Document:

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                                                                     EXHIBIT 4.2

                                RIGHTS AGREEMENT

            RIGHTS AGREEMENT, dated as of March __, 2002 (the "Agreement"),
between Travelers Property Casualty Corp., a Connecticut corporation (the
"Company"), and EquiServe Trust Company, N.A., a national banking association
(the "Rights Agent").

                               W I T N E S S E T H

            WHEREAS, on March __, 2002 (the "Rights Dividend Declaration Date"),
the Board of Directors of the Company authorized and declared a dividend
distribution of one Class A Right (as hereinafter defined) for each share of
Class A Common Stock, par value $.01 per share, and one Class B Right (as
hereinafter defined) for each share of Class B Common Stock, par value $.01 per
share (the Class A Common Stock and the Class B Common Stock together, the
"Common Stock"), outstanding, respectively, at the close of business on March
__, 2002 (the "Record Date"), and has authorized the issuance of one Class A
Right and one Class B Right, respectively (as such numbers may hereinafter be
adjusted pursuant to the provisions of Section 11(p) hereof), for each share of
Class A Common Stock and Class B Common Stock, respectively, issued between the
Record Date and the Distribution Date (as hereinafter defined), each Right (as
hereinafter defined) initially representing the right to purchase one
one-thousandth of a share of Series A Junior Participating Preferred Stock of
the Company having the rights, powers and
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preferences set forth in the form of Certificate of Amendment setting forth the
amendment determining the terms thereof attached hereto as Exhibit A, upon the
terms and subject to the conditions hereinafter set forth (the Class A Rights
and the Class B Rights together, the "Rights");

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereby agree as follows:

            Section 1. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings indicated:

                  (a) "Acquiring Person" shall mean any Person who or which,
together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of shares of Common Stock which have the right to cast 15% or
more of the votes that may be cast by all outstanding shares for the election of
directors of the Company, but shall not include (i) the Company, (ii) any
Subsidiary of the Company, (iii) any employee benefit plan of the Company, any
Subsidiary of the Company, or any Person or entity organized, appointed or
established by the Company for or pursuant to the terms of any such plan, (iv)
Citigroup (provided that this clause (iv) shall be of no further force or effect
commencing the first time that Citigroup beneficially owns less than five
percent (5%) of the voting power of the outstanding shares of Common Stock
(excluding for such purposes shares of Common Stock beneficially owned by
Citigroup but not for its own account,

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including (in such exclusion) Beneficial Ownership which arises by virtue of
some entity that is an Affiliate of Citigroup being a sponsor or advisor of a
mutual or similar fund that beneficially owns shares of Common Stock), (v) any
Person who becomes the Beneficial Owner of shares of Common Stock which have the
right to cast 15% or more of the votes that may be cast by all outstanding
shares for the election of directors of the Company as a result of a reduction
in the number of shares of Common Stock outstanding due to the repurchase of
shares of Common Stock by the Company, unless and until such Person, after
becoming aware that such Person has become the Beneficial Owner of shares of
Common Stock which have the right to cast 15% or more of the votes that may be
cast by all outstanding shares for the election of directors of the Company
acquires beneficial ownership of additional shares or (vi) any Person who has
reported or is required to report such ownership (but less than 20%) on Schedule
13G under the Exchange Act (or any comparable or successor report) or on
Schedule 13D under the Exchange Act (or any comparable or successor report)
which Schedule 13D does not state any intention to or reserve the right to
control or influence the management or policies of the Company or engage in any
of the actions specified in Item 4 of such schedule (other than the disposition
of the Common Stock) and, within 10 Business Days of being requested by the
Company to ad vise it regarding the same, accurately certifies to the Company
that such Person acquired shares of Common Stock which have the right to cast
15% or more

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of the votes that may be cast by all outstanding shares for the election of
directors of the Company inadvertently or without knowledge of the terms of the
Rights and who, together with all Affiliates and Associates, as promptly as
practicable after becoming aware of the terms of the Rights, thereafter divested
shares of Common Stock beneficially owned by such Person until such Person is no
longer the Beneficial Owner of shares of Common Stock which have the right to
cast 15% or more of the votes that may be cast by all outstanding shares for the
election of directors of the Company; provided, however, that if the Person
requested to so certify fails to do so within 10 Business Days (unless extended
by the Board of Directors), then such Person shall become an Acquiring Person
immediately after such 10-Business Day period, as it may be so extended.

                  (b) "Act" shall mean the Securities Act of 1933, as amended.

                  (c) "Affiliate" and "Associate" shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act.

                  (d) A Person shall be deemed the "Beneficial Owner" of, and
shall be deemed to "beneficially own," any securities:

                        (i) which such Person or any of such Person's Affiliates
      or Associates, directly or indirectly, has the right to acquire

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      (whether such right is exercisable immediately or only after the passage
      of time) pursuant to any agreement, arrangement or understanding (whether
      or not in writing) or upon the exercise of conversion rights, exchange
      rights, rights, warrants or options, or otherwise; provided, however, that
      a Person shall not be deemed the "Beneficial Owner" of, or to
      "beneficially own," (A) securities tendered pursuant to a tender or
      exchange offer made by such Person or any of such Person's Affiliates or
      Associates until such tendered securities are accepted for purchase or
      exchange, (B) securities issuable upon exercise of Rights at any time
      prior to the occurrence of a Triggering Event (as hereinafter defined), or
      (C) securities issuable upon exercise of Rights from and after the
      occurrence of a Triggering Event which Rights were acquired by such Person
      or any of such Person's Affiliates or Associates prior to the Distribution
      Date (as hereinafter defined) or pursuant to Section 3(a) or Section 22
      hereof (the "Original Rights") or pursuant to Section 11(i) hereof in
      connection with an adjustment made with respect to any Original Rights;

                        (ii) which such Person or any of such Person's
      Affiliates or Associates, directly or indirectly, has the right to vote or
      dispose of or has "beneficial ownership" of (as determined pursuant to

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      Rule 13d-3 of the General Rules and Regulations under the Exchange Act),
      including pursuant to any agreement, arrangement or understanding, whether
      or not in writing; provided, however, that a Person shall not be deemed
      the "Beneficial Owner" of, or to "beneficially own," any security under
      this subparagraph (ii) as a result of an agreement, arrangement or
      understanding to vote such security if such agreement, arrangement or
      understanding: (A) arises solely from a revocable proxy given in response
      to a proxy or consent solicitation made pursuant to, and in accordance
      with, the applicable provisions of the General Rules and Regulations under
      the Exchange Act, and (B) is not reportable by such Person on Schedule 13D
      under the Exchange Act (or any comparable or successor report); or

                        (iii) which are beneficially owned, directly or
      indirectly, by any other Person (or any Affiliate or Associate thereof)
      with which such Person (or any of such Person's Affiliates or Associates)
      has any agreement, arrangement or understanding (whether or not in
      writing), for the purpose of acquiring, holding, voting (except pursuant
      to a revocable proxy as described in the proviso to subparagraph (ii) of
      this paragraph (d)) or disposing of any voting securities of the Company;

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provided, however, that nothing in this paragraph (d) shall cause a Person
engaged in business as an underwriter of securities to be the "Beneficial Owner"
of, or to "beneficially own," any securities acquired through such Person's
participation in good faith in a firm commitment underwriting until the
expiration of forty days after the date of such acquisition, and then only if
such securities continue to be owned by such Person at such expiration of forty
days; provided, however that any Affiliates, Associates or other Persons who may
be deemed representatives of Citigroup serving as directors of the Company shall
not be deemed to beneficially own securities held by Citigroup as a result of
(i) their serving as directors or taking any action in connection therewith or
(ii) discussing the status of Citigroup's shares with the Company, absent an
express agreement among Citigroup and such shareholders to act in concert with
one another as shareholders so as to cause, in the good faith judgment of the
Board of Directors, each such shareholder to be the Beneficial Owner of the
shares held by Citigroup or the other shareholders.

                  (e) "Business Day" shall mean any day other than a Saturday,
Sunday or a day on which banking institutions in the State of New York are
authorized or obligated by law or executive order to close.

                  (f) "Citigroup" shall mean Citigroup Inc., all successors to
Citigroup Inc. by way of merger, consolidation or sale of all or substantially
all of its

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assets, and all corporations, partnerships, joint ventures, associations and
other entities in which the Citigroup Inc. owns (directly or indirectly) fifty
percent of the outstanding voting stock, voting power, partnership interests or
similar ownership interests, but shall not include the Company.

                  (g) "Citigroup Inc." shall mean Citigroup Inc., a Delaware
corporation, and all of its successors by way of merger, consolidation or sale
of all or substantially all of its assets.

                  (h) "Class A Rights Certificate" shall have the meaning set
forth in Section 3(a) hereof.

                  (i) "Class B Rights Certificate" shall have the meaning set
forth in Section 3(a) hereof.

                  (j) "Class A Common Stock" shall mean the Class A Common
Stock, par value $.01, of the Company.

                  (k) "Class B Common Stock" shall mean the Class B Common
Stock, par value $.01, of the Company.

                  (l) "Class A Right" shall mean the Right attached to each
share of Class A Common Stock.

                  (m) "Class B Right" shall mean the Right attached to each
share of Class A Common Stock.

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                  (n) "Close of business" on any given date shall mean 5:00
P.M., New York City time, on such date; provided, however, that if such date is
not a Business Day, it shall mean 5:00 P.M., New York City time, on the next
succeeding Business Day.

                  (o) "Common Stock" shall have the meaning set forth in the
WHEREAS clause at the beginning of the Agreement, except that "Common Stock"
when used with reference to any Person other than the Company shall mean the
capital stock of such Person with the greatest voting power, or the equity
securities or other equity interest having power to control or direct the
management, of such Person.

                  (p) "Common Stock Equivalents" shall have the meaning set
forth in Section 11(a)(iii) hereof.

                  (q) "Current Market Price" shall have the meaning set forth in
Section 11(d)(i) hereof.

                  (r) "Current Value" shall have the meaning set forth in
Section 11(a)(iii) hereof.

                  (s) "Distribution Date" shall have the meaning set forth in
Section 3(a) hereof.

                  (t) "Equivalent Preferred Stock" shall have the meaning set
forth in Section 11(b) hereof.

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                  (u) "Equivalent Stock" shall have the meaning assigned to it
in Section 7.

                  (v) "Exchange Act" shall mean the Securities and Exchange Act
of 1934, as amended.

                  (w) "Exchange Ratio" shall have the meaning assigned to it in
Section 24.

                  (x) "Expiration Date" shall have the meaning set forth in
Section 7(a) hereof.

                  (y) "Final Expiration Date" shall have the meaning set forth
in Section 7(a) hereof.

                  (z) "Person" shall mean any individual, firm, corporation,
partnership or other entity and shall include any successor by merger or
otherwise of such entity.

                  (aa) "Preferred Stock" shall mean shares of Series A Junior
Participating Preferred Stock, par value $.01 per share, of the Company, and, to
the extent that there are not a sufficient number of shares of Series A Junior
Participating Preferred Stock authorized to permit the full exercise of the
Rights, any other series of preferred stock of the Company designated for such
purpose containing terms substantially similar to the terms of the Series A
Junior Participating Preferred Stock.

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                  (ab) "Principal Party" shall have the meaning set forth in
Section 13(b) hereof.

                  (ac) "Purchase Price" shall have the meaning set forth in
Section 4(a)(ii) hereof.

                  (ad) "Record Date" shall have the meaning set forth in the
WHEREAS clause at the beginning of this Agreement.

                  (ae) "Rights" shall have the meaning set forth in the WHEREAS
clause at the beginning of this Agreement.

                  (af) "Rights Agent" shall have the meaning set forth in the
parties clause at the beginning of this Agreement.

                  (ag) "Rights Certificates" shall mean the Class A Rights
Certificates and the Class B Rights Certificates.

                  (ah) "Rights Dividend Declaration Date" shall have the meaning
set forth in the WHEREAS clause at the beginning of this Agreement.

                  (ai) "Section 11(a)(ii) Event" shall mean any event described
in Section 11(a)(ii) hereof.

                  (aj) "Section 13 Event" shall mean any event described in
clauses (x), (y) or (z) of Section 13(a) hereof.

                  (ak) "Spread" shall have the meaning set forth in Section
11(a)(iii) hereof.

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                  (al) "Stock Acquisition Date" shall mean the first date of
public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed or amended pursuant to Section 13(d) under
the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person
has become such.

                  (am) "Subsidiary" shall mean, with reference to any Person,
any corporation of which an amount of voting securities sufficient to elect at
least a majority of the directors of such corporation is beneficially owned,
directly or indirectly, by such Person, or otherwise controlled by such Person.

                  (an) "Substitution Period" shall have the meaning set forth in
Section 11(a)(iii) hereof.

                  (ao) "Summary of Rights" shall have the meaning set forth in
Section 3(b) hereof.

                  (ap) "Trading Day" shall have the meaning set forth in Section
11(d)(i) hereof.

                  (aq) "Triggering Event" shall mean any Section 11(a)(ii) Event
or any Section 13 Event.

            Section 2. Appointment of Rights Agent. The Company hereby appoints
the Rights Agent to act as agent for the Company and the holders of the Rights
(who, in accordance with Section 3 hereof, shall prior to the Distribution Date

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also be the holders of the Common Stock) in accordance with the terms and
conditions hereof, and the Rights Agent hereby accepts such appointment. The
Company may from time to time appoint such co-rights agents as it may deem
necessary or desirable upon ten (10) days' prior written notice to the Rights
Agent. The Rights Agent shall have no duty to supervise, and shall in no event
be liable for, the acts or omissions of any such co-Rights Agent.

            Section 3. Issuance of Rights Certificates.

                  (a) Until the earlier of (i) the close of business on the
tenth Business Day after the Stock Acquisition Date (or, if the tenth Business
Day after the Stock Acquisition Date occurs before the Record Date, the close of
business on the Record Date), or (ii) the close of business on the tenth
Business Day (or such later date as the Board shall determine) after the date of
the commencement or the date of first public announcement with respect thereto,
by any Person (other than the Company, any Subsidiary of the Company, any
employee benefit plan of the Company or of any Subsidiary of the Company, or any
Person or entity organized, appointed or established by the Company for or
pursuant to the terms of any such plan) of a tender or exchange offer within the
meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange
Act, if upon consummation thereof, such Person would become an Acquiring Person
(the earlier of (i) and (ii) being herein referred to as the "Distribution
Date"), (x) the Class A Rights and the

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Class B Rights, respectively, will be evidenced (subject to the provisions of
paragraph (b) of this Section 3) by the certificates for the Class A Common
Stock and the Class B Common Stock, respectively, registered in the names of the
holders of such class of Common Stock (which certificates for such class of
Common Stock shall be deemed also to be certificates for such Rights) and not by
separate certificates, and (y) the Rights will be transferable only in
connection with the transfer of the underlying shares of Common Stock (including
transfers to the Company). The Company shall give the Rights Agent prompt
written notice of the Distribution Date. As soon as practicable after the
Distribution Date, and receipt of written notice of the Distribution Date from
the Company, the Rights Agent will, at the Company's expense, send by
first-class, postage-prepaid mail, to each record holder of Class A Common Stock
and Class B Common Stock, respectively, as of the close of business on the
Distribution Date, at the address of such holder shown on the records of the
Company, one or more right certificates, in substantially the form of Exhibit B
and C hereto, evidencing one Class A Right for each share of Class A Common
Stock (a "Class A Rights Certificate") and one Class B Right for each share of
Class B Common Stock (a "Class B Rights Certificate"), respectively, so held,
subject to adjustment as provided herein. In the event that any adjustment in
the number of Rights per share of Common Stock has been made pursuant to Section
11(p) hereof, at the time of distribution of the Rights Certificates, the
Company shall make the

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necessary and appropriate rounding adjustments (in accordance with Section 14(a)
hereof) so that Rights Certificates representing only whole numbers of Rights
are distributed and cash is paid in lieu of any fractional Rights. As of and
after the Distribution Date, the Rights will be evidenced solely by such Rights
Certificates.

                  (b) The Company will make available, as promptly as
practicable following the Record Date, a copy of a Summary of Rights, in
substantially the form attached hereto as Exhibit D (the "Summary of Rights") to
any holder of Rights who may so request from time to time prior to the
Expiration Date. With respect to certificates for the Class A Common Stock and
the Class B Common Stock , respectively, outstanding as of the Record Date, or
issued subsequent to the Record Date, unless and until the Distribution Date
shall occur, the Class A Rights and the Class B Rights will be evidenced by such
certificates for such class of Common Stock and the registered holders of the
Common Stock shall also be the registered holders of the associated Rights.
Until the earlier of the Distribution Date or the Expiration Date (as such term
is defined in Section 7(a) hereof), the transfer of any certificates
representing shares of Common Stock in respect of which Rights have been issued
shall also constitute the transfer of the Rights associated with such shares of
Common Stock.

                  (c) Rights shall be issued in respect of all shares of Common
Stock which are issued after the Record Date but prior to the earlier of the

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Distribution Date or the Expiration Date. Certificates representing such shares
of Class A Common Stock shall also be deemed to be certificates for the
associated Class A Rights, and shall bear the following legend:

            This certificate also evidences and entitles the holder hereof to
      certain Class A Rights as set forth in the Rights Agreement (the "Rights
      Agreement"), between Travelers Property Casualty Corp. (the "Company")
      and EquiServe Trust Company, N.A. (the "Rights Agent"), the terms of which
      are hereby incorporated herein by reference and a copy of which is on file
      at the principal offices of the Company. Under certain circumstances, as
      set forth in the Rights Agreement, such Class A Rights will be evidenced
      by separate certificates and will no longer be evidenced by this
      certificate. The Company will mail to the holder of this certificate a
      copy of the Rights Agreement, as in effect on the date of mailing, without
      charge, promptly after receipt of a written request therefor. Under
      certain circumstances set forth in the Rights Agreement, Class A Rights
      issued to, or held by, any Person who is, was or becomes an Acquiring
      Person or any Affiliate or Associate thereof (as such terms are defined in
      the Rights Agreement), whether currently held by or on behalf of such
      Person or by any subsequent holder, may become null and void.

Certificates representing such shares of Class B Common Stock shall also be
deemed to be certificates for the associated Class B Rights, and shall bear the
following legend:

            This certificate also evidences and entitles the holder hereof to
      certain Class B Rights as set forth in the Rights Agreement (the "Rights
      Agreement"), between Travelers Property Casualty Corp. (the "Company")
      and EquiServe Trust Company, N.A. (the "Rights Agent"), the terms of which
      are hereby incorporated herein by reference and a copy of which is on file
      at the principal offices of the Company. Under certain circumstances, as
      set forth in the Rights Agreement, such Class B Rights will be evidenced
      by separate certificates and will no longer be evidenced by this
      certificate. The Company will mail to the holder of this certificate a
      copy of the Rights

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      Agreement, as in effect on the date of mailing, without charge, promptly
      after receipt of a written request therefor. Under certain circumstances
      set forth in the Rights Agreement, Class B Rights issued to, or held by,
      any Person who is, was or becomes an Acquiring Person or any Affiliate or
      Associate thereof (as such terms are defined in the Rights Agreement),
      whether currently held by or on behalf of such Person or by any subsequent
      holder, may become null and void.

With respect to such certificates containing the foregoing legends, until the
earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights
associated with the Common Stock represented by such certificates shall be
evidenced by such certificates alone and registered holders of Common Stock
shall also be the registered holders of the associated Rights, and the transfer
of any of such certificates shall also constitute the transfer of the Rights
associated with the Common Stock represented by such certificates.

            Section 4. Form of Rights Certificates.

                  (a) The Rights Certificates (and the forms of election to
purchase and of assignment to be printed on the reverse thereof) shall each be
substantially in the forms set forth in Exhibit B and Exhibit C hereto for the
Class A Rights and the Class B Rights, respectively, and may have such marks of
identification or designation and such legends, summaries or endorsements
printed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any

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stock exchange on which the Rights may from time to time be listed, or to
conform to usage. The Right Certificates shall be in a machine printable format
and in a form reasonably satisfactory to the Rights Agent. Subject to the
provisions of Section 11 and Section 22 hereof, the Rights Certificates,
whenever distributed, shall be dated as of the Record Date and on their face
shall entitle the holders thereof to purchase such number of one one-thousandths
of a share of Preferred Stock as shall be set forth therein at the price set
forth therein (such exercise price per one one-thousandth of a share, the
"Purchase Price"), but the amount and type of securities purchasable upon the
exercise of each Right and the Purchase Price thereof shall be subject to
adjustment as provided herein.

                  (b) Any Rights Certificate issued pursuant to Section 3(a),
Section 11(i) or Section 22 hereof that represents Rights beneficially owned by:
(i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person,
(ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate)
who becomes a transferee after the Acquiring Person becomes such, or (iii) a
transferee of an Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee prior to or concurrently with the Acquiring Person becoming
such and receives such Rights pursuant to either (A) a transfer (whether or not
for consideration) from the Acquiring Person to holders of equity interests in
such Acquiring Person or to any Person with whom such Acquiring Person has any
continuing agreement,

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arrangement or understanding regarding the transferred Rights or (B) a transfer
which the Board of Directors of the Company has determined is part of a plan,
arrangement or understanding which has as a primary purpose or effect avoidance
of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6
or Section 11 hereof upon transfer, exchange, replacement or adjustment of any
other Rights Certificate referred to in this sentence, shall contain (to the
extent feasible) the following legend:

      The Rights represented by this Rights Certificate are or were beneficially
      owned by a Person who was or became an Acquiring Person or an Affiliate or
      Associate of an Acquiring Person (as such terms are defined in the Rights
      Agreement). Accordingly, this Rights Certificate and the Rights
      represented hereby may become null and void in the circumstances specified
      in Section 7(e) of the Rights Agreement.

            Section 5. Countersignature and Registration.

                  (a) The Rights Certificates shall be executed on behalf of the
Company by its Chairman of the Board, its Chief Operating Officer, its
President, any Vice Chairmen or any Vice President, either manually or by
facsimile signature, and shall have affixed thereto the Company's seal or a
facsimile thereof which shall be attested by the Secretary or an Assistant
Secretary of the Company, either manually or by facsimile signature. The Rights
Certificates shall be countersigned by the Rights Agent, either manually or by
facsimile signature and shall not be valid for any purpose unless so counter
signed. In case any officer of the Company who shall have signed any of the
Rights Certificates shall cease to be such officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the

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Company, such Rights Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered by the Company with the same force and
effect as though the person who signed such Rights Certificates had not ceased
to be such officer of the Company; and any Rights Certificates may be signed on
behalf of the Company by any person who, at the actual date of the execution of
such Rights Certificate, shall be a proper officer of the Company to sign such
Rights Certificate, although at the date of the execution of this Rights
Agreement any such person was not such an officer.

                  (b) Following the Distribution Date, the Rights Agent will
keep, or cause to be kept, at its principal office or offices designated as the
appropriate place for surrender of Rights Certificates upon exercise or
transfer, books for registration and transfer of the Rights Certificates issued
hereunder. Such books shall show the names and addresses of the respective
holders of the Rights Certificates, the number of Rights evidenced on its face
by each of the Rights Certificates and the date of each of the Rights
Certificates.

            Section 6. Transfer, Split-Up, Combination and Exchange of Rights
Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

                  (a) Subject to the provisions of Section 4(b), Section 7(e)
and Section 14 hereof, at any time after the close of business on the
Distribution Date, and at or prior to the close of business on the Expiration
Date, any Rights Certificate

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or Certificates may be transferred, split up, combined or exchanged for another
Rights Certificate or Certificates, entitling the registered holder to purchase
a like number of one one-thousandths of a share of Preferred Stock (or,
following a Triggering Event, Class A Common Stock, Class B Common Stock, other
securities, cash or other assets, as the case may be) as the Rights Certificate
or Certificates surrendered then entitles such holder (or former holder in the
case of a transfer) to purchase. Any registered holder desiring to transfer,
split up, combine or exchange any Rights Certificate or Certificates shall make
such request in writing, signed by the registered holder with such signature
guaranteed in such manner as is reasonably satisfactory to the Rights Agent,
delivered to the Rights Agent, and shall surrender the Rights Certificate or
Certificates to be transferred, split up, combined or exchanged at the principal
office or offices of the Rights Agent designated for such purpose. Neither the
Rights Agent nor the Company shall be obligated to take any action whatsoever
with respect to the transfer of any such surrendered Rights Certificate until
the registered holder shall have completed and signed the certificate contained
in the form of assignment on the reverse side of such Rights Certificate and
shall have provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the
Company shall reasonably request. Thereupon the Rights Agent shall, subject to
Section 4(b), Section 7(e), and Section 14 hereof, countersign and deliver to
the

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Person entitled thereto a Rights Certificate or Rights Certificates, as the case
may be, as so requested. The Company may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer, split up, combination or exchange of Rights Certificates.

                  (b) Upon receipt by the Company and the Rights Agent of
evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Rights Certificate, and, in case of loss, theft or destruction,
of indemnity or security reasonably satisfactory to them, and reimbursement to
the Company and the Rights Agent of all reasonable expenses incidental thereto,
and upon surrender to the Rights Agent and cancellation of the Rights
Certificate if mutilated, the Company will execute and deliver a new Rights
Certificate of like tenor to the Rights Agent for countersignature and delivery
to the registered owner in lieu of the Rights Certificate so lost, stolen,
destroyed or mutilated.

            Section 7. Exercise of Rights; Purchase Price; Expiration Date of
Rights.

                  (a) Subject to Section 7(e) hereof, at any time after the
Distribution Date the registered holder of any Rights Certificate may exercise
the Rights evidenced thereby (except as otherwise provided herein including,
without limitation, the restrictions on exercisability set forth in Section
9(c), Section 11(a)(iii) and Section 23(a) hereof) in whole or in part upon
surrender of the Rights Certificate,

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with the form of election to purchase and the certificate on the reverse side
thereof duly executed, to the Rights Agent at the principal office or offices of
the Rights Agent designated for such purpose, together with payment of the
aggregate Purchase Price with respect to the total number of one one-thousandths
of a share (or other securities, cash or other assets, as the case may be) as to
which such surrendered Rights are then exercisable, at or prior to the earlier
of (i) 5:00 P.M., New York City time, on March __, 2012, or such later date as
may be established by the Board of Directors prior to the expiration of the
Rights (such date, as it may be extended by the Board of Directors of the
Company) (the "Final Expiration Date"), or (ii) the time at which the Rights are
redeemed as provided in Section 23 and Section 24 hereof (the earlier of (i) and
(ii) being herein referred to as the "Expiration Date"). If at any time after
the Rights become exercisable hereunder but prior to the Expiration Date the
Company is prohibited by its certificate of incorporation from issuing Preferred
Stock upon the exercise of all of the outstanding Rights, the Company may issue
upon the exercise of the Rights shares of stock or other securities of the
Company of equivalent value to the Preferred Stock ("Equivalent Stock"), as
determined by the Board of Directors.

                  (b) The Purchase Price for each one one-thousandth of a share
of Preferred Stock pursuant to the exercise of a Right shall initially be
$[__.00] ([____] dollars), and shall be subject to adjustment from time to time
as provided in

                                       23
<PAGE>
Section 11 and Section 13(a) hereof and shall be payable in accordance with
paragraph (c) below.

                  (c) Upon receipt of a Rights Certificate representing
exercisable Rights, with the form of election to purchase and the certificate
duly executed, accompanied by payment, with respect to each Right so exercised,
of the Purchase Price per one one-thousandth of a share of Preferred Stock (or
other shares, securities, cash or other assets, as the case may be) to be
purchased as set forth below and an amount equal to any applicable transfer tax,
the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i)
(A) requisition from any transfer agent of the shares of Preferred Stock (or
make available, if the Rights Agent is the transfer agent for such shares)
certificates for the total number of one one-thousandths of a share of Preferred
Stock to be purchased and the Company hereby irrevocably authorizes its transfer
agent to comply with all such requests, or (B) if the Company shall have elected
to deposit the total number of shares of Preferred Stock issuable upon exercise
of the Rights hereunder with a depositary agent, requisition from the depositary
agent depositary receipts representing such number of one one-thousandths of a
share of Preferred Stock as are to be purchased (in which case certificates for
the shares of Preferred Stock represented by such receipts shall be deposited by
the transfer agent with the depositary agent) and the Company will direct the
depositary agent to comply with such request, (ii) requisition from the Company

                                       24
<PAGE>
the amount of cash, if any, to be paid in lieu of fractional shares in
accordance with Section 14 hereof, (iii) after receipt of such certificates or
depositary receipts, cause the same to be delivered to or, upon the order, of
the registered holder of such Rights Certificate, registered in such name or
names as may be designated by such holder, and (iv) after receipt thereof,
deliver such cash, if any, to or upon the order of the registered holder of such
Rights Certificate. The payment of the Purchase Price (as such amount may be
reduced pursuant to Section 11(a)(iii) hereof) shall be made in cash or by
certified bank check or bank draft payable to the order of the Company. In the
event that the Company is obligated to issue other securities (including Common
Stock) of the Company, pay cash and/or distribute other property pursuant to
Section 11(a) hereof, the Company will make all arrangements necessary so that
such other securities, cash and/or other property are available for distribution
by the Rights Agent, if and when appropriate. The Company reserves the right to
require prior to the occurrence of a Triggering Event that, upon any exercise of
Rights, a number of Rights be exercised so that only whole shares of Preferred
Stock would be issued.

                  (d) In case the registered holder of any Rights Certificate
shall exercise less than all the Rights evidenced thereby, a new Rights
Certificate evidencing Rights equivalent to the Rights remaining unexercised
shall be issued by the Rights Agent and delivered to, or upon the order of, the
registered holder of such

                                       25
<PAGE>
Rights Certificate, registered in such name or names as may be designated by
such holder, subject to the provisions of Section 14 hereof.

                  (e) Notwithstanding anything in this Agreement to the
contrary, from and after the first occurrence of a Section 11(a)(ii) Event, any
Rights beneficially owned by (i) an Acquiring Person or an Associate or
Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or
of any such Associate or Affiliate) who becomes a transferee after the Acquiring
Person becomes such, or (iii) a transferee of an Acquiring Person (or of any
such Associate or Affiliate) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to
either (A) a transfer (whether or not for consideration) from the Acquiring
Person to holders of equity interests in such Acquiring Person or to any Person
with whom the Acquiring Person has any continuing agreement, arrangement or
understanding regarding the transferred Rights or (B) a transfer which the Board
of Directors of the Company has determined is part of a plan, arrangement or
understanding which has as a primary purpose or effect the avoidance of this
Section 7(e), shall become null and void without any further action and no
holder of such Rights shall have any rights whatsoever with respect to such
Rights, whether under any provision of this Agreement or otherwise. The Company
shall use all reasonable efforts to ensure that the provisions of this Section
7(e) and Section 4(b) hereof are complied with, but shall have no liability to
any holder of

                                       26
<PAGE>
Rights Certificates or any other Person as a result of its failure to make any
determinations with respect to an Acquiring Person or its Affiliates, Associates
or transferees hereunder.

                  (f) Notwithstanding anything in this Agreement to the
contrary, neither the Rights Agent nor the Company shall be obligated to
undertake any action with respect to a registered holder upon the occurrence of
any purported exercise as set forth in this Section 7 unless such registered
holder shall have (i) completed and signed the certificate and the form of
election to purchase set forth on the reverse side of the Rights Certificate
surrendered for such exercise, and (ii) provided such additional evidence of the
identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates thereof as the Company shall reasonably request.

            Section 8. Cancellation and Destruction of Rights Certificates. All
Rights Certificates surrendered for the purpose of exercise, transfer, split-up,
combination or exchange shall, if surrendered to the Company or any of its
agents, be delivered to the Rights Agent for cancellation or in canceled form,
or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights
Certificates shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Agreement. The Company shall deliver to the Rights
Agent for cancellation and retirement, and the Rights Agent shall so cancel and
retire, any other Rights Certificate

                                       27
<PAGE>
purchased or acquired by the Company otherwise than upon the exercise thereof.
The Rights Agent shall deliver all canceled Rights Certificates to the Company,
or shall, at the written request of the Company, destroy such canceled Rights
Certificates, and in such case shall deliver a certificate of destruction
thereof to the Company.

            Section 9. Reservation and Availability of Capital Stock.

                  (a) The Company covenants and agrees that it will cause to be
reserved and kept available out of its authorized and unissued shares of
Preferred Stock (and, following the occurrence of a Triggering Event, out of its
authorized and unissued shares of Class A Common Stock and Class B Common Stock
and/or other securities or out of its authorized and issued shares held in its
treasury), the number of shares of Preferred Stock (and, following the
occurrence of a Triggering Event, Class A Common Stock and Class B Common Stock
and/or other securities) that, as provided in this Agreement including Section
11(a)(iii) hereof, will be sufficient to permit the exercise in full of all
outstanding Rights.

                  (b) So long as the shares of Preferred Stock (and, following
the occurrence of a Triggering Event, Class A Common Stock and Class B Common
Stock and/or other securities) issuable and deliverable upon the exercise of the
Rights may be listed on any national securities exchange, the Company shall use
its best efforts to cause, from and after such time as the Rights become
exercisable,

                                       28
<PAGE>
all shares reserved for such issuance to be listed on such exchange upon
official notice of issuance upon such exercise.

                  (c) The Company shall use its best efforts to (i) file, as
soon as practicable following the earliest date after the first occurrence of a
Section 11(a)(ii) Event on which the consideration to be delivered by the
Company upon exercise of the Rights has been determined in accordance with
Section 11(a)(iii) hereof, a registration statement under the Act, with respect
to the securities purchasable upon exercise of the Rights on an appropriate
form, (ii) cause such registration statement to become effective as soon as
practicable after such filing, and (iii) cause such registration statement to
remain effective (with a prospectus at all times meeting the requirements of the
Act) until the earlier of (A) the date as of which the Rights are no longer
exercisable for such securities, and (B) the Expiration Date. The Company will
also take such action as may be appropriate under, or to ensure compliance with,
the securities or "blue sky" laws of the various states in connection with the
exercisability of the Rights. The Company may temporarily suspend, for a period
of time not to exceed ninety (90) days after the date set forth in clause (i) of
the first sentence of this Section 9(c), the exercisability of the Rights in
order to prepare and file such registration statement and permit it to become
effective. Upon any such suspension, the Company shall issue a public
announcement (and shall provide written notice to the Rights Agent) stating that
the exercisability of the

                                       29
<PAGE>
Rights has been temporarily suspended, as well as a public announcement, in each
case with written notice to the Rights Agent, at such time as the suspension has
been rescinded. In addition, if the Company shall determine that a registration
statement is required following the Distribution Date, the Company may
temporarily suspend the exercisability of the Rights until such time as a
registration statement has been declared effective. The Rights Agent may assume
that any Right exercised is permitted to be exercised under applicable law and
shall have no liability for acting in reliance upon such assumption, except to
the extent the Rights Agent has received written notice to the contrary in
accordance with this Agreement. Notwithstanding any provision of this Agreement
to the contrary, the Rights shall not be exercisable in any jurisdiction if the
requisite qualification in such jurisdiction shall not have been obtained, the
exercise thereof shall not be permitted under applicable law, or a registration
statement shall not have been declared effective.

                  (d) The Company covenants and agrees that it will take all
such action as may be necessary to ensure that all one one-thousandths of a
share of Preferred Stock (and, following the occurrence of a Triggering Event,
Class A Common Stock, Class B Common Stock and/or other securities) delivered
upon exercise of Rights shall, at the time of delivery of the certificates for
such shares (subject to payment of the Purchase Price), be duly and validly
authorized and issued and fully paid and nonassessable.

                                       30
<PAGE>

                  (e) The Company further covenants and agrees that it will pay
when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the issuance or delivery of the Rights
Certificates and of any certificates for a number of one one-thousandths of a
share of Preferred Stock (or Class A Common Stock, Class B Common Stock and/or
other securities, as the case may be) upon the exercise of Rights. The Company
shall not, however, be required to pay any transfer tax which may be payable in
respect of any transfer or delivery of Rights Certificates to a Person other
than, or the issuance or delivery of a number of one one-thousandths of a share
of Preferred Stock (or Class A Common Stock, Class B Common Stock and/or other
securities, as the case may be) in respect of a name other than that of the
registered holder of the Rights Certificates evidencing Rights surrendered for
exercise or to issue or deliver any certificates for a number of one
one-thousandths of a share of Preferred Stock (or Class A Common Stock, Class B
Common Stock and/or other securities, as the case may be) in a name other than
that of the registered holder upon the exercise of any Rights until such tax
shall have been paid (any such tax being payable by the holder of such Rights
Certificate at the time of surrender) or until it has been established to the
Company's satisfaction that no such tax is due.

            Section 10. Preferred Stock Record Date. Each person in whose name
any certificate for a number of one one-thousandths of a share of Preferred

                                       31
<PAGE>
Stock (or Class A Common Stock and Class B Common Stock and/or other securities,
as the case may be) is issued upon the exercise of Rights shall for all purposes
be deemed to have become the holder of record of such fractional shares of
Preferred Stock (or Class A Common Stock and Class B Common Stock and/or other
securities, as the case may be) represented thereby on, and such certificate
shall be dated, the date upon which the Rights Certificate evidencing such
Rights was duly surrendered and payment of the Purchase Price (and all
applicable transfer taxes) was made; provided, however, that if the date of such
surrender and payment is a date upon which the Preferred Stock (or Class A
Common Stock and Class B Common Stock and/or other securities, as the case may
be) transfer books of the Company are closed, such Person shall be deemed to
have become the record holder of such shares (fractional or otherwise) on, and
such certificate shall be dated, the next succeeding Business Day on which the
Preferred Stock (or Class A Common Stock and Class B Common Stock and/or other
securities, as the case may be) transfer books of the Company are open. Prior to
the exercise of the Rights evidenced thereby, the holder of a Rights Certificate
shall not be entitled to any rights of a shareholder of the Company with respect
to shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions or to
exercise any preemptive rights, and shall not be entitled to receive any notice
of any proceedings of the Company, except as provided herein.

                                       32
<PAGE>
            Section 11. Adjustment of Purchase Price, Number and Kind of Shares
or Number of Rights. The Purchase Price, the number and kind of shares covered
by each Right and the number of Rights outstanding are subject to adjustment
from time to time as provided in this Section 11.

                  (a)(i) In the event the Company shall at any time after the
      date of this Agreement (A) declare a dividend on the Preferred Stock
      payable in shares of Preferred Stock, (B) subdivide the outstanding
      Preferred Stock, (C) combine the outstanding Preferred Stock into a
      smaller number of shares, or (D) issue any shares of its capital stock in
      a reclassification of the Preferred Stock (including any such
      reclassification in connection with a consolidation or merger in which the
      Company is the continuing or surviving corporation), except as otherwise
      provided in this Section 11(a) and Section 7(e) hereof, the Purchase Price
      in effect at the time of the record date for such dividend or of the
      effective date of such subdivision, combination or reclassification, and
      the number and kind of shares of Preferred Stock or capital stock, as the
      case may be, issuable on such date, shall be proportionately adjusted so
      that the holder of any Right exercised after such time shall be entitled
      to receive, upon payment of the Purchase Price then in effect, the
      aggregate number and kind of

                                       33
<PAGE>
      shares of Preferred Stock or capital stock, as the case may be, which, if
      such Right had been exercised immediately prior to such date and at a time
      when the Preferred Stock transfer books of the Company were open, such
      holder would have owned upon such exercise and been entitled to receive by
      virtue of such dividend, subdivision, combination or reclassification. If
      an event occurs which would require an adjustment under both this Section
      11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this
      Section 11(a)(i) shall be in addition to, and shall be made prior to, any
      adjustment required pursuant to Section 11(a)(ii) hereof.

                  (ii) In the event any Person (other than the Company, any
      Subsidiary of the Company, any employee benefit plan of the Company or of
      any Subsidiary of the Company, or any Person or entity organized,
      appointed or established by the Company for or pursuant to the terms of
      any such plan), alone or together with its Affiliates and Associates,
      shall, at any time after the Rights Dividend Declaration Date, become an
      Acquiring Person, unless the event causing the requirements set forth in
      the definition of "Acquiring Person" (set forth in Section 1 hereof) to be
      met is a transaction set forth in Section 13(a) hereof, then, promptly
      following the occurrence

                                       34
<PAGE>
      of such event, proper provision shall be made so that each holder of a
      Class A Right and each holder of a Class B Right, respectively, (except,
      in both cases, as provided below and in Section 7(e) hereof) shall
      thereafter have the right to receive, upon exercise thereof at the then
      current Purchase Price in accordance with the terms of this Agreement, in
      lieu (in both cases) of a number of one one-thousandths of a share of
      Preferred Stock, such number of shares of Class A Common Stock and Class B
      Common Stock, respectively, as shall equal the result obtained by (x)
      multiplying the then current Purchase Price by the then number of one
      one-thousandths of a share of Preferred Stock for which a Right was
      exercisable immediately prior to the first occurrence of a Section
      11(a)(ii) Event, and (y) dividing that product (which, following such
      first occurrence, shall thereafter be referred to as the "Purchase Price"
      for each Right and for all purposes of this Agreement) by 50% of the
      Current Market Price (determined pursuant to Section 11(d) hereof) per
      share of such class of Common Stock for which a Right is exercisable on
      the date of such first occurrence (such number of shares, the "Adjustment
      Shares").

                  (iii) In the event that the number of shares of Common Stock
      (either or both of Class A Common Stock or Class B

                                       35
<PAGE>
      Common Stock) which are authorized by the Company's certificate of
      incorporation but which are not outstanding or reserved for issuance for
      purposes other than upon exercise of the Rights, is not sufficient to
      permit the exercise in full of all Rights in accordance with the foregoing
      subparagraph (ii) of this Section 11(a), the Company shall (A) determine
      the value of the Adjustment Shares issuable upon the exercise of a Right
      (the "Cur rent Value"), and (B) with respect to each Right (subject to
      Section 7(e) hereof), make adequate provision to substitute for the
      Adjustment Shares, upon the exercise of a Right and payment of the
      applicable Purchase Price, (1) cash, (2) a reduction in the Purchase
      Price, (3) such class of Common Stock for which a Right is exercisable or
      other equity securities of the Company (including, without limitation,
      shares, or units of shares, of preferred stock, such as the Preferred
      Stock, which the Board of Directors of the Company has deemed to have
      essentially the same value or economic rights as shares of such class of
      Common Stock for which a Right is exercisable (such shares of preferred
      stock being referred to as "Common Stock Equivalents")), (4) debt
      securities of the Company, (5) other assets, or (6) any combination of the
      foregoing, having an aggregate value equal to the Current Value (less the
      amount of any reduction in

                                       36
<PAGE>
      the Purchase Price), where such aggregate value has been determined by the
      Board of Directors of the Company based upon the advice of a nationally
      recognized investment banking firm selected by the Board of Directors of
      the Company; provided, however, that if the Company shall not have made
      adequate provision to deliver value pursuant to clause (B) above within
      thirty (30) days following the later of (x) the first occurrence of a
      Section 11(a)(ii) Event and (y) the date on which the Company's right of
      redemption pursuant to Section 23(a) expires (the later of (x) and (y)
      being referred to herein as the "Section 11(a)(ii) Trigger Date"), then
      the Company shall be obligated to deliver, upon the surrender for exercise
      of a Right and without requiring payment of the Purchase Price, shares of
      such class of Common Stock for which a Right is exercisable (to the extent
      available) and then, if necessary, cash or shares of the other class of
      Common Stock, which shares (of the class of Common Stock for which a Right
      is exercisable and/or the other class of Common Stock) and/or cash having
      an aggregate value equal to the Spread. For purposes of the preceding
      sentence, the term "Spread" shall mean the excess of (i) the Current Value
      over (ii) the Purchase Price. If the Board of Directors of the Company
      determines in good faith that it is likely that sufficient

                                       37
<PAGE>
      additional shares of Class A Common Stock and/or Class B Common Stock, as
      the case may be, could be authorized for issuance upon exercise in full of
      all Rights, the thirty (30) day period set forth above may be extended to
      the extent necessary, but not more than ninety (90) days after the Section
      11(a)(ii) Trigger Date, in order that the Company may seek shareholder
      approval for the authorization of such additional shares (such thirty (30)
      day period, as it may be extended, is herein called the "Substitution
      Period"). To the extent that action is to be taken pursuant to the first
      and/or third sentences of this Section 11(a)(iii), the Company (1) shall
      provide, subject to Section 7(e) hereof, that such action shall apply
      uniformly to all outstanding Rights, and (2) may suspend the
      exercisability of the Rights until the expiration of the Substitution
      Period in order to seek such shareholder approval for such authorization
      of additional shares and/or to decide the appropriate form of distribution
      to be made pursuant to such first sentence and to determine the value
      thereof. In the event of any such suspension, the Company shall issue a
      public announcement stating that the exercisability of the Rights has been
      temporarily suspended, as well as a public announcement at such time as
      the suspension is no longer in effect. For purposes of this Section
      11(a)(iii), the value of

                                       38
<PAGE>
      each Adjustment Share shall be the Current Market Price (determined
      pursuant to Section 11(d) hereof) per share of the class of Common Stock
      for which a Right is exercisable on the Section 11(a)(ii) Trigger Date and
      the per share or per unit value of any Common Stock Equivalent shall be
      deemed to equal the Current Market Price per share of such class of Common
      Stock on such date.

                  (b) In case the Company shall fix a record date for the
issuance of rights, options or warrants to all holders of Preferred Stock
entitling them to subscribe for or purchase (for a period expiring within
forty-five (45) calendar days after such record date) Preferred Stock (or shares
having the same rights, privileges and preferences as the shares of Preferred
Stock ("Equivalent Preferred Stock")) or securities convertible into Preferred
Stock or Equivalent Preferred Stock at a price per share of Preferred Stock or
per share of Equivalent Preferred Stock (or having a conversion price per share,
if a security convertible into Preferred Stock or Equivalent Preferred Stock)
less than the Current Market Price (as determined pursuant to Section 11(d)
hereof) per share of Preferred Stock on such record date, the Purchase Price to
be in effect after such record date shall be determined by multiplying the
Purchase Price in effect immediately prior to such record date by a fraction,
the numerator of which shall be the number of shares of Preferred Stock
outstanding on such record date, plus the number of shares of Preferred Stock
which

                                       39
<PAGE>
      the aggregate offering price of the total number of shares of Preferred
      Stock and/or Equivalent Preferred Stock so to be offered (and/or the
      aggregate initial conversion price of the convertible securities so to be
      offered) would purchase at such Current Market Price, and the denominator
      of which shall be the number of shares of Preferred Stock outstanding on
      such record date, plus the number of additional shares of Preferred Stock
      and/or Equivalent Preferred Stock to be offered for subscription or
      purchase (or into which the convertible securities so to be offered are
      initially convertible). In case such subscription price may be paid by
      delivery of consideration, part or all of which may be in a form other
      than cash, the value of such consideration shall be as determined in good
      faith by the Board of Directors of the Company, whose determination shall
      be described in a statement filed with the Rights Agent and shall be
      binding on the Rights Agent and the holders of the Rights. Such adjustment
      shall be made successively whenever such a record date is fixed, and in
      the event that such rights or warrants are not so issued, the Purchase
      Price shall be adjusted to be the Purchase Price which would then be in
      effect if such record date had not been fixed.

                  (c) In case the Company shall fix a record date for a
distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the
continuing corporation), of cash (other than a regular quarterly cash dividend
out of the earnings

                                       40
<PAGE>
or retained earnings of the Company), assets (other than a dividend payable in
Preferred Stock, but including any dividend payable in stock other than
Preferred Stock) or evidences of indebtedness, or of subscription rights or
warrants (excluding those referred to in Section 11(b) hereof), the Purchase
Price to be in effect after such record date shall be determined by multiplying
the Purchase Price in effect immediately prior to such record date by a
fraction, the numerator of which shall be the Current Market Price (as
determined pursuant to Section 11(d) hereof) per share of Preferred Stock on
such record date, less the fair market value (as determined in good faith by the
Board of Directors of the Company, whose determination shall be described in a
statement filed with the Rights Agent and shall be binding on the Rights Agent
and the holders of the Rights) of the portion of the cash, assets or evidences
of indebtedness so to be distributed or of such subscription rights or warrants
applicable to a share of Preferred Stock, and the denominator of which shall be
such Current Market Price (as determined pursuant to Section 11(d) hereof) per
share of Preferred Stock. Such adjustments shall be made successively whenever
such a record date is fixed, and in the event that such distribution is not so
made, the Purchase Price shall be adjusted to be the Purchase Price which would
have been in effect if such record date had not been fixed.

                  (d)(i) For the purpose of any computation hereunder, other
than computations made pursuant to Section 11(a)(iii) hereof, the Current Market

                                       41
<PAGE>
Price per share on any date of such class of Common Stock for which a Right is
exercisable shall be deemed to be the average of the daily closing prices per
share of such class of Common Stock for which a Right is exercisable for the
thirty (30) consecutive Trading Days immediately prior to such date, and for
purposes of computations made pursuant to Section 11(a)(iii) hereof, the Current
Market Price per share of such class of Common Stock on any date shall be deemed
to be the average of the daily closing prices per share of such class of Common
Stock for the ten (10) consecutive Trading Days immediately following such date;
provided, however, that in the event that the Current Market Price per share of
such class of Common Stock for which a Right is exercisable is determined during
a period following the announcement by its issuer of (A) a dividend or
distribution on such class of Common Stock payable in shares of Common Stock or
securities convertible into shares of Common Stock (other than the Rights), or
(B) any subdivision, combination or reclassification of such class of Common
Stock, and the ex-dividend date for such dividend or distribution, or the record
date for such subdivision, combination or reclassification shall not have
occurred prior to the commencement of the requisite thirty (30) Trading Day or
ten (10) Trading Day period, as set forth above, then, and in each such case,
the Current Market Price shall be properly adjusted to take into account
ex-dividend trading. The closing price for each day shall be the last sale
price, regular way, or, in case no such sale takes place on such

                                       42
<PAGE>
day, the average of the closing bid and asked prices, regular way, in either
case as reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the New York Stock
Exchange or, if the shares of such class of Common Stock are not listed or
admitted to trading on the New York Stock Exchange, as reported in the principal
consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which the shares of such class of
Common Stock are listed or admitted to trading or, if the shares of such class
of Common Stock are not listed or admitted to trading on any national securities
exchange, the last quoted price or, if not so quoted, the average of the high
bid and low asked prices in the over-the-counter market, as reported by the
National Association of Securities Dealers Automated Quotation System ("NASDAQ")
or such other system then in use, or, if on any such date the shares of such
class of Common Stock are not quoted by any such organization, the average of
the closing bid and asked prices as furnished by a professional market maker
making a market in such class of Common Stock selected by the Board. If on any
such date no market maker is making a market in the class of Common Stock for
which a Right is exercisable, the fair value of such shares on such date as
determined in good faith by the Board shall be used. The term "Trading Day"
shall mean a day on which the principal national securities exchange on which
the shares of the class of Common Stock for which a Right is exercisable are
listed or

                                       43
<PAGE>
admitted to trading is open for the transaction of business or, if the shares of
such class of Common Stock are not listed or admitted to trading on any national
securities exchange, a Business Day. If the class of Common Stock for which a
Right is exercisable is not publicly held or not so listed or traded, Current
Market Price per share shall mean the fair value per share as determined in good
faith by the Board, whose determination shall be described in a statement filed
with the Rights Agent and shall be conclusive for all purposes. Anything in this
Agreement to the contrary notwithstanding, if the Current Market Price per share
of the Class B Common Stock is otherwise determined to be lower than the Current
Market Price per share of the Class A Common Stock, then the Current Market
Price per share of the Class B Common Stock shall be deemed to equal the Current
Market Price per share of the Class A Common Stock.

                        (ii) For the purpose of any computation here under, the
      Current Market Price per share of Preferred Stock shall be determined in
      the same manner as set forth above for the Common Stock in clause (i) of
      this Section 11(d) (other than the last two sentences thereof). If the
      Current Market Price per share of Preferred Stock cannot be determined in
      the manner provided above or if the Preferred Stock is not publicly held
      or listed or traded in a manner described in clause (i) of this Section
      11(d), the Current Market Price

                                       44
<PAGE>
      per share of Preferred Stock shall be conclusively deemed to be an amount
      equal to 1,000 (as such number may be appropriately adjusted for such
      events as stock splits, stock dividends and recapitalizations with respect
      to the Common Stock occurring after the date of this Agreement) multiplied
      by the Current Market Price per share of the Class A Common Stock. If
      neither the Class A Common Stock nor the Preferred Stock is publicly held
      or so listed or traded, Current Market Price per share of the Preferred
      Stock shall mean the fair value per share as determined in good faith by
      the Board, whose determination shall be described in a statement filed
      with the Rights Agent and shall be conclusive for all purposes. For all
      purposes of this Agreement, the Current Market Price of a unit shall be
      equal to the Current Market Price of one share of Preferred Stock divided
      by 1,000.

                  (e) Anything herein to the contrary notwithstanding, no
adjustment in the Purchase Price shall be required unless such adjustment would
require an increase or decrease of at least one percent (1%) in the Purchase
Price; provided, however, that any adjustments which by reason of this Section
11(e) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Section 11
shall be made to the nearest cent or to the nearest ten-thousandth of a share
of Common Stock or other

                                       45
<PAGE>
share or one-millionth of a share of Preferred Stock, as the case may be.
Notwithstanding the first sentence of this Section 11(e), any adjustment
required by this Section 11 shall be made no later than the earlier of (i) three
(3) years from the date of the transaction which mandates such adjustment, or
(ii) the Expiration Date.

                  (f) If as a result of an adjustment made pursuant to Section
11(a)(ii) or Section 13(a) hereof, the holder of any Right thereafter exercised
shall become entitled to receive any shares of capital stock other than
Preferred Stock, thereafter the number of such other shares so receivable upon
exercise of any Right and the Purchase Price thereof shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Preferred Stock contained in
Sections 11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the
provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred
Stock shall apply on like terms to any such other shares.

                  (g) All Rights originally issued by the Company subsequent to
any adjustment made to the Purchase Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of one one-thousandths of a
share of Preferred Stock purchasable from time to time hereunder upon exercise
of the Rights, all subject to further adjustment as provided herein.

                  (h) Unless the Company shall have exercised its election as
provided in Section 11(i), upon each adjustment of the Purchase Price as a
result

                                       46
<PAGE>
of the calculations made in Sections 11(b) and (c), each Right outstanding
immediately prior to the making of such adjustment shall thereafter evidence the
right to purchase, at the adjusted Purchase Price, that number of one
one-thousandths of a share of Preferred Stock (calculated to the nearest
one-millionth) obtained by (i) multiplying (x) the number of one one-thousandths
of a share covered by a Right immediately prior to this adjustment, by (y) the
Purchase Price in effect immediately prior to such adjustment of the Purchase
Price, and (ii) dividing the product so obtained by the Purchase Price in effect
immediately after such adjustment of the Purchase Price.

                  (i) The Company may elect on or after the date of any
adjustment of the Purchase Price to adjust the number of Rights, in lieu of any
adjustment in the number of one one-thousandths of a share of Preferred Stock
purchasable upon the exercise of a Right. Each of the Rights outstanding after
the adjustment in the number of Rights shall be exercisable for the number of
one one-thousandths of a share of Preferred Stock for which a Right was
exercisable immediately prior to such adjustment. Each Right held of record
prior to such adjustment of the number of Rights shall become that number of
Rights (calculated to the nearest one ten-thousandth) obtained by dividing the
Purchase Price in effect immediately prior to adjustment of the Purchase Price
by the Purchase Price in effect immediately after adjustment of the Purchase
Price. The Company shall make a public

                                       47
<PAGE>
announcement of its election to adjust the number of Rights, indicating the
record date for the adjustment, and, if known at the time, the amount of the
adjustment to be made. This record date may be the date on which the Purchase
Price is adjusted or any day thereafter, but, if the Rights Certificates have
been issued, shall be at least ten (10) days later than the date of the public
announcement. If Rights Certificates have been issued, upon each adjustment of
the number of Rights pursuant to this Section 11(i), the Company shall, as
promptly as practicable, cause to be distributed to holders of record of Rights
Certificates on such record date Rights Certificates evidencing, subject to
Section 14 hereof, the additional Rights to which such holders shall be entitled
as a result of such adjustment, or, at the option of the Company, shall cause to
be distributed to such holders of record in substitution and replacement for the
Rights Certificates held by such holders prior to the date of adjustment, and
upon surrender thereof, if required by the Company, new Rights Certificates
evidencing all the Rights to which such holders shall be entitled after such
adjustment. Rights Certificates so to be distributed shall be issued, executed
and countersigned in the manner provided for herein (and may bear, at the option
of the Company, the adjusted Purchase Price) and shall be registered in the
names of the holders of record of Rights Certificates on the record date
specified in the public announcement.

                  (j) Irrespective of any adjustment or change in the Purchase
Price or the number of one one-thousandths of a share of Preferred Stock

                                       48
<PAGE>
issuable upon the exercise of the Rights, the Rights Certificates theretofore
and thereafter issued may continue to express the Purchase Price per one
one-thousandth of a share and the number of one one-thousandth, of a share which
were expressed in the initial Rights Certificates issued hereunder.

                  (k) Before taking any action that would cause an adjustment
reducing the Purchase Price below the then par value, if any, of the number of
one one-thousandths of a share of Preferred Stock issuable upon exercise of the
Rights, the Company shall take any corporate action which may, in the opinion of
its counsel, be necessary in order that the Company may validly and legally
issue fully paid and nonassessable such number of one one-thousandths of a share
of Preferred Stock at such adjusted Purchase Price.

                  (l) In any case in which this Section 11 shall require that an
adjustment in the Purchase Price be made effective as of a record date for a
specified event, the Company may elect to defer until the occurrence of such
event the issuance to the holder of any Right exercised after such record date
the number of one one-thousandths of a share of Preferred Stock and other
capital stock or securities of the Company, if any, issuable upon such exercise
over and above the number of one one-thousandths of a share of Preferred Stock
and other capital stock or securities of the Company, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the

                                       49
<PAGE>
Company shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder's right to receive such additional shares (fractional or
otherwise) or securities upon the occurrence of the event requiring such
adjustment.

                  (m) Anything in this Section 11 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the
Purchase Price, in addition to those adjustments expressly required by this
Section 11, as and to the extent that in their good faith judgment the Board of
Directors of the Company shall determine to be advisable in order that any (i)
consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for
cash of any shares of Preferred Stock at less than the Current Market Price per
share of Preferred Stock, (iii) issuance wholly for cash of shares of Preferred
Stock or securities which by their terms are convertible into or exchangeable
for shares of Preferred Stock, (iv) stock dividends or (v) issuance of rights,
options or warrants referred to in this Section 11, hereafter made by the
Company to holders of its Preferred Stock shall not be taxable to such
shareholders.

                  (n) The Company covenants and agrees that it shall not, at any
time after the Distribution Date, (i) consolidate with any other Person (other
than a Subsidiary of the Company in a transaction which complies with this
Section 11(n), (ii) merge with or into any other Person (other than a Subsidiary
of the Company in a transaction which complies with Section 11(o) hereof), or
(iii) sell or transfer (or

                                       50
<PAGE>
permit any Subsidiary to sell or transfer), in one transaction, or a series of
related transactions, assets, cash flow or earning power aggregating more than
50% of the assets, cash flow or earning power of the Company and its
Subsidiaries (taken as a whole) to any other Person or Persons (other than the
Company and/or any of its Subsidiaries in one or more transactions each of which
complies with Section 11(o) hereof), if (x) at the time of or immediately after
such consolidation, merger or sale there are any rights, warrants or other
instruments or securities outstanding or agreements in effect which would
substantially diminish or otherwise eliminate the benefits intended to be
afforded by the Rights or (y) prior to, simultaneously with or immediately after
such consolidation, merger or sale, the share holders of the Person who
constitutes, or would constitute, the "Principal Party" for purposes of Section
13(a) hereof shall have received a distribution of Rights previously owned by
such Person or any of its Affiliates and Associates.

                  (o) The Company covenants and agrees that, after the
Distribution Date, it will not, except as permitted by Section 23, Section 24 or
Section 27 hereof, take (or permit any Subsidiary to take) any action if at the
time such action is taken it is reasonably foreseeable that such action will
diminish substantially or otherwise eliminate the benefits intended to be
afforded by the Rights.

                  (p) Anything in this Agreement to the contrary
notwithstanding, in the event that the Company shall at any time after the
Rights Dividend

                                       51
<PAGE>
Declaration Date and prior to the Distribution Date and in accordance with its
certificate of incorporation (i) declare a dividend on the outstanding shares of
Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding
shares of Common Stock, or (iii) combine the outstanding shares of Common Stock
into a smaller number of shares, the number of Rights associated with each share
of Common Stock then outstanding, or issued or delivered thereafter but prior to
the Distribution Date, shall be proportionately adjusted so that the number of
Rights thereafter associated with each share of Common Stock following any such
event shall equal the result obtained by multiplying the number of Rights
associated with each share of Common Stock immediately prior to such event by a
fraction the numerator which shall be the aggregate number of shares of Common
Stock outstanding immediately prior to the occurrence of the event and the
denominator of which shall be the aggregate number of shares of Common Stock
outstanding immediately following the occurrence of such event.

            Section 12. Certificate of Adjusted Purchase Price or Number of
Shares. Whenever an adjustment is made as provided in Section 11 and Section 13
hereof, the Company shall (a) promptly prepare a certificate setting forth such
adjustment and a brief statement of the facts accounting for such adjustment,
(b) promptly file with the Rights Agent, and with each transfer agent for the
Preferred Stock and the Common Stock, a copy of such certificate and (c) if a
Distribution Date has occurred, mail a brief summary thereof to each holder of a
Rights Certificate (or, if prior to the Distribution

                                       52
<PAGE>
Date, to each holder of a Certificate representing shares of Common Stock). The
Rights Agent shall be fully protected in relying on any such certificate and on
any adjustment therein contained and shall not be deemed to have knowledge of
such adjustment unless and until it shall have received such certificate.

            Section 13. Consolidation, Merger or Sale or Transfer of Assets,
Cash Flow or Earning Power.

                  (a) In the event that, following the time an Acquiring Person
becomes such, directly or indirectly, (x) the Company shall consolidate with, or
merge with and into, any other Person (other than a Subsidiary of the Company in
a transaction which complies with Section 11(o) hereof), and the Company shall
not be the continuing or surviving corporation of such consolidation or merger,
(y) any Person (other than a Subsidiary of the Company in a transaction which
complies with Section 11(o) hereof) shall consolidate with, or merge with or
into, the Company, and the Company shall be the continuing or surviving
corporation of such consolidation or merger and, in connection with such
consolidation or merger, all or part of the outstanding shares of Common Stock
shall be changed into or exchanged for stock or other securities of any other
Person or cash or any other property, or (z) the Company shall sell or otherwise
transfer (or one or more of its Subsidiaries shall sell or otherwise transfer),
in one transaction or a series of related transactions, assets, cash flow or
earning power aggregating more than 50% of the assets, cash flow or earning
power of the Company

                                       53
<PAGE>
and its Subsidiaries (taken as a whole) to any Person or Persons (other than the
Company or any Subsidiary of the Company in one or more transactions each of
which complies with Section 11(o) hereof), then, and in each such case, proper
provision shall be made so that: (i) each holder of a Right, except as provided
in Section 7(e) hereof, shall thereafter have the right to receive, upon the
exercise thereof at the then current Purchase Price in accordance with the terms
of this Agreement, such number of validly authorized and issued, fully paid,
nonassessable and freely tradeable shares of Common Stock of the Principal Party
(as such term is hereinafter defined), not subject to any liens, encumbrances,
rights of first refusal or other adverse claims, as shall be equal to the result
obtained by (1) multiplying the then current Purchase Price by the number of one
one-thousandths of a share of Preferred Stock for which a Right is exercisable
immediately prior to the first occurrence of a Section 13 Event (or, if a
Section 11(a)(ii) Event has occurred prior to the first occurrence of a Section
13 Event, multiplying the number of such one one-thousandths of a share for
which a Right was exercisable immediately prior to the first occurrence of a
Section 11(a)(ii) Event by the Purchase Price in effect immediately prior to
such first occurrence), and dividing that product (which, following the first
occurrence of a Section 13 Event, shall be referred to as the "Purchase Price"
for each Right and for all purposes of this Agreement) by (2) 50% of the Current
Market Price (determined pursuant to Section 11(d)(i) hereof) per share of the
Common Stock of such Principal Party on the date of consummation of such Section

                                       54
<PAGE>
13 Event; (ii) such Principal Party shall thereafter be liable for, and shall
assume, by virtue of such Section 13 Event, all the obligations and duties of
the Company pursuant to this Agreement; (iii) the term "Company" shall
thereafter be deemed to refer to such Principal Party, it being specifically
intended that the provisions of Section 11 hereof shall apply only to such
Principal Party following the first occurrence of a Section 13 Event; (iv) such
Principal Party shall take such steps (including, but not limited to, the
reservation of a sufficient number of shares of its Common Stock) in connection
with the consummation of any such transaction as may be necessary to assure that
the provisions hereof shall thereafter be applicable, as nearly as reasonably
may be, in relation to its shares of Common Stock thereafter deliverable upon
the exercise of the Rights; and (v) the provisions of Section 11(a)(ii) hereof
shall be of no effect following the first occurrence of any Section 13 Event.

                  (b) "Principal Party" shall mean:

                        (i) in the case of any transaction described in clause
      (x) or (y) of the first sentence of Section 13(a), the Person that is the
      issuer of any securities into which shares of Common Stock of the Company
      are converted in such merger or consolidation, or, if there is more than
      one such issuer, the issuer the Common Stock of which has the greatest
      market value, and if no securities are so issued, (x) the Person that is
      the other party to the merger or consolidation and that

                                       55
<PAGE>
      survives said merger or consolidation or, if there is more than one such
      Person, the Person the Common Stock of which has the greatest market value
      or (y) if the Person that is the other party to the merger or
      consolidation does not survive the merger or consolidation, the Person
      that does survive the merger or consolidation (including the Company if it
      survives); and

                        (ii) in the case of any transaction described in clause
      (z) of the first sentence of Section 13(a), the Person that is the party
      receiving the greatest portion of the assets, cash flow or earning power
      transferred pursuant to such transaction or transactions, or, if each
      Person that is a party to such transaction or transactions receives the
      same portion of the assets, cash flow or earning power so transferred or
      the Person receiving the greatest portion of the assets, cash flow or
      earning power cannot be determined, whichever of such Persons as is the
      issuer of Common Stock having the greatest market value of shares
      outstanding;

provided, however, that in any such case, (1) if the Common Stock of such Person
is not at such time and has not been continuously over the preceding twelve (12)
month period registered under Section 12 of the Exchange Act, and such Person is
a direct or indirect Subsidiary of another Person the Common Stock of which is
and has been so registered,

                                       56
<PAGE>
"Principal Party" shall refer to such other Person; and (2) in case such Person
is a Subsidiary, directly or indirectly, of more than one Person, the Common
Stocks of two or more of which are and have been so registered, "Principal
Party" shall refer to whichever of such Persons is the issuer of the Common
Stock having the greatest aggregate market value.

                  (c) The Company shall not consummate any such consolidation,
merger, sale or transfer unless the Principal Party shall have a sufficient
number of authorized shares of its Common Stock which have not been issued or
reserved for issuance to permit the exercise in full of the Rights in accordance
with this Section 13 and unless prior thereto the Company and such Principal
Party shall have executed and delivered to the Rights Agent a supplemental
agreement providing for the terms set forth in paragraphs (a) and (b) of this
Section 13 and further providing that, as soon as practicable after the date of
any consolidation, merger or sale of assets cash flow or earning power mentioned
in paragraph (a) of this Section 13, the Principal Party will:

                        (i) prepare and file a registration statement under the
      Act, with respect to the securities purchasable upon exercise of the
      Rights on an appropriate form, and will use its best efforts to cause such
      registration statement to (A) become effective as soon as practicable
      after such filing and (B) remain effective (with a prospectus at all times
      meeting the requirements of the Act) until the Expiration Date; and

                                       57
<PAGE>
                        (ii) take all such other action as may be necessary to
      enable the Principal Party to issue the securities purchasable upon
      exercise of the Rights, including but not limited to the registration or
      qualification of such securities under all requisite securities laws of
      jurisdictions of the various states and the listing of such securities on
      such exchanges and trading markets as may be necessary or appropriate; and

                        (iii) deliver to holders of the Rights historical
      financial statements for the Principal Party and each of its Affiliates
      which comply in all respects with the requirements for registration on
      Form 10 under the Ex change Act;

provided, however, that in no case may the Company consummate any such
consolidation, merger, sale or transfer if (i) at the time of or immediately
after such transaction there are any rights, warrants or other instruments or
securities outstanding or agreements in effect which would substantially
diminish or otherwise eliminate the benefits intended to be afforded by the
Rights or (ii) prior to, simultaneously with or immediately after such
transaction, the shareholders of the Person who constitutes, or would
constitute, the Principal Party for purposes of Section 13 shall have received a
distribution of Rights previously owned by such Person or any of its Affiliates
and Associates.

                                       58
<PAGE>
The provisions of this Section 13 shall similarly apply to successive mergers or
consolidations or sales or other transfers. In the event that a Section 13 Event
shall occur at any time after the occurrence of a Section 11(a)(ii) Event, the
Rights which have not theretofore been exercised shall thereafter become
exercisable in the manner described in Section 13(a).

            Section 14. Fractional Rights and Fractional Shares.

                  (a) The Company shall not be required to issue fractions of
Rights, except prior to the Distribution Date as provided in Section 11(p)
hereof, or to distribute Rights Certificates which evidence fractional Rights.
In lieu of such fractional Rights, the Company shall pay to the registered
holders of the Class A Rights Certificates or the Class B Rights Certificates,
as the case may be, with regard to which such fractional Rights would otherwise
be issuable, an amount in cash equal to the same fraction of the current market
value of a whole Class A Right or Class B Right, as the case may be. For
purposes of this Section 14(a), the current market value of a whole Right shall
be the closing price of the Rights for the Trading Day immediately prior to the
date on which such fractional Rights would have been otherwise issuable. The
closing price of the Class A Rights and the Class B Rights, as the case may be,
for any day shall be the last sale price, regular way, or, in case no such sale
takes place on such day, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
trading on the New York Stock Exchange or, if such Rights are not listed or
admitted to trading on the New York Stock Exchange, as reported in the principal
consolidated transaction reporting system with respect to

                                       59
<PAGE>
securities listed on the principal national securities exchange on which such
Rights are listed or admitted to trading, or if such Rights are not listed or
admitted to trading on any national securities exchange, the last quoted price
or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by NASDAQ or such other system then in use
or, if on any such date such Rights are not quoted by any such organization, the
average of the closing bid and asked prices as furnished by a professional
market maker making a market in such Rights, selected by the Board of Directors
of the Company. If on any such date no such market maker is making a market in
such Rights, the current market value of such Rights on such date as determined
in good faith by the Board of Directors of the Company shall be used.
Notwithstanding the foregoing, if the current market value of a Class B Right is
otherwise determined to be lower than the current market value of a Class A
Right, then the current market value of a Class B Right shall be deemed to equal
the current market value of a Class A Right.

                  (b) The Company shall not be required to issue fractions of
shares of Preferred Stock (other than fractions which are integral multiples of
one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or
to distribute certificates which evidence fractional shares of Preferred Stock
(other than fractions

                                       60
<PAGE>
which are integral multiples of one one-thousandth of a share of Preferred
Stock). In lieu of fractional shares of Preferred Stock that are not integral
multiples of one one-thousandth of a share of Preferred Stock, the Company may
pay to the registered holders of Rights Certificates at the time such Rights are
exercised as herein provided an amount in cash equal to the same fraction of the
current market value of one one-thousandth of a share of Preferred Stock. For
purposes of this Section 14(b), the current market value of one one-thousandth
of a share of Preferred Stock shall be one one-thousandth of the closing price
of a share of Preferred Stock (as determined pursuant to Section 11(d)(ii)
hereof) for the Trading Day immediately prior to the date of such exercise.

                  (c) Following the occurrence of a Triggering Event, the
Company shall not be required to issue fractions of shares of Common Stock upon
exercise of the Rights or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of fractional shares of Common Stock, the
Company may pay to the registered holders of Rights Certificates at the time
such Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market value of one (1) share of such class of Common
Stock for which a Right is exercisable. For purposes of this Section 14(c), the
current market value of one share of Common Stock for which a Right is
exercisable shall be the closing price of one share of such class of Common
Stock (as determined pursuant to Section 11(d)(i) hereof) for the Trading Day
immediately prior to the date of such exercise.

                                       61
<PAGE>

                  (d) The holder of a Right by the acceptance of the Rights
expressly waives any right to receive any fractional Rights or any fractional
shares upon exercise of a Right, except as permitted by this Section 14.

            Section 15. Rights of Action. All rights of action in respect of
this Agreement are vested in the respective registered holders of the Rights
Certificates (and, prior to the Distribution Date, the registered holders of the
Common Stock); and any registered holder of any Rights Certificate (or, prior to
the Distribution Date, any registered holder of the Common Stock), without the
consent of the Rights Agent or of the holder of any other Rights Certificate
(or, prior to the Distribution Date, any registered holder of the Common Stock),
may, in his own behalf and for his own benefit, enforce, and may institute and
maintain any suit, action or proceeding against the Company to enforce, or
otherwise act in respect of, his right to exercise the Rights evidenced by such
Rights Certificate in the manner provided in such Rights Certificate and in this
Agreement. Without limiting the foregoing or any remedies available to the
holders of Rights, it is specifically acknowledged that the holders of Rights
would not have an adequate remedy at law for any breach of this Agreement and
shall be entitled to specific performance of the obligations hereunder and
injunctive relief against actual or threatened violations of the obligations
hereunder of any Person subject to this Agreement.

                                       62
<PAGE>
            Section 16. Agreement of Rights Holders. Every holder of a Right by
accepting the same consents and agrees with the Company and the Rights Agent and
with every other holder of a Right that:

                  (a) prior to the Distribution Date, the Rights will be
transferable only in connection with the transfer of Common Stock;

                  (b) after the Distribution Date, the Rights Certificates are
transferable only on the registry books of the Rights Agent if surrendered at
the principal office or offices of the Rights Agent designated for such
purposes, duly endorsed or accompanied by a proper instrument of transfer and
with the appropriate forms and certificates fully executed;

                  (c) subject to Section 6(a) and Section 7(f) hereof, the
Company and the Rights Agent may deem and treat the person in whose name a
Rights Certificate (or, prior to the Distribution Date, the associated Common
Stock certificate) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the
Rights Certificates or the associated Common Stock certificate made by anyone
other than the Company or the Rights Agent) for all purposes whatsoever, and
neither the Company nor the Rights Agent, subject to the last sentence of
Section 7(e) hereof, shall be required to be affected by any notice to the
contrary; and

                                       63
<PAGE>
                  (d) notwithstanding anything in this Agreement to the
contrary, neither the Company nor the Rights Agent shall have any liability to
any holder of a Right or other Person as a result of its inability to perform
any of its obligations under this Agreement by reason of any preliminary or
permanent injunction or other order, decree or ruling issued by a court of
competent jurisdiction or by a governmental, regulatory or administrative agency
or commission, or any statute, rule, regulation or executive order promulgated
or enacted by any governmental authority, prohibiting or otherwise restraining
performance of such obligation; provided, however, the Company must use its best
efforts to have any such order, decree or ruling lifted or otherwise overturned
as soon as possible.

            Section 17. Rights Certificate Holder Not Deemed a Shareholder. No
holder, as such, of any Rights Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the number of one
one-thousandths of a share of Preferred Stock or any other securities of the
Company which may at any time be issuable on the exercise of the Rights
represented thereby, nor shall anything contained herein or in any Rights
Certificate be construed to confer upon the holder of any Rights Certificate, as
such, any of the rights of a shareholder of the Company or any right to vote for
the election of directors or upon any matter submitted to shareholders at any
meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of meetings or other actions affecting shareholders (except as
provided in Section

                                       64
<PAGE>
25 hereof), or to receive dividends or subscription rights, or otherwise, until
the Right or Rights evidenced by such Rights Certificate shall have been
exercised in accordance with the provisions hereof.

            Section 18. Concerning the Rights Agent.

                  (a) The Company agrees to pay to the Rights Agent such
reasonable compensation as shall be agreed to in writing by the Company and the
Rights Agent for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, its reasonable expenses and counsel fees and
disbursements and other disbursements incurred in the administration and
execution of this Agreement and the exercise and performance of its duties
hereunder. The Company also agrees to indemnify the Rights Agent for, and to
hold it harmless against, any loss, liability, or expense, incurred without
gross negligence, bad faith or willful misconduct on the part of the Rights
Agent, for anything done or omitted by the Rights Agent in connection with the
acceptance and administration of this Agreement, including the costs and
expenses of defending against any claim (whether asserted by the Company, a
holder of Rights, or any other Person) of liability in the premises, including
reasonable attorney's fees and expenses.

                  (b) The Rights Agent shall be protected and shall incur no
liability for or in respect of any action taken, suffered or omitted by it in
connection with its administration of this Agreement in reliance upon any Rights
Certificate or certificate

                                       65
<PAGE>
for Common Stock or for other securities of the Company, instrument of
assignment or transfer, power of attorney, endorsement, affidavit, letter,
notice, instruction, direction, consent, certificate, statement, or other paper
or document believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged, by the proper Person or Persons.

                  (c) The provisions of this Section 18 shall survive the
expiration of the Rights and the termination of this Agreement.

                  (d) Notwithstanding anything in this Agreement to the
contrary, in no event shall the Rights Agent be liable for special, indirect or
consequential loss or damage of any kind whatsoever (including but not limited
to lost profits), even if the Rights Agent has been advised of the likelihood of
the loss or damage and regardless of the form of the action.

            Section 19. Merger or Consolidation or Change of Name of Rights
Agent.

                  (a) Any corporation into which the Rights Agent or any
successor Rights Agent may be merged or with which it may be consolidated, or
any corporation resulting from any merger or consolidation to which the Rights
Agent or any successor Rights Agent shall be a party, or any corporation
succeeding to the corporate trust or stock transfer or other shareholder
services business of the Rights Agent or any successor Rights Agent, shall be
the successor to the Rights Agent under this Agreement

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<PAGE>
without the execution or filing of any paper or any further act on the part of
any of the parties hereto; but only if such corporation would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21
hereof. In case at the time such successor Rights Agent shall succeed to the
agency created by this Agreement, any of the Rights Certificates shall have been
counter signed but not delivered, any such successor Rights Agent may adopt the
countersignature of a predecessor Rights Agent and deliver such Rights
Certificates so countersigned; and in case at that time any of the Rights
Certificates shall not have been countersigned, any successor Rights Agent may
countersign such Rights Certificates either in the name of the predecessor or in
the name of the successor Rights Agent; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and
in this Agreement.

                  (b) In case at any time the name of the Rights Agent shall be
changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature
under its prior name and deliver Rights Certificates so countersigned; and in
case at that time any of the Rights Certificates shall not have been
countersigned, the Rights Agent may countersign such Rights Certificates either
in its prior name or in its changed name; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and
in this Agreement.

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<PAGE>
            Section 20. Duties of Rights Agent. The Rights Agent undertakes the
duties and obligations expressly imposed by this Agreement, and no implied
duties or obligations shall be read into this Agreement against the Rights
Agent, upon the following terms and conditions, by all of which the Company and
the holders of Rights Certificates, by their acceptance thereof, shall be bound:

                  (a) The Rights Agent may consult with legal counsel of its
selection (who may be legal counsel for the Company), and the opinion of such
counsel shall be full and complete authorization and protection to the Rights
Agent as to any action taken or omitted by it in good faith and in accordance
with such opinion.

                  (b) Whenever in the performance of its duties under this
Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter (including, without limitation, the identity of any Acquiring Person and
the determination of current market price or Current Market Price) be proved or
established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may (except with regard to matters requiring the
approval or concurrence of Citigroup Inc.) be deemed to be conclusively proved
and established by a certificate signed by the Chairman of the Board of
Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, any Vice Chairmen, any Vice President, the Controller, the Secretary or
Assistant Secretary or the Treasurer of the Company and delivered to the Rights
Agent;

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<PAGE>
and subject to the aforesaid, such certificate shall be full authorization to
the Rights Agent for any action taken or suffered in good faith by it under the
provisions of this Agreement in reliance upon such certificate. With respect to
matters requiring the approval or concurrence of Citigroup Inc., a certificate
to such effect signed by the Chairman of the Board of Directors, the Chief
Executive Officer, the President, the Chief Operating Officer, any Vice
Chairmen, any Vice President, the Controller, the Secretary or Assistant
Secretary or the Treasurer of Citigroup Inc. shall be full authorization to the
Rights Agent to the extent the authorization, approval or concurrence of
Citigroup Inc. is required for any action taken or suffered in good faith by the
Rights Agent under the provisions of this Agreement in reliance upon such
certificate.

                  (c) The Rights Agent shall be liable hereunder only for its
own gross negligence, bad faith or willful misconduct; provided, however, that
the Rights Agent shall not be liable for any indirect, special, consequential or
punitive damages.

                  (d) The Rights Agent shall not be liable for or by reason of
any of the statements of fact or recitals contained in this Agreement or in the
Rights Certificates or be required to verify the same (except as to its
countersignature on such Rights Certificates), but all such statements and
recitals are and shall be deemed to have been made by the Company only.

                                       69
<PAGE>
                  (e) The Rights Agent shall not be under any responsibility in
respect of the validity of this Agreement or the execution and delivery hereof
(except the due authorization and execution hereof by the Rights Agent) or in
respect of the validity or execution of any Rights Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any
Rights Certificate; nor shall it be responsible for any adjustment required
under the provisions of Sections 11, 13 or 24 hereof or responsible for the
manner, method or amount of any such adjustment or the ascertaining of the
existence of facts that would require any such adjustment (except with respect
to the exercise of Rights evidenced by Rights Certificates after actual notice
of any such adjustment); nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares
of Common Stock, Preferred Stock or other security to be issued pursuant to this
Agreement or any Rights Certificate or as to whether any shares of Common Stock,
Preferred Stock or other security will, when so issued, be validly authorized
and issued, fully paid and nonassessable, nor shall the Rights Agent be
responsible for the legality of the terms hereof.

                  (f) The Company agrees that it will perform, execute,
acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may
reasonably

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<PAGE>
be required by the Rights Agent for the carrying out or performing by the Rights
Agent of the provisions of this Agreement.

                  (g) The Rights Agent is hereby authorized and directed to
accept instructions with respect to the performance of its duties hereunder from
the Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Operating Officer, any Vice Chairmen, any Vice President,
the Controller, the Secretary or Assistant Secretary or the Treasurer of the
Company, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such officer
or for any delay in acting while waiting for those instructions. Any application
by the Rights Agent for written instructions from the Company may, at the option
of the Rights Agent, set forth in writing any action proposed to be taken or
omitted by the Rights Agent under this Agreement and the date on and/or after
which such action shall be taken or such omission shall be effective.

                  (h) The Rights Agent and any shareholder, director, officer or
employee of the Rights Agent may buy, sell or deal in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in
which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not the Rights
Agent under this

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<PAGE>
Agreement. Nothing herein shall preclude the Rights Agent from acting in any
other capacity for the Company or for any other legal entity.

                  (i) The Rights Agent may execute and exercise any of the
rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents, and the Rights Agent shall not be
answerable or accountable for any act, default, neglect or misconduct of any
such attorneys or agents or for any loss to the Company resulting from any such
act, default, neglect or misconduct; provided, however, reasonable care was
exercised in the selection and continued employment thereof.

                  (j) No provision of this Agreement shall require the Rights
Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its
rights if there shall be reasonable grounds for believing that repayment of such
funds or adequate indemnification against such risk or liability is not
reasonably assured to it.

                  (k) If, with respect to any Rights Certificate surrendered to
the Rights Agent for exercise or transfer, the certificate attached to the form
of assignment or form of election to purchase, as the case may be, has either
not been completed or indicates an affirmative response to clause 1 and/or 2
thereof, the Rights Agent shall not take any further action with respect to such
requested exercise or transfer without first consulting with the Company.

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<PAGE>
                  (l) The Company agrees to give the Rights Agent prompt written
notice of any event or ownership which would prohibit the exercise or transfer
of the Right Certificates.

            Section 21. Change of Rights Agent. The Rights Agent or any
successor Rights Agent may resign and be discharged from its duties under this
Agreement upon thirty (30) days' notice in writing mailed to the Company, and to
each transfer agent of the Common Stock and Preferred Stock, by registered or
certified mail, and, if such resignation occurs after the Distribution Date, to
the registered holders of the Rights Certificates by first-class mail. The
Company may remove the Rights Agent or any successor Rights Agent upon thirty
(30) days' notice in writing, mailed to the Rights Agent or successor Rights
Agent, as the case may be, and to each transfer agent of the Common Stock and
Preferred Stock, by registered or certified mail, and, if such removal occurs
after the Distribution Date, to the holders of the Rights Certificates by
first-class mail. If the Rights Agent shall resign or be removed or shall
otherwise become incapable of acting, the Company shall appoint a successor to
the Rights Agent. If the Company shall fail to make such appointment within a
period of thirty (30) days after giving notice of such removal or after it has
been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Rights Certificate (who shall,
with such notice, submit his Rights Certificate for inspection by the Company),
then any registered holder of any Rights Certificate may apply to any

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<PAGE>
court of competent jurisdiction for the appointment of a new Rights Agent. Any
successor Rights Agent, whether appointed by the Company or by such a court,
shall be (a) a legal business entity organized and doing business under the laws
of the United States or of any state of the United States, in good standing,
which is authorized under such laws to exercise corporate trust or stock
transfer shareholder services powers and is subject to supervision or
examination by federal or state authority and which has at the time of its
appointment as Rights Agent a combined capital and surplus of at least
$100,000,000 or (b) an affiliate of a legal business entity described in clause
(a) of this sentence, which is authorized to perform such services and is
subject to the supervision described therein. After appointment, the successor
Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall deliver and transfer
to the successor Rights Agent any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary for
the purpose. Not later than the effective date of any such appointment, the
Company shall file notice thereof in writing with the predecessor Rights Agent
and each transfer agent of the Common Stock and the Preferred Stock, and, if
such appointment occurs after the Distribution Date, mail a notice thereof in
writing to the registered holders of the Rights Certificates. Failure to give
any notice provided for in this Section 21, however, or any

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<PAGE>
defect therein, shall not affect the legality or validity of the resignation or
removal of the Rights Agent or the appointment of the successor Rights Agent, as
the case may be.

            Section 22. Issuance of New Rights Certificates. Notwithstanding any
of the provisions of this Agreement or of the Rights to the contrary, the
Company may, at its option, issue new Rights Certificates evidencing Rights in
such form as may be approved by the Board of Directors to reflect any adjustment
or change in the Purchase Price and the number or kind or class of shares or
other securities or property purchasable under the Rights Certificates made in
accordance with the provisions of this Agreement. In addition, in connection
with the issuance or sale of shares of Common Stock following the Distribution
Date and prior to the redemption or expiration of the Rights, the Company (a)
shall, with respect to shares of Common Stock so issued or sold pursuant to the
exercise of stock options or under any employee plan or arrangement, granted or
awarded as of the Distribution Date, or upon the exercise, conversion or
exchange of securities hereinafter issued by the Company, and (b) may, in any
other case, if deemed necessary or appropriate by the Board of Directors of the
Company, issue Rights Certificates representing the appropriate number and class
of Rights in connection with such issuance or sale; provided, however, that (i)
no such Rights Certificate shall be issued if, and to the extent that, the
Company shall be advised by counsel that such issuance would create a
significant risk of material adverse tax consequences to the Company or the
Person to whom such Rights Certificate would be issued,

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and (ii) no such Rights Certificate shall be issued if, and to the extent that,
appropriate adjustment shall otherwise have been made in lieu of the issuance
thereof.

            Section 23. Redemption and Termination.

                  (a) The Board of Directors of the Company may, at its option,
at any time prior to the earlier of (i) such time as any Person first becomes an
Acquiring Person, or (ii) the Final Expiration Date, as provided herein, elect
to redeem all but not less than all of the then outstanding Rights at a
redemption price of $.01 per Right, as such amount may be appropriately adjusted
to reflect any stock split, stock dividend or similar transaction occurring
after the date hereof (such redemption price being hereinafter referred to as
the "Redemption Price"). Notwithstanding anything contained in this Agreement to
the contrary, the Rights shall not be exercisable after the first occurrence of
a Section 11(a)(ii) Event until such time as the Company's right of redemption
hereunder has expired. The Company may, at its option, pay the Redemption Price
in cash, shares of the relevant Common Stock for which a Right is exercisable
(based on the Current Market Price, as defined in Section 11(d)(i) hereof, of
the relevant Common Stock at the time of redemption) or any other form of
consideration deemed appropriate by the Board of Directors, including shares of
the other class of Common Stock; provided, however that the Redemption Price
shall first be paid in shares of the relevant Common Stock for which a Right is
exercisable to the extent of the authorized shares of the relevant Common Stock
for which a Right is exercisable (excluding all

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<PAGE>
such shares that are outstanding or reserved for issuance for purposes other
than the exercise of the Rights).

                  (b) Immediately upon the action of the Board of Directors of
the Company ordering the redemption of the Rights, evidence of which shall have
been filed with the Rights Agent and without any further action and without any
notice, the right to exercise the Rights will terminate and the only right
thereafter of the holders of Rights shall be to receive the Redemption Price for
each Right so held. Promptly after the action of the Board of Directors ordering
the redemption of the Rights, the Company shall give notice of such redemption
to the Rights Agent and the holders of the then outstanding Rights by mailing
such notice to all such holders at each holder's last address as it appears upon
the registry books of the Rights Agent or, prior to the Distribution Date, on
the registry books of the transfer agent for the Common Stock. Any notice which
is mailed in the manner herein provided shall be deemed given, whether or not
the holder receives the notice. Each such notice of redemption will state the
method by which the payment of the Redemption Price will be made.

            Section 24. Exchange.

                  (a) The Board of Directors of the Company may, at its option,
at any time after any Person becomes an Acquiring Person, exchange all or part
of the then outstanding and exercisable Class A Rights and Class B Rights (which
shall not include Class A Rights and Class B Rights that have become void
pursuant to the

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<PAGE>
provisions of Section 7(e) hereof) for Class A Common Stock and Class B Common
Stock, respectively, at an exchange ratio of one share of Class A Common Stock
and Class B Common Stock per Class A Right and Class B Right, respectively,
appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof (such exchange ratio being
hereinafter referred to as the "Exchange Ratio"). Notwithstanding the foregoing,
the Board of Directors of the Company shall not be empowered to effect such
exchange at any time after any Person who is an Acquiring Person, together with
all Affiliates and Associates of such Person, becomes the Beneficial Owner of
shares of Common Stock which have the right to cast 50% or more of the votes
that may be cast by all outstanding shares for the election of directors of the
Company.

                  (b) Immediately upon the action of the Board of Directors of
the Company ordering the exchange of any Rights pursuant to subsection (a) of
this Section 24 and without any further action and without any notice, the right
to exercise such Rights shall terminate and the only right thereafter of a
holder of such Rights shall be to receive that number of shares of Common Stock
equal to the number of such Rights held by such holder multiplied by the
Exchange Ratio. The Company shall promptly give public notice of any such
exchange; provided, however, that the failure to give, or any defect in, such
notice shall not affect the validity of such exchange. The Company promptly
shall mail a notice of any such exchange to all of the holders of such

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Rights at their last addresses as they appear upon the registry books of the
Rights Agent. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of
exchange will state the method by which the exchange of the Common Stock for
Rights will be effected and, in the event of any partial exchange, the number of
Rights which will be exchanged. Any partial exchange shall be effected pro rata
based on the number of Rights (other than Rights which have become void pursuant
to the provisions of Section 7(e) hereof) held by each holder of Rights.

                  (c) In any exchange pursuant to this Section 24, the Company,
at its option, may substitute Preferred Stock (or Equivalent Preferred Stock, as
such term is defined in paragraph (b) of Section 11 hereof) for Common Stock
exchangeable for Rights, at the initial rate of one one-thousandth of a share of
Preferred Stock (or Equivalent Preferred Stock) for each share of Common Stock,
as appropriately adjusted to reflect stock splits, stock dividends and other
similar transactions after the date hereof.

                  (d) In the event that there shall not be sufficient shares of
Common Stock authorized but unissued to permit any exchange of Rights as
contemplated in accordance with this Section 24, the Company shall take all such
action as may be necessary to authorize additional shares of Common Stock for
issuance upon exchange of the Rights.

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<PAGE>
                  (e) The Company shall not be required to issue fractions of
shares of Common Stock or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of such fractional shares of Common Stock, there
shall be paid to the registered holders of the Rights Certificates with regard
to which such fractional shares of Common Stock would otherwise be issuable, an
amount in cash equal to the same fraction of the Current Market Value of a whole
share of Common Stock. For the purposes of this subsection (e), the Current
Market Value (as determined pursuant in Section 11(d)(i) hereof) per share of
Common Stock shall be the closing price of a share of Common Stock (as
determined pursuant to the second sentence of Section 11(d)(i) hereof) for the
Trading Day immediately prior to the date of exchange pursuant to this Section
24.

            Section 25. Notice of Certain Events.

                  (a) In case the Company shall propose, at any time after the
Distribution Date, (i) to pay any dividend payable in stock of any class to the
holders of Preferred Stock or to make any other distribution to the holders of
Preferred Stock (other than a regular periodic cash dividend out of earnings or
retained earnings of the Company), or (ii) to offer to the holders of Preferred
Stock rights or warrants to subscribe for or to purchase any additional shares
of Preferred Stock or shares of stock of any class or any other securities,
rights or options, or (iii) to effect any reclassification of its Preferred
Stock (other than a reclassification involving only the subdivision of

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<PAGE>
outstanding shares of Preferred Stock), or (iv) to effect any consolidation or
merger into or with any other Person (other than a Subsidiary of the Company in
a transaction which complies with Section 11(o) hereof), or to effect any sale
or other transfer (or to permit one or more of its Subsidiaries to effect any
sale or other transfer), in one transaction or a series of related transactions,
of more than 50% of the assets, cash flow or earning power of the Company and
its Subsidiaries (taken as a whole) to any other Person or Persons (other than
the Company and/or any of its Subsidiaries in one or more transactions each of
which complies with Section 11(o) hereof), or (v) to effect the liquidation,
dissolution or winding up of the Company, then, in each such case, the Company
shall give to each holder of a Rights Certificate, to the extent feasible and in
accordance with Section 26 hereof, a notice of such proposed action, which shall
specify the record date for the purposes of such stock dividend, distribution of
rights or warrants, or the date on which such reclassification, consolidation,
merger, sale, transfer, liquidation, dissolution, or winding up is to take place
and the date of participation therein by the holders of the shares of Preferred
Stock, if any such date is to be fixed, and such notice shall be so given in the
case of any action covered by clause (i) or (ii) above at least twenty (20) days
prior to the record date for determining holders of the shares of Preferred
Stock for purposes of such action, and in the case of any such other action, at
least twenty (20) days prior to the date of the taking of such proposed action

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<PAGE>
or the date of participation therein by the holders of the shares of Preferred
Stock whichever shall be the earlier.

                  (b) In case any of the events set forth in Section 11(a)(ii)
hereof shall occur, then, in any such case, (i) the Company shall as soon as
practicable thereafter give to each holder of a Rights Certificate, to the
extent feasible and in accordance with Section 26 hereof, a notice of the
occurrence of such event, which shall specify the event and the consequences of
the event to holders of Rights under Section 11(a)(ii) hereof, and (ii) all
references in the preceding paragraph to Preferred Stock shall be deemed
thereafter to refer to Common Stock and/or, if appropriate, other securities.

            Section 26. Notices. Notices or demands authorized by this Agreement
to be given or made by the Rights Agent or by the holder of any Rights
Certificate to or on the Company shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed (until another address is filed in
writing by the Company with the Rights Agent) as follows:

            Travelers Property Casualty Corp.
            One Town Square
            Hartford, Connecticut 06183
            Attention:  Corporate Secretary

Subject to the provisions of Section 21, any notice or demand authorized by this
Agreement to be given or made by the Company or by the holder of any Rights

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<PAGE>
Certificate to or on the Rights Agent shall be sufficiently given or made if
sent by first-class mail, postage prepaid, ad dressed (until another address is
filed in writing by the Rights Agent with the Company) as follows:

            EquiServe Trust Company, N.A.
            _______________

            _______________
            Attention:  [Tenders and Exchanges Administration]

            Notices or demands authorized by this Agreement to be given or made
by the Company or the Rights Agent to the holder of any Rights Certificate (or,
if prior to the Distribution Date, to the holder of certificates representing
shares of Common Stock) shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed to such holder at the address of
such holder as shown on the registry books of the Company or, prior to the
Distribution Date, on the registry books of the transfer agent for the Common
Stock..

            Section 27. Supplements and Amendments. Except as provided in the
penultimate sentence of this Section 27, for so long as the Rights are then
redeemable, the Company may in its sole and absolute discretion, and the Rights
Agent shall if the Company so directs, supplement or amend any provision of this
Agreement in any respect without the approval of any holders of the Rights. At
any time when the Rights are no longer redeemable, except as provided in the
penultimate sentence of this Section 27, the Company may, and the Rights Agent
shall, if the Company so directs, supplement or amend this Agreement without the
approval of any holders of Rights

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<PAGE>
Certificates in order to (i) cure any ambiguity, (ii) correct or supplement any
provision contained herein which may be defective or inconsistent with any other
provisions herein, (iii) shorten or lengthen any time period hereunder or (iv)
change or supplement the provisions hereof in any manner which the Company may
deem necessary or desirable; provided that no such supplement or amendment shall
adversely affect the interests of the holders of Rights as such (other than an
Acquiring Person or an Affiliate or Associate of an Acquiring Person), and no
such amendment may cause the Rights to become redeemable or cause the Agreement
again to become amendable other than in accordance with this sentence.
Notwithstanding anything contained in this Agreement to the contrary, no
supplement or amendment shall be made which changes the Redemption Price. Upon
the delivery of a certificate from an appropriate officer of the Company which
states that the proposed supplement or amendment is in compliance with the terms
of this Section 27, the Rights Agent shall execute such supplement or amendment.
Anything in this Agreement to the contrary notwithstanding, (i) no supplement or
amendment of any provision of this Agreement shall be effected without the prior
written consent of Citigroup Inc. unless Citigroup beneficially owns (excluding
for such purposes shares of Common Stock beneficially owned by Citigroup but not
for its own account, including (in such exclusion) Beneficial Ownership which
arises by virtue of some entity that is an Affiliate of Citigroup being a
sponsor or advisor of a mutual or similar fund that beneficially owns shares of
Common Stock) shares of

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<PAGE>
Common Stock representing less than twenty percent (20%) of the voting power of
the outstanding shares of Common Stock at the time of such supplement or
amendment, and (ii) no supplement or amendment of the definition of "Acquiring
Person" (set forth in Section 1 hereof) shall be effected without the prior
written consent of Citigroup Inc. unless Citigroup beneficially owns (excluding
for such purposes shares of Common Stock beneficially owned by Citigroup but not
for its own account, including (in such exclusion) Beneficial Ownership which
arises by virtue of some entity that is an Affiliate of Citigroup being a
sponsor or advisor of a mutual or similar fund that beneficially owns shares of
Common Stock) less than five percent (5%) of the voting power of the outstanding
shares of Common Stock at the time of such supplement or amendment. Upon the
delivery of a certificate from Chairman of the Board of Directors, the Chief
Executive Officer, the President, the Chief Operating Officer, any Vice
Chairmen, any Vice President, the Controller, the Secretary or Assistant
Secretary or the Treasurer of the Company which states that the proposed
supplement or amendment is in compliance with the terms of this Section 27, the
Rights Agent shall execute such supplement or amendment. Prior to the
Distribution Date, the interests of the holders of Rights shall be deemed
coincident with the interests of the holders of the underlying Common Stock.
Notwithstanding anything herein to the contrary, this Agreement may not be
amended at a time when the Rights are not redeemable. Notwithstanding any other
provision hereof, the Rights Agent's consent must be obtained regarding any

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<PAGE>
amendment or supplement pursuant to this Section 27 which alters the Rights
Agent's rights or duties.

            Section 28. Successors. All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Rights Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

            Section 29. Determinations and Actions by the Board of Directors,
etc. For all purposes of this Agreement, any calculation of the number of shares
of Common Stock or of any other class of capital stock outstanding at any
particular time, including for purposes of determining the particular percentage
of the voting power of the outstanding shares of Common Stock of which any
Person is the Beneficial Owner, shall be made in accordance with the last
sentence of Rule 13d-3(d)(1)(i) (as in effect on the date of this Agreement) of
the General Rules and Regulations under the Exchange Act. The Board of Directors
of the Company shall have the exclusive power and authority to administer this
Agreement and to exercise all rights and powers specifically granted to the
Board of Directors of the Company or to the Company, or as may be necessary or
advisable in the administration of this Agreement, including, without
limitation, the right and power to (i) interpret the provisions of this
Agreement, and (ii) make all determinations deemed necessary or advisable for
the administration of this Agreement (including a determination to redeem or not
redeem the Rights or to amend the Agreement); provided, however, that no action,
calculation, interpretation or

                                       86
<PAGE>
determination of the Board of Directors shall limit the rights of Citigroup
hereunder pursuant to Section 27. All such actions, calculations,
interpretations and determinations (including, for purposes of clause (y) below,
all omissions with respect to the foregoing) which are done or made by the Board
of Directors of the Company in good faith, shall, subject to the rights of
Citigroup Inc. aforesaid, (x) be final, conclusive and binding on the Company,
the Rights Agent, the holders of the Rights and all other parties, and (y) not
subject the Board of Directors of the Company, or any of the directors on the
Board of Directors of the Company to any liability to the holders of the Rights.

            Section 30. Benefits of this Agreement. Nothing in this Agreement
shall be construed to give to any Person other than the Company, the Rights
Agent, Citigroup Inc. (to the extent provided in Section 27 herein) and the
registered holders of the Rights Certificates (and, prior to the Distribution
Date, registered holders of the Common Stock) any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole
and exclusive benefit of the Company, the Rights Agent, Citigroup Inc. (to the
extent provided in Section 27 herein) and the registered holders of the Rights
Certificates (and, prior to the Distribution Date, registered holders of the
Common Stock).

            Section 31. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and

                                       87
<PAGE>
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated; provided, however, that
notwithstanding anything in this Agreement to the contrary, if any such term,
provision, covenant or restriction is held by such court or authority to be
invalid, void or unenforceable and the Board of Directors of the Company
determines in its good faith judgment that severing the invalid language from
this Agreement would adversely affect the purpose or effect of this Agreement,
the right of redemption set forth in Section 23 hereof shall be reinstated and
shall not expire until the close of business on the tenth Business Day following
the date of such determination by the Board of Directors of the Company.

            Section 32. Governing Law. This Agreement, each Right and each
Rights Certificate issued hereunder shall be deemed to be a contract made under
the laws of the State of Connecticut and for all purposes shall be governed by
and construed in accordance with the laws of such State applicable to contracts
made and to be performed entirely within such State.

            Section 33. Counterparts. This Agreement may be executed in any
number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

                                       88
<PAGE>
            Section 34. Descriptive Headings. Descriptive headings of the
several sections of this Agreement are inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions
hereof.

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed, and their respective corporate seals to be hereunto affixed
and attested, all as of the day and year first above written.

Attest:                                 TRAVELERS PROPERTY CASUALTY CORP.

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

Attest:                                 EQUISERVE TRUST COMPANY, N.A.

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

                                       89
<PAGE>
                                                                       Exhibit A

                CERTIFICATE OF AMENDMENT DETERMINING THE TERMS OF
                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

                                       of

                        TRAVELERS PROPERTY CASUALTY CORP.

            The Amended and Restated Certificate of Incorporation of Travelers
Property Casualty Corp. is amended to add a new Section K to Article FOURTH as
set forth below:

            K.    Series A Junior Participating Preferred Stock.  The Series A
Junior Participating Preferred Stock shall have the number of shares and the
preferences, limitations and relative rights set forth in this Section K.

            (i)   Designation and Amount. The shares of such series shall be
designated as "Series A Junior Participating Preferred Stock" and the number of
shares constituting such series shall be 3,000,000.

            (ii)  Dividends and Distributions.

                  (a)   Subject to the prior and superior rights of the holders
of any shares of any series of Preferred Stock ranking prior and superior to the
shares of Series A Junior Participating Preferred Stock with respect to
dividends, the holders of shares of Series A Junior Participating Preferred
Stock shall be entitled to receive, when, as and if declared by the Board of
Directors out of funds legally available for the purpose, quarterly dividends
payable in cash on the 31st day of March, the 30th day of June, the 30th day of
September and the 31st day of December in each year (each such date being
referred to herein as a "Quarterly Dividend Payment Date"), commencing on the
first Quarterly Dividend Payment Date after the first issuance of a share or
fraction of a share of Series A Junior Participating Preferred Stock, in an
amount per share (rounded to the nearest cent) equal to the greater of (a) $1.00
(one dollar) or (b) subject to the provision for adjustment hereinafter set
forth, 1,000 times the aggregate per share amount of all cash dividends, and
1,000 times the aggregate per share amount (payable in kind) of all non-cash
dividends or other distributions other than a dividend payable in shares of
Class A Common Stock, par value $.01, per share or Class B Common Stock, par
value $.01 per share (the "Class B Common Stock," and the Class A Common Stock
and the Class B Common Stock together, the "Common Stock") or a subdivision of
the outstanding shares of Common Stock (by reclassification or otherwise),
declared on the Common Stock since the immediately preceding Quarterly Dividend
Payment Date, or, with
<PAGE>
respect to the first Quarterly Dividend Payment Date, since the first issuance
of any share or fraction of a share of Series A Junior Participating Preferred
Stock. In the event the Corporation shall at any time after March __, 2002 (the
"Rights Declaration Date") (x) declare any dividend on Common Stock payable in
shares of Common Stock, (y) subdivide the outstanding Common Stock, or (z)
combine the outstanding Common Stock into a smaller number of shares, then in
each such case the amount to which holders of shares of Series A Junior
Participating Preferred Stock were entitled immediately prior to such event
under clause (b) of the preceding sentence shall be adjusted by multiplying such
amount by a fraction the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is
the number of shares of Common Stock that were outstanding immediately prior to
such event.

                  (b)   The Corporation shall declare a dividend or distribution
on the Series A Junior Participating Preferred Stock as provided in Paragraph
(a) above immediately after it declares a dividend or distribution on the
Common Stock (other than a dividend payable in shares of either class of Common
Stock); provided that, in the event no dividend or distribution shall have been
declared on the Common Stock during the period between any Quarterly Dividend
Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend
of $1.00 (one dollar) per share on the Series A Junior Participating Preferred
Stock shall nevertheless be payable on such subsequent Quarterly Dividend
Payment Date.

                  (c)   Dividends shall begin to accrue and be cumulative on
outstanding shares of Series A Junior Participating Preferred Stock from the
Quarterly Dividend Payment Date next preceding the date of issue of such shares
of Series A Junior Participating Preferred Stock, unless the date of issue of
such shares is prior to the record date for the first Quarterly Dividend Payment
Date, in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders
of shares of Series A Junior Participating Preferred Stock entitled to receive a
quarterly dividend and before such Quarterly Dividend Payment Date, in either of
which events such dividends shall begin to accrue and be cumulative from such
Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear
interest. Dividends paid on the shares of Series A Junior Participating
Preferred Stock in an amount less than the total amount of such dividends at the
time accrued and payable on such shares shall be allocated pro rata on a
share-by-share basis among all such shares at the time outstanding. The Board of
Directors may fix a record date for the determination of holders of shares of
Series A Junior Participating Preferred Stock entitled to receive payment of a
dividend or

                                  2
<PAGE>
distribution declared thereon, which record date shall be no more than thirty
(30) days prior to the date fixed for the payment thereof.

            (iii) Voting and Related Rights. The holders of shares of Series A
Junior Participating Preferred Stock shall have the following rights:

                  (a)   Subject to the provision for adjustment hereinafter set
forth and to the rights of the holders of the Class B Common Stock under Article
TENTH, each share of Series A Junior Participating Preferred Stock shall entitle
the holder thereof to 1,000 votes on all matters submitted to a vote of the
shareholders of the Corporation. In the event the Corporation shall at any time
after the Rights Declaration Date (x) declare any dividend on Common Stock
payable in shares of Common Stock, (y) subdivide the outstanding Common Stock,
or (z) combine the outstanding Common Stock into a smaller number of shares,
then in each such case the number of votes per share to which holders of shares
of Series A Junior Participating Preferred Stock were entitled immediately
prior to such event shall be adjusted by multiplying such number by a fraction
the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were out standing immediately prior to such event.

                  (b)   Except as otherwise provided herein or by law, the
holders of shares of Series A Junior Participating Preferred Stock and the
holders of shares of Common Stock shall vote together as one class on all
matters submitted to a vote of shareholders of the Corporation.

                  (c)   (v) If at any time dividends on any Series A Junior
Participating Preferred Stock shall be in arrears in an amount equal to six (6)
quarterly dividends thereon, the occurrence of such contingency shall mark the
beginning of a period (herein called a "default period") which shall extend
until such time when all accrued and unpaid dividends for all previous quarterly
dividend periods and for the current quarterly dividend period on all shares of
Series A Junior Participating Preferred Stock then outstanding shall have been
declared and paid or set apart for payment. During each default period, all
holders of Preferred Stock (including holders of the Series A Junior
Participating Preferred Stock) with dividends in arrears in an amount equal to
six (6) quarterly dividends thereon, voting as a class, irrespective of series,
shall have the right to elect two (2) directors.

                        (w)   During any default period, such voting right of
      the holders of Series A Junior Participating Preferred Stock may be
      exercised ini-

                                       3
<PAGE>
      tially at a special meeting called pursuant to subparagraph (x) of this
      Paragraph (c) or at any annual meeting of shareholders, and thereafter at
      annual meetings of shareholders, provided that such voting right shall not
      be exercised unless the holders of one-third in number of shares of
      Preferred Stock outstanding shall be present in person or by proxy. The
      absence of a quorum of the holders of Common Stock shall not affect the
      exercise by the holders of Preferred Stock of such voting right. At any
      meeting at which the holders of Preferred Stock having such right to elect
      directors shall exercise such voting right initially during an existing
      default period, they shall have the right, voting as a class, to elect
      directors to fill such vacancies, if any, in the Board of Directors as may
      then exist up to two (2) directors or, if such right is exercised at an
      annual meeting, to elect two (2) directors. If the number which may be so
      elected at any special meeting does not amount to the required number,
      the holders of the Preferred Stock having such right to elect directors
      shall have the right to make such increase in the number of directors as
      shall be necessary to permit the election by them of the required number.
      After the holders of the Preferred Stock shall have exercised their right
      to elect directors in any default period and during the continuance of
      such period, the number of directors shall not be increased or decreased
      except by vote of the holders of Preferred Stock as herein provided or
      pursuant to the rights of any equity securities ranking senior to or pari
      passu with the Series A Junior Participating Preferred Stock.

                        (x)   Unless the holders of Preferred Stock shall,
      during an existing default period, have previously exercised their right
      to elect directors, the Board of Directors may order, or any shareholder
      or shareholders owning in the aggregate not less than fifteen percent
      (15%) of the total number of out standing shares of Preferred Stock having
      such right to elect directors, irrespective of series, may request, the
      calling of a special meeting of the holders of Preferred Stock having such
      right to elect directors, which meeting shall thereupon be called by the
      Chairman of the Board, the Vice Chairman of the Board, the Chairman of the
      Executive Committee, the President or the Secretary of the Corporation.
      Notice of such meeting and of any annual meeting at which holders of
      Preferred Stock are entitled to vote pursuant to this Paragraph (c)(x)
      shall be given to each holder of record of Preferred Stock by mailing a
      copy of such notice to him or her at his or her last address as the same
      appears on the books of the Corporation. Such meeting shall be called for
      a time not earlier than 20 days and not later than 60 days after such
      order or request or in default of the calling of such meeting within 60
      days after such order or request, such meeting may be called on similar

                                       4
<PAGE>
      notice by any shareholder or shareholders owning in the aggregate not less
      than fifteen percent (15%) of the total number of shares of Preferred
      Stock having such right to elect directors outstanding. Notwithstanding
      the provisions of this Paragraph (c)(x), no such special meeting shall be
      called during the period within 60 days immediately preceding the date
      fixed for the next annual meeting of the shareholders.

                        (y)   In any default period, the holders of Common
      Stock, and other classes of stock of the Corporation if applicable, shall
      continue to be entitled to elect the whole number of directors until the
      holders of Preferred Stock shall have exercised their right to elect two
      (2) directors voting as a class, after the exercise of which right (1) the
      directors so elected by the holders of Preferred Stock shall continue in
      office until their successors shall have been elected by such holders or
      until the expiration of the default period, and (2) any vacancy in the
      Board of Directors may (except as provided in Paragraph (c)(w) of this
      Section (iii)) be filled by vote of a majority of the remaining directors
      theretofore elected by the holders of such capital stock (Common or
      Preferred) which elected the director whose office shall have become
      vacant. References in this Paragraph (c) to directors elected by the
      holders of particular capital stock shall include directors elected by
      such directors to fill vacancies as provided in clause (z) of the
      foregoing sentence.

                        (z)   Immediately upon the expiration of a default
      period, (1) the right of the holders of Preferred Stock having the right
      as a class to elect directors shall cease, (2) the term of any directors
      elected by the holders of Preferred Stock as a class shall terminate, and
      (3) the number of directors shall be such number as may be provided for in
      the Certificate of Incorporation or Bylaws irrespective of any increase
      made pursuant to the provisions of Paragraph (c)(w) of this Section (iii)
      (such number being subject, however, to change thereafter in any manner
      provided by law or in the Certificate of Incorporation or Bylaws). Any
      vacancies in the Board of Directors effected by the provisions of clauses
      (1) and (2) in the preceding sentence may be filled by a majority of the
      remaining directors.

                  (d)   Except as set forth herein, holders of Series A Junior
Participating Preferred Stock shall have no special voting rights and their
consent shall not be required (except to the extent they are entitled to vote
with holders of Common Stock as set forth herein) for taking any corporate
action.

                                        5
<PAGE>
            (iv)  Certain Restrictions.

                  (a)   Whenever quarterly dividends or other dividends or
distributions payable on the Series A Junior Participating Preferred Stock as
provided in Section (ii) are in arrears, thereafter and until all accrued and
unpaid dividends and distributions, whether or not declared, on shares of Series
A Junior Participating Preferred Stock outstanding shall have been paid in full,
the Corporation shall not:

                        (w)   declare or pay dividends on, make any other
      distributions on, or redeem or purchase or otherwise acquire for
      consideration any shares of stock ranking junior (either as to dividends
      or upon liquidation, dissolution or winding up) to the Series A Junior
      Participating Preferred Stock;

                        (x)   declare or pay dividends on or make any other
      distributions on any shares of stock ranking on a parity (either as to
      dividends or upon liquidation, dissolution or winding up) with the Series
      A Junior Participating Preferred Stock, except dividends paid ratably on
      the Series A Junior Participating Preferred Stock and all such parity
      stock on which dividends are payable or in arrears in proportion to the
      total amounts to which the holders of all such shares are then entitled;

                        (y)   redeem or purchase or otherwise acquire for
      consideration shares of any stock ranking on a parity (either as to
      dividends or upon liquidation, dissolution or winding up) with the Series
      A Junior Participating Preferred Stock, provided that the Corporation may
      at any time redeem, purchase or otherwise acquire shares of any such
      parity stock in exchange for shares of any stock of the Corporation
      ranking junior (either as to dividends or upon dissolution, liquidation or
      winding up) to the Series A Junior Participating Preferred Stock; or

                        (z)   purchase or otherwise acquire for consideration
      any shares of Series A Junior Participating Preferred Stock, or any shares
      of stock ranking on a parity with the Series A Junior Participating
      Preferred Stock, except in accordance with a purchase offer made in
      writing or by publication (as determined by the Board of Directors) to all
      holders of such shares upon such terms as the Board of Directors, after
      consideration of the respective annual dividend rates and other relative
      rights and preferences of

                                       6
<PAGE>
      the respective series and classes, shall determine in good faith will
      result in fair and equitable treatment among the respective series or
      classes.

                  (b)   The Corporation shall not permit any subsidiary of the
Corporation to purchase or otherwise acquire for consideration any shares of
stock of the Corporation unless the Corporation could, under Paragraph (a) of
this Section (iv), purchase or otherwise acquire such shares at such time and in
such manner.

            (v)   Reacquired Shares. Any shares of Series A Junior Participating
Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall become authorized but unissued shares of Preferred Stock and
may be reissued as part of a new series of Preferred Stock to be created by
resolution or resolutions of the Board of Directors, subject to the conditions
and restrictions on issuance set forth herein.

            (vi)  Liquidation, Dissolution or Winding Up. (a) Upon any
liquidation (voluntary or otherwise), dissolution or winding up of the
Corporation, no distribution shall be made to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or
winding up) to the Series A Junior Participating Preferred Stock unless, prior
thereto, the holders of shares of Series A Junior Participating Preferred Stock
shall have received an amount equal to $1,000 per share of Series A
Participating Preferred Stock, plus an amount equal to accrued and unpaid
dividends and distributions thereon, whether or not declared, to the date of
such payment (the "Series A Liquidation Preference"). Following the payment of
the full amount of the Series A Liquidation Preference, no additional
distributions shall be made to the holders of shares of Series A Junior
Participating Preferred Stock unless, prior thereto, the holders of shares of
both classes of Common Stock shall have received an amount per share (the
"Common Adjustment") equal to the quotient obtained by dividing (x) the Series A
Liquidation Preference by (y) 1,000 (as appropriately adjusted as set forth in
subparagraph (z) below to reflect such events as stock splits, stock dividends
and recapitalizations with respect to the Common Stock) (such number in clause
(y), the "Adjustment Number"). Following the payment of the full amount of the
Series A Liquidation Preference and the Common Adjustment in respect of all
outstanding shares of Series A Junior Participating Preferred Stock and Common
Stock, respectively, holders of Series A Junior Participating Preferred Stock
and holders of shares of both classes of Common Stock shall receive their
ratable and proportionate share of the remaining assets to be distributed in the
ratio of the Adjustment Number to 1 with respect to such Preferred Stock and
Common Stock, on a per share basis, respectively.

                                       7
<PAGE>
                  (b)   In the event, however, that there are not sufficient
assets available to permit payment in full of the Series A Liquidation
Preference and the liquidation preferences of all other series of Preferred
Stock, if any, which rank on a parity with the Series A Junior Participating
Preferred Stock, then such remaining assets shall be distributed ratably to the
holders of the Series A Junior Participating Preferred Stock and such parity
shares in proportion to their respective liquidation preferences. In the event,
however, that there are not sufficient assets available to permit payment in
full of the Common Adjustment, then such remaining assets shall be distributed
ratably to the holders of both classes of Common Stock.

                  (c)   In the event the Corporation shall at any time after the
Rights Declaration Date (x) declare any dividend on Common Stock payable in
shares of Common Stock, (y) subdivide the outstanding Common Stock, or (z)
combine the outstanding Common Stock into a smaller number of shares, then in
each such case the Adjustment Number in effect immediately prior to such event
shall be adjusted by multiplying such Adjustment Number by a fraction, the
numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

            (vii) Consolidation, Merger, etc. In case the Corporation shall
enter into any consolidation, merger, combination or other transaction in which
the shares of Common Stock are exchanged for or changed into other stock or
securities, cash and/or any other property, then in any such case the shares of
Series A Junior Participating Preferred Stock shall at the same time be
similarly exchanged or changed in an amount per share (subject to the provision
for adjustment hereinafter set forth) equal to 1,000 times the aggregate amount
of stock, securities, cash and/or any other property (payable in kind), as the
case may be, into which or for which each share of Common Stock is changed or
exchanged. In the event the Corporation shall at any time after the Rights
Declaration Date (x) declare any dividend on Common Stock payable in shares of
Common Stock, (y) subdivide the outstanding Common Stock, or (z) combine the
outstanding Common Stock into a smaller number of shares, then in each such case
the amount set forth in the preceding sentence with respect to the exchange or
change of shares of Series A Junior Participating Preferred Stock shall be
adjusted by multiplying such amount by a fraction the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

                                       8
<PAGE>
            (viii) No Redemption. The shares of Series A Junior Participating
Preferred Stock shall not be redeemable.

            (ix)  Ranking. The Series A Junior Participating Preferred Stock
shall rank junior to all other series of the Corporation's Preferred Stock as to
the payment of dividends and the distribution of assets, unless the terms of any
such series shall provide otherwise.

            (x)   Amendment. At any time when any shares of Series A Junior
Participating Preferred Stock are outstanding, this Section K of Article FOURTH
shall not be amended in any manner which would materially alter or change the
powers, preferences or special rights of the Series A Junior Participating
Preferred Stock so as to affect them adversely without the affirmative vote of
the holders of a majority or more of the outstanding shares of Series A Junior
Participating Preferred Stock, voting separately as a voting group.

            (xi)  Fractional Shares. Series A Junior Participating Preferred
Stock may be issued in fractions of a share which shall entitle the holder, in
proportion to such holder's fractional shares, to exercise voting rights,
receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Junior Participating Preferred Stock.

                                       9
<PAGE>
                                                                       Exhibit B

                       Form of Class A Rights Certificate

Certificate No. RA-                                              ________ Rights

NOT EXERCISABLE AFTER MARCH   , 2012 UNLESS EXTENDED PRIOR THERETO BY
THE BOARD OF DIRECTORS OR EARLIER IF REDEEMED OR EXCHANGED BY THE
COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE
COMPANY, AT $.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS
AGREEMENT (AS DEFINED HEREIN). UNDER CERTAIN CIRCUMSTANCES, RIGHTS
BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED
IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS
MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS
CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR
BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN
ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT).
ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED
HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN
SECTION 7(e) OF THE RIGHTS AGREEMENT.]*

----------
*     The portion of the legend in brackets shall be inserted only if applicable
      and shall replace the preceding sentence.
<PAGE>
                           CLASS A RIGHTS CERTIFICATE

                        TRAVELERS PROPERTY CASUALTY CORP.

            This certifies that ____________, or registered assigns, is the
registered owner of the number of Rights set forth above, each of which entitles
the owner thereof, subject to the terms, provisions and conditions of the Rights
Agreement, dated as of March __, 2002 (the "Rights Agreement"), between
Travelers Property Casualty Corp., a Connecticut corporation (the "Company"),
and EquiServe Trust Company, N.A., a national banking association (the "Rights
Agent"), to purchase from the Company at any time prior to 5:00 P.M. (New York
City time) on March __, 2012 (unless such date is extended prior thereto by the
Board of Directors) at the office or offices of the Rights Agent designated for
such purpose, or its successors as Rights Agent, one one-thousandth of a fully
paid, non-assessable share of Series A Junior Participating Preferred Stock
(the "Preferred Stock") of the Company, at a purchase price of $_____ per one
one-thousandth of a share (the "Purchase Price"), upon presentation and
surrender of this Rights Certificate with the Form of Election to Purchase and
related Certificate duly executed. The number of Class A Rights evidenced by
this Class A Rights Certificate (and the number of shares which may be
purchased upon exercise thereof) set forth above, and the Purchase Price per one
one-thousandth of a share set forth above, are the number and Purchase Price as
of ______ __, 2002, based on the Preferred Stock as constituted at such date.
The Company reserves the right to require prior to the occur-

                                      2
<PAGE>
rence of a Triggering Event (as such term is defined in the Rights Agreement)
that a number of Class A Rights be exercised so that only whole shares of
Preferred Stock will be issued.

            Upon the occurrence of a Section 11(a)(ii) Event (as such term is
defined in the Rights Agreement), if the Class A Rights evidenced by this Class
A Rights Certificate are beneficially owned by (i) an Acquiring Person or an
Affiliate or Associate of any such Acquiring Person (as such terms are defined
in the Rights Agreement), (ii) a transferee of any such Acquiring Person,
Associate or Affiliate, or (iii) under certain circumstances specified in the
Rights Agreement, a transferee of a person who, after such transfer, became an
Acquiring Person, or an Affiliate or Associate of an Acquiring Person, such
Class A Rights shall become null and void and no holder hereof shall have any
right with respect to such Class A Rights from and after the occurrence of such
Section 11(a)(ii) Event.

            As provided in the Rights Agreement, the Purchase Price and the
number and kind of shares of Preferred Stock or other securities which may be
purchased upon the exercise of the Class A Rights evidenced by this Class A
Rights Certificate are subject to modification and adjustment upon the happening
of certain events, including Triggering Events.

            This Class A Rights Certificate is subject to all of the terms,
provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are

                                       3
<PAGE>
hereby incorporated herein by reference and made a part hereof and to which
Rights Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Class A Rights Certificates and
the Class B Rights Certificates, which limitations of rights include the
temporary suspension of the exercisability of such Class A Rights under the
specific circumstances set forth in the Rights Agreement. Copies of the Rights
Agreement are on file with the Secretary of the Company and are also available
upon written request.

            This Class A Rights Certificate, with or without other Rights
Certificates, upon surrender at the principal office or offices of the Rights
Agent designated for such purpose, may be exchanged for another Class A Rights
Certificate or Class A Rights Certificates of like tenor and date evidencing
Class A Rights entitling the holder to purchase a like aggregate number of one
one-thousandths of a share of Preferred Stock as the Class A Rights evidenced by
the Class A Rights Certificate or Class A Rights Certificates surrendered shall
have entitled such holder to purchase. If this Class A Rights Certificate shall
be exercised in part, the holder shall be entitled to receive upon surrender
hereof another Class A Rights Certificate or Class A Rights Certificates for the
number of whole Class A Rights not exercised.

            Subject to the provisions of the Rights Agreement, the Class A
Rights evidenced by this Class A Rights Certificate may be redeemed by the
Company at its

                                       4
<PAGE>
option at a redemption price of $.01 per Right at any time prior to the earlier
of the close of business on (i) the tenth Business Day following the Stock
Acquisition Date (as such time period may be extended pursuant to the Rights
Agreement), and (ii) the Final Expiration Date. In addition, under certain
circumstances following the Stock Acquisition Date the Rights may be exchanged,
in whole or in part, for shares of the Common Stock, or shares of preferred
stock of the Company having essentially the same value or economic rights as
such shares. Immediately upon the action of the Board of Directors of the
Company authorizing any such exchange, and without any further action or any
notice, the Rights (other than Rights which are not subject to such exchange)
will terminate and the Rights will only enable holders to receive the shares
issuable upon such exchange.

            No fractional shares of Preferred Stock will be issued upon the
exercise of any Class A Right or Class A Rights evidenced hereby (other than
fractions which are integral multiples of one one-thousandth of a share of
Preferred Stock, which may, at the election of the Company, be evidenced by
depositary receipts), but in lieu thereof a cash payment will be made, as
provided in the Rights Agreement.

            No holder of this Class A Rights Certificate shall be entitled to
vote or receive dividends or be deemed for any purpose the holder of shares of
Preferred Stock or of any other securities of the Company which may at any time
be issuable on the exercise hereof, nor shall anything contained in the Rights
Agreement or herein be

                                       5
<PAGE>
construed to confer upon the holder hereof, as such, any of the rights of a
shareholder of the Company or any right to vote for the election of directors or
upon any matter submitted to shareholders at any meeting thereof, or to give
consent to or withhold consent from any corporate action, or, to receive notice
of meetings or other actions affecting shareholders (except as provided in the
Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Class A Right or Class A Rights evidenced by this Class A Rights
Certificate shall have been exercised as provided in the Rights Agreement.

            This Class A Rights Certificate shall not be valid or obligatory for
any purpose until it shall have been countersigned by the Rights Agent.

                                       6
<PAGE>
            WITNESS the facsimile signature of a duly authorized officer of the
Company and its corporate seal.

Dated as of _________ __, ____

Attest:                             TRAVELERS PROPERTY
                                    CASUALTY CORP.

___________________________         By:__________________________
Secretary                           Title:

[SEAL]

Countersigned:

EQUISERVE TRUST COMPANY, N.A.

By:_______________________
   Authorized Signature

                                       7
<PAGE>
               FORM OF REVERSE SIDE OF CLASS A RIGHTS CERTIFICATE

                               FORM OF ASSIGNMENT

                (To be executed by the registered holder if such
           holder desires to transfer the Class A Rights Certificate.)

                  FOR VALUE RECEIVED

hereby sells, assigns and transfers unto

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

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

                  (Please print name and address of transferee)

this Class A Rights Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint
Attorney, to transfer the within Class A Rights Certificate on the books of the
within named Company, with full power of substitution.

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

Signature Guaranteed:
<PAGE>
                          FORM OF ELECTION TO PURCHASE

                  (To be executed if holder desires to exercise
                 Rights represented by the Rights Certificate.)

To: TRAVELERS CASUALTY PROPERTY CORP.:

            The undersigned hereby irrevocably elects to exercise
Class A Rights represented by this Rights Certificate to purchase the shares of
Preferred Stock issuable upon the exercise of the Class A Rights (or such other
securities of the Company or of any other person which may be issuable upon the
exercise of the Class A Rights) and requests that certificates for such shares
be issued in the name of and delivered to:

Please insert social security
or other identifying number
                            ---------------------------

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

--------------------------------------------------------------------------------
                    (Please print name and address)

            If such number of Class A Rights shall not be all the Rights
evidenced by this Class A Rights Certificate, a new Class A Rights Certificate
for the balance of such Class A Rights shall be registered in the name of and
delivered to:

Please insert social security
or other identifying number
                            ---------------------------

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

--------------------------------------------------------------------------------
                    (Please print name and address)

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

Signature Guaranteed:
<PAGE>
                               CLASS A CERTIFICATE

            The undersigned hereby certifies by checking the appropriate boxes
that:

            (1) the Class A Rights evidenced by this Class A Rights Certificate
[ ] are [ ] are not being exercised by or on behalf of a Person who is or was an
Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as
such terms are defined pursuant to the Rights Agreement); and

            (2) after due inquiry and to the best knowledge of the undersigned,
it [ ] did [ ] did not acquire the Class A Rights evidenced by this Class A
Rights Certificate from any Person who is, was or became an Acquiring Person or
an Affiliate or Associate of an Acquiring Person.

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

Signature Guaranteed:
<PAGE>
                                     NOTICE

            The signature to the foregoing Election to Purchase and Certificate
must correspond to the name as written upon the face of this Class A Rights
Certificate in every particular, without alteration or enlargement or any change
whatsoever.
<PAGE>
                                                                       Exhibit C

                       FORM OF CLASS B RIGHTS CERTIFICATE

Certificate No. RB-                                              ________ Rights

NOT EXERCISABLE AFTER MARCH __, 2012 UNLESS EXTENDED PRIOR THERETO
BY THE BOARD OF DIRECTORS OR EARLIER IF REDEEMED OR EXCHANGED BY THE
COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE
COMPANY, AT $.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS
AGREEMENT (AS DEFINED HEREIN). UNDER CERTAIN CIRCUMSTANCES, RIGHTS
BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS DEFINED
IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS
MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS
CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR
BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN
ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS
AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS
REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES
SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.]*

----------
*     The portion of the legend in brackets shall be inserted only if applicable
      and shall replace the preceding sentence.
<PAGE>
                           CLASS B RIGHTS CERTIFICATE

                        TRAVELERS PROPERTY CASUALTY CORP.

            This certifies that _____________, or registered assigns, is the
registered owner of the number of Rights set forth above, each of which entitles
the owner thereof, subject to the terms, provisions and conditions of the Rights
Agreement, dated as of March __, 2002 (the "Rights Agreement"), between
Travelers Property Casualty Corp., a Connecticut corporation (the "Company"),
and EquiServe Trust Company, N.A., a a national banking association (the "Rights
Agent"), to purchase from the Company at any time prior to 5:00 P.M. (New York
City time) on March __, 2012 (unless such date is extended prior thereto by the
Board of Directors) at the office or offices of the Rights Agent designated for
such purpose, or its successors as Rights Agent, one one-thousandth of a fully
paid, non-assessable share of Series A Junior Participating Preferred Stock
(the "Preferred Stock") of the Company, at a purchase price of $_______ per one
one-thousandth of a share (the "Purchase Price"), upon presentation and
surrender of this Rights Certificate with the Form of Election to Purchase and
related Certificate duly executed. The number of Class B Rights evidenced by
this Class B Rights Certificate (and the number of shares which may be purchased
upon exercise thereof) set forth above, and the Purchase Price per one
one-thousandth of a share set forth above, are the number and Purchase Price as
of ___________ __, ____, based on the Preferred Stock as constituted at such
date. The Company reserves the right to require prior to the occurrence of a
Triggering Event (as such term is defined in the Rights Agreement) that a number
of Class B Rights be exercised so that only whole shares of Preferred Stock will
be issued.
<PAGE>
            Upon the occurrence of a Section 11(a)(ii) Event (as such term is
defined in the Rights Agreement), if the Class B Rights evidenced by this Class
B Rights Certificate are beneficially owned by (i) an Acquiring Person or an
Affiliate or Associate of any such Acquiring Person (as such terms are defined
in the Rights Agreement), (ii) a transferee of any such Acquiring Person,
Associate or Affiliate, or (iii) under certain circumstances specified in the
Rights Agreement, a transferee of a person who, after such transfer, became an
Acquiring Person, or an Affiliate or Associate of an Acquiring Person, such
Class B Rights shall become null and void and no holder hereof shall have any
right with respect to such Class B Rights from and after the occurrence of such
Section 11(a)(ii) Event.

            As provided in the Rights Agreement, the Purchase Price and the
number and kind of shares of Preferred Stock or other securities which may be
purchased upon the exercise of the Class B Rights evidenced by this Class B
Rights Certificate are subject to modification and adjustment upon the happening
of certain events, including Triggering Events.

            This Class B Rights Certificate is subject to all of the terms,
provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof
and to which Rights Agreement reference is hereby made for a full description of
the rights, limitations of rights, obligations, duties and immunities hereunder
of the Rights Agent, the Company and the holders of the Class B Rights
Certificates and the Class A Rights Certificates, which limitations of rights
include the temporary suspension of the exercisability of such Class B Rights
under the specific circumstances set forth in the Rights Agreement.
<PAGE>
Copies of the Rights Agreement are on file with the Secretary of the Company and
are also available upon written request.

            This Class B Rights Certificate, with or without other Rights
Certificates, upon surrender at the principal office or offices of the Rights
Agent designated for such purpose, may be exchanged for another Class B Rights
Certificate or Class B Rights Certificates of like tenor and date evidencing
Class B Rights entitling the holder to purchase a like aggregate number of one
one-thousandths of a share of Preferred Stock as the Rights evidenced by the
Class B Rights Certificate or Class B Rights Certificates surrendered shall have
entitled such holder to purchase. If this Class B Rights Certificate shall be
exercised in part, the holder shall be entitled to receive upon surrender hereof
another Class B Rights Certificate or Class B Rights Certificates for the number
of whole Class B Rights not exercised.

            Subject to the provisions of the Rights Agreement, the Class B
Rights evidenced by this Class B Certificate may be redeemed by the Company at
its option at a redemption price of $.01 per Right at any time prior to the
earlier of the close of business on (i) the tenth Business Day following the
Stock Acquisition Date (as such time period may be extended pursuant to the
Rights Agreement), and (ii) the Final Expiration Date. In addition, under
certain circumstances following the Stock Acquisition Date the Rights may be
exchanged, in whole or in part, for shares of the Common Stock, or shares of
preferred stock of the Company having essentially the same value or economic
rights as such shares. Immediately upon the action of the Board of Directors of
the Company authorizing any such exchange, and without any further action or any
notice, the Rights (other than Rights which are not subject to such
<PAGE>
exchange) will terminate and the Rights will only enable holders to receive the
shares issuable upon such exchange.

            No fractional shares of Preferred Stock will be issued upon the
exercise of any Class B Right or Class B Rights evidenced hereby (other than
fractions which are integral multiples of one one-thousandth of a share of
Preferred Stock, which may, at the election of the Company, be evidenced by
depositary receipts), but in lieu thereof a cash payment will be made, as
provided in the Rights Agreement.

            No holder of this Class B Rights Certificate shall be entitled to
vote or receive dividends or be deemed for any purpose the holder of shares of
Preferred Stock or of any other securities of the Company which may at any time
be issuable on the exercise hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any
of the rights of a shareholder of the Company or any right to vote for the
election of directors or upon any matter submitted to shareholders at any
meeting thereof, or to give consent to or withhold consent from any corporate
action, or, to receive notice of meetings or other actions affecting
shareholders (except as provided in the Rights Agreement), or to receive
dividends or subscription rights, or otherwise, until the Class B Right or Class
B Rights evidenced by this Class B Rights Certificate shall have been exercised
as provided in the Rights Agreement.

            This Class B Rights Certificate shall not be valid or obligatory for
any purpose until it shall have been countersigned by the Rights Agent.
<PAGE>
            WITNESS the facsimile signature of a duly authorized officer of the
Company and its corporate seal.

Dated as of _________ __, _____

Attest:                             TRAVELERS PROPERTY
                                    CASUALTY CORP.

___________________________         By:__________________________
Secretary                           Title:

[SEAL]

Countersigned:

EQUISERVE TRUST COMPANY, N.A.

By:_______________________
   Authorized Signature
<PAGE>
               FORM OF REVERSE SIDE OF CLASS B RIGHTS CERTIFICATE

                               FORM OF ASSIGNMENT

                (To be executed by the registered holder if such
           holder desires to transfer the Class B Rights Certificate.)

                  FOR VALUE RECEIVED

hereby sells, assigns and transfers unto

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

--------------------------------------------------------------------------------
                  (Please print name and address of transferee)

this Class B Rights Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint __________________
Attorney, to transfer the within Class B Rights Certificate on the books of the
within named Company, with full power of substitution.

Dated: __________________, _____          _________________________
                                          Signature

Signature Guaranteed:
<PAGE>
                          FORM OF ELECTION TO PURCHASE

              (To be executed if holder desires to exercise Rights
                     represented by the Rights Certificate.)

To: Travelers Property Casualty Corp.:

            The undersigned hereby irrevocably elects to exercise __________
Class B Rights represented by this Rights Certificate to purchase the shares of
Preferred Stock issuable upon the exercise of the Class B Rights (or such other
securities of the Company or of any other person which may be issuable upon the
exercise of the Class B Rights) and requests that certificates for such shares
be issued in the name of and delivered to:

Please insert social security
or other identifying number
                            --------------------------

--------------------------------------------------------------------------------
                     (Please print name and address)

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

            If such number of Class B Rights shall not be all the Rights
evidenced by this Class B Rights Certificate, a new Class B Rights Certificate
for the balance of such Class B Rights shall be registered in the name of and
delivered to:

Please insert social security
or other identifying number
                            -----------------------

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

--------------------------------------------------------------------------------
                    (Please print name and address)

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

Signature Guaranteed:
<PAGE>
                               CLASS B CERTIFICATE

            The undersigned hereby certifies by checking the appropriate boxes
that:

            (1) the Class B Rights evidenced by this Class B Rights Certificate
[ ] are [ ] are not being exercised by or on behalf of a Person who is or was an
Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as
such terms are defined pursuant to the Rights Agreement); and

            (2) after due inquiry and to the best knowledge of the undersigned,
it [ ] did [ ] did not acquire the Class B Rights evidenced by this Class B
Rights Certificate from any Person who is, was or became an Acquiring Person or
an Affiliate or Associate of an Acquiring Person.

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

Signature Guaranteed:
<PAGE>
                                     NOTICE

         The signature to the foregoing Election to Purchase and Certificate
must correspond to the name as written upon the face of this Class B Rights
Certificate in every particular, without alteration or enlargement or any change
whatsoever.
<PAGE>
                                                                       Exhibit D

                          SUMMARY OF RIGHTS TO PURCHASE
                                 PREFERRED STOCK

            On March __, 2002, the Board of Directors of Travelers Property
Casualty Corp. (the "Company") declared a dividend distribution of one Class A
Right for each outstanding share of Class A Common Stock and one Class B Right
for each outstanding share of Class B Common Stock, to the shareholder of record
at the close of business on March __, 2002 (the "Record Date") and authorized
the issuance of one Class A Right and one Class B Right (the Class A Rights and
Class B Rights together, the "Rights") for each share of Class A Common Stock
and Class B Common Stock (the Class A Common Stock and the Class B Common Stock
together, the "Common Stock"), respectively, issued after the Record Date. Each
Right entitles the registered holder to purchase from the Company a unit
consisting of one one-thousandth of a share (a "Unit") of Series A Junior
Participating Preferred Stock, par value $.01 per share (the "Series A Preferred
Stock"), at a Purchase Price of ____ per Unit, subject to adjustment. The
description and terms of the Rights are set forth in a Rights Agreement (the
"Rights Agreement") between the Company and EquiServe Trust Company, N.A., as
Rights Agent.

            Initially, the Rights will be attached to all Common Stock
certificates representing shares then outstanding, and no separate Class A
Rights Certificates or Class B Rights Certificates (the Class A Rights
Certificates and the Class B Rights Certificates together, the "Rights
Certificates") will be distributed. Subject to certain exceptions specified in
the Rights Agreement, the Rights will separate from the underlying Common Stock
and a Distribution Date will occur upon the earlier of (i) 10 business days
following a public announcement that a person or group of affiliated or
associated persons (an "Acquiring Person") (but excluding Citigroup, Inc.
("Citigroup") and its subsidiaries) has acquired beneficial ownership of shares
of Common Stock representing 15% or more of the voting power of the shares of
Common Stock outstanding (the "Stock Acquisition Date"), other than as a result
of repurchases of stock by the Company or certain inadvertent actions by
institutional or certain other shareholders or (ii) 10 business days (or such
later date as the Board shall determine) after the date of commencement or the
date of first public announcement with respect thereto (whichever is earlier) of
a tender offer or exchange offer that would result in a person or group becoming
an Acquiring Person.

            Until the Distribution Date, (i) the Rights will be evidenced by the
underlying Common Stock certificates and will be transferred with and only with
such Common Stock certificates, (ii) new Common Stock certificates issued after
the Record Date will contain a notation incorporating the Rights Agreement by
reference and (iii) the surrender for transfer of any certificates for Common
Stock outstanding will also constitute the transfer of the Rights associated
with the Common Stock represented by such certificates. Pursuant to the Rights
Agreement, the Company reserves the right to require prior to the occurrence of
a Triggering Event (as defined below) that, upon any exercise of Rights, a
number of Rights be exercised so that only whole shares of Preferred Stock will
be issued.
<PAGE>
            The Rights are not exercisable until the Distribution Date and will
expire at 5:00 P.M. (New York City time) on March __, 2012, unless earlier
redeemed by the Company as described below.

            As soon as practicable after the Distribution Date, Rights
Certificates will be mailed to holders of record of the class of Common Stock
into which such Rights are exercisable (as set forth below) as of the close of
business on the Distribution Date and, thereafter, the separate Rights
Certificates alone will represent the Rights. Except as otherwise determined by
the Board of Directors, only shares of Common Stock issued prior to the
Distribution Date will be issued with Rights.

            In the event that a Person becomes an Acquiring Person, each holder
of a Class A Right and Class B Right, respectively, will thereafter have the
right to receive, upon exercise, Class A Common Stock and Class B Common Stock,
respectively, (or, in certain circumstances cash, property or other securities
of the Company) having a Current Market Price (as defined in the Rights
Agreement) equal to two times the exercise price of such Right. The Exercise
Price is the Purchase Price times the number of shares of such class of Common
Stock associated with each such Right. Notwithstanding any of the foregoing,
following the occurrence of the event set forth in this paragraph, all Rights
that are, or (under certain circumstances specified in the Rights Agreement)
were, beneficially owned by any Acquiring Person will be null and void. However,
Rights are not exercisable following the occurrence of the event set forth above
until such time as the Rights are no longer redeemable by the Company as set
forth below.

            For example, at an exercise price of $100 per Right, each Class A
Right not owned by an Acquiring Person (or by certain related parties) following
an event set forth in the preceding paragraph would entitle its holder to
purchase $200 worth (based on its Current Market Price) of Class A Common Stock
(or other consideration, as noted above) for $100. Assuming that the Class A
Common Stock had a per share value of $50 at such time, the holder of each valid
Class A Right would be entitled to purchase 4 shares of Class A Common Stock for
$100. A similar example would apply with respect to Class B Rights.

            In the event that, at any time following the Stock Acquisition Date,
(i) the Company engages in a merger or other business combination transaction in
which the Company is not the surviving corporation, (ii) the Company engages in
a merger or other business combination transaction in which the Company is the
surviving corporation and the Common Stock of the Company is changed or
exchanged, or (iii) 50% or more of the Company's assets, cash flow or earning
power is sold or transferred, each holder of a Right (except Rights which have
previously been voided as set forth above) shall thereafter have the right to
receive, upon exercise, common stock of the acquiring company having a Current
Market Price equal to two times the exercise price of the Right. The events set
forth in this paragraph and in the second preceding paragraph are referred to as
the "Triggering Events."
<PAGE>
            The Purchase Price payable, and the number of Units of Preferred
Stock or other securities or property issuable, upon exercise of the Rights are
subject to adjustment from time to time to prevent dilution (i) in the event of
a stock dividend on, or a subdivision, combination or reclassification of, the
Preferred Stock, (ii) if holders of the Preferred Stock are granted certain
rights or warrants to subscribe for Preferred Stock or convertible securities at
less than the current market price of the Preferred Stock, or (iii) upon the
distribution to holders of the Preferred Stock of evidences of indebtedness or
assets (excluding regular quarterly cash dividends) or of subscription rights or
warrants (other than those referred to above).

            With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments amount to at least 1% of the Purchase
Price. No fractional Units will be issued and, in lieu thereof, an adjustment in
cash will be made based on the market price of the Preferred Stock on the last
trading date prior to the date of exercise.

            At any time until such time as any Person becomes an Acquiring
Person, the Company may redeem the Rights in whole, but not in part, at a price
of $.01 per Right (payable in cash, the relevant class of Common Stock for which
a Right is exercisable or other consideration deemed appropriate by the Board of
Directors).

            Until a Right is exercised, the holder thereof, as such, will have
no rights as a shareholder of the Company, including, without limitation, the
right to vote or to receive dividends. While the distribution of the Rights
should not be taxable to shareholders or to the Company, shareholders may,
depending upon the circumstances, recognize taxable income in the event that the
Rights become exercisable for Common Stock (or other consideration) of the
Company or for common stock of the acquiring company or in the event of the
redemption of the Rights as set forth above.

            Any of the provisions of the Rights Agreement may be amended by the
Board of Directors of the Company prior to the Distribution Date. After the
Distribution Date, the provisions of the Rights Agreement may be amended by the
Board in order to cure any ambiguity, to make changes which do not adversely
affect the interests of holders of Rights, or to shorten or lengthen any time
period under the Rights Agreement; provided, however, that no amendment to
lengthen a time period relating to when the Rights may be redeemed may be made
at such time as the Rights are not redeemable. Notwithstanding the foregoing,
(i) any amendment of any provision of the Rights Agreement at any time requires
the consent of Citigroup unless Citigroup (together with its subsidiaries) holds
shares representing less than 20% of the voting power of the outstanding shares
of Common Stock at the time of such amendment, and (ii) any amendment of the
definition of "Acquiring Person" requires the consent of Citigroup unless
Citigroup owns less than 5% of the voting power of the outstanding shares of
Common Stock at the time of such amendment.

            A copy of the Rights Agreement has been filed with the Securities
and Exchange Commission as Exhibit 4.2 to the Company's S-1 Registration
Statement No. 333- 82388. A copy of the Rights Agreement is available free of
charge from the Rights Agent.
<PAGE>
This summary description of the Rights does not purport to be complete and is
qualified in its entirety by reference to the Rights Agreement, which is
incorporated herein by reference.<PAGE>

                                                                     EXHIBIT 4.3

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

                        TRAVELERS PROPERTY CASUALTY CORP.

                                       TO

                              THE BANK OF NEW YORK,
                                     Trustee

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

                  JUNIOR SUBORDINATED DEBT SECURITIES INDENTURE

                            Dated as of March , 2002

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

--------------------------------------------------------------------------------
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
<S>            <C>                                                          <C>

                                    ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.1    Definitions................................................    1

SECTION 1.2    Compliance Certificates and Opinions.......................    8

SECTION 1.3    Form of Documents Delivered to Trustee.....................    8

SECTION 1.4    Acts of Holders; Record Dates..............................    9

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

SECTION 1.6    Notice to Holders; Waiver..................................   10

SECTION 1.7    Conflict with Trust Indenture Act..........................   10

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

SECTION 1.9    Successors and Assigns.....................................   10

SECTION 1.10   Separability Clause........................................   11

SECTION 1.11   Benefits of Indenture......................................   11

SECTION 1.12   Governing Law..............................................   11

SECTION 1.13   Legal Holidays.............................................   11

SECTION 1.14   Tax Characterization.......................................   11

                                   ARTICLE II

                                 SECURITY FORMS

SECTION 2.1    Forms Generally............................................   11

SECTION 2.2    Form of Face of Security...................................   12

SECTION 2.3    Form of Reverse of Security................................   14

SECTION 2.4    Form of Trustee's Certificate of Authentication............   18

                                   ARTICLE III

                                 THE SECURITIES

SECTION 3.1    Amount Unlimited; Issuable in Series.......................   18

SECTION 3.2    Denominations..............................................   20

SECTION 3.3    Execution, Authentication, Delivery and Dating.............   20

SECTION 3.4    Temporary Securities.......................................   22

SECTION 3.5    Registration, Registration of Transfer and Exchange........   22
</TABLE>

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                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                            PAGE
<S>            <C>                                                          <C>
SECTION 3.6    Mutilated, Destroyed, Lost and Stolen Securities...........   23

SECTION 3.7    Payment of Interest; Interest Rights Preserved.............   24

SECTION 3.8    Persons Deemed Owners......................................   25

SECTION 3.9    Cancellation...............................................   25

SECTION 3.10   Interest...................................................   25

SECTION 3.11   Form and Payment...........................................   26

SECTION 3.12   Global Securities..........................................   27

SECTION 3.13   CUSIP Numbers..............................................   29

                                   ARTICLE IV

                     SATISFACTION AND DISCHARGE; DEFEASANCE

SECTION 4.1    Satisfaction and Discharge of Indenture....................   29

SECTION 4.2    Defeasance and Discharge...................................   30

SECTION 4.3    Covenant Defeasance........................................   31

SECTION 4.4    Conditions to Defeasance or Covenant Defeasance............   31

SECTION 4.5    Application of Trust Money.................................   32

SECTION 4.6    Indemnity for U.S. Government Obligations..................   32

                                    ARTICLE V

                                    REMEDIES

SECTION 5.1    Events of Default..........................................   33

SECTION 5.2    Acceleration of Maturity; Rescission and Annulment.........   34

SECTION 5.3    Collection of Indebtedness and Suits for Enforcement by
               Trustee....................................................   35

SECTION 5.4    Trustee May File Proofs of Claim...........................   36

SECTION 5.5    Trustee May Enforce Claims Without Possession of Securities   37

SECTION 5.6    Application of Money Collected.............................   37

SECTION 5.7    Limitation on Suits........................................   37

SECTION 5.8    Unconditional Right of Holders to Receive Principal,
               Premium and Interest.......................................   38

SECTION 5.9    Restoration of Rights and Remedies.........................   38

SECTION 5.10   Rights and Remedies Cumulative.............................   38
</TABLE>

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                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                            PAGE
<S>            <C>                                                          <C>
SECTION 5.11   Delay or Omission Not Waiver...............................   38

SECTION 5.12   Control by Holders.........................................   39

SECTION 5.13   Waiver of Past Defaults....................................   39

SECTION 5.14   Undertaking for Costs......................................   39

                                   ARTICLE VI

                                   THE TRUSTEE

SECTION 6.1    Certain Duties and Responsibilities........................   40

SECTION 6.2    Notice of Defaults.........................................   41

SECTION 6.3    Certain Rights of Trustee..................................   41

SECTION 6.4    Not Responsible for Recitals or Issuance of Securities.....   42

SECTION 6.5    May Hold Securities........................................   43

SECTION 6.6    Money Held in Trust........................................   43

SECTION 6.7    Compensation and Reimbursement.............................   43

SECTION 6.8    Disqualification; Conflicting Interests....................   43

SECTION 6.9    Corporate Trustee Required; Eligibility....................   44

SECTION 6.10   Resignation and Removal; Appointment of Successor..........   44

SECTION 6.11   Acceptance of Appointment by Successor.....................   45

SECTION 6.12   Merger, Conversion, Consolidation or Succession to Business   46

SECTION 6.13   Preferential Collection of Claims Against Company..........   47

SECTION 6.14   Appointment of Authenticating Agent........................   47

                                   ARTICLE VII

                HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.1    Company to Furnish Trustee Names and Addresses of Holders..   49

SECTION 7.2    Preservation of Information; Communications to Holders.....   49

SECTION 7.3    Reports by Trustee.........................................   50

SECTION 7.4    Reports by Company.........................................   50

                                  ARTICLE VIII

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.1    Company May Consolidate, Etc., Only on Certain Terms.......   51
</TABLE>

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                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                            PAGE
<S>            <C>                                                          <C>
SECTION 8.2    Successor Corporation Substituted..........................   52

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 9.1    Supplemental Indentures Without Consent of Holders.........   52

SECTION 9.2    Supplemental Indentures with Consent of Holders............   53

SECTION 9.3    Execution of Supplemental Indentures.......................   55

SECTION 9.4    Effect of Supplemental Indentures..........................   55

SECTION 9.5    Conformity with Trust Indenture Act........................   55

SECTION 9.6    Reference in Securities to Supplemental Indentures.........   55

                                    ARTICLE X

                                    COVENANTS

SECTION 10.1   Payment of Principal, Premium and Interest.................   55

SECTION 10.2   Maintenance of Office or Agency............................   56

SECTION 10.3   Money for Securities Payments to Be Held in Trust..........   56

SECTION 10.4   Statement by Officers as to Default........................   57

SECTION 10.5   Covenants as to Financing Trusts...........................   57

SECTION 10.6   Payment of Expenses........................................   58

SECTION 10.7   Listing on an Exchange.....................................   59

                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 11.1   Applicability of Article...................................   59

SECTION 11.2   Election to Redeem; Notice to Trustee......................   59

SECTION 11.3   Selection by Trustee of Securities to Be Redeemed..........   60

SECTION 11.4   Notice of Redemption.......................................   60

SECTION 11.5   Deposit of Redemption Price................................   61

SECTION 11.6   Securities Payable on Redemption Date......................   61

SECTION 11.7   Securities Redeemed in Part................................   61

SECTION 11.8   Tax Event Redemption.......................................   61
</TABLE>

                                      -iv-
<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                            PAGE
<S>            <C>                                                          <C>

                                   ARTICLE XII

                                  SINKING FUNDS

SECTION 12.1   Applicability of Article...................................   62

SECTION 12.2   Satisfaction of Sinking Fund Payments with Securities......   62

SECTION 12.3   Redemption of Securities for Sinking Fund..................   63

                                  ARTICLE XIII

                      EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 13.1   Extension of Interest Payment Period.......................   63

SECTION 13.2   Notice of Extension........................................   64

SECTION 13.3   Limitation of Transactions.................................   64

                                   ARTICLE XIV

                           SUBORDINATION OF SECURITIES

SECTION 14.1   Agreement to Subordinate...................................   65

SECTION 14.2   Default on Senior Indebtedness.............................   65

SECTION 14.3   Liquidation; Dissolution; Bankruptcy.......................   66

SECTION 14.4   Subrogation................................................   67

SECTION 14.5   Trustee to Effectuate Subordination........................   68

SECTION 14.6   Notice by the Company......................................   68

SECTION 14.7   Rights of the Trustee; Holders of Senior Indebtedness......   69

SECTION 14.8   Subordination May Not Be Impaired..........................   69

                                   ARTICLE XV

                                  MISCELLANEOUS

SECTION 15.1   Acknowledgement of Rights..................................   70
</TABLE>

                                      -v-
<PAGE>
                        TRAVELERS PROPERTY CASUALTY CORP.

         RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND
                                    INDENTURE

<TABLE>
<CAPTION>
TRUST INDENTURE
               ACT SECTION                                   INDENTURE SECTION
<S>            <C>                                           <C>
Section 310    (a)(1)...................................          6.9
               (a)(2)...................................          6.9
               (a)(3)...................................          Not Applicable
               (a)(4)...................................          Not Applicable
               (b)......................................          6.8
                                                                  6.10
Section 311    (a)......................................          6.13(a)
               (b)......................................          6.13(b)
               (b)(2)...................................          7.3(a)(2)
                                                                  7.3(b)
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(b)
               (c)......................................          7.3(a), 7.3(b)
               (d)......................................          7.3(c)
Section 314    (a)......................................          7.4, 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(a)
               (b)......................................          6.2
                                                                  7.3(a)(6)
               (c)......................................          6.1(b)
               (d)......................................          6.1(c)
               (d)(1)...................................          6.1(c)(1)
               (d)(2)...................................          6.1(c)(2)
               (d)(3)...................................          6.1(c)(3)
               (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
Section 317    (a)(1)...................................          5.3
               (a)(2)...................................          5.4
               (b)......................................          10.3
Section 318    (a)......................................          1.7
</TABLE>

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

                                      -vi-
<PAGE>
            JUNIOR SUBORDINATED DEBT SECURITIES INDENTURE, dated as of March ,
2002, between TRAVELERS PROPERTY CASUALTY CORP., a corporation duly organized
and existing under the laws of the State of Connecticut (herein called the
"Company"), having its principal office at One Tower Square, Hartford,
Connecticut, 06183, and The Bank of New York, a New York banking corporation and
existing under the laws of the State of New York, 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,
subordinated debentures, securities, notes or other evidences of indebtedness
(herein called the "Securities"), to be issued in one or more series as provided
in this Indenture.

            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 covenanted and 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 have the meanings assigned
      to them in this Article and include the plural as well as the singular;

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

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

                                       1
<PAGE>
            Certain terms, used principally in Article VI, are defined in that
Article.

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

            "Additional Interest" has the meaning specified in Section 3.10(c).

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

            "Authenticating Agent" means any Person authorized by the Trustee to
act on behalf of the Trustee to authenticate the Securities.

            "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 Interest" means a beneficial interest in a Global
Security, ownership of which shall be maintained and transfers of which shall be
made through book entries by the Depositary.

            "Business Day" means any day other than a Saturday, Sunday or any
other day on which banking institutions in New York, New York are authorized or
obligated by any applicable law to close.

            "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.

            "Common Securities" means undivided beneficial interests in the
assets of a Financing Trust which rank, except upon the occurrence and
continuation of an Event of Default, pari passu with Preferred Securities issued
by such Financing Trust.

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

            "Company Request" or "Company Order" means a written request or
order signed in the name of the Company by its Chairman or a Vice Chairman of
the Board of Directors, its President, a Vice President, its Chief Financial
Officer or its Chief Accounting Officer, and by its

                                       2
<PAGE>
Treasurer, a Deputy Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

            "Compounded Interest" has the meaning specified in Section 13.1.

            "Corporate Trust Office" means the principal office of the Trustee
in the City of New York, New York at which at any particular time its corporate
trust business shall be principally administered, which at the date hereof is
located at 5 Penn Plaza, 13th Floor, New York, New York 10001-1810.

            "Covenant Defeasance" has the meaning specified in Section 4.3.

            "Declaration" means, with respect to a Financing Trust, the amended
and restated declaration of trust or any other governing instrument of such
Financing Trust.

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

            "Defeasance" has the meaning specified in Section 4.2.

            "Deferred Interest" has the meaning specified in Section 13.1.

            "Delaware Trustee" has the meaning specified in the Declaration of
any Financing Trust.

            "Depositary" means, with respect to Securities of any series
issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as
Depositary for such Securities as contemplated by Section 3.12.

            "Direct Action" has the meaning specified in Section 15.1

            "Dissolution Event" means, with respect to a Financing Trust, that
as a result of the occurrence and continuation of a Special Event with respect
to such Financing Trust, such Financing Trust is to be dissolved in accordance
with its Declaration.

            "Distributions" on Trust Securities of a Financing Trust has the
meaning set forth in the Declaration of such Financing Trust.

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

            "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and any successor legislation.

            "Extended Interest Payment Period" has the meaning specified in
Section 13.1.

            "Financing Trust" means a trust affiliated with the Company created
for the purpose of issuing preferred securities in connection with the issuance
of Securities under this Indenture.

            "Floating or Adjustable Rate Provision" means a formula or
provision, specified in a Board Resolution or an indenture supplemental hereto,
providing for the determination, whether

                                       3
<PAGE>
pursuant to objective factors or pursuant to the sole discretion of any Person
(including the Company), and periodic adjustment of the interest rate per annum
borne by a Floating or Adjustable Rate Security.

            "Floating or Adjustable Rate Security" means any Security which
provides for interest to be payable thereon at a rate per annum that may vary
from time to time over the term thereof in accordance with a Floating or
Adjustable Rate Provision.

            "Global Security" means a Security that evidences all or part of the
Securities of any series and is authenticated and delivered to, and registered
in the name of, the Depositary for such Securities or a nominee thereof.

            "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
and shall include the terms of particular series of Securities established as
contemplated by Section 3.1.

            "Institutional Trustee" has the meaning set forth in the Declaration
of any Financing Trust.

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

            "Interest Rate" has the meaning specified in Section 3.10.

            "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.

            "Non Book-Entry Preferred Securities" has the meaning specified in
Section 3.12(b).

            "No Recognition Opinion," with respect to a Financing Trust, has the
meaning specified in the Declaration of such Financing Trust.

            "Officers' Certificate" means a certificate signed by the Chairman
or Vice Chairman of the Board of Directors, the President, a Vice President, the
Chief Financial Officer or the Chief Accounting Officer, and by the Treasurer, a
Deputy Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee.

            "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company.

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

                                       4
<PAGE>
            (i)   Securities theretofore cancelled by the Trustee or delivered
      to the Trustee for cancellation;

            (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 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 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 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; provided, however, 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 a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded and
provided, further, the Securities held by the Institutional Trustee for the
benefit of the holders of Trust Securities shall not 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 premium, if any) or interest on any Securities on behalf of the
Company.

            "Person" means any individual, corporation, partnership, joint
venture, association, joint stock company, 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 premium, if any)
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>
            "Preferred Securities" means undivided beneficial interests in the
assets of a Financing Trust which rank, except upon the occurrence and
continuation of an Event of Default, pari passu with Common Securities issued by
such Financing Trust.

            "Preferred Security Certificate" has the meaning specified in the
Declaration of any Financing Trust.

            "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 Option Date" means, with respect to a series of
Securities, the date specified as contemplated by Section 3.1 on or after which,
from time to time, the Company, at its option, may redeem such series of
Securities in whole or in part.

            "Redemption Price," when used with respect to any Security to be
redeemed, means such percentage of the principal amount of such Security that is
specified pursuant to Section 3.1 plus any accrued and unpaid interest thereon
to, but excluding, the date of redemption.

            "Redemption Tax Opinion," with respect to a Financing Trust, has the
meaning set forth in the Declaration of the applicable Financing Trust.

            "Regular Record Date" for the interest payable on any Interest
Payment Date on the Securities of any series means the date specified as such
pursuant to Section 3.1.

            "Regular Trustees" has the meaning set forth in the Declaration of
any Financing Trust.

            "Responsible Officer" means, with respect to the Trustee, any
officer within the Corporate Trust Office of the Trustee, including any
vice-president, any assistant vice-president, any assistant secretary, the
treasurer, any assistant treasurer or other officer of the Corporate Trust
Office of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer's knowledge of and familiarity with the
particular subject.

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

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

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

            "Senior Indebtedness" means, with respect to the Company, (i) the
principal, premium, if any, and interest in respect of (A) indebtedness of the
Company for money borrowed

                                       6
<PAGE>
and (B) indebtedness evidenced by securities, notes, debentures, bonds or other
similar instruments issued by the Company; (ii) all capital lease obligations of
the Company; (iii) all obligations issued or assumed by the Company as the
deferred purchase price of property, all conditional sale obligations of the
Company and all obligations of the Company under any conditional sale or title
retention agreement (but excluding trade accounts payable in the ordinary course
of business); (iv) all obligations, contingent or otherwise, of the Company in
respect of any letters of credit, banker's acceptance, security purchase
facilities or similar credit transactions; (v) all obligations in respect of
interest rate swap, cap or other agreements, interest rate future or option
contracts, currency swap agreements, currency future or option contracts and
other similar agreements; (vi) all obligations of the type referred to in
clauses (i) through (v) of other Persons for the payment of which the Company is
responsible or liable as obligor, guarantor or otherwise; and (vii) all
obligations of the type referred to in clauses (i) through (vi) of other Persons
secured by any lien on any property or asset of the Company (whether or not such
obligation is assumed by such obligor). Notwithstanding the foregoing, Senior
Indebtedness does not include (1) any such indebtedness that is by its terms
subordinated to or pari passu with the Securities, and (2) any indebtedness
between or among the Company and its Affiliates, including all other debt
securities and guarantees in respect of those debt securities, issued to (x) any
trust formed by the Company or a trustee of such trust or (y) any trust, or a
trustee of such trust, partnership or other entity affiliated with the Company
which is a financing vehicle of the Company (a "Financing Entity") in connection
with the issuance by such Financing Entity of preferred securities or other
securities guaranteed by the Company pursuant to an instrument that ranks pari
passu with, or junior to, such guarantee.

            "Special Event," with respect to a Financing Trust, has the meaning
specified in the Declaration of such Financing Trust.

            "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 interest thereon, means the date specified in such Security as
the fixed date on which the principal (or any portion thereof) of such Security
or premium, if any, on such Security or such installment of interest is due and
payable.

            "Tax Event," with respect to a Financing Trust, has the meaning set
forth in the Declaration of such Financing Trust.

            "Tax Event Opinion," with respect to a Financing Trust, has the
meaning set forth in the Declaration of such Financing Trust.

            "Trust Indenture Act" means the Trust Indenture Act of 1939, as in
force at the date as of which this instrument was executed, except as provided
in Section 9.5.

            "Trust Securities" means Common Securities and Preferred Securities
of any Financing Trust.

            "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

                                       7
<PAGE>
hereunder, and if at any time there is more than one such Person, "Trustee" as
used with respect to the Securities of any series shall mean the Trustee with
respect to Securities of that series.

            "U.S. Government Obligations" has the meaning specified in Section
4.4.

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

SECTION 1.2    Compliance Certificates and Opinions.

            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 an Officers' Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.

            Every Officers' Certificate or Opinion of Counsel 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 such person, 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 such person, 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 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

                                       8
<PAGE>
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 or permitted by this Indenture to be
given or taken by Holders shall 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.

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

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

            (d)   Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security of the same series
shall bind every future Holder of the same Security of such series and the
Holder of every Security of the same series 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 of such series.

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:

                                       9
<PAGE>
            (1)   the Trustee by any Holder or by the Company shall be
      sufficient for every purpose hereunder if made, given, furnished or filed
      in writing to or with the Trustee at its Corporate Trust Office,
      Attention: Corporate Trust Administration; provided, however, that such
      instrument will be considered properly given if submitted in an electronic
      format, i.e., by facsimile, E-Mail or otherwise, 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 the Indenture or at any other address previously
      furnished in writing to the Trustee by the Company; provided, however,
      that such instrument will be considered properly given if submitted in an
      electronic format, i.e., by facsimile, E-Mail or otherwise.

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 and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this 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.

SECTION 1.7    Conflict with Trust Indenture Act.

            If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required to be included in this Indenture by any of
the provisions of the Trust Indenture Act, such required provision shall
control.

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.

                                       10
<PAGE>
SECTION 1.10   Separability Clause.

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

SECTION 1.11   Benefits of Indenture.

            Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder, the holders of Senior Indebtedness 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 and interpreted in accordance with, the laws of the State of New York,
and all rights and remedies shall be governed by such laws without regard for
the principles of its conflicts of laws.

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) 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 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, except that, if such Business Day is in the next succeeding calendar year,
such payment shall be made on the immediately preceding Business Day, in each
case with the same force and effect as if made on such date.

SECTION 1.14   Tax Characterization.

            The Company, the Trustee and each Holder of a Security (by
acceptance thereof) agrees to treat the Securities as debt instruments for
United States federal, state and local income and franchise tax purposes and
agrees not to take any contrary position before any taxing authority or on any
tax return unless otherwise required by law.

                                   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, 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

                                       11
<PAGE>
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with any law or with
any rule or regulation made pursuant thereto or with the rules or regulations of
any stock exchange on which the Securities may be listed or Depositary therefor
or as may, consistently herewith, be determined by the officers of the Company
executing such Securities, as evidenced by their execution of such 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 Trustee's certificates of authentication shall be in
substantially the form set forth in this Article.

            The definitive Securities may be produced in any manner as
determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

SECTION 2.2    Form of Face of Security.

            [IF THE SECURITY IS TO BE A GLOBAL SECURITY, INSERT - This Security
is a Global Security within the meaning of the Indenture hereinafter referred to
and is registered in the name of a Depositary or a nominee of a Depositary. This
Security is exchangeable for Securities registered in the name of a person other
than the Depositary or its nominee only in the limited circumstances described
in the Indenture, and no transfer of this Security (other than a transfer of
this Security as a whole by the Depositary to a nominee of the Depositary or by
a nominee of the Depositary to the Depositary or another nominee of the
Depositary) may be registered except in limited circumstances.

            Unless this Security is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any Security
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of The Depository Trust Company and any payment
hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede &
Co., has an interest herein.]

No. ____________

                                                  CUSIP No. ____________________

                        TRAVELERS PROPERTY CASUALTY CORP.

                      [INSERT TITLE OF SERIES OF SECURITY]

            TRAVELERS PROPERTY CASUALTY CORP., a Connecticut corporation (the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
______________ or registered assigns, the principal sum of_____________ Dollars
($________) on _________, ____, and to pay interest on said principal sum from
___________, ____, or from the most recent interest payment date (each

                                       12
<PAGE>
such date, an "Interest Payment Date") to which interest has been paid or duly
provided for, [quarterly (subject to deferral as set forth herein)] in arrears
on [_____________, ___________, ___________ and ___________] of each year
commencing ________, ____, at [If the Security is to bear interest at a fixed
rate, insert -a rate of .. % per annum,] [If the Security is a Floating or
Adjustable Rate Security, insert -a rate per annum [computed-determined] in
accordance with the [insert defined name of Floating or Adjustable Rate
Provision] set forth below] until the principal hereof shall have become due and
payable, and on any overdue principal and premium, if any, and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded [quarterly]. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Security
is not a Business Day, then payment of interest payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay), except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date. The interest installment so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities, as defined in said Indenture) is registered at the close
of business on the regular record date for such interest installment, which
shall be the close of business on [_______, ____], [________, ____], [______,
____] or [______, ____] immediately preceding such Interest Payment Date. [IF
PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES ARE NO LONGER
REPRESENTED BY A GLOBAL SECURITY -- which shall be the close of business on the
____ Business Day next preceding such Interest Payment Date.] Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holders on such regular record date and may be paid to
the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a special record date to be fixed by
the Trustee for the payment of such defaulted interest, notice whereof shall be
given to the registered Holders of this series of Securities not less than 10
days prior to such special record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture. Payments on this
Global Security will be made to The Depository Trust Company, or to a successor
Depositary. [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES ARE
NO LONGER REPRESENTED BY A GLOBAL SECURITY --The principal of (and premium, if
any) and the interest on this Security shall be payable at the office or agency
of the Trustee maintained for that purpose in any coin or currency of the United
States of America that at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be
made at the option of the Company by check mailed to the registered Holder at
such address as shall appear in the Security Register. Notwithstanding the
foregoing, if the Holder of this Security is the Institutional Trustee of a
Financing Trust, the payment of the principal of (and premium, if any) and
interest on this Security will be made at such place and to such account as may
be designated by such Institutional Trustee.]

            [At this point in the Security Form of any series of Floating or
Adjustable Rate Securities, the text of the Floating or Adjustable Rate
Provision relating thereto should be inserted.]

                                       13
<PAGE>
            The indebtedness evidenced by this Security is, to the extent
provided in the Indenture, subordinate and junior in right of payment to the
prior payment in full of all Senior Indebtedness of the Company, and this
Security is issued subject to the provisions of the Indenture with respect
thereto. Each Holder of this Security, by accepting the same, (a) agrees to and
shall be bound by, such provisions, (b) authorizes and directs the Trustee on
his or her behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination so provided and (c) appoints the
Trustee his or her attorney-in-fact for any and all such purposes. Each Holder
hereof, by his or her acceptance hereof, hereby waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture
by each holder of Senior Indebtedness of the Company, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said
provisions.

            This Security shall not be entitled to any benefit under the
Indenture hereinafter referred to, be valid or become obligatory for any purpose
until the Certificate of Authentication hereon shall have been signed by or on
behalf of the Trustee.

            The provisions of this Security are continued on the reverse side
hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place.

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

Dated: ___________

                                          TRAVELERS PROPERTY CASUALTY CORP.

                                          By:______________________________
                                             Name:
                                             Title:

SECTION 2.3    Form of Reverse of Security.

            This security is one of a duly authorized series of securities of
the Company (herein sometimes referred to as the "Securities"), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant
to an Indenture dated as of ______, 200_ (the "Indenture"), duly executed and
delivered between the Company and The Bank of New York, as Trustee (the
"Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the respective rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Securities. By the terms of the Indenture, the
Securities are issuable in series that may vary as to amount, date of maturity,
rate of interest and in other respects as provided in the Indenture. This series
of Securities is limited in aggregate principal amount to $ _________.

            [Because of the occurrence and continuation of a Tax Event, at any
time in certain circumstances, this Security may become due and payable at
[specify redemption prices] % of the

                                       14
<PAGE>
principal amount thereof, together with any accrued and unpaid interest thereon
to, but excluding, the date of such redemption (the "Redemption Price"). The
Redemption Price shall be paid prior to 12:00 noon, New York City time, on the
date of such redemption or at such earlier time as the Company determines.] [The
Company shall have the right to redeem this Security at the option of the
Company, without penalty, in whole or in part at any time, or from time to time,
on or after _______, ____ (an "Optional Redemption") at a redemption price equal
to [specify redemption prices] % of the principal amount thereof, plus any
accrued but unpaid interest to, but excluding, the date of such redemption (the
"Optional Redemption Price"). Any redemption pursuant to this paragraph will be
made upon not less than 30 days' nor more than 60 days' notice at the Optional
Redemption Price. If the Securities are only partially redeemed by the Company
pursuant to an Optional Redemption, the Securities will be redeemed pro rata or
by lot or by any other method utilized by the Trustee, provided that if, at the
time of redemption, the Securities are registered as a Global Security, the
Depositary shall determine the principal amount of such Securities held by each
Security Beneficial Owner to be redeemed in accordance with its procedures.]

            [The Securities of this series are subject to redemption upon not
less than 30 days' nor more than 60 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 a Redemption Price of ____, (2)
at any time [on or after ________, 200_, 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, 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 monies 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 redemption on _______
in each year beginning in 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 otherwise 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.]

            In the event of redemption of this Security in part only, a new
Security or Securities of this series for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

                                       15
<PAGE>
            In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Securities may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

            The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Securities of each series affected at the time
outstanding, as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities; provided,
however, that no such supplemental indenture shall, without the consent of
Holders of each Security then outstanding and affected thereby: change the fixed
maturity of any Securities of any series, or reduce the principal amount
thereof; reduce the rate or change the time of payment of interest thereon;
reduce any premium payable upon the redemption thereof or change the time at
which such Security may or must be redeemed or purchased; change the money in
which such Security is payable; make any change in the provisions of the
Indenture relating to waivers of past defaults or the rights of Holders to
receive payments of principal of, premium, if any, interest or liquidated
damages, if any, on any of the Securities; make any change in the ability of the
Holders to enforce their rights under the Indenture; reduce the aforesaid
percentage of Securities, the Holders of which are required to consent to any
such supplemental indenture; [or, except as permitted by the Indenture, increase
any conversion price or modify the provisions of the indenture relating to the
conversion of any Securities in a manner adverse to Holders]. The Indenture also
contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of any series at the time outstanding affected thereby,
on behalf of all of the Holders of the Securities of such series, to waive any
past default in the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture with respect to such series,
and its consequences, except a default in the payment of the principal of or
premium, if any, or interest on any of the Securities of such series. Any such
consent or waiver by the registered Holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Security and of any Security issued
in exchange herefor or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any 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
premium, if any, and interest on this Security at the time and place and at the
rate and in the money herein prescribed.

            [The Company shall have the right at any time during the term of the
Securities and from time to time to extend the interest payment period of such
Securities for a period not exceeding 20 consecutive interest periods (an
"Extended Interest Payment Period"), at the end of which period the Company
shall pay all interest then accrued and unpaid (together with interest on such
deferred interest payments at the rate specified for the Securities to the
extent that payment of such interest is enforceable under applicable law);
provided, that no such Extended Interest Payment Period shall extend beyond the
Stated Maturity of the Securities; and provided further that during any such
Extended Interest Payment Period (a) the Company shall not declare or pay any

                                       16
<PAGE>
dividend on, make any distributions with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital stock
or make any guarantee payment with respect thereto (other than (i) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company in
connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of employees, officers, directors or
consultants, (ii) as a result of an exchange or conversion of any class or
series of the Company's capital stock for any other class or series of the
Company's capital stock, or (iii) the purchase of fractional interests in shares
of the Company's capital stock pursuant to the conversion or exchange provisions
of such capital stock or the security being converted or exchanged), and (b) the
Company shall not make any payment of interest on or principal of (or premium,
if any, on), or repay, repurchase or redeem, any debt securities issued by the
Company which rank pari passu with or junior to the Securities. The foregoing,
however, will not apply to any stock dividends paid by the Company where the
dividend stock is the same stock as that on which the dividend is being paid.
Before the termination of any such Extended Interest Payment Period, the Company
may further extend such Extended Interest Payment Period, provided that such
Extended Interest Payment Period together with all such further extensions
thereof shall not exceed 20 consecutive interest periods. At the termination of
any such Extended Interest Payment Period and upon the payment of all accrued
and unpaid interest and any additional amounts then due, the Company may
commence a new Extended Interest Payment Period which must comply with the
requirements set forth above.]

            As provided in the Indenture and subject to certain limitations
therein set forth, this Security is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Security for
registration of transfer at the office or agency of the Trustee in the City and
State of New York accompanied by a written instrument or instruments of transfer
in form satisfactory to the Company or the Trustee duly executed by the
registered Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of authorized denominations and for the
same aggregate principal amount and series will be issued to the designated
transferee or transferees. No service charge will be made for any such transfer,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in relation thereto.

            Prior to due presentment for registration of transfer of this
Security, the Company, the Trustee, any paying agent and the Security Registrar
may deem and treat the registered Holder hereof as the absolute owner hereof
(whether or not this Security shall be overdue and notwithstanding any notice of
ownership or writing hereon made by anyone other than the Security Registrar)
for the purpose of receiving payment of or on account of the principal hereof
and premium, if any, and interest due hereon and for all other purposes, and
neither the Company nor the Trustee nor any paying agent nor any Security
Registrar shall be affected by any notice to the contrary.

            No recourse shall be had for the payment of the principal of or any
premium or the interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against
any incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

                                       17
<PAGE>
            [The Securities of this series are issuable only in registered form
without coupons in denominations of $25 and any integral multiple thereof.]
[This Global Security is exchangeable for Securities in definitive form only
under certain limited circumstances set forth in the Indenture. Securities of
this series so issued are issuable only in registered form without coupons in
denominations of $25 and any integral multiple thereof.] As provided in the
Indenture and subject to certain limitations [herein and] therein set forth,
Securities of this series [so issued] are exchangeable for a like aggregate
principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same.

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

SECTION 2.4    Form of Trustee's Certificate of Authentication.

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

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series of Securities described
in the within-mentioned Indenture.

The Bank of New York,
   as Trustee

By:_______________________________
        Authorized Signatory

Dated:____________________________

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

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

                                       18
<PAGE>
            (2)   the date or dates on which the principal of the Securities of
      the series is payable, and, if applicable to the series, the terms of any
      sinking fund obligations with respect to such series;

            (3)   the rate or rates at which the Securities of the series shall
      bear interest, if any, or the Floating or Adjustable Rate Provision
      pursuant to which such rate or rates shall be determined, the date or
      dates from which any such interest shall accrue, or the method by which
      such date or dates shall be determined, the Interest Payment Dates on
      which any such interest shall be payable and the Regular Record Dates for
      the determination of Holders to whom interest is payable on any Interest
      Payment Date (if such Interest Payment Dates or Regular Record Dates
      differ from those provided herein);

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

            (5)   in addition to the redemption rights provided herein, the
      period or periods within which (including the Redemption Option Date for
      the series) and the price or prices at which and the terms and conditions
      upon which any Securities of the series may be redeemed, in whole or in
      part, at the option of the Company if the Company is to have that option;

            (6)   if other than denominations of $25 and any integral multiple
      thereof, the denominations in which Securities of the series shall be
      issuable;

            (7)   any other event or events of default applicable with respect
      to the Securities of the series in addition to those provided in Section
      5.1(1) through (7);

            (8)   any other covenant or warranty included for the benefit of
      Securities of the series in addition to (and not inconsistent with) those
      included in this Indenture for the benefit of Securities of all series, or
      any other covenant or warranty included for the benefit of Securities of
      the series in lieu of any covenant or warranty included in this Indenture
      for the benefit of Securities of all series, or any provision that any
      covenant or warranty included in this Indenture for the benefit of
      Securities of all series shall not be for the benefit of Securities of the
      series, or any combination of such covenants, warranties or provisions;

            (9)   the subordination terms of the Securities of the series (if
      different than the terms provided herein);

            (10)  the provisions of this Indenture, if any, that shall not apply
      to the series;

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

            (12)  whether the Securities of the series are to be issued as
      original issue discount securities and the amount of discount with which
      such Securities may be issued;

                                       19
<PAGE>
            (13)  if other than the principal amount thereof, the portion of the
      principal amount of the Securities which shall be payable upon declaration
      of acceleration of the maturity thereof pursuant to Section 5.2;

            (14)  the right, if any, to defer payment of interest on the debt
      securities and the maximum length of any deferral period;

            (15)  whether the Securities of the series will be convertible into
      shares of common stock or other securities of the Company and, if so, the
      terms and conditions upon which such Securities will be so convertible,
      including whether conversion is mandatory, at the option of the holder, or
      at the option of the Company, the conversion price, the conversion period
      and any provisions pursuant to which the number of shares of common stock
      or other securities of the Company to be received by the holders of such
      series of Securities would be subject to adjustment;

            (16)  the currency or currency units in which payment of the
      principal of and any premium and interest on the Securities of the series
      shall be payable;

            (17)  the terms and conditions, if any, pursuant to which the
      Securities of the series are secured;

            (18)  the terms pursuant to which the Securities of any series are
      subject to defeasance and satisfaction and discharge, if different than
      those provided herein; and

            (19)  any other terms of the series (which additional terms shall
      not be inconsistent with the provisions of this Indenture).

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

            If any of the terms of the Securities of a series are established by
action taken pursuant to a Board Resolution, a copy of such Board Resolution
shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth the terms of the Securities of such series.

SECTION 3.2    Denominations.

            The Securities of each series shall be issuable in registered form
without coupons and 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 $25 and any integral multiple thereof.

SECTION 3.3    Execution, Authentication, Delivery and Dating.

            The Securities shall be executed in the name and on behalf of the
Company by its Chairman or a Vice Chairman of the Board of Directors, its
President, a Vice President, the Chief

                                       20
<PAGE>
Financial Officer or the Chief Accounting Officer. 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 at the time of the initial delivery by
the Company of Securities of such series to the Trustee for authentication, 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, reorganization, and other laws of general
applicability relating to or affecting creditors' rights and to general equity
principles, and will be entitled to the benefits of this Indenture.

            The Trustee shall not be required to authenticate and deliver such
Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee's own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner which is not reasonably acceptable to
the Trustee.

            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 and is entitled to the
benefits of this Indenture.

                                       21
<PAGE>
SECTION 3.4    Temporary Securities.

            Pending the preparation of definitive Securities of any series, the
Company may execute, and upon receipt of a Company Order, the Trustee shall
authenticate and deliver temporary Securities of such series which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of in the form of the definitive Securities in lieu
of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the Company may determine, as evidenced by
the 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
Securities of 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 a like aggregate principal amount of definitive Securities of the same
series and of like tenor of authorized denominations. 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
authenticated and delivered hereunder.

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

            Subject to Section 3.11, upon surrender for registration of transfer
of any Security of any series at the office or agency of the Company in a Place
of Payment for Securities of 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 like tenor of the same series, of
any authorized denominations and of a like aggregate principal amount.

            Subject to Section 3.11, at the option of the Holder, Securities of
any series may be exchanged for other Securities of like tenor of the same
series, of any authorized denominations and of a like aggregate principal
amount, upon surrender of the Securities to be exchanged at such office or
agency. Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.

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

                                       22
<PAGE>
            Every Security presented or surrendered for registration of
transfer, exchange or payment 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 applicable 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 any Security 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 such 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.

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 and
substitution therefor and upon cancellation thereof 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 satisfactory to them, in their
discretion, 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 upon its
written request 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 or has been called for redemption
pursuant to Section 11.4, the Company in its discretion may, instead of issuing
a new Security, pay such Security.

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

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

                                       23
<PAGE>
            All Securities shall be held and owned upon the express condition
that the provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

SECTION 3.7    Payment of Interest; Interest Rights Preserved.

            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.

            Interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called "Defaulted Interest") shall forthwith cease to be payable to the Holder
on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:

            (1)   The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Securities of such series (or
      their respective Predecessor Securities) are registered at the close of
      business on a Special Record Date for the payment of such Defaulted
      Interest, which shall be fixed in the following manner. The Company shall
      notify the Trustee in writing of the amount of Defaulted Interest proposed
      to be paid on each Security of such series and the date of the proposed
      payment, and at the same time the Company shall deposit with the Trustee
      an amount of money equal to the aggregate amount proposed to be paid in
      respect of such Defaulted Interest or shall make arrangements satisfactory
      to the Trustee for such deposit prior to the date of the proposed payment,
      such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest as in this Clause provided.
      Thereupon the Trustee shall fix a Special Record Date for the payment of
      such Defaulted Interest which shall be not more than 15 days and not less
      than 10 days prior to the date of the proposed payment and not less than
      10 days after the receipt by the Trustee of the notice of the proposed
      payment. The Trustee shall promptly notify the Company of such Special
      Record Date and, in the name and at the expense of the Company, shall
      cause notice of the proposed payment of such Defaulted Interest and the
      Special Record Date therefor to be 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 written 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 in its sole discretion.

                                       24
<PAGE>
            Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.

            For the purposes of determining the Holders who are entitled to
participate in any distribution on the Securities in respect of which a Regular
Record Date or a Special Record Date is not otherwise provided for in this
Indenture, or for the purpose of any other action (unless provided for pursuant
to Section 3.1), the Company may from time to time fix a date, not more than 90
days prior to the date of the payment of distribution or other action, as the
case may be, as a record date for the determination of the identity of the
Holders of record for such purposes.

SECTION 3.8    Persons Deemed Owners.

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

SECTION 3.9    Cancellation.

            All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly cancelled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as expressly permitted
by this Indenture. Unless otherwise directed by a Company Order, delivery of
which must be delivered in a timely manner to prevent such destruction, all
cancelled Securities held by the Trustee shall be disposed of by the Trustee in
accordance with its procedures for the disposition of cancelled securities as in
effect on the date of such disposition, and the Trustee shall deliver a
certificate of such disposition to the Company. Notwithstanding the foregoing,
the Company may not issue new Securities to replace Securities that it has paid,
redeemed or repurchased or that have been delivered to the Trustee for
cancellation or that any Holder of Securities has submitted for redemption
pursuant to Article IX hereof.

SECTION 3.10   Interest.

            (a)   Each Security will bear interest at the rate established for
the series of Securities of which such Security is a part pursuant to Section
3.1 (the "Interest Rate") from and including the original date of issuance of
such Security until the principal thereof becomes due and payable, and on any
overdue principal and (to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
Interest Rate, compounded and payable on the payment dates established for the
series of Securities of which such Security is a part pursuant to Section 3.1)
(each, an "Interest Payment Date") commencing on the date established for

                                       25
<PAGE>
the series of Securities of which such Security is a part pursuant to Section
3.1, to the Person in whose name such Security or any Predecessor Security is
registered, at the close of business on the Regular Record Date for such
interest installment, which, in respect of any Securities of which the
Institutional Trustee of any Financing Trust is the Holder or which are a Global
Security, shall be the close of business on the Business Day next preceding that
Interest Payment Date. Notwithstanding the foregoing sentence, if the Preferred
Securities of a Financing Trust are no longer in book-entry only form or, except
if the Securities originally issued to such Financing Trust are held by the
Institutional Trustee of such Financing Trust, the Securities of any series are
not represented by a Global Security, the Company may select a Regular Record
Date for such interest installment on such series of Securities which shall be
any date more than 14 days but less than 60 days before an Interest Payment
Date.

            (b)   The amount of interest payable for any period will be computed
on the basis of a 360-day year of twelve 30-day months and will include the
first day but exclude the last day of such period. Except as provided in the
following sentence, the amount of interest payable for any period shorter than a
full period for which interest is computed will be computed on the basis of the
actual number of days elapsed in each 30-day month. In the event that any date
on which interest is payable on the Securities of any series is not a Business
Day, then payment of interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay), except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date.

            (c)   If, at any time while the Institutional Trustee of a Financing
Trust is the Holder of Securities of any series, such Financing Trust or such
Institutional Trustee is required to pay any taxes, duties, assessments or
governmental charges of whatever nature (other than withholding taxes) imposed
by the United States, or any other taxing authority, then, in any case, the
Company will pay as additional interest ("Additional Interest") on the
Securities of such series, such additional amounts as shall be required so that
the net amounts received and retained by such Financing Trust and/or such
Institutional Trustee, as the case may be, after paying such taxes, duties,
assessments or other governmental charges will be equal to the amounts such
Financing Trust and/or such Institutional Trustee, as the case may be, would
have received had no such taxes, duties, assessments or other government charges
been imposed.

SECTION 3.11   Form and Payment.

            Except as provided in Section 3.12, the Securities of each series
shall be issued in fully registered certificated form without interest coupons.
Principal and interest on the Securities issued in certificated form will be
payable, the transfer of such Securities will be registrable, and such
Securities will be exchangeable, for Securities of the same series bearing
identical terms and provisions at the office or agency of the Trustee; provided,
however, that payment of interest may be made at the option of the Company by
check mailed to the Holders of such Securities at such address as shall appear
in the Security Register. Notwithstanding the foregoing, so long as the Holder
of all Securities of any series is the Institutional Trustee of any Financing
Trust, the payment of the principal of and interest (including Compounded
Interest and Additional Interest, if any) on Securities of such series will be
made at such place and to such account as may be designated by the Institutional
Trustee.

                                       26
<PAGE>
SECTION 3.12   Global Securities.

            (a)   In the case of Securities that are not initially issued to a
Financing Trust:

            (i)   the Securities shall be issued in the form of one or more
      permanent global securities in definitive, fully registered form without
      interest coupons (each, a "Global Security"). Any Global Security shall be
      deposited on behalf of the purchasers of the Securities represented
      thereby with the Trustee, as custodian for the Depositary, and registered
      in the name of the Depositary or a nominee of the Depositary for the
      accounts of participants in the Depositary, duly executed by the Company
      and authenticated by the Trustee as hereinafter provided. The aggregate
      principal amount of a Global Security may from time to time be increased
      or decreased by adjustments made on the records of the Trustee and the
      Depositary or its nominee as hereinafter provided. This Section 3.12(a)
      shall apply only to a Global Security deposited with or on behalf of the
      Depositary;

            (ii)  the Company shall execute and the Trustee shall, in accordance
      with this Section 3.12(a) and the written order of the Company,
      authenticate and deliver initially one or more Global Securities that (i)
      shall be registered in the name of Cede & Co. or other nominee of such
      Depositary and (ii) shall be delivered by the Trustee to such Depositary
      or pursuant to such Depositary's instructions or held by the Trustee as
      custodian for the Depositary pursuant to a FAST Balance Certificate
      Agreement between the Depositary and the Trustee; and

            (iii) members of, or participants in, the Depositary ("Agent
      Members") shall have no rights under this Indenture with respect to any
      Global Security held on their behalf by the Depositary or by the Trustee
      as the custodian of the Depositary or under such Global Security, and the
      Depositary may be treated by the Company, the Trustee and any agent of the
      Company or the Trustee as the absolute owner of such Global Security for
      all purposes whatsoever. Notwithstanding the foregoing, nothing herein
      shall prevent the Company, the Trustee or any agent of the Company or the
      Trustee from giving effect to any written certification, proxy or other
      authorization furnished by the Depositary or impair, as between the
      Depositary and its Agent Members, the operation of customary practices of
      such Depositary governing the exercise of the rights of a holder of a
      beneficial interest in any Global Security.

            (b)   In connection with a Dissolution Event with respect to any
Financing Trust:

            (i)   the Securities in non book-entry certificated form held by
      such Financing Trust, or its Institutional Trustee, will be presented to
      the Trustee by the Institutional Trustee of such Financing Trust in
      exchange for a Global Security in an aggregate principal amount equal to
      the aggregate principal amount of all outstanding Securities of the series
      issued to such Financing Trust, to be registered in the name of the
      Depositary, or its nominee, and delivered by the Trustee to the Depositary
      for crediting to the accounts of its participants pursuant to the
      instructions of the Regular Trustees of such Financing Trust. The Company
      upon any such presentation shall execute a Global Security in such
      aggregate principal amount and deliver the same to the Trustee for
      authentication and delivery in accordance with this Indenture. Payments on
      any Securities issued as a Global Security will be made to the Depositary;
      and

                                       27
<PAGE>
            (ii)  if any Preferred Securities of a Financing Trust are held in
      non book-entry certificated form, the Securities in non book-entry
      certificated form held by such Financing Trust, or its Institutional
      Trustee, may be presented to the Trustee by the Institutional Trustee of
      such Financing Trust and any Preferred Security Certificate which
      represents Preferred Securities of such Financing Trust other than
      Preferred Securities held by the Depositary or its nominee ("Non
      Book-Entry Preferred Securities") will be deemed to represent Securities
      presented to the Trustee by such Institutional Trustee having an aggregate
      principal amount equal to the aggregate liquidation amount of the Non
      Book-Entry Preferred Securities until such Preferred Security Certificates
      are presented to the Security Registrar for transfer or reissuance at
      which time such Preferred Security Certificates will be cancelled and a
      Security, registered in the name of the holder of the Preferred Security
      Certificate or the transferee of the holder of such Preferred Security
      Certificate, as the case may be, with an aggregate principal amount equal
      to the aggregate liquidation amount of the Preferred Security Certificate
      cancelled, will be executed by the Company and delivered to the Trustee
      for authentication and delivery in accordance with this Indenture. On
      issue of such Securities, Securities with an equivalent aggregate
      principal amount that were presented by the Institutional Trustee to the
      Trustee will be deemed to have been cancelled.

            (c)   A Global Security may be transferred, in whole but not in
part, only to another nominee of the Depositary, or to a successor Depositary
selected or approved by the Company or to a nominee of such successor
Depositary.

            (d)   If at any time the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for any series of Securities or if
at any time the Depositary for such series shall no longer be registered or in
good standing under the Exchange Act, or other applicable statute or regulation,
and a successor Depositary for such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, the Company will execute, and, subject to this
Article III, the Trustee, upon written notice from the Company, will
authenticate and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security in exchange for such
Global Security. In addition, the Company may at any time determine that some or
all of the Securities of any series shall no longer be represented by a Global
Security. In such event the Company will execute, and subject to Section 3.5,
the Trustee, upon receipt of an Officers' Certificate evidencing such
determination by the Company, will authenticate and deliver the Securities of
such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security for such series so selected in exchange for such
Global Security. Upon the exchange of the Global Security for such Securities in
definitive registered form without coupons, in authorized denominations, the
Global Security shall be cancelled by the Trustee. Such Securities in definitive
registered form issued in exchange for the Global Security shall be registered
in such names and in such authorized denominations as the Depositary, pursuant
to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the
Depositary, for delivery to the Persons in whose names such Securities are so
registered.

                                       28
<PAGE>
SECTION 3.13   CUSIP Numbers.

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

                                   ARTICLE IV

                     SATISFACTION AND DISCHARGE; DEFEASANCE

SECTION 4.1    Satisfaction and Discharge of Indenture.

            This Indenture shall upon Company Request cease to be of further
effect with respect to Securities of any series (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 of such series 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 of such series not theretofore
            delivered to the Trustee for cancellation

                        (i)   have become due and payable, or

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

                        (iii) are to be called for redemption within one year
                  under arrangements satisfactory to the Trustee for the giving
                  of notice of redemption by the Trustee in the name, and at the
                  expense, of the Company, and the Company, in the case of (i),
                  (ii) or (iii) above, has deposited or caused to be deposited
                  with the Trustee as trust funds in trust for the purpose an
                  amount of money in U.S. dollars sufficient, or U.S. Government
                  Obligations, the principal of and interest on which when due,
                  will be sufficient or a combination thereof, sufficient in the
                  opinion of a nationally

                                       29
<PAGE>
                  recognized firm of independent public accountants expressed in
                  a written certification thereof delivered to the Trustee to
                  pay and discharge the entire indebtedness on such Securities
                  of that series not theretofore delivered to the Trustee for
                  cancellation, for principal (and premium, if any) 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 with respect to such series 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 Company's
obligation to pay the expenses of any Financing Trust under Section 10.6 (except
upon the application of subclauses 1(A) or 1(B)(i) above), 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, the obligations of the Trustee under Section 4.2 and the last
paragraph of Section 10.3 shall survive.

SECTION 4.2    Defeasance and Discharge.

            The following provisions shall apply to the Securities of each
series unless specifically otherwise provided in a Board Resolution, Officers'
Certificate or indenture supplemental hereto provided pursuant to Section 3.1.
In addition to discharge of this Indenture pursuant to Sections 4.1 and 4.3, in
the case of any series of Securities with respect to which an amount sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any)
and interest, as certified pursuant to subparagraph (a) of Section 4.4 can be
determined at the time of making the deposit referred to in such subparagraph
(a), the Company shall be deemed to have paid and discharged the entire
indebtedness on all the Securities of such a series as provided in this Section
on and after the date the conditions set forth in Section 4.4 are satisfied, and
the provisions of this Indenture with respect to the Securities of such series
shall no longer be in effect (except as to (i) rights of registration of
transfer and exchange of Securities of such series, (ii) substitution of
mutilated, defaced, destroyed, lost or stolen Securities of such series, (iii)
rights of Holders of Securities of such series to receive, solely from the trust
fund described in subparagraph (a) of Section 4.4, payments of principal thereof
and interest, if any, thereon upon the original stated due dates therefor (but
not upon acceleration), and remaining rights of the Holders of Securities of
such series to receive mandatory sinking fund payments, if any, (iv) the rights,
obligations, duties and immunities of the Trustee hereunder, (v) this Section
4.2, (vi) the rights of the Holders of Securities of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee
payable to all or any of them) and (vii) the Company's obligation to pay the
expenses of any Financing Trust under Section 10.6) (hereinafter called
"Defeasance"), and the Trustee at the cost and expense of the Company, shall
execute proper instruments acknowledging the same.

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SECTION 4.3    Covenant Defeasance.

            In the case of any series of Securities with respect to which an
amount sufficient to pay and discharge the entire indebtedness on such
Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest, as certified pursuant to
subparagraph (a) of Section 4.4 can be determined at the time of making the
deposit referred to in such subparagraph (a), (i) the Company shall be released
from its obligations under any covenants specified in or pursuant to this
Indenture (except as to (A) rights of registration of transfer and exchange of
Securities of such series, (B) substitution for mutilated, defaced, destroyed,
lost or stolen Securities of such series, (C) rights of Holders of Securities of
such series to receive, from the Company pursuant to Section 10.1, payments of
principal thereof and interest, if any, thereon upon the original stated due
dates therefor (but not upon acceleration), (D) rights of Holders of Securities
of such series to receive mandatory sinking fund payments, if any, (E) the
rights, obligations, duties and immunities of the Trustee hereunder, (F) the
rights of the Holders of Securities of such series as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of
them and (G) the Company's obligation to pay the expenses of any Financing Trust
under Section 10.6), and (ii) the occurrence of any event specified in Sections
5.1(4) (with respect to any of the covenants specified in or pursuant to this
Indenture) and 5.1(8) shall be deemed not to be or result in an Event of
Default, in each case with respect to the Outstanding Securities of such series
as provided in this Section on and after the date the conditions set forth in
Section 4.4 are satisfied (hereinafter called "Covenant Defeasance"), and the
Trustee, at the cost and expense of the Company, shall execute proper
instruments acknowledging the same. For this purpose, such Covenant Defeasance
means that 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 covenant (to
the extent so specified in the case of Section 5.1(4)), whether directly or
indirectly by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein or
in any other document, but the remainder of this Indenture and the Securities of
such series shall be unaffected thereby.

SECTION 4.4    Conditions to Defeasance or Covenant Defeasance.

            The following shall be the conditions to application of either
Section 4.2 or 4.3 to the Outstanding Securities of any series:

            (a)   with reference to Section 4.2 or 4.3, the Company has
irrevocably deposited or caused to be irrevocably deposited with the Trustee as
funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of Securities of such series (i) cash in an amount,
or (ii) direct obligations of the United States of America, backed by its full
faith and credit ("U.S. Government Obligations"), maturing as to principal and
interest, if any, at such times and in such amounts as will insure the
availability of cash, or (iii) a combination thereof, in each case sufficient,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (A) the principal of and interest, if any, on all Securities of
such series on each date that such principal or interest, if any, is due and
payable and (B) any mandatory sinking fund payments on the dates on which such
payments are due and payable in accordance with the terms of this Indenture and
the Securities of such series;

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<PAGE>
            (b)   in the case of Defeasance under Section 4.2, the Company has
delivered to the Trustee an Opinion of Counsel based on the fact that (x) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (y), since the date hereof, there has been a change in the
applicable United States federal income tax law, in either case to the effect
that, and such opinion shall confirm that, the Holders of the Securities of such
series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such deposit, Defeasance and discharge and will be
subject to United States federal income tax on the same amount and in the same
manner and at the same times, as would have been the case if such deposit,
Defeasance and discharge had not occurred;

            (c)   in the case of Covenant Defeasance under Section 4.3, the
Company has delivered to the Trustee an Opinion of Counsel to the effect that,
and such opinion shall confirm that, the Holders of the Securities of such
series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such deposit and Covenant Defeasance and will be
subject to United States federal income tax on the same amount and in the same
manner and at the same times, as would have been the case if such deposit and
Covenant Defeasance had not occurred;

            (d)   such Defeasance or Covenant Defeasance will not result in a
breach or violation of, or constitute a default under, any agreement or
instrument to which the Company is a party or by which it is bound; and

            (e)   the Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent contemplated by this provision have been complied with.

SECTION 4.5    Application of Trust Money.

            Subject to the provisions of the last paragraph of Section 10.3, all
money and U.S. Government Obligations deposited with the Trustee pursuant to
Sections 4.1 or 4.4 shall be held in trust, and such money and all money from
such U.S. Government Obligations shall be 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 premium, if any) and interest for whose payment such money and
U.S. Government Obligations has been deposited with the Trustee.

SECTION 4.6    Indemnity for U.S. Government Obligations.

            The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Sections 4.1 or 4.4 or the principal or interest received
in respect of such obligations other than any such tax, fee or other charge that
by law is for the account of the Holders of Outstanding Securities.

                                       32
<PAGE>
                                    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) unless it is either inapplicable to a particular series or it is
specifically deleted or modified in an indenture supplemental hereto, if any,
under which such series of Securities is issued:

            (1)   default in the payment of interest upon any Security of that
      series when it becomes due and payable, and continuance of such default
      for a period of 30 days; it being understood that the occurrence of an
      Extended Interest Payment Period in accordance with the Article XIII
      hereunder and terms of such series of Security will not constitute such a
      default; or

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

            (3)   default in the deposit of any sinking fund payment when and as
      due by the terms of a Security of that series, and the continuance of such
      default for a period of 30 days; or

            (4)   default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture (other than a covenant or
      agreement a default in whose performance or whose breach is elsewhere in
      this Section specifically dealt with or which has expressly been included
      in this Indenture solely for the benefit of Securities of any series 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 90 consecutive days; or

                                       33
<PAGE>
            (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 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)   in the event Securities of a series are issued and sold to a
      Financing Trust or a trustee of such trust in connection with the issuance
      of Trust Securities by such Financing Trust, such Financing Trust shall
      have voluntarily or involuntarily dissolved, wound-up its business or
      otherwise terminated its existence except in connection with (i) the
      distribution of Securities to holders of Trust Securities in liquidation
      or redemption of their interests in such Financing Trust upon a Special
      Event with respect to such Financing Trust, (ii) the redemption of all of
      the outstanding Trust Securities of such Financing Trust or (iii) certain
      mergers, consolidations or amalgamations, each as permitted by the
      Declaration of such Financing Trust; or

            (8)   any other Event of Default provided with respect to Securities
      of that series as provided in a supplemental indenture, Board Resolution
      or Officers' Certificate applicable to such series of Securities.

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, if the Trustee has actual knowledge thereof, or the Holders of not less
than 25% in aggregate principal amount of the Outstanding Securities of that
series may, but shall not be obligated to, declare the principal amount of and
interest on including any Compounded Interest or Additional Interest, if any,
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 the Holders),
and upon any such declaration such principal amount and interest (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 provided, the Holders of Securities representing 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

                                       34
<PAGE>
                  (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 has become due otherwise than by
            such declaration of acceleration and interest thereon at the rate or
            rates prescribed therefor in such Securities;

                  (C)   all overdue sinking fund payments with respect to
            Securities of that series and interest thereon at the rate or rates
            prescribed therefor in such Securities;

                  (D)   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

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

      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 Event of 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 (except upon the occurrence of an Extended Interest
      Payment Period);

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

            (3)   default is made in the deposit of any sinking fund payment
      when and as due by the terms of a Security of any series and such default
      continues for a period of 30 days;

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities then Outstanding, the whole amount then due and
payable on such Securities for principal (and premium, if any) and interest and
for any sinking fund payment and, to the extent that payment of such interest
shall be legally enforceable, interest on any overdue principal (and premium, if
any), on any overdue interest and on any overdue sinking fund payment, at the
rate or rates prescribed therefor in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

                                       35
<PAGE>
            If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due unpaid, may, in its
discretion, prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon such Securities
of such series and collect the monies adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or any other obligor
upon such Securities, wherever situated.

            If an Event of Default, of which a Responsible Officer of the
Trustee has actual knowledge, 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 the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of any of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest or any sinking
fund payment) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

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

            (ii)  to collect and receive any monies 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.

            Nothing herein contained 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 an Holder in any such proceeding.

                                       36
<PAGE>
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 with respect to a series of
Securities pursuant to this Article shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any), interest or sinking fund
payments, upon presentation of the Securities and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid:

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

            SECOND: To holders of Senior Indebtedness to the extent required by
Article XIV; and

            THIRD: To the payment of the amounts then due and unpaid for
principal of (and premium, if any), and interest on, and sinking fund payments
with respect to, 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 premium, it any), and interest and sinking fund payments, respectively.

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

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, in each case with respect to an Event of Default with respect to such
series of Securities, unless

            (1)   such Holder has previously given written notice to the Trustee
      of the happening of one or more Events 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 indemnity,
      reasonably satisfactory to the Trustee, against the costs, expenses
      (including reasonable legal fees and expenses) and liabilities to be
      incurred in compliance with such request;

                                       37
<PAGE>
            (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 all 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 premium, if any) and (subject to
Section 3.7) 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 of any Security has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been instituted.

SECTION 5.10   Rights and Remedies Cumulative.

            Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in the last paragraph
of Section 3.6, 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

                                       38
<PAGE>
remedy given by this Article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

SECTION 5.12   Control by Holders.

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

            (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 the
Securities of such series and its consequences, except a default:

            (1)   in the payment of the principal of (or premium, if any), or
      interest on, any Security of such series, or in the payment of any sinking
      fund installment with respect to the Securities; 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;

provided, however, that if the Securities of such series are held by a Financing
Trust or a trustee of such trust, such waiver or modification to such waiver
shall not be effective until the holders of Trust Securities representing a
majority in liquidation preference of Trust Securities of the applicable
Financing Trust shall have consented to such waiver or modification to such
waiver; provided further, that if the consent of the Holder of each Outstanding
Securities is required, such waiver shall not be effective until each holder of
the Trust Securities of such Financing Trust shall have consented to such
waiver.

            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 Event of Default or impair any right consequent thereon.

SECTION 5.14   Undertaking for Costs.

            All parties to this Indenture agree, and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for

                                       39
<PAGE>
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,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of
the principal of (or premium, if any) or interest on any Security on or after
the Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).

                                   ARTICLE VI

                                   THE TRUSTEE

SECTION 6.1    Certain Duties and Responsibilities.

            (a)   Except during the continuance of an Event of Default:

            (1)   the Trustee undertakes to perform such duties and only such
      duties as are specifically set forth in this Indenture, and no implied
      covenants or obligations shall be read into this Indenture against the
      Trustee; and

            (2)   in the absence of bad faith on its part, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness
      of the opinions expressed therein, upon certificates or opinions furnished
      to the Trustee and conforming to the requirements of this Indenture; but
      in the case of any such certificates or opinions which by any provision
      hereof are specifically required to be furnished to the Trustee, the
      Trustee shall be under a duty to examine the same to determine whether or
      not they conform to the requirements of this Indenture.

            (b)   In case an Event of Default with respect to any series of
Securities, of which a Responsible Officer of the Trustee has actual knowledge,
has occurred and is continuing, the Trustee shall exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

            (c)   No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own wilful misconduct, except that:

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

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

                                       40
<PAGE>
            (3)   the Trustee shall not be liable with respect to any action
      taken or omitted to be taken by it in good faith in accordance with the
      direction of the Holders of a majority in principal amount of the
      Outstanding Securities of any series determined as provided in Section
      5.12, relating to the time, method and place of conducting any proceeding
      for any remedy available to the Trustee, or exercising any trust or power
      conferred upon the Trustee, under this Indenture with respect to the
      Securities of such series; and

            (4)   no provision of this Indenture shall require the Trustee to
      expend or risk its own funds or otherwise incur any personal 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 indemnity,
      reasonably satisfactory to it, against such risk or liability is not
      reasonably assured to it.

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

SECTION 6.2    Notice of Defaults.

            Within 90 days after the occurrence of any default hereunder with
respect to Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series, as their names and addresses appear in the
Security Register, notice of such default hereunder actually known to a
Responsible Officer of the Trustee or for which the Trustee has received written
notice of the event constituting such default at its Corporate Trust Office,
unless such default shall have been cured or waived; provided that, except in
the case of a default in the payment of the principal of (or premium, if any) or
interest on any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of
the Trustee in good faith determines that the withholding of such notice is in
the interest of the Holders of Securities of such series; and provided, further,
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, the term "default" means any event which is, or after notice or
lapse of time or both would become, an Event of Default with respect to
Securities of such series.

SECTION 6.3    Certain Rights of Trustee.

            Subject to the provisions of Section 6.1:

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

                                       41
<PAGE>
            (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,
conclusively 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 security or indemnity, reasonably satisfactory to it,
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

            (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,
attorneys, custodians or nominees and the Trustee shall not be responsible for
any misconduct or negligence on the part of any agent, attorney, custodian or
nominee appointed with due care by it hereunder.

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

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

SECTION 6.4    Not Responsible for Recitals or Issuance of Securities.

            The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and 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.

                                       42
<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 such reasonable
      compensation for all services rendered by it hereunder as the Company and
      the Trustee shall from time to time agree in writing (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, nominees, custodians 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, its officers, directors, employees
      and agents for, and to hold them 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 themselves
      against any claim or liability in connection with the exercise or
      performance of any of their powers or duties hereunder.

            As security for the performance of the obligations of the Company
under this Section, the Trustee shall have a lien prior to the Securities upon
all property and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of Holders of particular Securities. The
obligations of the Company under this Section shall survive the satisfaction and
discharge of this indenture.

SECTION 6.8    Disqualification; Conflicting Interests.

            (a)   If the Trustee has or shall acquire any conflicting interest
within the meaning of the Trust Indenture Act with respect to the Securities of
any series, it shall, within 90 days after a Responsible Officer of the Trustee
ascertains that it has such conflicting interest, either eliminate

                                       43
<PAGE>
such conflicting interest or resign with respect to the Securities of that
series 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
corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, in good standing and
having an office in The Borough of Manhattan, the City of New York, which is
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by Federal or State authority. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of said
supervision or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.

SECTION 6.10   Resignation and Removal; Appointment of Successor.

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

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

                                       44
<PAGE>
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 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
by mailing written notice of such event by first-class mail, postage prepaid, to
all Holders of Securities of such series as their names and addresses appear in
the Security Register. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its
Corporate Trust Office.

SECTION 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

                                       45
<PAGE>
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 the Securities of all series for which it is the
Trustee hereunder, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall 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) or (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.

            (e)   The Trustee shall not be liable for the acts or omissions to
act of any successor Trustee.

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

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

                                       46
<PAGE>
SECTION 6.13   Preferential Collection of Claims Against Company.

            (a)   If the Trustee shall be or shall become a creditor, directly
or indirectly, secured or unsecured, of the Company (or any other obligor of 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):

            (b)   For the purposes of this Section 6.13 only:

            (1)   the term "cash transaction" means any transaction in which
      full payment for goods or securities sold is made within seven days after
      delivery of the goods or securities in currency or in checks or other
      orders drawn upon banks or bankers and payable upon demand; and

            (2)   the term "self-liquidating paper" means any draft, bill of
      exchange, acceptance or obligation which is made, drawn, negotiated or
      incurred by the Company for the purpose of financing the purchase,
      processing, manufacturing, shipment, storage or sale of goods, wares or
      merchandise and which is secured by documents evidencing title to,
      possession of, or a lien upon, the goods, wares or merchandise or the
      receivables or proceeds arising from the sale of the goods, wares or
      merchandise previously constituting the security, provided the security is
      received by the Trustee simultaneously with the creation of the creditor
      relationship with the Company arising from the making, drawing,
      negotiating or incurring of the draft, bill of exchange, acceptance or
      obligation.

SECTION 6.14   Appointment of Authenticating Agent.

            At any time when any of the Securities remain Outstanding, 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 exchange,
registration of transfer or partial redemption thereof or pursuant to Section
3.6, and the Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

                                       47
<PAGE>
            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, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

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

            The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 6.7.

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

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

                                             THE BANK OF NEW YORK,
                                                                 As Trustee

                                             By:
                                                --------------------------
                                                    As Authenticating Agent

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

                                       48
<PAGE>
                                   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 more than 15 days after each Regular Record
Date a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders of Securities of such series to which such Regular
Record Date applies, as of such Record Date, and

            (b)   at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time
such list is furnished;

provided that if and so long as the Trustee shall be the Security Registrar for
such series, such list shall not be required to be furnished.

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)   If three or more Holders of Securities of the same series
(herein referred to as "applicants") apply in writing to the Trustee, and
furnish to the Trustee reasonable proof that each such applicant has owned a
Security of such series for a period of at least six months preceding the date
of such application, and such application states that the applicants' desire to
communicate with other Holders of such series with respect to their rights under
this Indenture or under the Securities of such series and is accompanied by a
copy of the form of proxy or other communication which such applicants propose
to transmit, then the Trustee shall, within five business days after the receipt
of such application, at its election, either

            (i)   afford such applicants access to the information with respect
      to the Holders of such series furnished to, or received by, and preserved
      at the time by the Trustee in accordance with Section 7.2(a); or

            (ii)  inform such applicants as to the approximate number of Holders
      of such series whose names and addresses appear in the information
      preserved at the time by the Trustee in accordance with Section 7.2(a),
      and as to the approximate cost of mailing to such Holders the form of
      proxy or other communication, if any, specified in such application.

            If the Trustee shall elect not to afford such applicants access to
such information, the Trustee shall, upon the written request of such
applicants, mail to each Holder of such series whose name and address appear in
the information preserved at the time by the Trustee in accordance with

                                       49
<PAGE>
Section 7.2(a) a copy of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment, or provision for the
payment, of the reasonable expenses of mailing, unless within five days after
such tender the Trustee shall mail to such applicants and file with the
Commission, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interest of the Holders of such series or would be in
violation of applicable law. Such written statement shall specify the basis of
such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if, after the entry of an order
sustaining one or more of such objections, the Commission shall find, after
notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall mail copies of
such material to all such Holders with reasonable promptness after the entry of
such order and the renewal of such tender; otherwise the Trustee shall be
relieved of any obligation or duty to such applicants respecting their
application.

            (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 the
disclosure of any such information as to the names and addresses of the Holders
in accordance with Section 7.2(b), regardless of the source from which such
information was derived, and that the Trustee shall not be held accountable by
reason of mailing any material pursuant to a request made under Section 7.2(b).

SECTION 7.3    Reports by Trustee.

            (a)   The Trustee shall transmit to Holders of Securities 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. If required by Section 313(a) or 313(b) of the Trust
Indenture Act, within 60 days after May 15 of each year commencing with the year
2002, the Trustee shall transmit by mail to all Holders of Securities for which
it is Trustee hereunder, as their names and addresses appear in the Security
Register, a brief report dated as of such May 15, which complies with the
provisions of Sections 313(a) and 313(b) of the Trust Indenture Act.

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

SECTION 7.4    Reports by Company.

            The Company shall:

            (1)   file with the Trustee, within 30 days after the Company is
      required to file the same with the Commission, copies of the annual
      reports and of the information, documents and other reports (or copies of
      such portions of any of the foregoing as the Commission may from time to
      time by rules and regulations prescribe) which the Company may be required
      to file with the Commission pursuant to Section 13 or Section 15(d) of the
      Exchange Act; or, if the Company is not required to file information
      documents or reports pursuant to either of said

                                       50
<PAGE>
      Sections, then it shall file with the Trustee and the Commission, in
      accordance with rules and regulations prescribed from time to time by the
      Commission, such of the supplementary and periodic information, documents
      and reports which may be required pursuant to Section 13 of the Exchange
      Act in respect of a security listed and registered on a national
      securities exchange as may be prescribed from time to time in such rules
      and regulations;

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

            (3)   transmit by mail to all Holders, as their names and addresses
      appear in the Security Register, within 30 days after the filing thereof
      with the Trustee, such summaries of any information, documents and reports
      required to be filed by the Company pursuant to paragraphs (1) and (2) of
      this Section as may be required by rules and regulations prescribed from
      time to time by the Commission.

                                  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
corporation or convey, transfer or lease its properties and assets substantially
as an entirety to another Corporation, unless:

            (1)   either (A) the Company is the continuing Corporation, or (B)
      the successor entity formed by such consolidation or into which the
      Company is merged or the successor entity which acquires by conveyance or
      transfer, or which leases, the properties and assets of the Company
      substantially as an entirety, if other than the Company, 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 premium, if any) and interest on all the
      Securities and the performance of every other covenant of the Securities
      and this Indenture on the part of the Company to be performed or observed;

            (2)   immediately after giving effect to such transaction, no Event
      of Default, and no event which, after notice or lapse of time or both,
      would become an Event of Default, shall have happened and be continuing;
      and

            (3)   the Company has delivered to the Trustee an Officers'
      Certificate and an Opinion of Counsel, each stating that such transaction
      and such supplemental indenture comply with this Article and that all
      conditions precedent herein provided for relating to such transaction have
      been complied with.

                                       51
<PAGE>
SECTION 8.2    Successor Corporation Substituted.

            Upon any consolidation of the Company with, or merger of the Company
into, any other corporation 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 corporation 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 corporation had been named as the Company herein, and thereafter,
except in the case of a lease, the predecessor corporation 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 one or more of the following purposes:

            (1)   to evidence the succession of another corporation to the
      Company and the assumption by any such successor of the covenants of the
      Company contained herein and in the Securities, pursuant to Article VIII;
      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 one
      or more specified series) or to surrender any right or power herein
      conferred upon the Company; or

            (3)   to provide for uncertificated Securities in addition to or in
      place of certificated Securities; or

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

            (5)   to change or eliminate any of the provisions of this
      Indenture, provided that any such change or elimination shall become
      effective only when there is no Security Outstanding of any series created
      prior to the execution of such supplemental indenture which is entitled to
      the benefit of such provision; or

            (6)   to secure the Securities; or

            (7)   to make any changes that would provide any additional rights
      or benefits to the Holders of Securities or that do not adversely affect
      the legal rights under the Indenture of any such Holder; or

                                       52
<PAGE>
            (8)   to establish the form or terms of Securities of any series as
      permitted by Sections 2.1 and 3.1; or

            (9)   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

            (10)  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 such action shall not adversely affect the
      interests of the Holders of Securities of any series in any material
      respect; or

            (11)  to comply with the requirements of the Commission in order to
      effect or maintain the qualification of the Indenture under the Trust
      Indenture Act.

            (12)  to provide for conversion rights of Holders of Securities in
      certain events such as a consolidation, merger or sale of all or
      substantially all of the assets of the Company; or

            (13)  reduce the conversion price, if applicable, of any series of
      Securities.

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 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 (including any
      change in the Floating or Adjustable Rate Provision pursuant to which such
      rate is determined that would reduce that rate for any period) or any
      premium payable upon the redemption thereof, or change any Place of
      Payment where, or the coin or currency in which, any Security or any
      premium or the 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

                                       53
<PAGE>
      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 or Section 5.13,
      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 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 or the deletion of this proviso, in
      accordance with the requirements of Sections 6.11(b) and 9.1(9); or

            (4)   remove or impair the rights of any Holder of Securities to
      bring a Direct Action in certain circumstances, as provided in Section
      15.1; or

            (5)   reduce the redemption price of the Securities or change the
      time at which the Securities may or must be redeemed or purchased, or

            (6)   make any change to the abilities of Holders of Securities to
      enforce their rights under the Indenture, or

            (7)   waive a default or Event or Default in the payment of
      principal of or premium, if any, interest or liquidated damages, if any,
      on the Securities (except a rescission of acceleration of the Securities
      by the holders of at least a majority in aggregate principal amount of the
      Securities and a waiver of the payment default that resulted from such
      acceleration), or

            (8)   make any change in the provisions of the Indenture relating to
      the rights of holders of Securities to receive payments of principal of,
      premium, if any, interest or liquidated damages, if any, on the
      Securities; or

            (9)   except as permitted herein, increase the conversion price with
      regard to any series of Securities or modify any provision of the
      Indenture relating to conversion of any Securities in a manner adverse to
      the Holders thereof.

provided, further, that if the Securities of such series are held by a Financing
Trust or a trustee of such trust, such supplemental indenture shall not be
effective until the holders of a majority in liquidation preference of Trust
Securities of such Financing Trust shall have consented to such supplemental
indenture; provided further, that if the consent of the Holder of each
Outstanding Securities is required, such supplemental indenture shall not be
effective until each holder of the Trust Securities of such Financing Trust
shall have consented to such supplemental indenture.

            Notwithstanding the foregoing, any amendment to the provisions of
the Indenture that relate to subordination under Article XIV will require the
consent of the Holders of at least 75% in aggregate principal amount of the
Securities then Outstanding if such amendment would adversely affect the rights
of Holders of such Securities.

            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

                                       54
<PAGE>
particular series of Securities, or which modifies the rights of the Holders of
Securities of such series with respect to such covenant or other provision,
shall be deemed not to affect the rights under this Indenture of the Holders of
Securities of any other series.

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

SECTION 9.3    Execution of Supplemental Indentures.

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

SECTION 9.4    Effect of Supplemental Indentures.

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

SECTION 9.5    Conformity with Trust Indenture Act.

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

SECTION 9.6    Reference in Securities to Supplemental Indentures.

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

                                    ARTICLE 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 premium,
if any) and interest on the Securities of that series in accordance with the
terms of the Securities of such series and this Indenture, and will

                                       55
<PAGE>
duly comply with all other terms, agreements and conditions contained in, or
made in the Indenture for the benefit of, the Securities of such series.

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, that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in
each Place of Payment for Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

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

            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 (and premium, if any) 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 premium, if any) or 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 (and
premium, if any) or interest on any Securities of that series, deposit with a
Paying Agent a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act; provided, however, that money held by any such Agent for
the benefit of holders of Senior Indebtedness pursuant to the provisions of
Article XIV hereof or the payment of which to Holders of Securities is
prohibited by Article XIV shall not be considered designated for payment of any
principal of or interest on the Securities within the meaning of this Section
10.3.

            The Company will cause each Paying Agent for any series of
Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section, that such Paying Agent will:

                                       56
<PAGE>
            (1)   hold all sums held by it for the payment of the principal of
      (and premium, if any) or interest on Securities of that series in trust
      for the benefit of the Persons entitled thereto until such sums shall be
      paid to such Persons or otherwise disposed of as herein provided;

            (2)   give the Trustee notice of any default by the Company (or any
      other obligor upon the Securities of that series) in the making of any
      payment of principal (and premium, if any) or interest on the Securities
      of that series; and

            (3)   at any time during the continuance of any such default, upon
      the written request of the Trustee, forthwith pay to the Trustee all sums
      so held in trust by such Paying Agent.

            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 (and premium,
if any) or interest on any Security of any series and remaining unclaimed for
three years after such principal (and premium, if any) or interest has become
due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided that the Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in the Borough of Manhattan, The City of New York, New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

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 Sections 10.1 to 10.3, inclusive,
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   Covenants as to Financing Trusts.

            For so long as any Trust Securities of a Financing Trust remain
outstanding, the Company will (i) maintain 100% direct or indirect ownership of
the Common Securities of such Financing Trust; provided, however, that any
permitted successor of the Company hereunder may

                                       57
<PAGE>
succeed to the Company's ownership of such Common Securities, (ii) not
voluntarily dissolve, wind up or terminate such Financing Trust, except in
connection with a distribution of Securities upon a Special Event, and in
connection with certain mergers, consolidations or amalgamations permitted by
the Declaration of such Financing Trust, (iii) timely perform its duties as
Sponsor of such Financing Trust, (iv) use its reasonable efforts to cause such
Financing Trust to (a) remain a business trust, except in connection with a
distribution of Securities to the holders of Trust Securities as provided in the
Declaration of such Financing Trust, the redemption of all of the Trust
Securities and in connection with certain mergers, consolidations or
amalgamations permitted by the Declaration of such Financing Trust, and (b)
otherwise continue to be classified as a grantor trust for United States federal
income tax purposes and (v) not knowingly take any action that would cause such
Financing Trust to not be classified as a grantor trust for United States
federal income tax purposes.

SECTION 10.6   Payment of Expenses.

            (a)   In connection with the offering, sale and issuance of each
series of Securities to the Institutional Trustee of a Financing Trust and in
connection with the sale of Trust Securities by such Financing Trust, the
Company, in its capacity as borrower with respect to such Securities, shall:

            (i)   pay all costs and expenses relating to the offering, sale and
      issuance of such Securities, including commissions to the underwriters
      payable pursuant to the applicable Underwriting Agreement and compensation
      of the Trustee under this Indenture in accordance with the provisions of
      Section 6.7;

            (ii)  pay all costs and expenses of such Financing Trust (including,
      but not limited to, costs and expenses relating to the organization of the
      trust, the offering, sale and issuance of the Trust Securities of such
      Financing Trust (including commissions to the underwriters in connection
      therewith), the fees and expenses of the Institutional Trustee, the
      Regular Trustees and the Delaware Trustee of such Financing Trust, the
      costs and expenses relating to the operation, maintenance and dissolution
      of such Financing Trust and the enforcement by such Institutional Trustee
      of the rights of the holders of the Preferred Securities of such Financing
      Trust, including without limitation, costs and expenses of accountants,
      attorneys, statistical or bookkeeping services, expenses for printing and
      engraving and computing or accounting equipment, paying agent(s),
      registrar(s), transfer agent(s), duplicating, travel and telephone and
      other telecommunications expenses and costs and expenses incurred in
      connection with the acquisition, financing, and disposition of assets of
      such Financing Trust);

            (iii) be primarily liable for any indemnification obligations
      arising with respect to the Declaration of such Financing Trust; and

            (iv)  pay any and all taxes (other than United States withholding
      taxes in respect of amounts paid on the Securities held by such Financing
      Trust) and all liabilities, costs and expenses with respect to such taxes
      of such Financing Trust.

            (b)   Upon termination of this Indenture or any series of Securities
or the removal or resignation of the Trustee pursuant to Section 6.10, the
Company shall pay to the Trustee all

                                       58
<PAGE>
amounts accrued and owing to the Trustee to the date of such termination,
removal or resignation. Upon termination of the Declaration of any Financing
Trust or the removal or resignation of the Delaware Trustee or the Institutional
Trustee, as the case may be, pursuant to Section 5.6 of the Declaration of such
Financing Trust, the Company shall pay to such Delaware Trustee or such
Institutional Trustee, as the case may be, all amounts accrued and owing to such
Delaware Trustee or such Institutional Trustee, as the case may be, to the date
of such termination, removal or resignation.

SECTION 10.7   Listing on an Exchange.

            If Securities of any series are to be issued as a Global Security in
connection with the distribution of such Securities to the holders of the
Preferred Securities of a Financing Trust upon a Dissolution Event with respect
to such Financing Trust, the Company will use its reasonable best efforts to
list such series of Securities on the New York Stock Exchange, Inc. or on such
other securities exchange as the Preferred Securities of such Financing Trust
are then listed.

                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 11.1   Applicability of Article.

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

SECTION 11.2   Election to Redeem; Notice to Trustee.

            (a)   Subject to the provisions of Section 11.2(b) and to the other
provisions of this Article XI, except as otherwise may be specified in this
Indenture or, with respect to any series of Securities, as otherwise specified
as contemplated by Section 3.1 for the Securities of such series, the Company
shall have the right to redeem any series of Securities, in whole or in part,
from time to time, on or after the Redemption Option Date for such series at the
Redemption Price. The election of the Company to redeem any Securities
redeemable at the election of the Company 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 30 days, but
not more than 60 days, prior to the Redemption Date fixed by the Company, notify
the Trustee of such Redemption Date and of the principal amount of Securities of
such series 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.

            (b)   If a partial redemption of any series of Securities would
result in the delisting of the Preferred Securities of any Financing Trust that
purchased such Securities from any national securities exchange or other
organization on which the Preferred Securities of such Financing Trust are then
listed, the Company shall not be permitted to effect such partial redemption and
may only redeem such series of Securities in whole.

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<PAGE>
SECTION 11.3   Selection by Trustee of Securities to Be Redeemed.

            If less than all the Securities of any series are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days
and not less than 30 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; provided,
that if at the time of redemption such Securities are registered as a Global
Security, the Depositary shall determine, in accordance with its procedures, the
principal amount of such Securities held by each Security Beneficial Owner to be
redeemed.

            The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption and, in 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.

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 (including the CUSIP number, if any,
      and, in the case of partial redemption, the principal amounts) of the
      particular Securities of such series 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 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 written request
delivered to the Trustee at least

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<PAGE>
15 days prior to the date that such Notice is to be given (unless a shorter
period shall be acceptable to The Trustee), by the Trustee in the name and at
the expense of the Company.

SECTION 11.5   Deposit of Redemption Price.

            Prior to 10:00 a.m., New York City time, on 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
and portions of 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 Redemption 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 that
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.

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

            The Redemption Price shall be paid prior to 12:00 noon, New York
City time, on the date of such redemption or such earlier time as the Company
determines, provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Redemption Price by 10:00 a.m., New York City time, on the
date such Redemption Price is to be paid.

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 for Securities of that series (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company 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, of like tenor and 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.

SECTION 11.8   Tax Event Redemption.

            If a Tax Event with respect to any Financing Trust has occurred and
is continuing and:

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<PAGE>
            (a)   the Company has received a Redemption Tax Opinion with respect
to such Financing Trust; or

            (b)   after receiving a Tax Event Opinion, the Regular Trustees of
such Financing Trust shall have been informed by tax counsel rendering the Tax
Event Opinion that a No Recognition Opinion cannot be delivered to such
Financing Trust,

then, notwithstanding Section 11.2(a) but subject to Section 11.2(b), the
Company shall have the right upon not less than 30 days nor more than 60 days
notice to the Holders of Securities of the series issued to such Financing
Trust, or to its Institutional Trustee, to redeem such Securities, in whole or
in part, for cash within 90 days following the occurrence of such Tax Event at
the Redemption Price, provided that if at the time there is available to the
Company or such Financing Trust the opportunity to eliminate, within such 90 day
period, the Tax Event by taking some ministerial action ("Ministerial Action"),
such as filing a form or making an election, or pursuing some other similar
reasonable measure which has no adverse effect on the Company, the Trust or the
holders of the Trust Securities of such Financing Trust, the Company or such
Financing Trust shall pursue such Ministerial Action in lieu of redemption, and,
provided further that the Company shall have no right to redeem such Securities
while the Company or such Financing Trust is pursuing any Ministerial Action
pursuant to its obligations under the Declaration of such Financing Trust.

                                   ARTICLE XII

                                  SINKING FUNDS

SECTION 12.1   Applicability of Article.

            The provisions of this Article 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 the 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 "Mandatory Sinking
Fund Payment," and any payment in excess of the minimum amount provided for by
the terms of the Securities of any series is herein referred to as an "Optional
Sinking Fund Payment." If provided for by the terms of Securities of any series,
the cash amount of any Mandatory Sinking Fund Payment may be subject to
reduction as provided in Section 12.2. Each sinking fund payment shall be
applied to the redemption of Securities as provided for by the terms of
Securities of such series.

SECTION 12.2   Satisfaction of Sinking Fund Payments with Securities.

            Unless the form or terms of any Security shall provide otherwise,
the Company (1) may deliver to the Trustee 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 Security 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 Mandatory
Sinking Fund Payment with respect to any Securities of such series required to
made pursuant to the terms of Securities as provided for by the

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terms of such Securities; provided 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
throughout operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly.

SECTION 12.3   Redemption of Securities for Sinking Fund.

            Not less than 60 days prior to each sinking fund payment date for
any 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 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 and at the expense of the Company in
the manner specified in Section 11.4. The Company shall deposit the amount of
cash, if any, required for such sinking fund payment with the Trustee in the
manner provided in Section 11.5. 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

                      EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 13.1   Extension of Interest Payment Period.

            Unless otherwise specified as contemplated by Section 3.1 for the
Securities of any series, the Company shall have the right, at any time and from
time to time during the term of the Securities of any series, to defer payments
of interest by extending the interest payment period of all Securities of such
series for a period not exceeding 20 consecutive interest periods (an "Extended
Interest Payment Period"), during which Extended Interest Payment Period no
interest shall be due and payable on Securities of such series; provided that no
Extended Interest Payment Period may extend beyond the Stated Maturity of such
Securities. To the extent permitted by applicable law, interest, the payment of
which has been deferred because of the extension of the interest payment period
pursuant to this Section 13.1, will bear interest thereon at the Interest Rate
compounded for each interest period of the Extended Interest Payment Period
("Compounded Interest"). At the end of any Extended Interest Payment Period with
respect to any series of Securities, the Company shall pay all interest accrued
and unpaid on such Securities, including any Additional Interest and Compounded
Interest (together, "Deferred Interest") that shall be payable to the Holders of
Securities of such Series in whose names such Securities are registered in the
Security Register on the first record date after the end of such Extended
Interest Payment Period. Before the termination of any Extended Interest Payment
Period, the Company may further extend such period; provided that such period,
together with all such further extensions thereof, shall not exceed 20
consecutive quarters; and provided further that no prepayment of interest during
an Extended Interest Payment Period shall allow the Company to extend such
Extended Interest Payment Period beyond 20 consecutive interest periods. Upon
the termination of any Extended Interest Payment Period with respect to any
series of Securities and upon the payment of all Deferred Interest then due, the

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Company may commence a new Extended Interest Payment Period with respect to such
series of Securities, subject to the foregoing requirements. No interest on a
series of Securities shall be due and payable during an Extended Interest
Payment Period with respect thereto, except at the end thereof, provided the
Company may prepay at any time all or any portion of the interest accrued during
any Extended Interest Payment Period.

SECTION 13.2   Notice of Extension.

            (a)   If the Institutional Trustee of a Financing Trust is the only
Holder of Securities of a series at the time the Company selects an Extended
Interest Payment Period with respect thereto, the Company shall give written
notice to the Regular Trustees and the Institutional Trustee of such Financing
Trust and to the Trustee of its selection of such Extended Interest Payment
Period one Business Day before the earlier of (i) the next succeeding date on
which Distributions on the Trust Securities issued by such Financing Trust would
be payable, if not for such Extended Interest Payment Period, or (ii) the date
such Financing Trust is required to give notice of the record date, or the date
such Distributions are payable, to the New York Stock Exchange or other
applicable self-regulatory organization or to holders of the Preferred
Securities issued by such Financing Trust, but in any event at least one
Business Day before such record date.

            (b)   If the Institutional Trustee of a Financing Trust is not the
only Holder of Securities of a series at the time the Company selects an
Extended Interest Payment Period with respect thereto, the Company shall give
written notice to the Holders of Securities of such series and the Trustee of
its selection of such Extended Interest Payment Period 10 Business Days before
the earlier of (i) the next succeeding Interest Payment Date, or (ii) the date
the Company is required to give notice of the record or payment date of such
interest payment to the New York Stock Exchange or other applicable
self-regulatory organization or to Holders of Securities of such series.

            (c)   The interest period in which any notice is given pursuant to
paragraphs (a) or (b) of this Section 13.2 shall be counted as one of the 20
interest periods permitted in the maximum Extended Interest Payment Period with
respect to any series of Securities permitted under Section 1.3.

SECTION 13.3   Limitation of Transactions.

            If with respect to any series of Securities (i) the Company shall
exercise its right to defer payments of interest thereon as provided in Section
13.1 or (ii) there shall have occurred an Event of Default, then (a) the Company
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect to,
any of its capital stock or make any guarantee payment with respect thereto
(other than (i) repurchases, redemptions or other acquisitions of shares of
capital stock of the Company in connection with any employment contract, benefit
plan or other similar arrangement with or for the benefit of employees,
officers, directors or consultants, (ii) as a result of an exchange or
conversion of any class or series of the Company's capital stock for any other
class or series of the Company's capital stock, or (iii) the purchase of
fractional interests in shares of the Company's capital stock pursuant to the
conversion or exchange provisions of such capital stock or the Security being
converted or exchanged), and (b) the Company shall not make any payment of
interest on, principal of or premium, if any, on, or repay, repurchase or
redeem, any debt securities issued by the Company which rank pari passu with or
junior to the Securities of such series (including the

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Securities of any other series); provided, however, the Company may declare and
pay a stock dividend where the dividend stock is the same stock as that on which
the dividend is being paid.

                                   ARTICLE XIV

                           SUBORDINATION OF SECURITIES

SECTION 14.1   Agreement to Subordinate.

            The Company covenants and agrees, and each Holder of Securities
issued hereunder by such Holder's acceptance thereof likewise covenants and
agrees, that all Securities shall be issued subject to the provisions of this
Article XIV; and each Holder of a Security, whether upon original issue or upon
transfer or assignment thereof, accepts and agrees to be bound by such
provisions.

            The payment by the Company of the principal of, premium, if any, and
interest on all Securities issued hereunder shall, to the extent and in the
manner hereinafter set forth, be subordinated and junior in right of payment to
the prior payment in full of all Senior Indebtedness of the Company, whether
outstanding at the date of this Indenture or thereafter incurred. Senior
Indebtedness shall continue to be Senior Indebtedness and entitled to the
benefits of these subordination provisions irrespective of any amendment,
modification or waiver of any term of the Senior Indebtedness or extension or
renewal of the Senior Indebtedness.

            No provision of this Article XIV shall prevent the occurrence of any
default or Event of Default hereunder.

SECTION 14.2   Default on Senior Indebtedness.

            In the event and during the continuation of any default by the
Company in the payment of principal, premium, if any, interest or any other
payment due on any Senior Indebtedness of the Company, as the case may be, and
any applicable grace period relating to such default has ended and such default
has not been cured or waived or ceased to exist, or in the event that the
maturity of any Senior Indebtedness of the Company, as the case may be, has been
accelerated because of a default, then, in either case, no payment shall be made
by the Company with respect to the principal (including redemption payments) of,
or premium, if any, or interest on, the Securities or to acquire any of the
Securities (except sinking fund payments, if any, made in Securities acquired by
the Company prior to such default).

            In the event that, notwithstanding the foregoing, any payment shall
be received by the Trustee, by any Holder or by any Paying Agent (or, if the
Company is acting as its own Paying Agent, money for any such payment is
segregated and held in trust) when such payment is prohibited by the preceding
paragraph of this Section 14.2, before all Senior Indebtedness of the Company is
paid in full, or provision is made for such payment in money in accordance with
its terms, such payment shall be held in trust for the benefit of, and shall be
paid over or delivered to, the holders of Senior Indebtedness of the Company or
their respective representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Indebtedness may have been
issued, as their respective interests may appear, ratably according to the
aggregate amount remaining unpaid on account of the principal, premium, interest
or any other payment due on the

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Senior Indebtedness held or represented by each, for application to the payment
of all Senior Indebtedness of the Company, as the case may be, remaining unpaid
to the extent necessary to pay such Senior Indebtedness in full in money in
accordance with its terms, after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of such Senior Indebtedness,
but only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing
within 90 days of such payment of the amounts then due and owing on the Senior
Indebtedness and only the amounts specified in such notice to the Trustee shall
be paid to the holders of Senior Indebtedness.

SECTION 14.3   Liquidation; Dissolution; Bankruptcy.

            Upon any payment by the Company or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution; winding-up; liquidation or reorganization of the
Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all principal, premium, if any, and interest
due or to become due on all Senior Indebtedness of the Company shall first be
paid in full, or payment thereof provided for in money in accordance with its
terms, before any payment is made by the Company on account of the principal
(and premium, if any) or interest on the Securities; and upon any such
dissolution or winding-up or liquidation or reorganization, any payment by the
Company, or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the Holders of the Securities
or the Trustee would be entitled to receive, except for the provisions of this
Article XIV, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the Holders of the Securities or by the Trustee under this
Indenture if received by them or it, directly to the holders of Senior
Indebtedness of the Company (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness held by such holders, as calculated by
the Company) or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, as their respective interests may
appear, to the extent necessary to pay such Senior Indebtedness in full, in
money or money's worth, after giving effect to any concurrent payment or
distribution to or for the holders of such Senior Indebtedness, before any
payment or distribution is made to the Holders of Securities or to the Trustee.

            In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character on any Security,
whether in cash, property or securities, prohibited by the foregoing, shall be
received by the Trustee, by any Holder or by any Paying Agent (or, if the
Company is acting as its own Paying Agent, money for any such payment is
segregated and held in trust) before all Senior Indebtedness of the Company is
paid in full, or provision is made for such payment in money in accordance with
its terms, such payment or distribution shall be held in trust for the benefit
of and shall be paid over or delivered to the holders of such Senior
Indebtedness or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, ratably
according to the aggregate amount remaining unpaid on account of the principal,
premium, interest or any other payment due on the Senior Indebtedness held or
represented by each, as calculated by the Company, for application to the
payment of all Senior Indebtedness of the Company, as the case may be, remaining
unpaid to the extent necessary to pay such Senior Indebtedness in full in money
in accordance with its terms, after giving effect to

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any concurrent payment or distribution to or for the benefit of the holders of
such Senior Indebtedness.

            For purposes of this Article XIV, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XIV with respect
to the Securities to the payment of all Senior Indebtedness of the Company, as
the case may be, that may at the time be outstanding, provided that (i) such
Senior Indebtedness is assumed by the new corporation, if any, resulting from
any such reorganization or readjustment, and (ii) the rights of the holders of
such Senior Indebtedness are not, without the consent of such holders, altered
by such reorganization or readjustment. The consolidation of the Company with,
or the merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the
terms and conditions provided for in Article VIII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 14.3 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
III. Nothing in Section 14.2 or in this Section 14.3 shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 6.7.

SECTION 14.4   Subrogation.

            Subject to the payment in full of all Senior Indebtedness of the
Company, the rights of the Holders of the Securities shall be subrogated to the
rights of the holders of such indebtedness to receive payments or distributions
of cash, property or securities of the Company, as the case may be, applicable
to such Senior Indebtedness until the principal of (and premium, if any) and
interest on the Securities shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior
Indebtedness of any cash, property or securities to which the Holders of the
Securities or the Trustee would be entitled except for the provisions of this
Article XIV, and no payment over pursuant to the provisions of this Article XIV
to or for the benefit of the holders of such Senior Indebtedness by Holders of
the Securities or the Trustee, shall, as between the Company, its creditors
other than Holders of Senior Indebtedness of the Company, and the holders of the
Securities, be deemed to be a payment by the Company to or on account of such
Senior Indebtedness. It is understood that the provisions of this Article XIV
are and are intended solely for the purposes of defining the relative rights of
the Holders of the Securities, on the one hand, and the holders of such Senior
Indebtedness on the other band.

            Nothing contained in this Article XIV or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior Indebtedness of the Company, and the
Holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the principal of (and
premium, if any) and interest on the Securities as and when the same shall
become due and payable in accordance with their terms, or is intended to or
shall affect the relative rights of the Holders of the Securities and creditors
of the Company, as the case may be, other than the holders of Senior
Indebtedness of the Company, as the case may be, nor shall anything herein or
therein prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under the Indenture,
subject to the rights, if any, under this

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Article XIV of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company, as the case may be, received upon the
exercise of any such remedy.

            Upon any payment or distribution of assets of the Company referred
to in this Article XIV, the Trustee, subject to the provisions of Section 6.1,
and the Holders of the Securities shall be entitled to conclusively rely upon
any order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the Holders of the Securities, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, as the case may be, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article XIV.

SECTION 14.5   Trustee to Effectuate Subordination.

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

SECTION 14.6   Notice by the Company.

            The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article XIV. Notwithstanding the
provisions of this Article XIV or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Securities pursuant to the provisions of this Article XIV, unless
and until a Responsible Officer of the Trustee shall have received written
notice thereof from the Company or a holder or holders of Senior Indebtedness or
their representative or representatives or from any trustee therefor; and before
the receipt of any such written notice, the Trustee, subject to the provisions
of Section 6.1, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have received the notice
provided for in this Section 14.6 at least two Business Days prior to the date
upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal of (or premium, if
any) or interest on any Security), then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to
receive such money and to apply the same to the purposes for which they were
received, and shall not be affected by any notice to the contrary that may be
received by it within two Business Days prior to such date.

            The Trustee, subject to the provisions of Section 6.1, shall be
entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness of the
Company, as the case may be (or a trustee on behalf of such holder), to
establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required with
respect to the right of any Person as a holder of such Senior

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Indebtedness to participate in any payment or distribution pursuant to this
Article XIV, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior
Indebtedness held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article XIV, and, if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

SECTION 14.7   Rights of the Trustee; Holders of Senior Indebtedness.

            The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article XIV in respect of any Senior Indebtedness at
any time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of
its rights as such holder.

            With respect to the holders of Senior Indebtedness of the Company,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XIV, and no implied
covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be
deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and,
subject to the provisions of Section 6.1, the Trustee shall not be liable to any
holder of such Senior Indebtedness if it shall pay over or deliver to Holders of
Securities, the Company or any other Person money or assets to which any holder
of such Senior Indebtedness shall be entitled by virtue of this Article XIV or
otherwise.

SECTION 14.8   Subordination May Not Be Impaired.

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

            Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Indebtedness of the Company may, at any time
and from time to time, without the consent of or notice to the Trustee or the
Holders of the Securities, without incurring responsibility to the Holders of
the Securities and without impairing or releasing the subordination provided in
this Article XIV or the obligations hereunder of the Holders of the Securities
to the holders of such Senior Indebtedness, do any one or more of the following:
(i) change the manner, place or terms of payment or extend the time of payment
of, or renew or alter, such Senior Indebtedness, or otherwise amend or
supplement in any manner such Senior Indebtedness or any instrument evidencing
the same or any agreement under which such Senior Indebtedness is outstanding;
(ii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing such Senior Indebtedness; (iii) release any
Person liable in any manner for the collection of such Senior Indebtedness; and
(iv) exercise or refrain from exercising any rights against the Company, as the
case may be, and any other Person.

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                                   ARTICLE XV

                                  MISCELLANEOUS

SECTION 15.1   Acknowledgement of Rights

            The Company acknowledges that, with respect to any Securities held
by a Financing Trust or a trustee of such Trust, if the Institutional Trustee of
such Financing Trust fails to enforce its rights under this indenture as the
Holder of the series of Securities held as the assets of such Financing Trust,
any holder of Preferred Securities of such Financing Trust may institute legal
proceedings directly against the Company to enforce such institutional Trustee's
rights under this Indenture without first instituting any legal proceedings
against such Institutional Trustee or any other person or entity.

            Notwithstanding the foregoing, if an Event of Default has occurred
and is continuing and such event is attributable to the failure of the Company
to pay interest or principal on the applicable series of Securities on the date
such interest or principal is otherwise payable (or in the case of redemption,
on the redemption date), the Company acknowledges that a holder of Trust
Securities issued by a Financing Trust which is, or the Institutional Trustee of
which is, the Holder of such Securities may directly institute a proceeding for
enforcement of payment to such holder of the principal of or interest on the
applicable series of Securities having a principal amount equal to the aggregate
liquidation amount of the Trust Securities of such holder (a "Direct Action") on
or after the respective due date specified of such holder on or after the
respective due date specified in the applicable series of Securities.
Notwithstanding any payments made to such holder of Trust Securities by the
Company in connection with a Direct Action, the Company shall remain obligated
to pay the principal of or interest on the series of Securities held by a
Financing Trust or the Institutional Trustee of a Financing Trust, and the
Company shall be subrogated to the rights of the holder of such Trust Securities
to the extent of any payments made by the Company to such holder in any Direct
Action.

                                     * * * *

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

            IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed, and their respective corporate seals to be hereunto affixed
and attested, all as of the day and year first above written.

                                            TRAVELERS PROPERTY CASUALTY CORP.

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

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Attest:

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

                                            THE BANK OF NEW YORK,
                                               As Trustee

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

Attest:

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

                                       71

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