Document:

Exhibit 4.1
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                             ASSOCIATED BANC-CORP

                                      TO

                         THE BANK OF NEW YORK, Trustee

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

                                   Indenture

                          Dated as of August 6, 2001

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

                         SUBORDINATED DEBT SECURITIES

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  Certain Sections of this Indenture relating to Sections 3.10 through 3.18,
                inclusive, of the Trust Indenture Act of 1939:

Trust Indenture                                                Indenture
 Act Section                                                    Section

ss. 3.10(a)(1)................................................. 6.09
     (a)(2).................................................... 6.09
     (a)(3).................................................... Not Applicable
     (a)(4).................................................... Not Applicable
     (b)   .....................................................6.08
                                                                6.10
ss. 3.11(a).................................................... 6.13
        (b).................................................... 6.13
ss. 3.12(a).................................................... 7.01
                                                                7.02
        (b).................................................... 7.02
        (c).................................................... 7.02
ss. 3.13(a).................................................... 7.03
        (b).................................................... 7.03
        (c).................................................... 7.03
        (d).................................................... 7.04
ss. 3.14(a).................................................... 1.01
        (a)(4)................................................. 10.04
        (b).................................................... Not Applicable
        (c)(1)................................................. 102
        (c)(2)................................................. 102
        (c)(3)................................................. Not Applicable
        (d).................................................... Not Applicable
        (e).................................................... 1.02
ss. 3.15(a).................................................... 6.01
        (b).................................................... 6.02
        (c).................................................... 6.01
        (d).................................................... 6.01
        (e).................................................... 5.14
ss. 3.16(a).................................................... 1.01
     (a)(1)(A)................................................. 5.02
                                                                5.12
     (a)(1)(B)................................................. 5.13
     (a)(2).................................................... Not Applicable
        (b)                                                     5.08
        (c).................................................... 1.04
ss. 3.17(a)(1)................................................. 5.03
        (a)(2)................................................. 5.04
        (b).................................................... 10.03
ss. 3.18(a).................................................... 1.07
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NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be
a part of the Indenture.

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                               Table of Contents

                                                                           Page

RECITALS OF THE COMPANY......................................................1

ARTICLE ONE     DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION......1

  SECTION 1.01.   Definitions................................................1
  Act........................................................................2
  Affiliate..................................................................2
  Authenticating Agent.......................................................2
  Bank.......................................................................2
  Board of Directors.........................................................2
  Board Resolution...........................................................2
  Business Day...............................................................2
  Commission.................................................................2
  Common Stock...............................................................2
  Company....................................................................3
  Company Request............................................................3
  Company Order..............................................................3
  Corporate Trust Office.....................................................3
  Corporation................................................................3
  Covenant Defeasance........................................................3
  Defaulted Interest.........................................................3
  Defeasance.................................................................3
  Depositary.................................................................3
  Entitled Persons...........................................................3
  Event of Default...........................................................3
  Excess Proceeds............................................................3
  Exchange Act...............................................................3
  Expiration Date............................................................3
  Final Conversion Date......................................................3
  Foreign Government Obligations.............................................3
  Global Security............................................................4
  Holder.....................................................................4
  Indenture..................................................................4
  Initial Conversion Date....................................................4
  Initial Conversion Price...................................................4
  Interest...................................................................4
  Interest Payment Date......................................................4
  Investment Company Act.....................................................4
  Junior Securities..........................................................4
  Maturity...................................................................4
  Notice of Default..........................................................4
  Officers' Certificate......................................................4

                                      i

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  Opinion of Counsel.........................................................4
  Other Financial Obligations................................................5
  Original Issue Discount Security...........................................5
  Outstanding................................................................5
  Paying Agent...............................................................6
  Person.....................................................................6
  Place of Payment...........................................................6
  Predecessor Security.......................................................6
  Redemption Date............................................................6
  Redemption Price...........................................................6
  Regular Record Date........................................................6
  Responsible Officer........................................................7
  Securities.................................................................7
  Securities Act.............................................................7
  Security Register..........................................................7
  Security Registrar.........................................................7
  Senior Indebtedness........................................................7
  Special Record Date........................................................7
  Stated Maturity............................................................7
  Subsidiary.................................................................7
  Trust Indenture Act........................................................7
  Trustee....................................................................7
  U.S. Government Obligation.................................................8
  Vice President.............................................................8
  SECTION 1.02.   Compliance Certificates and Opinions.......................8
  SECTION 1.03.   Form of Documents Delivered to Trustee.....................8
  SECTION 1.04.   Acts of Holders; Record Dates..............................9
  SECTION 1.05.   Notices, Etc., to Trustee and Company.....................11
  SECTION 1.06.   Notice to Holders; Waiver.................................11
  SECTION 1.07.   Conflict with Trust Indenture Act.........................12
  SECTION 1.08.   Effect of Headings and Table of Contents..................12
  SECTION 1.09.   Successors and Assigns....................................12
  SECTION 1.10.   Separability Clause.......................................12
  SECTION 1.11.   Benefits of Indenture.....................................12
  SECTION 1.12.   Governing Law.............................................12
  SECTION 1.13.   Legal Holidays............................................12

 TWO     SECURITY FORMS.....................................................13

  SECTION 2.01.   Forms Generally...........................................13
  SECTION 2.02.   Form of Face of Security..................................13
  SECTION 2.03.   Form of Reverse of Security...............................15
  SECTION 2.04.   Form of Legend for Global Securities......................19
  SECTION 2.05.   Form of Trustee's Certificate of Authentication...........19

ARTICLE THREE   THE SECURITIES..............................................20

  SECTION 3.01.   Amount Unlimited; Issuable in Series......................20
  SECTION 3.02.   Denominations.............................................22

                                      ii

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  SECTION 3.03.   Execution, Authentication, Delivery and Dating............23
  SECTION 3.04.   Temporary Securities......................................24
  SECTION 3.05.   Registration; Registration of Transfer and Exchange.......24
  SECTION 3.06.   Mutilated, Destroyed, Lost and Stolen Securities..........26
  SECTION 3.07.   Payment of Interest; Interest Rights Preserved............27
  SECTION 3.08.   Persons Deemed Owners.....................................28
  SECTION 3.09.   Cancellation..............................................28
  SECTION 3.10.   Computation of Interest...................................29
  SECTION 3.11.   CUSIP Numbers.............................................29
  SECTION 3.12.   Further Issuances.........................................29

ARTICLE FOUR    SATISFACTION AND DISCHARGE..................................29

  SECTION 4.01.   Satisfaction and Discharge of Indenture...................29
  SECTION 4.02.   Application of Trust Money................................30

ARTICLE FIVE    REMEDIES....................................................31

  SECTION 5.01.   Events of Default.........................................31
  SECTION 5.02.   Acceleration of Maturity; Rescission and Annulment........32
  SECTION 5.03.   Collection of Indebtedness and Suits for Enforcement
                  by Trustee................................................33
  SECTION 5.04.   Trustee May File Proofs of Claim..........................34
  SECTION 5.05.   Trustee May Enforce Claims Without Possession
                  of Securities.............................................34
  SECTION 5.06.   Application of Money Collected............................35
  SECTION 5.07.   Limitation on Suits.......................................35
  SECTION 5.08.   Unconditional Right of Holders to Receive Principal,
                    Premium and Interest or to Convert......................36
  SECTION 5.09.   Restoration of Rights and Remedies........................36
  SECTION 5.10.   Rights and Remedies Cumulative............................36
  SECTION 5.11.   Delay or Omission Not Waiver..............................36
  SECTION 5.12.   Control by Holders........................................36
  SECTION 5.13.   Waiver of Past Defaults...................................37
  SECTION 5.14.   Undertaking for Costs.....................................37
  SECTION 5.15.   Waiver of Usury, Stay or Extension Laws...................37

ARTICLE SIX     THE TRUSTEE.................................................38

  SECTION 6.01.   Certain Duties and Responsibilities.......................38
  SECTION 6.02.   Notice of Defaults........................................38
  SECTION 6.03.   Certain Rights of Trustee.................................38
  SECTION 6.04.   Not Responsible for Recitals or Issuance of Securities....39
  SECTION 6.05.   May Hold Securities.......................................40
  SECTION 6.06.   Money Held in Trust.......................................40
  SECTION 6.07.   Compensation and Reimbursement............................40
  SECTION 6.08.   Conflicting Interests.....................................41
  SECTION 6.09.   Corporate Trustee Required; Eligibility...................41
  SECTION 6.10.   Resignation and Removal; Appointment of Successor.........41
  SECTION 6.11.   Acceptance of Appointment by Successor....................42
  SECTION 6.12.   Merger, Conversion, Consolidation or Succession
                    to Business.............................................44

                                     iii

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  SECTION 6.13.   Preferential Collection of Claims Against Company.........44
  SECTION 6.14.   Appointment of Authenticating Agent.......................44

ARTICLE SEVEN   HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY...........46

  SECTION 7.01.   Company to Furnish Trustee Names and Addresses
                    of Holders..............................................46
  SECTION 7.02.   Preservation of Information; Communications to
                    Holders.................................................46
  SECTION 7.03.   Reports by Trustee........................................46
  SECTION 7.04.   Reports by Company........................................47

ARTICLE EIGHT   CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE........47

  SECTION 8.01.   Company May Consolidate, Etc., Only on Certain
                    Terms...................................................47
  SECTION 8.02.   Successor Substituted.....................................48

ARTICLE NINE    SUPPLEMENTAL INDENTURES.....................................48

  SECTION 9.01.   Supplemental Indentures Without Consent of Holders........48
  SECTION 9.02.   Supplemental Indentures with Consent of Holders...........49
  SECTION 9.03.   Execution of Supplemental Indentures......................50
  SECTION 9.04.   Effect of Supplemental Indentures.........................50
  SECTION 9.05.   Conformity with Trust Indenture Act.......................51
  SECTION 9.06.   Reference in Securities to Supplemental Indentures........51

ARTICLE TEN     COVENANTS...................................................51

  SECTION 10.01.   Payment of Principal, Premium and Interest...............51
  SECTION 10.02.   Maintenance of Office or Agency..........................51
  SECTION 10.03.   Money for Securities Payments to Be Held in Trust........52
  SECTION 10.04.   Statement by Officers as to Default......................53
  SECTION 10.05.   Existence................................................53
  SECTION 10.06.   Maintenance of Properties................................53
  SECTION 10.07.   Payment of Taxes and Other Claims........................53
  SECTION 10.08.   Waiver of Certain Covenants..............................54
  SECTION 10.09.   Calculation of Original Issue Discount...................54

ARTICLE ELEVEN  REDEMPTION OF SECURITIES....................................54

  SECTION 11.01.   Applicability of Article.................................54
  SECTION 11.02.   Election to Redeem; Notice to Trustee....................54
  SECTION 11.03.   Selection by Trustee of Securities to Be Redeemed........55
  SECTION 11.04.   Notice of Redemption.....................................55
  SECTION 11.05.   Deposit of Redemption Price..............................56
  SECTION 11.06.   Securities Payable on Redemption Date....................56
  SECTION 11.07.   Securities Redeemed in Part..............................56

ARTICLE TWELVE  SINKING FUNDS...............................................57

  SECTION 12.01.   Applicability of Article.................................57
  SECTION 12.02.   Satisfaction of Sinking Fund Payments with Securities....57

                                      iv

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  SECTION 12.03.   Redemption of Securities for Sinking Fund................57

ARTICLE THIRTEEN  DEFEASANCE AND COVENANT DEFEASANCE........................58

  SECTION 13.01.   Company's Option to Effect Defeasance or Covenant
                     Defeasance.............................................58
  SECTION 13.02.   Defeasance and Discharge.................................58
  SECTION 13.03.   Covenant Defeasance......................................58
  SECTION 13.04.   Conditions to Defeasance or Covenant Defeasance..........59
  SECTION 13.05.   Deposited Money and U.S. Government Obligations
                     to Be Held in Trust; Miscellaneous Provisions..........61
  SECTION 13.06.   Reinstatement............................................61

ARTICLE FOURTEEN  SUBORDINATION OF SECURITIES...............................62

  SECTION 14.01.   Securities Subordinate to Senior Indebtedness............62
  SECTION 14.02.   Payment Over of Proceeds Upon Dissolution, Etc...........62
  SECTION 14.03.   Prior Payment to Senior Indebtedness Upon Acceleration
                     of Securities..........................................63
  SECTION 14.04.   No Payment When Senior Indebtedness in Default...........63
  SECTION 14.05.   Payment Permitted in Certain Situations..................64
  SECTION 14.06.   Subrogation to Rights of Holders of Senior Indebtedness..64
  SECTION 14.07.   Provisions Solely to Define Relative Rights..............65
  SECTION 14.08.   Trustee to Effectuate Subordination......................65
  SECTION 14.09.   No Waiver of Subordination Provisions....................65
  SECTION 14.10.   Notice to Trustee........................................66
  SECTION 14.11.   Reliance on Judicial Order or Certificate of
                     Liquidating Agent......................................66
  SECTION 14.12.   Trustee Not Fiduciary for Holders of Senior
                     Indebtedness or Entitled Persons.......................67
  SECTION 14.13.   Rights of Trustee as Holder of Senior Indebtedness or
                     Entitled Person; Preservation of Trustee's Rights......67
  SECTION 14.14.   Article Applicable to Paying Agents......................67
  SECTION 14.15.   Securities to Rank Pari Passu with All Other Securities;
                     Payment of Proceeds in Certain Cases...................67
  SECTION 14.16.   Certain Conversions Deemed Payment.......................69

ARTICLE FIFTEEN  CONVERSION OF SECURITIES...................................69

  SECTION 15.01.   Applicability of Article.................................69
  SECTION 15.02.   Conversion Privilege and Conversion Price................70
  SECTION 15.03.   Exercise of Conversion Privilege.........................70
  SECTION 15.04.   Fractions of Shares......................................71
  SECTION 15.05.   Adjustment of Conversion Price...........................71
  SECTION 15.06.   Notice of Adjustments of Conversion Price................73
  SECTION 15.07.   Notice of Certain Corporate Action.......................73
  SECTION 15.08.   Company to Reserve Common Stock..........................74
  SECTION 15.09.   Taxes on Conversions.....................................74
  SECTION 15.10.   Covenant as to Common Stock..............................75
  SECTION 15.11.   Cancellation of Converted Securities.....................75
  SECTION 15.12.   Provisions in Case of Consolidation, Merger or Sale
                     of Assets..............................................75

                                      v

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  SECTION 15.13.   Responsibility of Trustee................................76

                                      vi
<PAGE>

     INDENTURE, dated as of August 6, 2001 between Associated Banc-Corp, a
corporation duly organized and existing under the laws of the State of
Wisconsin (herein called the "Company"), having its principal office at 1200
Hansen Road, Green Bay, Wisconsin 54304, and The Bank of New York, a New York
banking corporation, as Trustee (herein called the "Trustee").

                            RECITALS OF THE COMPANY

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

     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 ONE

     DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.01. Definitions.

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

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

          (2) 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;

          (3) all accounting terms not otherwise defined herein have the
     meanings assigned 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 at the date of such
     computation;

          (4) 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; and

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

<PAGE>
                                      2

          "Act", when used with respect to any Holder, has the meaning
     specified in Section 1.04.

          "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.

          "Bank" means (i) any institution which accepts deposits that the
     depositor has a legal right to withdraw on demand and engages in the
     business of making commercial loans, and (ii) any trust company.

          "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.

          "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.

          "Common Stock" includes any stock of any class of the Company that
     has no preference in respect of dividends or of amounts payable in the
     event of any voluntary or involuntary liquidation, dissolution or
     winding-up of the Company and that is not subject to redemption by the
     Company. However, subject to the provisions of Section 15.12, shares
     issuable on conversion of Securities shall include only shares of the
     class designated as Common Stock of the Company at the date of this
     instrument or shares of any class or classes resulting from any
     reclassification or reclassifications thereof and that have no preference
     in respect of dividends or of amounts payable in the event of any
     voluntary or involuntary liquidation, dissolution or winding-up of the
     Company and that are no subject to redemption by the Company; provided
     that if at any time there shall be more than one such resulting class,
     the shares of each such class then so issuable shall be substantially in
     the proportion that the total number of shares of such class resulting
     from

<PAGE>
                                      3

     all such reclassifications bears to the total number of shares of
     all such classes resulting from all such reclassifications.

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

          "Corporate Trust Office" means the principal office of the Trustee
     in New York, New York at which at any particular time its corporate trust
     business shall be administered, which, at the date hereof, is located at
     101 Barclay Street, Floor 21 West, 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 13.03.

          "Defaulted Interest" has the meaning specified in Section 3.07.

          "Defeasance" has the meaning specified in Section 13.02.

          "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 3.01.

          "Entitled Persons" means any Person entitled to payment pursuant to
     the terms of "Other Financial Obligations."

          "Event of Default" has the meaning specified in Section 5.01.

          "Excess Proceeds" has the meaning specified in Section 14.15(c).

          "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 1.04.

          "Final Conversion Date", when used with respect to any Security,
     means the last day on which such Security shall be convertible into
     Common Stock.

          "Foreign Government Obligations" has the meaning specified in
     Section 13.04.

<PAGE>
                                      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 2.04
     (or such legend as may be specified as contemplated by Section 3.01 for
     such Securities).

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

          "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 3.01.

          "Initial Conversion Date", when used with respect to any Security,
     means the first day on which such Security shall be convertible into
     Common Stock.

          "Initial Conversion Price", when used with respect to any Security,
     means the price at which the Common Stock shall be delivered upon
     conversion of such Security, prior to any adjustment of such price as
     provided herein.

          "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.

          "Junior Securities" has the meaning specified in Section 14.16.

          "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.

          "Notice of Default" means a written notice of the kind specified in
     Section 5.01(4).

          "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 10.04 shall be the principal executive, financial or accounting
     officer of the Company.

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

<PAGE>
                                      5

          "Other Financial Obligations" means, unless otherwise determined
     with respect to any series of Securities pursuant to Section 3.01,
     whether outstanding on the date of the indenture or thereafter created,
     incurred or assumed, all obligations of the Company to make payment
     pursuant to the terms of financial instruments such as (i) securities
     contracts and foreign currency exchange contracts, (ii) derivative
     instruments, such as swap agreements (including interest rate and
     currency and foreign exchange rate swap agreements), cap agreements,
     floor agreements, collar agreements, interest rate agreements, foreign
     exchange rate agreements, options, commodity futures contracts and
     commodity options contracts and (iii) financial instruments similar to
     those set forth in (i) or (ii) above; provided, however, that Other
     Financial Obligations shall not include (A) obligations on account of
     Senior Indebtedness and (B) obligations on account of indebtedness for
     money borrowed ranking pari passu with or subordinate to the Securities.

          "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 5.02.

          "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 13.02; and

          (4) Securities which have been paid pursuant to Section 3.06 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 5.02, (B) if, as of such date, the
     principal amount payable at the Stated Maturity of a Security

<PAGE>
                                      6

     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 3.01, (C) the principal amount of a Security
     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 3.01, 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, 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 3.01.

          "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 3.06
     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.

          "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 3.01.

<PAGE>
                                      7

          "Responsible Officer", when used with respect to the Trustee, means
     any vice president, any assistant treasurer, any trust officer or
     assistant trust officer or any other officer in the corporate trust
     department of the Trustee customarily performing functions similar to
     those performed by any of the above designated officers and also means,
     with respect to a particular corporate trust matter, any other officer to
     whom such matter is referred because of his knowledge of and familiarity
     with the particular subject.

          "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 3.05.

          "Senior Indebtedness" means the principal of (and premium, if any)
     and interest on (a) all indebtedness of the Company (including
     indebtedness of others guaranteed by the Company), other than the
     Securities, which is (i) for money borrowed or (ii) evidenced by a note
     or similar instrument given in connection with the acquisition of any
     businesses, properties or assets of any kind, and (b) amendments,
     renewals, extensions, modifications or refundings of any such
     indebtedness, unless in any case in the instrument creating or evidencing
     any such indebtedness or pursuant to which the same is outstanding it is
     provided that such indebtedness is not superior in right of payment to
     the Securities or is to rank pari passu with or subordinate to the
     Securities.

          "Special Record Date" for the payment of any Defaulted Interest
     means a date fixed by the Trustee pursuant to Section 3.07.

          "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

<PAGE>
                                      8

      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
     13.04.

          "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 1.02. Compliance Certificates and Opinions.

          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 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.

          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 10.04) shall include,

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

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

               (3) a statement that, in the opinion of 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

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

SECTION 1.03. Form of Documents Delivered to Trustee.

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

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

<PAGE>
                                      9

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

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

SECTION 1.04. 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 agent duly appointed in writing; and, except as herein
     otherwise expressly provided, such action shall become effective when
     such instrument or instruments are delivered to a Responsible Officer of
     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
     6.01) conclusive in favor of the Trustee and the Company, if made in the
     manner provided in this Section.

          (b) The fact and date of the execution by any Person of any such
     instrument or writing may be proved 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

<PAGE>
                                      10

      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, 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 1.06.

          (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 5.02, (iii) any
     request to institute proceedings referred to in Section 5.07(2) or (iv)
     any direction referred to in Section 3.05(2) or Section 5.12, in each
     case with respect to Securities of such series. If any record date is set
     pursuant to this paragraph, 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, 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
     1.06.

          (g) With respect to any record date set pursuant to this Section,
     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 1.06, on or prior
     to the existing Expiration Date. If an

<PAGE>
                                      11

     Expiration Date is not designated with respect to any record date set
     pursuant to this Section, the party hereto which set such record date
     shall be deemed to have initially designated the 90th day after such
     record date as the Expiration Date with respect thereto, subject to its
     right to change the Expiration Date as provided in this paragraph.
     Notwithstanding the foregoing, no Expiration Date shall be later than the
     90th 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 1.05. Notices, Etc., to Trustee and Company.

     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 Trustee Administration.

          (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.

SECTION 1.06. Notice to Holders; Waiver.

     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.

     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.

<PAGE>
                                      12

SECTION 1.07. 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 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 1.08. 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 1.09. 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, the holders of Senior Indebtedness subject to Section 14.15
Entitled Persons in respect of Other Financial Obligations 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.

SECTION 1.13. Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security or the last date on which a Holder has the right to
convert his Securities 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)) payment of interest
or principal (and premium, if any) or conversion of the Securities 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, or on such last day for conversion, provided that no interest
shall accrue with respect to such payment for the period from and after such
Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

<PAGE>
                                      13

                                 ARTICLE TWO

                                SECURITY FORMS

SECTION 2.01.     Forms Generally.

     The Securities of each series shall be in substantially the form set
forth in this Article, 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 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 3.03 for the authentication and delivery of such Securities.

     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 2.02.     Form of Face of Security.

     [Insert any legend required by the Internal Revenue Code and the
regulations thereunder.] THIS NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND, THE SAVINGS
ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.

                             ASSOCIATED BANC-CORP

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

                                                            CUSIP No. ________

No. _______                                                          $ _______

     Associated Banc-Corp, a corporation duly organized and existing under the
laws of Wisconsin (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

<PAGE>
                                      14

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 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 enforceable), 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.]]

     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].

     [Interest on this Security shall be computed on the basis of a 360-day
year of twelve 30-day months.]

     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.

<PAGE>
                                      15

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

Dated:
                                           ASSOCIATED BANC-CORP

                                                       By_____________________
Attest:

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

SECTION 2.03. Form of Reverse of Security.

     This Security is one of a duly authorized issue 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 _______, ____], 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, 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.]

<PAGE>
                                      16

     [If applicable, insert -- Subject to and in compliance with the
provisions of the Indenture, the Holder of this Security is entitled, at his
option, at any time on or after the opening of business on the Initial
Conversion Date and on or before the close of business on the Final Conversion
Date, or in case this Security or a portion hereof is called for redemption,
then in respect of this Security or such portion hereof until and including,
but (unless the Company defaults in making the payment due upon redemption)
not after, the close of business on the Redemption Date, to convert this
Security (or any portion of the principal amount hereof which is $1,000 or an
integral multiple thereof), at the principal amount hereof, or of such
portion, into fully paid and non-assessable shares (calculated as to each
conversion to the nearest 1/100 of a share) of Common Stock of the Company at
the Initial Conversion Price (or at the current adjusted conversion price if
an adjustment has been made as provided in the Indenture) by surrender of this
Security, duly endorsed or assigned to the Company or in blank, to the Company
at its office or agency in the Borough of Manhattan, The City of New York,
accompanied by written notice to the Company that the Holder hereof elects to
convert this Security, or if less than the entire principal amount hereof is
to be converted, the portion hereof to be converted, and, in case such
surrender shall be made during the period from the close of business on any
Regular Record Date next preceding any Interest Payment Date (unless this
Security or the portion thereof being converted has been called for redemption
on a Redemption Date within such period), also accompanied by payment in New
York Clearing House or other funds acceptable to the Company of an amount
equal to the interest payable on such Interest Payment Date on the principal
amount of this Security then being converted. Subject to the aforesaid
requirement for payment in the case of a conversion after the Regular Record
Date next preceding any Interest Payment Date and on or before such Interest
Payment Date, to the right of the Holder of this Security (or any Predecessor
Security) of record at such Regular Record Date to receive an installment of
interest (with certain exceptions provided in the Indenture), no payment or
adjustment is to be made on conversion for interest accrued hereon or for
dividends on the Common Stock issued on conversion. No fractions of shares or
scrip representing fractions of shares will be issued on conversion, but
instead of any fractional interest the Company shall pay a cash adjustment as
provided in the Indenture. The conversion price is subject to adjustment as
provided in the Indenture. In addition, the Indenture provides that in case of
certain consolidations or mergers to which the Company is a party or the
transfer of substantially all of the assets of the Company, the Indenture
shall be amended, without the consent of any Holders of Securities, so that
this Security, if then outstanding, will be convertible thereafter, during the
period this Security shall be convertible as specified above, only into the
kind and amount of securities, cash and other property receivable upon the
consolidation, merger or transfer by a holder of the number of shares of
Common Stock into which this Security might have been converted immediately
prior to such consolidation, merger or transfer (assuming such holder of
Common Stock failed to exercise any rights of election and received per share
the kind and amount received per share by a plurality of non-electing shares),
assuming, if such consolidation, merger or transfer is prior to the Initial
Conversion Date, that is Security were convertible at the time of such
consolidation, merger or transfer at the Initial Conversion Price specified
above as adjusted from the date of establishment of the Initial Conversion
Price to such time pursuant to 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

<PAGE>
                                      17

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                 Redemption Price For
                       For Redemption                  Redemption Otherwise
                     Through Operation                Than Through Operation
  Year              of the 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 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 -- 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 ____ 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.]

     The Company covenants and agrees, and each Holder of a Security, by his
acceptance thereof, likewise covenants and agrees, that, to the extent and in
the manner set forth in Article Fourteen of the Indenture, the indebtedness
represented by the Securities and the payment

<PAGE>
                                      18

of principal of (and premium, if any) and interest on each and all of the
Securities are hereby expressly made subordinate and subject in right of
payment to the prior payment in full of all Senior Indebtedness and Other
Financial Obligations.

     [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 a majority 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.

     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. [If applicable, insert - or to convert this
Security as provided in the Indenture.]

     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

<PAGE>
                                      19

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 only in registered 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.

     This Security shall be governed by and construed in accordance with the
law of the State of New York.

SECTION 2.04. Form of Legend for Global Securities.

     Unless otherwise specified as contemplated by Section 3.01 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 2.05. Form of Trustee's Certificate of Authentication.

     The Trustee's certificates of authentication shall be in substantially
the following form:

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

Dated:_____________

<PAGE>
                                      20

                                                      THE BANK OF NEW YORK,
                                                            As Trustee

                                                      By______________________
                                                       Authorized Signatory

                                 ARTICLE THREE

                                THE SECURITIES

SECTION 3.01. Amount Unlimited; Issuable in Series.

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

     The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 3.03,
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,

          (1) the title of the Securities of the series (which shall
     distinguish the Securities of the series from Securities of any other
     series);

          (2) 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 3.04, 3.05, 3.06, 9.06 or
     11.07 and except for any Securities which, pursuant to Section 3.03, are
     deemed never to have been authenticated and delivered hereunder);

          (3) 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;

          (4) the date or dates on which the principal of any Securities of
     the series is payable;

          (5) 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;

          (6) the place or places where the principal of and any premium and
     interest on any Securities of the series shall be payable;

<PAGE>
                                      21

          (7) 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;

          (8) 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;

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

          (10) 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;

          (11) 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 1.01;

          (12) 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);

          (13) 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 5.02;

          (14) 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 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);

          (15) if applicable, that the Securities of the series, in whole or
     any specified part, shall be defeasible pursuant to Section 13.02 or
     Section 13.03 or both such Sections and, if other than by a Board
     Resolution, the manner in which any election by the Company to defease
     such Securities shall be evidenced;

<PAGE>
                                      22

          (16) 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 2.04 and any circumstances in addition to or in lieu of those set
     forth in Clause (2) of the last paragraph of Section 3.05 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;

          (17) 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 5.02;

          (18) any addition to or change in the covenants set forth in Article
     Ten which applies to Securities of the series; and

          (19) if applicable, that the Securities of the series shall be
     convertible pursuant to Article Fifteen, and the Initial Conversion
     Price, the Initial Conversion Date, the Final Conversion Date and any
     other terms relating to the conversion of the Securities as provided
     herein; and

          (20) any other terms of the series (which terms shall not be
     inconsistent with the provisions of this Indenture, except as permitted
     by Section 9.01(5)).

     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 3.03) set
forth, or determined in the manner provided, in the Officers' Certificate
referred to above or in any such indenture supplemental hereto. All securities
of any one series need not be issued at one time and, unless otherwise
provided, a series may be reopened for issuances of additional securities of
such series.

     Unless otherwise specifically provided with respect to the Securities of
a series, at the option of the Company, interest on the Securities of any
series that bears interest may be paid by mailing a check to the address of
the person entitled thereto as such address shall appear in the Security
Register.

     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 3.02. Denominations.

     The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as
contemplated by Section 3.01. In the absence of any such specified
denomination with respect to the Securities of any series, the

<PAGE>
                                      23

Securities of such series shall be issuable in denominations of $1,000 and any
integral multiple thereof.

SECTION 3.03. Execution, Authentication, Delivery and Dating.

     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 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.

     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.

     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 2.01 and 3.01, 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
6.01) shall be fully protected in relying upon, an Opinion of Counsel stating,

          (1) if the form of such Securities has been established by or
     pursuant to Board Resolution as permitted by Section 2.01, that such form
     has been established in conformity with the provisions of this Indenture;

          (2) if the terms of such Securities have been established by or
     pursuant to Board Resolution as permitted by Section 3.01, that such
     terms have been established in conformity with the provisions of this
     Indenture;

          (3) 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; and

          (4) that all laws and requirements in respect of the execution and
     delivery by the Company of such Securities have been complied with.

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.

<PAGE>
                                      24

     Notwithstanding the provisions of Section 3.01 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 3.01 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.

     Each Security shall be dated the date of its authentication.

     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
3.09, 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.

SECTION 3.04. Temporary Securities.

     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.

     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
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 3.05. Registration; Registration of Transfer and Exchange.

     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

<PAGE>
                                      25

"Security Registrar" for the purpose of registering Securities and transfers
of Securities as herein provided.

     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.

     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.

     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.

     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.

     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 3.04, 9.06 or 11.07 not involving any
transfer.

     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 (A) 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) 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 11.03
and ending at the close of business on the day of such mailing, or (B) 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.

     The provisions of Clauses (1), (2), (3) and (4) below shall apply only to
Global Securities:

          (1) 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.

<PAGE>
                                      26

          (2) 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 (A)
     such Depositary (i) has notified the Company that it is unwilling or
     unable to continue as Depositary for such Global Security or (ii)
     has ceased to be a clearing agency registered under the Exchange
     Act, (B) there shall have occurred and be continuing an Event of
     Default or an event which, with the giving of notice or lapse of
     time, or both, would constitute an Event of Default with respect to
     such Global Security and Holders of not less than a majority in
     principal amount of the series of Securities represented by such
     Global Security shall have made written request to the Trustee, (C)
     the Company executes and delivers to the Trustee a Company Order
     that such Global Security shall be so exchangeable, or (D) 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 3.01.

          (3) Subject to Clause (2) 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.

          (4) 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, Section 3.04, 3.06, 9.06 or 11.07 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 3.06. Mutilated, Destroyed, Lost and Stolen Securities.

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

     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.

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

     Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed

<PAGE>
                                      27

in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith.

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

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

SECTION 3.07. Payment of Interest; Interest Rights Preserved.

     Except as otherwise provided as contemplated by Section 3.01 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.

     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 (1) or (2) below:

         (1) 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.
    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 1.06, 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

<PAGE>
                                      28

     business on such Special Record Date and shall no longer be payable
     pursuant to the following Clause (2).

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

     Subject to the foregoing provisions of this Section, 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 3.08. 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 3.07) 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.

     In the case of any convertible Security which is converted after any
Regular Record Date and on or prior to the next succeeding Interest Payment
Date (other than any Security whose Maturity is prior to such Interest Payment
Date), interest whose Stated Maturity is on such Interest Payment Date shall
be payable on such Interest Payment Date notwithstanding such conversion, and
such interest (whether or not punctually paid or duly provided for) 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 such Regular Record
Date. Except as otherwise expressly provided in the immediately preceding
sentence, in the case of any convertible Security which is converted, interest
whose Stated Maturity is after the date of conversion of such Security shall
not be payable.

     No holder of any beneficial interest in any Global Security held on such
holder's behalf by a Depositary shall have any rights under this Indenture
with respect to such Global Security, and such Depositary may be treated by
the Company, the Trustee, and any agent of the Company or the Trustee as the
owner of such Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall impair, as between a Depositary and such
holders of beneficial interests, the operation of customary practices
governing the exercise of the rights of the Depositary as Holder of any
Security.

SECTION 3.09. Cancellation.

     All Securities surrendered for payment, redemption, registration of
transfer or exchange or conversion 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

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                                      29

Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
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, except as expressly permitted by this
Indenture. All cancelled Securities held by the Trustee shall be disposed of
by the Trustee in accordance with its customary procedures.

SECTION 3.10. Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.01 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 notice
of redemption 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 of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption 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.

SECTION 3.12. Further Issuances.

     The Company may from time to time without the consent of the Holders of
Securities of any series affected create and issue further Securities of such
series having the same terms and conditions as the Securities of such series
in all respects (or in all respects except for the payment of interest of the
Securities of such series (i) scheduled and paid prior to the date of issuance
of the additional Securities of such series or (ii) payable on the first
Interest Payment Date following such issuance) so that such further issues
shall be consolidated and form a single series with the outstanding Securities
of any series. Any further Securities forming a single series with the
outstanding Securities of any series may be constituted by the Indenture or
any supplement to this Indenture.

                                 ARTICLE FOUR

                          SATISFACTION AND DISCHARGE

SECTION 4.01. Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of conversion, 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

<PAGE>
                                      30

          (1) 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 3.06 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 10.03) have been delivered to the Trustee for
          cancellation; or

               (B) all such Securities not theretofore delivered to the
          Trustee for cancellation

                    (i) have become due and payable, or

                    (ii) will become due and payable at their Stated Maturity
               within one year, or

                    (iii) 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 (i), (ii) or (iii) 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;

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

          (3) 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.

     Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.07, the obligations
of the Company to any Authenticating Agent under Section 6.14 and, if money
shall have been deposited with the Trustee pursuant to subclause (B) of Clause
(1) of this Section, the obligations of the Trustee under Section 4.02 and the
last paragraph of Section 10.03 shall survive.

SECTION 4.02. Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.03, all
money deposited with the Trustee pursuant to Section 4.01 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

<PAGE>
                                      31

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.
All monies deposited with the Trustee pursuant to Section 4.01 (and held by it
or the Paying Agent) for the payment of Securities subsequently converted
shall be returned to the Company upon Company Request.

     Money deposited and held in trust pursuant to this Section 4.02 shall not
be subject to claims of the holders of Senior Indebtedness or Entitled Persons
under Article Fourteen.

                                 ARTICLE FIVE

                                   REMEDIES

SECTION 5.01. 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 occasioned by the
     provisions of Article Fourteen or 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):

          (1) 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

          (2) default in the payment of the principal of or any premium on any
     Security of that series at its Maturity; or

          (3) default in the deposit of any sinking fund payment, when and as
     due by the terms of a Security of that series and a continuance of such
     default for a period of 5 days; or

          (4) 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 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 a Responsible Officer
     of the Trustee by the Holders of not less than 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

          (5) 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

<PAGE>
                                      32

     the Company or of any substantial part of its property, or ordering the
     winding up or liquidation of its affairs, and the continuance of any such
     decree or order for relief or any such other decree or order unstayed and
     in effect for a period of 60 consecutive days; or

          (6) 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

          (7) any other Event of Default provided with respect to Securities
     of that series.

SECTION 5.02. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default specified in Section 5.01(5) or 5.01 (6) 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.

     At any time after such 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 provided,
the Holders of a majority in principal amount of the Outstanding Securities of
that series, by written notice to the Company and a Responsible Officer of the
Trustee, may rescind and annul such acceleration and its consequences if

          (1) 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
          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

<PAGE>
                                      33

               (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

          (2) 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.

No such rescission shall affect any subsequent default or impair any right
consequent thereon.

SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee.

     The Company covenants that if

          (1) 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,

          (2) default is made in the payment of the principal of (or premium,
     if any, on) any Security at the Maturity thereof, or

          (3) default is made in the making or satisfaction of any sinking
     fund payment or analogous obligation when the same becomes due pursuant
     to the terms of any Security and such default continues for 5 days,

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.

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

     If an Event of Default with respect to Securities of any series 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
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.

<PAGE>
                                      34

SECTION 5.04. Trustee May File Proofs of Claim.

     In case of any judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or such other
obligor or their creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions
authorized under the 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

                         (i) to file and prove a claim for the whole amount of
                    principal (and premium, if any) and interest owing and
                    unpaid in respect of the Securities in accordance with the
                    terms thereof and to file such other papers or documents
                    as may be necessary or advisable in order to have the
                    claims of the Trustee (including any claim for the
                    reasonable compensation, expense, disbursements and
                    advances of the Trustee, its agents and counsel) and of
                    the Holders allowed in such judicial proceeding, and

                         (ii) 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, if the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to the Trustee for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 6.07.

     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 5.05. 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.

<PAGE>
                                      35

SECTION 5.06. Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal or 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 6.07; and

          Second: Subject to Article Fourteen, 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, according to the amounts due and payable on
     such Securities for principal and any premium and interest,
     respectively.

SECTION 5.07. 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

          (1) such Holder has previously given written notice to a Responsible
     Officer of the Trustee of a continuing Event of Default with respect to
     the Securities of that series;

          (2) the Holders of not less than 25% in principal amount of the
     Outstanding Securities of that series shall have made written request to
     a Responsible Officer of the Trustee to institute proceedings in respect
     of such Event of Default in its own name as Trustee hereunder;

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

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

          (5) 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.

<PAGE>
                                      36

SECTION 5.08. Unconditional Right of Holders to Receive Principal, Premium and
Interest or to Convert.

     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 3.07)
interest on such Security on the respective Stated Maturities expressed in
such Security (or, in the case of redemption, on the Redemption Date) and, if
applicable, to convert such Security in accordance with Article Fifteen, to
institute suit for the enforcement of any such payment and right to convert,
and such rights shall not be impaired without the consent of such Holder.

SECTION 5.09. 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 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 3.06, 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

<PAGE>
                                      37

          (1) such direction shall not be in conflict with any rule of law or
     with this Indenture, and

          (2) 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.

     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

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

          (2) 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.

     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 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, including legal
fees and expenses, 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 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 Company or the Trustee.

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.

<PAGE>
                                      38

                                  ARTICLE SIX

                                  THE TRUSTEE

SECTION 6.01. 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.

SECTION 6.02. 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
5.01(4) 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, 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 6.03. Certain Rights of Trustee.

     Subject to the provisions of Section 6.01:

          (1) the Trustee may 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;

          (2) 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;

          (3) 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;

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

<PAGE>
                                      39

          (5) 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 the Trustee against the costs, expenses and
     liabilities which might be incurred by it in compliance with such request
     or direction;

          (6) 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;

          (7) 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;

          (8) the Trustee shall not be liable for any action taken, suffered
     or omitted to be taken by it in good faith and reasonably believed by it
     to be authorized or within the discretion or rights or powers conferred
     upon it by this Indenture;

          (9) 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 of unless written notice of any event which is in fact
     such a default is received by a Responsible Officer of the Trustee at the
     Corporate Trust Office of the Trustee, and such notice references the
     Securities and this Indenture, unless the Trustee has received notice of
     such default or Event of Default pursuant to Section 10.04 hereof;

          (10) 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

          (11) 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 6.04. 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.

<PAGE>
                                      40

SECTION 6.05. 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 6.08 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 6.06. 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 6.07. Compensation and Reimbursement.

     The Company agrees

          (1) 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);

          (2) 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 bad
     faith; and

          (3) to indemnify each of the Trustee and any predecessor Trustee
     for, and to hold it harmless against, any and all loss, liability,
     damage, claim or expense, including taxes (other than taxes based on the
     income of the Trustee) incurred without negligence or bad faith 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 against 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.

     The Trustee shall have a lien prior to the Securities as to all property
and funds held by it hereunder for any amount owing it or any predecessor
Trustee pursuant to this Section 6.07, except with respect to funds held in
trust for the benefit of the Holders of particular Securities.

     When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 5.01(5) or Section 5.01(6), the
expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or State bankruptcy, insolvency or
other similar law.

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

<PAGE>
                                      41

SECTION 6.08. 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.

SECTION 6.09. 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 $50,000,000 and has its Corporate
Trust Office in the Borough of Manhattan, The City of 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 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, 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.

          (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 a
     Responsible Officer of the Trustee and to the Company. If the instrument
     of acceptance by a successor Trustee shall not have been delivered to the
     Trustee within 30 days after the giving of such notice of removal, the
     Trustee being removed 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:

          (1) the Trustee shall fail to comply with Section 6.08 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

<PAGE>
                                      42

          (2) the Trustee shall cease to be eligible under Section 6.09 and
     shall fail to resign after written request therefor by the Company or by
     any such Holder, or

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

     then, in any such case, (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 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 1.06. 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

<PAGE>
                                      43

     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 (including fees and expenses of its agents and
     counsel), execute and deliver an instrument transferring to such
     successor Trustee all the rights, powers and trusts of the retiring
     Trustee and shall duly assign, transfer and deliver to such successor
     Trustee all property and money held by such retiring Trustee hereunder.

          (b) In case of the appointment hereunder of a successor Trustee with
     respect to the Securities of one or more (but not all) series, the
     Company, the retiring Trustee and each successor Trustee with respect to
     the Securities of one or more series shall execute and deliver an
     indenture supplemental hereto wherein each successor Trustee shall accept
     such appointment and which (1) shall contain such provisions as shall be
     necessary or desirable to transfer and confirm to, and to vest in, each
     successor Trustee all the rights, powers, trusts and duties of the
     retiring Trustee with respect to the Securities of that or those series
     to which the appointment of such successor Trustee relates, (2) if the
     retiring Trustee is not retiring with respect to all Securities, shall
     contain such provisions as shall be deemed necessary or desirable to
     confirm that all the rights, powers, trusts and duties of the retiring
     Trustee with respect to the Securities of that or those series as to
     which the retiring Trustee is not retiring shall continue to be vested in
     the retiring Trustee, and (3) shall add to or change any of the
     provisions of this Indenture as shall be necessary to provide for or
     facilitate the administration of the trusts hereunder by more than one
     Trustee, it being understood that nothing herein or in such supplemental
     indenture shall constitute such Trustees co-trustees of the same trust
     and that each such Trustee shall be trustee of a trust or trusts
     hereunder separate and apart from any trust or trusts hereunder
     administered by any other such Trustee; and upon the execution and
     delivery of such supplemental indenture the resignation or removal of the
     retiring Trustee shall become effective to the extent provided therein
     and each such successor Trustee, without any further act, deed or
     conveyance, shall become vested with all the rights, powers, trusts and
     duties of the retiring Trustee with respect to the Securities of that or
     those series to which the appointment of such successor Trustee relates;
     but, on request of the Company or any successor Trustee, such retiring
     Trustee shall, upon payment of fees and expenses of its agents and
     counsel, 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.

<PAGE>
                                      44

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.

     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, partial conversion or
partial redemption thereof or pursuant to Section 3.06, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall
at all times be a corporation organized and doing business under the laws of
the United States 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 $50,000,000 and subject to supervision or
examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section.

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

<PAGE>
                                      45

otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating
Agent.

     An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such
appointment in the manner provided in Section 1.06 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.

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

     If an appointment with respect to one or more series is made pursuant to
this Section, 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.

                                            THE BANK OF NEW YORK,
                                                 As Trustee

                                            By_____________________,
                                              As Authenticating Agent

                                            By_____________________
                                              Authorized Officer

<PAGE>
                                      46

                                 ARTICLE SEVEN

               HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.01. Company to Furnish Trustee Names and Addresses of Holders.

     The Company will furnish or cause to be furnished to the Trustee

          (1) semi-annually, not later than 10 calendar days after each
     Regular Record Date in each year, a list for each series of Securities,
     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
     Regular Record Date, and

          (2) 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 7.02. Preservation of Information; Communications to Holders.

     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 7.01 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 7.01 upon receipt of a new list so furnished.

     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.

     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 7.03. Reports by Trustee.

          (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. To the extent that any such report is required
     by the Trust Indenture Act with respect to any 12 month period, such
     report shall cover the 12 month period ending July 15 and shall be
     transmitted by the next succeeding September 15.

          (b) 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

<PAGE>
                                      47

     Trustee when any Securities are listed on any stock exchange and of any
     delisting thereof.

SECTION 7.04. 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 EIGHT

             CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.01. 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:

          (1) 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 or trust, shall be organized and validly
     existing under the laws of the United States of America, any State
     thereof or the District of Columbia and shall expressly assume, by an
     indenture supplemental hereto, executed and delivered to the Trustee, in
     form satisfactory to the Trustee, the due and punctual payment of the
     principal of and any 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 and, if applicable, shall have
     provided for conversion rights in accordance with Section 15.11;

          (2) immediately after giving effect to such transaction and treating
     any indebtedness which becomes an obligation of the Company or any
     Subsidiary as a result of such transaction as having been incurred by the
     Company or such 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

<PAGE>
                                      48

          (3) 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 8.02. 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 8.01, 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 NINE

                            SUPPLEMENTAL INDENTURES

SECTION 9.01. 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:

          (1) 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

          (2) 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

          (3) 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 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

          (4) 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

<PAGE>
                                      49

          (5) 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

          (6) to secure the Securities; or

          (7) to establish the form or terms of Securities of any series as
     permitted by Sections 2.01 and 3.01; or

          (8) 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;

          (9) to make provision with respect to the conversion rights of
     Holders pursuant to the requirements of Section 15.12, if applicable; or

          (10) to cure any ambiguity, to correct or supplement any provision
     herein which may be defective or inconsistent with any other provision
     herein, or to make any other provisions with respect to matters or
     questions arising under this Indenture, provided that such action
     pursuant to this clause (10) shall not adversely affect the interests of
     the Holders of Securities of any series in any material respect.

     Notwithstanding any provision in this Indenture or otherwise, the rights
of Entitled Persons in respect of Other Financial Obligations under this
Indenture and otherwise in respect of the Securities or any series of the
Securities may, at any time and from time to time, be modified in any respect
or eliminated without the consent of any Entitled Person in respect of Other
Financial Obligations.

SECTION 9.02. Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority 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,

          (1) 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 an acceleration of the Maturity
     thereof pursuant to

<PAGE>
                                      50

     Section 5.02, 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 modify the provisions of
     this Indenture with respect to the subordination of the Securities in a
     manner adverse to the Holders, or adversely affect the right to convert
     any Security as provided in Article Fifteen (except as permitted by
     Section 9.01(9), or

          (2) 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

          (3) modify any of the provisions of this Section, Section 5.13 or
     Section 10.08, 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 and
     Section 10.08, or the deletion of this proviso, in accordance with the
     requirements of Sections 6.11 and 9.01(8).

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.

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

SECTION 9.03. Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 6.01) shall be fully protected in relying
upon, an Officer's Certificate and an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

SECTION 9.04. Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every
Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

<PAGE>
                                      51

SECTION 9.05. Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act.

SECTION 9.06. 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 TEN

                                   COVENANTS

SECTION 10.01. 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 10.02. 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, where
     convertible securities may be surrendered for conversion 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.

<PAGE>
                                      52

SECTION 10.03. Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect
to 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.

     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.

     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, that such Paying Agent will (1) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and
(2) 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.

     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.

     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, may 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 the Borough of Manhattan, The City of 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.

<PAGE>
                                      53

SECTION 10.04. Statement by Officers as to Default.

     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.

     The Company shall deliver to the Trustee, as soon as possible and in any
event within five days after the Company becomes aware of the occurrence of
any Event of Default or an event which, with notice or the lapse of time or
both, would constitute an Event of Default, an Officers' Certificate setting
forth the details of such Event of Default or default and the action which the
Company proposes to take with respect thereto.

SECTION 10.05. Existence.

     Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence and the rights (charter and statutory) and franchises of the
Company; provided, however, that the Company shall not be required to preserve
any such right or franchise if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Company and that the loss thereof is not disadvantageous in any material
respect to the Holders.

SECTION 10.06. Maintenance of Properties

     The Company will cause all properties used or useful in the conduct of
its business or the business of any Subsidiary to be maintained and kept in
good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section shall prevent the Company from
discontinuing the operation or maintenance of any of such properties if such
discontinuance is, in the judgment of the Company, desirable in the conduct of
its business or the business of any Subsidiary and not disadvantageous in any
material respect to the Holders.

SECTION 10.07. Payment of Taxes and Other Claims.

     The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or
upon the income, profits or property of the Company or any Subsidiary, and (2)
all lawful claims for labor, materials and supplies which, if unpaid, might by
law become a lien upon the property of the Company or any Subsidiary;
provided, however, that the Company shall not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by
appropriate proceedings.

<PAGE>
                                      54

SECTION 10.08. Waiver of Certain Covenants.

     Except as otherwise specified as contemplated by Section 3.01 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 3.01(18),
9.01(2) or 9.01(7) for the benefit of the Holders of such series or in any of
Sections 10.05 to 10.07 inclusive if before the time for such compliance the
Holders of not less than a majority 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 10.09. 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 ELEVEN

                           REDEMPTION OF SECURITIES

SECTION 11.01. 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 3.01 for such Securities) in
accordance with this Article.

SECTION 11.02. 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 3.01 for such Securities. In case of any redemption at the election of
the Company of the Securities of any series (including any such redemption
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.

<PAGE>
                                      55

SECTION 11.03. Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed (unless
all the Securities of a specified tenor are to be redeemed, 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 (but subject to compliance with the rules of any
securities exchange on which the securities of such series may be listed) and
which may provide for the selection for redemption of a portion of the
principal amount of any Security of such series, 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, 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.

     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.

     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 11.04. Notice of Redemption.

     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.

     All notices of redemption shall identify the Securities to be redeemed
(including CUSIP number) and shall state:

          (1) the Redemption Date,

          (2) the Redemption Price,

          (3) if less than all the Outstanding Securities of any series 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,

          (4) 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,

          (5) the conversion price, the date on which the right to convert the
     Securities to be redeemed will terminate and the place or places where
     such Securities may be surrendered for conversion,

<PAGE>
                                      56

          (6) the place or places where each such Security is to be
     surrendered for payment of the Redemption Price, and

          (7) that the redemption is for a sinking fund, if such is the case.

     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.

SECTION 11.05. 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 10.03) 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 other than any convertible Securities
called for redemption on that date which have been converted prior to the date
of such deposit.

     If any convertible Security called for redemption is converted, any money
deposited with the Trustee or with any Paying Agent or so segregated and held
in trust for the redemption of such Security shall (subject to any right of
the Holder of such Security or any Predecessor Security to receive interest as
provided in the last paragraph of Section 3.07) be paid to the Company upon
Company Request or, if then held by the Company, shall be discharged from such
trust.

SECTION 11.06. Securities Payable on Redemption Date.

     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 3.01, 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 3.07.

     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 11.07. 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

<PAGE>
                                      57

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 TWELVE

                                 SINKING FUNDS

SECTION 12.01. Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund
for the retirement of Securities of any series except as otherwise specified
as contemplated by Section 3.01 for such Securities.

     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 12.02. Each
sinking fund payment shall be applied to the redemption of Securities as
provided for by the terms of such Securities.

SECTION 12.02. Satisfaction of Sinking Fund Payments with Securities.

     The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been converted pursuant to Article Fifteen
or 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 12.03. Redemption of Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for any
Securities, the 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 12.02 and will also deliver to the Trustee any Securities to be so
delivered. Not less than 45 days prior to each such sinking fund payment date,
the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.03 and cause notice of the
redemption thereof to be given in the name of and at the expense of the
Company in the manner

<PAGE>
                                      58

provided in Section 11.04. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in
Sections 11.06 and 11.07.

                               ARTICLE THIRTEEN

                      DEFEASANCE AND COVENANT DEFEASANCE

SECTION 13.01. Company's Option to Effect Defeasance or Covenant Defeasance.

     The Company may elect, at its option at any time, to have Section 13.02
or Section 13.03 applied to any Securities or any series of Securities, as the
case may be, designated pursuant to Section 3.01 as being defeasible pursuant
to such Section 13.02 or 13.03, in accordance with any applicable requirements
provided pursuant to Section 3.01 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 3.01 for
such Securities.

SECTION 13.02. Defeasance and Discharge.

     Upon the Company's exercise of its option (if any) to have this Section
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, and the
provisions of Article Fourteen shall cease to be effective, with respect to
such Securities as provided in this Section on and after the date the
conditions set forth in Section 13.04 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: (1) the rights of Holders of
such Securities to receive, solely from the trust fund described in Section
13.04 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, (2) the Company's obligations with respect to such Securities under
Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (3) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (4) this Article. Subject
to compliance with this Article, the Company may exercise its option (if any)
to have this Section applied to any Securities notwithstanding the prior
exercise of its option (if any) to have Section 13.03 applied to such
Securities.

SECTION 13.03. Covenant Defeasance.

     Upon the Company's exercise of its option (if any) to have this Section
applied to any Securities or any series of Securities, as the case may be, (1)
the Company shall be released from its obligations under any Section
applicable to such Securities that are determined pursuant to Section 3.01 to
be subject to this provision), (2) the occurrence of any event specified in
Sections 5.01(4) (with respect to any Section applicable to such Securities
that are determined pursuant to Section 3.01 to be subject to this provision)
shall be deemed not to be or result in an Event of Default and (3) the
provisions of Article Fourteen shall cease to be effective, in each case with
respect to such Securities as provided in this Section on and after the date
the conditions set forth in Section 13.04 are satisfied (hereinafter called
"Covenant Defeasance"). For this purpose, such Covenant Defeasance means that,
with respect to such Securities, the Company may omit to

<PAGE>
                                      59

comply with (and no Event of Default shall arise out of such non-compliance
with) and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section or Article, whether
directly or indirectly by reason of any reference elsewhere herein to any such
Section or Article or by reason of any reference in any such Section or
Article to any other provision herein or in any other document, but the
remainder of this Indenture and such Securities shall be unaffected thereby.

SECTION 13.04. Conditions to Defeasance or Covenant Defeasance.

     The following shall be the conditions to the application of Section 13.02
or Section 13.03 to any securities or any series of Securities, as the case
may be:

          (1) The Company shall irrevocably have deposited or caused to be
     deposited with the Trustee (or another trustee which satisfies the
     requirements contemplated by Section 6.09 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) in the case of Securities denominated in a foreign
     currency, money in such foreign currency or Foreign Government
     Obligations of the foreign government or governments issuing such foreign
     currency 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, such foreign currency in
     an amount or (B) in the case of Securities denominated in U.S. dollars,
     U.S. dollars or 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, U.S. dollars in an amount, or (C) a combination of money and
     U.S. Government Obligations or Foreign Government Obligations (as
     applicable), 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 (i)
     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 (ii) 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
     (i) or (ii), 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. Government Obligation or the specific payment of
     principal or interest evidenced by such depositary receipt. As used

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                                      60

     herein, "Foreign Government Obligation" means any security denominated in
     a foreign currency which is (i) a direct obligation of a foreign
     government or governments for the payment of which the full faith and
     credit of such foreign government or governments is pledged or (ii) an
     obligation of a Person controlled or supervised by and acting as an
     agency or instrumentality of such foreign government or governments the
     payment of which is unconditionally guaranteed as a full faith and credit
     obligation by such foreign government, which, in either case (i) or (ii)
     is not callable or redeemable at the option of the issuer thereof.

          (2) In the event of an election to have Section 13.02 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
     (x) the Company has received from, or there has been published by, the
     Internal Revenue Service a ruling or (y) since the date of this
     instrument, there has been a change in the applicable Federal income tax
     law, in either case (x) or (y) 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.

          (3) In the event of an election to have Section 13.03 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.

          (4) 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.

          (5) 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 (A) at the time of
     such deposit or, (B) with regard to any such event specified in Sections
     5.01(5) and (6), at any time during the period ending on the 123rd day
     after the date of such deposit or, if longer, ending on the day following
     the expiration of the longest preference period applicable to the Company
     in respect of such deposit (it being understood that the condition in
     this clause (B) is a condition subsequent and shall not be deemed
     satisfied until the expiration of such period).

          (6) 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).

          (7) 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.

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                                      61

          (8) Such Defeasance or Covenant Defeasance shall not result in the
     trust arising from such deposit constituting an investment company within
     the meaning of the Investment Company Act unless such trust shall be
     registered under such Act or exempt from registration thereunder.

          (9) 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 13.05. Deposited Money and U.S. Government Obligations to Be Held in
Trust; Miscellaneous Provisions.

     Subject to the provisions of the last paragraph of Section 10.03, all
money, U.S. Government Obligations and Foreign Government Obligations
(including the proceeds thereof) deposited with the Trustee or other
qualifying trustee (solely for purposes of this Section and Section 13.06, the
Trustee and any such other trustee are referred to collectively as the
"Trustee") pursuant to Section 13.04 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. Money, U.S. Government Obligations and
Foreign Government Obligations so held in trust shall not be subject to the
provisions of Article Fourteen.

     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 or
the Foreign Government Obligations deposited pursuant to Section 13.04 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.

     Anything in this Article 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 or the Foreign Government Obligations
held by it as provided in Section 13.04 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 13.06. 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 13.02 or 13.03 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 13.05 with
respect to such Securities in accordance with this Article; provided, however,

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                                      62

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 be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust.

                               ARTICLE FOURTEEN

                          SUBORDINATION OF SECURITIES

SECTION 14.01. Securities Subordinate to Senior Indebtedness.

     The Company covenants and agrees, and each Holder of a Security, by his
acceptance thereof, likewise covenants and agrees, that, to the extent and in
the manner hereinafter set forth in this Article, the indebtedness represented
by the Securities and the payment of the principal of (and premium, of any)
and interest on each and all of the Securities are hereby expressly made
subordinate and subject in right of payment to the prior payment in full of
all Senior Indebtedness and, to the extent set forth in Section 14.15, of all
Other Financial Obligations.

SECTION 14.02. Payment Over of Proceeds Upon Dissolution, Etc.

     In the event of (a) any insolvency or bankruptcy case or proceeding, or
any receivership, liquidation, reorganization or other similar case or
proceeding in connection therewith, relative to the Company or to its
creditors, as such, or to its assets, or (b) any liquidation, dissolution or
other winding up of the Company, whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy, or (c) any assignment for the
benefit of creditors or any other marshalling of assets and liabilities of the
Company, then and in any such event the holders of Senior Indebtedness shall
be entitled to receive payment in full of all amounts due or to become due on
or in respect of all Senior Indebtedness, or provision shall be made for such
payment in money or money's worth, before the Holders of the Securities are
entitled to receive any payment on account of principal of (or premium, if
any) or interest on the Securities, and to that end the holders of Senior
Indebtedness shall be entitled to receive, for application to the payment
thereof, any payment or distribution of any kind or character, whether in
cash, property or securities, including any such payment or distribution which
may be payable or deliverable by reason of the payment of any other
indebtedness of the Company being subordinated to the payment of the
Securities, which may be payable or deliverable in respect of the Securities
in any such case, proceeding, dissolution, liquidation or other winding up or
event.

     In the event that, notwithstanding the foregoing provisions of this
Section, the Trustee or the Holder of any Security shall have received any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or
distribution which may be payable or deliverable by reason of the payment of
any other indebtedness of the Company being subordinated to the payment of the
Securities, before all Senior Indebtedness is paid in full or payment thereof
provided for, and if such fact shall, at or prior to the time of such payment
or distribution, have been made known to a Responsible Officer of the Trustee
or, as the case may be, such Holder, then and in such event such payment or
distribution shall be paid over or delivered forthwith to the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
Person making payment or distribution of assets of the Company for application
to the payment of all Senior Indebtedness remaining

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                                      63

unpaid, to the extent necessary to pay all Senior Indebtedness in full, after
giving effect to any concurrent payment or distribution to or for the holders
of Senior Indebtedness.

     For purposes of this Article only, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other
corporation provided for by a plan of reorganization or readjustment which are
subordinated in right of payment to all Senior Indebtedness which may at the
time be outstanding to substantially the same extent as, or to a greater
extent than, the Securities are so subordinated as provided in this Article.
The consolidation of the Company with, or the merger of the Company into,
another Person or the liquidation or dissolution of the Company following the
conveyance or transfer of its properties and assets substantially as an
entirety to another Person upon the terms and conditions set forth in Article
Eight shall not be deemed a dissolution, winding up, liquidation,
reorganization, assignment for the benefit of creditors or marshalling of
assets and liabilities of the Company for the purposes of this Section if the
Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer such properties and assets
substantially as an entirety, as the case may be, shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions set
forth in Article Eight.

SECTION 14.03. Prior Payment to Senior Indebtedness Upon Acceleration of
Securities.

     In the event that any Securities are declared due and payable before
their Stated Maturity, then and in such event the holders of Senior
Indebtedness outstanding at the time such Securities become so due and payable
shall be entitled to receive payment in full of all amounts due or to become
due on or in respect of all Senior Indebtedness or provision shall be made for
such payment in money or money's worth, before the Holders of the Securities
are entitled to receive any payment (including any payment which may be
payable by reason of the payment of any other indebtedness of the Company
being subordinated to the payment of the Securities) by the Company on account
of the principal of (or premium, if any) or interest on the Securities or on
account of the purchase or other acquisition of Securities; provided, however,
that nothing in this Section shall prevent the satisfaction of any sinking
fund payment in accordance with Article Twelve by delivering and crediting
pursuant to Section 12.02 Securities which have been acquired (upon redemption
or otherwise) prior to such declaration of acceleration.

     In the event that, notwithstanding the foregoing, the Company shall make
any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, and if such fact shall, at or prior to
the time of such payment, have been made known to a Responsible Officer of the
Trustee or, as the case may be, such Holder, then and in such event such
payment shall be paid over and delivered forthwith to the Company.

     The provisions of this Section shall not apply to any payment with
respect to which Section 14.02 would be applicable.

SECTION 14.04. No Payment When Senior Indebtedness in Default.

     (a) In the event and during the continuation of any default in the
payment of principal of (or premium, if any) or interest on any Senior
Indebtedness beyond any applicable grace period with respect thereto, or in
the event that any event of default with respect to any Senior Indebtedness
shall have occurred and be continuing permitting the holders of such Senior

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                                      64

Indebtedness (or a trustee on behalf of the holders thereof) to
declare such Senior Indebtedness due and payable prior to the date on which it
would otherwise have become due and payable, unless and until such event of
default shall have been cured or waived or shall have ceased to exist and such
acceleration shall have been rescinded or annulled, or (b) in the event any
judicial proceeding shall be pending with respect to any such default in
payment or event of default, then no payment (including any payment which may
be payable by reason of the payment of any other indebtedness of the Company
being subordinated to the payment of the Securities) shall be made by the
Company on account of principal of (or premium, if any) or interest on the
Securities or on account of the purchase or other acquisition of Securities;
provided, however, that nothing in this Section shall prevent the satisfaction
of any sinking fund payment in accordance with Article Twelve by delivering
and crediting pursuant to Section 12.02 Securities which have been acquired
(upon redemption or otherwise) prior to such default in payment or event of
default.

     In the event that, notwithstanding the foregoing, the Company shall make
any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, and if such fact shall, at or prior to
the time of such payment, have been made known to a Responsible Officer of the
Trustee or, as the case may be, such Holder, then and in such event such
payment shall be paid over and delivered forthwith to the Company.

     The provisions of this Section shall not apply to any payment with
respect to which Section 14.02 would be applicable.

SECTION 14.05. Payment Permitted in Certain Situations.

     Nothing contained in this Article or elsewhere in this Indenture or in
any of the Securities shall prevent (a) the Company, at any time except during
the pendency of any case, proceeding, dissolution, liquidation or other
winding up, assignment for the benefit of creditors or other marshalling of
assets and liabilities of the Company referred to in Section 14.02 or under
the conditions described in Section 14.03 or 14.04, from making payments at
any time of principal of (and premium, if any) or interest on the Securities
or (b) the application by the Trustee of any money deposited with it hereunder
to the payment of or on account of the principal of (and premium, if any) or
interest on the Securities of any series or the retention of such payment by
the Holder, if, at the time of such application by the Trustee, it did not
have actual knowledge that such payment would have been prohibited by the
provisions of this Article.

SECTION 14.06. Subrogation to Rights of Holders of Senior Indebtedness.

     Subject to the payment in full of all Senior Indebtedness, the Holders of
the Securities shall be subrogated to the extent of the payments or
distributions made to the holders of such Senior Indebtedness pursuant to the
provisions of this Article to the rights of the holders of such Senior
Indebtedness to receive payments and distributions of cash, property and
securities applicable to the Senior Indebtedness until the principal of (and
premium, if any) and interest on the Securities shall be paid in full. For
purposes of such subrogation, no payments or distributions to the holders of
the Senior Indebtedness of any cash, property or securities to which the
Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Indebtedness by Holders of the
Securities or the Trustee, shall, as among the Company, its creditors other
than holders of Senior Indebtedness and the Holders of the Securities, be

<PAGE>
                                      65

deemed to be a payment or distribution by the Company to or on account of the
Senior Indebtedness.

SECTION 14.07. Provisions Solely to Define Relative Rights.

     The provisions of this Article are and are intended solely for the
purpose of defining the relative rights of the Holders of the Securities on
the one hand and the holders of Senior Indebtedness (and, in the case of
Section 14.15, Entitled Persons in respect of Other Financial Obligations) on
the other hand. Nothing contained in this Article or elsewhere in this
Indenture or in the Securities is intended to or shall (a) impair, as among
the Company, its creditors other than holders of Senior Indebtedness and other
than Entitled Persons in respect of Other Financial Obligations and the
Holders of the Securities, the obligation of the Company, which is absolute
and unconditional (and which, subject to the rights under this Article of the
holders of Senior Indebtedness and Entitled Persons in respect of Other
Financial Obligations, is intended to rank equally with all other general
obligations of the Company), to pay to the Holders of the Securities the
principal of (and premium, if any) and interest on the Securities as and when
the same shall become due and payable in accordance with their terms; or (b)
affect the relative rights against the Company of the Holders of the
Securities and creditors of the Company other than the holders of Senior
Indebtedness and Entitled Persons in respect of Other Financial Obligations;
or (c) prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article of the holders of
Senior Indebtedness and under Section 14.15 of Entitled Persons in respect of
Other Financial Obligations, to receive cash, property and securities
otherwise payable or deliverable to the Trustee or such Holder.

SECTION 14.08. Trustee to Effectuate Subordination.

     Each Holder of a Security by his acceptance thereof authorizes and
directs the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article and
appoints the Trustee his attorney-in-fact for any and all such purposes.

SECTION 14.09. No Waiver of Subordination Provisions.

     No right of any present or future holder of any Senior Indebtedness to
enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act, in good faith, by any such holder, or by any
non-compliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.

     Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Indebtedness (and Entitled Persons in respect of Other
Financial Obligations) may, at any time and from time to time, without the
consent of or notice to the Trustee or the Holders of the Securities, without
incurring responsibility to the Holders of the Securities and without
impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of the Securities to the holders of
Senior Indebtedness and Entitled Persons, in respect of Other Financial
Obligations, do any one or more of the following: (i) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter,
Senior Indebtedness or

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                                      66

Other Financial Obligations, or otherwise amend or supplement in any manner
Senior Indebtedness or Other Financial Obligations or any instrument
evidencing the same or any agreement under which Senior Indebtedness is or
Other Financial Obligations are outstanding; (ii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing
Senior Indebtedness or Other Financial Obligations; (iii) release any Person
liable in any manner for the collection of Senior Indebtedness or Other
Financial Obligations; and (iv) exercise or refrain from exercising any rights
against the Company and any other Person.

SECTION 14.10. Notice to Trustee.

     The Company shall give prompt written notice to a Responsible Officer of
the Trustee of any fact known to the Company which would prohibit the making
of any payment to or by the Trustee in respect of the Securities.
Notwithstanding the provisions of this Article or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts which would prohibit the making of any payment to or by the Trustee
in respect of the Securities, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a
holder of Senior Indebtedness or from any trustee therefor or from any
Entitled Persons in respect of Other Financial Obligations; and, prior to the
receipt of any such written notice, the Trustee, subject to the provisions of
Section 6.01, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have received the
notice provided for in this Section at least two Business Days prior to the
date upon which by the terms hereof any money may become payable for any
purpose (including, without limitation, the payment of the principal (and
premium, if any) or interest on any security) then notwithstanding anything to
the contrary herein, the Trustee shall have full power and authority to
receive such money and to apply the same to the purpose for which such money
was received and shall not be affected by any notice to the contrary which may
be received by it within two Business Days prior to such date.

     Subject to the provisions of Section 6.01, the Trustee shall be entitled
to rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a trustee therefor) or an
Entitled Person in respect of Other Financial Obligations to establish that
such notice has been given by a holder of Senior Indebtedness (or a trustee
therefor) or an Entitled Person in respect of Other Financial Obligations. In
the event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior
Indebtedness or an Entitled Person in respect of Other Financial Obligations
to participate in any payment or distribution pursuant to this Article, the
Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness or other
Financial Obligations held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article, and if such
evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

SECTION 14.11. Reliance on Judicial Order or Certificate of Liquidating Agent.

     Upon any payment or distribution of assets of the Company referred to in
this Article, the Trustee, subject to the provisions of Section 6.01, and the
Holders of the Securities shall be entitled to rely upon any order or decree
entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or

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                                      67

similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to a Responsible Officer of the Trustee or to the Holders of
Securities, for the purpose of ascertaining the Persons entitled to
participate in such payment or distribution, the holders of Senior
Indebtedness and other indebtedness of the Company and the Entitled Persons in
respect of Other Financial Obligations, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article.

SECTION 14.12. Trustee Not Fiduciary for Holders of Senior Indebtedness or
Entitled Persons.

     The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness or Entitled Persons in respect of Other Financial
Obligations and shall not be liable to any such holders or creditors if it
shall in good faith mistakenly pay over or distribute to Holders of Securities
or to the Company or to any other Person cash, property or securities to which
any holders of Senior Indebtedness or Entitled Persons in respect of Other
Financial Obligations shall be entitled by virtue of this Article or
otherwise.

SECTION 14.13. Rights of Trustee as Holder of Senior Indebtedness or Entitled
Person; Preservation of Trustee's Rights.

     The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article with respect to any Senior Indebtedness which
may at any time be held by it and with respect to any Other Financial
Obligations owed to the Trustee as an Entitled Person, to the same extent as
any other holder of Senior Indebtedness or Entitled Person in respect of Other
Financial Obligations, as the case may be, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder or Entitled Person.

     Nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.07.

SECTION 14.14. Article Applicable to Paying Agents.

     In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term "Trustee"
as used in this Article shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided,
however, that Section 14.13 shall not apply to the Company or any Affiliate of
the Company if it or such Affiliate acts as Paying Agent.

SECTION 14.15. Securities to Rank Pari Passu with All Other Securities;
Payment of Proceeds in Certain Cases.

          (a) Subject to the provisions of this Section and to any provisions
     established or determined with respect to Securities of any series
     pursuant to Section 3.01, the Securities shall rank pari passu in right
     of payment with all other Securities.

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                                      68

          (b) Upon the occurrence of any of the events specified in clauses
     (a), (b) and (c) of the first paragraph of Section 14.02, the provisions
     of that Section shall be given effect to determine the amount of cash,
     property or securities which may be payable or deliverable as between the
     holders of Senior Indebtedness, on the one hand, and the Holders of
     Securities, on the other hand.

          (c) If, after giving effect to the provisions of Section 14.02 and
     Section 14.06, any amount of cash, property or securities shall be
     available for payment or distribution in respect of the Securities
     ("Excess Proceeds"), and any Entitled Persons in respect of Other
     Financial Obligations shall not have received payment in full of all
     amounts due or to become due on or in respect of such Other Financial
     Obligations (and provision shall not have been made for such payment in
     money or money's worth), then such Excess Proceeds shall first be applied
     (ratably with any amount of cash, property or securities available for
     payment or distribution in respect of any other indebtedness of the
     Company that by its express terms provides for the payment over of
     amounts corresponding to Excess Proceeds to Entitled Persons in respect
     of Other Financial Obligations) to pay or provide for the payment of the
     Other Financial Obligations remaining unpaid, to the extent necessary to
     pay all Other Financial Obligations in full, after giving effect to any
     concurrent payment or distribution to or for Entitled Persons in respect
     of Other Financial Obligations. Any Excess Proceeds remaining after the
     payment (or provision for payment) in full of all Other Financial
     Obligations shall be available for payment or distribution in respect of
     the Securities.

          (d) In the event that, notwithstanding the foregoing provisions of
     subsection (c) of this Section, after the occurrence of any of the events
     specified in clauses (a), (b) and (c) of the first paragraph of Section
     14.02, the Trustee or Holder of any Security shall have received any
     payment or distribution of assets of the Company of any kind or
     character, whether in cash, property or securities, before Senior
     Indebtedness and all Other Financial Obligations are paid in full or
     payment thereof duly provided for, and if such fact shall, at or prior to
     the time of such payment or distribution, have been made known to a
     Responsible Officer of the Trustee or, as the case may be, such Holder,
     then and in such event, subject to any obligation that the Trustee or
     such Holder may have pursuant to Section 14.02, such payment or
     distribution shall be paid over or delivered forthwith to the trustee in
     bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or
     other Person making payment or distribution of assets of the Company for
     payment in accordance with subsection (c).

          (e) Subject to the payment in full of all Other Financial
     Obligations, the Holders of the Securities shall be subrogated (equally
     and ratably with the holders of all indebtedness of the Company that by
     its express terms provides for the payment over of amounts corresponding
     to Excess Proceeds to Entitled Persons in respect of Other Financial
     Obligations and is entitled to like rights of subrogation) to the extent
     of the payments or distributions made to Entitled Persons in respect of
     Other Financial Obligations pursuant to subsection (c) or (d) of this
     Section to the rights of the Entitled Persons in respect of Other
     Financial Obligations to receive payments and distributions of cash,
     property and securities applicable to the Other Financial Obligations
     until the principal of (and premium, if any) and interest on the
     Securities shall be paid in full. For purposes of such subrogation, no
     payments or distributions to Entitled Persons in respect

<PAGE>
                                      69

     of Other Financial Obligations of any cash, property or securities to
     which Holders of the Securities or the Trustee would be entitled except
     for the provisions of this Section, and no payments over pursuant to the
     provisions of this Section to Entitled Persons in respect of Other
     Financial Obligations by Holders of Securities or the Trustee, shall, as
     among the Company, its creditors other than Entitled Persons in respect
     of Other Financial Obligations and the Holders of Securities be deemed to
     be a payment or distribution by the Company to or on account of the Other
     Financial Obligations.

          (f) The provisions of subsections (c), (d) and (e) of this Section
     are and are intended solely for the purpose of defining the relative
     rights of the Holders of the Securities, on the one hand, and the
     Entitled Persons in respect of Other Financial Obligations, on the other
     hand, after giving effect to the rights of the holders of Senior
     Indebtedness, as provided in this Article. Nothing contained in
     subsections (c), (d) and (e) of this Section is intended to or shall
     affect the relative rights against the Company of the Holders of the
     Securities and creditors of the Company other than Entitled Persons in
     respect of Other Financial Obligations.

SECTION 14.16. Certain Conversions Deemed Payment.

     For purposes of this Article only, the issuance and delivery of junior
securities upon conversion of Securities in accordance with Article Fifteen
shall not be deemed to constitute a payment or distribution on account of the
purchase or other acquisition of Securities, and (2) the payment, issuance or
delivery of cash, property or securities (other than junior securities) upon
conversion of a security shall be deemed to constitute payment on account of
the principal of such Securities. For purposes of this Section, the term
"junior securities" means (a) shares of any stock of any class of the Company
and (b) securities of the Company which are subordinated in right of payment
to all Senior Indebtedness and Other Financial Obligations which may be
outstanding at the time of issuance or delivery of such securities to
substantially the same extent as, or to a greater extent than, the Securities
are so subordinated as provided in this Article. Nothing contained in this
Article or elsewhere in this Indenture or in the Securities is intended to or
shall impair, as among the Company, its creditors other than holders of Senior
Indebtedness and the Holders of the Securities, the right, which is absolute
and unconditional, of the Holder of any convertible Security to convert such
Security in accordance with Article Fifteen.

                                ARTICLE FIFTEEN

                           CONVERSION OF SECURITIES

SECTION 15.01. Applicability of Article.

     The Company may elect, at its option at any time, to have Section 15.02
applied to any Securities or any series of Securities, as the case may be,
designated pursuant to Section 3.01 as being convertible into Common Stock of
the Company pursuant to such Section 15.02, in accordance with any applicable
requirements provided pursuant to Section 3.01 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 3.01 for such Securities.

<PAGE>
                                      70

SECTION 15.02. Conversion Privilege and Conversion Price.

     Subject to and upon compliance with the provisions of this Article, at
the option of the Holder thereof, any Security or any portion of the principal
amount thereof which is an integral multiple of the authorized denomination
thereof may be converted at the principal amount thereof, or of such portion
thereof, into fully paid and nonassessable shares (calculated as to each
conversion to the nearest 1/100 of a share) of Common Stock of the Company, at
the conversion price for Securities of such series, determined as hereinafter
provided, in effect at the time of conversion. Such conversion right shall
commence at the opening of business on the Initial Conversion Date and expire
at the close of business on the Final Conversion Date. In case a Security or
portion thereof is called for redemption, such conversion right in respect of
the Security or portion so called shall expire at the close of business on the
Redemption Date, unless the Company defaults in making the payment due upon
redemption.

     The price at which shares of Common Stock shall be delivered upon
conversion of Securities of a series (herein called the "conversion price" for
Securities of such series) shall be initially the Initial Conversion Price for
Securities of such series per share of Common Stock. The conversion price
shall be adjusted in certain instances as provided in paragraphs (1), (2),
(3), (4) and (7) of Section 15.05.

SECTION 15.03. Exercise of Conversion Privilege.

     In order to exercise the conversion privilege, the Holder of any Security
to be converted shall surrender such Security, duly endorsed or assigned to
the Company or in blank, at any office or agency of the Company maintained for
that purpose pursuant to Section 10.02, accompanied by written notice to the
Company at such office or agency that the Holder elects to convert such
Security or, if less than the entire principal amount thereof is to be
converted, the portion thereof to be converted. Securities surrendered for
conversion during the period from the close of business on any Regular Record
Date next preceding any Interest Payment Date to the opening of business on
such Interest Payment Date shall (except in the case of Securities or portions
thereof which have been called for redemption on a Redemption Date within such
period) be accompanied by payment in legal tender or other funds acceptable to
the Company of an amount equal to the interest payable on such Interest
Payment Date on the principal amount of Securities being surrendered for
conversion. Except as provided in the preceding sentence and subject to the
last paragraph of Section 3.07, no payment or adjustment shall be made upon
any conversion on account of any interest accrued on the Securities
surrendered for conversion or on account of any dividends on the Common Stock
issued upon conversion.

     Securities shall be deemed to have been converted immediately prior to
the close of business on the day of surrender of such Securities for
conversion in accordance with the foregoing provisions, and at such time the
rights of the Holders of such Securities as Holders shall cease, and the
Person or Persons entitled to receive the Common Stock issuable upon
conversion shall be treated for all purposes as the record holder or holders
of such Common Stock at such time. As promptly as practicable on or after the
conversion date, the Company shall issue and shall deliver at such office or
agency a certificate or certificates for the number of full shares of Common
Stock issuable upon conversion, together with payment in lieu of any fraction
of a share, as provided in Section 15.04.

<PAGE>
                                      71

     In the case of any Security of a series which is converted in part only,
upon such conversion the Company shall execute and the Trustee shall
authenticate and deliver to the Holder thereof, at the expense of the Company,
a new Security or Securities of such series of authorized denominations in
aggregate principal amount equal to the unconverted portion of the principal
amount of such Security.

SECTION 15.04. Fractions of Shares.

     No fractional shares of Common Stock shall be issued upon conversion of
Securities. If more than one Security of a series shall be surrendered for
conversion at one time by the same Holder, the number of full shares which
shall be issuable upon conversion thereof shall be computed on the basis of
the aggregate principal amount of the Securities of such series (or specified
portions thereof) so surrendered. Instead of any fractional share of Common
Stock which would otherwise be issuable upon conversion of any Security or
Securities (or specified portion thereof), the Company shall pay a cash
adjustment in respect of such fraction in an amount equal (computed to the
nearest cent) to the same fraction of the market price per share of Common
Stock (as determined by the Board of Directors or in any manner prescribed by
the Board of Directors) at the close of business on the day of conversion.

SECTION 15.05. Adjustment of Conversion Price.

          (1) In case at any time after the date of establishment of the
     Initial Conversion Price with respect to Securities of a series the
     Company shall pay or make a dividend or other distribution in shares of
     Common Stock on any class of capital stock of the Company, the conversion
     price in effect at the opening of business on the day following the date
     fixed for the determination of stockholders entitled to receive such
     dividend or other distribution shall be reduced by multiplying such
     conversion price by a fraction of which the numerator shall be the number
     of shares of Common Stock outstanding at the close of business on the
     date fixed for such determination and the denominator shall be the sum of
     such number of shares and the total number of shares constituting such
     dividend or other distribution, such reduction to become effective
     immediately after the opening of business on the day following the date
     fixed for such determination. For the purposes of this paragraph, the
     number of shares of Common Stock at any time outstanding shall not
     include shares held in the treasury of the Company. The Company will not
     pay any dividend or make any distribution on shares of Common Stock held
     in the treasury of the Company.

          (2) In case at any time after the date of establishment of the
     Initial Conversion Price with respect to Securities of a series the
     Company shall issue rights or warrants to all holders of its Common Stock
     entitling them to subscribe for or purchase shares of Common Stock at a
     price per share less than the current market price per share (determined
     as provided in paragraph (6) of this Section) of the Common Stock on the
     date fixed for the determination of stockholders entitled to receive such
     rights or warrants, the conversion price in effect at the opening of
     business on the day following the date fixed for such determination shall
     be reduced by multiplying such conversion price by a fraction of which
     the numerator shall be the number of shares of Common Stock outstanding
     at the close of business on the date fixed for such determination plus
     the number of shares of Common Stock which the aggregate of the offering
     price of the total number of shares of Common Stock so offered for
     subscription or purchase would

<PAGE>
                                      72

     purchase at such current market price and the denominator shall be the
     number of shares of Common Stock outstanding at the close of business on
     the dated fixed for such determination plus the number of shares of
     Common Stock so offered for subscription or purchase, such reduction to
     become effective immediately after the opening of business on the day
     following the date fixed for such determination. For the purposes of this
     paragraph (2), the number of shares of Common Stock at any time
     outstanding shall not include shares held in the treasury of the Company.
     The Company will not issue any rights or warrants in respect of shares of
     Common Stock held in the treasury of the Company.

          (3) In case at any time after the date of establishment of the
     Initial Conversion Price with respect to Securities of a series
     outstanding shares of Common Stock shall be subdivided into a greater
     number of shares of Common Stock, the conversion price in effect at the
     opening of business on the day following the day upon which such
     subdivision becomes effective shall be proportionately reduced, and,
     conversely, in case outstanding shares of Common Stock shall each be
     combined into a smaller number of shares of Common Stock, the conversion
     price in effect at the opening of business on the day following the day
     upon which such combination becomes effective shall be proportionately
     increased, such reduction or increase, as the case may be, to become
     effective immediately after the opening of business on the day following
     the day upon which such subdivision or combination becomes effective.

          (4) In case at any time after the date of establishment of the
     Initial Conversion Price with respect to Securities of a series the
     Company shall, by dividend or otherwise, distribute to all holders of its
     Common Stock evidences of its indebtedness or assets (including
     securities, but excluding any rights or warrants referred to in paragraph
     (2) of this Section, any dividend or distribution paid in cash out of the
     retained earnings of the Company and any dividend or distribution
     referred to in paragraph (1) of this Section), the conversion price shall
     be adjusted so that the same shall equal the price determined by
     multiplying the conversion price 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 of which the
     numerator shall be the current market price per share (determined as
     provided in paragraph (6) of this Section) of the Common Stock on the
     date fixed for such determination less the then fair market value (as
     determined by the Board of Directors, whose determination shall be
     conclusive and described in a Board Resolution filed with the Trustee) of
     the portion of assets or evidences of indebtedness so distributed
     applicable to one share of Common Stock and the denominator shall be such
     current market price per share of the Common Stock, such adjustment to
     become effective immediately prior to the opening of business on the day
     following the date fixed for the determination of stockholders entitled
     to receive such distribution.

          (5) The reclassification of Common Stock into securities other than
     Common Stock (other than any reclassification upon a consolidation or
     merger to which Section 15.02 applies) shall be deemed to involve (a) a
     distribution of such securities other than Common Stock to all holders of
     Common Stock (and the effective date of such reclassification shall be
     deemed to be "the date fixed for the determination of stockholders
     entitled to receive such distribution" and "the date fixed for such
     determination" within the meaning of paragraph (4) of this Section), and
     (b) a subdivision

<PAGE>
                                      73

     or combination, as the case may be, of the number of shares of Common
     Stock outstanding immediately prior to such reclassification into the
     number of shares of Common Stock outstanding immediately thereafter (and
     the effective date of such reclassification shall be deemed to be "the
     day upon which such subdivision becomes effective" or "the day upon which
     such combination becomes effective", as the case may be, and "the day
     upon which such subdivision or combination becomes effective" within the
     meaning of paragraph (3) of this Section).

          (6) For the purpose of any computation under paragraphs (2) and (4)
     of this Section, the current market price per share of Common Stock on
     any date shall be deemed to be the average of the daily closing prices
     for the 30 consecutive Business Days selected by the Company commencing
     not less than 30 nor more than 45 Business Days before the day in
     question. The closing price for each day shall be the last reported sales
     price regular way or, in case no such reported sale takes place on such
     day, the average of the reported closing bid and asked prices regular
     way, in either case, on the principal national securities exchange on
     which the Common Stock are listed or admitted to trading or, if not
     listed or admitted to trading on any national securities exchange, on the
     National Association of Securities Dealers Automated Quotations National
     Market System or, if the Common Stock is not listed or admitted to
     trading on any national securities exchange or quoted on such National
     Market System, the average of the closing bid and asked prices in the
     over-the-counter market as furnished by any New York Stock Exchange
     member firm selected from time to time by the Company for that purpose.

          (7) The Company may make such reductions in the conversion price, in
     addition to those required by paragraphs (1), (2), (3) and (4) of this
     Section, as it considers to be advisable in order that any event treated
     for Federal income tax purposes as a dividend of stock or stock rights
     shall not be taxable to the recipients.

SECTION 15.06. Notice of Adjustments of Conversion Price.

     Whenever the conversion price is adjusted as herein provided:

          (a) the Company shall compute the adjusted conversion price in
     accordance with Section 15.05 and shall prepare a certificate signed by
     the Treasurer of the Company setting forth the adjusted conversion price
     and showing in reasonable detail the facts upon which such adjustment is
     based, and such certificate shall forthwith be filed at each office or
     agency maintained for the purpose of conversion of Securities pursuant to
     Section 10.02; and

          (b) a notice stating that the conversion price has been adjusted and
     setting forth the adjusted conversion price shall forthwith be required,
     and as soon as practicable after it is required, such notice shall be
     mailed by the Company to all Holders at their respective last addresses
     as they shall appear in the Security Register.

SECTION 15.07. Notice of Certain Corporate Action.

     In case at any time after 20 Business Days preceding the Initial
Conversion Date:

<PAGE>
                                      74

          (a) the Company shall declare a dividend (or any other distribution)
     on its Common Stock payable otherwise than in cash out of its retained
     earnings; or

          (b) the Company shall authorize the granting to the holders of its
     Common Stock of rights or warrants to subscribe for or purchase any
     shares of capital stock of any class or of any other rights; or

          (c) of any reclassification of the Common Stock of the Company
     (other than a subdivision or combination of its outstanding shares of
     Common Stock), or of any consolidation or merger to which the Company is
     a party and for which approval of any stockholders of the Company is
     required, or of the sale or transfer of all or substantially all of the
     assets of the Company; or

          (d) of the voluntary or involuntary dissolution, liquidation or
     winding up of the Company;

then the Company shall cause to be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.02, and
shall cause to be mailed to all Holders at their respective last addresses as
they shall appear in the Security Register, at least 20 days (or 10 days in
any case specified in Clause (a) or (b) above) prior to the applicable record
or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution,
rights or warrants, or, if a record is not to be taken, the date as of which
the holders of Common Stock of record to be entitled to such dividend,
distribution, rights or warrants are to be determined, or (y) the date on
which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up is expected to become effective, and
the date as of which it is expected that holders of Common Stock of record
shall be entitled to exchange their shares of Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation or winding up.

SECTION 15.08. Company to Reserve Common Stock.

     The Company shall at all times reserve and keep available, free from
pre-emptive rights, out of its authorized but unissued Common Stock, for the
purpose of effecting the conversion of Securities, the full number of shares
of Common Stock then issuable upon the conversion of all outstanding
Securities.

SECTION 15.09. Taxes on Conversions.

     The Company will pay any and all taxes that may be payable in respect of
the issue or delivery of shares of Common Stock on conversion of Securities
pursuant hereto. The Company shall not, however, be required to pay any tax
which may be payable in respect of any transfer involved in the issue and
delivery of shares of Common Stock in a name other than that of the Holder of
the Security or Securities to be converted, and no such issue or delivery
shall be made unless and until the Person requesting such issue has paid to
the Company the amount of any such tax, or has established to the satisfaction
of the Company that such tax has been paid.

<PAGE>
                                      75

SECTION 15.10. Covenant as to Common Stock.

     The Company covenants that all shares of Common Stock which may be issued
upon conversion of Securities will upon issue be fully paid and nonassessable
and, except as provided in Section 15.09, the Company will pay all taxes,
liens and charges with respect to the issue thereof.

SECTION 15.11. Cancellation of Converted Securities.

     All Securities delivered for conversion shall be delivered to the Trustee
to be cancelled by or at the direction of the Trustee, which shall dispose of
the same as provided in Section 3.09.

SECTION 15.12. Provisions in Case of Consolidation, Merger or Sale of Assets.

     In case of any consolidation of the Company with, or merger of the
Company into, any other Person, any merger of another Person into the Company
(other than a merger which does not result in any reclassification,
conversion, exchange or cancellation of outstanding shares of Common Stock of
the Company) or any sale or transfer of all or substantially all of the assets
of the Company, the Person formed by such consolidation or resulting from such
merger or which acquires such assets, as the case may be, shall execute and
deliver to the Trustee a supplemental indenture providing that the Holder of
each Security then outstanding shall have the right thereafter, during the
period such Security shall be convertible as specified in Section 15.02, to
convert such Security only into the kind and amount of securities, cash and
other property receivable upon such consolidation, merger, sale or transfer by
a holder of the number of shares of Common Stock of the Company into which
such Security might have been converted immediately prior to such
consolidation, merger, sale or transfer, assuming such holder of Common Stock
of the Company (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 ("constituent Person"), or an
Affiliate of a constituent Person 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 consolidation, merger, sale or transfer
(provided that if the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer is not the same
for each share of Common Stock of the Company held immediately prior to such
consolidation, merger, sale or transfer by others 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 consolidation, merger, sale or transfer 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), and assuming, if such consolidation,
merger, sale or transfer is prior to the Initial Conversion Date, that the
Securities were convertible at the time of such consolidation, merger, sale or
transfer at the initial conversion price specified in Section 15.02 as
adjusted from the date of establishment of the Initial Conversion Price with
respect to Securities of a series to such time pursuant to paragraphs (1),
(2), (3), (4) and (7) of Section 15.05. Such supplemental indenture shall
provide for adjustments which, for events subsequent to the effective date of
such supplemental indenture, shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article. The above
provisions of this Section shall similarly apply to successive consolidations,
mergers, sales or transfers.

<PAGE>
                                      76

SECTION 15.13. Responsibility of Trustee.

     The Trustee shall not at any time be under any duty or responsibility to
any Holder of a Security to make or cause to be made any adjustment of the
conversion price, or to determine whether any facts exist which may require
any such adjustment, or with respect to the nature or extent of any such
adjustment when made, or with respect to any method employed, or herein or in
any supplemental indenture provided to be employed, in making the same. The
Trustee shall not be accountable with respect to the validity or value (or the
kind or amount) of any shares of Common Stock or of any securities or property
which may at any time be issued or delivered upon conversion of any Security;
and the Trustee makes no representation with respect thereto. The Trustee
shall not be responsible for any failure of the Company to issue, transfer or
deliver any shares of Common Stock or stock certificates or other securities
or property upon surrender of any Security for the purpose of conversion or to
comply with any of the covenants of the Company contained in this Article
Fifteen.

<PAGE>
                                      77

     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.

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

                                          ASSOCIATED BANC-CORP

                                          By: /s/ Teresa A. Rosengarten
                                              -------------------------
                                              Name: Teresa A. Rosengarten
                                              Title: Senior Vice President
                                                       and Treasurer

                                          THE BANK OF NEW YORK, as Trustee

                                          By: /s/ Paul Schmalzel
                                              ----------------------
                                              Name:  Paul Schmalzel
                                              Title: Vice PresidentExhibit 4.2

                             ASSOCIATED BANC-CORP

                             Officers' Certificate
                   Pursuant to Section 3.01 of the Indenture

          Brian R. Bodager, Executive Vice President, Chief Administrative
Officer, General Counsel and Corporate Secretary, and William M. Bohn, Senior
Vice President and Corporate Counsel, of Associated Banc-Corp, a Wisconsin
corporation (the "Company"), acting pursuant to the resolutions of the Board
of Directors dated April 4, 2001 and April 25, 2001, and the resolution of the
Pricing Committee, appointed by the Board of Directors of the Company on
August 1, 2001 (the "Operative Resolutions"), hereby determines that:

          The Company shall issue a series of Subordinated Debt Securities
(the "Notes") referred to in the Operative Resolutions under its Indenture,
dated as of August 6, 2001, (the "Indenture"), between the Company and The
Bank of New York, as Trustee (the "Trustee"), in accordance with the following
terms:

          1. The Notes shall be designated 6 3/4% Subordinated Notes due 2011;

          2. The aggregate principal amount of the Notes shall initially be
limited to $200,000,000;

          3. The principal of the Notes shall be payable on August 15, 2011;

          4. The interest rate on the Notes shall be 6 3/4% per annum
calculated on the basis of a 360 day year of twelve (12) 30-day months;

          5. Payment of the principal of (and premium, if any) and interest on
this Security will be made at the office or agency of the Company maintained
for that purpose in the

<PAGE>

Borough of Manhattan, The City of New York, 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; 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.

          6. The Notes will not be redeemable;

          7. The Notes shall bear interest from August 6, 2001 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, payable semiannually on February 15 and August 15, commencing
February 15, 2002, to the person in whose name the Note (or any predecessor
Note) is registered at the close of business on the January 15 or July 15, as
the case may be, next preceding such Interest Payment Date (each of which
shall be a "Regular Record Date"); and

          8. The Company shall not provide a sinking fund for the Notes.

          IN WITNESS WHEREOF, we have hereunto signed our names and affixed
the seal of the Company.

Dated: August 6, 2001

                                  By:         /s/ Brian R. Bodager
                                       -------------------------------
                                        Name:   Brian R. Bodager
                                        Title:  Executive Vice President,
                                                Chief Administrative Officer,
                                                General Counsel & Corporate
                                                Secretary

                                  By:         /s/ William M. Bohn
                                       ---------------------------------
                                        Name:   William M. Bohn
                                        Title:  Senior Vice President and
                                                Corporate Counsel

                                      2

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