Document:

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                                                                     Exhibit 4.7

                                    VIAD CORP

                                       AND

                       WACHOVIA BANK, NATIONAL ASSOCIATION

                                     TRUSTEE

                                    Indenture

                            Dated as of May 14, 2002

                          Providing for the Issuance of
                         Convertible and Non-convertible
                          Subordinated Debt Securities
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             This Cross Reference Sheet, showing the location in the Indenture
of the provisions inserted pursuant to Sections 310-318(u), inclusive, of the
Trust Indenture Act of 1939, is not to be considered a part of the Indenture.

               TRUST INDENTURE ACT CROSS REFERENCE SHEET

<TABLE>
<CAPTION>
Sections of Trust                                                Sections of
Indenture Act                                                     Indenture

<S>                                                            <C>
310(a)(1) .............................................                 10.06
310(a)(2) .............................................                 10.06
310(a)(3) .............................................        Not applicable
310(a) (4) ............................................        Not applicable
310(b) ................................................                 10.07
311 ...................................................                 10.03
312 ...................................................                  9.02
313 ...................................................                  9.03
314(a) ................................................                  9.04
314(b) ................................................        Not applicable
314(c) ................................................                 14.03
314(d) ................................................        Not applicable
314(e) ................................................                 14.03
315(a) ................................................                 10.01
315(b) ................................................                 10.11
315(c) ................................................                 10.01
315(d) ................................................                 10.01
315(e) ................................................                  6.08
316(a) ................................................         6.06 and 7.03
316(b) ................................................                  6.07
317(a) ................................................         6.03 and 6.04
317(b) ................................................                  5.03
318(a) ................................................                 14.05
</TABLE>
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                            TABLE OF CONTENTS*

<TABLE>
<CAPTION>
                                                                             PAGE

<S>                                                                          <C>
PARTIES...................................................................     1

RECITALS..................................................................     1

      Authority of the Company to borrow money and
        issue obligations.................................................     1
      Corporate action taken to authorize issue
        of Securities ....................................................     1
      Corporate action taken to authorize execution
        of Indenture......................................................     1

                                 ARTICLE ONE

                                 DEFINITIONS

SECTION 1.01.     Terms, unless otherwise defined, to have
                  meanings assigned in the Trust Indenture
                  Act of 1939.............................................     2

SECTION 1.02.     Definitions:
                  Act.....................................................     2
                   Affiliate .............................................     2
                   Authenticating Agent ..................................     2
                  Board Resolution........................................     2
                  Business Day............................................     2
                  Capital Stock ..........................................     2
                  Commission .............................................     2
                  Common Stock............................................     3
                  Company.................................................     3
                  Depositary .............................................     3
                  Event of default........................................     3
                  Indebtedness............................................     3
                  Indenture ..............................................     3
                  Interest Payment Date...................................     4
                  Lien ...................................................     4
                  Mandatory Sinking Fund Payment..........................     4
                  Maturity................................................     4
                  Officers' Certificate...................................     4
                  Opinion of Counsel......................................     4
</TABLE>

*    The Table of Contents is not part of the Indenture.
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                                       ii

<TABLE>
<S>                                                                          <C>
                   Optional Sinking Fund Payment..........................     4
                   Outstanding............................................     4
                   Person.................................................     5
                   Preferred Stock .......................................     5
                   Principal Office of the Trustee .......................     5
                   Record Date............................................     5
                   Redemption Date........................................     5
                   Redemption Price.......................................     5
                   Responsible Officers ..................................     6
                   Restricted Subsidiary .................................     6
                   Security ..............................................     6
                   Security Co-Registrar .................................     6
                   Security Register; Security Registrar .................     6
                   Securityholder; holder of Securities; holder;
                    registered holder ....................................     6
                   Senior Indebtedness ...................................     6
                   Stated Maturity .......................................     6
                   Subsidiary ............................................     6
                   Trustee ...............................................     7
                   Trust Indenture Act of 1939 or Trust Indenture Act ....     7
                   Unrestricted Subsidiary ...............................     7
                   Voting Stock ..........................................     7

                                 ARTICLE TWO

                                    FORM, EXECUTION, DELIVERY, TRANSFER
                                         AND EXCHANGE OF SECURITIES

 SECTION 2.01.    Forms generally.........................................     7
                   Record Dates...........................................     8
                   Place of payment, denominations
                    and numbering of Securities ..........................     8
SECTION 2.02.     Terms of series ........................................     8
SECTION 2.03.     Certificate of authentication necessary
                    to make Securities valid..............................    10
SECTION 2.04.     Form of certificate of authentication ..................    10
SECTION 2.05.     The Company to maintain register at office or agency
                    in New York ..........................................    11
                  Registration and registration of
                    transfer of Securities ...............................    11
                  Exchange of Securities .................................    12
                  Payment in connection with registration
                    of transfer or exchange of Securities ................    12
                  Persons who may be treated as owners
                    of Securities.........................................    13
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                                       iii

<TABLE>
<S>                                                                             <C>
SECTION 2.06.     Replacing Securities mutilated,
                  destroyed, lost or stolen ...................................     14
SECTION 2.07.     Rights to interest accrued and unpaid,
                  and to accrue, on Securities delivered
                  in exchange or substitution for other
                  Securities ..................................................     14
SECTION 2.08.     Temporary Securities ........................................     15

                                ARTICLE THREE

                             ISSUE OF SECURITIES

 SECTION 3.01.    Authentication, Delivery and Dating .........................     15

                                ARTICLE FOUR

                  REDEMPTION OF SECURITIES; SINKING FUND

 SECTION 4.01.    Applicability of right of redemption ........................     17
 SECTION 4.02.    Notice of redemption ........................................     18
                  Interest to cease after redemption date .....................     18
                  Selection of Securities on partial redemption ...............     18
SECTION 4.03.     Securities of any series to be canceled
                     and discharged on specific conditions ....................     19
SECTION 4.04.     Applicability of sinking fund ...............................     19
SECTION 4.05.     Mandatory sinking fund obligation ...........................     19
SECTION 4.06.     Optional redemption at sinking fund redemption
                     price ....................................................     20
SECTION 4.07.     Application of sinking fund payments ........................     20

                                 ARTICLE FIVE

                 PARTICULAR COVENANTS OF THE COMPANY

SECTION 5.01.     To pay principal, premium, if any,
                     and interest .............................................     21
SECTION 5.02.     To maintain office or agency in New York ....................     21
SECTION 5.03.     The Company, or paying agent, to hold in
                     trust moneys for payment of principal,
                     premium, if any, and interest ............................     22
SECTION 5.04.     Maintenance of corporate existence ..........................     23
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                                       iv

<TABLE>
<S> ...........................................................................     <C>
SECTION 5.05.     Restrictions on consolidation, merger,
                     sale, etc ................................................     23
SECTION 5.06.     Annual statement concerning compliance with covenants .......     23
SECTION 5.07.     Compliance with covenants and conditions
                    may be waived by holders of Securities ....................     23

                                  ARTICLE SIX

                REMEDIES OF TRUSTEE AND SECURITYHOLDERS

 SECTION 6.01.    Events of default ...........................................     24
 SECTION 6.02.    Acceleration of maturity of principal
                     on default ...............................................     25
                  Waiver of acceleration of maturity ..........................     25
 SECTION 6.03.    The Company, failing for 30 days to pay any
                     installment of interest or sinking fund payment or failing
                     to pay principal when due, will pay to Trustee at its
                      request whole amount due ................................     26
                  Upon failure to pay, Trustee may recover
                     judgment for ratable benefit of Securityholders ..........     27
SECTION 6.04.     Trustee appointed attorney-in-fact for
                  Securityholders to file claims ..............................     27
SECTION 6.05.     Application of moneys collected by
                     Trustee ..................................................     28
SECTION 6.06.     Securityholders may direct proceedings
                     and waive defaults .......................................     28
SECTION 6.07.     Limitations on rights of Securityholders
                     to institute proceedings .................................     29
SECTION 6.08.     Assessment of costs and attorneys' fees
                     in legal proceedings .....................................     29
 SECTION 6.09.    Remedies cumulative .........................................     30

                                ARTICLE SEVEN

                     CONCERNING THE SECURITYHOLDERS

SECTION 7.01.     Evidence of action by Securityholders .......................     30
SECTION 7.02.     Proof of execution of instruments and
                    of holding of Securities ..................................     31
SECTION 7.03.     Securities owned by the Company or other
                    obligor on the Securities to be
                    disregarded in certain cases ..............................     31
SECTION 7.04.     Revocation by Securityholders of
                    consents to action ........................................     31
</TABLE>

                                       13
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                                       v

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<S>                                                                           <C>
                                ARTICLE EIGHT

                        SECURITYHOLDERS' MEETINGS

SECTION 8.01.    Purposes of meetings..................................       32
SECTION 8.02.    Call of meetings by Trustee ..........................       32
SECTION 8.03.    Call of meetings by Company or Securityholders .......       32
SECTION 8.04.    Qualifications for voting ............................       33
SECTION 8.05.    Regulation of meetings ...............................       33
SECTION 8.06.    Voting................................................       33
SECTION 8.07.    No delay of rights by meeting ........................       34

                                  ARTICLE NINE

                     REPORTS BY THE COMPANY AND THE TRUSTEE
                           AND SECURITYHOLDERS' LISTS

SECTION 9.01.    Company to Furnish Trustee Names
                   and Addresses of Holders............................       34
SECTION 9.02.    Preservation of Information;
                   Communications to Holders...........................       34
SECTION 9.03.    Reports by Trustee ...................................       35
SECTION 9.04.    Reports by Company ...................................       35
</TABLE>
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                                       vi

<TABLE>
<S>                                                                               <C>
                                 ARTICLE TEN

                          CONCERNING THE TRUSTEE

SECTION 10.01.    Certain Rights of Trustee..................................     36
SECTION 10.02.    Not Responsible for Recitals
                    or Issuance of Securities ...............................     37
SECTION 10.03.    May Hold Securities .......................................     37
SECTION 10.04.    Money Held in Trust .......................................     37
SECTION 10.05.    Compensation and Reimbursement ............................     37
SECTION 10.06.    Corporate Trustee Required;
                    Eligibility .............................................     38
SECTION 10.07.    Resignation and Removal;
                    Appointment of Successor ................................     38
SECTION 10.08.    Acceptance of Appointment by Successor ....................     39
SECTION 10.09.    Merger, Conversion, Consolidation or
                    Succession to Business ..................................     41
SECTION 10.10.    Appointment of Authenticating Agent .......................     41
SECTION 10.11.    Notice of Defaults ........................................     42

                               ARTICLE ELEVEN

                                 DEFEASANCE

 SECTION 11.01.   Discharge of Indenture upon payment of Securities..........     42
SECTION 11.02.    Discharge of Securities of any series
                    upon deposit of moneys...................................     43
 SECTION 11.03.   Interest on moneys deposited...............................     43
                  Moneys unclaimed for three years to be
                    returned to the Company .................................     43
                  Moneys deposited with Trustee to pay
                    principal, premium, if any, or interest to be held in trust   43

                                 ARTICLE TWELVE

                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                        OFFICERS, DIRECTORS AND EMPLOYEES

SECTION 12.01.    Liability solely corporate.................................     44
</TABLE>
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                                      vii

<TABLE>
<S>                                                                           <C>
                                ARTICLE THIRTEEN

                             SUPPLEMENTAL INDENTURES

SECTION 13.01.    Without consent of Securityholders, the
                     Company and Trustee may enter into
                     supplemental indentures for specified
                     purposes...........................................      44
SECTION 13.02.    Modification of Indenture by
                     supplemental indenture with consent
                     of Securityholders ................................      46
SECTION 13.03.    Upon request of the Company, Trustee to join
                     in execution of supplemental indenture.............      46
SECTION 13.04.    Effect of supplemental indenture .....................      47
SECTION 13.05.     Matters provided for in supplemental
                    indenture may be noted on Securities,
                    or new Securities appropriately
                    modified may be issued in exchange
                    for outstanding Securities .........................      47
SECTION 13.06.    Supplemental indentures to conform to
                    Trust Indenture Act of 1939 ........................      47
SECTION 13.07.    Effect of supplemental indenture on
                    Senior Indebtedness ................................      47

                              ARTICLE FOURTEEN

                         MISCELLANEOUS PROVISIONS

SECTION 14.01.    Consolidation, merger, sale or lease..................      48
SECTION 14.02.    Rights under Indenture confined
                    to parties and holders of Securities................      48
SECTION 14.03.    Evidence of compliance
                    with conditions precedent...........................      48
                  As evidence of compliance, Officers'
                    Certificate and Opinion of Counsel to
                    be furnished to Trustee ............................      48
                  Contents of certificates and opinions
                    Trustee may examine books and records of
                    the Company.........................................      49
SECTION 14.04.     Cancellation of Securities...........................      49
SECTION 14.05.     Provisions required by Trust Indenture
                    Act of 1939 to control .............................      50
SECTION 14.06.     Action of authorized committee deemed to
                     be action of Board of Directors ...................      50
SECTION 14.07.    Notices ..............................................      50
</TABLE>

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                                      viii

<TABLE>
<S>                                                                           <C>
SECTION 14.08.    Act of Holders .......................................      50
SECTION 14.09.    Payments due on Non-Business days ....................      51
SECTION 14.10.    Execution in counterparts ............................      52
SECTION 14.11.    Indenture deemed a New York contract .................      52

                               ARTICLE FIFTEEN

                        SUBORDINATION OF SECURITIES

SECTION 15.01.    Agreement to Subordinate..............................      52
SECTION 15.02.    Distribution on Dissolution, Liquidation and
                     Reorganization; Subrogation of Securities..........      52
SECTION 15.03.    Unconditional Obligation of the Company to
                    make Payments on Securities ........................      54
SECTION 15.04.    Prior Payments of Senior Indebtedness upon
                    Maturity; No Payment on Securities upon
                    event of default on Senior Indebtedness ............      54
SECTION 15.05.    Payments on Securities Permitted .....................      55
SECTION 15.06.    Trustee as Holder of Senior Indebtedness .............      55
SECTION 15.07.    No Impairment of Right to Enforce Subordination
                    by Holders of Senior Indebtedness ..................      56
SECTION 15.08.    Authorization of Holders of Securities to Holders
                    of Senior Indebtedness and Trustee to Effect
                    Subordination ......................................      56
SECTION 15.09.    No Fiduciary Duty by Trustee to Holders of
                    Senior Indebtedness ................................      56
SECTION 15. 10    All Provisions of Indenture Subject to this Article ..      56

TESTIMONIUM ............................................................      57
SIGNATURES AND SEALS....................................................      57
ACKNOWLEDGEMENTS........................................................      58-59
</TABLE>
<PAGE>
                                       1

             INDENTURE, dated as of May 14, 2002, between VIAD CORP, a
corporation organized and existing under the laws of the State of Delaware
(hereinafter called the "Company"), party of the first part, and Wachovia Bank,
National Association, as trustee (hereinafter called the "Trustee"), party of
the second part.

                                   RECITALS

             The Company is authorized and empowered to borrow money for its
corporate purposes and to issue its bonds, debentures, notes and other
obligations for money so borrowed.

             The Company has duly authorized the issue, in one or more series as
in this Indenture provided, from time to time of its subordinated debt
securities (hereinafter called the "Securities"), which may be either
convertible or non-convertible, and, to provide the general terms and conditions
upon which the Securities are to be authenticated, issued and delivered. The
Company has duly authorized the execution and delivery of this Indenture.

             The Trustee has power to enter into this Indenture and to accept
and execute the trusts herein created.

             The Company represents that all acts and things necessary to make
the Securities, when executed by the Company and authenticated and delivered by
the Trustee as in this Indenture provided and issued, the valid, binding and
legal obligations of the Company, will, at the time of such execution,
authentication and delivery, have been done and performed; that all acts and
things necessary to constitute these presents a valid indenture and agreement
according to its terms have been done and performed; that the execution of this
Indenture has in all respects been duly authorized and the issue hereunder of
the Securities will, at the time of the issue thereof, have in all respects been
duly authorized; and that the Company, in the exercise of each and every legal
right and power in it vested, executes this Indenture and proposes to make,
execute, issue and deliver the Securities.

             NOW, THEREFORE, THIS INDENTURE WITNESSETH:

             That, in consideration of the premises and of the acceptance and
purchase of the Securities by the holders thereof, the Company covenants and
agrees with the Trustee, for the equal benefit of all the holders from time to
time of the Securities, without preference, priority or distinction of any
thereof over any other thereof by reason of priority in time of issuance or
negotiation, or otherwise, as follows:
<PAGE>
                                       2

                                   ARTICLE ONE

                                   DEFINITIONS

                  SECTION 1.01. Unless otherwise defined in this Indenture or
the context otherwise requires, all terms used herein shall have the meanings
assigned to them in the Trust Indenture Act of 1939.

                  SECTION 1.02. Unless the context otherwise requires, the terms
defined in this Section 1.02 shall for all purposes of this Indenture have the
meanings hereinafter set forth, the following definitions to be equally
applicable to both the singular and the plural forms of any of the terms herein
defined:

                  Act: The term "Act", when used with respect to any holders,
         has the meaning specified in Section 14.08.

                  Affiliate: The term "Affiliate" means, with respect to any
         specified person, 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: The term "Authenticating Agent" means
         the Trustee and/or the authenticating agent, if any, appointed by the
         Trustee and acting pursuant to Section 10.10.

                  Board Resolution: The term "Board Resolution" means a copy of
         a resolution or resolutions certified by the Secretary or an Assistant
         Secretary of the Company to have been duly adopted by the Board of
         Directors or any committee of the Board of Directors (or committee of
         officers or other representatives of the Company, to the extent that
         any such committee or committees have been authorized by the Board of
         Directors to establish or approve the matters contemplated by Section
         2.02 hereof) and to be in full force and effect on the date of such
         certification, and delivered to the Trustee.

                  Business day: The term "business day" shall mean a day which
         in The City of New York or Houston is not a day on which banking
         institutions are authorized or obligated by law or executive order to
         close.

                  Capital Stock: The term "Capital Stock" shall mean, with
         respect to any person, all Common Stock and Preferred Stock of such
         person.

                  Commission: The term "Commission" means the Securities and
         Exchange Commission, as from time to time constituted, created under
         the Securities Exchange Act of 1934 or, if at any time after the
         execution of this Indenture such Commission is not
<PAGE>
                                       3

         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: The term "Common Stock" shall mean, with respect
         to any person, any and all shares, interests and participations
         (however designated and whether voting or non-voting) in such person's
         common equity, whether now outstanding or issued after the date of this
         Indenture, and includes, without limitation, all series and classes of
         such common stock.

                  Company: The term "Company" shall mean Viad Corp and, subject
         to the provisions of Section 14.01, shall also include its successors
         and assigns.

                  Depositary: With respect to the Securities of any series
         issuable or issued in whole or in part in global form, the person
         designated as Depositary by the Company pursuant to Section 2.02 until
         a successor Depositary shall have become such pursuant to the
         applicable provisions of this Indenture, and thereafter "Depositary"
         shall mean or include each person who is then a Depositary hereunder,
         and if at any time there is more than one such person, "Depositary" as
         used with respect to the Securities of any such series shall mean the
         "Depositary" with respect to the Securities of that series.

                  Event of default: The term "event of default" shall have the
         meaning specified in Section 6.01.

                  Indebtedness: The term "Indebtedness" shall mean, with respect
         to any person, (a) any liability of such person (1) for borrowed money,
         or under any reimbursement obligation, contingent or otherwise,
         relating to an acceptance, letter of credit or similar facilities, or
         (2) evidenced by a bond, note, debenture or similar instrument
         (including a purchase money obligation) given in connection with the
         acquisition of any businesses, properties or assets of any kind (other
         than a trade payable or a current liability arising in the ordinary
         course of business), or (3) for the payment of money relating to a
         capitalized lease; (b) all obligations of such person to purchase
         redeem, retire, defease or otherwise make any payment in respect of any
         Capital Stock of or other ownership or profit interest in such person
         or any of its Affiliates or any warrants, rights or options to acquire
         such Capital Stock, valued, in the case of redeemable stock, at the
         greater of its voluntary or involuntary liquidation preference plus
         accrued and unpaid dividends; (c) any liability of others described in
         the preceding clause (a) that the person has guaranteed or that is
         otherwise its legal liability; and (d) any amendment, supplement,
         modification, deferral, renewal, extension or refunding of any
         liability of the types referred to in clauses (a), (b) and (c) above.
         For purposes of determining any particular amount of Indebtedness under
         this definition, guarantees of (or obligations with respect to letters
         of credit supporting) Indebtedness otherwise included in the
         determination of such amount shall not also be included.

                  Indenture: The term "Indenture" or "this Indenture" shall mean
         this instrument and all indentures supplemental hereto.
<PAGE>
                                       4

                  Interest Payment Date: The term "Interest Payment Date" when
         used with respect to any Security shall mean the Stated Maturity of an
         installment of interest on such Security.

                  Lien: The term "Lien" means any mortgage, lien, charge, claim,
         security interest, pledge, hypothecation, right of another under any
         conditional sale or other title retention agreement, or any other
         encumbrance affecting title to property.

                  Mandatory Sinking Fund Payment: The term "Mandatory Sinking
         Fund Payment" shall have the meaning specified in Section 4.04.

                  Maturity: The term "Maturity", with respect to any Security,
         shall mean the date on which the principal of such Security shall
         become due and payable as therein and herein provided, whether by
         declaration, call for redemption or otherwise.

                  Officers' Certificate: The term "Officers' Certificate", when
         used with respect to the Company, shall mean a certificate signed by
         the Chairman of the Board of Directors, the President or any Vice
         President and by the Treasurer, any Assistant Treasurer, the
         Controller, any Assistant Controller, the Secretary or any Assistant
         Secretary of the Company.

                  Opinion of Counsel: The term "Opinion of Counsel" shall mean
         an opinion in writing signed by legal counsel, who may be counsel for
         the Company.

                  Optional Sinking Fund Payment: The term "Optional Sinking Fund
         Payment" shall have the meaning specified in Section 4.04.

                  Outstanding: The term "outstanding", when used as of any
         particular time with reference to Securities, shall mean, as of the
         date of determination and subject to Section 7.03, all Securities
         theretofore authenticated and delivered by the Trustee under this
         Indenture, except

                           (a) Securities or portions thereof for which (i)
                  funds, or as provided in Section 11.02 hereof, direct
                  obligations of the United States of America, sufficient to pay
                  the principal thereof, premium, if any, thereon and all unpaid
                  interest thereon to Maturity or to the date fixed for the
                  redemption thereof shall have been deposited in trust for such
                  purpose as provided herein with the Trustee or with any paying
                  agent (other than the Company) or shall have been set aside
                  and segregated in trust by the Company (if the Company shall
                  act as its own paying agent) and (ii) in case of redemption,
                  notice of redemption thereof shall have been duly given or
                  provision satisfactory to the Trustee for the giving of such
                  notice shall have been made;

                           (b) Securities which shall have been cancelled or
                  surrendered to the Trustee for cancellation; and
<PAGE>
                                       5

                           (c) Securities in lieu of or in substitution for
                  which other Securities shall have been authenticated and
                  delivered pursuant to Section 2.05 or 2.06;

provided, however, that in determining whether the holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, 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 or waiver, only Securities which 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.

                  Person: The term "person" shall mean an individual, a
         corporation, a partnership, a joint venture, an association, a joint
         stock company, a trust, an unincorporated organization or a government
         or an agency or political subdivision thereof.

                  Preferred Stock: The term "Preferred Stock" shall mean, with
         respect to any person, any and all shares, interests, participations or
         other equivalents (however designated) of such person's preferred or
         preference stock whether now outstanding or issued after the date of
         this Indenture, and includes, without limitation, all classes and
         series of preferred or preference stock.

                  Principal Office of the Trustee: The term "Principal Office of
         the Trustee", or other similar term, shall mean the principal corporate
         trust office of the Trustee at which its principal trust business is
         administered. As of the date hereof, the Principal Office of the
         Trustee is located at 5847 San Felipe, Houston, Texas 77057 (telephone:
         (713) 278-4320 and telecopier: (713) 278-4329).

                  Record Date: The term "Record Date" shall mean, with respect
         to any interest payable on any Security on any Interest Payment Date,
         the close of business on the date specified in such Security or, in the
         case of defaulted interest, the close of business on any subsequent
         record date established as provided in Section 2.01 (in each case
         whether or not such day is a business day).

                  Redemption Date: The term "Redemption Date" when used with
         respect to any Security to be redeemed, in whole or in part, shall mean
         the date fixed for such redemption by or pursuant to this Indenture and
         the terms of such Security.

                  Redemption Price: The term "Redemption Price" when used with
         respect to any Security to be redeemed shall mean the price (exclusive
         of accrued but unpaid interest) at which it is to be redeemed pursuant
         to this Indenture and the terms of such Security.
<PAGE>
                                       6

                  Responsible Officers: The term "Responsible Officers" of the
         Trustee hereunder shall mean and include the chairman and any vice
         chairman of the board of directors, the president, the chairman and any
         vice chairman of the executive committee of the board of directors, or
         any officer in the corporate trust department of the Trustee
         customarily performing functions similar to those performed by the
         persons who at the time shall be such officers, respectively, or to
         whom any corporate trust matter is referred because of his knowledge
         of, and familiarity with, a particular subject.

                  Restricted Subsidiary: The term "Restricted Subsidiary" means
         any Subsidiary which is designated as such by Board Resolution and at
         least a majority of the shares of Voting Stock of which shall at the
         time be owned, directly, by the Company or by one or more Restricted
         Subsidiaries or by the Company and one or more Restricted Subsidiaries.

                  Security: The term "Security" shall mean one of the Securities
         duly authenticated by the Trustee and delivered pursuant to the
         provisions of this Indenture.

                  Security Co-Registrar: The term "Security Co-Registrar" has
         the meaning specified in Section 2.05.

                  Security Register, Security Registrar: The terms "Security
         Register" and "Security Registrar" have the respective meanings
         specified in Section 2.05.

                  Securityholder, holder of Securities, holder, registered
         holder: The term "Securityholder" or "holder of Securities" or "holder"
         or "registered holder", with respect to a Security, shall mean the
         person in whose name such Security or Securities shall be registered in
         the register kept for that purpose hereunder.

                  Senior Indebtedness: The term "Senior Indebtedness" means the
         principal of (and premium, if any) and unpaid interest on (i)
         Indebtedness of the Company (including Indebtedness of others
         guaranteed by the Company), whether outstanding on the date hereof or
         thereafter created, incurred, assumed or guaranteed, for money borrowed
         (other than the Indebtedness evidenced by the Securities outstanding on
         the date hereof or thereafter created), unless in the instrument
         creating or evidencing the same or pursuant to which the same is
         outstanding it is provided that such Indebtedness is not senior or
         prior in right of payment to the Securities or is made subordinate to
         any other Indebtedness of the Company on the same or substantially the
         same basis as the Securities are made subordinate and (ii) renewals,
         extensions, modifications and refundings of any such Indebtedness.

                  Stated Maturity: The term "Stated Maturity" when used with
         respect to any Security or any installment of interest thereon shall
         mean the date specified in such Security as the fixed date on which the
         principal (or any portion thereof) of or premium, if any, on such
         Security or such installment of interest is due and payable.
<PAGE>
                                       7

                  Subsidiary: The term "Subsidiary" shall mean any corporation
         at least a majority of the Voting Stock of which shall at the time be
         owned, directly or indirectly, by the
<PAGE>
                                       8

         Company, or one or more Subsidiaries, or by the Company and one or more
         Subsidiaries.

                  Trustee: The term "Trustee" shall mean the trustee hereunder
         for the time being, whether original or successor, and if at any time
         there is more than one such trustee, "Trustee." as used with respect to
         the Securities of any series shall mean the trustee with respect to
         Securities of that series.

                  Trust Indenture Act of 1939 or Trust Indenture Act: The term
         "Trust Indenture Act of 1939" or "Trust Indenture Act" shall mean such
         Act as amended from time to time except as provided in Section 13.06 or
         otherwise required by law.

                  Unrestricted Subsidiary: The term "Unrestricted Subsidiary"
         shall mean any Subsidiary other than a Restricted Subsidiary.

                  Voting Stock: The term "Voting Stock" means stock of any class
         or classes (however designated) having ordinary voting power for the
         election of a majority of the members of the board of directors (or any
         governing body) of such corporation, other than stock having such power
         only by reason of the happening of a contingency.

                  Certain other terms, relating principally to provisions
included in this Indenture in compliance with the Trust Indenture Act of 1939,
are defined in Article Ten.

                                   ARTICLE TWO

                     FORM, EXECUTION, DELIVERY, TRANSFER AND
                             EXCHANGE OF SECURITIES

                  SECTION 2.01. The Securities of each series shall be issuable
in registered form and shall be in substantially such 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
or designation and such legends or endorsements printed, lithographed or
engraved thereon as the officers of the Company executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or with
any rule or regulation of any stock exchange on which the Securities may be
listed, or to conform to usage. The Securities shall be issued, except as
otherwise provided with respect to any series of Securities pursuant to Section
2.02, in the denomination of $1,000 and any larger denomination which is an
integral multiple of $1,000 approved by the Company, such approval to be
evidenced by the execution thereof.

                  If Securities of a series are issuable in whole or in part in
global form, any such Security may provide that it shall represent the aggregate
amount of Outstanding Securities from time to time endorsed thereon and may also
provide that the aggregate amount of Outstanding
<PAGE>
                                       9

Securities represented thereby may from time to time be reduced to reflect
exchanges or increased to reflect the issuance of additional Securities. Any
endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the amount, of Outstanding Securities represented thereby shall
be made in such manner and by such person or persons, as shall be specified
therein or in the Company order of authentication delivered to the Trustee
pursuant to Section 2.04.

                  The person in whose name any Security is registered at the
close of business on any Record Date with respect to any Interest Payment Date
shall be entitled to receive the interest payable on such Interest Payment Date
notwithstanding the cancellation of such Security upon any transfer or exchange
thereof subsequent to such Record Date and prior to such Interest Payment Date;
provided, however, that, if and to the extent the Company shall default in the
payment of the interest due on such Interest Payment Date, the defaulted
interest shall be paid to the persons in whose names the outstanding Securities
are registered on a subsequent record date, such record date to be not less than
5 days prior to the date of payment of such defaulted interest, established by
notice given by mail by or on behalf of the Company to the holders of Securities
not less than 15 days preceding such subsequent record date.

                  The principal of and interest and premium, if any, on the
Securities shall be payable at each office or agency of the Company designated
pursuant to Section 5.02 for such purpose; provided, however, that interest may
at the option of the Company be paid by check mailed to the address of the
person entitled thereto as such address shall appear in the Security Register
(including the records of any Security Co-Registrar). Such payments will be made
in such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts.

                  SECTION 2.02. The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. The
Securities shall be subordinated in right of payment, to Senior Indebtedness as
provided in Article Fifteen.

                  The Securities may be issued in one or more series. There
shall be established by or pursuant to a Board Resolution, and set forth in an
Officers' Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

                  (a) the title of the Securities of the series (which shall
         distinguish the Securities of the series from the Securities of all
         other series, except to the extent that additional Securities of an
         existing series are being issued);

                  (b) any limit upon the aggregate principal amount of the
         Securities of the series which may be outstanding under this Indenture
         (except as otherwise provided in Section 2.06, 2.08, 4.02 or 13.05);

                  (c) the date or dates on which the principal of the Securities
         of the series is payable;
<PAGE>
                                       10

                  (d) the rate or rates at which the Securities of the series
         shall bear interest, if any, or the method by which such rate or rates
         shall be determined, the date or dates from which such interest shall
         accrue, or the method by which such date or dates shall be determined,
         the interest payment dates on which such interest shall be payable and
         the record dates for the determination of holders to whom interest is
         payable;

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

                  (f) the price or prices at which, the period or periods within
         which and the terms and conditions upon which Securities of the series
         may be redeemed, in whole or in part, at the option of the Company, if
         the Company is to have that option;

                  (g) the obligation, if any, of the Company to redeem, purchase
         or repay Securities of the series pursuant to any sinking fund or
         analogous provisions or at the option of a holder thereof and the price
         or prices at which the period or periods within which and the terms and
         conditions upon which Securities of the series shall be redeemed,
         purchased or repaid, in whole or in part, pursuant to such obligation;

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

                  (i) if other than the principal amount thereof, the portion of
         the principal amount of the Securities of the series which shall be
         payable upon declaration of acceleration of the Maturity thereof
         pursuant to Section 6.02;

                  (j) the issuance of the Securities of such series in whole or
         in part in global form and, if so, the identity of the Depositary for
         such Securities in global form, and the terms and conditions, if any,
         upon which interests in such Securities in global form may be
         exchanged, in whole or in part, for the individual Securities
         represented thereby;

                  (k) any deletions from, modifications of or additions to the
         events of default or covenants of the Company with respect to any of
         such Securities, whether or not such events of default or covenants are
         consistent with the events of default or covenants set forth herein;

                  (1) if the Securities of such series will be issuable upon the
         conversion of other securities of the Company or upon the exercise of
         warrants, the time, manner and place for such Securities to be
         authenticated and delivered;

                  (m) if the Securities of the series will be convertible into
         or exchangeable for Common Stock or other securities of the Company
         and, if so, the terms and conditions upon which such Securities will be
         so convertible or exchangeable; and

                  (n) any other terms of the Securities of the series (which
         terms shall not be inconsistent with the provisions of this Indenture).
<PAGE>
                                       11

                  All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided by
or pursuant to such Board Resolution, and set forth in such Officers'
Certificate, or in any such indenture supplemental hereto. If any of the terms
of a series of Securities are established by action taken pursuant to a Board
Resolution, a copy of such Board Resolution shall be delivered to the Trustee at
or prior to the delivery of the Officers' Certificate setting forth the terms of
such series. All Securities of any one series need not be issued at the same
time and, unless otherwise so provided by the Company, a series may be reopened
for issuances of additional Securities of such series or to establish additional
terms of such series of Securities.

                  SECTION 2.03. The Securities shall be signed in the name and
on behalf of the Company by the manual or facsimile signature of its Chairman of
the Board of Directors, its President or one of its Vice Presidents, under its
corporate seal (which may be printed, engraved or otherwise reproduced thereon,
by facsimile or otherwise) which shall be attested by the manual or facsimile
signature of its Secretary, or one of its Assistant Secretaries. The Securities
shall then be delivered to the Trustee or the Authenticating Agent for
authentication by it, and thereupon, as provided herein, the Trustee or the
Authenticating Agent shall authenticate and deliver such Securities. In case any
officer of the Company who shall have signed any of the Securities shall cease
to be such officer of the Company before the Securities so signed shall have
been actually authenticated and delivered by the Trustee or the Authenticating
Agent, such Securities may nevertheless be issued, authenticated and delivered
as though the person who signed such Securities had not ceased to be such
officer of the Company; and also any of the Securities may be signed on behalf
of the Company by any person who at the time of the execution of such Securities
shall be the proper officer of the Company, even though at the date of the
execution of this Indenture such person may not have been such officer of the
Company.

                  SECTION 2.04. Only such of the Securities as shall bear
thereon a certificate substantially in the form of the Trustee's certificate of
authentication hereinafter recited, executed by the Trustee or the
Authenticating Agent, shall be valid or become obligatory for any purpose or
entitle the holder thereof to any right or benefit under this Indenture, and the
certificate of authentication by the Trustee or the Authenticating Agent upon
any such Security executed on behalf of the Company as aforesaid shall be
conclusive evidence, and the only evidence, that the Security so authenticated
has been duly authenticated and delivered hereunder and that the holder thereof
is entitled to the benefits of this Indenture.
<PAGE>
                                       12

                  The Trustee's certificate of authentication on all Securities
shall be in substantially the following form:

                   This is one of the Securities issued under the Indenture
described herein.

                                 Wachovia Bank,
                                    National Association,
                                    as Trustee

                                 By___________________________________________
                                        Authorized Signatory

                                 or (if an Authenticating Agent is appointed
                                 pursuant to Section 10.10)

                                 Wachovia Bank,
                                    National Association,
                                    as Trustee

                                 By (Name of Agent) as
                                     Authenticating Agent

                                 By___________________________________________
                                        Authorized Signatory

                  SECTION 2.05. The Company shall cause to be kept a register
(herein sometimes 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. Unless and until
otherwise determined by the Company, by Board Resolution, the Security Register
initially shall be kept at the Principal Office of the Trustee. The Trustee is
hereby appointed "Security Registrar" for the purpose of registering Securities
and transfers of Securities as herein provided. The Company may appoint one or
more "Security Co-Registrars" for such purpose. The Security Registrar and any
Security Co-Registrars are herein sometimes referred to, and are appointed as,
the "Security Registrar".

                  Upon surrender for registration of transfer of any Security of
any series at any office or agency of the Company designated pursuant to Section
5.02 for such purpose or at the office of any Security Co-Registrar, the Company
shall execute and the Trustee or the Authenticating Agent shall authenticate and
deliver a Security or Securities of such series for a like aggregate principal
amount, in such authorized denomination or denominations and registered in such
name or names as may be requested. The transfer of any security shall not be
<PAGE>
                                       13

valid as against the Company or the Trustee unless registered at such offices or
agency by the registered holder, or by his attorney duly authorized in writing.

                  Securities of any series in their several authorized
denominations are exchangeable for a Security or Securities of such series in
authorized denominations and of a like aggregate principal amount. Securities to
be exchanged as aforesaid shall be surrendered for that purpose by the
registered holder thereof at such offices or agency, and the Company shall
execute and the Trustee or the Authenticating Agent shall authenticate and
deliver in exchange therefor the Security or Securities in such authorized
denomination or denominations as the Securityholder making the exchange shall
have requested and shall be entitled to receive. The Company shall not be
required to make any exchange or effect registration of transfer of (i) any
Security which shall have been designated for redemption in whole or in part
except, in the case of any Security to be redeemed in part, the portion thereof
not so to be redeemed, or (ii) any Security for a period of 15 days next
preceding any selection of Securities for redemption.

                  Notwithstanding any other provision of this Section, unless
and until it is exchanged in whole or in part for the individual Securities
represented thereby, in definitive form, a Security in global form representing
all or a portion of the Securities of a series may not be transferred except as
a whole by the Depositary for such series to a nominee of such Depositary or by
a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor Depositary
for such series or a nominee of such successor Depositary.

                  All Securities presented or surrendered for registration of
transfer, exchange or payment shall (if so required by the Company or the
Trustee or any Security Registrar or Security Co-Registrar or any Authenticating
Agent) be duly endorsed by, or accompanied by a written instrument or
instruments of transfer (in form satisfactory to the Company and the Security
Registrar or any Security Co-Registrar) duly executed by, the registered holder
or by his attorney duly authorized in writing.

                  If at any time the Depositary for the Securities of a series
represented by one or more Securities in global form notifies the Company that
it is unwilling or unable to continue as Depositary for the Securities of such
series or if at any time the Depositary for the Securities of such series shall
no longer be eligible under Section 2.01, the Company shall appoint a successor
Depositary with respect to the Securities of such series. If a successor
Depositary for the Securities of such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company's election pursuant to Section 2.02 that such
Securities be represented by one or more Securities in global form shall no
longer be effective with respect to the Securities of such series and the
Company will execute, and the Trustee, upon receipt of a Company order for the
authentication and delivery of definitive Securities of such series, will
authenticate and deliver, Securities of such series in definitive form, in
authorized denominations, in an aggregate principal amount and like terms and
tenor equal to the principal amount of the Security or Securities in global form
representing such series in exchange for such Security or Securities in global
form.
<PAGE>
                                       14

                  The Company may at any time and in its sole discretion
determine that individual Securities of any series issued in global form shall
no longer be represented by such Security or Securities in global form. In such
event the Company will execute, and the Trustee, upon receipt of a Company order
for the authentication and delivery of definitive Securities of such series and
of the same terms and tenor, will authenticate and deliver Securities of such
series in definitive form, in authorized denominations, and in aggregate
principal amount equal to the principal amount of the Security or Securities in
global form representing such series in exchange for such Security or Securities
in global form.

                  If specified by the Company pursuant to Section 2.02 with
respect to a series of Securities issued in global form, the Depositary for such
series of Securities may surrender a Security in global form for such series of
Securities in exchange in whole or in part for Securities of such series in
definitive form and of like terms and tenor on such terms as are acceptable to
the Company and such Depositary. Thereupon, the Company shall execute, and the
Trustee upon receipt of a Company order for the authentication and delivery of
definitive Securities of such series, shall authenticate and deliver, without
service charge to the holders:

                  (a) to each person specified by such Depositary a new
          definitive Security or Securities of the same series and of the same
          tenor, in authorized denominations, in aggregate principal amount
          equal to and in exchange for such person's beneficial interest in the
          Security in global form; and

                  (b) to such Depositary a new Security in global form in a
          denomination equal to the difference, if any, between the principal
          amount of the surrendered Security in global form and the aggregate
          principal amount of the definitive Securities delivered to holders
          pursuant to clause (a) above.

                  Upon the exchange of a Security in global form for Securities
in definitive form, such Security in global form shall be cancelled by the
Trustee or an agent of the Company or the Trustee. Securities issued in
definitive form in exchange for a Security in global form pursuant to this
Section 2.05 shall be registered in such names and in such authorized
denominations as the Depositary for such Security in global form, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee or an agent of the Company or the Trustee in writing. The
Trustee or such agent shall deliver such Securities to or as directed by the
persons in whose names such Securities are so registered or to the Depositary.

                  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.

                  No service charge shall be made for any registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any applicable tax or other governmental charge payable in connection
therewith.

                  The Company and the Trustee, and the agents of either, may
deem and treat the person in whose name any Security is registered as the
absolute owner of such Security (whether
<PAGE>
                                       15

or not such Security shall be overdue and notwithstanding any notation of
ownership or other writing thereon) for all purposes whatsoever (subject to the
provisions set forth herein relating to Record Dates and record dates for the
payment of any defaulted interest), and the Company and the Trustee, and the
agents of either, shall not be affected by any notice to the contrary.

                  None of the Company, the Trustee, any Authenticating Agent,
any Paying Agent or the Security Registrar will have any responsibility or
liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Security in global form or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership interest and each of them may act or refrain from acting without
liability on any information relating to such records provided by the
Depositary.

                  SECTION 2.06. In case any temporary or definitive Security of
a particular series shall become mutilated or be destroyed, lost or stolen, then
upon the conditions hereinafter set forth the Company in its discretion may
execute, and thereupon the Trustee or the Authenticating Agent shall
authenticate and deliver, a new Security of the same series of like tenor and
principal amount and bearing a different number, in exchange and substitution
for and upon cancellation of the mutilated Security or in lieu of and
substitution for the Security so destroyed, lost or stolen; provided, however,
that if any such mutilated, destroyed, lost or stolen Security shall have become
payable upon the maturity thereof, the Company may, instead of issuing a
substitute Security, pay such Security without requiring the surrender thereof.
The applicant for any substitute Security or for payment of any such mutilated,
destroyed, lost or stolen Security shall furnish to the Company and to the
Trustee evidence satisfactory to them, in their discretion, of the ownership of
and the destruction, loss or theft of such Security and shall furnish to the
Company and to the Trustee indemnity satisfactory to them, in their discretion,
and, if required, shall reimburse the Company and the Trustee for all expenses
(including counsel fees and any tax or other governmental charge that may be
imposed in relation thereto) in connection with the preparation, issue and
authentication of such substitute Security or the payment of such mutilated,
destroyed, lost or stolen Security, and shall comply with such other reasonable
regulations as the Company and the Trustee, or either of them, may prescribe.
Any such new Security delivered pursuant to this Section 2.06 shall constitute
an additional contractual obligation on the part of the Company, whether or not
the allegedly destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be equally and proportionately entitled to the
benefit of this Indenture with all other Securities of the same series issued
hereunder. All Securities shall be held and owned upon the express condition
that, to the extent permitted by law, the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities and shall preclude any and all other rights or remedies.

                  SECTION 2.07. Subject to the provisions set forth herein
relating to Record Dates and record dates for the payment of any defaulted
interest, each Security delivered pursuant to any provision of this Indenture in
exchange or substitution for, or upon registration of transfer of, any other
Security shall carry all the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security.
<PAGE>
                                       16

                  SECTION 2.08. Pending the preparation of definitive Securities
of any series the Company may execute and the Trustee or the Authenticating
Agent shall authenticate and deliver temporary Securities of such series
(printed or lithographed). Temporary Securities shall be issuable in any
authorized denomination, and substantially in the form of the definitive
Securities but with such omissions, insertions and variations as may be
appropriate for temporary Securities, all as may be determined by the Company.
In the case of Securities of any series, such temporary Securities may be in
global form, representing all of the Outstanding Securities of such series and
tenor. Every such temporary Security of a particular series shall be
authenticated by the Trustee or the Authenticating Agent upon the same
conditions and in substantially the same manner, and with the same effect, as
the definitive Securities of such series. Without unreasonable delay, and except
in the case of temporary Securities in global form which shall be exchanged in
accordance with the provisions thereof, the Company will execute and deliver to
the Trustee definitive Securities of such series and thereupon any or all
temporary Securities of such series may be surrendered in exchange for
definitive Securities of the same series, at the Principal Office of the Trustee
or any office or agency of the Company designated pursuant to Section 5.02 for
such purpose or at the office of any Security Co-Registrar, and the Trustee or
the Authenticating Agent shall authenticate and deliver in exchange for such
temporary Securities an equal aggregate principal amount of definitive
Securities of the same series. Such exchange shall be made by the Company at its
own expense and without any charge therefor except that the Company may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto. Until so exchanged, the temporary Securities
of a particular series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of the same series authenticated
and delivered hereunder.

                                  ARTICLE THREE

                               ISSUE OF SECURITIES

                  SECTION 3.01. 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 or the Authenticating Agent
for authentication. The Trustee or the Authenticating Agent shall thereupon
authenticate and deliver such Securities to or upon the written order of the
Company, signed by its Chairman of the Board of Directors, its President or a
Vice President, without any further action by the Company. 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 315 of the Trust Indenture Act) shall be fully
protected in relying upon:
<PAGE>
                                       17

                  (a) a Board Resolution relating thereto and, if applicable, an
         appropriate record of any action taken pursuant to such resolution,
         certified by the Secretary or an Assistant Secretary of the Company;

                  (b) an executed supplemental indenture, if any;

                  (c) an Officers' Certificate; and

                  (d) an Opinion of Counsel prepared in accordance with Section
         14.03, which shall state

                          (1) that the form and terms of such Securities have
                  been established by or pursuant to one or more Board
                  Resolutions, by a supplemental indenture as permitted by
                  Section 13.01(f), or by both such resolution or resolutions
                  and such supplemental indenture, in conformity with the
                  provisions of this Indenture;

                           (2) that the supplemental indenture, if any, when
                  executed and delivered by the Company and the Trustee, will
                  constitute a valid and legally binding obligation of the
                  Company;

                           (3) that such Securities, when authenticated and
                  delivered by the Trustee or the Authenticating Agent 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, and will
                  be entitled to the benefits of this Indenture;

                           (4) that the Company has the corporate power to issue
                  such Securities, and has duly taken all necessary corporate
                  action with respect to such issuance;

                           (5) that the issuance of such Securities will not
                  contravene the charter or by-laws of the Company or result in
                  any violation of any of the terms or provisions of any law or
                  regulation or of any indenture, mortgage or other agreement by
                  which the Company is bound and under which long-term debt of
                  the Company as reflected in its latest financial statements on
                  file with the Securities and Exchange Commission is
                  outstanding; and

                           (6) that all requirements of this Indenture
                  applicable to the Company in respect of the execution and
                  delivery by the Company of such Securities and of such
                  supplemental indenture, if any, have been complied with and
                  that, assuming (a) all requisite corporate authorization on
                  the part of the Trustee, (b) continued compliance by the
                  Trustee with the terms of the Indenture specifically
                  applicable to the Trustee, and (c) due authentication and
                  delivery of such Securities by the Trustee or the
                  Authenticating Agent, the execution and delivery of such
                  supplemental indenture, if any, will not violate the terms of
                  this Indenture, and that, other than compliance with federal
                  and state securities laws, no authorization,
<PAGE>
                                       18

                  approval or consent by any regulatory or statutory or other
                  public authority is required in connection with the execution
                  and delivery of such supplemental indenture or for the
                  creation, issuance, authentication and delivery of the
                  Securities pursuant to this Indenture.

                  If not all the Securities of any series are to be issued at
one time, it shall not be necessary to deliver an Opinion of Counsel at the time
of issuance of each Security, but such opinion with appropriate modifications
shall be delivered at or before the time of issuance of the first Security of
such series.

                  If the Company shall establish pursuant to Section 2.02 that
Securities of a series may be issued in whole or in part in global form, then
the Company shall execute and the Trustee shall, in accordance with this Section
and the Company order of authentication with respect to such series,
authenticate and deliver one or more Securities in global form that (i) shall
represent and shall be denominated in an aggregate amount equal to the aggregate
principal amount of the Outstanding Securities of such series and tenor to be
represented by one or more Securities in global form, (ii) shall be registered,
in the name of the Depositary for such Security or Securities in global form or
the nominee of such Depositary, (iii) shall be delivered to such Depositary or
pursuant to such Depositary's instruction, and (iv) shall bear a legend
substantially to the following effect: "Unless this certificate is presented by
an authorized representative of The Depository Trust Company, a New York
corporation ("DTC") to Issuer or its agent for transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein." Each Depositary designated
pursuant to Section 2.02 for a Security in global form must, at the time of its
designation and at all times while it serves as Depositary, be a clearing agency
registered under the Securities Exchange Act of 1934 and any other applicable
statute or regulation.

                  The Trustee shall have the right to decline to authenticate
and deliver any Securities under this Section 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.

                  Each Security shall be dated the date of its authentication.

                                  ARTICLE FOUR

                     REDEMPTION OF SECURITIES; SINKING FUND

                  SECTION 4.01. Redemption of Securities (other than pursuant to
a sinking fund or analogous provision) permitted by the terms of any series of
Securities shall be made in accordance with such terms and Sections 4.02 and
4.03; provided, however, that if any such
<PAGE>
                                       19

terms of a series of Securities shall conflict with any provision of this
Article, the terms of such series shall govern.

                  SECTION 4.02. The election of the Company to redeem any
Securities of any series shall be evidenced by or pursuant to a Board
Resolution. If the Company shall elect to redeem the Securities of any series in
whole or in part as aforesaid, it shall fix a date for redemption and give
notice of its election so to redeem by mailing or causing to be mailed written
notice, postage prepaid, at least 30 days prior to the redemption date, to all
holders of Securities to be redeemed as a whole or in part, addressed to them at
their respective addresses as the same shall then appear on the Security
Register of the Company. Any notice which shall be mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not
the holder shall receive such notice. Failure to mail such notice, or any defect
in the notice mailed, to the holder of any Security designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Security.

                  Each notice of redemption shall state such election on the
part of the Company, the Redemption Date and place of payment of the Securities
to be redeemed and the Redemption Price and that the Securities designated in
such notice for redemption are required to be presented on or after such
Redemption Date and at such place for payment and that interest to the
Redemption Date on the Securities and portions of Securities called for
redemption will be paid as specified in said notice and shall cease to accrue
thereon on such date. If less than all the outstanding Securities of a series
are to be redeemed, the notice shall also designate the Securities or portions
of Securities that are to be redeemed. If any Security is to be redeemed in part
only, the notice shall also state that upon presentation of such Security on or
after the redemption date at said place, such Security will be canceled and a
new Security or Securities of the same series, in an aggregate principal amount
equal to the unredeemed portion of such Security, will be issued and delivered
without charge to the holder.

                  Notice having been so given, the Securities and portions of
Securities to be redeemed shall on the Redemption Date specified in such notice
become due and payable at the applicable Redemption Price, together with
interest accrued thereon to the Redemption Date, and from and after the
Redemption Date so specified (unless the Company shall default in the payment of
the Redemption Price of such Securities or any such accrued interest) interest
on such Securities and portions of Securities shall cease to accrue, and upon
presentation of such Securities at said place of payment and redemption in
accordance with said notice, such Securities and portions of Securities shall be
paid by the Company at the applicable Redemption Price, together with interest
accrued to the Redemption Date (except that, if the Redemption Date shall be an
Interest Payment Date, the interest payable on such date shall be paid to the
registered holders of such Securities at the close of business on the applicable
Record Date, subject to the provisions of Section 2.01).

                  If the Company shall at any time elect to redeem less than all
the Securities of a series then outstanding, it shall at least 45 days prior to
the Redemption Date (unless a shorter notice shall be satisfactory to the
Trustee) notify the Trustee of the principal amount of Securities to be
redeemed, and thereupon the Trustee shall select, in such manner as the Trustee
shall deem appropriate and fair, the Securities (or portions thereof) of such
series to be redeemed. No
<PAGE>
                                       20

Security of a denomination of $1,000 shall be redeemed in part and Securities
may be redeemed in part only in integral multiples of $1,000. The Trustee shall
promptly notify the Company in writing of the Securities and portions of
Securities so selected.

                  SECTION 4.03. If Securities of any Series at the time
outstanding are to be redeemed under circumstances to which Section 11.02 is
applicable, the Company shall deliver to the Trustee (1) proof satisfactory to
the Trustee that notice of redemption thereof on a specified redemption date has
been given as hereinbefore provided, or (2) proof satisfactory to the Trustee
that arrangements have been made insuring to the satisfaction of the Trustee
that such notice will be so given, or (3) a written instrument in form and
substance satisfactory to the Trustee executed by the Company under its
corporate seal, and expressed to be irrevocable, authorizing the Trustee to give
such notice for and on behalf of the Company.

                  SECTION 4.04. Redemption of Securities permitted or required
pursuant to a sinking fund for the retirement of Securities of a series by the
terms of such series of Securities shall be made in accordance with such terms
of such series of Securities and this Article; provided, however, that if any
such terms of a series of Securities shall conflict with any provision of this
Article, the terms of such series shall govern.

                  The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a "Mandatory
Sinking Fund Payment", and any payment in excess of such minimum amount provided
for by the terms of Securities of any series is herein referred to as an
"Optional Sinking Fund Payment". If provided for by the terms of Securities of
any series, the cash amount of any Mandatory Sinking Fund Payment may be subject
to reduction as provided in Section 4.05.

                  SECTION 4.05. The Company may, at its option, satisfy any
Mandatory Sinking Fund Payment obligation, in whole or in part, with respect to
a particular series of Securities by (1) delivering to the Trustee outstanding
Securities of such series in transferable form theretofore purchased or
otherwise acquired by the Company or redeemed at the election of the Company
pursuant to Section 4.01 or (2) receiving credit for Securities of such series
(not previously so credited) acquired by the Company and theretofore delivered
to the Trustee. The Trustee shall credit such Mandatory Sinking Fund Payment
obligation with an amount equal to the redemption price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such Mandatory Sinking Fund Payment shall be reduced accordingly. If the
Company shall elect so to satisfy any Mandatory Sinking Fund Payment obligation,
it shall deliver to the Trustee not less than 45 days prior to the relevant
sinking fund payment date a written notice signed on behalf of the Company by
its Chairman of the Board of Directors, its President, one of its Vice
Presidents, its Treasurer or one of its Assistant Treasurers, which shall
designate the Securities (and portions thereof, if any) to be so delivered or
credited and which shall be accompanied by such Securities (to the extent not
theretofore delivered) in transferable form. In case of the failure of the
Company, at or before the time so required, to give such notice and deliver such
Securities, the Mandatory Sinking Fund Payment obligation shall be paid entirely
in cash.

<PAGE>
                                       21

                  SECTION 4.06. In addition to the sinking fund requirements of
Section 4.05, to the extent, if any, provided for by the terms of a particular
series of Securities, the Company may, at its option, make an Optional Sinking
Fund Payment with respect to such Securities. Unless otherwise provided by such
terms, (a) to the extent that the right of the Company to make such Optional
Sinking Fund Payment shall not be exercised in any year, it shall not be
cumulative or carried forward to any subsequent year, and (b) such optional
payment shall operate to reduce the amount of any Mandatory Sinking Fund Payment
obligation as to Securities of the same series. If the Company intends to
exercise its right to make such optional payment in any year it shall deliver to
the Trustee not less than 45 days prior to the relevant sinking fund payment
date a certificate signed by its Chairman of the Board of Directors, its
President, one of its Vice Presidents, its Treasurer or one of its Assistant
Treasurers stating that the Company will exercise such optional right, and
specifying the amount which the Company will pay on or before the next
succeeding sinking fund payment date. Such certificate shall also state that no
event of default has occurred and is continuing.

                  SECTION 4.07. If the sinking fund payment or payments made in
funds pursuant to either Section 4.05 or 4.06 with respect to a particular
series of Securities plus any unused balance of any preceding sinking fund
payments made in funds with respect to such series shall exceed $50,000 (or a
lesser sum if the Company shall so request), it shall be applied by the Trustee
on the sinking fund payment date next following the date of such payment, unless
the date of such payment shall be a sinking fund payment date, in which case
such payment shall be applied on such sinking fund payment date, to the
redemption of Securities of such series at the redemption price specified
pursuant to Section 4.04. The Trustee shall select in the manner provided in
Section 4.02, for redemption on such sinking fund payment date, a sufficient
principal amount of Securities of such sinking fund payment date, a sufficient
principal amount of Securities of such series to absorb said funds, as nearly as
may be, and shall, at the expense and in the name of the Company, thereupon
cause notice of redemption of the Securities to be given in substantially the
manner provided in Section 4.02 for the redemption of Securities in part at the
option of the Company, except that the notice of redemption shall also state
that the Securities are being redeemed for the sinking fund. Any sinking fund
moneys not so applied by the Trustee to the redemption of Securities of such
series shall be added to the next sinking fund payment received in funds by the
Trustee and, together with such payment, shall be applied in accordance with the
provisions of this Section 4.07. Any and all sinking fund moneys held by the
Trustee on the last sinking fund payment date with respect to Securities of such
series, and not held for the payment or redemption of particular Securities of
such series, shall be applied by the Trustee to the payment of the principal of
the Securities of such series at Maturity.

                  On or prior to each sinking fund payment date, the Company
shall pay to the Trustee a sum equal to all unpaid interest accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment
date pursuant to this Section 4.07.

                  The Trustee shall not redeem any Securities of a series with
sinking fund moneys or mail any notice of redemption of Securities of such
series by operation of the sinking fund during the continuance of a default in
payment of interest on any Securities of such series or of any event of default
(other than an event of default occurring as a consequence of this paragraph) of
which the Trustee has actual knowledge, except that if the notice of redemption
of any
<PAGE>
                                       22

Securities of such series shall theretofore have been mailed in accordance with
the provisions hereof, the Trustee shall redeem such Securities if funds
sufficient for that purpose shall be deposited with the Trustee in accordance
with the terms of this Article Four. Except as aforesaid, any moneys in the
sinking fund at the time any such default or event of default shall occur and
any moneys thereafter paid into the sinking fund shall, during the continuance
of such default or event of default, be held as security for the payment of all
the Securities of such series; provided, however, that in case such default or
event of default shall have been cured or waived as provided herein, such moneys
shall thereafter be applied on the next sinking fund payment date on which such
moneys are required to be applied pursuant to the provisions of this Section
4.07.

                                  ARTICLE FIVE

                       PARTICULAR COVENANTS OF THE COMPANY

                  The Company hereby covenants and agrees as follows:

                  SECTION 5.01. The Company will duly and punctually pay the
principal of and premium, if any, on each of the Securities, and the interest
which shall have accrued hereon, at the date and place and in the manner
provided in the Securities and in this Indenture, and will duly comply with all
other terms, agreements and conditions contained in, or made in this Indenture
for the benefit of, the Securities.

                  SECTION 5.02. The Company will maintain in the city in the
United States in which the Company has its principal business office and in The
City of New York, and may maintain elsewhere, an office or agency where
Securities may be presented or surrendered for payment, where Securities may be
surrendered for transfer or exchange, where Securities of that series which are
convertible may be surrendered for conversion, if applicable, and where notices
and demands to or upon the Company in respect of the Securities 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 any such office or
agency. If at any time the Company shall fail to maintain 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
Principal Office of the Trustee. The Company hereby initially appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

                  The Company may also from time to time designate one or more
other offices or agencies where the Securities may be presented or surrendered
for any or all of such purposes and may from time to time rescind such
designations; provided, however, that no such designation shall in any manner
result in the creation of a Security Register or Security Co-Registrar in
addition to the Security Register required to be kept pursuant to Section 2.05
and any Security Co-Registrar appointed pursuant to Section 2.05. The Company
will give prompt written notice to the Trustee of any such designation and any
change in the location of any such other office or agency.
<PAGE>
                                       23

                  SECTION 5.03. If the Company shall at any time act as its own
paying agent with respect to any series of Securities, then, on or before the
date on which the principal of and premium, if any, or interest on any of the
Securities of that series by their terms or as a result of the calling thereof
for redemption shall become payable, the Company will set apart and segregate
and hold in trust for the benefit of the holders of such Securities a sum
sufficient to pay such principal and premium, if any, or interest which shall
have so become payable and will notify the Trustee of its failure to act in that
regard and of any failure by the Company or any other obligor upon the
Securities of that series to make any such payment. If the Company shall
appoint, and at the time have, a paying agent for the payment of the principal
of and premium, if any, or interest on any series of Securities, then, on or
before the date on which the principal of and premium, if any, or interest on
any of the Securities of that series shall become payable as aforesaid, whether
by their terms or as a result of the calling thereof for redemption, the Company
will pay to such paying agent a sum sufficient to pay such principal and
premium, if any, or interest, to be held in trust for the benefit of the holders
of such Securities. If such paying agent shall be other than the Trustee, the
Company will cause such paying agent 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 5.03 and of Section 11.03, (1) that such paying
agent shall hold all sums held by such paying agent for the payment of the
principal of and premium, if any, or interest on the Securities of that series
in trust for the benefit of the holders of such Securities; (2) that such paying
agent shall give to the Trustee notice of any default by the Company or any
other obligor upon the Securities of that series in the making of any payment of
the principal of and premium, if any, or interest on the Securities of that
series when the same shall have become due and payable; and (3) that such paying
agent shall, at any time during the continuance of any such default, upon the
written request of the Trustee, deliver to the Trustee all sums so held in trust
by it.

                  Anything in this Section 5.03 to the contrary notwithstanding,
the Company may at any time, for the purpose of obtaining a release or
satisfaction of this Indenture or for any other reason, pay or cause to be paid
to the Trustee all sums held in trust by it or by any paying agent other than
the Trustee as required by this Section 5.03, 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.

                  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, premium,
if any, or interest on any Security and remaining unclaimed for two years after
such principal, premium, if any, or interest has become due and payable shall be
paid to the Company on Company request, or (if then held by the Company) shall
be discharged from such trust; and 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>
                                       24

                  SECTION 5.04. Subject to Section 5.05, 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 that of each Subsidiary and the rights and
franchises of the Company as necessary or desirable in the normal conduct of its
business; provided, however, that the Company shall not be required to preserve
the corporate existence of any Subsidiary 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 the other Subsidiaries taken as a whole.

                  SECTION 5.05. The Company will not consolidate with any other
corporation or accept a merger of any other corporation into the Company or
permit the Company to be merged into any other corporation, or sell or lease all
or substantially all its assets to another corporation, or purchase all or
substantially all the assets of another corporation, unless (i) either the
Company shall be the continuing corporation, or the successor, transferee or
lessee corporation (if other than the Company) shall be organized under the laws
of the United States or any state thereof or the District of Columbia and shall
expressly assume, by indenture supplemental hereto, executed and delivered by
such corporation prior to or simultaneously with such consolidation, merger,
sale or lease, the due and punctual payment of the principal of and interest and
premium, if any, on all the Securities, according to their tenor, and the due
and punctual performance and observance of all the covenants and conditions of
this Indenture to be performed or observed by the Company, and (ii) immediately
after such consolidation, merger, sale, lease or purchase the Company or the
successor, transferee or lessee corporation (if other than the Company) would
not be in default in the performance of any covenant or condition of this
Indenture. A purchase by a Subsidiary of all or substantially all of the assets
of another corporation shall not be deemed to be a purchase of such assets by
the Company.

                  SECTION 5.06. The Company will deliver to the Trustee, within
120 days after the end of each fiscal year, a written statement signed by the
Chairman of the Board of Directors, the President, the Principal Financial
Officer or Principal Accounting Officer or the Treasurer or Controller of the
Company, stating that

                  (a) a review of the activities of the Company during such year
         with regard to its compliance with this Indenture has been made under
         his supervision, and

                  (b) to the best of his knowledge, based on such review, the
         Company has fulfilled all its obligations under this Indenture
         throughout such year, or, if there has been a default in the
         fulfillment of any such obligation, specifying each such default known
         to him and the nature and status thereof.

                  SECTION 5.07. Anything in this Indenture to the contrary
notwithstanding, the Company or any Restricted Subsidiary may fail or omit in
any particular instance to comply with a covenant or condition set forth in
Section 5.04 or 5.05 with respect to any series of Securities if the Company
shall have obtained and filed with the Trustee, prior to the time of such
failure or omission, evidence (as provided in Article Seven) of the consent of
the holders of at least 66 2/3% in aggregate principal amount of the Securities
of such series at the time outstanding, either waiving such compliance in such
instance or generally waiving compliance with such covenant
<PAGE>
                                       25

or condition, but no such waiver shall extend to or affect any obligation not
waived by the terms of such waiver or impair any right consequent thereon.

                                   ARTICLE SIX

                     REMEDIES OF TRUSTEE AND SECURITYHOLDERS

                  SECTION 6.01. Except where otherwise indicated by the context
or where the term is otherwise defined for a specific purpose, the term "event
of default" as used in this Indenture with respect to Securities of any series
shall mean one of the following described events (whatever the reason for such
event of default and whether or not it shall be occasioned by the provisions of
Article Fifteen) unless it is either inapplicable to a particular series or it
is specifically deleted or modified in the supplemental indenture, if any, under
which such series of Securities is issued:

                  (a) the failure of the Company to pay any installment of
         interest on any Security of such series, when and as the same shall
         become payable, which failure shall have continued unremedied for a
         period of 30 days;

                  (b) the failure of the Company to pay the principal of (and
         premium, if any, on) any Security of such series, when and as the same
         shall become payable, whether at maturity as therein expressed, by call
         for redemption (otherwise than pursuant to a sinking fund), by
         declaration as authorized by this Indenture or otherwise;

                  (c) the failure of the Company to pay a sinking fund
         installment, if any, when and as the same shall become payable by the
         terms of a Security of such series, which failure shall have continued
         unremedied for a period of 30 days;

                  (d) the failure of the Company, subject to the provisions of
         Section 5.07, to observe and perform any other of the covenants or
         agreements on the part of the Company contained in this Indenture
         (other than a covenant or agreement which has been expressly included
         in this Indenture solely for the benefit of a series of Securities
         other than that series), which failure shall not have been remedied to
         the satisfaction of the Trustee, or without provision deemed by the
         Trustee to be adequate for the remedying thereof having been made, for
         a period of 90 days after written notice shall have been given to the
         Company by the Trustee or shall have been given to the Company and the
         Trustee by holders of 25% or more in aggregate principal amount of the
         Securities of such series then outstanding, specifying such failure and
         requiring the Company to remedy the same;

                  (e) an event of default, as defined in any mortgage, indenture
         or instrument, including this Indenture, under which there may be
         issued, or by which there may be secured or evidenced, any indebtedness
         for money borrowed of the Company, whether such indebtedness now exists
         or shall hereafter be created, shall happen and shall result in such
         indebtedness in an amount in excess of $25,000,000 becoming or being
         declared due
<PAGE>
                                       26

         and payable prior to the date on which it would otherwise become due
         and payable, and such acceleration shall not have been rescinded or
         annulled, or such indebtedness shall not have been discharged, within a
         period of 10 days after there has been given, by registered or
         certified mail, to the Company by the Trustee or to the Company and the
         Trustee by the holders of at least 10% in principal amount of the
         Outstanding Securities of such series a written notice specifying such
         event of default and requiring the Company to cause such acceleration
         to be rescinded or annulled or to cause such indebtedness to be
         discharged;

                  (f) the entry by a court having jurisdiction in the premises
         of a decree or order for relief in respect of the Company in an
         involuntary case under the Federal bankruptcy laws, as now or hereafter
         constituted, or any other applicable Federal or State bankruptcy,
         insolvency or other similar law now or hereafter in effect, or
         appointing a receiver, liquidator, assignee, custodian, trustee or
         sequestrator (or similar official) of the Company or for substantially
         all of its property, or ordering the winding up or liquidation of its
         affairs, which decree or order shall have remained unstayed and in
         effect for a period of 90 consecutive days;

                  (g) the commencement by the Company of a voluntary case under
         the Federal bankruptcy laws, as now or hereafter constituted, or any
         other applicable Federal or State bankruptcy, insolvency or other
         similar law now or hereafter in effect, or the consent by the Company
         to the entry of an order for relief in an involuntary case under any
         such law, or the consent by the Company to the appointment of or taking
         possession by a receiver, liquidator, assignee, trustee, custodian or
         sequestrator (or similar official) of the Company or for substantially
         all of its property, or the making by it of an assignment for the
         benefit of its creditors; or

                    (h) the occurrence of any other event of default with
          respect to Securities of such series as provided in an Officers'
          Certificate delivered pursuant to Section 2.02 or a supplemental
          indenture applicable to such series of Securities pursuant to Section
          13.01(b).

                  The Trustee shall be deemed to have knowledge of an event of
default only upon receipt of written notice by a corporate trust officer of the
Trustee.

                  SECTION 6.02. If any one or more of the above-described events
of default (other than those specified in clause (f) or (g) of Section 6.02)
occurs with respect to Securities of any series at the time outstanding, then,
and in each and every such case, during the continuance of any such event of
default, the Trustee or the holders of 25% or more in principal amount of the
Securities of such series then outstanding may declare the principal of all the
Securities of such series then outstanding, if not then due and payable, to be
due and payable, and upon any such declaration the same shall become and be
immediately due and payable, anything contained in this Indenture or in the
Securities of such series to the contrary notwithstanding.

                  If the event of default specified in Section 6.01(f) or (g)
occurs, all unpaid principal of and accrued interest on the outstanding
Securities of that series (or such lesser
<PAGE>
                                       27

amount as may be provided for in the Securities of such series) shall ipso facto
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any holder of any Security of that series.

                  At any time after Securities of any series have been
accelerated 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 Securities of such series then
outstanding may, on behalf of the holders of all the Securities of such series,
waive the event of default by reason of which the principal of the Securities of
such series shall have been so declared to be due and payable, and may rescind
and annul such declaration and its consequences if:

                  (1) (a) the Company has paid or deposited with the Trustee a
sum of money sufficient to pay:

                           (i) the principal of all the Securities of such
series declared to be due and payable, all arrears of interest, if any, upon all
the Securities of such series (with interest, to the extent that interest
thereon shall be legally enforceable, on any overdue installment of interest at
the rate borne by the Securities of such series), and

                           (ii) the reasonable charges and expenses of the
Trustee and its agents and attorneys and all other sums payable under this
Indenture (except the principal of the Securities of such series, which would
not be due and payable were it not for such declaration), or

                  (b) provisions deemed by the Trustee or by the holders of a
majority in principal aggregate amount of the Securities of such series then
outstanding to be adequate therefor shall have been made; and

                  (2) all events of default with respect to Securities of such
series other than the non-payment of the principal of, any premium and interest
on, and any such sums of money with respect to Securities of such series, which
shall have become due solely by such declaration of acceleration, shall have
been cured or waived as provided in this Section 6.02, but no such waiver,
rescission or annulment shall extend to or affect any subsequent default or
event of default, or impair any right consequent thereon.

                  Any declaration by the Trustee pursuant to this Section 6.02
shall be by written notice to the Company, and any declaration or waiver by the
holders of Securities of any series pursuant to this Section 6.02 shall be by
written notice to the Company and the Trustee.

                  The Company and the Trustee may, to the extent provided in
Section 13.01, enter into one or more indentures supplemental hereto, with
respect to any series of the Securities, which may provide for additional or
different events of default with respect to such series of Securities.

                  SECTION 6.03. If the Company shall fail for a period of 30
days to pay any installment of interest on the Securities of any series or shall
fail to pay the principal of and
<PAGE>
                                       28

premium, if any, on any of the Securities of such series, when and as the same
shall become due and payable, whether at Maturity, or by call for redemption
(otherwise than pursuant to the sinking fund) by declaration as authorized by
this Indenture, or otherwise, or shall fail for a period of 30 days to make any
sinking fund payment as to a series of Securities, then, upon demand by the
Trustee, the Company will pay to the Trustee for the benefit of the holders of
Securities of such series then outstanding, the whole amount which shall then
have become due and payable on all the Securities of such series, with interest
on the overdue principal and premium, if any, and (so far as the same may be
legally enforceable) on the overdue installments of interest at the rate borne
by the Securities of such series, and reasonable compensation to the Trustee,
its agents and attorneys, and any other reasonable expenses and liabilities
incurred by the Trustee under this Indenture without negligence or bad faith.

                  In case the Company shall fail forthwith to pay such amounts
upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceeding, at
law or in equity, for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Company or any other
obligor upon the Securities of such series, and collect the moneys adjudged or
decreed to be payable out of the property of the Company or any other obligor
upon the Securities of such series, of the Company or any other obligor upon the
Securities of such series, wherever situated, in the manner provided by law.
Every recovery of judgment in any such action or other proceeding (subject to
the payment of the expenses, disbursements and compensation of the Trustee, its
agents and attorneys) shall be for the ratable benefit of the holders of such
series of Securities which shall be the subject of such action or proceeding.
All rights of action upon or under any of the Securities or this Indenture may
be enforced by the Trustee without the possession of any of the Securities and
without the production of any thereof at any trial or any proceeding relative
thereto.

                  SECTION 6.04. The Trustee is hereby appointed, and each and
every holder of the Securities, by receiving and holding the same, shall be
conclusively deemed to have appointed the Trustee the true and lawful
attorney-in-fact of such holder, with authority (whether or not the Company
shall be in default in respect of the payment of the principal of, or interest
on, any of the Securities) to make or file, in its own name and as trustee of an
express trust, or otherwise as it shall deem advisable, in any receivership,
insolvency, liquidation, bankruptcy, reorganization or other judicial proceeding
relative to the Company or any other obligor upon the Securities, or to their
respective creditors or property, any and all claims, proofs of claim, proofs of
debt, petitions, consents, other papers and documents, and amendments of any
thereof, as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of the Securities allowed in any such proceeding, and
to collect and receive any moneys or other property payable or deliverable on
any such claim, and to execute and deliver any and all other papers and
documents and to do and perform any and all other acts and things as it may deem
necessary or advisable, in order to enforce in any such proceeding any of the
claims of the Trustee and of any of such holders in respect of any of the
Securities; and any receiver, assignee, trustee, custodian or debtor in any such
proceeding is hereby authorized, and each and every holder of the Securities, by
receiving and holding the same, shall be conclusively deemed to have authorized
any such receiver, assignee, trustee, custodian or debtor to make any such
payment or delivery only to, or on the order of, the Trustee, and to pay to the
Trustee any amount due if for
<PAGE>
                                       29

compensation and expenses, including counsel fees, incurred by it to the date of
such payment or delivery; provided, however, that nothing herein contained shall
be deemed to authorize or empower the Trustee to consent to or accept or adopt,
on behalf of any holder of Securities, any plan of reorganization or
readjustment of the Company affecting the Securities or the rights of any holder
thereof, or to authorize or empower the Trustee to vote in respect of the claim
of any holder of any Securities in any such proceeding.

                  SECTION 6.05. Any moneys collected by the Trustee with respect
to a series of Securities under this Article Six shall be applied in the
following order, at the date or dates fixed by the Trustee for the distribution
of such moneys, upon presentation of the several Securities and stamping thereon
the payment, if only partially paid, and upon surrender thereof if fully paid:

                  First: To the payment of all costs and expenses in connection
         with the collection of such moneys, and all amounts due to the Trustee
         under Section 10.05.

                  Second: In case the principal of the outstanding Securities of
         such series shall not have become due and be unpaid, to the payment of
         interest on the Securities of such series, in the order of the maturity
         of the installments of such interest, with interest (to the extent that
         such interest has been collected by the Trustee) upon the overdue
         installments of interest at the rate borne by such Securities, such
         payments to be made ratably to the persons entitled thereto.

                  Third: In case the principal of the outstanding Securities of
         such series shall have become due, by declaration or otherwise, to the
         payment of the whole amount then owing and unpaid upon the Securities
         of such series for principal and premium, if any, and interest, with
         interest on the overdue principal and premium, if any, and (to the
         extent that such interest has been collected by the Trustee) interest
         upon overdue installments of interest at the rate borne by the
         Securities of such series, and in case such moneys shall be
         insufficient to pay in full the whole amounts so due and unpaid upon
         the Securities of such series, then to the payment of such principal
         and premium, if any, and interest without preference or priority of
         principal and premium, if any, over interest, or of interest over
         principal and premium, if any, or of any installment of interest over
         any other installment of interest, or of any Security of such series
         over any other Security of such series, ratable to the aggregate of
         such principal and premium, if any, and accrued and unpaid interest.

Any surplus then remaining shall be paid to the Company or to such other persons
as shall be entitled to receive it.

                  SECTION 6.06. The holders of a majority in principal amount of
the Securities of any series at the time outstanding may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee
hereunder, or of exercising any trust or power hereby conferred upon the Trustee
with respect to the Securities of such series; provided, however, that, subject
to the provisions of Section 10.02, the Trustee shall have the right to decline
to follow any such direction if the Trustee being advised by counsel determines
that the action so directed may not lawfully be taken. Prior to any declaration
accelerating the Maturity of
<PAGE>
                                       30

the Securities of any series, the holders of a majority in aggregate principal
amount of such series of Securities at the time outstanding may on behalf of the
holders of all of the Securities of such series waive any past default or event
of default hereunder and its consequences except a default in the payment of
interest or any premium on or the principal of the Securities of such series.
Upon any such waiver the Company, the Trustee and the holders of the Securities
of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default
or event of default or impair any right consequent thereon. Whenever any default
or event of default hereunder shall have been waived as permitted by this
Section 6.06, said default or event of default shall for all purposes of the
Securities of such series and this Indenture be deemed to have been cured and to
be not continuing.

                  SECTION 6.07. No holder of any Security of any series shall
have any right to institute any action, suit or proceeding at law or in equity
for the execution of any trust hereunder or for the appointment of a receiver or
for any other remedy hereunder, in each case with respect to an event of default
with respect to such series of Securities, unless such holder previously shall
have given to the Trustee written notice of the happening of one or more of the
events of default herein specified with respect to such series of Securities,
and unless the holders of 25% in principal amount of the Securities of such
series then outstanding shall have requested the Trustee in writing to take
action in respect of the matter complained of, and unless there shall have been
furnished to the Trustee security and indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for 60 days after receipt of such notification, request and furnishing
of indemnity, shall have neglected or refused to institute any such action, suit
or proceeding; such notification, request and furnishing of indemnity are hereby
declared in every such case to be conditions precedent to any such action, suit
or proceeding by any holder of any Security of such series; it being understood
and intended that no one or more of the holders of Securities of such series
shall have any right in any manner whatsoever by his or their action to enforce
any right hereunder, except in the manner herein provided, and that every
action, suit or proceeding at law or in equity shall be instituted, and
maintained in the manner herein provided, for the equal benefit of all holders
of the outstanding Securities of such series; provided, however, that nothing
contained in this Indenture or in the Securities of such series shall affect or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, premium, if any, and interest on the Securities of such
series to the respective holders of such Securities at the respective due dates
on such Securities stated, or affect or impair the right, which is also absolute
and unconditional, of such holders to institute suit to enforce the payment
thereof; provided further, that in the event property or assets are conveyed,
transferred, assigned, mortgaged or pledged to the Trustee as security for one
or more series of Securities, no holder of Securities shall be entitled to take
any action or institute any suit to enforce the payment of his Securities,
whether for principal, interest or premium, if any, to the extent that the
taking of such action or the institution or prosecution of any such suit or the
entry of judgment therein would under applicable law result in a surrender,
impairment, waiver or loss of the lien of this Indenture, if any, upon the trust
estate so created by such conveyance, transfer, assignment, mortgage or pledge,
or any part thereof, as security for Securities held by any other holder.

                  SECTION 6.08. All parties to this Indenture and the holders of
the Securities agree that the court may in its discretion require, in any
action, suit or proceeding for the
<PAGE>
                                       31

enforcement of any right or remedy under this Indenture, or in any action, suit
or proceeding against the Trustee for any action taken or omitted by it as
Trustee, the filing by any party litigant in such action, suit or proceeding of
an undertaking to pay the costs of such action, suit or proceeding, and that
such court may in its discretion assess reasonable costs, including reasonably
attorney's fees, against any party litigant in such action, suit or proceeding,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; provided, however, that the provisions of this Section 6.08
shall not apply to any action, suit or proceeding instituted by the Trustee, to
any action, suit or proceeding instituted by any one or more holders of
Securities holding in the aggregate more than 10% in principal amount of the
Securities of any series outstanding, or to any action, suit or proceeding
instituted by any holder of Securities of any series for the enforcement of the
payment of the principal of, or premium, if any, or the interest on any of the
Securities of such series, on or after the respective due dates expressed in
such Securities.

                  SECTION 6.09. No remedy herein conferred upon or reserved to
the Trustee or to the holders of Securities of any series is intended to be
exclusive of any other remedy or remedies, and each and every remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now
or hereafter existing at law or in equity or by statute. No delay or omission of
the Trustee or of any holder of the Securities of any series to exercise any
right or power accruing upon any default or event of default shall impair any
such right or power or shall be construed to be a waiver of any such default or
event of default or an acquiescence therein, and every power and remedy given by
this Article Six to the Trustee and to the holders of Securities of any series,
respectively, may be exercised from time to time and as often as may be deemed
expedient by the Trustee or by the holders of Securities of such series, as the
case may be. In case the Trustee or any holder of Securities of any series shall
have proceeded to enforce any right under this Indenture and the proceedings for
the enforcement thereof shall have been discontinued or abandoned because of
waiver or for any other reason or shall have been adjudicated adversely to the
Trustee or to such holder of Securities, then and in every such case the
Company, the Trustee and the holders of the Securities of such series shall
severally and respectively be restored to their former positions and rights
hereunder and thereafter all rights, remedies and powers of the Trustee and the
holders of the Securities of such series shall continue as though no such
proceedings had been taken, except as to any matters so waived or adjudicated.

                                  ARTICLE SEVEN

                         CONCERNING THE SECURITYHOLDERS

                  SECTION 7.01. Whenever in this Indenture it is provided that
the holders of a specified percentage or a majority in aggregate principal
amount of the Securities or of any series of Securities may take any action
(including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time
of taking any such action the holders of such specified percentage or majority
have joined therein may be evidenced (a) by any instrument or any number of
instruments of similar tenor, executed by Securityholders in person or by agent
or proxy appointed in writing, or (b) by the record of the holders of Securities
voting in favor thereof, at any meeting of Securityholders duly called and
<PAGE>
                                       32

held in accordance with the provisions of Article Eight, or (c) by a combination
of such instrument or instruments and any such record of such a meeting of
Securityholders.

                  SECTION 7.02. Proof of the execution of any instrument by a
Securityholder or his agent or proxy and proof of the holding by any person of
any of the Securities shall be sufficient if made in the following manner:

                  The fact and date of the execution by any person of any such
instrument may be proved (a) by the certificate of any notary public or other
officer in any jurisdiction who, by the laws thereof, has power to take
acknowledgements or proof of deeds to be recorded within such jurisdiction, that
the person who signed such instrument did acknowledge before such notary public
or other officer the execution thereof, or (b) by the affidavit of a witness of
such execution sworn to before any such notary or other officer. Where such
execution is by a person acting in other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his
authority.

                  The ownership of Securities shall be proved by the Security
Register of such Securities or by a certificate of the Security Registrar
thereof.

                  The Trustee may accept such other proof or may require such
additional proof of any matter referred to in this Section 7.02 as it shall deem
appropriate or necessary.

                  SECTION 7.03. In determining whether the holders of the
requisite principal amount of the Securities have concurred in any direction,
request, waiver or consent under this Indenture, Securities which are owned by
the Company or by any other obligor on the Securities or by any person directly
or indirectly controlling, or controlled by, or under direct or indirect common
control with, the Company or any such other obligor shall be disregarded, except
that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, request, waiver or consent, only Securities which
the Trustee actually knows are so owned shall be disregarded. Securities so
owned which have been pledged in good faith may be regarded as outstanding for
the purposes of this Section 7.03 if the pledgee shall establish to the
satisfaction of the Trustee the pledgee's right to vote such Securities, and
that the pledgee is not a person directly or indirectly controlling, or
controlled by, or under direct or indirect common control with, the Company or
any such other obligor. In case of a dispute as to such right, any decision by
the Trustee taken upon the advice of counsel shall be full protection to the
Trustee.

                  SECTION 7.04. At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 7.01, of the taking of any
action by the holders of the percentage in aggregate principal amount of the
Securities or of any series of Securities specified in this Indenture in
connection with such action, any holder of a Security which is shown by the
evidence to be included in the Securities the holders of which have consented to
such action may, by filing written notice with the Trustee at its Principal
Office and upon proof of holding as provided in Section 7.02, revoke such action
so far as concerns such Security. Except as aforesaid, any such action taken by
the holder of any Security shall be conclusive and binding upon such holder and
upon all future holders and owners of such Security, irrespective of
<PAGE>
                                       33

whether or not any notation in regard thereto is made upon such Security or any
Security issued in exchange or substitution therefor.

                                  ARTICLE EIGHT

                            SECURITYHOLDERS' MEETINGS

                  SECTION 8.01. A meeting of Securityholders may be called at
any time and from time to time pursuant to the provisions of this Article Eight
for any of the following purposes:

                  (a) to give any notice to the Company or to the Trustee, or to
         give any directions to the Trustee, or to consent to the waiving of any
         default hereunder and its consequences, or to take any other action
         authorized to be taken by Securityholders pursuant to any of the
         provisions of Article Six;

                  (b) to remove the Trustee and nominate a successor trustee
         pursuant to the provisions of Article Ten;

                  (c) to consent to the execution of an indenture or indentures
         supplemental hereto pursuant to the provisions of Section 13.02; or

                  (d) to take any other action authorized to be taken by or on
         behalf of the holders of any specified aggregate principal amount of
         the Securities of any one or more or all series, as the case may be,
         under any other provision of this Indenture or under applicable law.

                  SECTION 8.02. The Trustee may at any time call a meeting of
Securityholders of all series that may be affected by the action proposed to be
taken, to take any action specified in Section 8.01, to be held at such time and
at such place as the Trustee shall determine. Notice of every meeting of the
Securityholders of a series, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be mailed to holders of Securities of such series at their addresses as
they shall appear on the Security Register (including the records of any
Security Co-Registrar). Such notice shall be mailed not less than 20 nor more
than 90 days prior to the date fixed for the meeting.

                  SECTION 8.03. In case at any time the Company, pursuant to a
resolution of its Board of Directors, or the holders of at least 10% in
aggregate principal amount of the Securities of a series then outstanding that
may be affected by the action proposed to be taken, shall have requested the
Trustee to call a meeting of Securityholders of such series, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed the notice of such meeting within
20 days after receipt of such request, then the Company or such Securityholders
may determine the time and the place for such meeting and may call such meeting
to take any action authorized in Section 8.01, by mailing notice thereof as
provided in Section 8.02.
<PAGE>
                                       34

                  SECTION 8.04. To be entitled to vote at any meeting of
Securityholders a person shall (a) be a holder of one or more Securities of a
series affected by the action proposed to be taken at the meeting or (b) be a
person appointed by an instrument in writing as proxy by a holder of one or more
such Securities. The only persons who shall be entitled to be present or to
speak at any meeting of Securityholders shall be the persons entitled to vote at
such meeting and their counsel and any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.

                  SECTION 8.05. Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders, in regard to proof of the holding
of Securities and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall think fit.

                  The Trustee shall, by an instrument in writing, appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Securityholders as provided in Section 8.03, in which case the
Company or the Securityholders calling the meeting, as the case may be, shall in
like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

                  Subject to the provisions of Section 7.03, at any meeting of
Securityholders of a series, each Securityholder of such series or such
Securityholder's proxy shall be entitled to one vote for each $1,000 principal
amount of Securities of such series outstanding held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not outstanding and ruled by the chairman
of the meeting to be not outstanding. The chairman of the meeting shall have no
right to vote other than by virtue of Securities of such series held by him or
instruments in writing as aforesaid duly designating him as the person to vote
on behalf of other Securityholders of such series. At any meeting of the
Securityholders duly called pursuant to the provisions of Section 8.02 or 8.03,
the presence of persons holding or representing Securities in an aggregate
principal amount sufficient to take action upon the business for the transaction
of which such meeting was called shall be necessary to constitute a quorum, and
any such meeting may be adjourned from time to time by a majority of those
present, whether or not constituting a quorum, and the meeting may be held as so
adjourned without further notice.

                  SECTION 8.06. The vote upon any resolution submitted to any
meeting of Securityholders of a series shall be by written ballots on which
shall be subscribed the signatures of the holders of Securities of such series
or of their representatives by proxy and the principal amounts of the Securities
of such series held or represented by them. The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Securityholders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat, and affidavits by one or more persons
having knowledge of the facts
<PAGE>
                                       35

setting forth a copy of the notice of the meeting and showing that said notice
was mailed as provided in Section 8.02. The record shall show the principal
amounts of the Securities voting in favor of or against any resolution. The
record shall be signed and verified by the affidavits of the permanent chairman
and secretary of the meeting and one of the duplicates shall be delivered to the
Company and the other to the Trustee to be preserved by the Trustee.

                  Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                  SECTION 8.07. Nothing contained in this Article Eight shall be
deemed or construed to authorize or permit, by reason of any call of a meeting
of Securityholders of any series or any rights expressly or impliedly conferred
hereunder to make such call, any hindrance or delay in the exercise of any right
or rights conferred upon or reserved to the Trustee or to the Securityholders of
such series under any of the provisions of this Indenture or of the Securities
of such series.

                                  ARTICLE NINE

                     REPORTS BY THE COMPANY AND THE TRUSTEE
                           AND SECURITYHOLDERS' LISTS

                  SECTION 9.01. In accordance with Section 312(a) of the Trust
Indenture Act, the Company shall furnish or cause to be furnished to the
Trustee:

                  (a) semiannually with respect to Securities of each series on
         January 15 and July 15 of each year or upon such other dates as are set
         forth in or pursuant to the Board Resolution or indenture supplemental
         hereto authorizing such series, a list, in each case in such form as
         the Trustee may reasonably require, of the names and addresses of
         holders as of the applicable date; and

                  (b) 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;

provided, however, that so long as the Trustee is the Security Registrar no such
list shall be required to be furnished.

                  SECTION 9.02. The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of 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, the Trustee,
any Paying Agent or any Security Registrar shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
holders of Securities in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information was derived, and that
<PAGE>
                                       36

the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.

                  SECTION 9.03. (a) Within 60 days after May 15 of each year
commencing with the first May 15 following the first issuance of Securities, if
required by Section 313(a) of the Trust Indenture Act, the Trustee shall
transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report
dated as of such May 15 with respect to any of the events specified in said
Section 313(a) which may have occurred since the later of the immediately
preceding May 15 and the date of this Indenture.

                  (b) The Trustee shall transmit the reports required by Section
                  313(b) of the Trust Indenture Act and Section 10. 11 hereof at
                  the times specified therein.

                  (c) Reports pursuant to this Section shall be transmitted in
                  the manner and to the persons required by Sections 313(c) and
                  313(d) of the Trust Indenture Act.

                  SECTION 9.04. The Company, pursuant to Section 314(a) of the
Trust Indenture Act, shall:

                  (a) file with the Trustee, within 15 days after the Company is
         required to file the same with the Commission, copies of the annual
         reports and of the information, documents and other reports (or copies
         of such portions of any of the foregoing as the Commission may from
         time to time by rules and regulations prescribe) which the Company may
         be required to file with the Commission pursuant to Section 13 or
         Section 15(d) of the Securities Exchange Act of 1934; or, if the
         Company is not required to file information, documents or reports
         pursuant to either of said Sections, then it shall file with the
         Trustee and the Commission, in accordance with rules and regulations
         prescribed from time to time by the Commission, such of the
         supplementary and periodic information, documents and reports which may
         be required pursuant to Section 13 of the Securities Exchange Act of
         1934 in respect of a security listed and registered on a national
         securities exchange as may be prescribed from time to time in such
         rules and regulations;

                  (b) file with the Trustee and the Commission, in accordance
         with rules and regulations prescribed from time to time by the
         Commission, such additional information, documents and reports with
         respect to compliance by the Company with the conditions and covenants
         of this Indenture as may be required from time to time by such rules
         and regulations; and

                  (c) transmit to the holders within 30 days after the filing
         thereof with the Trustee, in the manner and to the extent provided in
         Section 313(c) of the Trust Indenture Act, such summaries of any
         information, documents and reports required to be filed by the Company
         pursuant to paragraphs (1) and (2) of this Section as may be required
         by rules and regulations prescribed from time to time by the
         Commission.
<PAGE>
                                       37

                                   ARTICLE TEN

                             CONCERNING THE TRUSTEE

SECTION 10.01. Subject to Sections 315(a) through 315(d) of the Trust Indenture
Act:

         (a) 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,
coupon or other paper or document reasonably believed by it to be genuine and to
have been signed or presented by the proper party or parties;

         (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by an Officers' Certificate and any resolution of the
Board of Directors or any committee thereof (or committee of officers or other
representatives of the Company, to the extent any such committee or committees
have been so authorized by the Board of Directors) may be sufficiently evidenced
by a Board Resolution;

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

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

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

         (f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
coupon 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, during business hours and upon
reasonable notice, the books, records and premises of the Company, personally or
by agent or attorney; and

         (g) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder.
<PAGE>
                                       38

                  SECTION 10.02. The recitals contained herein and in the
Securities, except those referring or relating to the Trustee or any of its
agents, and except for the Trustee's certificate 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, except that the Trustee represents that it is
duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder, and that the statements made
by it in a Statement of Eligibility and Qualification on Forms T-1 supplied to
the Company are and will be true and accurate, subject to the qualifications set
forth therein. Neither the Trustee nor any Authenticating Agent shall be
accountable for the use or application by the Company of the Securities or the
proceeds thereof.

                  SECTION 10.03. The Trustee, any Authenticating Agent, any
Security Registrar or any other person that may be an agent of the Trustee or
the Company, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 3 1 0(b) and 311 of the Trust
Indenture Act, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Security Registrar or such
other person.

                  SECTION 10.04. Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law
and, subject to Section 11.02 hereof, may be invested in direct obligations of
the United States of America in such amounts and with such maturities that will
ensure that the principal of such obligations, together with the income thereon
(without consideration of any reinvestment thereof) will be sufficient to pay
all sums due for principal of, premium, if any, and interest on the Securities,
as they become due from time to time. The Trustee shall be under no liability
for interest on any money received by it or for losses on any investments made
by it pursuant to this Section 10.04 except as otherwise agreed with the
Company.

                  SECTION 10.05. The Company agrees:

                  (1) to pay to the Trustee from time to time reasonable
         compensation for all services rendered by the Trustee 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) 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 the Trustee's negligence or bad faith; and

                  (3) to indemnify the Trustee and its agents for, and to hold
         them harmless against, any loss, liability or expense incurred without
         negligence or bad faith on their part (excluding, for so long as no
         event of default hereunder has occurred and is continuing, any
         settlement that has not been approved by the Company in writing prior
         to any such settlement) arising out of or in connection with the
         acceptance or administration of the trust or trusts hereunder,
         including the costs and expenses of defending themselves
<PAGE>
                                       39

         against any claim or liability in connection with the exercise or
         performance of any of their powers or duties hereunder, except to the
         extent that any such loss, liability or expense was due to the
         Trustee's negligence or bad faith.

                  The obligations of the Company under this Section to
compensate and indemnify the Trustee and each predecessor Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder
and shall survive the satisfaction and discharge of this Indenture.

                  SECTION 10.06. There shall at all times be a Trustee hereunder
that is a corporation permitted by the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act and that has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $25,000,000. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

                  SECTION 10.07. (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 pursuant
to Section 10.08.

                  (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 10.08 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee with
respect to such series.

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

                  (d) If at any time:

                  (1) the Trustee shall fail to comply with the obligations
         imposed upon it under Section 310(b) of the Trust Indenture Act with
         respect to Securities of any series after written request therefor by
         the Company or any holder of a Security of such series who has been a
         bona fide holder of a Security of such series for at least six months;
         or

                  (2) the Trustee shall cease to be eligible under Section 10.06
         and shall fail to resign after written request therefor by the Company
         or 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;
<PAGE>
                                       40

then, in any such case, (i) the Company, by or pursuant to a Board Resolution,
may remove the Trustee with respect to all Securities or the Securities of such
series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any holder
of a Security 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 removal of the Trustee with
respect to all Securities of such series 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 which shall
occur only with the express prior written consent of the Company, the Company,
by or pursuant to 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 10.08. 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
10.08, 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 of Securities and
accepted appointment in the manner required by Section 10.08, any holder of a
Security 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
by mailing written notice of such event by first-class mail, postage prepaid, to
the holders of Securities of such series as their names and addresses appear in
the Security Register. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its
Corporate Trust Office.

                  SECTION 10.08. (a) Upon the appointment hereunder of any
successor Trustee with respect to all Securities, such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties hereunder of the retiring Trustee;
but, on the request of the Company or such successor Trustee, such retiring
Trustee, upon payment of its charges, shall execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and, subject to Section 5.03, shall duly assign, transfer and
<PAGE>
                                       41

deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in
Section 10.05.

                  (b) Upon the appointment hereunder of any successor Trustee
with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and such successor Trustee 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, such 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, 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 that no
Trustee shall be responsible for any notice given to, or received by, or any act
or failure to act on the part of any other Trustee hereunder, 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, such retiring Trustee shall have no further responsibility for the
exercise of rights and powers or for the performance of the duties and
obligations vested in the Trustee under this Indenture with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates other than as hereinafter expressly set forth, 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
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 such
successor Trustee, such retiring Trustee, upon payment of its charges with
respect to the Securities of that or those series to which the appointment of
such successor relates and subject to Section 5.03 shall duly assign, transfer
and deliver to such successor Trustee, to the extent contemplated by such
supplemental indenture, the 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 person appointed hereunder as a
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 paragraph (a) or (b) of this Section,
as the case may be.

                  (d) No person shall accept its appointment hereunder as a
successor Trustee unless at the time of such acceptance such successor person
shall be qualified and eligible under this Article.
<PAGE>

                                       42

         SECTION 10.09. 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 of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, 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 10.10. The Trustee may appoint one or more Authenticating
Agents acceptable to the Company with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of that or those series issued upon original issue,
exchange, registration of transfer, partial redemption or pursuant to Section
2.06, 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,
except as provided in or pursuant to this Indenture, shall at all times be a
corporation that would be permitted by the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act, is authorized under
applicable law and by its charter to act as an Authenticating Agent and has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $5,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect 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 the corporate agency or
corporate trust business of an Authenticating Agent, shall be the successor of
such Authenticating Agent hereunder, provided such Corporation shall be
otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating Agent.

         An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and 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 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 (i) mail written notice
of such appointment by first-class mail, postage prepaid, to all holders of
Securities of the series with respect to which such
<PAGE>
                                       43

Authenticating Agent shall serve, as their names and addresses appear in the
Security Register. 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 provisions of Sections 2.05, 10.02 and 10.03 shall be applicable to
each Authenticating Agent.

         If all of the Securities of any series may not be originally issued at
one time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a place of payment where the
Company wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not be
accompanied by or contained in an Officers' Certificate by the Company), shall
appoint in accordance with this Section an Authenticating Agent having an office
in a place of payment designated by the Company with respect to such series of
Securities.

         SECTION 10.11. The Trustee shall, within ninety days after the
occurrence of a default with respect to the Securities of any series, mail to
all holders of Securities of that series entitled to receive reports pursuant to
Section 9.03, notice of all defaults with respect to that series known to the
Trustee, unless such defaults shall have been cured before the giving of such
notice; provided, however, that, except in the case of default in the payment of
the principal of, premium, if any, or interest on any of the Securities of such
series or in the making of any sinking fund payment with respect to such series,
the Trustee shall be protected in withholding such notice if and so long as the
board of directors or trustees, the executive committee, or a trust committee of
directors or trustees or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the
holders of Securities of such series. 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 hereunder.

                                 ARTICLE ELEVEN

                                   DEFEASANCE

         SECTION 11.01. If and when the principal of, and the premium, if any,
and the interest on, all the Securities outstanding hereunder and all other sums
due hereunder shall have been well and truly paid at the times and in the manner
therein and herein expressed, this Indenture shall cease and determine, and, at
the written request of the Company, accompanied by the Officers' Certificate and
Opinion of Counsel required by Section 14.03, and upon proof being given to the
reasonable satisfaction of the Trustee that all the Securities have been paid or
satisfied and upon payment of the costs, charges and expenses incurred or to be
incurred by the Trustee in relation thereto or in carrying out the provisions of
this Indenture, the Trustee shall cancel this Indenture and execute and deliver
to the company such instruments as shall be requisite to evidence the
satisfaction hereof.
<PAGE>
                                       44

         SECTION 11.02. If, at any time after the date hereof, the Company shall
deposit with the Trustee, in trust for the benefit of the holders thereof, (i)
funds sufficient to pay, or (ii) such amount of direct obligations of the United
States of America as will or will together with the income thereon without
consideration of any reinvestment thereof be sufficient to pay, all sums due for
principal of, premium, if any, and interest on the Securities of a particular
series, as they shall become due from time to time, and shall pay all costs,
charges and expenses incurred or to be incurred by the Trustee in relation
thereto or in carrying out the provisions of this Indenture in relation thereto,
this Indenture shall cease to be of further effect with respect to Securities of
such series (except as to (i) rights of registration of transfer, substitution
and exchange of Securities of such series, (ii) rights of holders to receive
payments of principal of, premium, if any, and interest on the Securities of
such series as they shall become due from time to time and other rights, duties
and obligations of Securityholders as beneficiaries hereof with respect to the
amounts so deposited with the Trustee, and (iii) the rights, obligations and
immunities of the Trustee hereunder (for which purposes the Securities of such
series shall be deemed outstanding), and the Trustee, on the written request of
the Company, accompanied by the Officers' Certificate and Opinion of Counsel
required by Section 14.03, and an Opinion of Counsel to the effect that holders
of the Securities of such series will not recognize income, gain or loss for
Federal income tax purposes as a result of the Company's action under this
Section 11.02 and will be subject to Federal income tax in the same amount, in
the same manner and at the same times as would have been the case if such action
had not been taken, shall execute and deliver to the Company such instruments as
shall be requisite to evidence the satisfaction thereof with respect to
Securities of such series. The Trustee shall apply the moneys so deposited
solely to the payment to the holders of the Securities of such series of all
sums due thereon for principal, premium, if any, and interest, and the Trustee
shall have no claim for itself, for fees, expenses or otherwise, to such moneys
so deposited. Money and securities held in trust pursuant to this Section 11.02
shall not be subject to Article Fifteen.

         SECTION 11.03. Neither the Trustee nor any other paying agent shall be
required to pay interest on any moneys deposited pursuant to the provisions of
this Indenture, except such as it shall agree in writing with the Company to pay
thereon. Any moneys so deposited for the payment of the principal of, premium,
if any, or interest on the Securities of any series and remaining unclaimed for
two years after the date of the Maturity of the Securities of such series or the
date fixed for the redemption of all the Securities of such series at the time
outstanding, as the case may be, shall be repaid by the Trustee or such other
paying agent to the Company upon its written request and thereafter, anything in
this Indenture to the contrary notwithstanding, any rights of the holders of
Securities of such series in respect of which such moneys shall have been
deposited shall be enforceable only against the Company, and all liability of
the Trustee or such other paying agent with respect to such moneys shall
thereafter cease.

         Subject to the provisions of the foregoing paragraph, any moneys which
at any time shall be deposited by the Company or on its behalf with the Trustee
or any other paying agent for the purpose of paying the principal of, premium,
if any, and interest on any of the Securities shall be and are hereby assigned,
transferred and set over to the Trustee or such other paying agent in trust for
the respective holders of the Securities for the purpose for which such moneys
shall have been deposited; but such moneys need not be segregated from other
funds except to the extent required by law.
<PAGE>
                                       45

                                 ARTICLE TWELVE

                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                        OFFICERS, DIRECTORS AND EMPLOYEES

         SECTION 12.01. No recourse shall be had for the paying of the principal
of, or the premium, if any, or interest on, any Security or for any claim based
thereon or otherwise in respect thereof or of the indebtedness represented
thereby, or upon any obligation, covenant or agreement of this Indenture,
against any incorporator, stockholder, officer, director or employee, as such,
past, present or future, of the Company or of any successor corporation, either
directly or through the Company or any successor corporation, whether by virtue
of any constitutional provision, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly agreed and
understood that this Indenture and the Securities are solely corporate
obligations, and that no personal liability whatsoever shall attach to, or be
incurred by, any incorporator, stockholder, officer, director or employee, as
such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, because of
the incurring of the indebtedness hereby authorized or under or by reason of any
of the obligations, covenants, promises or agreements contained in this
Indenture or in any of the Securities or to be implied herefrom or therefrom,
and that all liability, if any, of that character against every such
incorporator, stockholder, officer, director and employee is, by the acceptance
of the Securities and as a condition of, and as part of the consideration for,
the execution of this Indenture and the issue of the Securities expressly waived
and released.

                                ARTICLE THIRTEEN

                             SUPPLEMENTAL INDENTURES

         SECTION 13.01. The Company (when authorized by resolution of its Board
of Directors or Executive Committee) 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 one or more of the following purposes:

                  (a) to add to the covenants and agreements of the Company, to
         be observed thereafter and during the period, if any, in such
         supplemental indenture or indentures expressed, to surrender any right
         or power hereunder conferred upon the Company, and to add events of
         default, in each case for the protection or benefit of the holders of
         all or any series of the Securities (and if such covenants, agreements,
         surrender of rights or powers and events of default are to be for the
         benefit of fewer than all series of Securities, stating that such
         covenants, agreements, surrender of rights or powers and events of
         default are expressly being included for the benefit of such series as
         shall be identified therein);

                  (b) to change or eliminate any provisions of the Indenture
         with respect to all or any series of the Securities not then
         outstanding (and, if such change is
<PAGE>
                                       46

         applicable to fewer than all such series of the Securities, specifying
         the series to which such change is applicable), and to specify the
         rights and remedies of the Trustee and the holders of such Securities
         in connection therewith;

                  (c) to evidence the succession of another corporation to the
         Company, the Trustee, or successive successions, and the assumption by
         a successor, transferee or lessee corporation of the covenants and
         obligations of the Company or Trustee, as the case may be, contained in
         the Securities of one or more series or in this Indenture;

                  (d) to cure any ambiguity or to correct or supplement any
         provision contained herein or in any indenture supplemental hereto
         which may be defective or inconsistent with any other provision
         contained herein or in any supplemental indenture, or to make any other
         provision in regard to matters or questions arising under this
         Indenture which the Board of Directors of the Company may deem
         necessary or desirable and which shall not adversely affect the
         interests of the holders of the Securities;

                  (e) to prohibit the authentication and delivery of additional
         series of Securities;

                  (f) 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;

                  (g) to establish the form and terms of the Securities of any
         series as permitted in Sections 2.01 and 2.02, or to authorize the
         issuance of additional Securities of a series previously authorized or
         to add to the conditions, limitations or restrictions on the authorized
         amount, terms or purposes of issue, authentication or delivery of the
         Securities of any series, as herein set forth, or other conditions,
         limitations or restrictions thereafter to be observed; and

                  (h) to modify, alter, amend or supplement this Indenture in
         any other respect which is not materially adverse to the holders, so
         long as such change does not require the consent of the holders
         pursuant to any other provision of this Indenture and is not
         inconsistent with any other provisions of this Indenture and which, in
         the judgment of the Trustee, is not to the prejudice of the Trustee and
         maintains adequate protection to the Trustee when the same becomes
         operative.

         Subject to the provisions of Section 13.03, the Trustee is authorized
to join with the Company in the execution of any such supplemental indenture, to
make the further agreements and stipulations which may be therein contained and
to accept the conveyance, transfer, assignment, mortgage or pledge of any
property or assets thereunder.

         Any supplemental indenture authorized by the provisions of this Section
13.01 may be executed by the Company and the Trustee without the consent of the
holders of any of the Securities at the time outstanding, notwithstanding any of
the provisions of Section 13.02.
<PAGE>
                                       47

         SECTION 13.02. With the consent (evidenced as provided in Article
Seven) of the holders of not less than 66 2/3 % in aggregate principal amount of
the Securities at the time outstanding which are affected by such indenture
supplemental hereto, the Company, when authorized by a resolution of its Board
of Directors, and the Trustee may from time to time and at any time 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 the
Securities of any series to be affected; provided, however, that no such
supplemental indenture shall (i) extend the fixed maturity of any Securities, or
reduce the rate or extend the time of payment of interest thereon, or reduce the
amount of the principal thereof, or reduce any premium payable upon the
redemption thereof, or make the principal thereof or interest or premium thereon
payable in any coin or currency other than that provided in the Securities, or
impair the right to institute suit for the enforcement of any such payment on or
after the maturity thereof as provided in Section 6.07, or adversely affect the
right to convert any Security as may be provided pursuant to Section 2.02
herein, without the consent of the holder of each Security so affected, or (ii)
reduce the aforesaid percentage of Securities of any series, the holders of
which are required to consent to any such supplemental indenture, or modify any
of the provisions of this Indenture relating to the subordination of the
Securities in a manner adverse to the holder thereof, without the consent of the
holders of all the Securities then outstanding, or (iii) modify, without the
written consent of the Trustee, the rights, duties or immunities of the Trustee.

         A supplemental indenture which changes or eliminates any 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 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 the consent of the Securityholders under
this Section 13.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section 13.02, the
Company shall mail a notice, setting forth in general terms the substance of
such supplemental indenture, to the holders of Securities affected by such
supplemental indenture at their addresses as the same shall then appear in the
register of the Company. Any failure of the Company to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

         SECTION 13.03. Upon the request of the Company, accompanied by the
Officers' Certificate and Opinion of Counsel required by Section 14.03 and by

                  (a) a supplemental indenture duly executed on behalf of the
         Company,
<PAGE>
                                       48

                  (b) a copy of a resolution of the Board of Directors of the
         Company, certified by the Secretary or an Assistant Secretary of the
         Company, authorizing the execution of said supplemental indenture,

                   (c) an Opinion of Counsel, stating that said supplemental
          indenture complies with, and that the execution thereof is authorized
          or permitted by, the provisions of this Indenture, and

                   (d) if said supplemental indenture shall be executed pursuant
          to Section 13.02, evidence (as provided in Article Seven) of the
          consent thereto of the Securityholders required to consent thereto as
          in Section 13.02 provided,

the Trustee shall join with the Company in the execution of said supplemental
indenture unless said supplemental indenture affects the Trustee's own rights,
duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to, enter into said
supplemental indenture.

         SECTION 13.04. Upon the execution of any supplemental indenture
pursuant to the provisions of this Article Thirteen, this Indenture shall be and
shall be deemed to be modified and amended in accordance therewith and, except
as herein otherwise expressly provided, the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee,
the Company and the holders of all of the Securities or of the Securities of any
series affected, as the case may be, shall thereafter be determined, exercised
and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture
shall be and shall be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

         SECTION 13.05. Securities authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this
Article Thirteen may bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company or the
Trustee shall so determine, new Securities so modified as to conform, in the
opinion of the Trustee and the Board of Directors of the Company, to any
modification of this Indenture contained in any such supplemental indenture may
be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Securities then Outstanding in equal aggregate principal
amounts, and such exchange shall be made without cost to the holders of the
Securities.

         SECTION 13.06. Every supplemental indenture executed pursuant to the
provisions of this Article Thirteen shall conform to the requirements of the
Trust Indenture Act of 1939 as then in effect.

         SECTION 13.07. No supplemental indenture shall adversely affect the
rights of any holder of Senior Indebtedness under Article Fifteen without the
consent of such holder.
<PAGE>
                                       49

                                ARTICLE FOURTEEN

                            MISCELLANEOUS PROVISIONS

         SECTION 14.01. Subject to the provisions of Section 5.05, nothing
contained in this Indenture or in the Securities shall be deemed to prevent the
consolidation or merger of the Company with or into any other corporation, or
the merger into the Company of any other corporation, or the sale or lease by
the Company of its property and assets as, or substantially as, an entirety, or
otherwise.

         Upon any consolidation or merger, or any sale other than for cash or
lease of all or substantially all of the assets of the Company in accordance
with the provisions of Section 5.05, the corporation formed by such
consolidation or into which the Company shall have been merged or to which such
sale or lease shall have been made shall succeed to and be substituted for the
Company with the same effect as if it had been named herein as a party hereto,
and thereafter from time to time such corporation may exercise each and every
right and power of the Company under this Indenture, in the name of the Company
or in its own name; and any act or proceeding by any provision of this Indenture
required or permitted to be done by the Board of Directors or any officer of the
Company may be done with like force and effect by the like board or officer of
any corporation that shall at the time be the successor of the Company
hereunder. In the event of any such sale or conveyance, but not any such lease,
the Company (or any successor corporation which shall theretofore have become
such in the manner described in Section 5.05) shall be discharged from all
obligations and covenants under this Indenture and the Securities and may
thereupon be dissolved and liquidated.

         Anything in this Section 14.01 to the contrary notwithstanding, no such
consolidation or merger shall be entered into, and no such conveyance or
transfer shall be made, by the Company with or to another corporation or person
which has outstanding any obligations secured by a Lien if, as a result thereof,
any of the properties of any character owned by the Company immediately prior
thereto would be subject to such Lien, unless simultaneously therewith or prior
thereto effective provision shall be made to secure all of the Securities
equally and ratably with (or prior to) such other secured obligations.

         SECTION 14.02. Nothing in this Indenture expressed and nothing that may
be implied from any of the provisions hereof is intended, or shall be construed,
to confer upon, or to give to, any person or corporation other than the parties
hereto and their successors and the holders of the Securities any right, remedy
or claim under or by reason of this Indenture or any covenant, condition,
stipulation, promise or agreement hereof, and all covenants, conditions,
stipulations, promises and agreements in this Indenture contained shall be for
the sole and exclusive benefit of the parties hereto and their successors and of
the holders of the Securities.

         SECTION 14.03. As evidence of compliance with the conditions precedent
provided for in this Indenture (including any covenants compliance with which
constitutes a condition precedent) which relate to the authentication and
delivery of the Securities, to the satisfaction and discharge of this Indenture
or to any other action to be taken by the Trustee at the request or upon the
application of the Company, the Company will furnish to the Trustee an
<PAGE>
                                       50

Officers' Certificate, stating that such conditions precedent have been complied
with and an Opinion of Counsel stating that in the opinion of such Counsel such
conditions precedent have been complied with. Such Opinion of Counsel may be in
the form and contain such assumptions, qualifications and limitations as
customarily appear in legal opinions issued in the jurisdiction in which any
such opinion of counsel is rendered.

         Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include (1) a statement that
the person making such certificate or opinion has read such condition or
covenant; (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 such
person, such examination or investigation as is necessary to enable the
expression of an informed opinion as to whether or not such condition or
covenant has been complied with has been made; and (4) a statement as to whether
or not, in the opinion of such person, such condition or covenant has been
complied with.

         Notwithstanding any provision of this Indenture authorizing the Trustee
conclusively to rely upon any certificates or opinions, the Trustee, before
granting any application by the Company or taking or refraining from taking any
other action in reliance thereon, may require any further evidence or make any
further investigation as to the facts or matters stated therein which it may, in
good faith, deem reasonable in the circumstances, and in connection therewith
the Trustee may examine or cause to be examined the pertinent books, records and
premises of the Company or of any Subsidiary; and the Trustee shall, in any such
case, require such further evidence or make such further investigation as may be
requested by the holders of a majority in principal amount of the Securities
then outstanding, provided that, if payment to the Trustee of the costs,
expenses and liabilities likely to be incurred by it in making such
investigation is not reasonably assured to the Trustee by the security afforded
to it by the terms of this Indenture, the Trustee before making such
investigation may require reasonable indemnity against such costs, expenses and
liabilities. Any further evidence which may be requested by the Trustee pursuant
to any of the provisions of this paragraph shall be furnished by the Company at
its own expense; and any cost, expenses and liabilities incurred by the Trustee
pursuant to any of the provisions of this paragraph shall be paid by the
Company, or, if paid by the Trustee, shall be repaid by the Company, upon
demand, with interest at the highest rate borne by the Securities, and, until
such repayment, shall be secured by a lien on any moneys held by the Trustee
hereunder prior to any rights therein of the holders of Securities.

         SECTION 14.04. All Securities paid, redeemed, exchanged, surrendered
for registration of transfer or retired pursuant to the sinking fund or
otherwise shall, if surrendered to the Company or to any paying agent, be
delivered to the Trustee for cancellation and shall be cancelled by it or, if
surrendered to the Trustee, shall be cancelled by it, and, except as otherwise
provided in Sections 2.04, 2.05, 2.07, 4.02, 4.07 and 13.05, no Securities shall
be issued under the Indenture in lieu thereof. The Trustee shall make
appropriate notations in its records in respect of all such Securities and shall
destroy such Securities and deliver a certificate of such destruction to the
Company. If the Company shall acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation.
<PAGE>
                                       51

         SECTION 14.05. If any provision of this Indenture limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture
Act imposed hereon by Section 318(c) thereof, such required provision shall
control.

         SECTION 14.06. Whenever action is required by this Indenture by the
Board of Directors of the Company and there is at the time constituted a
committee of the Board of Directors duly authorized to take such action, such
action by said committee shall be deemed to be the action of the Board of
Directors and shall be sufficient for all purposes of this Indenture where
action by the Board of Directors is specified.

         SECTION 14.07. Any notice or demand authorized by this Indenture to be
given to the Company shall be sufficiently given for all purposes, if it shall
be given or made in writing, by hand, telecopier (with confirmation of receipt)
or certified or registered mail (confirmation of receipt requested) to the
Company addressed to it at 1850 North Central Avenue, Phoenix, Arizona 85077
(telephone: (602) 207-4000; telecopier: (602) 207-5480) to the attention of its
Vice President - General Counsel or at such other address as may have been
furnished in writing to the Trustee by the Company. Any notice, direction,
request or demand to or upon the Trustee shall be sufficiently given, for all
purposes, if it shall be given or made in writing, by hand, telecopier (with
confirmation of receipt) or certified or registered mail (confirmation of
receipt requested) to it at 5847 San Felipe, Suite 1050, Houston, Texas 77057
(telephone: (713) 278-4320; telecopier: (713) 278-4329 to the attention of
Corporate Trust Group, or at such other address as may have been furnished in
writing to the Company by the Trustee. Any notice required or permitted to be
given to Securityholders shall be sufficiently given if given by first class
mail, postage prepaid, to such holders, at their addresses as the same shall
appear on the Security Register. A failure to give notice with respect to any
particular holder or any defect therein shall not affect the sufficiency of
notice given to any other holder. Notice may be waived in writing by the person
entitled to receive such notice either before or after such event and such
waiver shall be the equivalent of receipt of such notice.

         SECTION 14.08. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by or pursuant to this
Indenture to be given or taken by holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such holders in
person or by an agent duly appointed in writing. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments and
any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the "Act" of the holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any person of a Security, shall
be sufficient for any purpose of this Indenture and (subject to Section 315 of
the Trust Indenture Act) conclusive in favor of the Trustee and the Company and
any agent of the Trustee or the Company, if made in the manner provided in this
Section 14.08.

         Without limiting the generality of this Section 14.08, unless otherwise
provided in or pursuant to this Indenture, a holder, including a Depositary that
is a holder of a global
<PAGE>
                                       52

Security, may make, give or take, by a proxy, or proxies, duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in or pursuant to this Indenture to be made, given or
taken by holders, and a Depositary that is a holder of a global Security may
provide for the beneficial owners of interests in any such global Security to
direct such Depositary in taking such action through such Depositary's standing
instructions and customary practices. The Depositary shall report only one
result of its solicitation of proxies to the Trustee.

                  (b) The fact and date of the execution by any person of any
         such instrument or writing may be proved in any reasonable manner which
         the Trustee deems sufficient and in accordance with such reasonable
         rules as the Trustee may determine; and the Trustee may in any instance
         require further proof with respect to any of the matters referred to in
         this Section.

                  (c) The ownership, principal amount and serial numbers of
         Securities held by any person, and the date of the commencement and the
         date of the termination of holding the same, shall be proved by the
         Security Register.

                  (d) If the Company shall solicit from the holders of any
         Securities any request, demand, authorization, direction, notice,
         consent, waiver or other Act, the Company shall, by Board Resolution,
         fix in advance a record date for the determination of holders of
         Securities entitled to give such request, demand, authorization,
         direction, notice, consent, waiver or other Act. Such request, demand,
         authorization, direction, notice, consent, waiver or other Act may be
         given before or after such record date, but only the holders of
         Securities of record at the close of business on such record date shall
         be deemed to be holders for the purpose of determining whether holders
         of the requisite proportion of Outstanding Securities have authorized
         or agreed or consented to such request, demand, authorization,
         direction, notice, consent, waiver or other Act, and for that purpose
         the Outstanding Securities shall be computed as of such record date;
         provided that no such authorization, agreement or consent by the
         holders of Securities shall be deemed effective unless it shall become
         effective pursuant to the provisions of this Indenture not later than
         six months after the record date.

                  (e) Any request, demand, authorization, direction, notice,
         consent, waiver or other action by 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 or
         suffered to be done by the Trustee, any Security Registrar or the
         Company in reliance thereon, whether or not notation of such action is
         made upon such Security.

         SECTION 14.09. In any case where the date of maturity of interest on or
principal of the Securities or the date fixed for redemption of any Securities
shall not be a business day, then payment of interest, principal and premium, if
any, may be made on the next succeeding business day with the same force and
effect as if made on the date of maturity and no interest shall accrue for the
period after such date.
<PAGE>
                                       53

         SECTION 14.10. This Indenture 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.

         SECTION 14.11. This Indenture and each Security shall be deemed to be a
contract made under the law of the State of New York, and for all purposes shall
be construed in accordance with the law of said State.

                                 ARTICLE FIFTEEN

                           SUBORDINATION OF SECURITIES

         SECTION 15.01. The Company, for itself, its successors and assigns,
covenants and agrees, and each holder of Securities by his acceptance thereof,
likewise covenants and agrees, Indebtedness evidenced by such Securities,
including the principal of and premium, if any, on, sinking fund requirements
therefor, if any, and interest, if any, on each and all of the Securities are
hereby expressly subordinated, to the extent and in the manner hereinafter set
forth, in right of payment to the prior payment in full of all Senior
Indebtedness. The subordination provisions hereof shall be subject to the power
of a court of competent jurisdiction to make other equitable provision
reflecting the rights conferred in this Indenture upon the Senior Indebtedness
and the holders thereof with respect to the Securities and the holders thereof
by a lawful plan of reorganization under applicable bankruptcy law.

         SECTION 15.02. In the event of any distribution of assets or securities
of the Company of any kind or character (whether in cash, property or
securities) upon any dissolution, winding-up, liquidation or reorganization of
the Company, whether voluntary or involuntary and whether in bankruptcy,
insolvency, reorganization or receivership proceedings or upon an assignment for
the benefit of creditors or any other marshalling of the assets and liabilities
of the Company or otherwise,

                  (a) the holders of all Senior Indebtedness shall be entitled
         to receive payment in full of the principal thereof and premium, if
         any, thereon and interest due thereon before any payment or
         distribution of any character (whether in cash, securities or property)
         is made on account of the principal of (and premium, if any), or
         interest on or sinking fund requirements, if any, for the indebtedness
         evidenced by the Securities of any series; and

                  (b) any payment or distribution of assets or securities of the
          Company of any kind or character, whether in cash, property or
          securities, on account of the indebtedness evidenced by the Securities
          of any series to which the holders of such Securities or the Trustee
          would be entitled except for the provisions of this Article Fifteen
          shall be paid or delivered by the Company or any trustee in
          bankruptcy, receiver, assignee for benefit of creditors, or other
          liquidating agent making such payment or distribution, directly to the
          holders of Senior Indebtedness at the time outstanding or their
          representative or representatives, or to the trustee or trustees under
          any indenture pursuant to which any instruments evidencing any of such
          Senior Indebtedness may have been issued, pro rata,
<PAGE>
                                       54

         as their respective interests may appear, for application to the
         payment of all such Senior Indebtedness remaining unpaid, to the extent
         necessary to pay all such Senior Indebtedness in full after giving
         effect to any concurrent payment or distribution to the holders of such
         Senior Indebtedness; and

                  (c) in the event that, notwithstanding the foregoing, any
         payment or distribution of assets or securities of the Company of any
         kind or character, whether in cash, property or securities, on account
         of the indebtedness evidenced by the Securities of any series shall be
         received by the Trustee or the holders of such Securities before all
         Senior Indebtedness is paid in full, such payment or distribution shall
         be received and held for the benefit of, and shall be paid over or
         delivered to the holders of such Senior Indebtedness or their
         representative or representatives or to the trustee or trustees under
         any indenture under which any instrument evidencing any of such Senior
         Indebtedness may have been issued, pro rata, as their respective
         interests may appear, for application to the payment of all such Senior
         Indebtedness, to the extent necessary to pay all such Senior
         Indebtedness in full after giving effect to any concurrent payment or
         distribution to the holders of such Senior Indebtedness.

The Company shall give prompt written notice to the Trustee of any dissolution,
winding-up, liquidation or reorganization of the Company within the meaning of
this Section 15.02. Upon any payment or distribution of assets or securities of
the Company referred to in this Section 15.02, the Trustee, subject to the
provisions of Section 10.01, shall be entitled to rely upon a certificate of the
trustee in bankruptcy, receiver, assignee for benefit of creditors or other
liquidating agent making such payment or distribution, delivered to the Trustee
or to the holders of Securities of any series, for the purpose of ascertaining
the persons entitled to participate in such distribution, the holders of the
Senior Indebtedness and other indebtedness of the Company, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Section 15.02. 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 to participate in any
payment or distribution pursuant to this Section 15.02, the Trustee may request
such person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Indebtedness held by such person, as to the extent to
which such person is entitled to participate in such payment or distribution,
and as to other facts pertinent to the rights of such person under this Section
15.02, 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. Nothing in this Section 15.02 shall apply to the claims
of, or payments to, the Trustee under or pursuant to Section 10.05.

         Subject to the payment in full of all Senior Indebtedness, the holders
of the Securities of any series shall be subrogated to the rights of the holders
of Senior Indebtedness to receive payments or distributions of assets or
securities of the Company made on the Senior Indebtedness until the principal of
and premium, if any, and interest on the Securities shall be paid in full and
for purposes of such subrogation, no payments or distributions to the holders of
Senior Indebtedness of cash, property, or securities, to which the holders of
the Securities or the Trustee would be entitled except for the provisions of
this Article Fifteen, and no payment over pursuant to the provisions of this
Article Fifteen to the holders of Senior Indebtedness by the
<PAGE>
                                       55

holders of the Securities or the Trustee, shall, as between the Company, its
creditors other than the holders of Senior Indebtedness, and the holders of
Securities, be deemed to be a payment by the Company to or on account of Senior
Indebtedness, it being understood that the provisions of this Article Fifteen
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, on the other hand.

         SECTION 15.03. Nothing contained in this Article Fifteen or elsewhere
in this Indenture, or in any of the Securities of any series, is intended to or
shall impair, as between the Company, its creditors other than the holders of
Senior Indebtedness, and the holders of the Securities, the obligation of the
Company, which is absolute and unconditional, 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 affect the relative rights of the holders of the Securities and
creditors of the Company other than the holders of Senior Indebtedness, nor
shall anything herein or therein 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 provisions of Article Six and the
rights, if any, under this Article Fifteen of the holders of Senior Indebtedness
in respect of cash, property or securities of the Company received upon the
exercise of any such remedy.

         SECTION 15.04. (a) Upon the maturity of any Senior Indebtedness by
lapse of time, acceleration or otherwise, or upon the maturity of the Securities
of such series by acceleration thereof under Article 6, then all principal and
interest on all such matured Senior Indebtedness, or on all Senior Indebtedness
outstanding at the time of such acceleration under Article 6, respectively,
shall first be paid in full before any direct or indirect payment (in cash,
property, securities, by set-off or otherwise) on account of principal (and
premium, if any) or interest is made upon the Securities.

         (b) Upon a default in the payment of principal (and premium, if any) or
interest with respect to any Senior Indebtedness, then, unless and until such
default shall have been cured or waived or shall have ceased to exist, no direct
or indirect payment (in cash, property, securities, by set-off or otherwise)
shall be made or agreed to be made on account of the principal of (and premium,
if any) or interest on the Securities or as a sinking fund, if any, for the
Securities (except sinking fund payments, if any, made in Securities acquired by
the Company prior to such default), or in respect of any redemption, retirement,
purchase or other acquisition of any of the Securities. In the event that,
notwithstanding the foregoing, any direct or indirect payment or distribution
shall be received by the Trustee or by any holder of the Securities in
contravention of the provisions of Section 15.02 or this paragraph (b), then
such payments shall be held for the benefit of, and shall be paid over to, the
holders of all Senior Indebtedness at the time outstanding or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Indebtedness
may have been issued, as their respective interests may appear, for application
to the pro rata payment of all such Senior Indebtedness until all such Senior
Indebtedness shall have been paid in full, after giving effect to any concurrent
payment or distribution to the holders of such Senior Indebtedness.

<PAGE>
                                       56

         (c) Upon the happening of an event of default (other than a default in
the payment of principal, premium, if any, or interest) with respect to any
Senior Indebtedness, as defined therein or in the instrument under which the
same is outstanding, permitting the holders thereof to accelerate the maturity
thereof, then, unless and until such event of default (other than a default in
the payment of principal, premium, if any, or interest) shall have been cured or
waived or shall have ceased to exist, no direct or indirect payment (in cash,
property, securities, by set-off or otherwise) shall be made or agreed to be
made on account of the principal of (and premium, if any) or interest on the
Securities or as a sinking fund, if any, for the Securities (except sinking fund
payments, if any, made in Securities acquired by the Company prior to such event
of default), or in respect of any redemption, retirement, purchase or other
acquisition of any of the Securities. In the event that, notwithstanding the
foregoing, any direct or indirect payment or distribution shall be received by
the Trustee or any holder of the Securities in contravention of the provisions
of Section 15.02 or this paragraph (c), then such payments shall be held for the
benefit of, and shall be paid over to, the holders of all Senior Indebtedness at
the time outstanding or their representative or representatives or to the
trustee or trustees under any indenture under which any instruments evidencing
any of such Senior Indebtedness may have been issued, as their respective
interests may appear, for application to the pro rata payment of all such Senior
Indebtedness until all such Senior Indebtedness shall have been paid in full,
after giving effect to any concurrent payment or distribution to the holders of
such Senior Indebtedness.

         SECTION 15.05. Nothing contained in this Article Fifteen or elsewhere
in this Indenture, or in any of the Securities, shall

                  (a) prevent the Company from making any payment on account of
         principal of (and premium, if any), sinking fund or interest on such
         Securities, or deposits of moneys for such payments with the Trustee or
         any paying agent, except during the existence of any of the conditions
         described in Section 15.02 or Section 15.04, or

                  (b) prevent the Trustee, notwithstanding the existence of any
         of the conditions described in Section 15.02 or Section 15.04, from
         applying any moneys deposited with it hereunder for such purpose to the
         payment of the principal of (and premium, if any), sinking fund for or
         interest on the Securities, unless, at least one full business day
         prior to the date upon which such payment would otherwise (except for
         the existence of any such condition) become due and payable, the
         Trustee shall have received written notice of the existence of any such
         condition and describing the same from the Company or any holder of
         Senior Indebtedness or any trustee or agent for or similar
         representative of any such holder, or

                  (c) result in charging the Trustee with knowledge of the
         existence of Senior Indebtedness or, in the absence of written notice
         of the existence of any condition described in Sections 15.02 or 15.04
         hereof, with knowledge of the existence of such condition.

         SECTION 15.06. The Trustee shall be entitled to all the rights set
forth in this Article Fifteen in respect of any Senior Indebtedness at any time
held by it, to the same extent as
<PAGE>
any other holder of Senior Indebtedness and nothing in this Indenture shall be
construed to deprive the Trustee of any of its rights as such holder. Any
amounts due to the Trustee pursuant to Section 10.07 hereof shall be deemed to
be Senior Indebtedness.

         SECTION 15.07. No right of any present or future holder of any Senior
Indebtedness of the Company 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 noncompliance 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.

         SECTION 15.08. Each holder of a Security of any series by his
acceptance thereof (i) hereby irrevocably authorizes and empowers (but without
imposing any obligation on) each holder of any Senior Indebtedness at the time
outstanding and such holder's representatives, to demand, sue for, collect,
receive and receipt for such holder's ratable share of payments and
distributions in respect of the Securities which are required to be paid or
delivered to the holders of Senior Indebtedness as provided in Sections 15.02
and 15.04 hereof, and to file and prove all claims therefor and take all such
other action (including the right to vote such holder's ratable share of such
Securities) in the name of the holders of the Securities, or otherwise, as such
holder or such holder's representatives may determine to be necessary or
appropriate for the enforcement of the provisions of Sections 15.02 and 15.04
above; and (ii) agrees to execute and deliver to each holder of Senior
Indebtedness, and such holder's representatives, all such further instruments
confirming the authorization hereinabove set forth, and all such powers of
attorney, proofs of claim, assignments of claim and other instruments, and to
take all such other action as may be requested by such holder or such holder's
representatives in order to enable such holder to enforce all claims upon or in
respect of such holder's ratable share of the Securities.

         Each holder of a Security of any series by his acceptance thereof
authorizes the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate, as between the holders of Senior Indebtedness and the
holders of such Securities, the subordination as provided in this Article
Fifteen, and appoints the Trustee his attorney-in-fact for any and all such
purposes.

         SECTION 15.09. The Trustee shall not be deemed to owe any fiduciary
duty to the holders of Senior Indebtedness, and shall not be liable to any such
holders if it shall mistakenly pay over or distribute to holders of Securities
or the Company or any other Person moneys or assets to which any holder of
Senior Indebtedness shall be entitled by virtue of this Article Fifteen or
otherwise.

         SECTION 15. 10. Notwithstanding anything herein contained to the
contrary, all the provisions of this Indenture shall be subject to the
provisions of this Article Fifteen, except that this Article Fifteen is subject
to the provisions of Section 5.03.
<PAGE>
                                       58

         IN WITNESS WHEREOF, Viad Corp has caused this Indenture to be executed
in its corporate name by one of its officers thereunto duly authorized, and its
corporate seal to be hereunto affixed and to be attested by its Secretary or one
of its Assistant Secretaries, and Wachovia Bank, National Association, has
caused this Indenture to be executed in its corporate name by one of its
authorized officers thereunto duly authorized.

                                                VIAD CORP

[Seal]
                                                By:________________________

Attest:

_____________________

                                                WACHOVIA BANK,
                                                NATIONAL ASSOCIATION,
                                                as Trustee

[Seal]
                                                By:________________________

Attest:

_____________________Exhibit 10.2

            FIRST AMENDMENT, dated as of January 1, 1999 (the "First
Amendment"), to the Investment Advisory Agreement (the "Agreement"), dated as
of March 27, 1998 between Anthracite Capital, Inc., a Maryland corporation
(the "Company"), and BlackRock Financial Management, Inc., a Delaware
corporation (the "Manager").

                                  RECITALS

            Section 12 of the Agreement provides, among other things, that
the Company and the Manager may amend the Agreement, if, but only if, such
amendment is in writing and is signed by the parties thereof.

            The Company and the Manager hereby enter into this First
Amendment pursuant to Section 12 of the Agreement, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged.

            All things necessary to make this First Amendment a valid
agreement between the Company and the Manager in accordance with its terms
have been done.

            In the event that any term or provision contained herein shall
conflict or be inconsistent with any provision contained in the
Agreement, the terms and provisions of this First Agreement shall govern.

            All terms used in this First Agreement which are defined in the
Agreement have the meanings assigned to such terms in the Agreement.

                                  ARTICLE I

                                  AMENDMENTS

            SECTION 1.1 Amendment of Section 1.1 (c) of the Agreement.

            The definition of the term "Average Invested Assets" in Section
1.1 (c) of the Agreement shall be amended by deleting the word "daily" in the
sixth line thereof and substituting thereof the word "monthly."

                                 ARTICLE II

                               MISCELLANEOUS

            Section 2.1 Governing Law. This First Amendment shall be
construed in accordance with the laws of the State of New York for contracts
to be performed entirely therein without reference to choice of law
principles thereof.

            Section 2.2 Severability. The invalidity or unenforceability of
any provision of this First Amendment shall not affect the validity of any
other provision, and all other provisions shall remain in full force and
effect.

            Section 2.3 Counterparts. This First Amendment may be signed by
the parties in counterparts which together shall constitute one and the same
agreement among the parties.

            Section 2.4 Ratification of the Agreement. As amended by this
First Agreement, the Agreement is in all respects ratified and confirmed and
the Agreement as so amended by this First Amendment shall read, taken and
construed as one and the same instrument.

<PAGE>

                                 SIGNATURES

            IN WITNESS WHEREOF, the parties hereto have caused this First
Amendment to be duly executed all as of the date first written above.

                                   ANTHRACITE CAPITAL, INC.

                                   By:  /s/  Hugh R. Frater
                                        --------------------------------
                                   Name:   Hugh R. Frater
                                   Title:  President and Chief Executive Officer

                                   BLACKROCK FINANCIAL MANAGEMENT, INC.

                                   By: /s/  Laurence D. Fink
                                        --------------------------------
                                   Name:  Laurence D. Fink
                                   Title: Chairman and Chief Executive Officer

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