Pledged Treasuries constituting a part of such Units, in
integral multiples of $1,000 face amount and retain the remainder of such
Initial Pledged Treasuries and Substitute Pledged Treasuries for such Holder's
(or its appropriate participant's) benefit (free of the Pledge to the Company)
and distribute to such Holder the proceeds thereof as they mature, all in
accordance with Section 4.5(e) of the Pledge Agreement.

     Section 5.7     No Fractional Shares. Notwithstanding anything to the
contrary herein, no fractional shares or scrip representing fractional shares of
Berkshire Common Stock shall be issued or delivered pursuant to the exercise of
any Underlying Warrant. The Company shall provide the SQUARZ Agent from time to
time with sufficient funds to permit the SQUARZ Agent to make all cash payments
required by Sections 5.2(b) and (c) in a timely manner.

     Section 5.8     Anti-Dilution Adjustments. The Exchange Ratios shall be
subject to adjustment from time to time as follows:

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

                     (i)    Stock Dividends. In case the Company shall pay or
     make a dividend or other distribution on shares of any class of the
     Company's capital stock payable in Berkshire Common Stock, the Class A
     Exchange Ratio, as in effect at the close of business on the date fixed for
     the determination of stockholders entitled to receive such dividend or
     other distribution, shall be adjusted so as to equal the number determined
     by dividing the Class A Exchange Ratio by a fraction of which:

                            (1) the numerator shall be the sum of (x) the
             product of the number of shares of Berkshire Class A Common Stock
             times 30, plus (y) the number of shares of Berkshire Class B Common
             Stock, in each case outstanding at the close of business on the
             date fixed for such determination, and

                            (2) the denominator shall be the sum computed in
             clause (1) plus (x) (if such dividend or distribution is paid in
             shares of Berkshire Class A Common Stock) the total number of
             shares constituting such dividend or other distribution times 30,
             and plus (y) (if such dividend or distribution is paid in shares of
             Berkshire Class B Common Stock) the total number of shares
             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.

     If, after any such date fixed for determination, any such dividend or other
     distribution is not in fact paid, the Class A Exchange Ratio shall be
     immediately readjusted, effective as of the date the Company (or its Board
     of Directors) determines not to pay such dividend or other distribution, to
     the Class A Exchange Ratio that would have been in effect if such
     determination date had not been fixed. For the purposes of this paragraph
     (i), the number of shares of Berkshire Common Stock at the time outstanding
     shall not include shares held in the treasury of the Company, but shall
     include any shares issuable in

                                     - 44 -

<PAGE>

     respect of any scrip certificates issued in lieu of fractions of shares of
     Berkshire Common Stock. The Company will not pay any dividend or make any
     distribution on shares of Berkshire Common Stock held in the treasury of
     the Company.

                     (ii) Stock Splits; Reverse Splits. In case outstanding
     shares of Berkshire Class A Common Stock shall be subdivided or split into
     a greater number of shares of Berkshire Class A Common Stock, the Class A
     Exchange Ratio 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 of
     Berkshire Class A Common Stock shall be combined into a smaller number of
     shares of Berkshire Class A Common Stock, the Class A Exchange Ratio 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.

                     (iii) Stock Purchase Rights. In case the Company shall
     issue rights, options or warrants to all holders of Berkshire Common Stock
     (which rights, options or warrants are not available on an equivalent basis
     to Holders of the Units upon exercise of the Underlying Warrants comprising
     part of such Units) entitling them to subscribe for or purchase shares of a
     class of Berkshire Common Stock at a price per share less than the Closing
     Price of the applicable class of Berkshire Common Stock on the date fixed
     for the determination of stockholders entitled to receive such rights,
     options or warrants (other than (x) pursuant to a dividend reinvestment,
     share purchase or similar plan), the Class A Exchange Ratio in effect at
     the opening of business on the day following the date fixed for such
     determination shall be adjusted so as to equal the number determined by
     dividing the Class A Exchange Ratio by a fraction,

                            (1)  the numerator of which shall be the sum of (w)
          the product of the number of shares of Berkshire Class A Common Stock
          outstanding at the close of business on the date fixed for such
          determination times 30 plus (x) the number of shares of Berkshire
          Class B Common Stock outstanding at the close of business on the date
          fixed for such determination plus (y) (if the offer relates to
          Berkshire Class A Common Stock) the product of the number of shares of
          Berkshire Class A Common Stock which the aggregate of the offering
          price of the total number of shares of Berkshire Class A Common Stock
          so offered for subscription or purchase would purchase at the
          applicable Closing Price times 30 plus (z) (if the offer relates to
          Berkshire Class B Common Stock) the number of shares of Berkshire
          Class B Common Stock which the aggregate of the offering price of the
          total number of shares of Berkshire Class B Common Stock so offered
          for subscription or purchase would purchase at the applicable Closing
          Price, and

                            (2)  the denominator of which shall be the sum of
          (w) the product of the number of shares of Berkshire Class A Common
          Stock outstanding at the close of business on the date fixed for such
          determination times 30 plus (x) the number of shares of Berkshire
          Class B Common Stock outstanding at the

                                     - 45 -

<PAGE>

          close of business on the date fixed for such determination plus (y)
          (if the offer relates to Berkshire Class A Common Stock) the number of
          shares of Berkshire Class A Common Stock so offered for subscription
          or purchase times 30 plus (z) (if the offer relates to Berkshire Class
          B Common Stock) the number of shares of Berkshire Class B 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.

     If, after any such date fixed for determination, any such rights, options
     or warrants are not in fact issued, or are not exercised prior to the
     expiration thereof, the Class A Exchange Ratio shall be immediately
     readjusted, effective as of the date such rights, options or warrants
     expire, or the date the Company (or its Board of Directors) determines not
     to issue such rights, options or warrants, to the Class A Exchange Ratio
     that would have been in effect if such rights, options or warrants had
     never been granted or such determination date had not been fixed, as the
     case may be. For the purposes of this paragraph (iii), the number of shares
     of Berkshire 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 Berkshire Common Stock. The Company shall not issue any such rights,
     options or warrants in respect of shares of Berkshire Common Stock held in
     the treasury of the Company.

                     (iv)   Debt or Asset Distributions. In case the Company
     shall, by dividend or otherwise, distribute to all holders of Berkshire
     Common Stock evidences of its indebtedness or assets (including securities,
     but excluding any rights or warrants referred to in paragraphs (i) or (iii)
     of this Section 5.8(a), any dividend or distribution paid exclusively in
     cash, any distribution of shares of Subsidiary Common Stock referred to in
     paragraph (vii) of this Section 5.8(a), and any dividend, shares of capital
     stock of any class or series, or similar equity interests or distributions
     made in connection with a reclassification, change, consolidation, sale or
     conveyance involving the Company that results in a change in the
     consideration received upon the exercise of an Underlying Warrant), the
     Class A Exchange Ratio shall be adjusted so that the same shall equal the
     number determined by dividing the Class A Exchange Ratio in effect
     immediately prior to the close of business on the date fixed for the
     determination of stockholders entitled to receive such distribution by a
     fraction,

                            (1)  the numerator of which shall be the Closing
          Price of the Berkshire Class A 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) of the
          portion of the assets or evidences of indebtedness so distributed
          applicable to one share of Berkshire Class A Common Stock, and

                            (2)  the denominator of which shall be the Closing
          Price of the Berkshire Class A Common Stock on the date fixed for such
          determination,

                                     - 46 -

<PAGE>

          such adjustment to become effective immediately prior to the opening
          of business on the day following the date fixed for the determination
          of stockholders entitled to receive such distribution. In any case in
          which this paragraph (iv) is applicable, paragraph (iii) of this
          Section 5.8(a) shall not be applicable.

                     (v)    Cash Distributions. In case the Company shall, by
     dividend or otherwise, distribute to all holders of its Berkshire Common
     Stock cash (excluding any cash that is distributed in a Reorganization
     Event to which Section 5.8(b) applies or as part of a distribution referred
     to in paragraph (iv) or (vii) of this Section 5.8(a)) in an aggregate
     amount that, combined together with (x) the aggregate amount of any other
     distributions to all holders of its Berkshire Common Stock made exclusively
     in cash within the 12 months preceding the date of payment of such
     distribution and in respect of which no adjustment pursuant to this
     paragraph (v) or paragraph (vi) of this Section 5.8(a) has been made and
     (y) the aggregate of any cash plus the fair market value as of the date of
     the expiration of any tender or exchange offer referred to in paragraph
     (vi) (as determined by the Board of Directors, whose determination shall be
     conclusive) of consideration paid in respect of any tender or exchange
     offer by the Company or any of its subsidiaries for all or any portion of
     the Berkshire Common Stock concluded within the 12 months preceding the
     date of payment of such distribution and in respect of which no adjustment
     pursuant to this paragraph (v) or paragraph (vi) of this Section 5.8(a) has
     been made, exceeds 5% of the sum of (x) the product of the Closing Price of
     the Berkshire Class A Common Stock on the date for the determination of
     holders of shares of Berkshire Common Stock entitled to receive such
     distribution times the number of shares of Berkshire Class A Common Stock
     outstanding on such date plus (y) the product of the Closing Price of the
     Berkshire Class B Common Stock on the date for the determination of holders
     of shares of Berkshire Common Stock entitled to receive such distribution
     times the number of shares of Berkshire Class B Common Stock outstanding on
     such date (such excess being referred to herein as the "Excess Tender and
     Cash Amount"), then, and in each such case, immediately prior to the
     opening of business on the day after the date fixed for the determination
     of holders of shares of Berkshire Common Stock entitled to receive such
     distribution, the Class A Exchange Ratio shall be increased so that the
     same shall equal the number determined by dividing the Class A Exchange
     Ratio in effect immediately prior to the close of business on the date
     fixed for determination of the stockholders entitled to receive such
     distribution by a fraction

                            (1)  the numerator of which shall be equal to the
          difference of (x) the sum of (i) the product of the Closing Price of
          Berkshire Class A Common Stock on the date for the determination of
          holders of shares of Berkshire Common Stock entitled to receive such
          distribution multiplied by the number of shares of Berkshire Class A
          Common Stock outstanding on such determination date plus (ii) the
          product of the Closing Price of Berkshire Class B Common Stock on such
          determination date multiplied by the number of shares of Berkshire
          Class B Common Stock outstanding on such determination date minus (y)
          the Excess Tender and Cash Amount, and

                                     - 47 -

<PAGE>

                            (2)  the denominator of which shall be equal to the
          sum of (x) the product of (i) the Closing Price of Berkshire Class A
          Common Stock on such date of determination multiplied by (ii) the
          number of shares of Berkshire Class A Common Stock outstanding on such
          determination date plus (y) the product of (i) the Closing Price of
          Berkshire Class B Common Stock on such determination date multiplied
          by (ii) the number of shares of Berkshire Class B Common Stock
          outstanding on such determination date.

                     (vi)   Tender Offers. In case a tender or exchange offer
     made by the Company or any subsidiary of the Company for all or any portion
     of the Berkshire Common Stock shall expire and such tender or exchange
     offer (as amended upon the expiration thereof) shall require the payment to
     stockholders (based on the acceptance (up to any maximum specified in the
     terms of the tender or exchange offer) of Purchased Shares (as defined
     below)) of an aggregate consideration having a fair market value (as
     determined by the Board of Directors, whose determination shall be
     conclusive) that combined together with (x) the aggregate of the cash plus
     the fair market value (as determined by the Board of Directors, whose
     determination shall be conclusive), as of the expiration of such tender or
     exchange offer, of consideration paid 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 Berkshire 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 (v) of this Section 5.8(a) or
     this paragraph (vi) has been made and (y) the aggregate amount of any
     distributions to all holders of the Company's Berkshire Common Stock made
     exclusively in cash within the 12 months preceding the expiration of such
     tender or exchange offer (excluding any cash that is distributed in a
     Reorganization Event to which Section 5.8(b) applies or as part of a
     distribution referred to in paragraph (iv) or (vii) of this Section 5.8(a),
     and in respect of which no adjustment pursuant to paragraph (v) of this
     Section 5.8(a) or this paragraph (vi) has been made) (such fair market
     value of the payment to stockholders of Purchased Shares together with the
     amounts stated in clauses (x) and (y) above, the "Tender and Cash Amount")
     exceeds 5% of the sum of (x) the product of the Current Market Price of
     Berkshire Class A Common Stock times the number of shares of Berkshire
     Class A Common Stock outstanding (including any tendered shares) as of the
     last time (the "Expiration Time for Tenders") tenders could have been made
     pursuant to such tender or exchange offer (as it may be amended) on the
     Expiration Time for Tenders plus (y) the product of the Current Market
     Price of Berkshire Class B Common Stock times the number of shares of
     Berkshire Class B Common Stock outstanding (including any tendered shares)
     as of the Expiration Time for Tenders, then, and in each such case,
     immediately prior to the opening of business on the day after the date of
     the Expiration Time for Tenders, the Class A Exchange Ratio shall be
     adjusted so that the same shall equal the number determined by dividing the
     Class A Exchange Ratio immediately prior to the close of business on the
     date of the Expiration Time for Tenders by a fraction

                            (1)  the numerator of which shall be equal to the
          difference of (x) the sum of (i) the product of the Current Market
          Price of Berkshire Class A Common Stock determined on the date of the
          Expiration Time for Tenders times the number of shares of Berkshire
          Class A Common Stock outstanding (including any

                                     - 48 -

<PAGE>

          tendered shares) on the Expiration Time for Tenders plus (ii) the
          product of the Current Market Price of Berkshire Class B Common Stock
          determined on the date of the Expiration Time for Tenders times the
          number of shares of Berkshire Class B Common Stock outstanding
          (including any tendered shares) on the Expiration Time for Tenders
          minus (y) the Tender and Cash Amount, and

                            (2)  the denominator of which shall be equal to the
          sum of (x) the product of (i) the Current Market Price of Berkshire
          Class A Common Stock determined on the date of the Expiration Time for
          Tenders times (ii) the number of shares of Berkshire Class A Common
          Stock outstanding (including any tendered shares) as of the Expiration
          Time for Tenders minus the number of shares of Berkshire Class A
          Common Stock validly tendered and not withdrawn as of the Expiration
          Time for Tenders plus (y) the product of (i) the Current Market Price
          of Berkshire Class B Common Stock determined on the date of the
          Expiration Time for Tenders times (ii) the number of shares of
          Berkshire Class B Common Stock outstanding (including any tendered
          shares) as of the Expiration Time for Tenders minus the number of
          shares of Berkshire Class B Common Stock validly tendered and not
          withdrawn as of the Expiration Time for Tenders.

     Shares deemed accepted up to any maximum specified in the terms of the
     tender or exchange offer are referred to herein as the "Purchased Shares."

                     (vii)  Distribution of Subsidiary Common Stock. In case the
     Company distributes shares of Subsidiary Common Stock to holders of
     Berkshire Common Stock (but excluding any distributions of evidences of
     indebtedness or assets referred to in paragraph (iv) of this Section
     5.8(a)), the Class A Exchange Ratio in effect on the opening of business on
     the eleventh Trading Day immediately following the date of such
     distribution shall be adjusted so as to equal the number determined by
     dividing the Class A Exchange Ratio by a fraction,

                            (1)  the numerator of which shall be the Current
          Market Price of Berkshire Class A Common Stock determined on such
          eleventh Trading Day, and

                            (2)  the denominator of which shall be the sum of
          (x) the amount computed in clause (1) plus (y) the Current Subsidiary
          Market Price multiplied by the number of full shares (if any) of
          Subsidiary Common Stock distributed with respect to one share of
          Berkshire Class A Common Stock plus (z) the cash (if any) distributed
          with respect to one share of Berkshire Class A Common Stock.

     In any case in which this paragraph (vii) is applicable, paragraph (iv) of
     this Section 5.8(a) shall not be applicable.

                     (viii) Reclassification. The reclassification of Berkshire
     Common Stock into securities including securities other than Berkshire
     Common Stock (other than any reclassification upon a Reorganization Event
     to which Section 5.8(b) applies) shall be deemed to involve (i) a
     distribution of such securities other than Berkshire Common

                                     - 49 -

<PAGE>

     Stock to all holders of Berkshire Common Stock (and the effective date of
     such reclassification shall be deemed to be "the date fixed for the
     determination of stockholders entitled to receive such distribution" and
     the "date fixed for such determination" within the meaning of paragraph
     (iv) of this Section 5.8(a)), and (ii) a subdivision, split or combination,
     as the case may be, of the number of shares of Berkshire Common Stock
     outstanding immediately prior to such reclassification into the number of
     shares of Berkshire 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 (ii) of this Section 5.8(a)).

                     (ix)   Calculation of Adjustments. All adjustments to the
     Class A Exchange Ratio shall be calculated to the nearest 1/10,000th of a
     share of Berkshire Class A 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 Class A Exchange Ratio 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. Whenever the Class A Exchange
     Ratio is adjusted as provided herein, the Class B Exchange Ratio shall be
     adjusted to equal that number which is 30 times the Class A Exchange Ratio.

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

                     (i)    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 Berkshire
          Common Stock outstanding immediately prior to the merger or
          consolidation is 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
          Required Acceleration Event

     (any such event, a "Reorganization Event"), each share of Berkshire Common
     Stock covered by each Underlying Warrant forming a part of a Unit
     immediately prior to such Reorganization Event shall, after such
     Reorganization Event, be converted for purposes of the Underlying Warrant
     into the kind and amount of securities, cash and other property receivable
     in such Reorganization Event (without any interest thereon, and without any

                                     - 50 -

<PAGE>

     right to dividends or distributions thereon which have a record date that
     is prior to the Underlying Warrant Maturity Date) per share of Berkshire
     Common Stock by a holder of Berkshire 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 Berkshire 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
     Berkshire Common Stock (ignoring for this purpose differences that are
     mandated by the proportional relationship between Berkshire Class A Common
     Stock and Berkshire Class B Common Stock) held immediately prior to such
     Reorganization Event by 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 by a plurality of the Non-electing
     Shares). On the Underlying Warrant Maturity Date, the Class A Exchange
     Ratio then in effect will be applied for determining the amount of such
     securities, cash or other property to which a Holder of an Underlying
     Warrant is entitled upon exercise, provided that cash will be paid in lieu
     of any fractional shares or units of securities or property not divisible
     into appropriate fractional amounts.

                     (ii)   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 SQUARZ Agent an
     agreement supplemental hereto providing that the Holder of each Unit shall
     have the rights provided by this Section 5.8, and the Company shall not be
     a party to a Reorganization Event in the absence of such a supplemental
     agreement. 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 5.9     NOTICE OF ADJUSTMENTS AND CERTAIN OTHER EVENTS.

             (a)     Whenever the Class A Exchange Ratio and Class B Exchange
Ratio is adjusted as herein provided, the Company shall:

                     (i)    forthwith compute the Class A Exchange Ratio and
     Class B Exchange Ratio in accordance with Section 5.8 and prepare and
     transmit to the SQUARZ Agent an Officer's Certificate setting forth the
     adjusted Class A Exchange Ratio and Class B Exchange Ratio, the method of
     calculation thereof in reasonable detail, and the facts requiring such
     adjustment and upon which such adjustment is based; and

                                     - 51 -

<PAGE>

                     (ii)   as soon as practicable following the occurrence of
     an event that requires an adjustment to the Class A Exchange Ratio and
     Class B Exchange Ratio pursuant to Section 5.8 (or if the Company is not
     aware of such occurrence, as soon as practicable after becoming so aware),
     provide a written notice to the Holders of the Units of the occurrence of
     such event and a statement in reasonable detail setting forth the method by
     which the adjustment to the Class A Exchange Ratio and Class B Exchange
     Ratio was determined and setting forth the adjusted Class A Exchange Ratio
     and Class B Exchange Ratio.

              (b)    The SQUARZ 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 Class A Exchange Ratio and Class B Exchange
Ratio, 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 SQUARZ Agent shall not be accountable with respect to the validity or value
(or the kind or amount) of any shares of Berkshire Common Stock, or of any
securities or property, that may at the time be issued or delivered with respect
to any SQUARZ or Stripped SQUARZ; and the SQUARZ Agent makes no representation
with respect thereto. The SQUARZ Agent shall not be responsible for any failure
of the Company to issue, transfer or deliver any shares of Berkshire Common
Stock pursuant to a SQUARZ or Stripped SQUARZ or to comply with any of the
duties, responsibilities or covenants of the Company contained in this Article.

     Section 5.10    Charges and Taxes. The Company will pay all stock transfer
and similar taxes attributable to the initial issuance and delivery of the
shares of Berkshire Common Stock pursuant to the exercise of the Underlying
Warrants; 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 Berkshire 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 SQUARZ Agent, as custodian for such Holder, and the Company shall not be
required to issue or deliver such share certificates or Certificates 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 5.11    Reservation of Shares. The Company has authorized and will
reserve for issuance the maximum number of shares of Berkshire Common Stock
issuable upon the exercise of all outstanding Underlying Warrants. Such shares
of Berkshire Common Stock, when issued and paid for in accordance with the
provisions of this Agreement, will be duly and validly issued, fully paid and
nonassessable, free of preemptive rights and free from all taxes, liens, charges
and security interests.

     Section 5.12    REQUIRED ACCELERATION EVENT; NOTICE.

             (a)     For purposes of determining whether a Required Acceleration
Event has occurred due to the market value of a SQUARZ being less than 95% of
its underlying value (each, as more specifically set forth in the definition of
Required Acceleration Event), neither the Company nor the SQUARZ Agent shall
have any obligation to determine such market value or

                                     - 52 -

<PAGE>

underlying value unless and until requested in writing by a holder of SQUARZ to
determine such amounts; provided, however, that the SQUARZ Agent shall thereupon
calculate the market value and underlying value, as required, beginning on the
first Trading Day following receipt of such notice, provided, further that the
SQUARZ Agent shall cease performing such calculation on the first Trading Day on
which the market value of the SQUARZ exceeds 95% or more of its underlying value
and shall not be required to recommence such calculation until a new notice is
received in writing from a holder of SQUARZ.

             (b)     If a Required Acceleration Event occurs, the Company will
cause written notice thereof to be given to the Holders as soon as reasonably
practicable, but in no event more than 5 Business Days after such Required
Acceleration Event has occurred. Such notice will state that a Required
Acceleration Event has occurred and that the Underlying Warrants will expire on
the 30th day following the giving of notice by the Company that a Required
Acceleration Event has occurred (the "Underlying Warrant Early Expiration Date")
or on the Underlying Warrant Maturity Date, whichever is earlier.

             (c)     The Underlying Warrants shall terminate without the
necessity of any notice or action by any Holder, on the Underlying Warrant Early
Expiration Date. Upon and after the Underlying Warrant Early Expiration Date,
each unexercised SQUARZ shall thereafter represent a Note and an Initial Pledged
Treasuries Interest, and each unexercised Stripped SQUARZ shall thereafter
represent a Substitute Pledged Treasuries Interest and an Initial Pledged
Treasuries Interest, in each case until released in accordance with the
provisions of the Pledge Agreement. Following the Underlying Warrant Early
Expiration Date, the SQUARZ Agent will sell (or will instruct the Collateral
Agent to sell) the remaining Initial Pledged Treasuries and Substitute Pledged
Treasuries, and the SQUARZ Agent shall distribute the net sale proceeds from the
Substitute Pledged Treasuries to the holders of the Stripped SQUARZ and the net
sale proceeds from the Initial Pledged Treasuries to the holders of Units, in
each case, on a pro rata basis as soon as practicable following the Underlying
Warrant Early Expiration Date.

     Section 5.13    CANCELLATION OF UNDERLYING WARRANTS.

             (a)     Each Holder of a SQUARZ shall have the right, on each
Scheduled Repurchase Date, provided the Pledged Note is concurrently therewith
properly Put in accordance with the terms of the Indenture, to cancel the
Underlying Warrant comprising such SQUARZ by notice to the SQUARZ Agent no later
than 5:00 p.m. New York City time on the Business Day prior to the Scheduled
Repurchase Date (in which case the Holder shall also simultaneously pay to the
SQUARZ Agent, for the benefit of the Company, in cash, the Underlying Warrant
Installment Payment due on such Scheduled Repurchase Date).

             (b)     If there has been a default by the Company in the payment
of interest on the Notes, each Holder shall have the option to cancel its
Underlying Warrants, effective on the date of such defaulted interest payment,
by notice to the SQUARZ Agent within five Business Days of such default (in
which case such Holder will not be obligated to make any further Underlying
Warrant Installment Payments due on or after the Underlying Warrant Cancellation
Date). If a Holder of SQUARZ does not wish to cancel its Underlying Warrants
such Holder shall, within five Business Days of such default, convert such
SQUARZ to a Stripped SQUARZ

                                     - 53 -

<PAGE>

as provided herein; provided, that failure to convert shall be deemed to be an
exercise of such Holder's option to cancel its Underlying Warrants.

             (c)     Upon the occurrence of a Bankruptcy Event, all Underlying
Warrants shall immediately and automatically, without need for any action by the
Holder, the SQUARZ Agent or the Company, be cancelled (in which case such Holder
will not be obligated to make any further Underlying Warrant Installment
Payments due on or after the Underlying Warrant Cancellation Date, whether or
not otherwise accrued as of such date).

             (d)     Upon the cancellation of an Underlying Warrant, the Holder
thereof shall no longer be required to make Underlying Warrant Installment
Payments, and the Collateral shall be returned to the Holders in accordance with
the provisions of the Pledge Agreement. Other than for the deemed cancellation
upon a Bankruptcy Event, if a Holder cancels a number of Units that is not an
integral multiple of 80, the SQUARZ Agent will instruct the Collateral Agent to
distribute to such Holder Notes constituting a part of such Units and any
Initial Pledged Treasuries and/or Substitute Pledged Treasuries constituting a
part of such Units, in integral multiples of $1,000 face amount; provided,
however, that the Collateral Agent will retain the remainder of such Initial
Pledged Treasuries and Substitute Pledged Treasuries for such Holder's benefit
(free of the Pledge to the Company) and distribute to such holder the proceeds
thereof as they mature. Upon the occurrence of a Bankruptcy Event, subject to
the approval of the bankruptcy court, if required, Notes will be returned to
Holders of SQUARZ and Initial Pledged Treasuries and Substitute Pledged
Treasuries will be sold by the SQUARZ Agent, with the proceeds from the
Substitute Pledged Treasuries to be distributed pro rata to the Holders of the
Stripped SQUARZ and the proceeds from the Initial Pledged Treasures to be
distributed pro rata to the Holders of Units.

             (e)     Except as set forth in this Section 5.13, Underlying
Warrants may not be cancelled by the Holders of the Units.

     Section 5.14    Reductions in Exercise Price. The Company may make such
reductions in the Underlying Warrant Exercise Price as it considers to be
advisable in order to avoid or diminish any income tax to any holders of shares
of Berkshire Common Stock resulting from any dividend or distribution of 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. The
Company shall give at least 15 days notice prior to the date any such reduction
becomes effective, and any such reduction shall remain effective for at least 20
days.

                                    ARTICLE 6
                                   REMARKETING.

     Section 6.1     Engagement of Remarketing Agent. Upon the occurrence of a
Remarketing Event, the Company shall engage a nationally recognized investment
bank (the "Remarketing Agent") pursuant to a Remarketing Agreement substantially
in the form of Exhibit H hereto, to (a) determine the Reset Rate and (b) sell
the Notes (other than the Notes of Holders

                                     - 54 -

<PAGE>

that have elected not to participate in the remarketing pursuant to the
procedures set forth in Section 6.3) (together, a "Remarketing").

     Section 6.2     REMARKETING PROCEDURE.

             (a)     The Company shall request, not later than seven nor more
than 15 calendar days prior to the Reset Announcement Date, that the Depositary
notify its participants holding the SQUARZ or the Separate Notes of the Reset
Announcement Date and of the procedures that must be followed if any owner of
SQUARZ or Notes wishes to elect not to participate in the remarketing.

             (b)     On the Reset Announcement Date, (i) the Remarketing Agent
and the Company shall determine the Applicable Benchmark Treasury and the
Remarketing Agent shall determine the Reset Spread and (ii) the Company shall
announce the Reset Spread and the Applicable Benchmark Treasury, and cause a
notice of the Reset Spread and the Applicable Benchmark Treasury to be published
on the Business Day following the Reset Announcement Date by publication in The
Wall Street Journal or another daily newspaper in the English language of
general circulation in New York City.

             (c)     At no later than 10:00 a.m., New York City time, on the
third Business Day immediately preceding the Remarketing Date, the Company and
the SQUARZ Agent shall notify the Remarketing Agent of the aggregate principal
amount of the Notes (including Pledged Notes and Separate Notes) that will
participate in the remarketing (the "Participating Notes"), and the Company
shall also give a written notice to the Remarketing Agent as to whether or not
there is any limitation under applicable law on the Reset Rate on the Notes,
and, if so, the maximum permissible Reset Rate. On the Business Day immediately
preceding the Remarketing Date, the Collateral Agent and the SQUARZ Agent,
pursuant to the terms of the Pledge Agreement, will deliver to the Remarketing
Agent all Notes to be remarketed.

             (d)     Subject to the terms and conditions set forth in the
Remarketing Agreement, on the Remarketing Date, the Remarketing Agent shall use
commercially reasonable efforts to remarket the Participating Notes with an
interest rate equal to the Reset Rate at a price equal to 100.125% of the
principal amount of such Notes, plus any accrued and unpaid interest. If, by
4:00 p.m., New York City time, on the Remarketing Date, the Remarketing Agent is
unable to remarket all of the Participating Notes at a price of at least 100% of
the principal amount of such Notes, plus any accrued and unpaid interest, a
"Failed Remarketing" will have occurred.

             (e)     In the event of a Successful Remarketing:

                     (i)    By approximately 4:30 p.m., New York City time, on
     the Remarketing Date the Remarketing Agent will advise:

                            (1)  the Depositary, the Indenture Trustee, the
          SQUARZ Agent and the Company of the Reset Rate determined in the
          Remarketing and the number of Notes sold in the Remarketing;

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<PAGE>

                            (2)  each Person purchasing Notes in the
          Remarketing, or the appropriate Clearing Agency Participant, of the
          Reset Rate (if applicable) and the number of Notes such Person is to
          purchase; and

                            (3)  each purchaser of Notes to give instructions to
          its Clearing Agency Participant to pay the purchase price on the
          settlement date in same day funds against delivery of the Notes
          purchased through the facilities of the Depositary; and

     The proceeds from a Successful Remarketing shall initially be paid to the
     SQUARZ Agent, to be further paid to the Collateral Agent (to the extent
     such Notes were Pledged), or paid to Holders of Separate Notes.

             (f)     In the event of a Failed Remarketing:

                     (i)    the SQUARZ Agent will give notice of the Failed
     Remarketing to the Company and all Holders of Notes and SQUARZ in a manner
     consistent with Section 2.9 prior to the close of business on the Business
     Day following the Remarketing Date; and

                     (ii)   the Remarketing Agent shall promptly return the
     Participating Notes included in such Failed Remarketing to the SQUARZ
     Agent, to be further returned by the SQUARZ Agent to their Holders, and in
     the case of the Pledged Notes, to the Collateral Agent.

     Section 6.3     ELECTIONS BY HOLDERS.

             (a)     Holders of the SQUARZ or Separate Notes may, by delivery of
a completed and executed Remarketing Election Form to the SQUARZ Agent no later
than 5:00 p.m., New York City time, on the fifth Business Day immediately
preceding the Remarketing Date, elect not to participate in the Remarketing. Any
such notice will be irrevocable and may not be conditioned upon the level at
which the Reset Rate is established in the Remarketing. Holders of SQUARZ or
Separate Notes who have not delivered such a form will be deemed to have agreed
to participate in the Remarketing. Holders of SQUARZ will be deemed to have
elected to participate in an Acceleration Event Remarketing unless they have
tendered on or prior to the fifth Business Day preceding the Remarketing Date
cash in an amount equal to the interest on the Pledged Notes that has accrued or
will accrue up to (but excluding) the Underlying Warrant Early Expiration Date.

             (b)     Holders of SQUARZ participating in the Remarketing may
provide notice by the fifth Business Day preceding the Remarketing Date
indicating that they intend to exercise Underlying Warrants in connection with
such Remarketing and that they wish the proceeds of a Successful Remarketing (or
the proceeds of the Put of their Notes upon a Failed Remarketing pursuant to
Section 5.5(a)(iii)) to be applied to the Underlying Warrant Exercise Price.
Holders of SQUARZ electing to apply the proceeds of a Successful Remarketing to
the Underlying Warrant Exercise Price must also designate that upon a Failed
Remarketing they will Put their Notes and apply the proceeds to the Underlying
Warrant Exercise Price. If a Holder of SQUARZ has given notice of exercise of an
Underlying Warrant and has requested that the

                                     - 56 -

<PAGE>

Remarketing proceeds be applied to the Underlying Warrant Exercise Price, any
excess net proceeds will be distributed to the Holder. If a Holder of a SQUARZ
participating in the Remarketing does not elect to exercise the Underlying
Warrant, the proceeds from a remarketed Note (net of any payment on the Note,
exclusive of payment of principal of the Note, that may be applied to the
payment of the Underlying Warrant Installment Payment due hereunder) will be
distributed to that Holder.

     Section 6.4     OTHER AGREEMENTS.

             (a)     The right of a Holder to have Notes sold in a Remarketing
is limited to the extent that (i) the Remarketing Agent conducts a Remarketing
on the Remarketing Date pursuant to the terms of this Agreement and the
Remarketing Agreement, (ii) the Remarketing Agent is able to find a purchaser or
purchasers for the Notes at a Reset Rate that results in a Successful
Remarketing, and (iii) such purchaser or purchasers deliver the purchase price
therefor to the Remarketing Agent as and when required.

             (b)     The Company will pay for all costs and expenses incurred in
connection with the Remarketing, including the fee paid to the Remarketing
Agent.

                                    ARTICLE 7
                                THE SQUARZ AGENT

     Section 7.1     CERTAIN DUTIES, RIGHTS AND IMMUNITIES.

             (a)     The SQUARZ Agent shall act as agent for the Holders of the
Units hereunder with such powers as are specifically vested in the SQUARZ Agent
by the terms of this Agreement, the Pledge Agreement, the Indenture, the
Remarketing Agreement (when executed), the Notes and the Units, and any
documents evidencing thereof or related thereto (the "Transaction Documents"),
together with such other powers as are reasonably incidental thereto. The SQUARZ
Agent:

                     (i)    shall have no duties or responsibilities except
     those expressly set forth in the Transaction Documents and no implied
     covenants or obligations shall be inferred from any Transaction Documents
     against the SQUARZ Agent, nor shall the SQUARZ Agent be bound by the
     provisions of any agreement by any party hereto beyond the specific terms
     hereof;

                     (ii)   shall be entitled conclusively to rely upon (x) any
     certification, order, judgment, opinion, notice or other communication
     (including, without limitation, any thereof by telephone or facsimile)
     reasonably believed by it to be genuine and correct and to have been signed
     or sent by or on behalf of the proper Person or Persons (without being
     required to determine the correctness of any fact stated therein), and (y)
     the truth of the statements and the correctness of the opinions expressed
     therein, and (z) advice and statements of legal counsel and other experts
     selected by the SQUARZ Agent;

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<PAGE>

                     (iii)  as to any matters not expressly provided for by any
     Transaction Document, shall in all cases be fully protected in acting, or
     in refraining from acting, hereunder or thereunder in accordance with
     instructions given by the Company or the Holders in accordance with the
     Transaction Documents;

                     (iv)   shall not be responsible for any recitals contained
     in any Transaction Document, or in any certificate or other document
     referred to or provided for in, or received by it under, any Transaction
     Document or the Units, or for the value, validity, effectiveness,
     genuineness, enforceability or sufficiency of any Transaction Document
     (other than as against the SQUARZ Agent) or the Units or any other document
     referred to or provided for herein or therein or for any failure by the
     Company, any Holder or any other Person (except the SQUARZ Agent) to
     perform any of its obligations hereunder or thereunder or for the
     perfection, priority or, except as expressly required hereby, existence,
     validity, perfection or maintenance of any security interest created under
     the Pledge Agreement, or for the use or application by the Company of the
     proceeds in respect of the SQUARZ or the Stripped SQUARZ;

                     (v)    shall not be required to initiate or conduct any
     litigation or collection proceedings hereunder;

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

                     (vii)  shall not be required to advise any party as to
     selling or retaining, or taking or refraining from taking any action with
     respect to, the Units or other rights under any Transaction Document.

             (b)     No provision of any Transaction Document shall be construed
to relieve the SQUARZ Agent from liability for its own grossly negligent action,
its own grossly negligent failure to act, or its own willful misconduct, except
that:

                     (i)    this paragraph (b) shall not be construed to limit
     the effect of paragraph (a) of this Section 7.1;

                     (ii)   the SQUARZ 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 SQUARZ Agent was grossly negligent in ascertaining the
     pertinent facts; and

                     (iii)  in no event shall the SQUARZ Agent be required to
     expend or risk its own funds or otherwise incur any financial liability in
     the performance of any of its duties hereunder.

             (c)     In no event shall the SQUARZ Agent or its officers,
employees or agents be liable for any special, indirect, individual, punitive or
consequential damages, lost profits or loss of business, arising in connection
with any Transaction Document, whether or not the likelihood of such loss or
damage was known to the SQUARZ Agent, incurred without any act

                                     - 58 -

<PAGE>

or deed that is found to be attributable to gross negligence, bad faith or
willful misconduct on the part of the SQUARZ Agent.

             (d)     Whether or not therein expressly so provided, every
provision of every Transaction Document relating to the conduct or affecting the
liability of or affording protection to the SQUARZ Agent shall be subject to the
provisions of this Section 7.1.

             (e)     The SQUARZ Agent is authorized to execute and deliver the
Pledge Agreement and a Remarketing Agreement and any supplement thereto in its
capacity as SQUARZ Agent.

             (f)     The SQUARZ Agent shall have no liability whatsoever for the
action or inaction of any Clearing Agency or any book-entry system thereof. In
no event shall any Clearing Agency or any book-entry system thereof be deemed an
agent or subcustodian of the SQUARZ Agent.

             (g)     The SQUARZ Agent shall not be responsible or liable for any
failure or delay in the performance of its obligations under any Transaction
Document arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fires; floods; wars; civil or military disturbances; sabotage;
epidemics; riots; interruptions, loss or malfunctions of utilities, computer
(hardware or software) or communications service; accidents; labor disputes;
acts of civil or military authority; governmental actions; or inability to
obtain labor, material, equipment or transportation.

     Section 7.2     Notice Of Default. Within 90 days after the occurrence of
any default by the Company hereunder of which a Responsible Officer of the
SQUARZ Agent has actual knowledge, the SQUARZ Agent shall transmit by mail to
the Company and the Holders of Units, as their names and addresses appear in the
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)     any request or direction of the Company mentioned herein
shall be sufficiently evidenced by an Officer's Certificate, Company Order or
Company Request, and any resolution of the Board of Directors of the Company may
be sufficiently evidenced by a Board Resolution;

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

             (c)     the SQUARZ Agent may consult with counsel of its selection
and the written advice of such counsel or any Opinion of Counsel shall be full
and complete

                                     - 59 -

<PAGE>

authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon;

             (d)     the SQUARZ 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 SQUARZ 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 SQUARZ and the Stripped SQUARZ as it may see
fit, and, if the SQUARZ 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;

             (e)     the SQUARZ 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 SQUARZ Agent and the SQUARZ Agent shall not be
responsible for any misconduct or negligence on the part of any agent or
attorney or an Affiliate appointed with due care by it hereunder;

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

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

             (h)     the SQUARZ Agent may request that the Company deliver an
Officer's 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 Officer's Certificate may be signed by any person authorized to
sign an Officer's Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

     Section 7.4     NOT RESPONSIBLE FOR RECITALS, ETC.

          The recitals contained herein and in the Certificates shall be taken
as the statements of the Company.

     Section 7.5     MAY HOLD UNITS AND OTHER DEALINGS.

          Any Registrar or any other agent of the Company, or the SQUARZ 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 SQUARZ Agent. The SQUARZ Agent
and its Affiliates may (without having to account therefor to the Company

                                     - 60 -

<PAGE>

or any Holder of Units or holder of Separate Notes) accept deposits from, lend
money to, make investments in and generally engage in any kind of banking, trust
or other business with the Company, any Holder of Units and any holder of
Separate Notes (and any of their respective subsidiaries or Affiliates) as if it
were not acting as the SQUARZ Agent and the SQUARZ Agent and their Affiliates
may accept fees and other consideration from the Company, any Holder of Units or
any holder of Separate Notes without having to account for the same to any such
Person.

     Section 7.6     MONEY HELD IN CUSTODY.

          Money held by the SQUARZ Agent in custody hereunder need not be
segregated from the SQUARZ Agent's other funds except to the extent required by
law or provided herein. The SQUARZ 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.

             (a)     The Company agrees:

                     (i)    to pay to the SQUARZ Agent from time to time such
     compensation as shall be agreed in writing between the Company and the
     SQUARZ Agent for all services rendered by it hereunder (which compensation
     shall not be limited by any provision of law in regard to the compensation
     of a trustee of an express trust);

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

                     (iii)  to indemnify the SQUARZ Agent and any predecessor
     SQUARZ Agent for, and to hold it harmless against, any and all losses,
     liabilities or reasonable out-of-pocket expenses incurred without gross
     negligence, willful misconduct or bad faith on its part, arising out of or
     in connection with the acceptance or administration of its duties under the
     Transaction Documents, including the costs and expenses (including
     reasonable fees and expenses of counsel) of defending itself against any
     claim (whether asserted by the Company, a Holder, or any other Person) or
     liability in connection with the exercise or performance of any of its
     powers or duties under the Transaction Documents. The SQUARZ 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 participate
     in 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.

             (b)     The SQUARZ Agent shall have a lien prior to the SQUARZ as
to all property and funds held by it hereunder for any amount owing to it or any
predecessor SQUARZ

                                     - 61 -

<PAGE>

Agent pursuant to this Section 7.7, except with respect to funds held in trust
for the benefit of Holders or any holders of Notes.

             (c)     When the SQUARZ Agent incurs expenses or renders services
in connection with any event specified in Section 5.13, the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the
services are intended to constitute expenses of administration under any
applicable Federal or state bankruptcy, insolvency or other similar law.

             (d)     The provisions of this Section 7.7 shall survive the
termination of this Agreement.

     Section 7.8     Corporate Agent Required; Eligibility. There shall at all
times be one (and only one) SQUARZ Agent hereunder with respect to the Units,
which may be a SQUARZ Agent or trustee hereunder for Units or securities of one
or more other series. Each SQUARZ Agent shall be a Person that is eligible
pursuant to the TIA to act as such and has a combined capital and surplus of at
least $100,000,000 and has an office in New York, New York. If any such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of
this Section 7.8 and to the extent permitted by the TIA, the combined capital
and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the SQUARZ Agent with respect to the securities of any series shall
cease to be eligible in accordance with the provisions of this Section 7.8, 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 SQUARZ Agent and no
appointment of a successor SQUARZ Agent pursuant to this Article shall become
effective until the acceptance of appointment by the successor SQUARZ Agent in
accordance with the applicable requirements of Section 7.10.

             (b)     The SQUARZ 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 an instrument of acceptance by a successor SQUARZ Agent required
by Section 7.10 shall not have been delivered to the SQUARZ Agent within 30 days
after the giving of such notice of resignation, the resigning SQUARZ Agent may
petition at the expense of the Company any court of competent jurisdiction for
the appointment of a successor SQUARZ Agent.

             (c)     The SQUARZ Agent may be removed at any time by Act of the
Holders of a majority in number of the Outstanding Units delivered to the SQUARZ
Agent and the Company. If an instrument of acceptance by a successor SQUARZ
Agent required by Section 7.10 shall not have been delivered to the SQUARZ Agent
within 30 days after the giving of such notice of removal, the SQUARZ Agent
being removed may petition at the expense of the Company any court of competent
jurisdiction for the appointment of a successor SQUARZ Agent

                                     - 62 -

<PAGE>

             (d)     If at any time:

                     (i)    the SQUARZ Agent fails to comply with Section 310(b)
     of the TIA, as if the SQUARZ 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

                     (ii)   the SQUARZ 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

                     (iii)  the SQUARZ Agent shall become incapable of acting or
     shall be adjudged bankrupt or insolvent or a receiver of the SQUARZ Agent
     or of its property shall be appointed or any public officer shall take
     charge or control of the SQUARZ 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
SQUARZ 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 SQUARZ Agent
and the appointment of a successor SQUARZ Agent.

             (e)     If the SQUARZ Agent shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of SQUARZ Agent
for any cause, the Company, by a Board Resolution, shall promptly appoint a
successor SQUARZ Agent and shall comply with the applicable requirements of
Section 7.10. If no successor SQUARZ 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 himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor SQUARZ Agent.

             (f)     The Company shall give, or shall cause such successor
SQUARZ Agent to give, notice of each resignation and each removal of the SQUARZ
Agent and each appointment of a successor SQUARZ 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 SQUARZ Agent and the address of its Corporate Trust
Office.

     Section 7.10    ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

             (a)     In case of the appointment hereunder of a successor SQUARZ
Agent, every such successor SQUARZ Agent so appointed shall execute, acknowledge
and deliver to the Company and to the retiring SQUARZ Agent an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring SQUARZ Agent shall become effective and such successor SQUARZ Agent,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, agencies and duties of the retiring SQUARZ Agent; but, on the
request of the Company or the successor SQUARZ Agent, such retiring SQUARZ Agent
shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor

                                     - 63 -

<PAGE>

SQUARZ Agent all the rights, powers and trusts of the retiring SQUARZ Agent and
shall duly assign, transfer and deliver to such successor SQUARZ Agent all
property and money held by such retiring SQUARZ Agent hereunder.

             (b)     Upon request of any such successor SQUARZ Agent, the
Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor SQUARZ Agent all such rights, powers
and agencies referred to in paragraph (a) of this Section 7.10.

             (c)     No successor SQUARZ Agent shall accept its appointment
unless at the time of such acceptance such successor SQUARZ Agent shall be
qualified and eligible under this Article 7.

     Section 7.11    MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS.

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

     Section 7.12    PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

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

             (b)     If three or more Holders (herein referred to as
"Applicants") apply in writing to the SQUARZ Agent, and furnish to the SQUARZ
Agent reasonable proof that each such Applicant has owned a Unit for a period of
at least six months preceding the date of such application, and such application
states that the Applicants desire to communicate with other Holders with respect
to their rights under this Agreement or under the Units and is accompanied by a
copy of the form of proxy or other communication which such Applicants propose
to transmit, then the SQUARZ Agent shall mail to all the Holders copies of the
form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the SQUARZ Agent of the materials to be
mailed and of payment, or provision, in the absence of bad faith, satisfactory
to the SQUARZ Agent for the payment, of the reasonable expenses of such mailing.

     Section 7.13    Failure To Act. In the event of any ambiguity in the
provisions of any Transaction Document or any dispute between or conflicting
claims by or among the parties

                                     - 64 -

<PAGE>

hereto or any other Person, the SQUARZ Agent shall be entitled, after prompt
notice to the Company and the Holders of Units, at its sole option, to refuse to
comply with any and all such claims, demands or instructions so long as such
dispute or conflict shall continue, and the SQUARZ Agent shall not be or become
liable in any way to any of the parties hereto for its failure or refusal to
comply with such conflicting claims, demands or instructions. The SQUARZ Agent
shall be entitled to refuse to act until either (i) such conflicting or adverse
claims or demands shall have been finally determined by a court of competent
jurisdiction or settled by agreement between the conflicting parties as
evidenced in a writing, reasonably satisfactory to the SQUARZ Agent, or (ii) the
SQUARZ Agent shall have received security or an indemnity reasonably
satisfactory to the SQUARZ Agent sufficient to save the SQUARZ Agent harmless
from and against any and all loss, liability or reasonable out-of-pocket expense
which the SQUARZ Agent may incur by reason of its acting without bad faith,
willful misconduct or gross negligence. The SQUARZ Agent may in addition elect
to commence an interpleader action or seek other judicial relief or orders as
the SQUARZ Agent may deem necessary. Notwithstanding anything contained herein
to the contrary, the SQUARZ Agent shall not be required to take any action that
is in its opinion contrary to law or to the terms of any Transaction Document,
or which would in its opinion subject it or any of its officers, employees or
directors to liability.

     Section 7.14    No Obligations Of Agent. Except to the extent otherwise
provided in this Agreement, the SQUARZ Agent assumes no obligation and shall not
be subject to any liability under this Agreement, the Pledge Agreement or any
SQUARZ or Stripped SQUARZ in respect of the obligations of the Holder of any
Unit thereunder. The Company agrees, and each Holder of a Unit, by such Holder's
acceptance thereof, shall be deemed to have agreed, that the SQUARZ 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 SQUARZ Agent shall have no
obligation to perform the obligations of such SQUARZ or Stripped SQUARZ on
behalf of the Holders, except to the extent expressly provided in Article 5.

     Section 7.15    TAX COMPLIANCE.

             (a)     The SQUARZ 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.

             (b)     The SQUARZ Agent shall comply with any reasonable written
direction timely received from the Company with respect to 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)(ii).

                                     - 65 -

<PAGE>

             (c)     The SQUARZ 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 8
                             SUPPLEMENTAL AGREEMENTS

     Section 8.1     Supplemental Agreements Without Consent of Holders. Without
the consent of any Holders, the Company and the SQUARZ 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 SQUARZ Agent, for any of the following
purposes:

                     (i)    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

                     (ii)   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; or

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

                     (iv)   to make provision with respect to the rights of
     Holders pursuant to Section 5.8(b); or

                     (v)    to add, amend, or supplement procedures and
     procedural matters by which the transactions contemplated by and other
     actions provided for in this Agreement are effectuated, including forms of
     notices, request, instructions, and the like; or

                     (vi)   to cure any ambiguity or potential ambiguity or to
     correct, amend, or supplement any provisions herein or in the Certificates
     which may be defective or inconsistent with any other provisions herein or
     in the Certificates; or

                     (vii)  to make any other provisions with respect to matters
     or questions arising under this Agreement, provided such action shall not
     adversely affect the interests of the Holders in any material respect.

     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 Units voting together as one class, (which will constitute an
approving Act of such Holders) delivered to the Company and the SQUARZ Agent,
the Company and the SQUARZ Agent may enter into an agreement or agreements
supplemental hereto for the purpose of modifying in any manner the terms of the
Units, 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

                                     - 66 -

<PAGE>

supplemental agreement shall, without the consent of the Holder of each
Outstanding Unit affected thereby:

                     (i)    change any Underlying Warrant Installment Payment
     Date;

                     (ii)   change the amount or the type of Collateral required
     to be Pledged to secure a Holder's obligations under the Units;

                     (iii)  impair the right of the Holder of any Unit to
     receive distributions on the related Pledged Notes, the Initial Pledged
     Treasuries Interest, or the Substitute Pledged Treasuries Interest, impair
     the right to institute suit for the enforcement of any Underlying Warrant
     or any Note; or otherwise materially and adversely affect the Holder's
     rights in or to such collateral or materially and adversely alter the
     rights in or to such collateral;

                     (iv)   change the exercise dates of any Underlying
     Warrants, except as provided herein;

                     (v)    reduce the number of shares of Berkshire Common
     Stock to be issued upon the exercise of any Underlying Warrant, increase
     the Underlying Warrant Exercise Price, increase the Underlying Warrant
     Installment Payments, change the Underlying Warrant Maturity Date or
     otherwise materially adversely affect the Holder's rights under any Unit;
     or

                     (vi)   reduce the percentage of the Outstanding Units 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 SQUARZ or the Stripped SQUARZ, 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 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.

             (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 SQUARZ Agent shall be provided and (subject to Section
7.1) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental agreement is authorized or permitted by
this Agreement. The SQUARZ Agent may, but shall not be obligated to, enter into
any such supplemental agreement which affects the SQUARZ 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 8, this Agreement shall be
modified in accordance

                                     - 67 -

<PAGE>

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 8 may, and
shall if required by the SQUARZ Agent, bear a notation in form approved by the
SQUARZ 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 SQUARZ Agent and the Company, to any such supplemental
agreement may be prepared and executed by the Company and authenticated,
executed on behalf of the Holders and delivered by the SQUARZ Agent in exchange
for outstanding Certificates.

                                    ARTICLE 9
                    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 it will not (x)
merge with or into or consolidate with any other Person or (y) sell, assign,
transfer, lease or convey all or substantially all of its assets to any Person
or group of affiliated Persons in one transaction or a series of related
transactions other than, with respect to clause (y), a direct or indirect
wholly-owned subsidiary or subsidiaries of the Company, unless

             (a)     the Company shall be the continuing corporation and shall
not, immediately after such merger or consolidation, or such sale, assignment,
transfer, lease or conveyance, be in default in the performance of any covenant
or condition hereunder, under this Agreement, the Remarketing Agreement, or the
Pledge Agreement; or

             (b)     (i) the successor (if other than the Company) or transferee
shall be a Person organized and existing under the laws of the United States of
America, of a State thereof or of the District of Columbia, (ii) such Person
shall expressly assume all the obligations of the Company under this Agreement,
the Remarketing Agreement and the Pledge Agreement, and (iii) such Person shall
not, immediately after such merger or consolidation, or such sale, assignment,
transfer, lease or conveyance, be in default in the performance of any covenant
or condition hereunder, under this Agreement, the Remarketing Agreement, or the
Pledge Agreement.

     Section 9.2     RIGHTS AND DUTIES OF SUCCESSOR CORPORATION.

             (a)     In case of any such consolidation, merger, sale,
assignment, transfer, lease or conveyance and upon any such assumption by a
successor corporation in accordance with Section 9.1, such successor Person
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 Person 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
SQUARZ Agent; and, upon the order of such successor corporation, instead of the
Company, and subject to all the terms, conditions and

                                     - 68 -

<PAGE>

limitations in this Agreement prescribed, the SQUARZ 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 SQUARZ Agent for authentication and execution, and any Certificate
evidencing Units which such successor corporation thereafter shall cause to be
signed and delivered to the SQUARZ 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, sale,
assignment, transfer, lease 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 SQUARZ Agent. The SQUARZ Agent,
subject to Sections 7.1 and 7.3, shall receive an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, assignment,
transfer, lease 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 or
conveyance have been met.

                                   ARTICLE 10
                            COVENANTS; MISCELLANEOUS

     Section 10.1    Performance Under SQUARZ. 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 SQUARZ and the Stripped SQUARZ
in accordance with the terms of the SQUARZ, the Stripped SQUARZ, 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 surrendered for
registration of transfer or exchange for exercise or cancellation of the
Underlying Warrant and for a Collateral Substitution or re-creation of SQUARZ.
The Company will give prompt written notice to the SQUARZ 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 SQUARZ Agent with the address thereof, such presentations and
surrenders may be made or served at the Corporate Trust Office, and the Company
hereby appoints the SQUARZ Agent as its agent to receive all such presentations
and surrenders.

             (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 SQUARZ Agent of any such designation or
rescission and of any change in the location of any such other office or agency.
The Company

                                     - 69 -

<PAGE>

hereby designates as the place of payment for the Units the Corporate Trust
Office and appoints the SQUARZ Agent at its Corporate Trust Office as paying
agent.

     Section 10.3    Company to Reserve Berkshire Common Stock. The Company
shall at all times prior to the Underlying Warrant Maturity Date, or any earlier
date when all Underlying Warrants have been exercised or cancelled or have
expired, reserve and keep available, free from preemptive rights, out of its
authorized but unissued Berkshire Common Stock the full number of shares of
Berkshire Common Stock issuable against tender of payment in respect of all then
Outstanding Underlying Warrants.

     Section 10.4    Covenants as to Berkshire Common Stock. The Company
covenants that all shares of Berkshire Common Stock issued against tender of
payment in respect of any Underlying Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable.

     Section 10.5    Rights and Remedies Cumulative. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Certificates in Section 2.12(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 10.6    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 10 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 10.7    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 SQUARZ Agent for any action taken, suffered or omitted by it as SQUARZ
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 and expenses, against any
party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; provided that the provisions
of this Section shall not apply to any suit instituted by the Company, to any
suit instituted by the SQUARZ 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 to which Holders may be entitled hereunder on or in connection
with any Notes or on or in connection with any SQUARZ or Stripped SQUARZ 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 Berkshire Common
Stock under the Underlying Warrant constituting part of any Unit held by such
Holder.

                                     - 70 -

<PAGE>

     Section 10.8    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.

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

                  [Remainder of page intentionally left blank.]

                                     - 71 -

<PAGE>

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

                            BERKSHIRE HATHAWAY INC.

                            By:  /s/ Marc D. Hamburg
                               -------------------------------------------------
                               Name: Marc D. Hamburg
                               Title: Vice President and Chief Financial Officer

                            THE BANK OF NEW YORK,
                            as SQUARZ Agent

                            By:  /s/ Robert A. Massimillo
                               -------------------------------------------------
                               Name: Robert A. Massimillo
                               Title: Vice President

                                                              [SQUARZ Agreement]

<PAGE>

                                    EXHIBIT A
                           FORM OF SQUARZ CERTIFICATE

[If the certificate is a global certificate, insert the following]--

     [THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE SQUARZ
     AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE NAME OF THE
     DEPOSITARY 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 THE DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
     LIMITED CIRCUMSTANCES DESCRIBED IN THE SQUARZ AGREEMENT.]

[If the certificate is a restricted certificate, insert the following]--

     [THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
     1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR OTHERWISE
     TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
     THEREFROM. EACH PURCHASER OF ANY OF THESE SECURITIES IS HEREBY NOTIFIED
     THAT THE SELLER OF ANY OF THESE SECURITIES MAY BE RELYING ON THE EXEMPTION
     FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
     144A THEREUNDER.]

     [THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
     TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR REASONABLY
     BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
     UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
     OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
     REQUIREMENTS OF RULE 144A (IF AVAILABLE), (2) PURSUANT TO AN EXEMPTION FROM
     REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
     AVAILABLE), (3) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR
     WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
     THE SECURITIES ACT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
     SECURITIES ACT (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION
     STATEMENT UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL
     APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
     JURISDICTIONS.]

[If the certificate is a global certificate issued to DTC, insert the
following]--

     [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., ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL
     since the registered owner hereof, Cede & Co., has an interest herein.]

[If the certificate is a definitive certificate certificate issued to DTC,
insert the following]--

     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
     SUCH OPINIONS OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION AS IT MAY

                                                            [SQUARZ Certificate]

<PAGE>

     REASONABLY REQUIRE IN FORM REASONABLY SATISFACTORY TO IT AS PROVIDED FOR IN
     THE SQUARZ AGREEMENT TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
     FOREGOING RESTRICTIONS AS PROVIDED FOR IN THE SQUARZ AGREEMENT.

                      [Form of Face of SQUARZ Certificate]

No.                                                       CUSIP No. __________
Number of SQUARZ:

          This SQUARZ Certificate certifies that ___________ is the registered
Holder of the number of SQUARZ set forth above [for inclusion in Global
Certificates only--or such other number of SQUARZ reflected in the Schedule of
Increases or Decreases in Global Certificate attached hereto]. Each SQUARZ
represents ownership by the Holder of (i) one 3.0% Senior Note due 2007 (the
"Note") of Berkshire Hathaway Inc., a Delaware corporation (the "Company"),
having a principal amount of $10,000, subject to the Pledge of such Note by the
registered Holder pursuant to the Pledge Agreement, (ii) an Initial Pledged
Treasuries Interest, and (iii) a warrant to purchase 0.1116 of a share of Class
A common stock of the Company or 3.3480 shares of Class B common stock of the
Company, in each case subject to certain anti-dilution adjustments.

          Each SQUARZ evidenced hereby is governed by a SQUARZ Agreement, dated
as of May 28, 2002 (as may be supplemented or amended from time to time, the
"SQUARZ Agreement"), between the Company and The Bank of New York (including its
successors thereunder, the "SQUARZ Agent"), to which SQUARZ 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 SQUARZ Agent, the Company, and the Holders and of the terms
upon which the SQUARZ Certificates are, and are to be, executed and delivered.
All capitalized terms used herein that are defined in the SQUARZ Agreement have
the respective meanings set forth therein.

          The Underlying Warrant that comprises a part of this SQUARZ (i)
entitles the Holder of this SQUARZ Certificate to purchase, at the Holder's
option, 0.1116 of a share of Class A common stock of the Company or 3.3480
shares of Class B common stock of the Company (subject to the conditions and
other provisions in the SQUARZ Agreement), and (ii) obligates the Holder of this
SQUARZ Certificate to make semi-annual Underlying Warrant Installment Payments.

          Each Holder, by purchasing a SQUARZ, hereby agrees to treat the SQUARZ
for U.S. federal income tax purposes as an investment unit consisting of a Note,
an Initial Pledged Treasuries Interest, and an Underlying Warrant, each of which
constitutes a separate and distinct financial instrument. A Holder purchasing a
SQUARZ upon initial issuance thereof agrees to be bound by the allocation of the
purchase price for each SQUARZ so purchased as follows: (i) $10,000 to the Note,
(ii) $0.00 to the Warrant, and (iii) $339.63 to the Initial Pledged Treasuries
Interest.

          Pursuant to the Pledge Agreement, the Pledged Note and the Initial
Pledged Treasuries Interest constituting part of each SQUARZ evidenced hereby
have been Pledged to the Collateral Agent, for the benefit of the Company, to
secure the obligations of the Holder to

                                                            [SQUARZ Certificate]

<PAGE>

timely make Underlying Warrant Installment Payments required by the SQUARZ
Agreement.

          Payments of principal and interest on and proceeds from the resale of
the Pledged Notes, and amounts received in respect of the Initial Pledged
Treasuries Interest will be received by the Collateral Agent at its offices in
the City of New York, New York, and payments in respect of Underlying Warrant
Installment Payments will be made by the Collateral Agent to the SQUARZ Agent,
to the extent permitted by the Pledge Agreement.

          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 SQUARZ Agent by manual signature, this SQUARZ Certificate shall not be
entitled to any benefit under the Pledge Agreement or the SQUARZ Agreement or be
valid or obligatory for any purpose.

                                                            [SQUARZ Certificate]

<PAGE>

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

                                BERKSHIRE HATHAWAY INC.

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

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

                                THE HOLDER SPECIFIED ABOVE (as to obligations of
                                such Holder under the SQUARZ evidenced hereby)

                                By: THE BANK OF NEW YORK, not individually but
                                    solely as Attorney-in-Fact of such  Holder

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

                                                            [SQUARZ Certificate]

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

          This is one of the SQUARZ Certificates referred to in the within
mentioned SQUARZ Agreement.

                                    THE BANK OF NEW YORK,
                                    as SQUARZ Agent

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

                                                            [SQUARZ Certificate]

<PAGE>

                         [Reverse of SQUARZ Certificate]

          The SQUARZ Certificates are issuable only in registered form and only
in denominations of a single SQUARZ and any integral multiple thereof. The
transfer of any SQUARZ Certificate will be registered and SQUARZ Certificates
may be exchanged as provided in the SQUARZ Agreement. The SQUARZ Registrar may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents permitted by the SQUARZ Agreement. No service charge shall be
required for any such registration of transfer or exchange, but the Company and
the SQUARZ Agent may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

          An Underlying Warrant may be exercised prior to the Underlying Warrant
Termination Date and, upon the occurrence of certain events, is subject to
mandatory cancellation or cancellation at the option of the Holder. An
Underlying Warrant may only be exercised upon the payment of the Underlying
Warrant Exercise Price and any Underlying Warrant Installment Payment that may
be due (or the accrued portion thereof), all in accordance with the terms of the
SQUARZ Agreement.

          The Pledged Note is not subject to any sinking fund, and is not
subject to mandatory early redemption. The Holder has certain rights, under
specified conditions, to cause the Company to repurchase a Pledged Note prior to
its date of maturity. Under the terms of the Pledge Agreement, the SQUARZ Agent
will be entitled to exercise the voting and any other consensual rights
pertaining to the Pledged Notes, on behalf and upon the instruction of the
holders of the Pledged Notes.

          The Holder of a SQUARZ may substitute the Requisite Amount of
Substitute Pledged Treasuries for a Pledged Note, securing its obligations under
the SQUARZ Agreement to make Underlying Warrant Installment Payments, and
thereby convert a SQUARZ into a Stripped SQUARZ. A Holder that elects to convert
a SQUARZ into a Stripped SQUARZ shall be responsible for any fees or expenses
payable in connection therewith. Except as provided in the SQUARZ Agreement, a
SQUARZ shall not be separable into its constituent parts, and the rights and
obligations of the Holder of such SQUARZ in respect of the Pledged Note, the
Underlying Warrant, and the Initial Pledged Treasuries Interest constituting
such SQUARZ may be transferred and exchanged only as a SQUARZ.

          Upon registration of transfer of this SQUARZ 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 SQUARZ Agent pursuant to
the SQUARZ Agreement), under the terms of the SQUARZ Agreement and the SQUARZ
evidenced hereby and the transferor shall be released from the obligations under
the SQUARZ evidenced by this SQUARZ Certificate. 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 SQUARZ Certificate, by its acceptance hereof,
authorizes the SQUARZ Agent to enter into and perform its obligations under the
SQUARZ Agreement as its agent and attorney-in-fact, agrees to be bound by the
terms and provisions thereof, covenants and agrees to perform such Holder's
obligations under such SQUARZ, consents to the provisions of

                                                            [SQUARZ Certificate]

<PAGE>

the SQUARZ Agreement, authorizes the SQUARZ 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 and the Initial Pledged Treasuries Interest underlying
this SQUARZ Certificate pursuant to the Pledge Agreement.

          Subject to certain exceptions, the provisions of the SQUARZ Agreement
may be amended with the consent of the Holders of a majority in number of the
Outstanding Units.

          The SQUARZ shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York, without regard to its
principles of conflicts of laws.

          The Company, the SQUARZ Agent and any agent of the Company or the
SQUARZ Agent may treat the Person in whose name this SQUARZ Certificate is
registered as the owner of the SQUARZ evidenced hereby for the purpose of
receiving semi-annual payments on the Notes and the Initial Pledged Treasuries
Interest, performance of the SQUARZ, and for all other purposes whatsoever,
whether or not any payments in respect thereof be overdue and notwithstanding
any notice to the contrary, and none of the Company, the SQUARZ Agent, or any
such agent shall be affected by notice to the contrary.

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

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

                                                            [SQUARZ Certificate]

<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.

                                                            [SQUARZ Certificate]

<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 SQUARZ Certificate and all rights thereunder, hereby irrevocably
constituting and appointing __________________________attorney to transfer said
SQUARZ  Certificate  on the books of Berkshire  Hathaway Inc. 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 SQUARZ Certificate in
                                            every particular, without alteration
                                            or enlargement or any change
                                            whatsoever.

Signature Guarantee:

                                                            [SQUARZ Certificate]

<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>
                                                       STATED AMOUNT OF
           AMOUNT OF DECREASE   AMOUNT OF INCREASE        THE GLOBAL
          IN STATED AMOUNT OF    IN STATED AMOUNT        CERTIFICATE          SIGNATURE OF
               THE GLOBAL          OF THE GLOBAL        FOLLOWING SUCH         AUTHORIZED
   DATE       CERTIFICATE           CERTIFICATE      DECREASE OR INCREASE  SIGNATORY OF AGENT
--------  -------------------   ------------------   --------------------  ------------------
   <S>    <C>                   <C>                  <C>                   <C>

</TABLE>

                                                            [SQUARZ Certificate]

<PAGE>

                                    EXHIBIT B
                       FORM OF STRIPPED SQUARZ CERTIFICATE

[If the certificate is a global certificate, insert the following]--

     [THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE SQUARZ
     AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE NAME OF THE
     DEPOSITARY 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 THE DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
     LIMITED CIRCUMSTANCES DESCRIBED IN THE SQUARZ AGREEMENT.]

[If the certificate is a restricted certificate, insert the following]--

     [THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
     1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR OTHERWISE
     TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
     THEREFROM. EACH PURCHASER OF ANY OF THESE SECURITIES IS HEREBY NOTIFIED
     THAT THE SELLER OF ANY OF THESE SECURITIES MAY BE RELYING ON THE EXEMPTION
     FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
     144A THEREUNDER.]

     [THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
     TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR REASONABLY
     BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
     UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
     OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
     REQUIREMENTS OF RULE 144A (IF AVAILABLE), (2) PURSUANT TO AN EXEMPTION FROM
     REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
     AVAILABLE), (3) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR
     WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
     THE SECURITIES ACT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
     SECURITIES ACT (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION
     STATEMENT UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL
     APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
     JURISDICTIONS.]

[If the certificate is a global certificate issued to DTC, insert the
following]--

     [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., ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL
     since the registered owner hereof, Cede & Co., has an interest herein.]

[If the certificate is a definitive certificate certificate issued to DTC,
insert the following]--

     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
     SUCH OPINIONS OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION AS IT MAY

                                                   [Stripped SQUARZ Certificate]

<PAGE>

     REASONABLY REQUIRE IN FORM REASONABLY SATISFACTORY TO IT AS PROVIDED FOR IN
     THE SQUARZ AGREEMENT TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
     FOREGOING RESTRICTIONS AS PROVIDED FOR IN THE SQUARZ AGREEMENT.

                  [Form of Face of Stripped SQUARZ Certificate]

No.                                                       CUSIP No.  _________
Number of Stripped SQUARZ:

          This Stripped SQUARZ Certificate certifies that __________ is the
registered Holder of the number of Stripped SQUARZ set forth above [for
inclusion in Global Certificates only--or such other number of Stripped SQUARZ
reflected in the Schedule of Increases or Decreases in Global Certificate
attached hereto]. Each Stripped SQUARZ represents (i) a Substitute Pledged
Treasuries Interest, (ii) an Initial Pledged Treasuries Interest, and (iii) a
warrant to purchase 0.1116 of a share of Class A common stock of the Company or
3.3480 shares of Class B common stock of the Company, in each case subject to
certain anti-dilution adjustments.

          Each Stripped SQUARZ evidenced hereby is governed by a SQUARZ
Agreement, dated as of May 28, 2002 (as may be supplemented or amended from time
to time, the "SQUARZ Agreement"), between the Company and The Bank of New York
(including its successors thereunder, the "SQUARZ Agent"), to which SQUARZ
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 SQUARZ Agent, the Company, and the Holders and
of the terms upon which the Stripped SQUARZ Certificates are, and are to be,
executed and delivered. All capitalized terms used herein that are defined in
the SQUARZ Agreement have the respective meanings set forth therein.

          Each Stripped SQUARZ evidenced hereby is comprised of, in part, an
Underlying Warrant that (i) entitles the Holder of this Stripped SQUARZ
Certificate to purchase, at the Holder's option, 0.1116 of a share of Class A
common stock of the Company or 3.3480 shares of Class B common stock of the
Company (subject to the conditions and other provisions in the SQUARZ
Agreement), and (ii) obligates the Holder of this Stripped SQUARZ Certificate to
make semi-annual Underlying Warrant Installment Payments.

          Each Holder agrees to treat the Stripped SQUARZ for U.S. federal
incomes tax purposes as an investment unit consisting of a Note, an Initial
Pledged Treasuries Interest and a Substitute Pledged Treasuries Interest, each
of which constitutes a separate and distinct financial instrument.

          Pursuant to the Pledge Agreement, the Substitute Pledged Treasuries
Interest and the Initial Pledged Treasuries Interest constituting part of each
Stripped SQUARZ evidenced hereby have been Pledged to the Collateral Agent, for
the benefit of the Company, to secure the obligations of the Holder to timely
make Underlying Warrant Installment Payments required by the SQUARZ Agreement.

          Amounts received in respect of the Initial Pledged Treasuries Interest
and the

                                                   [Stripped SQUARZ Certificate]

<PAGE>

Substitute Pledged Treasuries Interest will be received by the Collateral Agent
at its offices in the City of New York, New York, and payments in respect of
Underlying Warrant Installment Payments will be made by the Collateral Agent to
the SQUARZ Agent, to the extent permitted by the Pledge Agreement.

          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 SQUARZ Agent by manual signature, this Stripped SQUARZ Certificate shall not
be entitled to any benefit under the Pledge Agreement or the SQUARZ Agreement or
be valid or obligatory for any purpose.

                                                   [Stripped SQUARZ Certificate]

<PAGE>

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

                                BERKSHIRE HATHAWAY INC.

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

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

                                THE HOLDER SPECIFIED ABOVE (as to obligations
                                of such Holder under the Stripped SQUARZ
                                evidenced hereby)

                                By: THE BANK OF NEW YORK, not individually but
                                    solely as Attorney-in-Fact of such Holder

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

                                                   [Stripped SQUARZ Certificate]

<PAGE>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

          This is one of the Stripped SQUARZ Certificates referred to in the
within mentioned Stripped SQUARZ Agreement.

                                THE BANK OF NEW YORK,
                                as SQUARZ Agent

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

                                                   [Stripped SQUARZ Certificate]

<PAGE>

                    [Reverse of Stripped SQUARZ Certificate]

          The Stripped SQUARZ Certificates are issuable only in registered form
and only in denominations of a single Stripped SQUARZ and any integral multiple
thereof. The transfer of any Stripped SQUARZ Certificate will be registered and
Stripped SQUARZ Certificates may be exchanged as provided in the SQUARZ
Agreement. The Stripped SQUARZ Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents permitted by
the Stripped SQUARZ Agreement. No service charge shall be required for any such
registration of transfer or exchange, but the Company and the SQUARZ Agent may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

          An Underlying Warrant may be exercised prior to the Underlying Warrant
Termination Date and, upon the occurrence of certain events, is subject to
mandatory cancellation or cancellation at the option of the Holder. An
Underlying Warrant may only be exercised upon the payment of the Underlying
Warrant Exercise Price and any Underlying Warrant Installment Payment that may
be due (or the accrued portion thereof), all in accordance with the terms of the
SQUARZ Agreement.

          A Holder of a Stripped SQUARZ may re-create a SQUARZ by delivering to
the Collateral Agent a Separate Note, in exchange for the release of Initial
Pledged Treasuries in accordance with the terms of the SQUARZ Agreement and the
Pledge Agreement.

          Upon registration of transfer of this Stripped SQUARZ 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 SQUARZ Agent pursuant to
the SQUARZ Agreement), under the terms of the SQUARZ Agreement and the Stripped
SQUARZ evidenced hereby and the transferor shall be released from the
obligations under the Stripped SQUARZ evidenced by this Stripped SQUARZ
Certificate. 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 Stripped SQUARZ Certificate, by its acceptance
hereof, authorizes the SQUARZ Agent to enter into and perform its obligations
under the SQUARZ Agreement as its agent and attorney-in-fact, agrees to be bound
by the terms and provisions thereof, covenants and agrees to perform such
Holder's obligations under such Stripped SQUARZ, consents to the provisions of
the SQUARZ Agreement, authorizes the SQUARZ 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 Substitute Pledged Treasuries Interest and the Initial Pledged
Treasuries Interest underlying this Stripped SQUARZ Certificate pursuant to the
Pledge Agreement.

          Subject to certain exceptions, the provisions of the SQUARZ Agreement
may be amended with the consent of the Holders of a majority in number of the
Outstanding Units.

          The Stripped SQUARZ shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to its principles of conflicts of laws.

                                                   [Stripped SQUARZ Certificate]

<PAGE>

          The Company, the SQUARZ Agent and any agent of the Company or the
SQUARZ Agent may treat the Person in whose name this Stripped SQUARZ Certificate
is registered as the owner of the Stripped SQUARZ evidenced hereby for the
purpose of receiving semi-annual payments on the Substitute Pledged Treasuries
Interest and the Initial Pledged Treasuries Interest, performance of the SQUARZ,
and for all other purposes whatsoever, whether or not any payments in respect
thereof be overdue and notwithstanding any notice to the contrary, and none of
the Company, the SQUARZ Agent, or any such agent shall be affected by notice to
the contrary.

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

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

                                                   [Stripped SQUARZ Certificate]

<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.

                                                   [Stripped SQUARZ Certificate]

<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 SQUARZ Certificates and all rights thereunder, hereby
irrevocably constituting and appointing ______________________attorney to
transfer said Stripped SQUARZ  Certificates  on the books of Berkshire  Hathaway
Inc. 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 SQUARZ
                                         Certificates in every particular,
                                         without alteration or enlargement or
                                         any change whatsoever.

Signature Guarantee:

                                                   [Stripped SQUARZ Certificate]

<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>
                                                       STATED AMOUNT OF
           AMOUNT OF DECREASE   AMOUNT OF INCREASE        THE GLOBAL
          IN STATED AMOUNT OF    IN STATED AMOUNT        CERTIFICATE          SIGNATURE OF
               THE GLOBAL          OF THE GLOBAL        FOLLOWING SUCH         AUTHORIZED
   DATE       CERTIFICATE           CERTIFICATE      DECREASE OR INCREASE  SIGNATORY OF AGENT
--------  -------------------   ------------------   --------------------  ------------------
<S>       <C>                   <C>                  <C>                   <C>

</TABLE>

                                                            [SQUARZ Certificate]

<PAGE>

                                    EXHIBIT C

                        INSTRUCTION FROM SQUARZ AGENT TO
                                COLLATERAL AGENT

The Bank of New York,
as Collateral Agent
Attention: Corporate Trust Administration
101 Barclay Street
New York, NY 10286

     Re:  SQUARZ of Berkshire Hathaway Inc. (the "Company")

     We hereby notify you in accordance with Section [3.2] [3.3] of the SQUARZ
Agreement, dated as of May 28, 2002, (the "SQUARZ Agreement") and amended and
restated as of August 1, 2002, among the Company and us, as SQUARZ Agent and as
attorney-in-fact for the Holders of [SQUARZ] [Stripped SQUARZ] from time to
time, (and in accordance with Section [4.1] [4.2] of the Pledge Agreement, dated
as of May 28, 2002 and amended and restated as of August 1, 2002) that the
Holder of [SQUARZ] [Stripped SQUARZ] listed below (the "Holder") has elected to
convert [__________] [SQUARZ] [Stripped SQUARZ] into [_____________] [Stripped
SQUARZ] [SQUARZ].

     In connection therewith, we hereby notify you that, pursuant to the
instructions of the Holder, we intend to substitute the [Requisite Amount of
Substitute Pledged Treasuries (calculated pursuant to the SQUARZ Agreement)]
[$_______ aggregate principal amount of Notes]

                                 in exchange for

[$_______ aggregate principal amount of Pledged Notes] [Substitute Pledged
Treasuries] held by you in accordance with the Pledge Agreement.

     The Holder has delivered to us a notice stating that the Holder has
transferred [a Requisite Amount of Substitute Pledged Treasuries (calculated
pursuant to the SQUARZ Agreement)] [$_______ aggregate principal amount of
Notes] to you, as Collateral Agent and has instructed us to, and we hereby do,
pledge and grant to you, as Collateral Agent, for the benefit of the Company, as
collateral security for the performance by such Holder of its obligations under
the SQUARZ Agreement, a security interest in all of the right, title and
interest of such Holder (subject only to recourse limitations expressly stated
in the Pledge Agreement) in such [Requisite Amount of Substitute Pledged
Treasuries (calculated pursuant to the SQUARZ Agreement)] [$_______ aggregate
principal amount of Notes].

<PAGE>

     We hereby instruct you, upon receipt of such [Requisite Amount of
Substitute Pledged Treasuries (calculated pursuant to the SQUARZ Agreement)]
[$_______ aggregate principal amount of Notes], and upon the payment by such
Holder of any applicable fees, to release the [$_______ aggregate principal
amount of Pledged Notes] [Substitute Pledged Treasuries] related to such
[SQUARZ] [Stripped SQUARZ] to us in accordance with the Holder's instructions.
Capitalized terms used herein but not defined shall have the meaning set forth
in the SQUARZ Agreement.

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

                                The Bank of New York
                                as SQUARZ Agent

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

<PAGE>

Please print name and address of Registered Holder electing to substitute
[Substitute Pledged Treasuries] [Notes] for the [Pledged Notes] [Substitute
Pledged Treasuries]:

Name:

Social Security or other Taxpayer Identification
Number, if any:

Address:

<PAGE>

                                    EXHIBIT D

                           INSTRUCTION TO SQUARZ AGENT

The Bank of New York,
as SQUARZ Agent
Attention: Corporate Trust Administration
101 Barclay Street
New York, NY 10286

          Re: SQUARZ of Berkshire Hathaway Inc. (the "Company")

          The undersigned Holder hereby notifies you that it has elected to
convert [__________] [SQUARZ] [Stripped SQUARZ] into [_____________] [Stripped
SQUARZ] [SQUARZ].

          In connection therewith, pursuant to the SQUARZ Agreement, dated as of
May 28, 2002 and amended and restated as of August 1, 2002 (the "SQUARZ
Agreement"), among the you and the Company (and pursuant to the Pledge
Agreement, dated as of May 28, 2002 and amended and restated as of August 1,
2002), the Holder has transferred [a Requisite Amount of Substitute Pledged
Treasuries (calculated pursuant to the SQUARZ Agreement)] [$_______ aggregate
principal amount of Notes] to the Collateral Agent, hereby pledges the same to
the Collateral Agent, and hereby instructs you to,

        . pledge and grant to the Collateral Agent, for the benefit of the
          Company, as collateral security for the performance by the undersigned
          Holder of its obligations under the SQUARZ Agreement, a security
          interest in all of the right, title and interest of the undersigned
          Holder (subject only to recourse limitations expressly stated in the
          Pledge Agreement) in such [Requisite Amount of Substitute Pledged
          Treasuries (calculated pursuant to the SQUARZ Agreement)] [$_______
          aggregate principal amount of Notes];

        . instruct the Collateral Agent to release to you on behalf of the
          undersigned Holder the [Pledged Notes] [Substitute Pledged Treasuries]
          related to such [SQUARZ] [Stripped SQUARZ], and

        . upon such release, cancel [______] [SQUARZ] [Stripped SQUARZ] held by
          such Holder and issue the same amount of [Stripped SQUARZ] [SQUARZ] in
          the name of the undersigned Holder.

<PAGE>

Capitalized terms used herein but not defined shall have the meaning set forth
in the SQUARZ Agreement.

          The undersigned Holder has paid the Collateral Agent all applicable
fees relating to such exchange.

Date:                               Signature:
     ---------------------                    ----------------------------------

                                    Signature Guarantee:
                                                         -----------------------

Please print name and address of Registered Holder:

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

<PAGE>

                                    EXHIBIT E

                              ELECTION OF EXERCISE

The Bank of New York,
as SQUARZ Agent
Attention: Corporate Trust Administration
101 Barclay Street
New York, NY 10286

          Re:  SQUARZ of Berkshire Hathaway Inc. (the "Company")

          The undersigned Holder hereby notifies you in accordance with Section
5.5 of the SQUARZ Agreement dated as of May 28, 2002 among the Company and you,
as SQUARZ Agent and as Attorney-in-Fact for the Holders of the Units, that such
Holder has elected to exercise, as of _________________________ (the "exercise
date"), the Underlying Warrants that comprise a part of __________ Units and
will pay, on or prior to 5:00 p.m., New York City time, on the exercise date, to
the SQUARZ Agent, $______________, which represents the aggregate Underlying
Warrant Exercise Price and any Underlying Warrant Installment Payments (or any
accrued portions thereof) due for such Underlying Warrants(s) (in lawful money
of the United States by certified or official bank check or wire transfer to an
account designated by the SQUARZ Agent or the Company, in each case in
immediately available funds) in connection with such exercise.

          The undersigned Holder hereby instructs you to notify promptly the
Company and the Collateral Agent of the undersigned Holder's exercise of such
Underlying Warrant(s) and to request that the Collateral Agent release, upon
such exercise, the Collateral in respect thereof.

Dated:
      ----------------              -------------------------------------
                                    Signature

                                    Signature Guarantee:
                                                        -----------------

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:

Social Security or other Taxpayer Identification Number, if any:________________

<PAGE>

                                    EXHIBIT F

                            REMARKETING ELECTION FORM

The Bank of New York,
as SQUARZ Agent
Attention: Corporate Trust Administration
101 Barclay Street
New York, NY 10286

          Re:  SQUARZ of Berkshire Hathaway Inc. (the "Company")

          The undersigned Holder hereby irrevocably notifies you in accordance
with Section 6.3 of the SQUARZ Agreement dated as of May 28, 2002 among the
Company and yourselves, as SQUARZ Agent and as Attorney-in-Fact for the Holders
of the Units, of such Holder's election:

          [ ]  to participate in the Remarketing and, in connection with an
               exercise of Underlying Warrants, to apply the proceeds from such
               Remarketing to the payment of the Underlying Warrant Exercise
               Price, and, upon any Failed Remarketing, to put the Notes back to
               the Company and apply the proceeds therefrom to the payment of
               the Underlying Warrant Exercise Price; or

          [ ]  NOT to participate in the Remarketing.

Date:                               Signature:
     ------------------                       ----------------------------------

                                    Signature Guarantee:
                                                        ------------------------

Please print name and address of Registered Holder:

Name:

Social Security or other Taxpayer Identification Number, if any:

Address:

<PAGE>

                                    EXHIBIT G

                         FORM OF RULE 144 CERTIFICATION

                                                     [Date]

The Bank of New York,
as SQUARZ Agent
Attention: Corporate Trust Administration
101 Barclay Street
New York, NY 10286

          Re:  SQUARZ of Berkshire Hathaway Inc. (the "Company")

Ladies and Gentlemen:

          Reference is hereby made to the SQUARZ Agreement, dated as of May 28,
2002 (as amended and supplemented from time to time, the "SQUARZ Agreement"),
between the Company and The Bank of New York, as SQUARZ Agent. Capitalized terms
used but not defined herein shall have the meanings given them in the SQUARZ
Agreement.

          In connection with our proposed sale of $________ aggregate principal
amount of the [SQUARZ/Stripped SQUARZ/Notes] [in the case of a transfer of an
Restricted Units evidences by a Global Certificate: , which represent an
interest in Restricted Units evidenced by a Global Certificate beneficially
owned by] the undersigned ("Transferor"), we confirm that such sale has been
effected pursuant to and in accordance with Rule 144 under the Securities Act.

          You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby.

          Very truly yours,

          [Name of Transferor]

          By:
             ----------------------------

          -------------------------------
          Authorized Signature<PAGE>

                                                                     EXHIBIT 4.2

                                                                  Execution Copy

                             BERKSHIRE HATHAWAY INC.

                                       To

                              THE BANK OF NEW YORK,

                                   as Trustee

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

                                    INDENTURE

                            Dated as of May 28, 2002

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

<PAGE>

CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 THROUGH 318,
INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939:

 TRUST INDENTURE
   ACT SECTION                                              INDENTURE SECTION

Section 310(a)(1)...........................                6.9
      (a) (2)     ..........................                6.9
      (a) (3)     ..........................                Not Applicable
      (a) (4)     ..........................                Not Applicable
      (a) (5)     ..........................                Not Applicable
      (b)                                                   6.8
                                                            6.10
      (c)        ...........................                Not Applicable
Section 311(a)    ..........................                6.13
      (b)                                                   6.13
Section 312(a)    ..........................                7.1
                                                            7.2
      (b)                                                   7.2
      (c)                                                   7.2
Section 313(a)    ..........................                7.3
      (b)                                                   7.3
      (c)                                                   7.3
      (d)                                                   7.3
Section 314(a)    ..........................                7.4
      (a) (4)     ..........................                1.1
                                                            10.4
      (b)                                                   Not Applicable
      (c) (1)     ..........................                1.2
      (c) (2)     ..........................                1.2
      (c) (3)     ..........................                Not Applicable
      (d)                                                   Not Applicable
      (e)                                                   1.2
Section 315(a)    ..........................                6.1
      (b)                                                   6.2
      (c)                                                   6.1
      (d)                                                   6.1
      (e)                                                   5.14
Section 316(a)    ..........................                1.1
      (a) (1) (A) ..........................                5.2
                                                            5.12
      (a) (1) (B) ..........................                5.13
      (a) (2)     ..........................                Not Applicable
      (b)   ................................                5.8
      (c)   ................................                1.4
Section 317(a) (1)..........................                5.3
      (a) (2)     ..........................                5.4
      (b)   ................................                10.3

<PAGE>

Section 318(a) .............................                1.7

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       PAGE
<S>                                                                                                      <C>
Article 1      DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION.................................   1
        Section 1.1     Definitions....................................................................   1
        Section 1.2     Compliance Certificates and Opinions...........................................   7
        Section 1.3     Form of Documents Delivered to Trustee.........................................   8
        Section 1.4     Acts of Holders; Record Dates..................................................   9
        Section 1.5     Notices, Etc., to Trustee and Company..........................................  11
        Section 1.6     Notice to Holders; Waiver......................................................  11
        Section 1.7     Conflict with Trust Indenture Act..............................................  11
        Section 1.8     Effect of Headings and Table of Contents.......................................  11
        Section 1.9     Successors and Assigns.........................................................  11
        Section 1.10    Separability Clause............................................................  12
        Section 1.11    Benefits of Indenture..........................................................  12
        Section 1.12    Governing Law..................................................................  12
        Section 1.13    Waiver of Jury Trial...........................................................  12
        Section 1.14    Legal Holidays.................................................................  12
Article 2      SECURITY FORMS..........................................................................  12
        Section 2.1     Forms Generally................................................................  12
        Section 2.2     Form of Face of Security.......................................................  13
        Section 2.3     Form of Reverse of Security....................................................  14
        Section 2.4     Form of Legend for Global Securities...........................................  17
        Section 2.5     Form of Trustee's Certificate of Authentication................................  17
Article 3      THE SECURITIES..........................................................................  18
        Section 3.1     Amount Unlimited; Issuable in Series...........................................  18
        Section 3.2     Denominations..................................................................  20
        Section 3.3     Execution, Authentication, Delivery and Dating.................................  20
        Section 3.4     Temporary Securities...........................................................  22
        Section 3.5     Registration, Registration of Transfer and Exchange............................  22
        Section 3.6     Mutilated, Destroyed, Lost and Stolen Securities...............................  24
        Section 3.7     Payment of Interest; Interest Rights Preserved.................................  25
        Section 3.8     Persons Deemed Owners..........................................................  26
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                       PAGE
<S>                                                                                                      <C>
        Section 3.9     Cancellation...................................................................  26
        Section 3.10    Computation of Interest........................................................  27
        Section 3.11    CUSIP Numbers..................................................................  27
Article 4      SATISFACTION AND DISCHARGE..............................................................  27
        Section 4.1     Satisfaction and Discharge of Indenture........................................  27
        Section 4.2     Application of Trust Money.....................................................  28
Article 5      REMEDIES................................................................................  28
        Section 5.1     Events of Default..............................................................  28
        Section 5.2     Acceleration of Maturity; Rescission and Annulment.............................  30
        Section 5.3     Collection of Indebtedness and Suits for Enforcement by Trustee................  31
        Section 5.4     Trustee May File Proofs of Claim...............................................  31
        Section 5.5     Trustee May Enforce Claims Without Possession of Securities....................  32
        Section 5.6     Application of Money Collected.................................................  32
        Section 5.7     Limitation on Suits............................................................  32
        Section 5.8     Unconditional Right of Holders to Receive Principal, Premium and Interest......  33
        Section 5.9     Restoration of Rights and Remedies.............................................  33
        Section 5.10    Rights and Remedies Cumulative.................................................  33
        Section 5.11    Delay or Omission Not Waiver...................................................  34
        Section 5.12    Control by Holders.............................................................  34
        Section 5.13    Waiver of Past Defaults........................................................  34
        Section 5.14    Undertaking for Costs..........................................................  34
        Section 5.15    Waiver of Usury, Stay or Extension Laws........................................  35
Article 6      THE TRUSTEE.............................................................................  35
        Section 6.1     Certain Duties and Responsibilities............................................  35
        Section 6.2     Notice of Defaults.............................................................  35
        Section 6.3     Certain Rights of Trustee......................................................  35
        Section 6.4     Not Responsible for Recitals or Issuance of Securities.........................  37
        Section 6.5     May Hold Securities............................................................  37
        Section 6.6     Money Held in Trust............................................................  37
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                       PAGE
<S>                                                                                                      <C>
        Section 6.7     Compensation and Reimbursement.................................................  37
        Section 6.8     Conflicting Interests..........................................................  38
        Section 6.9     Corporate Trustee Required; Eligibility........................................  38
        Section 6.10    Resignation and Removal; Appointment of Successor..............................  38
        Section 6.11    Acceptance of Appointment by Successor.........................................  40
        Section 6.12    Merger, Conversion, Consolidation or Succession to Business....................  41
        Section 6.13    Preferential Collection of Claims Against Company..............................  41
        Section 6.14    Appointment of Authenticating Agent............................................  41
Article 7      HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY.......................................  43
        Section 7.1     Company to Furnish Trustee Names and Addresses of Holders......................  43
        Section 7.2     Preservation of Information; Communications to Holders.........................  43
        Section 7.3     Reports by Trustee.............................................................  43
        Section 7.4     Reports by Company.............................................................  44
Article 8      CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE....................................  44
        Section 8.1     Company May Consolidate, Etc., Only on Certain Terms...........................  44
        Section 8.2     Successor Substituted..........................................................  45
Article 9      SUPPLEMENTAL INDENTURES.................................................................  45
        Section 9.1     Supplemental Indentures Without Consent of Holders.............................  45
        Section 9.2     Supplemental Indentures With Consent of Holders................................  46
        Section 9.3     Execution of Supplemental Indentures...........................................  47
        Section 9.4     Effect of Supplemental Indentures..............................................  47
        Section 9.5     Conformity with Trust Indenture Act............................................  48
        Section 9.6     Reference in Securities to Supplemental Indentures.............................  48
Article 10     COVENANTS...............................................................................  48
        Section 10.1    Payment of Principal, Premium and Interest.....................................  48
        Section 10.2    Maintenance of Office or Agency................................................  48
        Section 10.3    Money for Securities Payments to Be Held in Trust..............................  48
        Section 10.4    Statement by Officers as to Default............................................  49
        Section 10.5    Waiver of Certain Covenants....................................................  50
        Section 10.6    Calculation of Original Issue Discount.........................................  50
</TABLE>

                                      -iii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                       PAGE
<S>                                                                                                      <C>
Article 11     REDEMPTION OF SECURITIES................................................................  50
        Section 11.1    Applicability of Article.......................................................  50
        Section 11.2    Election to Redeem; Notice to Trustee..........................................  50
        Section 11.3    Selection by Trustee of Securities to Be Redeemed..............................  51
        Section 11.4    Notice of Redemption...........................................................  51
        Section 11.5    Deposit of Redemption Price....................................................  52
        Section 11.6    Securities Payable on Redemption Date..........................................  52
        Section 11.7    Securities Redeemed in Part....................................................  53
Article 12     SINKING FUNDS...........................................................................  53
        Section 12.1    Applicability of Article.......................................................  53
        Section 12.2    Satisfaction of Sinking Fund Payments with Securities..........................  53
        Section 12.3    Redemption of Securities for Sinking Fund......................................  53
Article 13     DEFEASANCE AND COVENANT DEFEASANCE......................................................  54
        Section 13.1    Company's Option to Effect Defeasance or Covenant Defeasance...................  54
        Section 13.2    Defeasance and Discharge.......................................................  54
        Section 13.3    Covenant Defeasance............................................................  54
        Section 13.4    Conditions to Defeasance or Covenant Defeasance................................  55
        Section 13.5    Deposited Money and U.S. Government Obligations to Be Held in Trust;
                         Miscellaneous Provisions......................................................  57
        Section 13.6    Reinstatement..................................................................  57
</TABLE>

                                      -iv-

<PAGE>

          INDENTURE, dated as of May 28, 2002 between BERKSHIRE HATHAWAY INC., a
corporation duly organized and existing under the laws of the State of Delaware
(herein called the "Company"), having its principal office at 1440 Kiewit Plaza,
Omaha, Nebraska 68131, and The Bank of New York, a New York banking corporation,
as Trustee (herein called the "Trustee").

                             RECITALS OF THE COMPANY

          A.        The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (herein called
the "Securities"), to be issued in one or more series as in this Indenture
provided.

          B.        All things necessary to make this Indenture a valid
agreement of the Company, in accordance with its terms, have been done.

          NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                    ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     Section 1.1    Definitions. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

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

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

          (iii)     all accounting terms not otherwise defined herein have the
     meanings as signed to them in accordance with generally accepted accounting
     principles, and, except as otherwise herein expressly provided, the term
     "generally accepted accounting principles" with respect to any computation
     required or permitted hereunder shall mean such accounting principles as
     are generally accepted and applied by the Company on a consistent basis at
     the date of such computation;

          (iv)      unless the context otherwise requires, any reference to an
     "Article" or a "Section" refers to an Article or a Section, as the case may
     be, of this Indenture;

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

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     other subdivision; and

          (vi)      unless otherwise expressly provided, the word "including"
     does not limit the preceding words or terms.

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

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

          "Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

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

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

          "Business Day", when used with respect to any Place of Payment, means
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment are authorized or obligated by law
or executive order to close.

          "Capital Stock" of any Person means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including Preferred
Stock, but excluding any debt securities convertible into such equity.

          "Capitalized Lease Obligation" means an obligation under a lease that
is required to be capitalized for financial reporting purposes in accordance
with generally accepted accounting principles, and the amount of Indebtedness
represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with such principles.

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

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

          "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman of the Board, its Vice
Chairman of the Board, its

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President or a Vice President, and by its Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary, and delivered to the Trustee.

          "Consolidated Subsidiary" means as at any date, or for any period, any
Subsidiary of the Company the accounts of which are consolidated in accordance
with generally accepted accounting principals with those of the Company in the
Company's consolidated financial statements as of such date or for such period.

          "Corporate Trust Office" means the office of the Trustee located at
101 Barclay Street, New York, New York 10286.

          "corporation" means a corporation, association, company, joint-stock
company or business trust.

          "Covenant Defeasance" has the meaning specified in Section 13.3.

          "Defaulted Interest" has the meaning specified in Section 3.7.

          "Defeasance" has the meaning specified in Section 13.2.

          "Depositary" means, with respect to Securities of any series issuable
in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary
for such Securities as contemplated by Section 3.1.

          "Event of Default" has the meaning specified in Section 5.1.

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

          "Expiration Date" has the meaning specified in Section 1.4.

          "Global Security" means a Security that evidences all or part of the
Securities of any series and bears the legend set forth in Section 2.4 (or such
legend as may be specified as contemplated by Section 3.1 for such Securities).

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

          "Indebtedness" means, with respect to any Person:

          (1)  the principal of and any premium and interest on, whether
               outstanding on the date hereof or hereafter created, incurred, or
               assumed, which is (a) indebtedness of such Person for money
               borrowed and (b) indebtedness evidenced by notes, debentures,
               bonds or other similar instruments for the payment of which such
               Person is responsible or liable;

          (2)  all Capitalized Lease Obligations of such Person;

          (3)  all obligations of such Person issued or assumed as the deferred
               purchase price of property, all conditional sale obligations and
               all obligations under

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               any title retention agreement (but excluding trade accounts
               payable arising in the ordinary course of business or which are
               payable in full within 90 days from the date such Indebtedness is
               incurred);

          (4)  all obligations of such Person for the reimbursement of any
               obligor on any letter of credit, banker's acceptance or similar
               credit transaction (other than obligations with respect to
               letters of credit securing obligations (other than obligations
               described in (1) through (3) above) entered into in the ordinary
               course of business of such Person to the extent such letters of
               credit are not drawn upon or, if and to the extent drawn upon,
               such drawing is reimbursed no later than the third Business Day
               following receipt by such Person of a demand for reimbursement
               following payment on the letter of credit);

          (5)  all obligations of the type referred to in clauses (1) through
               (4) of other Persons and all dividends of other Persons for the
               payment of which, in either case, such Person is responsible or
               liable as obligor, guarantor or otherwise;

          (6)  all obligations of the type referred to in clauses (1) through
               (5) of other Persons secured by any lien or encumbrance on any
               property or asset of such Person (whether or not such obligation
               is assumed by such Person), the amount of such obligation being
               deemed to be the lesser of the value of such property or assets
               or the amount of the obligation so secured; and

          (7)  any amendments, modifications, refundings, renewals or extensions
               of any indebtedness or obligation described as Indebtedness in
               clauses (1) through (6) above.

          "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively. The term "Indenture" shall also include the terms of particular
series of Securities established as contemplated by Section 3.1.

          "interest", when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

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

          "Investment Company Act" means the Investment Company Act of 1940 and
any statute successor thereto, in each case as amended from time to time.

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

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          "Non-Recourse Debt" means Indebtedness as to which the lenders have
been notified that they will have recourse only to specified assets of the
Company or any Consolidated Subsidiary, other than the Capital Stock of a
Consolidated Subsidiary.

          "Notice of Default" means a written notice of the kind specified in
Section 5.1(iv) or 5.1(v).

          "Officers' Certificate" means a certificate signed by the Chairman of
the Board, a Vice Chairman of the Board, the President or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers
signing an Officers' Certificate given pursuant to Section 10.4 shall be the
principal executive, financial or accounting officer of the Company.

          "Opinion of Counsel" means a written opinion of counsel, who may be
in-house counsel for the Company, and who shall be acceptable to the Trustee.

          "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.

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

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

          (2)  Securities for whose payment or redemption money in the necessary
     amount has been theretofore deposited with the Trustee or any Paying Agent
     (other than the Company) in trust or set aside and segregated in trust by
     the Company (if the Company shall act as its own Paying Agent) for the
     Holders of such Securities; provided that, if such Securities are to be
     redeemed, notice of such redemption has been duly given pursuant to this
     Indenture or provision therefor satisfactory to the Trustee has been made;

          (3)  Securities as to which Defeasance has been effected pursuant to
     Section 13.2; and

          (4)  Securities which have been paid pursuant to Section 3.6 or in
     exchange for or in lieu of which other Securities have been authenticated
     and delivered pursuant to this Indenture, other than any such Securities in
     respect of which there shall have been presented to the Trustee proof
     satisfactory to it that such Securities are held by a bona fide purchaser
     in whose hands such Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or taken any
request, demand, authorization, direction, notice, consent, waiver or other
action hereunder as of any date, (A) the principal amount of an Original Issue
Discount Security which shall be deemed to be Outstanding shall be the amount of
the principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B)
if, as of such date, the principal amount payable at the Stated Maturity of a
Security is not determinable, the principal amount of such Security which shall
be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section 3.1, (C) the principal amount of a Security

                                       -5-

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denominated in one or more foreign currencies or currency units which shall be
deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of
such date in the manner provided as contemplated by Section 3.1, of the
principal amount of such Security (or, in the case of a Security described in
Clause (A) or (B) above, of the amount determined as provided in such Clause),
and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, waiver or other action, only
Securities which a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor.

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

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

          "Place of Payment", when used with respect to the Securities of any
series, means the place or places where the principal of and any premium and
interest on the Securities of that series are payable as specified as
contemplated by Section 3.1.

          "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.6 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

          "Preferred Stock" in respect of any corporation means Capital Stock of
any class or classes (however designated) which is preferred as to the payment
of dividends, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such corporation, over shares of
Capital Stock of any other class of such corporation.

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

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

          "Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 3.1.

          "Responsible Officer" means, when used with respect to the Trustee,
any officer within the corporate trust department of the Trustee (or any
successor of the Trustee), including any vice president, any assistant vice
president, any assistant secretary, any assistant treasurer, any trust officer
or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers,
respectively, or to

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whom any corporate trust matter is referred because of such Person's knowledge
of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

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

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

          "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.5.

          "Special Record Date" for the payment of any Defaulted Interest means
a date fixed by the Trustee pursuant to Section 3.7.

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

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

          "Trust Indenture Act" means the Trust Indenture Act of 1939 as in
force at the date as of which this instrument was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date,
"Trust Indenture Act" means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended.

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

          "U.S. Government Obligation" has the meaning specified in Section
13.4.

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

     Section 1.2    COMPLIANCE CERTIFICATES AND OPINIONS.

            (a)     Upon any application or request by the Company to the
Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee such

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certificates and opinions as may be required under the Trust Indenture Act. Each
such certificate or opinion shall be given in the form of an Officers'
Certificate, if to be given by an officer of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of
the Trust Indenture Act and any other requirements set forth in this Indenture;
provided, however, that the Company shall not be required to furnish the Trustee
with any such certificates or opinions in connection with an initial issuance of
Securities on the date of this Indenture (or any additional Securities of like
tenor subsequently issued pursuant to an underwriter's over allotment or similar
arrangement).

            (b)     Every certificate or opinion with respect to compliance with
a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 10.4) shall include:

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

                    (ii)    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;

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

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

     Section 1.3    FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

            (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 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

                                       -8-

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should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

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

     Section 1.4    ACTS OF HOLDERS; RECORD DATES.

            (a)     Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing or by facsimile; and, except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, where it is hereby
expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section 1.4.

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

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

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

            (e)     The Company may set any day as a record date for the purpose
of determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series; provided that the
Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph,

                                       -9-

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the Holders of Outstanding Securities of the relevant series on such record
date, and no other Holders, shall be entitled to take the relevant action,
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 principal amount of
Outstanding Securities of such series 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 principal amount of Outstanding Securities of the relevant
series 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 Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.6.

            (f)     The Trustee may set any day as a record date for the purpose
of determining the Holders of Outstanding Securities of any series entitled to
join in the giving or making of (i) any Notice of Default, (ii) any declaration
of acceleration referred to in Section 5.2, (iii) any request to institute
proceedings referred to in Section 5.7(ii), or (iv) any direction referred to in
Section 5.12, in each case with respect to Securities of such series. If any
record date is set pursuant to this paragraph (f), the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, 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 principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee 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 principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph (f), the Trustee, at the Company's expense, shall
cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section
1.6.

            (g)     With respect to any record date set pursuant to this
Section 1.4, the party hereto which sets such record dates may designate any day
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 other party hereto in
writing, and to each Holder of Securities of the relevant series in the manner
set forth in Section 1.6, on 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 1.4, the party hereto which set such record date 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

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as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date
shall be later than the 180th day after the applicable record date.

            (h)     Without limiting the foregoing, a Holder entitled hereunder
to take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by
one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.

     Section 1.5    NOTICES, ETC., TO TRUSTEE AND COMPANY.

            (a)     Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with, (1) the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee
at its Corporate Trust Office, Attention: Corporate Trust Administration, (or by
facsimile to a fax number designated by the Trustee from time to time) or (2)
the Company by the Trustee or by any Holder shall be sufficient for every
purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Company addressed to it at the
address of its principal office specified in the first paragraph of this
instrument or at any other address previously furnished in writing to the
Trustee by the Company (or by facsimile to a fax number designated by the
Company from time to time).

     Section 1.6    NOTICE TO HOLDERS; WAIVER.

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

            (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 Trustee
shall constitute a sufficient notification for every purpose hereunder.

     Section 1.7    Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with a provision of the Trust Indenture Act which
is required under such act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act which may be so

                                      -11-

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

     Section 1.8    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 1.9    Successors and Assigns. All covenants and agreements in this
Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

     Section 1.10   Separability Clause. In case any provision in this Indenture
or in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

     Section 1.11   Benefits of Indenture. Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

     Section 1.12   Governing Law. This Indenture and the Securities shall be
governed by and construed in accordance with the law of the State of New York,
without regard to conflicts of laws principles thereof.

     Section 1.13   Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

     Section 1.14   Legal Holidays. In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities (other than a provision of any Security which
specifically states that such provision shall apply in lieu of this Section
1.14)) payment of interest or principal (and premium, if any) need not be made
at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date or Redemption Date, or at the Stated Maturity.

                                    ARTICLE 2
                                 SECURITY FORMS

     Section 2.1    FORMS GENERALLY.

            (a)     The Securities of each series shall be in substantially the
form set forth in this Article 2, or in such other form as shall be established
by or pursuant to a Board Resolution or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and

                                      -12-

<PAGE>

may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of
any securities exchange or Depositary therefor or as may, consistently herewith,
be determined by the officers executing such Securities, as evidenced by their
execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 3.3 for the authentication and delivery of such
Securities.

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

     Section 2.2    FORM OF FACE OF SECURITY.

        [Insert any legend required by the Internal Revenue Code and the
                            regulations thereunder.]

                             BERKSHIRE HATHAWAY INC.

                                                                [CUSIP No:_____]

   No. ________                                                   $ _______

          Berkshire Hathaway Inc., a corporation duly organized and existing
   under the laws of the State of Delaware (herein called the "Company", which
   term includes any successor Person under the Indenture hereinafter referred
   to), for value received, hereby promises to pay to [ ], or registered
   assigns, the principal sum of [ ] Dollars on [ ]

   [If the Security is to bear interest prior to Maturity, insert -- and to pay
   interest thereon from [ ] or from the most recent Interest Payment Date to
   which interest has been paid or duly provided for, semi-annually on [ ] and [
   ] in each year, commencing [ ], at the rate of [ ]% per annum, until the
   principal hereof is paid or made available for payment [if applicable,
   insert, provided that any principal and premium, and any such installment of
   interest, which is overdue shall bear interest at the rate of [ ]% per annum
   (to the extent that the payment of such interest shall be legally
   enforceable), from the dates such amounts are due until they are paid or made
   available for payment, and such interest shall be payable on demand]. The
   interest so payable, and punctually paid or duly provided for, on any
   Interest Payment Date will, as provided in such Indenture, be paid to the
   Person in whose name this Security (or one or more Predecessor Securities) is
   registered at the close of business on the Regular Record Date for such
   interest, which shall be the [ ] or [ ] (whether or not a Business Day), as
   the case may be, next preceding such Interest Payment Date. Any such interest
   not so punctually paid or duly provided for will forthwith cease to be
   payable to the Holder on such Regular Record Date and may either be paid to
   the Person in whose name this Security (or one or more Predecessor
   Securities) is registered at the close of business on a Special Record Date
   for the payment of such Defaulted Interest to be fixed by the Trustee, notice
   whereof shall be given to Holders of Securities of this series not less than
   10 days prior to such Special Record Date, or be paid at any time in any
   other lawful manner not inconsistent with the requirements of any securities
   exchange on which the Securities of this series may be listed, and upon such
   notice as may be required by such exchange, all as more fully provided in
   said Indenture].

   [If the Security is not to bear interest prior to Maturity, insert -- The
   principal of this Security shall not bear interest except in the case of a
   default in payment of principal upon acceleration, upon

                                      -13-

<PAGE>

   redemption or at Stated Maturity and in such case the overdue principal and
   any overdue premium shall bear interest at the rate of [ ]% per annum (to the
   extent that the payment of such interest shall be legally enforceable), from
   the dates such amounts are due until they are paid or made available for
   payment. Interest on any overdue principal or premium shall be payable on
   demand. [Any such interest on overdue principal or premium which is not paid
   on demand shall bear interest at the rate of [ ]% per annum (to the extent
   that the payment of such interest on interest shall be legally enforce able),
   from the date of such demand until the amount so demanded is paid or made
   available for payment. Interest on any overdue interest shall be payable on
   demand.] [Interest shall be calculated on the basis of a 360 day year and the
   actual number of days elapsed.]]

          Payment of the principal of (and premium, if any) and [if applicable,
   insert -- any such] interest on this Security will be made at the office or
   agency of the Company maintained for that purpose in [ ], in such coin or
   currency of the United States of America as at the time of payment is legal
   tender for payment of public and private debts [if applicable, insert --;
   provided, however, that at the option of the Company payment of interest may
   be made by check mailed to the address of the Person entitled thereto as such
   address shall appear in the Security Register].

          Reference is hereby made to the further provisions of this Security
   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 Trustee referred to on the reverse hereof by manual signature, this
   Security shall not be entitled to any benefit under the Indenture or be valid
   or obligatory for any purpose.

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

                                             BERKSHIRE HATHAWAY INC.

                                             By

     Attest:

     Section 2.3    FORM OF REVERSE OF SECURITY.

          This Security is one of a duly authorized series of securities of the
   Company (herein called the "Securities"), issued and to be issued in one or
   more series under an Indenture, dated as of [ ] (herein called the
   "Indenture", which term shall have the meaning assigned to it in such
   instrument), between the Company and The Bank of New York, as Trustee (herein
   called the "Trustee", which term includes any successor trustee under the
   Indenture), and reference is hereby made to the Indenture for a statement of
   the respective rights, limitations of rights, duties and immunities
   thereunder of the Company, the Trustee and the Holders of the Securities and
   of the terms upon which the Securities are, and are to be, authenticated and
   delivered. This Security is one of the series designated on the face hereof,
   limited in aggregate principal amount to $[ ].

          [If applicable, insert-- The Securities of this series are subject to
   redemption upon not less than 30 days' notice by mail, [if applicable,
   insert-- (1) on [ ] in any year commencing with the year [ ] and ending with
   the year [ ] through operation of the sinking fund for this series at a
   Redemption Price equal to 100% of the principal amount, and (2)] at any time
   [if applicable, insert-- on or after [ ], 20[ ], as a whole or in part, at
   the election of the Company, at the following Redemption Prices (expressed as
   percentages of the principal amount): If redeemed [if applicable,

                                      -14-

<PAGE>

   insert-- on or before [ ], [ ]%, and if redeemed] during the 12-month period
   beginning [ ] of the years indicated,

                 Redemption                      Redemption
   Year            Price            Year           Price
   ----            -----            ----           -----

   and thereafter at a Redemption Price equal to [ ]% of the principal amount,
   together in the case of any such redemption [if applicable, insert --
   (whether through operation of the sinking fund or otherwise)] with accrued
   interest to the Redemption Date, but interest installments whose Stated
   Maturity is on or prior to such Redemption Date will be payable to the
   Holders of such Securities, or one or more Predecessor Securities, of record
   at the close of business on the relevant Record Dates referred to on the face
   hereof, all as provided in the Indenture.]

          [If applicable, insert-- The Securities of this series are subject to
   redemption upon not less than 30 days' notice by mail, (1) on [ ] in any year
   commencing with the year [ ] and ending with the year [ ] through operation
   of the sinking fund for this series at the Redemption Prices for redemption
   through operation of the sinking fund (expressed as percentages of the
   principal amount) set forth in the table below, and (2) at any time [if
   applicable, insert-- on or after [ ], as a whole or in part, at the election
   of the Company, at the Redemption Prices for redemption otherwise than
   through operation of the sinking fund (expressed as percentages of the
   principal amount) set forth in the table below: If redeemed during the
   12-month period beginning [ ] of the years indicated,

                        Redemption Price
                         For Redemption                 Redemption Price For
                        Through Operation               Redemption Otherwise
                             of the                    Than Through Operation
   Year                   Sinking Fund                   of the Sinking Fund
   ----                   ------------                   -------------------

   and thereafter at a Redemption Price equal to [ ]% of the principal amount,
   together in the case of any such redemption (whether through operation of the
   sinking fund or other wise) with accrued interest to the Redemption Date, but
   interest installments whose Stated Maturity is on or prior to such Redemption
   Date will be payable to the Holders of such Securities, or one or more
   Predecessor Securities, of record at the close of business on the relevant
   Record Dates referred to on the face hereof, all as provided in the
   Indenture.]

          [If applicable, insert -- Notwithstanding the foregoing, the Company
   may not, prior to [ ], redeem any Securities of this series as contemplated
   by [if applicable, insert -- Clause (2) of] the preceding paragraph as a part
   of, or in anticipation of, any refunding operation by the application,
   directly or indirectly, of moneys borrowed having an interest cost to the
   Company (calculated in accordance with generally accepted financial practice)
   of less than [ ]% per annum.]

          [If applicable, insert -- The sinking fund for this series provides
   for[ ] the redemption on [ ] in each year beginning with the year [ ] and
   ending with the year [ ]

                                      -15-

<PAGE>

   of [if applicable, insert -- not less than $[ ] ("mandatory sinking fund")
   and not more than] $[ ] aggregate principal amount of Securities of this
   series. Securities of this series acquired or redeemed by the Company
   otherwise than through [if applicable, insert -- mandatory] sinking fund
   payments may be credited against subsequent [if applicable, insert --
   mandatory] sinking fund payments otherwise required to be made [if
   applicable, insert -- , in the inverse order in which they become due].]

          [If the Security is subject to redemption of any kind, insert -- In
   the event of redemption of this Security in part only, a new Security or
   Securities of this series and of like tenor for the unredeemed portion hereof
   will be issued in the name of the Holder hereof upon the cancellation
   hereof.]

          [If applicable, insert -- The Indenture contains provisions for
   defeasance at any time of [the entire Indebtedness of this Security] [or]
   [certain restrictive covenants and Events of Default with respect to this
   Security] [, in each case] upon compliance with certain conditions set forth
   in the Indenture.]

          [If the Security is not an Original Issue Discount Security, insert --
   If an Event of Default with respect to Securities of this series shall occur
   and be continuing, the principal of the Securities of this series may be
   declared due and payable in the manner and with the effect provided in the
   Indenture.]

          [If the Security is an Original Issue Discount Security, insert -- If
   an Event of Default with respect to Securities of this series shall occur and
   be continuing, an amount of principal of the Securities of this series may be
   declared due and payable in the manner and with the effect provided in the
   Indenture. Such amount shall be equal to -- insert formula for determining
   the amount. Upon payment (i) of the amount of principal so declared due and
   payable and (ii) of interest on any overdue principal, premium and interest
   (in each case to the extent that the payment of such interest shall be
   legally enforceable), all of the Company's obligations in respect of the
   payment of the principal of and premium and interest, if any, on the
   Securities of this series shall terminate.]

          The Indenture permits, with certain exceptions as therein provided,
   the amendment thereof and the modification of the rights and obligations of
   the Company and the rights of the Holders of the Securities of each series to
   be affected under the Indenture at any time by the Company and the Trustee
   with the consent of the Holders of 51% in principal amount of the Securities
   at the time Outstanding of each series to be affected. The Indenture also
   contains provisions permitting the Holders of specified percentages in
   principal amount of the Securities of each series at the time Outstanding, on
   behalf of the Holders of all Securities of such series, to waive compliance
   by the Company with certain provisions of the Indenture and certain past
   defaults under the Indenture and their consequences. Any such consent or
   waiver by the Holder of this Security shall be conclusive and binding upon
   such Holder and upon all future Holders of this Security and of any Security
   issued upon the registration of transfer hereof or in exchange herefor or in
   lieu hereof, whether or not notation of such consent or waiver is made upon
   this Security.

          As provided in and subject to the provisions of the Indenture, the
   Holder of this Security shall not have the right to institute any proceeding
   with respect to the Indenture or for the appointment of a receiver or trustee
   or for any other remedy thereunder, unless such Holder shall have previously
   given the Trustee written notice of a continuing Event of Default with
   respect to the Securities of this series, the Holders of not less than 25% in
   principal amount of the Securities of this series at the time Outstanding
   shall have made written request to the Trustee to institute proceedings in
   respect of such Event of Default as Trustee and offered the Trustee indemnity
   or security reasonably satisfactory to it, and the Trustee shall not have
   received from the Holders of a majority in principal amount of Securities of
   this series at the time Outstanding a direction inconsistent with such
   request, and shall have failed to institute any such proceeding, for 60 days
   after receipt of such notice, request and offer of indemnity. The foregoing
   shall not apply to any suit instituted by the Holder of this Security for

                                      -16-

<PAGE>

   the enforcement of any payment of principal hereof or any premium or interest
   hereon on or after the respective due dates expressed herein.

          No reference herein to the Indenture and no provision of this Security
   or of the Indenture shall alter or impair the obligation of the Company,
   which is absolute and unconditional, to pay the principal of and any premium
   and interest on this Security at the times, place and rate, and in the coin
   or currency, herein prescribed.

          The Indenture and this Security are governed by the laws of the State
   of New York, without regard to conflicts of laws provisions thereof.

          As provided in the Indenture and subject to certain limitations
   therein set forth, the transfer of this Security is registrable in the
   Security Register, upon surrender of this Security for registration of
   transfer at the office or agency of the Company in any place where the
   principal of and any premium and interest on this Security are payable, duly
   endorsed by, or accompanied by a written instrument of transfer in form
   satisfactory to the Company and the Security Registrar duly executed by, the
   Holder hereof or his attorney duly authorized in writing, and thereupon one
   or more new Securities of this series and of like tenor, of authorized
   denominations and for the same aggregate principal amount, will be issued to
   the designated transferee or transferees.

          The Securities of this series are issuable in [registered/global] form
   without coupons in denominations of $[ ] and any integral multiple thereof.
   As provided in the Indenture and subject to certain limitations therein set
   forth, Securities of this series are exchangeable for a like aggregate
   principal amount of Securities of this series and of like tenor of a
   different authorized denomination, as requested by the Holder surrendering
   the same.

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

          Prior to due presentment of this Security for registration of
   transfer, the Company, the Trustee and any agent of the Company or the
   Trustee may treat the Person in whose name this Security is registered as the
   owner hereof for all purposes, whether or not this Security be overdue, and
   neither the Company, the Trustee nor any such agent shall be affected by
   notice to the contrary.

          All terms used in this Security which are defined in the Indenture
   shall have the meanings assigned to them in the Indenture.

     Section 2.4    Form of Legend for Global Securities. Unless otherwise
specified as contemplated by Section 3.1 for the Securities evidenced thereby,
every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

   THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
   HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
   NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
   SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY
   BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
   NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
   INDENTURE.

     Section 2.5    Form of Trustee's Certificate of Authentication. The
Trustee's certificates of authentication shall be in substantially the following
form:

                                      -17-

<PAGE>

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

       Dated:                                         THE BANK OF NEW YORK,
                                                      as Trustee,

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

                                    ARTICLE 3
                                 THE SECURITIES

     Section 3.1    AMOUNT UNLIMITED; ISSUABLE IN SERIES.

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

            (b)     The Securities may be issued in one or more series. There
shall be established in or pursuant to a Board Resolution and, subject to
Section 3.3, set forth, or determined in the manner provided, in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series,

                    (i)     the title of the Securities of the series (which
     shall distinguish the Securities of the series from Securities of any other
     series);

                    (ii)    any limit upon the aggregate principal amount of the
     Securities of the series which may be authenticated and delivered under
     this Indenture (except for Securities authenticated and delivered upon
     registration of transfer of, or in exchange for, or in lieu of, other
     Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and
     except for any Securities which, pursuant to Section 3.3, are deemed never
     to have been authenticated and delivered hereunder);

                    (iii)   the Person to whom any interest on a Security of the
     series shall be payable, if other than the Person in whose name that
     Security (or one or more Predecessor Securities) is registered at the close
     of business on the Regular Record Date for such interest;

                    (iv)    the date or dates on which the principal of any
     Securities of the series is payable;

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

                                      -18-

<PAGE>

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

                    (vii)   the period or periods within which, the price or
     prices at which and the terms and conditions upon which any Securities of
     the series may be redeemed, in whole or in part, at the option of the
     Company and, if other than by a Board Resolution, the manner in which any
     election by the Company to redeem the Securities shall be evidenced;

                    (viii)  the obligation, if any, of the Company to redeem or
     purchase any Securities of the series pursuant to any sinking fund or
     analogous provisions or at the option of the Holder thereof and the period
     or periods within which, the price or prices at which and the terms and
     conditions upon which any Securities of the series shall be redeemed or
     purchased, in whole or in part, pursuant to such obligation;

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

                    (x)     if the amount of principal of or any premium or
     interest on any Securities of the series may be determined with reference
     to an index or pursuant to a formula, the manner in which such amounts
     shall be determined;

                    (xi)    if other than the currency of the United States of
     America, the currency, currencies or currency units in which the principal
     of or any premium or interest on any Securities of the series shall be
     payable and the manner of determining the equivalent thereof in the
     currency of the United States of America for any purpose, including for
     purposes of the definition of "Outstanding" in Section 1.1;

                    (xii)   if the principal of or any premium or interest on
     any Securities of the series is to be payable, at the election of the
     Company or the Holder thereof, in one or more currencies or currency units
     other than that or those in which such Securities are stated to be payable,
     the currency, currencies or currency units in which the principal of or any
     premium or interest on such Securities as to which such election is made
     shall be payable, the periods within which and the terms and conditions
     upon which such election is to be made and the amount so payable (or the
     manner in which such amount shall be determined);

                    (xiii)  if other than the entire principal amount thereof,
     the portion of the principal amount of any Securities of the series which
     shall be payable upon declaration of acceleration of the Maturity thereof
     pursuant to Section 5.2;

                    (xiv)   if the principal amount payable at the Stated
     Maturity of any Securities of the series will not be determinable as of any
     one or more dates prior to the Stated Maturity, the amount which shall be
     deemed to be the principal amount of such Securities as of any such date
     for any purpose thereunder or hereunder, including the principal amount
     thereof which shall be due and payable upon any Maturity other than

                                      -19-

<PAGE>

     the Stated Maturity or which shall be deemed to be Outstanding as of any
     date prior to the Stated Maturity (or, in any such case, the manner in
     which such amount deemed to be the principal amount shall be determined);

                    (xv)    if applicable, whether the Securities of the series,
     in whole or any specified part, shall be indefeasible pursuant to Section
     13.2 or Section 13.3 or both such Sections and, if defeasible, the manner
     in which any election by the Company to defease such Securities shall be
     evidenced, if other than by a Board Resolution;

                    (xvi)   if applicable, that any Securities of the series
     shall be issuable in whole or in part in the form of one or more Global
     Securities and, in such case, the respective Depositaries for such Global
     Securities, the form of any legend or legends which shall be borne by any
     such Global Security in addition to or in lieu of that set forth in Section
     2.4 and any circumstances in addition to or in lieu of those set forth in
     Section 3.5(h)(ii) in which any such Global Security may be exchanged in
     whole or in part for Securities registered, and any transfer of such Global
     Security in whole or in part may be registered, in the name or names of
     Persons other than the Depositary for such Global Security or a nominee
     thereof;

                    (xvii)  any addition to or change in the Events of Default
     which applies to any Securities of the series and any change in the right
     of the Trustee or the requisite Holders of such Securities to declare the
     principal amount thereof due and payable pursuant to Section 5.2;

                    (xviii) any addition to or change in the covenants set forth
     in Article 10 which applies to Securities of the series; and

                    (xix)   any other terms of the series (which terms shall not
     be inconsistent with the provisions of this Indenture, except as permitted
     by Section 9.1(v)).

            (c)     All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in
or pursuant to the Board Resolution referred to above and (subject to Section
3.3) set forth, or determined in the manner provided, in the Officers'
Certificate referred to above or in any such indenture supplemental hereto.

            (d)     If any of the terms of the series are established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the
Officers' Certificate setting forth the terms of the series.

     Section 3.2    Denominations. Unless otherwise specified pursuant to
Section 3.1(a)(xvi), the Securities of each series shall be issuable in
registered form without coupons and only in such denominations as shall be
specified as contemplated by Section 3.1. In the absence of any such specified
denomination with respect to the Securities of any series, the Securities of
such series shall be issuable in denominations of $1,000 and any integral
multiple thereof.

     Section 3.3    EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

                                      -20-

<PAGE>

            (a)     The Securities shall be executed on behalf of the Company by
its Chairman of the Board, its Vice Chairman of the Board, its President or one
of its Vice Presidents, and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile.

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

            (c)     At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such
Securities. If the form or terms of the Securities of the series have been
established by or pursuant to one or more Board Resolutions as permitted by
Sections 2.1 and 3.1, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be
fully protected in relying upon, an Opinion of Counsel stating:

                    (i)     if the form of such Securities has been established
     by or pursuant to Board Resolution as permitted by Section 2.1, that such
     form has been established in conformity with the provisions of this
     Indenture;

                    (ii)    if the terms of such Securities have been
     established by or pursuant to Board Resolution as permitted by Section 3.1,
     that such terms have been established in conformity with the provisions of
     this Indenture;

                    (iii)   that such Securities, when authenticated and
     delivered by the Trustee and issued by the Company in the manner and
     subject to any conditions specified in such Opinion of Counsel, will
     constitute valid and legally binding obligations of the Company enforceable
     in accordance with their terms, subject to bankruptcy, insolvency,
     fraudulent transfer, reorganization, moratorium and similar laws of general
     applicability relating to or affecting creditors' rights and to general
     equity principles;

                    (iv)    that all laws and requirements in respect of the
     execution and delivery by the Company of such Securities have been complied
     with; and

                    (v)     that the Company has taken all action necessary
     under its organizational documents and the Delaware General Corporation Law
     to authorize the issuance of the Securities.

            (d)     If such form or terms have been so established, the Trustee
shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee's own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee.

                                      -21-

<PAGE>

            (e)     Notwithstanding the provisions of Section 3.1 and of the
preceding paragraph, if all Securities of a series are not to be originally
issued at one time, it shall not be necessary to deliver the Officers'
Certificate otherwise required pursuant to Section 3.1 or the Company Order and
Opinion of Counsel otherwise required pursuant to such preceding paragraph at or
prior to the authentication of each Security of such series if such documents
are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued.

            (f)     Each Security shall be dated the date of its authentication.

            (g)     No Security shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for
herein executed by the Trustee by manual signature, and such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section
3.9, for all purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Indenture.

            (h)     The Trustee shall have the right to decline to authenticate
and deliver any Securities under this Section if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or if the Trustee
in good faith shall determine that such action would expose the Trustee to
personal liability to existing Holders.

     Section 3.4    TEMPORARY SECURITIES.

            (a)     Pending the preparation of definitive Securities of any
series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities.

            (b)     If temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such
series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company in a Place of Payment for
that series, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Securities of any series, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount. Until so exchanged, the

                                      -22-

<PAGE>

temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series and tenor.

     Section 3.5    REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

            (a)     The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register (the register maintained in such office and in
any other office or agency of the Company in a Place of Payment being herein
sometimes collectively referred to as the "Security Register") in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Securities and of transfers of Securities. The Trustee
is hereby appointed "Security Registrar" for the purpose of registering
Securities and transfers of Securities as herein provided.

            (b)     Upon surrender for registration of transfer of any Security
of a series at the office or agency of the Company in a Place of Payment for
that series, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Securities of the same series, of any authorized denominations and of like
tenor and aggregate principal amount.

            (c)     At the option of the Holder, Securities of any series may be
exchanged for other Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender
of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

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

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

            (f)     No service charge shall be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

            (g)     If the Securities of any series (or of any series and
specified tenor) are to be redeemed in part, the Company shall not be required
(i) to issue, register the transfer of or exchange any Securities of that series
(or of that series and specified tenor, as the case may be)

                                      -23-

<PAGE>

during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of any such Securities selected for
redemption under Section 11.3 and ending at the close of business on the day of
such mailing, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part.

            (h)     The provisions of Clauses (i), (ii), (iii) and (iv) below
shall apply only to Global Securities:

                    (i)     Each Global Security authenticated under this
     Indenture shall be registered in the name of the Depositary designated for
     such Global Security or a nominee thereof and delivered to such Depositary
     or a nominee thereof or custodian therefor, and each such Global Security
     shall constitute a single Security for all purposes of this Indenture.

                    (ii)    Notwithstanding any other provision in this
     Indenture, no Global Security may be exchanged in whole or in part for
     Securities registered, and no transfer of a Global Security in whole or in
     part may be registered, in the name of any Person other than the Depositary
     for such Global Security or a nominee thereof unless (i) such Depositary
     (A) has notified the Company that it is unwilling or unable to continue as
     Depositary for such Global Security or (B) has ceased to be a clearing
     agency registered under the Exchange Act, (ii) there shall have occurred
     and be continuing an Event of Default with respect to such Global Security
     or (iii) there shall exist such circumstances, if any, in addition to or in
     lieu of the foregoing as have been specified for this purpose as
     contemplated by Section 3.1.

                    (iii)   Subject to Clause (ii) above, any exchange of a
     Global Security for other Securities may be made in whole or in part, and
     all Securities issued in exchange for a Global Security or any portion
     thereof shall be registered in such names as the Depositary for such Global
     Security shall direct.

                    (iv)    Every Security authenticated and delivered upon
     registration of transfer of, or in exchange for or in lieu of, a Global
     Security or any portion thereof, whether pursuant to this Section 3.5,
     Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and
     delivered in the form of, and shall be, a Global Security, unless such
     Security is registered in the name of a Person other than the Depositary
     for such Global Security or a nominee thereof.

     Section 3.6    MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

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

                                      -24-

<PAGE>

            (b)     If there shall be delivered to the Company and the Trustee
(i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity as may be required by them to save
each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a
bona fide purchaser, the Company shall execute and the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

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

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

            (e)     Every new Security of any series issued pursuant to this
Section 3.6 in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company, whether or not the
destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued
hereunder.

            (f)     The provisions of this Section 3.6 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities.

     Section 3.7    PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

            (a)     Except as otherwise provided as contemplated by Section 3.1
with respect to any series of Securities, interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest.

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

                    (i)     The Company may elect to make payment of any
     Defaulted Interest to the Persons in whose names the Securities of such
     series (or their respective Predecessor Securities) are registered at the
     close of business on a Special Record Date for the payment of such
     Defaulted Interest, which shall be fixed in the following manner:

                                      -25-

<PAGE>

     The Company shall notify the Trustee in writing of the amount of Defaulted
     Interest proposed to be paid on each Security of such series and the date
     of the proposed payment, and at the same time the Company shall deposit
     with the Trustee an amount of money equal to the aggregate amount proposed
     to be paid in respect of such Defaulted Interest or shall make arrangements
     satisfactory to the Trustee for such deposit prior to the date of the
     proposed payment, such money when deposited to be held in trust for the
     benefit of the Persons entitled to such Defaulted Interest as in this
     Clause provided. Thereupon the Trustee shall fix a Special Record Date for
     the payment of such Defaulted Interest which shall be not more than 15 days
     and not less than 10 days prior to the date of the proposed payment and not
     less than 10 days after the receipt by the Trustee of the notice of the
     proposed payment. The Trustee shall promptly notify the Company of such
     Special Record Date and, in the name and at the expense of the Company,
     shall cause notice of the proposed payment of such Defaulted Interest and
     the Special Record Date therefor to be given to each Holder of Securities
     of such series in the manner set forth in Section 1.6, not less than 10
     days prior to such Special Record Date. Notice of the proposed payment of
     such Defaulted Interest and the Special Record Date therefor having been so
     mailed, such Defaulted Interest shall be paid to the Persons in whose names
     the Securities of such series (or their respective Predecessor Securities)
     are registered at the close of business on such Special Record Date and
     shall no longer be payable pursuant to the following Clause (ii).

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

            (c)     Subject to the foregoing provisions of this Section 3.7,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

     Section 3.8    Persons Deemed Owners. Prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 3.7) any interest on such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary.

     Section 3.9    Cancellation. All Securities surrendered for payment,
redemption, registration of transfer or exchange or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have

                                      -26-

<PAGE>

acquired in any manner whatsoever, and may deliver to the Trustee (or to any
other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 3.9, except as expressly permitted by this
Indenture. All cancelled Securities held by the Trustee shall be disposed of in
accordance with the Trustee's customary procedures.

     Section 3.10   Computation of Interest. Except as otherwise specified as
contemplated by Section 3.1 for Securities of any series, interest on the
Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

     Section 3.11   Cusip Numbers. The Company in issuing the Securities may
use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall
use "CUSIP" numbers in notices 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
and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such matter shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any
change in the "CUSIP" numbers.

                                   ARTICLE 4
                           SATISFACTION AND DISCHARGE

     Section 4.1    SATISFACTION AND DISCHARGE OF INDENTURE.

            (a)     This Indenture shall upon Company Request cease to be of
further effect (except as to any surviving rights of registration of transfer or
exchange of Securities herein expressly provided for), and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

                    (i)     either

                            A.   all Securities theretofore authenticated and
     delivered (other than (i) Securities which have been destroyed, lost or
     stolen and which have been replaced or paid as provided in Section 3.6 and
     (ii) Securities for whose payment money has theretofore been deposited in
     trust or segregated and held in trust by the Company and thereafter repaid
     to the Company or discharged from such trust, as provided in Section 10.3)
     have been delivered to the Trustee for cancellation; or

                            B.   all such Securities not theretofore delivered
     to the Trustee for cancellation:

                                 (1)  have become due and payable, or

                                 (2)  will become due and payable at their
                            Stated Maturity within one year, or

                                      -27-

<PAGE>

                                 (3)  are to be called for redemption within one
                            year under arrangements satisfactory to the Trustee
                            for the giving of notice of redemption by the
                            Trustee in the name, and at the expense, of the
                            Company,

     and the Company, in the case of (1), (2) or (3) above, has deposited or
     caused to be deposited with the Trustee as trust funds in trust for the
     purpose money in an amount sufficient to pay and discharge the entire
     Indebtedness on such Securities not theretofore delivered to the Trustee
     for cancellation, for principal and any premium and interest to the date of
     such deposit (in the case of Securities which have become due and payable)
     or to the Stated Maturity or Redemption Date, as the case may be;

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

                    (iii)   the Company has delivered to the Trustee an
     Officers' Certificate and an Opinion of Counsel, each stating that all
     conditions precedent herein provided for relating to the satisfaction and
     discharge of this Indenture have been complied with.

            (b)     Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 6.7, the
obligations of the Company to any Authenticating Agent under Section 6.14 and,
if money shall have been deposited with the Company pursuant to subclause (B) of
Clause (i) of this Section 4.1, the obligations of the Trustee under Section 4.2
and the last paragraph of Section 10.3 shall survive.

     Section 4.2    Application of Trust Money. Subject to the provisions of
the last paragraph of Section 10.3, all money deposited with the Trustee
pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal and any premium and interest for whose payment such money has been
deposited with the Trustee.

                                    ARTICLE 5
                                    REMEDIES

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

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

                    (ii)    default in the payment of the principal of or any
     premium on any Security of that series at its Maturity; or

                                      -28-

<PAGE>

                    (iii)   default in the deposit of any sinking fund payment,
     when and as due by the terms of a Security of that series, and continuance
     of such default for a period of 30 days; or

                    (iv)    default in the performance, or breach, of any
     covenant or warranty of the Company in this Indenture (other than a
     covenant or warranty a default in whose performance or whose breach is
     elsewhere in this Section 5.1 specifically dealt with or which has
     expressly been included in this Indenture solely for the benefit of series
     of Securities other than that series), and continuance of such default or
     breach for a period of 60 days after there has been given, by registered or
     certified mail, to the Company by the Trustee or to the Company and the
     Trustee by the Holders of at least 25% in principal amount of the
     Outstanding Securities of that series a written notice specifying such
     default or breach and requiring it to be remedied and stating that such
     notice is a "Notice of Default" hereunder; or

                    (v)     a default under any bond, debenture, note or other
     evidence of Indebtedness for money borrowed (other than Non-Recourse Debt)
     by the Company or any Consolidated Subsidiary (including a default with
     respect to Securities of any series other than that series) having an
     aggregate principal amount outstanding of at least $50,000,000, or under
     any mortgage, indenture or instrument (including this Indenture) under
     which there may be issued or by which there may be secured or evidenced any
     Indebtedness for money borrowed (other than Non-Recourse Debt) by the
     Company or any Consolidated Subsidiary having an aggregate principal amount
     outstanding of at least $50,000,000, whether such Indebtedness now exists
     or shall hereafter be created, which default (A) shall constitute a failure
     to pay any portion of the principal of such Indebtedness when due and
     payable after the expiration of any applicable grace period with respect
     thereto or (B) shall have resulted in such Indebtedness becoming or being
     declared due and payable prior to the date on which it would otherwise have
     become due and payable, without, in the case of Clause (A), such
     Indebtedness having been discharged or without, in the case of Clause (B),
     such Indebtedness having been discharged or such acceleration having been
     rescinded or annulled, in each such case within a period of 15 days after
     there shall have been given, by registered or certified mail, to the
     Company by the Trustee or to the Company and the Trustee by the Holders of
     at least 25% in principal amount of the Outstanding Securities of that
     series a written notice specifying such default and requiring the Company
     to cause such Indebtedness to be discharged or cause such acceleration to
     be rescinded or annulled, as the case may be, and stating that such notice
     is a "Notice of Default" hereunder; or

                    (vi)    the entry by a court having jurisdiction in the
     premises of (A) a decree or order for relief in respect of the Company in
     an involuntary case or proceeding under any applicable federal or state
     bankruptcy, insolvency, reorganization or other similar law or (B) a decree
     or order adjudging the Company a bankrupt or insolvent, or approving as
     properly filed a petition seeking reorganization, arrangement, adjustment
     or composition of or in respect of the Company under any applicable federal
     or state law, or appointing a custodian, receiver, liquidator, assignee,
     trustee, sequestrator or other similar official of the Company or of any
     substantial part of its property, or ordering the winding

                                      -29-

<PAGE>

     up or liquidation of its affairs, and the continuance of any such decree or
     order for relief or any such other decree or order undismissed or unstayed
     and in effect for a period of 60 consecutive days; or

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

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

     Section 5.2    ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

            (a)     If an Event of Default (other than an Event of Default
specified in Section 5.1(vi) or 5.1(vii)) with respect to Securities of any
series at the time Outstanding occurs and is continuing, then in every such case
the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare the principal amount of all
the Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable. If an Event of Default
specified in Section 5.1(vi) or 5.1(vii) with respect to Securities of any
series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) shall automatically, and
without any declaration or other action on the part of the Trustee or any
Holder, become immediately due and payable.

            (b)     At any time after such a declaration of acceleration with
respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article 5 provided, the Holders of a majority in principal
amount of the Outstanding Securities of that series, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its
consequences if:

                                      -30-

<PAGE>

                    (i)     the Company has paid or deposited with the Trustee a
     sum sufficient to pay:

                            A.   all overdue interest on all Securities of that
     series,

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

                            C.   to the extent that payment of such interest is
     lawful, interest upon overdue interest at the rate or rates prescribed
     therefor in such Securities, and

                            D.   all sums paid or advanced by the Trustee
     hereunder and the reasonable compensation, expenses, disbursements and
     advances of the Trustee, its agents and counsel; and

                    (ii)    all Events of Default with respect to Securities of
     that series, other than the non-payment of the principal of Securities of
     that series which have become due solely by such declaration of
     acceleration, have been cured or waived as provided in Section 5.13.

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

     Section 5.3    COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
                    TRUSTEE.

            (a)     The Company covenants that if

                    (i)     default is made in the payment of any interest on
     any Security when such interest becomes due and payable and such default
     continues for a period of 30 days, or

                    (ii)    default is made in the payment of the principal of
     (or premium, if any, on) any Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

            (b)     If an Event of Default with respect to Securities of any
series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of
such series by such appropriate judicial proceedings as the Trustee shall deem
most effectual to protect and enforce any such rights, whether for the specific

                                      -31-

<PAGE>

enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy.

     Section 5.4    TRUSTEE MAY FILE PROOFS OF CLAIM.

            (a)     In case of any judicial proceeding relative to the Company
(or any other obligor upon the Securities), its property or its creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or
otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 6.7.

            (b)     No provision of this Indenture shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the
election of a trustee in bankruptcy or similar official and be a member of a
creditors' or other similar committee.

     Section 5.5    Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

     Section 5.6    Application of Money Collected. Any money collected by the
Trustee pursuant to this Article 5 shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal or any premium or interest, upon presentation of
the Securities and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

               FIRST: To the payment of all amounts due the Trustee under
     Section 6.7; and

               SECOND: To the payment of the amounts then due and unpaid for
     principal of and any premium and interest on the Securities in respect of
     which or for the benefit of which such money has been collected, ratably,
     without preference or priority of any kind,

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<PAGE>

     according to the amounts due and payable on such Securities for principal
     and any premium and interest, respectively.

     Section 5.7    Limitation on Suits. No Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless

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

                    (ii)    the Holders of not less than 25% in principal amount
     of the Outstanding Securities of that series shall have made written
     request to the Trustee to institute proceedings in respect of such Event of
     Default in its own name as Trustee hereunder;

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

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

                    (v)     no direction inconsistent with such written request
     has been given to the Trustee during such 60-day period by the Holders of a
     majority in principal amount of the Outstanding Securities of that series;

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

     Section 5.8    Unconditional Right of Holders to Receive Principal, Premium
and Interest. Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 3.7)
interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

     Section 5.9    Restoration of Rights and Remedies. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to
their former positions hereunder and thereafter all rights and

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<PAGE>

remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

     Section 5.10   Rights and Remedies Cumulative. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.6, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     Section 5.11   Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

     Section 5.12   Control by Holders. The Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series, provided that

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

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

     Section 5.13   WAIVER OF PAST DEFAULTS.

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

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

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

            (b)     Upon any such waiver, such default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this

                                      -34-

<PAGE>

Indenture; but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon.

     Section 5.14   Undertaking for Costs. In any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, a court may require any
party litigant in such suit to file an undertaking to pay the costs of such
suit, and may assess costs against any such party litigant, in the manner and to
the extent provided in the Trust Indenture Act; provided that neither this
Section 5.14 nor the Trust Indenture Act shall be deemed to authorize any court
to require such an undertaking or to make such an assessment in any suit
instituted by the Trustee or the Company.

     Section 5.15   Waiver of Usury, 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 usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                    ARTICLE 6
                                   THE TRUSTEE

     Section 6.1    Certain Duties and Responsibilities. The duties and
responsibilities of the Trustee shall be as provided by the Trust Indenture Act.
Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it. Whether or not therein expressly
so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 6.1.

     Section 6.2    Notice of Defaults. If a default occurs hereunder with
respect to Securities of any series, the Trustee shall give the Holders of
Securities of such series notice of such default as and to the extent provided
by the Trust Indenture Act; provided, however, that in the case of any default
of the character specified in Section 5.1(iv) with respect to Securities of such
series, no such notice to Holders shall be given until at least 30 days after
the occurrence thereof. For the purpose of this Section 6.2, the term "default"
means any event which is, or after notice or lapse of time or both would become,
an Event of Default with respect to Securities of such series.

     Section 6.3    CERTAIN RIGHTS OF TRUSTEE.

            (a)     Subject to the provisions of Section 6.1:

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<PAGE>

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

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

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

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

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

                    (vi)    the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of Indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney, so long as such Trustee, agent or attorney agrees to
reasonable confidentiality provisions not inconsistent with the Trustee's duties
hereunder;

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

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

                                      -36-

<PAGE>

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

                    (x)     the Trustee 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
Indenture, 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 6.4    Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Securities, except the Trustee's
certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.

     Section 6.5    May Hold Securities. The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the
Company, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal
with the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent.

     Section 6.6    Money Held in Trust. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

     Section 6.7    COMPENSATION AND REIMBURSEMENT.

            (a)     The Company agrees

                    (i)     to pay to the Trustee from time to time such
     compensation as shall be agreed in writing between the Company and the
     Trustee for all services rendered by it hereunder (which compensation shall
     not be limited by any provision of law in regard to the compensation of a
     trustee of an express trust);

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

                                      -37-

<PAGE>

                    (iii)   to indemnify each of the Trustee and any predecessor
     Trustee for, and to hold it harmless against, any and all losses,
     liabilities, damages, claims or expenses, including taxes (other than taxes
     based on the income of the Trustee) incurred without negligence or willful
     misconduct on its part, arising out of or in connection with the acceptance
     or administration of the trust or trusts hereunder, including the costs and
     expenses of defending itself against any claim (whether asserted by the
     Company, a Holder or any other Person) or liability in connection with the
     exercise or performance of any of its powers or duties hereunder.

            (b)     The Trustee shall have a lien prior to the Securities as to
all property and funds held by it hereunder for any amount owing to it or any
predecessor Trustee pursuant to this Section 6.7, except with respect to funds
held in trust for the benefit of holders of particular Securities.

            (c)     When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 5.1(vi) or Section
5.1(vii), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law.

            (d)     The provisions of this Section 6.7 shall survive the
termination of this Indenture.

     Section 6.8    Conflicting Interests. If the Trustee has or shall acquire
a conflicting interest within the meaning of the Trust Indenture Act, the
Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Indenture. To the extent permitted by such Act, the Trustee shall not
be deemed to have a conflicting interest by virtue of being a trustee under this
Indenture with respect to Securities of more than one series.

     Section 6.9    Corporate Trustee Required; Eligibility. There shall at
all times be one (and only one) Trustee hereunder with respect to the Securities
of each series, which may be Trustee hereunder for Securities of one or more
other series. Each Trustee shall be a Person that is eligible pursuant to the
Trust Indenture Act to act as such and has a combined capital and surplus of at
least $100,000,000 and has an office in New York, New York. If any such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of
this Section 6.9 and to the extent permitted by the Trust Indenture Act, the
combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee with respect to the Securities of any
series shall cease to be eligible in accordance with the provisions of this
Section 6.9, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

     Section 6.10   RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

                                      -38-

<PAGE>

            (a)     No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.11.

            (b)     The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition, at
the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

            (c)     The Trustee may be removed at any time with respect to the
Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and to
the Company. If the instrument of acceptance by a successor Trustee required by
Section 6.11 shall not have been delivered to the Trustee within 30 days after
the Trustee's receipt of such notice of removal, the departing Trustee may
petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

            (d)     If at any time:

                    (i)     the Trustee shall fail to comply with Section 6.8
     after written request therefor by the Company or by any Holder who has been
     a bona fide Holder of a Security for at least six months, or

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

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

then, in any such case, (A) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (B) subject to Section 5.14, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

            (e)     If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within

                                      -39-

<PAGE>

one year after such resignation, removal or incapability, or the occurrence of
such vacancy, a successor Trustee with respect to the Securities of any series
shall be appointed by Act of the Holders of a majority in principal amount of
the Outstanding Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of
Section 6.11, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the
Company. If no successor Trustee with respect to the Securities of any series
shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 6.11, any Holder who has been a
bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.

            (f)     The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series
to all Holders of Securities of such series in the manner provided in Section
1.6. Each notice shall include the name of the successor Trustee with respect to
the Securities of such series and the address of its Corporate Trust Office.

     Section 6.11   ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

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

            (b)     In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities
of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (ii)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(iii) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall

                                      -40-

<PAGE>

constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.

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

            (d)     No successor Trustee shall accept its appointment unless at
the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article 6.

     Section 6.12   Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities.

     Section 6.13   Preferential Collection of Claims Against Company. If and
when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Company
(or any such other obligor).

     Section 6.14   APPOINTMENT OF AUTHENTICATING AGENT.

            (a)     The Trustee may appoint an Authenticating Agent or Agents
with respect to one or more series of Securities which shall be authorized to
act on behalf of the Trustee to authenticate Securities of such series issued
upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery
of Securities by the Trustee or the Trustee's

                                      -41-

<PAGE>

certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $100,000,000 and subject
to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section 6.14, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.14, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 6.14.

            (b)     Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section 6.14, without
the execution or filing of any paper or any further act on the part of the
Trustee or the Authenticating Agent.

            (c)     An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.14, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 1.6 to all Holders
of Securities of the series with respect to which such Authenticating Agent will
serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section 6.14.

            (d)     The Company agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services under this Section 6.14.

            (e)     If an appointment with respect to one or more series is made
pursuant to this Section 6.14, the Securities of such series may have endorsed
thereon, in addition to the Trustee's certificate of authentication, an
alternative certificate of authentication in the following form:

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

                                      -42-

<PAGE>

                                      THE BANK OF NEW YORK,
                                      as Trustee

                                      By
                                         As Authenticating Agent

                                      By
                                         Authorized Officer

                                    ARTICLE 7
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

     Section 7.1    Company to Furnish Trustee Names and Addresses of Holders.
The Company will furnish or cause to be furnished to the Trustee

                    (i)     semi-annually, not later than June 1 and December 1
     in each year, a list, in such form as the Trustee may reasonably require,
     of the names and addresses of the Holders of Securities of each series as
     of the preceding Interest Payment Date for such series, and

                    (ii)    at such other times as the Trustee may request in
     writing, within 30 days after the receipt by the Company of any such
     request, a list of similar form and content as of a date not more than 15
     days prior to the time such list is furnished;

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

     Section 7.2    PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

            (a)     The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 7.1 upon receipt of a new list so furnished.

            (b)     The rights of Holders to communicate with other Holders with
respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the
Trust Indenture Act.

            (c)     Every Holder of Securities, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of
any disclosure of information as to names and addresses of Holders made pursuant
to the Trust Indenture Act.

     Section 7.3    REPORTS BY TRUSTEE.

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<PAGE>

            (a)     The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant thereto.

            (b)     Reports so required to be transmitted at stated intervals of
not more than 12 months shall be transmitted no later than July 15 in each
calendar year, commencing in 2002.

            (c)     If required by Section 313(a) of the Trust Indenture Act,
the Trustee shall, within sixty days after each May 15 following the date of the
initial issuance of Securities under this Indenture, deliver to Holders a brief
report, dated as of such May 15, which complies with the provisions of such
Section 313(a).

            (d)     A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company. The
Company will promptly notify the Trustee when any Securities are listed on any
stock exchange and of any delisting thereof.

     Section 7.4    Reports by Company. The Company shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents
and other reports, and such summaries thereof, as may be required pursuant to
the Trust Indenture Act at the times and in the manner provided pursuant to such
Act; provided that any such information, documents or reports required to be
filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
shall be filed with the Trustee within 15 days after the same is so required to
be filed with the Commission. Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee's
receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Company's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers' Certificates).

                                    ARTICLE 8
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

     Section 8.1    Company May Consolidate, Etc., Only on Certain Terms. The
Company shall not consolidate with or merge into any other Person or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, and the Company shall not permit any Person to consolidate with or merge
into the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

                    (i)     in case the Company shall consolidate with or merge
     into another Person or convey, transfer or lease its properties and assets
     substantially as an entirety to any Person, the Person formed by such
     consolidation or into which the Company is merged or the Person which
     acquires by conveyance or transfer, or which leases, the properties and
     assets of the Company substantially as an entirety shall be a corporation,
     partnership, limited liability company, trust or similar entity, shall
     expressly assume, by an indenture supplemental hereto, executed and
     delivered to the Trustee, in form satisfactory to the Trustee, the due and
     punctual payment of the principal of and any

                                      -44-

<PAGE>

     premium and interest on all the Securities and the performance or
     observance of every covenant of this Indenture on the part of the Company
     to be performed or observed;

                    (ii)    immediately after giving effect to such transaction
     and treating any Indebtedness which becomes an obligation of the Company or
     any Consolidated Subsidiary as a result of such transaction as having been
     incurred by the Company or such Consolidated Subsidiary at the time of such
     transaction, no Event of Default, and no event which, after notice or lapse
     of time or both, would become an Event of Default, shall have happened and
     be continuing; and

                    (iii)   the Company has delivered to the Trustee an
     Officers' Certificate and an Opinion of Counsel, each stating that such
     consolidation, merger, conveyance, transfer or lease and, if a supplemental
     indenture is required in connection with such transaction, such
     supplemental indenture comply with this Article and that all conditions
     precedent herein provided for relating to such transaction have been
     complied with.

     Section 8.2    Successor Substituted. Upon any consolidation of the Company
with, or merger of the Company into, any other Person or any conveyance,
transfer or lease of the properties and assets of the Company substantially as
an entirety in accordance with Section 8.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be
relieved of all obligations and covenants under this Indenture and the
Securities.

                                    ARTICLE 9
                             SUPPLEMENTAL INDENTURES

     Section 9.1    Supplemental Indentures Without Consent of Holders.
Without the consent of any Holders, the Company, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee,
for any of the following purposes:

                    (i)     to evidence the succession of another Person to the
     Company and the assumption by any such successor of the covenants of the
     Company herein and in the Securities; or

                    (ii)    to add to the covenants of the Company for the
     benefit of the Holders of all or any series of Securities (and if such
     covenants are to be for the benefit of less than all series of Securities,
     stating that such covenants are expressly being included solely for the
     benefit of such series) or to surrender any right or power herein conferred
     upon the Company; or

                    (iii)   to add any additional Events of Default for the
     benefit of the Holders of all or any series of Securities (and if such
     additional Events of Default are to

                                      -45-

<PAGE>

     be for the benefit of less than all series of Securities, stating that such
     additional Events of Default are expressly being included solely for the
     benefit of such series); or

                    (iv)    to add to or change any of the provisions of this
     Indenture to such extent as shall be necessary to permit or facilitate the
     issuance of Securities in bearer form, registrable or not registrable as to
     principal, and with or without interest coupons, or to permit or facilitate
     the issuance of Securities in uncertificated form; or

                    (v)     to add to, change or eliminate any of the provisions
     of this Indenture in respect of one or more series of Securities, provided
     that any such addition, change or elimination (A) shall neither (i) apply
     to any Security of any series created prior to the execution of such
     supplemental indenture and entitled to the benefit of such provision nor
     (ii) modify the rights of the Holder of any such Security with respect to
     such provision or (B) shall become effective only when there is no such
     Security Outstanding; or

                    (vi)    to establish the form or terms of Securities of any
     series as permitted by Sections 2.1 and 3.1; or

                    (vii)   to evidence and provide for the acceptance of
     appointment hereunder by a successor Trustee with respect to the Securities
     of one or more series and to add to or change any of the provisions of this
     Indenture as shall be necessary to provide for or facilitate the
     administration of the trusts hereunder by more than one Trustee, pursuant
     to the requirements of Section 6.11; or

                    (viii)  to cure any ambiguity, to correct or supplement any
     provision herein which may be defective or inconsistent with any other
     provision herein, to add, amend, or supplement procedures and procedural
     matters by which the transactions contemplated by and other actions
     provided for in this Agreement are effectuated, including forms of notices,
     request, instructions, and the like, or to make any other provisions with
     respect to matters or questions arising under this Indenture, provided that
     such action pursuant to this Clause (viii) shall not adversely affect the
     interests of the Holders of Securities of any series in any material
     respect.

     Section 9.2    SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

            (a)     With the consent of the Holders of not less than 51% in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

                                      -46-

<PAGE>

                    (i)     change the Stated Maturity of the principal of, or
     any installment of principal of or interest on, any Security, or reduce the
     principal amount thereof or the rate of interest thereon or any premium
     payable upon the redemption thereof, or reduce the amount of the principal
     of an Original Issue Discount Security or any other Security which would be
     due and payable upon a declaration of acceleration of the Maturity thereof
     pursuant to Section 5.2, or change any Place of Payment where, or the coin
     or currency in which, any Security or any premium or interest thereon is
     payable, or impair the right to institute suit for the enforcement of any
     such payment on or after the Stated Maturity thereof (or, in the case of
     redemption, on or after the Redemption Date), or

                    (ii)    reduce the percentage in principal amount of the
     Outstanding Securities of any series, the consent of whose Holders is
     required for any such supplemental indenture, or the consent of whose
     Holders is required for any waiver (of compliance with certain provisions
     of this Indenture or certain defaults hereunder and their consequences)
     provided for in this Indenture, or

                    (iii)   modify any of the provisions of this Section 9.2,
     Section 5.13 or Section 10.5, except to increase any such percentage or to
     provide that certain other provisions of this Indenture cannot be modified
     or waived without the consent of the Holder of each Outstanding Security
     affected thereby; provided, however, that this clause shall not be deemed
     to require the consent of any Holder with respect to changes in the
     references to "the Trustee" and concomitant changes in this Section 9.2 and
     Section 10.5, or the deletion of this proviso, in accordance with the
     requirements of Sections 6.11 and 9.1(vii).

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

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

     Section 9.3    Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall receive, and (subject to Section 6.1) shall be
fully protected in relying upon, an Officers' Certificate and an Opinion of
Counsel each stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

     Section 9.4    Effect of Supplemental Indentures. Upon the execution of
any supplemental indenture under this Article, this Indenture shall be modified
in accordance

                                      -47-

<PAGE>

therewith, and such supplemental indenture shall form a part of this Indenture
for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

     Section 9.5    Conformity with Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act.

     Section 9.6    Reference in Securities to Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

                                   ARTICLE 10
                                    COVENANTS

     Section 10.1   Payment of Principal, Premium and Interest. The Company
covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and
this Indenture.

     Section 10.2   MAINTENANCE OF OFFICE OR AGENCY.

            (a)     The Company will maintain in each Place of Payment for any
series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

            (b)     The Company may also from time to time designate one or more
other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in each Place of Payment for Securities of any series for
such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such
other office or agency.

     Section 10.3   MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

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<PAGE>

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

            (b)     Whenever the Company shall have one or more Paying Agents
for any series of Securities, it will, prior to each due date of the principal
of or any premium or interest on any Securities of that series, deposit with a
Paying Agent a sum sufficient to pay such amount, such sum to be held as
provided by the Trust Indenture Act, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

            (c)     The Company will cause each Paying Agent for any series of
Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section 10.3, that such Paying Agent will (i) comply with
the provisions of the Trust Indenture Act applicable to it as a Paying Agent and
(ii) during the continuance of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment in respect of
the Securities of that series, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.

            (d)     The Company may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the
Company or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

            (e)     Any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of or any
premium or interest on any Security of any series and remaining unclaimed for
two years after such principal, premium or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, shall at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in New York, New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

                                      -49-

<PAGE>

     Section 10.4   STATEMENT BY OFFICERS AS TO DEFAULT.

            (a)     The Company will deliver to the Trustee, 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 of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and, if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

            (b)     The Company shall deliver to the Trustee, as soon as
practicable and in any event within five Business Days after the Company becomes
aware of the occurrence of any default or Event of Default, an Officers'
Certificate setting forth the details of such default or Event of Default.

     Section 10.5   Waiver of Certain Covenants. Except as otherwise
specified as contemplated by Section 3.1 for Securities of such series, the
Company may, with respect to the Securities of any series, omit in any
particular instance to comply with any term, provision or condition set forth in
any covenant provided pursuant to Section 3.1(a)(xviii), 9.1(ii) or 9.1(vi) for
the benefit of the Holders of such series, if before the time for such
compliance the Holders of at least 51% in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of
the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

     Section 10.6   Calculation of Original Issue Discount. The Company shall
file with the Trustee promptly at the end of each calendar year (i) a written
notice specifying the amount of original issue discount (including daily rates
and accrual periods) accrued on Outstanding Securities as of the end of such
year and (ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as
amended from time to time.

                                   ARTICLE 11
                            REDEMPTION OF SECURITIES

     Section 11.1   Applicability of Article. Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with their terms and (except as otherwise specified as contemplated by Section
3.1 for such Securities) in accordance with this Article.

     Section 11.2   Election to Redeem; Notice to Trustee. The election of
the Company to redeem any Securities shall be evidenced by a Board Resolution or
in another manner specified as contemplated by Section 3.1 for such Securities.
In case of any redemption at the election of the Company of less than all the
Securities of any series (including any such redemption

                                      -50-

<PAGE>

affecting only a single Security), the Company shall, at least 60 days prior to
the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable,
of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

     Section 11.3   SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

            (a)     If less than all the Securities of any series are to be
redeemed (unless all the Securities of such series and of a specified tenor are
to be redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate, provided that the unredeemed portion of the
principal amount of any Security shall be in an authorized denomination (which
shall not be less than the minimum authorized denomination) for such Security.
If less than all the Securities of such series and of a specified tenor are to
be redeemed (unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series and specified tenor not previously called for redemption in
accordance with the preceding sentence.

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

            (c)     The provisions of Section 11.3(a) and 11.3(b) shall not
apply with respect to any redemption affecting only a single Security, whether
such Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security.

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

     Section 11.4   NOTICE OF REDEMPTION.

            (a)     Notice of redemption shall be given by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed, at his address
appearing in the Security Register.

            (b)     All notices of redemption shall identify the Securities to
be redeemed (including "CUSIP" numbers) and state:

                                      -51-

<PAGE>

                    (i)     the Redemption Date,

                    (ii)    the Redemption Price,

                    (iii)   if less than all the Outstanding Securities of any
     series consisting of more than a single Security are to be redeemed, the
     identification (and, in the case of partial redemption of any such
     Securities, the principal amounts) of the particular Securities to be
     redeemed and, if less than all the Outstanding Securities of any series
     consisting of a single Security are to be redeemed, the principal amount of
     the particular Security to be redeemed,

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

                    (v)     the place or places where each such Security is to
     be surrendered for payment of the Redemption Price, and

                    (vi)    that the redemption is for a sinking fund, if such
     is the case.

            (c)     Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company's
request, by the Trustee in the name and at the expense of the Company and shall
be irrevocable.

     Section 11.5   Deposit of Redemption Price. Prior to any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that date.

     Section 11.6   SECURITIES PAYABLE ON REDEMPTION DATE.

            (a)     Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender
of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with
accrued interest to the Redemption Date; provided, however, that, unless
otherwise specified as contemplated by Section 3.1, installments of interest
whose Stated Maturity is on or prior to the Redemption Date will be payable to
the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 3.7.

                                      -52-

<PAGE>

            (b)     If any Security called for redemption shall not be so paid
upon surrender thereof for redemption, the principal and any premium shall,
until paid, bear interest from the Redemption Date at the rate prescribed
therefor in the Security.

     Section 11.7   Securities Redeemed in Part. Any Security which is to be
redeemed only in part shall be surrendered at a Place of Payment therefor (with,
if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or his attorney duly authorized in writing), and
the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of
the same series and of like tenor, of any authorized denomination as requested
by such Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered.

                                   ARTICLE 12
                                  SINKING FUNDS

     Section 12.1   APPLICABILITY OF ARTICLE.

            (a)     The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of any series for which a sinking
fund is provided except as otherwise specified as contemplated by Section 3.1
for such Securities.

            (b)     The minimum amount of any sinking fund payment provided for
by the terms of any Securities is herein referred to as a "mandatory sinking
fund payment", and any payment in excess of such minimum amount provided for by
the terms of such Securities is herein referred to as an "optional sinking fund
payment". If provided for by the terms of any Securities, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities as
provided for by the terms of such Securities.

     Section 12.2   Satisfaction of Sinking Fund Payments with Securities. The
Company (i) may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (ii) may apply as a credit Securities of a
series which have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to any
Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities;
provided that the Securities to be so credited have not been previously so
credited. The Securities to be so credited shall be received and credited for
such purpose by the Trustee at the Redemption Price, as specified in the
Securities so to be redeemed, for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.

     Section 12.3   Redemption of Securities for Sinking Fund. Not less than 60
days prior to each sinking fund payment date as specified in the terms of a
series of Securities, the

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Company will deliver to the Trustee an Officers' Certificate specifying the
amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities pursuant to Section 12.2 and
will also deliver to the Trustee any Securities to be so delivered. Prior to
each such sinking fund payment date as specified in the terms of a series of
Securities, the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 11.3 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 11.4. Such notice having been
duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Sections 11.6 and 11.7.

                                   ARTICLE 13
                       DEFEASANCE AND COVENANT DEFEASANCE

     Section 13.1   Company's Option to Effect Defeasance or Covenant
Defeasance. The Company may elect, at its option at any time, to have Section
13.2 or Section 13.3 applied to any Securities or any series of Securities, as
the case may be, not designated pursuant to Section 3.1 as being indefeasible
pursuant to such Section 13.2 or 13.3, in accordance with any applicable
requirements provided pursuant to Section 3.1 and upon compliance with the
conditions set forth below in this Article. Any such election shall be evidenced
by a Board Resolution or in another manner specified as contemplated by Section
3.1 for such Securities.

     Section 13.2   Defeasance and Discharge. Upon the Company's exercise of
its option (if any) to have this Section 13.2 applied to any Securities or any
series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its obligations with respect to such Securities as provided
in this Section 13.2 on and after the date the conditions set forth in Section
13.4 are satisfied (hereinafter called "Defeasance"). For this purpose, such
Defeasance means that the Company shall be deemed to have paid and discharged
the entire Indebtedness represented by such Securities and to have satisfied all
its other obligations under such Securities and this Indenture insofar as such
Securities are concerned (and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging the same), subject to the following
which shall survive until otherwise terminated or discharged hereunder: (i) the
rights of Holders of such Securities to receive, solely from the trust fund
described in Section 13.4 and as more fully set forth in such Section, payments
in respect of the principal of and any premium and interest on such Securities
when payments are due, (ii) the Company's obligations with respect to such
Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, (iii) the rights,
powers, trusts, duties and immunities of the Trustee hereunder, and (iv) this
Article 13. Subject to compliance with this Article 13, the Company may exercise
its option (if any) to have this Section 13.2 applied to any Securities
notwithstanding the prior exercise of its option (if any) to have Section 13.3
applied to such Securities.

     Section 13.3   Covenant Defeasance. Upon the Company's exercise of its
option (if any) to have this Section 13.3 applied to any Securities or any
series of Securities, as the case may be, (i) the Company shall be released from
its obligations under Section 8.1(iii) and any covenants provided pursuant to
Section 3.1(a)(xviii), 901(ii) or 901(vi) for the benefit of the

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<PAGE>

Holders of such Securities and (2) the occurrence of any event specified in
Sections 501(iv) (with respect to any of Section 8.1(iii) and any such covenants
provided pursuant to Section 3.1(a)(xviii), 901(ii) or 901(vi)), 501(v) and
501(viii) shall be deemed not to be or result in an Event of Default, in each
case with respect to such Securities as provided in this Section 13.3 on and
after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called "Covenant Defeasance"). For this purpose, such Covenant
Defeasance means that, with respect to such Securities, the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section (to the extent so specified
in the case of Section 5.1(iv)), whether directly or indirectly by reason of any
reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but the
remainder of this Indenture and such Securities shall be unaffected thereby.

     Section 13.4   Conditions to Defeasance or Covenant Defeasance. The
following shall be the conditions to the application of Section 13.2 or Section
13.3 to any Securities or any series of Securities, as the case may be:

                    (i)     The Company shall irrevocably have deposited or
     caused to be deposited with the Trustee (or another trustee which satisfies
     the requirements contemplated by Section 6.9 and agrees to comply with the
     provisions of this Article applicable to it) as trust funds in trust for
     the purpose of making the following payments, specifically pledged as
     security for, and dedicated solely to, the benefits of the Holders of such
     Securities, (A) money in an amount, or (B) U.S. Government Obligations
     which through the scheduled payment of principal and interest in respect
     thereof in accordance with their terms will provide, not later than one day
     before the due date of any payment, money in an amount, or (C) a
     combination thereof, in each case sufficient, in the opinion of a
     nationally recognized firm of independent public accountants expressed in a
     written certification thereof delivered to the Trustee, to pay and
     discharge, and which shall be applied by the Trustee (or any such other
     qualifying trustee) to pay and discharge, the principal of and any premium
     and interest on such Securities on the respective Stated Maturities, in
     accordance with the terms of this Indenture and such Securities. As used
     herein, "U.S. Government Obligation" means (x) any security which is (1) a
     direct obligation of the United States of America for the payment of which
     the full faith and credit of the United States of America is pledged or (2)
     an obligation of a Person controlled or supervised by and acting as an
     agency or instrumentality of the United States of America the payment of
     which is unconditionally guaranteed as a full faith and credit obligation
     by the United States of America, which, in either case (1) or (2), is not
     callable or redeemable at the option of the issuer thereof, and (y) any
     depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
     Securities Act) as custodian with respect to any U.S. Government Obligation
     which is specified in Clause (x) above and held by such bank for the
     account of the holder of such depositary receipt, or with respect to any
     specific payment of principal of or interest on any U.S. Government
     Obligation which is so specified and held, provided that (except as
     required by law) such custodian is not authorized to make any deduction
     from the amount payable to the holder of such depositary receipt from any
     amount received by the custodian in respect of the U.S.

                                      -55-

<PAGE>

     Government Obligation or the specific payment of principal or interest
     evidenced by such depositary receipt.

                    (ii)    In the event of an election to have Section 13.2
     apply to any Securities or any series of Securities, as the case may be,
     the Company shall have delivered to the Trustee an Opinion of Counsel
     stating that (A) the Company has received from, or there has been published
     by, the Internal Revenue Service a ruling or (B) since the date of this
     instrument, there has been a change in the applicable Federal income tax
     law, in either case (A) or (B) to the effect that, and based thereon such
     opinion shall confirm that, the Holders of such Securities will not
     recognize gain or loss for Federal income tax purposes as a result of the
     deposit, Defeasance and discharge to be effected with respect to such
     Securities and will be subject to Federal income tax on the same amount, in
     the same manner and at the same times as would be the case if such deposit,
     Defeasance and discharge were not to occur.

                    (iii)   In the event of an election to have Section 13.3
     apply to any Securities or any series of Securities, as the case may be,
     the Company shall have delivered to the Trustee an Opinion of Counsel to
     the effect that the Holders of such Securities will not recognize gain or
     loss for Federal income tax purposes as a result of the deposit and
     Covenant Defeasance to be effected with respect to such Securities and will
     be subject to Federal income tax on the same amount, in the same manner and
     at the same times as would be the case if such deposit and Covenant
     Defeasance were not to occur.

                    (iv)    The Company shall have delivered to the Trustee an
     Officer's Certificate to the effect that neither such Securities nor any
     other Securities of the same series, if then listed on any securities
     exchange, will be delisted as a result of such deposit.

                    (v)     No event which is, or after notice or lapse of time
     or both would become, an Event of Default with respect to such Securities
     or any other Securities shall have occurred and be continuing at the time
     of such deposit or, with regard to any such event specified in Sections
     5.1(vi) and (vii), at any time on or prior to the 90th day after the date
     of such deposit (it being understood that this condition shall not be
     deemed satisfied until after such 90th day).

                    (vi)    Such Defeasance or Covenant Defeasance shall not
     cause the Trustee to have a conflicting interest within the meaning of the
     Trust Indenture Act (assuming all Securities are in default within the
     meaning of such Act).

                    (vii)   Such Defeasance or Covenant Defeasance shall not
     result in a breach or violation of, or constitute a default under, any
     other agreement or instrument to which the Company is a party or by which
     it is bound.

                    (viii)  Such Defeasance or Covenant Defeasance shall not
     result in the trust arising from such deposit constituting an investment
     company within the meaning of

                                      -56-

<PAGE>

     the Investment Company Act unless such trust shall be registered under such
     Act or exempt from registration thereunder.

                    (ix)    The Company shall have delivered to the Trustee an
     Officer's Certificate and an Opinion of Counsel, each stating that all
     conditions precedent with respect to such Defeasance or Covenant Defeasance
     have been complied with.

     Section 13.5   DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD
IN TRUST; MISCELLANEOUS PROVISIONS.

            (a)     Subject to the provisions of the last paragraph of Section
10.3, all money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of
this Section 13.5and Section 13.6, the Trustee and any such other trustee are
referred to collectively as the "Trustee") pursuant to Section 13.4 in respect
of any Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any such Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Securities, of all sums due and to become due thereon in respect of
principal and any premium and interest, but money so held in trust need not be
segregated from other funds except to the extent required by law.

            (b)     The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 13.4 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of Outstanding Securities.

            (c)     Anything in this Article 13 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
Section 13.4 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect the
Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.

     Section 13.6   Reinstatement. If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article with respect to any
Securities by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then
the obligations under this Indenture and such Securities from which the Company
has been discharged or released pursuant to Section 13.2 or 13.3 shall be
revived and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities, until such time as the Trustee or
Paying Agent is permitted to apply all money held in trust pursuant to Section
13.5 with respect to such Securities in accordance with this Article; provided,
however, that if the Company makes any payment of principal of or any premium or
interest on any such Security following such reinstatement of its obligations,
the Company shall

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<PAGE>

be subrogated to the rights (if any) of the Holders of such Securities to
receive such payment from the money so held in trust.

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

                  [Remainder of page intentionally left blank.]

                                      -58-

<PAGE>

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

                                      BERKSHIRE HATHAWAY INC.

                                      By:  /s/ Marc D. Hamburg
                                         -----------------------------
                                      Name: Marc D. Hamburg
                                      Title: Vice President

                                      THE BANK OF NEW YORK, as Trustee

                                      By:  /s/ Robert A. Massimillo
                                         ------------------------------
                                      Name: Robert A. Massimillo
                                      Title: Vice President

                                      -59-

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