Document:

<PAGE>

                                                                     Exhibit 4.3

COMMON

NUMBER                                                                    SHARES

                           [LOGO] ARGONAUT GROUP, INC.

                                                             CUSIP 040157 10 9
                                                             SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
       THIS CERTIFICATE IS TRANSFERABLE IN EITHER BOSTON OR NEW YORK CITY

                                    SPECIMEN

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, PAR VALUE $0.10, OF

ARGONAUT GROUP, INC., transferable on the books of the Corporation by the holder
hereof in person or by a duly authorized attorney upon surrender of this
Certificate properly endorsed. This Certificate is not valid until countersigned
by a Transfer Agent and registered by a Registrar.
      WITNESS the seal of the Corporation and the signature of its duly
authorized officers.

Dated
                              CERTIFICATE OF STOCK

                          [SEAL] ARGONAUT GROUP, INC.

                                                      /s/ Charles E. Rinsch
                                                                      President

                                                          James B. Halliday
                                                                       Secretary

<PAGE>
                              ARGONAUT GROUP, INC.

        The Company is authorized to issue Common Stock and Preferred Stock.
The Board of Directors of the Company has authority to fix the number of shares
and the designation of any series of Preferred Stock and to determine or alter
the rights, preferences, privileges, and restrictions granted to or imposed upon
any unissued shares of Preferred Stock.

        A Statement of the rights, preferences, privileges, and restrictions
granted to or imposed upon the respective classes or series of shares and upon
the holders thereof as established, from time to time, by the Certificate of
Incorporation of the Company and by any certificate of determination, the number
of shares constituting each class and series, and the designation thereof, may
be obtained by the holder hereof without charge and upon request to the Transfer
Agent or the Company at its principal office.

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

TEN COM  --as tenants in common       UNIF GIFT ACT-- ________Custodian_________
                                                      (Cust)           (Minor)
                                                   under Uniform Gifts to Minors
TEN ENT  --as tenants by the entireties

JT TEN   --as joint tenants with right
           of survivorship and not as              Act__________________________
           tenants in common                                  (State)

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

     For value received,___________________hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
-----------------------------------------------

-----------------------------------------------_________________________________

________________________________________________________________________________
Please print or typewrite name and address including postal zip code of assignee

________________________________________________________________________________

________________________________________________________________________________

__________________________________________________________________________Shares

of the Common Stock represented by the within Certificate, and do hereby

irrevocably constitute and appoint______________________________________________

________________________________________________________________________________
Attorney to transfer the said stock on the books of the within-named Corporation
with full power of substitution in the premises.

Dated: _________________________________________

                                        ________________________________________

NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the Certificate, in every particular, without
alteration or enlargement, of any change whatever.<PAGE>

                                                                     EXHIBIT 4.4

                               ARGONAUT GROUP INC.

                                       TO

                        LASALLE BANK NATIONAL ASSOCIATION

                                     Trustee

                                   ----------

                                SENIOR INDENTURE

                          Dated as of November __, 2002

                                   ----------

<PAGE>

                               Argonaut Group Inc.
                 Certain Sections of this Indenture relating to
                  Sections 3.10 through 3.18, inclusive, of the
                    Trust Indenture Act of 1939, as amended:

   Provisions of Trust                                   Indenture Section
 Indenture Act of 1939,
       as amended
  Section 310(a)(1)  ...............................     6.9
             (a)(2)  ...............................     6.9
             (a)(3)  ...............................     Not Applicable
             (a)(4)  ...............................     Not Applicable
                (b)  ...............................     6.8, 6.10
                (c)  ...............................     Not Applicable
     Section 311(a)  ...............................     6.13
                (b)  ...............................     6.13
                (c)  ...............................     Not Applicable
     Section 312(a)  ...............................     7.1, 7.2(a)
                (b)  ...............................     7.2(b)
                (c)  ...............................     7.2(c)
     Section 313(a)  ...............................     7.3(a)
                (b)  ...............................     7.3(a)
                (c)  ...............................     7.3(a)
                (d)  ...............................     7.3(b)
     Section 314(a)  ...............................     7.4
             (a)(4)  ...............................     1.1, 10.4
                (b)  ...............................     Not Applicable
             (c)(1)  ...............................     1.2
             (c)(2)  ...............................     1.2
             (c)(3)  ...............................     Not Applicable
                (d)  ...............................     Not Applicable
                (e)  ...............................     1.2
     Section 315(a)  ...............................     6.1
                (b)  ...............................     6.2
                (c)  ...............................     6.1
                (d)  ...............................     6.1
                (e)  ...............................     5.14
     Section 316(a)  ...............................     1.1
          (a)(1)(A)  ...............................     5.2, 5.12
          (a)(1)(B)  ...............................     5.13
             (a)(2)  ...............................     Not Applicable
                (b)  ...............................     5.8
                (c)  ...............................     1.4(c)
  Section 317(a)(1)  ...............................     5.3
             (a)(2)  ...............................     5.4
                (b)  ...............................     10.3
     Section 318(a)  ...............................     1.7

----------
NOTE: This  reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                        <C>                                                                         <C>
ARTICLE I        1

         Section 1.1       Definitions................................................................  1

         Section 1.2       Compliance Certificates and Opinions.......................................  7

         Section 1.3       Form of Documents Delivered to Trustee.....................................  7

         Section 1.4       Acts of Holders; Record Dates..............................................  8

         Section 1.5       Notices, Etc., to Trustee and Company......................................  9

         Section 1.6       Notice to Holders; Waiver..................................................  9

         Section 1.7       Conflict with Trust Indenture Act..........................................  9

         Section 1.8       Effect of Headings and Table of Contents................................... 10

         Section 1.9       Successors and Assigns..................................................... 10

         Section 1.10      Separability Clause........................................................ 10

         Section 1.11      Benefits of Indenture...................................................... 10

         Section 1.12      Governing Law.............................................................. 10

         Section 1.13      Legal Holidays............................................................. 10

ARTICLE II      11

         Section 2.1       Forms Generally............................................................ 11

         Section 2.2       Form of Face of Security................................................... 11

         Section 2.3       Form of Reverse of Security................................................ 13

         Section 2.4       Additional Provisions Required in Book-Entry Security...................... 16

         Section 2.5       Form of Trustee's Certificate of Authentication............................ 16

ARTICLE III      17

         Section 3.1       Amount Unlimited; Issuable in Series....................................... 17

         Section 3.2       Denominations.............................................................. 19

         Section 3.3       Execution, Authentication, Delivery and Dating............................. 19

         Section 3.4       Temporary Securities....................................................... 20

         Section 3.5       Registration, Registration of Transfer and Exchange........................ 20

         Section 3.6       Mutilated, Destroyed, Lost and Stolen Securities........................... 22

         Section 3.7       Payment of Interest; Interest Rights Preserved............................. 22

         Section 3.8       Persons Deemed Owners...................................................... 23
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                        <C>                                                                         <C>
         Section 3.9       Cancellation............................................................... 24

         Section 3.10      Computation of Interest.................................................... 24

ARTICLE IV       24

         Section 4.1       Satisfaction and Discharge of Indenture.................................... 24

         Section 4.2       Application of Trust Money................................................. 25

ARTICLE V        25

         Section 5.1       Events of Default.......................................................... 25

         Section 5.2       Acceleration of Maturity; Rescission and Annulment......................... 26

         Section 5.3       Collection of Indebtedness and Suits for Enforcement by Trustee............ 27

         Section 5.4       Trustee May File Proofs of Claim........................................... 28

         Section 5.5       Trustee May Enforce Claims Without Possession of Securities................ 28

         Section 5.6       Application of Money Collected............................................. 28

         Section 5.7       Limitation on Suits........................................................ 29

         Section 5.8       Unconditional Right of Holders to Receive Principal, Premium and Interest.. 29

         Section 5.9       Restoration of Rights and Remedies......................................... 29

         Section 5.10      Rights and Remedies Cumulative............................................. 30

         Section 5.11      Delay or Omission Not Waiver............................................... 30

         Section 5.12      Control by Holders......................................................... 30

         Section 5.13      Waiver of Past Defaults.................................................... 30

         Section 5.14      Undertaking for Costs...................................................... 31

         Section 5.15      Waiver of Stay or Extension Laws........................................... 31

ARTICLE VI       31

         Section 6.1       Certain Duties and Responsibilities........................................ 31

         Section 6.2       Notice of Defaults......................................................... 31

         Section 6.3       Certain Rights of Trustee.................................................. 32

         Section 6.4       Not Responsible for Recitals or Issuance of Securities..................... 32

         Section 6.5       May Hold Securities........................................................ 33

         Section 6.6       Money Held in Trust........................................................ 33

         Section 6.7       Compensation and Reimbursement............................................. 33

         Section 6.8       Disqualification; Conflicting Interests.................................... 33

         Section 6.9       Corporate Trustee Required; Eligibility.................................... 33
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                        <C>                                                                         <C>
         Section 6.10      Resignation and Removal; Appointment of Successor.......................... 34

         Section 6.11      Acceptance of Appointment by Successor..................................... 35

         Section 6.12      Merger, Conversion, Consolidation or Succession to Business................ 36

         Section 6.13      Preferential Collection of Claims Against Company.......................... 36

         Section 6.14      Appointment of Authenticating Agent........................................ 36

ARTICLE VII      38

         Section 7.1       Company to Furnish Trustee Names and Addresses of Holders.................. 38

         Section 7.2       Preservation of Information; Communications to Holders..................... 38

         Section 7.3       Reports by Trustee......................................................... 39

         Section 7.4       Reports by Company......................................................... 39

ARTICLE VIII     39

         Section 8.1       Company May Consolidate, Etc., Only on Certain Terms....................... 39

         Section 8.2       Successor Substituted...................................................... 40

ARTICLE IX       40

         Section 9.1       Supplemental Indentures Without Consent of Holders......................... 40

         Section 9.2       Supplemental Indentures with Consent of Holders............................ 41

         Section 9.3       Execution of Supplemental Indentures....................................... 42

         Section 9.4       Effect of Supplemental Indentures.......................................... 42

         Section 9.5       Conformity with Trust Indenture Act........................................ 43

         Section 9.6       Reference in Securities to Supplemental Indentures......................... 43

ARTICLE X        43

         Section 10.1      Payment of Principal, Premium and Interest................................. 43

         Section 10.2      Maintenance of Office or Agency............................................ 43

         Section 10.3      Money for Securities Payments to Be Held in Trust.......................... 44

         Section 10.4      Statement by Officers as to Default........................................ 45

         Section 10.5      Existence.................................................................. 45

         Section 10.6      Maintenance of Properties.................................................. 45

         Section 10.7      Payment of Taxes and Other Claims.......................................... 45

         Section 10.8      Restrictions on Secured Debt............................................... 45

         Section 10.9      Limitation on Sales and Leasebacks......................................... 47

         Section 10.10     Waiver of Certain Covenants................................................ 47

ARTICLE XI       48
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                        <C>                                                                         <C>
         Section 11.1      Applicability of Article................................................... 48

         Section 11.2      Election to Redeem; Notice to Trustee...................................... 48

         Section 11.3      Selection by Trustee of Securities to Be Redeemed.......................... 48

         Section 11.4      Notice of Redemption....................................................... 49

         Section 11.5      Deposit of Redemption Price................................................ 49

         Section 11.6      Securities Payable on Redemption Date...................................... 49

         Section 11.7      Securities Redeemed in Part................................................ 50

ARTICLE XII      50

         Section 12.1      Applicability of Article................................................... 50

         Section 12.2      Satisfaction of Sinking Fund Payments with Securities...................... 50

         Section 12.3      Redemption of Securities for Sinking Fund.................................. 51

ARTICLE XIII     51

         Section 13.1      Applicability of Article; Company's Option to Effect Defeasance or
                           Covenant Defeasance........................................................ 51

         Section 13.2      Defeasance and Discharge................................................... 51

         Section 13.3      Covenant Defeasance........................................................ 52

         Section 13.4      Conditions to Defeasance or Covenant Defeasance............................ 52

         Section 13.5      Deposited Money and U.S. Government Obligations to be Held in Trust; Other
                           Miscellaneous Provisions................................................... 54

         Section 13.6      Reinstatement.............................................................. 54
</TABLE>

                                       iv

<PAGE>

          SENIOR INDENTURE, dated as of November __, 2002 (the "Indenture"),
between Argonaut Group Inc., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the "Company"), having its
principal office at 10101 Reunion Place, Suite 500, San Antonio, Texas 78216,
and LaSalle Bank National Association, a _______________, as Trustee (herein
called the "Trustee").

                             RECITALS OF THE COMPANY

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

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

          NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                    ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1    Definitions.

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

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

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

                    (3) all accounting terms not otherwise defined herein have
               the meanings assigned to them in accordance with generally
               accepted accounting principles, and, except as otherwise herein
               expressly provided, the term "generally accepted accounting
               principles" with respect to any computation required or permitted
               hereunder shall mean such accounting principles as are generally
               accepted at the date of such computation; and

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

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

                                        1

<PAGE>

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

          "Attributable Debt" means (except as otherwise provided in this
paragraph), as to any particular lease under which any Person is at the time
liable for a term of more than 12 months, at any date as of which the amount
thereof is to be determined (the "determination date"), the total net amount of
rent required to be paid by such Person under such lease during the remaining
term thereof (excluding any subsequent renewal or other extension options held
by the lessee), discounted from the respective due dates thereof to the
determination date at the rate of 8% per annum, compounded monthly. The net
amount of rent required to be paid under any such lease for any such period
shall be the aggregate amount of the rent payable by the lessee with respect to
such period after excluding amounts required to be paid on account of
maintenance and repairs, services, insurance, taxes, assessments, water rates
and similar charges and contingent rents (such as those based on sales or
monetary inflation). If any lease is terminable by the lessee upon the payment
of a penalty, if under the terms of the lease the termination right is not
exercisable until after the determination date, and if the amount of such
penalty discounted to the determination date at the rate of 8% per annum
compounded monthly is less than the net amount of rentals payable after the time
as of which such termination could occur (the "termination time") discounted to
the determination date at the rate of 8% per annum compounded monthly, then such
discounted penalty amount shall be used instead of such discounted amount of net
rentals payable after the termination time in calculating the Attributable Debt
for such lease. If any lease is terminable by the lessee upon the payment of a
penalty, if such termination right is exercisable on the determination date, and
if the amount of the net rentals payable under such lease after the
determination date discounted to the determination date at the rate of 8% per
annum compounded monthly is greater than the amount of such penalty, the
"Attributable Debt" for such lease as of such determination date shall be equal
to the amount of such penalty.

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

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

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

          "Book-Entry Security" means a Security in the form prescribed in
Section 2.4 evidencing all or part of a series of Securities, issued to the
Depository for such series or its nominee, and registered in the name of such
Depository or nominee.

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

                                        2

<PAGE>

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

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

          "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman of the Board, its Chief
Executive Officer, its President, an Executive Vice President, a Senior Vice
President or a Vice President, and by its Chief Financial Officer, its
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

          "Consolidated Net Assets" means the aggregate amount of assets (less
applicable reserves and other properly deductible items) after deducting
therefrom all current liabilities, as set forth on the consolidated balance
sheet of the Company and its consolidated subsidiaries prepared as of the end of
a fiscal year in accordance with generally accepted accounting principles which
the Company shall have most recently distributed to its shareholders prior to
the time as of which "Consolidated Net Assets" shall be determined.

          "Corporate Trust Office" means the principal office of the Trustee in
Chicago, Illinois at which at any particular time its corporate trust business
shall be administered.

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

          "covenant defeasance" has the meaning specified in Section 13.3.

          "Debt" has the meaning specified in Section 10.8.

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

          "defeasance" has the meaning specified in Section 13.2.

          "Depository" means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Book-Entry
Securities, the Person designated as Depository for such series by the Company
pursuant to Section 3.1, which Person shall be a clearing agency registered
under the Exchange Act.

          "Domestic Subsidiary" means any Subsidiary substantially all the
property of which is located, or substantially all of the business of which is
carried on, within the United States of America (excluding its territories and
possessions and Puerto Rico), provided, however, that the term shall not include
any Subsidiary which (i) is engaged principally in the financing of operations
outside of the United States of America or in leasing personal property or
financing inventory, receivables or other property or (ii) does not own a
Principal Domestic Property.

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

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

                                        3

<PAGE>

          "Funded Debt" means indebtedness of the Company (other than the
Securities or indebtedness subordinated to the Securities) or indebtedness of a
wholly-owned Domestic Subsidiary, for money borrowed, having a stated maturity
more than 12 months from the date of application of sale/leaseback proceeds or
which is extendible at the option of the obligor thereon to a date more than 12
months from the date of such application.

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

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

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

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

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

          "Mortgage" means any mortgage, pledge, lien, security interest,
conditional sale or other title retention agreement or other similar
encumbrance.

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

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

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

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

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

                                        4

<PAGE>

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

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

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, (i) the principal
amount of an Original Issue Discount Security that shall be deemed to be
Outstanding shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon acceleration of the Maturity
thereof pursuant to Section 5.2, (ii) the principal amount of a Security
denominated in one or more foreign currencies or currency units shall be the
U.S. dollar equivalent, determined in the manner provided as contemplated by
Section 3.1 on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent on the date of original issuance of such Security of the amount
determined as provided in (i) above) of such Security, and (iii) 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 knows to be so
owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor.

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

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

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

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

                                        5

<PAGE>

          "Principal Domestic Property" means any building, structure or other
facility, together with the land upon which it is erected and fixtures
comprising a part thereof, used primarily for manufacturing, processing,
research, warehousing or distribution and located in the United States of
America (excluding its territories and possessions and Puerto Rico) owned or
leased by the Company or any Subsidiary the net book value of which on the date
as of which the determination is being made exceeds 2% of Consolidated Net
Assets, other than any such building structure or other facility or portion of
any thereof (i) which is an air or water pollution control facility financed by
obligations issued by a State or local governmental unit, or (ii) which the
Chairman of the Board, the President, the Chief Executive Officer, an Executive
Vice President, a Senior Vice President or a Vice President, and the Chief
Financial Officer, the Treasurer, or an Assistant Treasurer, of the Company
determine in good faith is not of material importance to the total business
conducted, or assets owned, by the Company and its Subsidiaries as an entirety.

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

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

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

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

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

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

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

          "Subsidiary" means any corporation of which the Company directly or
indirectly owns or controls stock which under ordinary circumstances (not
dependent upon the happening of a contingency) has voting power to elect a
majority of the board of directors of such corporation; provided, however, that
the term shall not include any such corporation if and so long as (i) such
corporation does not own a Principal Domestic Property and (ii) the Chairman of
the Board, the Chief Executive Officer, the President, an Executive Vice
President, a Senior Vice President or a Vice President, and the Chief Financial
Officer, the Treasurer, or an Assistant Treasurer, of the Company determine in
good faith at least annually that the then aggregate investments by the Company
and its Domestic Subsidiaries (including all guarantees and other extensions of
credit) in such corporation are not of material importance to the total business
conducted, or assets owned, by the Company and its Domestic Subsidiaries.

                                        6

<PAGE>

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

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

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

Section 1.2    Compliance Certificates and Opinions.

          Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers' Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

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

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

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

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

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

Section 1.3    Form of Documents Delivered to Trustee.

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

                                        7

<PAGE>

matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several
documents.

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

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

Section 1.4    Acts of Holders; Record Dates.

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

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

               (c) The Company may, in the circumstances permitted by the Trust
Indenture Act, fix any day as the record date for the purpose of determining the
Holders of Securities of any series entitled to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action, or to
vote on any action, authorized or permitted to be given or taken by Holders of
Securities of such series. If not set by the Company prior to the first
solicitation of a Holder of Securities of such series made by any Person in
respect of any such action, or, in the case of any such vote, prior to such
vote, the record date for any such action or vote shall be the 30th day (or, if
later, the date of the most recent list of Holders required to be provided
pursuant to Section 7.1) prior to such first solicitation or vote, as the case
may be.

                                        8

<PAGE>

With regard to any record date for action to be taken by the Holders of one or
more series of Securities, only the Holders of Securities of such series on such
date (or their duly designated proxies) shall be entitled to give or take, or
vote on, the relevant action.

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

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

Section 1.5    Notices, Etc., to Trustee and Company.

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

                    (1) the Trustee by any Holder or by the Company shall be
               sufficient for every purpose hereunder if made, given, furnished
               or filed in writing to or with the Trustee at its Corporate Trust
               Office, Attention: [____________________], or

                    (2) the Company by the Trustee or by any Holder shall be
               sufficient for every purpose hereunder (unless otherwise herein
               expressly provided) if in writing and mailed, first-class postage
               prepaid, to the Company addressed to it at the address of its
               principal office specified in the first paragraph of this
               instrument, Attention: General Counsel or at any other address
               previously furnished in writing to the Trustee by the Company.

Section 1.6    Notice to Holders; Waiver.

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

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

                                        9

<PAGE>

Section 1.7    Conflict with Trust Indenture Act.

          If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under such Act to be a
part of and govern this Indenture, the latter provision shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case
may be.

Section 1.8    Effect of Headings and Table of Contents.

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

Section 1.9    Successors and Assigns.

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

Section 1.10   Separability Clause.

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

Section 1.11   Benefits of Indenture.

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

Section 1.12   Governing Law.

          This Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York.

Section 1.13   Legal Holidays.

          In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of the Securities of any series which specifically
states that such provision shall apply in lieu of this Section)) payment of
interest or principal (and premium, if any) need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, or at the Stated Maturity; provided, however,
that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be.

                                       10

<PAGE>

                                   ARTICLE II

                                 SECURITY FORMS

Section 2.1    Forms Generally.

          The Securities of each series shall be in substantially the form set
forth in this Article II, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 3.3 for the authentication and delivery of such
Securities.

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

Section 2.2    Form of Face of Security.

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

                               Argonaut Group Inc.

No.  ____________                                                   $__________

          Argonaut Group Inc., a corporation duly organized and existing under
the laws of Delaware (herein called the "Company," which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to __________________________________________,
or registered assigns, the principal sum of ____________________ Dollars on
________________________ [if the Security is to bear interest, prior to
Maturity, insert -, and to pay interest thereon from ___________ or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on _________________ and _______________ in each
year, commencing _______________, at the rate of ________% per annum, until the
principal hereof is paid or made available for payment [if applicable, insert -
, and (to the extent that the payment of such interest shall be legally
enforceable) at the rate of ______% per annum on any overdue principal and
premium and on any overdue installment of interest]. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the ______ or
_______ (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the

                                       11

<PAGE>

Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice of which shall be
given to Holders of Securities of this series not more than 15 days and not less
than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said
Indenture].

          [If the Security is not to bear interest prior to Maturity, insert -
The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal of this Security shall bear
interest at the rate of _________% per annum (to the extent that the payment of
such interest shall be legally enforceable), which shall accrue from the date of
such default in payment to the date payment of such principal has been made or
duly provided for. Interest on any overdue principal shall be payable on demand.
Any such interest on any overdue principal that is not so paid on demand shall
bear interest at the rate of _______% per annum (to the extent that the payment
of such interest shall be legally enforceable), which shall accrue from the date
of such demand for payment to the date payment of such interest has been made or
duly provided for, and such interest shall also be payable on demand.]

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

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

          Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                       12

<PAGE>

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

Dated:

                                         ARGONAUT GROUP INC.

                                         By
                                           ----------------------------

Attest:

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

Section 2.3    Form of Reverse of Security.

          This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of [____________________________] (herein
called the "Indenture"), between the Company and LaSalle Bank National
Association, as Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof [, limited in aggregate principal
amount to $____________________].

          [If applicable, insert - The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, [if applicable, insert -
(1) on _______________ in any year commencing with the year ____________ and
ending with the year ___________ through operation of the sinking fund for this
series at a Redemption Price equal to 100% of the principal amount, and (2)] at
any time [on or after ___________________, 20_____], as a whole or in part, at
the election of the Company, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [on or before
___________________, ___%, and if redeemed] during the 12-month period beginning
______________________ of the years indicated,

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

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

                                       13

<PAGE>

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

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

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

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

          [The sinking fund for this series provides for the redemption on
_________ in each year beginning with the year ________________ and ending with
the year _______________ of [not less than $_____________ ("mandatory sinking
fund") and not more than] $ _____________ aggregate principal amount of
Securities of this series. Securities of this series acquired or redeemed by the
Company other than through [mandatory] sinking fund payments may be credited
against subsequent [mandatory] sinking fund payments otherwise required to be
made [in the inverse order in which they become due].]

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

          [If the Security is not an Original Issue Discount Security, insert -
If an Event of Default with respect to Securities of this series shall occur and
be continuing, the principal of

                                       14

<PAGE>

the Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.]

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

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

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

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

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registerable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

          The Securities of this series are issuable only in registered form
without coupons in denominations of $ ______________ and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for

                                       15

<PAGE>

a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

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

          Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

          All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

Section 2.4    Additional Provisions Required in Book-Entry Security.

          Any Book-Entry Security issued hereunder shall, in addition to the
provisions contained in Sections 2.2 and 2.3, bear a legend in substantially the
following form:

               "This Security is a Book-Entry Security within the meaning of the
             Indenture hereinafter referred to and is registered in the name of
             a Depository or a nominee of a Depository. This Security is
             exchangeable for Securities registered in the name of a person
             other than the Depository or its nominee only in the limited
             circumstances described in the Indenture and may not be transferred
             except as a whole by the Depository to a nominee of the Depository
             or by a nominee of the Depository to the Depository or another
             nominee of the Depository."

Section 2.5    Form of Trustee's Certificate of Authentication.

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

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

                                            LASALLE BANK NATIONAL ASSOCIATION,
                                            As Trustee

                                            By
                                               -------------------------------
                                                Authorized Officer

                                       16

<PAGE>

                                  ARTICLE III

                                 THE SECURITIES

Section 3.1    Amount Unlimited; Issuable in Series.

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

          The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 3.3,
set forth, or determined in the manner provided, in an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series,

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

                    (2) any limit upon the aggregate principal amount of the
               Securities of the series which may be authenticated and delivered
               under this Indenture (except for Securities authenticated and
               delivered upon registration of transfer of, or in exchange for,
               or in lieu of, other Securities of the series pursuant to Section
               3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which,
               pursuant to Section 3.3, are deemed never to have been
               authenticated and delivered hereunder);

                    (3) the Person to whom any interest on a Security of the
               series shall be payable, if other than the Person in whose name
               that Security (or one or more Predecessor Securities) is
               registered at the close of business on the Regular Record Date
               for such interest;

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

                    (5) the rate or rates at which the Securities of the series
               shall bear interest, if any, or the method of calculating such
               rate or rates of interest, the date or dates from which such
               interest shall accrue, the Interest Payment Dates on which any
               such interest shall be payable and the Regular Record Date for
               any interest payable on any Interest Payment Date;

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

                    (7) the period or periods within which, the price or prices
               at 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;

                    (8) 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 period or periods within which, the price or
               prices at 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;

                                       17

<PAGE>

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

                    (10) the currency, currencies or currency units in which
               payment of the principal of and any premium and interest on any
               Securities of the series shall be payable if other than the
               currency of the United States of America and the manner of
               determining the equivalent thereof in the currency of the United
               States of America for purposes of the definition of "Outstanding"
               in Section 1.1;

                    (11) if the amount of payments of principal of or any
               premium or interest on any Securities of the series may be
               determined with reference to an index or formula, the manner in
               which such amounts shall be determined;

                    (12) if the principal of or any premium or interest on any
               Securities of the series is to be payable, at the election of the
               Company or a Holder thereof, in one or more currencies or
               currency units other than that or those in which the Securities
               are stated to be payable, the currency, currencies or currency
               units in which payment of the principal of and any premium and
               interest on Securities of such series as to which such election
               is made shall be payable, and the periods within which and the
               terms and conditions upon which such election is to be made;

                    (13) the application, if any, of Section 13.2 or 13.3 to the
               Securities of any series;

                    (14) whether the Securities of the series shall be issued in
               whole or in part in the form of one or more Book-Entry Securities
               and, in such case, the Depository with respect to such Book-Entry
               Security or Securities and the circumstances under which any
               Book-Entry Security may be registered for transfer or exchange,
               or authenticated and delivered, in the name of a Person other
               than such Depository or its nominee, if other than as set forth
               in Section 3.5;

                    (15) if other than the principal amount thereof, the portion
               of the principal amount of Securities of the series which shall
               be payable upon declaration of acceleration of the Maturity
               thereof pursuant to Section 5.2;

                    (16) the right, if any, of the Holders of the Securities to
               convert the Securities into shares of the Company's common stock,
               par value $0.10 per share, or shares of the Company's preferred
               stock, par value $0.10 per share; and

                    (17) any other terms of the series (which terms shall not be
               inconsistent with the provisions of this Indenture, except as
               permitted by Section 9.1(5)).

          All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to the Board Resolution referred to above and (subject to Section 3.3) set
forth, or determined in the manner provided, in the Officers' Certificate
referred to above or in any such indenture supplemental hereto.

          If any of the terms of the series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary or

                                       18

<PAGE>

an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers' Certificate setting forth the terms of the
series.

Section 3.2    Denominations.

          The Securities of each series shall be issuable in registered form
without coupons in such denominations as shall be specified as contemplated by
Section 3.1. In the absence of any such provisions with respect to the
Securities of any series, the Securities of such series shall be issuable in
denominations of $1,000 and any integral multiple thereof.

Section 3.3    Execution, Authentication, Delivery and Dating.

          The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its President, its Chief Executive Officer, an Executive
Vice President, a Senior Vice President or a Vice President of the Company,
attested by its Secretary or one of its Assistant Secretaries. The signature of
any of these officers on the Securities may be manual or facsimile.

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

          At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any Series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established in or
pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1,
in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Opinion of Counsel stating,

               (a) if the form of such Securities has been established by or
pursuant to Board Resolution as permitted by Section 2.1, that such form has
been established in conformity with the provisions of this Indenture;

               (b) if the terms of such Securities have been established by or
pursuant to Board Resolution as permitted by Section 3.1, that such terms have
been established in conformity with the provisions of this Indenture; and

               (c) that such Securities, when authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Company enforceable in accordance with their terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights
and to general equity principles.

If such form or terms have been so established, the Trustee shall not be
required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect

                                       19

<PAGE>

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.

          Notwithstanding the provisions of Section 3.1 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to Section 3.1 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the time
of authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

          Each Security shall be dated the date of its authentication.

          No Security shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 3.9, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

Section 3.4    Temporary Securities.

          Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities.

          If temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and tenor. Until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor.

Section 3.5    Registration, Registration of Transfer and Exchange.

          The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the

                                       20

<PAGE>

"Security Register") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed "Security Registrar"
for the purpose of registering Securities and transfers of Securities as herein
provided.

          Upon surrender for registration of transfer of any Security of any
series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of a like aggregate
principal amount and tenor.

          At the option of the Holder, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and tenor, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive.

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

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

          No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

          The Company shall not be required (i) to issue, register the transfer
of or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of
Securities of that series selected for redemption under Section 11.3 and ending
at the close of business on the day of such mailing, or (ii) to register the
transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

          Notwithstanding the foregoing, any Book-Entry Security shall be
exchangeable pursuant to this Section 3.5 for Securities registered in the name
of Persons other than the Depository for such Security or its nominee only if
(i) such Depository notifies the Company that it is unwilling or unable to
continue as Depository for such Book-Entry Security or if at any time such
Depository ceases to be a clearing agency registered under the Exchange Act,
(ii) the Company executes and delivers to the Trustee a Company Order that such
Book-Entry Security shall be so exchangeable or (iii) there shall have occurred
and be continuing an Event of Default with respect to the Securities. Any
Book-Entry Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as such Depository
shall direct.

                                       21

<PAGE>

          Notwithstanding any other provision in this Indenture, a Book-Entry
Security may not be transferred except as a whole by the Depository with respect
to such Book-Entry Security to a nominee of such Depository or by a nominee of
such Depository to such a Depository or another nominee of such Depository.

Section 3.6    Mutilated, Destroyed, Lost and Stolen Securities.

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

          If there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security
and (ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

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

          Upon the issuance of any new Security under this Section 3.6, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

          Every new Security of any series issued pursuant to this Section 3.6
in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

          The provisions of this Section 3.6 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities.

Section 3.7    Payment of Interest; Interest Rights Preserved.

          Except as otherwise provided as contemplated by Section 3.1 with
respect to any series of Securities, interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

          Any interest on any Security of any series which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date (herein
called "Defaulted Interest") shall forthwith cease to be payable to the Holder
on the relevant Regular Record Date by virtue of

                                       22

<PAGE>

having been such Holder, and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in Clause (1) or (2) below:

                    (1) The Company may elect to make payment of any Defaulted
               Interest to the Persons in whose names the Securities of such
               series (or their respective Predecessor Securities) are
               registered at the close of business on a Special Record Date for
               the payment of such Defaulted Interest, which shall be fixed in
               the following manner. The Company shall notify the Trustee in
               writing of the amount of Defaulted Interest proposed to be paid
               on each Security of such series and the date of the proposed
               payment, and at the same time the Company shall deposit with the
               Trustee an amount of money equal to the aggregate amount proposed
               to be paid in respect of such Defaulted Interest or shall make
               arrangements satisfactory to the Trustee for such deposit prior
               to the date of the proposed payment, such money when deposited to
               be held in trust for the benefit of the Persons entitled to such
               Defaulted Interest as in this Clause provided. Thereupon the
               Trustee shall fix a Special Record Date for the payment of such
               Defaulted Interest which shall be not more than 15 days and not
               less than 10 days prior to the date of the proposed payment and
               not less than 10 days after the receipt by the Trustee of the
               notice of the proposed payment. The Trustee shall promptly notify
               the Company of such Special Record Date and, in the name and at
               the expense of the Company, shall cause notice of the proposed
               payment of such Defaulted Interest and the Special Record Date
               therefor to be mailed, first-class postage prepaid, to each
               Holder of Securities of such series at his address as it appears
               in the Security Register, not less than 10 days prior to such
               Special Record Date. Notice of the proposed payment of such
               Defaulted Interest and the Special Record Date therefor having
               been so mailed, such Defaulted Interest shall be paid to the
               Persons in whose names the Securities of such series (or their
               respective Predecessor Securities) are registered at the close of
               business on such Special Record Date and shall no longer be
               payable pursuant to the following Clause (2).

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

          Subject to the foregoing provisions of this Section 3.7, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.

Section 3.8    Persons Deemed Owners.

          Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

                                       23

<PAGE>

Section 3.9    Cancellation.

          All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section 3.9, except as expressly permitted by this Indenture. All
cancelled Securities held by the Trustee shall be disposed of as directed by a
Company Order.

Section 3.10   Computation of Interest.

          Except as otherwise specified as contemplated by Section 3.1 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

Section 4.1    Satisfaction and Discharge of Indenture.

          This Indenture shall upon Company Request cease to be of further
effect (except as to any surviving rights of registration of transfer or
exchange of Securities herein expressly provided for), and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

               (1) either

               (A) all Securities theretofore authenticated and delivered (other
             than (i) Securities which have been destroyed, lost or stolen and
             which have been replaced or paid as provided in Section 3.6 and
             (ii) Securities for whose payment money has theretofore been
             deposited in trust or segregated and held in trust by the Company
             and thereafter repaid to the Company or discharged from such trust,
             as provided in Section 10.3) have been delivered to the Trustee for
             cancellation; or

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

                   (i)   have become due and payable, or

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

                   (iii) are to be called for redemption within one year under
             arrangements satisfactory to the Trustee for the giving of notice
             of redemption by the Trustee in the name, and at the expense, of
             the Company,

                                       24

<PAGE>

             and the Company, in the case of (i), (ii) or (iii) above, has
             deposited or caused to be deposited with the Trustee as trust funds
             in trust for the purpose an amount sufficient to pay and discharge
             the entire indebtedness on such Securities not theretofore
             delivered to the Trustee for cancellation, for principal and any
             premium and interest to the date of such deposit (in the case of
             Securities which have become due and payable) or to the Stated
             Maturity or Redemption Date, as the case may be;

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

               (3) the Company has delivered to the Trustee an Officers'
             Certificate and an Opinion of Counsel, each stating that all
             conditions precedent herein provided for relating to the
             satisfaction and discharge of this Indenture have been complied
             with.

          Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.7, the obligations of
the Trustee to any Authenticating Agent under Section 6.14 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section 4.1, the obligations of the Trustee under Section 4.2 and the last
paragraph of Section 10.3 shall survive.

Section 4.2    Application of Trust Money.

          Subject to provisions of the last paragraph of Section 10.3, all money
deposited with the Trustee pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium and
interest for whose payment such money has been deposited with the Trustee.

                                   ARTICLE V

                                    REMEDIES

Section 5.1    Events of Default.

          "Event of Default," wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                    (1) default in the payment of any interest upon any Security
               of that series when it becomes due and payable, and continuance
               of such default for a period of 30 days; or

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

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

                                       25

<PAGE>

                    (4) default in the performance, or breach, of any covenant
               or warranty of the Company in this Indenture (other than a
               covenant or warranty a default in whose performance or whose
               breach is elsewhere in this Section 5.1 specifically dealt with
               or which has expressly been included in this Indenture solely for
               the benefit of series of Securities other than that series), and
               continuance of such default or breach for a period of 90 days
               after there has been given, by registered or certified mail, to
               the Company by the Trustee or to the Company and the Trustee by
               the Holders of at least 25% in principal amount of the
               Outstanding Securities of that series a written notice specifying
               such default or breach and requiring it to be remedied and
               stating that such notice is a "Notice of Default" hereunder; or

                    (5) the entry by a court having jurisdiction in the premises
               of (A) a decree or order for relief in respect of the Company in
               an involuntary case or proceeding under any applicable Federal or
               State bankruptcy, insolvency, reorganization or other similar law
               or (B) a decree or order adjudging the Company a bankrupt or
               insolvent, or approving as properly filed a petition seeking
               reorganization, arrangement, adjustment or composition of or in
               respect of the Company under any applicable Federal or State law,
               or appointing a custodian, receiver, liquidator, assignee,
               trustee, sequestrator or other similar official of the Company or
               of any substantial part of its property, or ordering the winding
               up or liquidation of its affairs, and the continuance of any such
               decree or order for relief or any such other decree or order
               unstayed and in effect for a period of 60 consecutive days; or

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

                    (7) any event which constitutes an "Event of Default" under
               the terms governing Securities of that series established as
               provided in Section 3.1.

Section 5.2    Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if any of the
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be specified in the terms
thereof) of

                                       26

<PAGE>

all of the Securities of that series to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by Holders), and
upon any such declaration such principal amount (or specified amount) shall
become immediately due and payable.

          At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article V provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if

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

                   (A) all overdue interest on all Securities of that series,

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

                   (C) to the extent that payment of such interest is lawful,
               interest upon overdue interest at the rate or rates prescribed
               therefor in such Securities, and

                   (D) all sums paid or advanced by the Trustee hereunder and
               the reasonable compensation, expenses, disbursements and advances
               of the Trustee, its agents and counsel;

             and

               (2) all Events of Default with respect to Securities of that
             series, other than the non-payment of the principal of Securities
             of that series which have become due solely by such declaration of
             acceleration, have been cured or waived as provided in Section
             5.13.

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

Section 5.3    Collection of Indebtedness and Suits for Enforcement by Trustee.

          The Company covenants that if

               (1) default is made in the payment of any interest on any
             Security when such interest becomes due and payable and such
             default continues for a period of 30 days, or

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

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further

                                       27

<PAGE>

amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

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

Section 5.4    Trustee May File Proofs of Claim.

          In case of any judicial proceeding relative to the Company (or any
other obligor upon the Securities), its property or its creditors, the Trustee
shall be entitled and empowered, by intervention in such proceeding or
otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 6.7.

          No provision of this Indenture shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.

Section 5.5    Trustee May Enforce Claims Without Possession of Securities.

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

Section 5.6    Application of Money Collected.

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

               FIRST: To the payment of all amounts due the Trustee under
             Section 6.7; and

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<PAGE>

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

Section 5.7    Limitation on Suits.

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

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

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

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

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

                    (5) no direction inconsistent with such written request has
               been given to the Trustee during such 60-day period by the
               Holders of a majority in principal amount of the Outstanding
               Securities of that series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such
Holders.

Section 5.8    Unconditional Right of Holders to Receive Principal, Premium and
Interest.

          Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 3.7)
any interest on such Security on the Stated Maturity or Maturities expressed in
such Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

Section 5.9    Restoration of Rights and Remedies.

          If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any

                                       29

<PAGE>

reason, or has been determined adversely to the Trustee or to such Holder, then
and in every such case, subject to any determination in such proceeding, the
Company, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

Section 5.10   Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in the last paragraph
of Section 3.6, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

Section 5.11   Delay or Omission Not Waiver.

          No delay or omission of the Trustee or of any Holder of any Securities
to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article V or by
law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be.

Section 5.12   Control by Holders.

          The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series; provided, however, that

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

                    (2) the Trustee may take any other action deemed proper by
               the Trustee which is not inconsistent with such direction.

Section 5.13   Waiver of Past Defaults.

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

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

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

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<PAGE>

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

Section 5.14   Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, a court may require any party litigant in such suit to
file an undertaking to pay the costs of such suit, and may assess costs against
any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided, however, that neither this Section 5.14 nor the Trust
Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company
or the Trustee.

Section 5.15   Waiver of Stay or Extension Laws.

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

                                   ARTICLE VI

                                  THE TRUSTEE

Section 6.1    Certain Duties and Responsibilities.

          The duties and responsibilities of the Trustee shall be as provided by
the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 6.1.

Section 6.2    Notice of Defaults.

          If a default occurs hereunder with respect to Securities of any
series, the Trustee shall give the Holders of Securities of such series notice
of such default as and to the extent provided by the Trust Indenture Act;
provided, however, that in the case of any default of the character specified in
Section 5.1(4) with respect to Securities of such series, no such notice to
Holders shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section 6.2, the term "default" means any event which is, or
after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

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<PAGE>

Section 6.3    Certain Rights of Trustee.

          Subject to the provisions of Section 6.1:

               (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, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or
parties;

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

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

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

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

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

Section 6.4    Not Responsible for Recitals or Issuance of Securities.

          The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee or any Authenticating Agent assumes no
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities. The Trustee
or any Authenticating Agent shall not be accountable for the use or application
by the Company of Securities or the proceeds thereof.

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<PAGE>

Section 6.5    May Hold Securities.

          The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections
6.8 and 6.13, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

Section 6.6    Money Held in Trust.

          Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as
otherwise agreed with the Company.

Section 6.7    Compensation and Reimbursement.

          The Company agrees:

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

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

                    (3) to indemnify the Trustee for, and to hold it harmless
               against, any loss, liability or expense incurred without
               negligence or bad faith on its part, arising out of or in
               connection with the acceptance or administration of the trust or
               trusts hereunder, including the costs and expenses of defending
               itself against any claim or liability in connection with the
               exercise or performance of any of its powers or duties hereunder.

Section 6.8    Disqualification; Conflicting Interests.

          If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.

Section 6.9    Corporate Trustee Required; Eligibility.

          There shall at all times be a Trustee hereunder which shall be a
Person that is eligible pursuant to the Trust Indenture Act to act as such and
has a combined capital and surplus of at least $50,000,000. If such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section 6.9, the combined capital and surplus of such Person shall be
deemed to be its

                                       33

<PAGE>

combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.9, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article VI.

Section 6.10   Resignation and Removal; Appointment of Successor.

               (a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article VI shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.11.

               (b) The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

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

               (d) If at any time:

                    (1) the Trustee shall fail to comply with Section 6.8 after
               written request therefor by the Company or by any Holder who has
               been a bona fide Holder of a Security for at least six months, or

                    (2) the Trustee shall cease to be eligible under Section 6.9
               and shall fail to resign after written request therefor by the
               Company or by any such Holder, or

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to all securities, or (ii) subject to Section 5.14, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

               (e) If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within one year after such
resignation, removal or incapability, or the

                                       34

<PAGE>

occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 6.11, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 6.11, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

               (f) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series
to all Holders of Securities of such series in the manner provided in Section
1.6. Each notice shall include the name of the successor Trustee with respect to
the Securities of such series and the address of its Corporate Trust Office.

Section 6.11   Acceptance of Appointment by Successor.

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

               (b) In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities
of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee

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<PAGE>

shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder
with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates.

               (c) Upon request of any such successor Trustee, the Company shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred
to in paragraph (a) and (b) of this Section, as the case may be.

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

Section 6.12   Merger, Conversion, Consolidation or Succession to Business.

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

Section 6.13   Preferential Collection of Claims Against Company.

          If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

Section 6.14   Appointment of Authenticating Agent.

          The Trustee may appoint an Authenticating Agent or Agents with respect
to one or more series of Securities which shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon original
issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 3.6, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a

                                       36

<PAGE>

corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by Federal
or State authority. If such Authenticating Agent publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section 6.14, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.14, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in
this Section 6.14.

          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 continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section 6.14, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent.

          An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof
to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.14, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall 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 Authenticating
Agent will 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 6.14.

          The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 6.14.

          If an appointment with respect to one or more series is made pursuant
to this Section 6.14, the Securities of such series may have endorsed thereon,
in addition to the Trustee's certificate of authentication, an alternative
certificate of authentication in the following form:

                                       37

<PAGE>

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

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       As Trustee

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

                                       By
                                          --------------------------------,
                                       Authorized Officer

                                  ARTICLE VII

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1    Company to Furnish Trustee Names and Addresses of Holders.

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

               (a) semi-annually, not later than May 1 and November 1 in each
year, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders as of the preceding April 1 or October 1, as the
case may be, 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;

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

Section 7.2    Preservation of Information; Communications to Holders.

               (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 7.1 upon receipt of a new list so furnished.

               (b) The rights of the Holders to communicate with other Holders
with respect to their rights under this Indenture or under the Securities, and
the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.

               (c) Every Holder of Securities, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of
any disclosure of information as to names and addresses of Holders made pursuant
to the Trust Indenture Act.

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<PAGE>

Section 7.3    Reports by Trustee.

               (a) The Trustee shall transmit to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to
the Trust Indenture Act at the times and in the manner provided pursuant
thereto.

               (b) A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company. The
Company will notify the Trustee when any Securities are listed on any stock
exchange.

Section 7.4    Reports by Company.

          The Company shall file with the Trustee and the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant to such Act; provided, however, that
any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed
with the Trustee within 15 days after the same is so required to be filed with
the Commission.

                                  ARTICLE VIII

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.1    Company May Consolidate, Etc., Only on Certain Terms.

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

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

                    (2) immediately after giving effect to such transaction and
               treating any indebtedness which becomes an obligation of the
               Company or a Subsidiary as a result of such transaction as having
               been incurred by the Company or such Subsidiary at the time of
               such transaction, no Event of Default, and no event

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               which, after notice or lapse of time or both, would become an
               Event of Default, shall have happened and be continuing;

                    (3) if, as a result of any such consolidation or merger or
               such conveyance, transfer or lease, properties or assets of the
               Company would become subject to a mortgage, pledge, lien,
               security interest or other encumbrance which would not be
               permitted by this Indenture, the Company or such successor
               Person, as the case may be, shall take such steps as shall be
               necessary effectively to secure the Securities equally and
               ratably with (or prior to) all indebtedness secured thereby; and

                    (4) the Company has delivered to the Trustee an Officers'
               Certificate and an Opinion of Counsel, each stating that such
               consolidation, merger, conveyance, transfer or lease and, if a
               supplemental indenture is required in connection with such
               transaction, such supplemental indenture comply with this Article
               VIII and that all conditions precedent herein provided for
               relating to such transaction have been complied with.

Section 8.2    Successor Substituted.

          Upon any consolidation of the Company with, or merger of the Company
into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 8.1, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

Section 9.1    Supplemental Indentures Without Consent of Holders.

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

                    (1) to evidence the succession of another Person to the
               Company and the assumption by any such successor of the covenants
               of the Company herein and in the Securities; or

                    (2) to add to the covenants of the Company for the benefit
               of the Holders of all or any series of Securities (and if such
               covenants are to be for the benefit of less than all series of
               Securities, stating that such covenants are expressly being
               included solely for the benefit of such series) or to surrender
               any right or power herein conferred upon the Company; or

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<PAGE>

                    (3) to add any additional Events of Default; or

                    (4) to add to or change any of the provisions of this
               Indenture to such extent as shall be necessary to permit or
               facilitate the issuance of Securities in bearer form, registrable
               or not registrable as to principal, and with or without interest
               coupons, or to permit or facilitate the issuance of Securities in
               uncertificated form; or

                    (5) to add to, change or eliminate any of the provisions of
               this Indenture in respect of one or more series of Securities;
               provided, however, that any such addition, change or elimination
               (i) shall neither (A) apply to any Security of any series created
               prior to the execution of such supplemental indenture and
               entitled to the benefit of such provision nor (B) modify the
               rights of the Holder of any such Security with respect to such
               provision or (ii) shall become effective only when there is no
               such Security Outstanding; or

                    (6) to secure the Securities pursuant to the requirements of
               Section 10.8 or otherwise; or

                    (7) to establish the form or terms of Securities of any
               series as permitted by Sections 2.1 and 3.1; or

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

                    (9) to cure any ambiguity, to correct or supplement any
               provision herein which may be inconsistent with any other
               provision herein, or to make any other provisions with respect to
               matters or questions arising under this Indenture; provided,
               however, that such action pursuant to this clause (9) shall not
               adversely affect the interests of the Holders of Securities of
               any series in any material respect.

Section 9.2    Supplemental Indentures with Consent of Holders.

          With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby:

                    (1) change the Stated Maturity of the principal of, or any
               installment of principal of or interest on, any Security, or
               reduce the principal amount thereof or the rate of interest
               thereon or any premium payable upon the redemption thereof, or
               reduce the amount of the principal of an Original Issue Discount
               Security that

                                       41

<PAGE>

               would be due and payable upon a declaration of acceleration of
               the Maturity thereof pursuant to Section 5.2, or change any Place
               of Payment where, or the coin or currency in which, any Security
               or any premium or interest thereon is payable, or impair the
               right to institute suit for the enforcement of any such payment
               on or after the Stated Maturity thereof (or, in the case of
               redemption, on or after the Redemption Date), or

                    (2) reduce the percentage in principal amount of the
               Outstanding Securities of any series, the consent of whose
               Holders is required for any such supplemental indenture, or the
               consent of whose Holders is required for any waiver (of
               compliance with certain provisions of this Indenture or certain
               defaults hereunder and their consequences) provided for in this
               Indenture, or

                    (3) modify any of the provisions of this Section 9.2,
               Section 5.13 or Section 10.10, except to increase any such
               percentage or to provide that certain other provisions of this
               Indenture cannot be modified or waived without the consent of the
               Holder of each Outstanding Security affected thereby; provided,
               however, that this clause shall not be deemed to require the
               consent of any Holder with respect to changes in the references
               to "the Trustee" and concomitant changes in this Section 9.2 and
               Section 10.10, or the deletion of this proviso, in accordance
               with the requirements of Sections 6.11(b) and 9.1(8).

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

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

Section 9.3    Execution of Supplemental Indentures.

          In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 6.1) shall be fully protected in relying upon,
an Officer's Certificate and an Opinion of Counsel each stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

Section 9.4    Effect of Supplemental Indentures.

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

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<PAGE>

Section 9.5    Conformity with Trust Indenture Act.

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

Section 9.6    Reference in Securities to Supplemental Indentures.

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

                                    ARTICLE X

                                    COVENANTS

Section 10.1   Payment of Principal, Premium and Interest.

          The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and any premium
and interest on the Securities of that series in accordance with the terms of
the Securities and this Indenture.

Section 10.2   Maintenance of Office or Agency.

          The Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture
may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

          The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for such
purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

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<PAGE>

Section 10.3   Money for Securities Payments to Be Held in Trust.

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

          Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will, prior to each due date of the principal of or any
premium or interest on any Securities of that series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

          The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section 10.3, that such Paying Agent will (i) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during
the continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, and upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.

          The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.

          Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of or any premium or
interest on any Security of any series and remaining unclaimed for two years
after such principal, premium or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in [____________],
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.

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<PAGE>

Section 10.4   Statement by Officers as to Default.

          The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.

Section 10.5   Existence.

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

Section 10.6   Maintenance of Properties.

          The Company will cause all properties used or useful in the conduct of
its business or the business of any Subsidiary to be maintained and kept in good
condition, repair and working order and supplied with all necessary equipment
and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may
be necessary so that the business carried on in connection therewith may be
properly and advantageously conducted at all times; provided, however, that
nothing in this Section 10.6 shall prevent the Company from discontinuing the
operation or maintenance of any of such properties if such discontinuance is, in
the judgment of the Company, desirable in the conduct of its business or the
business of any Subsidiary and not disadvantageous in any material respect to
the Holders.

Section 10.7   Payment of Taxes and Other Claims.

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

Section 10.8   Restrictions on Secured Debt.

          The Company will not itself, and will not permit any Domestic
Subsidiary to, incur, issue, assume or guarantee any indebtedness for money
borrowed represented by notes, bonds, debentures or other similar evidences of
indebtedness for money borrowed (such notes, bonds, debentures or other similar
evidences of indebtedness for money borrowed being hereinafter in this Article
called "Debt"), secured by a Mortgage on any Principal Domestic Property of the
Company or any Domestic Subsidiary, or any shares of stock or Debt of any
Domestic

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<PAGE>

Subsidiary, without effectively providing that the Outstanding Securities
(together with, if the Company shall so determine, any other Debt of the Company
or such Domestic Subsidiary then existing or thereafter created which is not
subordinate to the Securities) shall be secured equally and ratably with (or
prior to) such secured Debt (for the purpose of providing such equal and ratable
security, the principal amount of Outstanding Securities of any series of
Original Issue Discount Securities shall be such portion of the principal amount
as may be specified in the terms of that series that would be payable upon
acceleration of the Maturity thereof at the time of such determination), so long
as such secured Debt shall be so secured, unless, after giving effect thereto,
the aggregate amount of all such secured Debt plus all Attributable Debt of the
Company and its Domestic Subsidiaries in respect of sale and leaseback
transactions (as defined in Section 10.9) would not exceed [15%] of Consolidated
Net Assets; provided, however, that this Section 10.8 shall not apply to, and
there shall be excluded from secured Debt in any computation under this Section
10.8, Debt secured by:

               (1) Mortgages on property of, or on any shares of stock or Debt
             of, any corporation existing at the time such corporation becomes a
             Domestic Subsidiary;

               (2) Mortgages in favor of the Company or any Domestic Subsidiary;

               (3) Mortgages on property of the Company or a Domestic Subsidiary
             in favor of the United States of America or any State thereof, or
             any department, agency or instrumentality or political subdivision
             of the United States of America or any State thereof, or in favor
             of any other country, or any political subdivision thereof, to
             secure partial, progress, advance or other payments pursuant to any
             contract or statute;

               (4) Mortgages on property, shares of stock or Debt existing at
             the time of acquisition thereof (including acquisition through
             merger or consolidation) or to secure the payment of all or any
             part of the purchase price or construction or improvement cost
             thereof or to secure any debt incurred prior to, at the time of, or
             within 120 days after, the acquisition of such property or shares
             or Debt or the completion of any such construction or improvement
             for the purpose of financing all or any part of the purchase price
             or construction or improvement cost thereof;

               (5) Mortgages existing on the first date on which a Security is
             authenticated by the Trustee hereunder;

               (6) Mortgages incurred in connection with pollution control,
             industrial revenue or similar financing; and

               (7) Any extension, renewal or replacement (or successive
             extensions, renewals or replacements), as a whole or in part, of
             any Debt secured by any Mortgage referred to in the foregoing
             clauses (1) through (6), inclusive; provided, however, that (i)
             such extension, renewal or replacement Mortgage shall be limited to
             all or a part of the same property, shares of stock or Debt that
             secured the Mortgage extended, renewed or replaced (plus
             improvements on such property) and (ii) the Debt secured by such
             Mortgage at such time is not increased.

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<PAGE>

Section 10.9   Limitation on Sales and Leasebacks.

          The Company will not itself, and it will not permit any Domestic
Subsidiary to, enter into any arrangement with any bank, insurance company or
other lender or investor (not including the Company or any Subsidiary) or to
which any such lender or investor is a party, providing for the leasing by the
Company or any Domestic Subsidiary for a period, including renewals, in excess
of three years of any Principal Domestic Property which has been or is to be
sold or transferred, more than 120 days after the acquisition thereof or the
completion of construction and commencement of full operation thereof, by the
Company or any Domestic Subsidiary to such lender or investor or to any person
to whom funds have been or are to be advanced by such lender or investor on the
security of such Principal Domestic Property (herein referred to as a "sale and
leaseback transaction") unless either:

               (1) the Company or such Domestic Subsidiary could create Debt
             secured by a Mortgage pursuant to Section 10.8 on the Principal
             Domestic Property to be leased back in an amount equal to the
             Attributable Debt with respect to such sale and leaseback
             transaction without equally and ratably securing Outstanding
             Securities, or

               (2) the Company, within 120 days after the sale or transfer shall
             have been made by the Company or by any such Domestic Subsidiary,
             applies an amount equal to the greater of (i) the net proceeds of
             the sale of the Principal Domestic Property sold and leased back
             pursuant to such arrangement or (ii) the fair market value of the
             Principal Domestic Property so sold and leased back at the time of
             entering into such arrangements (as determined by any two of the
             following: the Chairman of the Board of the Company, its President,
             its Chief Executive Officer, an Executive Vice President, a Senior
             Vice President or a Vice President, and the Chief Financial
             Officer, the Treasurer or an Assistant Treasurer) to the retirement
             of Funded Debt; provided, however, that the amount to be applied to
             the retirement of Funded Debt shall be reduced by (a) the principal
             amount of any Securities delivered within 120 days after such sale
             to the Trustee for retirement and cancellation, and (b) the
             principal amount of such Funded Debt, other than Securities,
             voluntarily retired by the Company within 120 days after such sale.
             Notwithstanding the foregoing, no retirement referred to in this
             clause (2) may be effected by payment at maturity or pursuant to
             any mandatory sinking fund payment or any mandatory prepayment
             provision.

Section 10.10  Waiver of Certain Covenants.

          The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 10.8 and 10.9, with respect
to the Securities of any series if before the time for such compliance the
Holders of at least a majority in principal amount of the Outstanding Securities
of such series shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall
become effective, the obligations of the Company and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force
and effect.

                                       47

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                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

Section 11.1   Applicability of Article.

          Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 3.1 for Securities of any series)
in accordance with this Article XI.

Section 11.2   Election to Redeem; Notice to Trustee.

          The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution. In case of any redemption at the election of
the Company of less than all the Securities of any series, the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities of such series to be
redeemed and, if applicable, of the tenor of the Securities to be redeemed. In
the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction.

Section 11.3   Selection by Trustee of Securities to Be Redeemed.

          If less than all the Securities of any series are to be redeemed
(unless all of the Securities of such series and of a specified tenor are to be
redeemed), the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of
the principal amount of Securities of such series of a denomination larger than
the minimum authorized denomination for Securities of that series. If less than
all of the Securities of such series and of a specified tenor are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series and specified tenor not previously called for
redemption in accordance with the preceding sentence.

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

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

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Section 11.4   Notice of Redemption.

          Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his address appearing in
the Security Register.

                    All notices of redemption shall state:

                    (1) the Redemption Date,

                    (2) the Redemption Price,

                    (3) if less than all the Outstanding Securities of any
               series are to be redeemed, the identification (and, in the case
               of partial redemption of any Securities, the principal amounts)
               of the particular Securities to be redeemed,

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

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

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

                    Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company's
request, by the Trustee in the name and at the expense of the Company.

Section 11.5   Deposit of Redemption Price.

          Prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.3) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.

Section 11.6   Securities Payable on Redemption Date.

          Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 3.1, installments of interest whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 3.7.

                                       49

<PAGE>

          If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal and any premium shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in
the Security.

Section 11.7   Securities Redeemed in Part.

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

                                  ARTICLE XII

                                 SINKING FUNDS

Section 12.1   Applicability of Article.

          The provisions of this Article XII shall be applicable to any sinking
fund for the retirement of Securities of a series except as otherwise specified
as contemplated by Section 3.1 for Securities of such series.

          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 sinking fund payment may be subject to reduction as
provided in Section 12.2. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of
Securities of such series.

Section 12.2   Satisfaction of Sinking Fund Payments with Securities.

          The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such
series; provided, however, that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the
Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly.

                                       50

<PAGE>

Section 12.3   Redemption of Securities for Sinking Fund.

          Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2 and will also deliver to the Trustee any Securities to
be so delivered. Not less than 45 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of
the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 11.4. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 11.6 and 11.7.

                                  ARTICLE XIII

                       DEFEASANCE AND COVENANT DEFEASANCE

Section 13.1   Applicability of Article; Company's Option to Effect Defeasance
or Covenant Defeasance.

          If pursuant to Section 3.1 provision is made for either or both of (a)
defeasance of the Securities of a series under Section 13.2 or (b) covenant
defeasance of the Securities of a series under Section 13.3, then the provisions
of such Section or Sections, as the case may be, together with the other
provisions of this Article XIII, shall be applicable to the Securities of such
series, and the Company may at its option by Board Resolution, at any time, with
respect to the Securities of such series, elect to have either Section 13.2 (if
applicable) or Section 13.3 (if applicable) be applied to the Outstanding
Securities of such series upon compliance with the conditions set forth below in
this Article XIII.

Section 13.2   Defeasance and Discharge.

          Upon the Company's exercise of the above option applicable to this
Section 13.2, the Company shall be deemed to have been discharged from its
obligations with respect to the Outstanding Securities of such series on and
after the date the conditions precedent set forth below are satisfied
(hereinafter, "defeasance"). For this purpose, such defeasance means that the
Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Outstanding Securities of such series and to have satisfied
all its other obligations under such Securities and this Indenture insofar as
such Securities are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the
following which shall survive until otherwise terminated or discharged
thereunder: (A) the rights of Holders of Outstanding Securities of such series
to receive, solely from the trust fund described in Section 13.4 as more fully
set forth in such Section, payments of the principal of (and premium and
interest, if any, on) such Securities when such payments are due, (B) the
Company's obligations with respect to such Securities under Sections 3.4, 3.5,
3.6, 10.2 and 10.3 and such obligations as shall be ancillary thereto, (C) the
rights, powers, trusts, duties, immunities and other provisions in respect of
the Trustee hereunder and (D) this Article XIII. Subject to compliance with this
Article XIII, the Company may exercise its option under this Section 13.2
notwithstanding the prior exercise of its option under Section 13.3 with respect
to the Securities of such series.

                                       51

<PAGE>

Section 13.3   Covenant Defeasance.

          Upon the Company's exercise of the above option applicable to this
Section 13.3, the Company shall be released from its obligations under Sections
8.1, 10.8 and 10.9 (and any covenant applicable to such Securities that are
determined pursuant to Section 3.1 to be subject to this provision) and the
occurrence of an event specified in Section 5.1(4) (with respect to any of
Sections 8.1, 10.8 or 10.9) (and any other Event of Default applicable to such
Securities that are determined pursuant to Section 3.1 to be subject to this
provision) shall not be deemed to be an Event of Default with respect to the
Outstanding Securities of such series on and after the date the conditions set
forth below are satisfied (hereinafter, "covenant defeasance"). For this
purpose, such covenant defeasance means that, with respect to the Outstanding
Securities of such series, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
Section or clause whether directly or indirectly by reason of any reference
elsewhere herein to any such Section or clause or by reason of any reference in
any such Section or clause to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

Section 13.4   Conditions to Defeasance or Covenant Defeasance.

          The following shall be the conditions precedent to application of
either Section 13.2 or Section 13.3 to the Outstanding Securities of such
series:

                    (1) The Company shall irrevocably have deposited or caused
               to be deposited with the Trustee (or another trustee satisfying
               the requirements of Section 6.9 who shall agree to comply with
               the provisions of this Article XIII applicable to it) as trust
               funds in trust for the purpose of making the following payments,
               specifically pledged as security for, and dedicated solely to,
               the benefit of the Holders of such Securities, (A) money in an
               amount, or (B) U.S. Government Obligations which through the
               scheduled payment of principal and interest in respect thereof in
               accordance with their terms will provide, not later than one day
               before the due date of any payment, money in an amount, or (C) a
               combination thereof, sufficient, without reinvestment, in the
               opinion of a nationally recognized firm of independent public
               accountants expressed in a written certification thereof
               delivered to the Trustee, to pay and discharge, and which shall
               be applied by the Trustee (or other qualifying trustee) to pay
               and discharge, the principal of (and premium and interest, if any
               on) the Outstanding Securities of such series on the Maturity of
               such principal, or premium and interest, if any. Before such a
               deposit the Company may make arrangements satisfactory to the
               Trustee for the redemption of Securities at a future date or
               dates in accordance with Article XI, which shall be given effect
               in applying the foregoing. For this purpose, "U.S. Government
               Obligations" means securities that are (x) direct obligations of
               the United States of America for the payment of which its full
               faith and credit is pledged or (y) obligations of a Person
               controlled or supervised by and acting as an agency or
               instrumentality of the United States of America the payment of
               which is unconditionally guaranteed as a full faith and credit
               obligation by the United States of America, which, in either
               case, are not callable or redeemable at the option of the issuer
               thereof, and shall also include a depository receipt issued by a
               bank (as defined in section 3(a)(2) of the Securities Act of
               1933, as amended) as custodian with respect to any such U.S.
               Government Obligation or a specific payment of principal of or
               interest on any such U.S.

                                       52

<PAGE>

               Government Obligation held by such custodian for the account of
               the holder of such depository receipt, provided that (except as
               required by law) such custodian is not authorized to make any
               deduction from the amount payable to the holder of such
               depositary receipt from any amount received by the custodian in
               respect of the U.S. Government Obligation or the specific payment
               of principal of or interest on the U.S. Government Obligation
               evidenced by such depositary receipt.

                    (2) No Event of Default or event which with notice or lapse
               of time or both would become an Event of Default with respect to
               the Securities of such series shall have occurred and be
               continuing (A) on the date of such deposit or (B) insofar as
               subsections 5.1(5) and (6) are concerned, at any time during the
               period ending on the 121st day after the date of such deposit or,
               if longer, ending on the day following the expiration of the
               longest preference period applicable to the Company in respect of
               such deposit (it being understood that the condition in this
               condition shall not be deemed satisfied until the expiration of
               such period).

                    (3) Such defeasance or covenant defeasance shall not (A)
               cause the Trustee for the Securities of such series to have a
               conflicting interest as defined in Section 6.8 or for purposes of
               the Trust Indenture Act with respect to any securities of the
               Company or (B) result in the trust arising from such deposit to
               constitute, unless it is qualified as, a regulated investment
               company under the Investment Company Act of 1940, as amended.

                    (4) Such defeasance or covenant defeasance shall not result
               in a breach or violation of, or constitute a default under, this
               Indenture or any other agreement or instrument to which the
               Company is a party or by which it is bound.

                    (5) In the case of an election under Section 13.2, the
               Company shall have delivered to the Trustee an Opinion of Counsel
               stating that (x) the Company has received from, or there has been
               published by, the Internal Revenue Service a ruling, or (y) since
               the date of this Indenture there has been a change in the
               applicable Federal income tax law, in either case to the effect
               that, and based thereon such opinion shall confirm that, the
               Holders of the Outstanding Securities of such series will not
               recognize income, gain or loss for Federal income tax purposes as
               a result of such defeasance and will be subject to Federal income
               tax on the same amounts, in the same manner and at the same times
               as would have been the case if such defeasance had not occurred.

                    (6) In the case of an election under Section 13.3, the
               Company shall have delivered to the Trustee an Opinion of Counsel
               to the effect that the Holders of the Outstanding Securities of
               such series will not recognize income, gain or loss for Federal
               income tax purposes as a result of such covenant defeasance and
               will be subject to Federal income tax on the same amounts, in the
               same manner and at the same times as would have been the case if
               such covenant defeasance had not occurred.

                    (7) Such defeasance or covenant defeasance shall be effected
               in compliance with any additional terms, conditions or
               limitations which may be imposed on the Company in connection
               therewith pursuant to Section 3.1.

                                       53

<PAGE>

                    (8) The Company shall have delivered to the Trustee an
               Officers' Certificate and an Opinion of Counsel, each stating
               that all conditions precedent provided for relating to either the
               defeasance under Section 13.2 or the covenant defeasance under
               Section 13.3 (as the case may be) have been complied with.

Section 13.5   Deposited Money and U.S. Government Obligations to be Held in
Trust; Other Miscellaneous Provisions.

          Subject to the provisions of the last paragraph of Section 10.3, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee - collectively, for purposes of
this Section 13.5, the "Trustee") pursuant to Section 13.4 in respect of the
Outstanding Securities of such series shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent (but not
including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Securities, of all sums due and to become due
thereon in respect of principal (and premium, if any) and interest, but such
money need not be segregated from other funds except to the extent required by
law.

          The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the money or U.S. Government
Obligations deposited pursuant to Section 13.4 or the principal and interest
received in respect thereof.

          Anything herein to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon Company Request any money
or U.S. Government Obligations held by it as provided in Section 13.4 which, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect an equivalent defeasance or covenant defeasance.

Section 13.6   Reinstatement.

          If the Trustee or the Paying Agent is unable to apply any money in
accordance with Section 13.2 or 13.3 by reason of any order or judgment or any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Company's obligations under the Securities of such
series shall be revived and reinstated as though no deposit had occurred
pursuant to this Article XIII until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 13.2 or 13.3;
provided, however, that if the Company makes any payment of principal of (and
premium, if any) or interest on any such Security following the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money held by the Trustee or
the Paying Agent.

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

                                       54

<PAGE>

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

                                       ARGONAUT GROUP INC.

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

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       as Trustee

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

<PAGE>

STATE OF ILLINOIS          )
                           )        ss:
COUNTY OF LAKE             )

          On the _____ day of ______________, 2002, before me personally came
________________, to me known, who, being by me duly sworn, did depose and say
that he is _______________of Argonaut Group Inc., one of the corporations
described in and which executed the foregoing instrument and that he signed his
name thereto by authority of the Board of Directors of said corporation.

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

STATE OF ILLINOIS          )
                           )        ss:
COUNTY OF COOK             )

          On the ____ day of ___________, 2002, before me personally came
_____________________, to me known, who, being by me duly sworn, did depose and
say that he is ___________________ of LaSalle Bank National Association, one of
the corporations described in and which executed the foregoing instrument and
that he signed his name thereto by authority of the Board of Directors of said
corporation.

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

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