Document:

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                                                                Exhibit 4(i)(ii)

                   NEW YORK COMMUNITY BANCORP, INC., AS ISSUER

                                       AND

                      WILMINGTON TRUST COMPANY, AS TRUSTEE

                                    INDENTURE

                          DATED AS OF ________________

                         JUNIOR SUBORDINATED DEBENTURES

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                               TABLE OF CONTENTS
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<S>                                                                                                   <C>
ARTICLE 1         DEFINITIONS AND INCORPORATION BY REFERENCE .......................................    1

         SECTION 1.01.         DEFINITIONS .........................................................    1

         SECTION 1.02.         OTHER DEFINITIONS ...................................................    6

         SECTION 1.03.         INCORPORATION BY REFERENCE OF TIA ...................................    6

         SECTION 1.04.         RULES OF CONSTRUCTION ...............................................    6

         SECTION 1.05.         ACTS OF HOLDERS AND HOLDERS OF PREFERRED SECURITIES .................    7

ARTICLE 2         THE DEBENTURES ...................................................................    8

         SECTION 2.01.         AMOUNT UNLIMITED; ISSUABLE IN SERIES ................................    8

         SECTION 2.02.         PAYMENT OF PRINCIPAL AND INTEREST ...................................   10

         SECTION 2.03.         EXECUTION, AUTHENTICATION AND DELIVERY ..............................   12

         SECTION 2.04.         REGISTRAR AND PAYING AND CONVERSION AGENTS ..........................   14

         SECTION 2.05.         PAYING AGENT TO HOLD MONEY IN TRUST .................................   14

         SECTION 2.06.         DEBENTUREHOLDER LISTS ...............................................   15

         SECTION 2.07.         TRANSFER AND EXCHANGE ...............................................   15

         SECTION 2.08.         REPLACEMENT DEBENTURES ..............................................   16

         SECTION 2.09.         OUTSTANDING DEBENTURES; DETERMINATIONS OF HOLDERS' ACTION ...........   16

         SECTION 2.10.         TEMPORARY DEBENTURES ................................................   17

         SECTION 2.11.         BOOK-ENTRY SYSTEM ...................................................   17

         SECTION 2.12.         CANCELLATION ........................................................   18

ARTICLE 3         REDEMPTION .......................................................................   19

         SECTION 3.01.         REDEMPTION: NOTICE TO TRUSTEE .......................................   19

         SECTION 3.02.         SELECTION OF DEBENTURES TO BE REDEEMED ..............................   19

         SECTION 3.03.         NOTICE OF REDEMPTION ................................................   19

         SECTION 3.04.         EFFECT OF NOTICE OF REDEMPTION ......................................   20

         SECTION 3.05.         DEPOSIT OF REDEMPTION PRICE .........................................   20

         SECTION 3.06.         DEBENTURES REDEEMED IN PART .........................................   20

ARTICLE 4         COVENANTS ........................................................................   21

         SECTION 4.01.         PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST ..........................   21

         SECTION 4.02.         COVENANT IN EVENT OF AN EVENT OF DEFAULT
                               OR DURING AN EXTENSION PERIOD .......................................   22

         SECTION 4.03.         SEC REPORTS .........................................................   22
</TABLE>

                                        i

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                               TABLE OF CONTENTS
                                  (continued)
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         SECTION 4.04.     COMPLIANCE CERTIFICATES .................................................   23

         SECTION 4.05.     FURTHER INSTRUMENTS AND ACTS ............................................   23

         SECTION 4.06.     PAYMENT OF EXPENSES OF EACH TRUST .......................................   23

         SECTION 4.07.     OWNERSHIP OF COMMON SECURITIES ..........................................   23

ARTICLE 5         SUCCESSOR CORPORATION ............................................................   24

         SECTION 5.01.     WHEN THE COMPANY MAY MERGE, ETC. ........................................   24

ARTICLE 6         DEFAULTS AND REMEDIES ............................................................   24

         SECTION 6.01.     EVENTS OF DEFAULT .......................................................   24

         SECTION 6.02.     ACCELERATION ............................................................   25

         SECTION 6.03.     OTHER REMEDIES ..........................................................   26

         SECTION 6.04.     WAIVER OF PAST DEFAULTS .................................................   27

         SECTION 6.05.     CONTROL BY HOLDERS ......................................................   27

         SECTION 6.06.     LIMITATION ON SUITS .....................................................   27

         SECTION 6.07.     UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE
                           PRINCIPAL, PREMIUM AND INTEREST .........................................   28

         SECTION 6.08.     DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES ............   28

         SECTION 6.09.     COLLECTION SUITS BY THE TRUSTEE .........................................   29

         SECTION 6.10.     TRUSTEE MAY FILE PROOFS OF CLAIM ........................................   29

         SECTION 6.11.     PRIORITIES ..............................................................   30

         SECTION 6.12.     UNDERTAKING FOR COSTS ...................................................   30

ARTICLE 7         THE TRUSTEE ......................................................................   30

         SECTION 7.01.     DUTIES AND RESPONSIBILITIES OF THE TRUSTEE ..............................   30

         SECTION 7.02.     RIGHTS OF THE TRUSTEE ...................................................   31

         SECTION 7.03.     NOT RESPONSIBLE FOR RECITALS OR ISSUANCES OF DEBENTURES .................   32

         SECTION 7.04.     NOTICE OF DEFAULTS ......................................................   33

         SECTION 7.05.     REPORTS BY TRUSTEE TO HOLDERS ...........................................   33

         SECTION 7.06.     COMPENSATION AND INDEMNITY ..............................................   33

         SECTION 7.07.     ELIGIBILITY; DISQUALIFICATION ...........................................   34

         SECTION 7.08.     RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR .......................   34

         SECTION 7.09.     ACCEPTANCE OF APPOINTMENT BY SUCCESSOR ..................................   36

         SECTION 7.10.     SUCCESSOR TRUSTEE BY MERGER .............................................   37
</TABLE>

                                       ii

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                               TABLE OF CONTENTS
                                  (continued)
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<S>                     <C>                                                                          <C>
ARTICLE 8               SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEYS ......   37

         SECTION 8.01.         SATISFACTION AND DISCHARGE OF INDENTURE. ............................   37

         SECTION 8.02.         DEFEASANCE ..........................................................   38

         SECTION 8.03.         CONDITIONS TO DEFEASANCE ............................................   39

         SECTION 8.04.         APPLICATION BY TRUSTEE OF FUNDS DEPOSITED FOR PAYMENT OF
                               DEBENTURES ..........................................................   40

         SECTION 8.05.         REPAYMENT OF MONEYS HELD BY PAYING AGENT ............................   40

         SECTION 8.06.         RETURN OF MONEYS HELD BY THE TRUSTEE AND
                               PAYING AGENT UNCLAIMED FOR TWO YEARS ................................   40

         SECTION 8.07.         INDEMNITY FOR GOVERNMENT OBLIGATIONS ................................   40

         SECTION 8.08.         REINSTATEMENT .......................................................   40

ARTICLE 9               SUPPLEMENTAL INDENTURES ....................................................   41

         SECTION 9.01.         SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS ..................   41

         SECTION 9.02.         SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS .....................   42

         SECTION 9.03.         COMPLIANCE WITH TRUST INDENTURE ACT .................................   43

         SECTION 9.04.         REVOCATION AND EFFECT OF CONSENTS, WAIVERS AND ACTIONS ..............   43

         SECTION 9.05.         NOTATION ON OR EXCHANGE OF DEBENTURES ...............................   44

         SECTION 9.06.         EXECUTION OF SUPPLEMENTAL INDENTURES ................................   44

         SECTION 9.07.         EFFECT OF SUPPLEMENTAL INDENTURES ...................................   44

ARTICLE 10              SUBORDINATION ..............................................................   44

         SECTION 10.01.        DEBENTURES SUBORDINATED TO SENIOR INDEBTEDNESS ......................   44

         SECTION 10.02.        PRIORITY AND PAYMENT OF PROCEEDS IN
                               CERTAIN EVENTS: REMEDIES STANDSTILL .................................   44

         SECTION 10.03.        PAYMENTS WHICH MAY BE MADE PRIOR TO NOTICE ..........................   45

         SECTION 10.04.        RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS NOT TO BE IMPAIRED .........   46

         SECTION 10.05.        TRUSTEE MAY TAKE ACTION TO EFFECTUATE SUBORDINATION .................   46

         SECTION 10.06.        SUBROGATION .........................................................   46
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                                       iii

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                               TABLE OF CONTENTS
                                  (continued)

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         SECTION 10.07.        OBLIGATIONS OF COMPANY UNCONDITIONAL; REINSTATEMENT .................   47

         SECTION 10.08.        TRUSTEE ENTITLED TO ASSUME PAYMENTS NOT
                               PROHIBITED IN ABSENCE OF NOTICE .....................................   47

         SECTION 10.09.        RIGHT OF TRUSTEE TO HOLD SENIOR INDEBTEDNESS ........................   48

ARTICLE 11        MISCELLANEOUS ....................................................................   48

         SECTION 11.01.        TRUST INDENTURE ACT CONTROLS ........................................   48

         SECTION 11.02.        NOTICES .............................................................   48

         SECTION 11.03.        COMMUNICATION BY HOLDERS WITH OTHER HOLDERS .........................   49

         SECTION 11.04.        CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT ..................   49

         SECTION 11.05.        STATEMENTS REQUIRED IN CERTIFICATE OR OPINION .......................   49

         SECTION 11.06.        SEVERABILITY CLAUSE .................................................   50

         SECTION 11.07.        RULES BY TRUSTEE, PAYING AGENT AND REGISTRAR ........................   50

         SECTION 11.08.        LEGAL HOLIDAYS ......................................................   50

         SECTION 11.09.        GOVERNING LAW .......................................................   50

         SECTION 11.10.        NO RECOURSE AGAINST OTHERS ..........................................   50

         SECTION 11.11.        SUCCESSORS AND ASSIGNS ..............................................   50

         SECTION 11.12.        COUNTERPARTS ........................................................   50

         SECTION 11.13.        NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS .......................   51

         SECTION 11.14.        TABLE OF CONTENTS, HEADINGS, ETC. ...................................   51

         SECTION 11.15.        HOLDERS OF PREFERRED SECURITIES AS THIRD PARTY BENEFICIARIES ........   51

         SECTION 11.16.        BENEFITS OF THE INDENTURE ...........................................   51
</TABLE>

                                       iv

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                 Certain Sections of this Indenture relating to
                         Sections 310 through 318 of the
                           Trust Indenture Act of 1939
<TABLE>
<CAPTION>
    Trust Indenture                                      Indenture
      Act Section                                         Section
<S>                                                         <C>
Section 310(a)(1)              .....................  2.03; 7.07
           (a)(2)              .....................  2.03; 7.07
           (a)(3)              .....................  Not Applicable
           (a)(4)              .....................  Not Applicable
           (a)(5)              .....................  Not Applicable
           (b)                 .....................  7.07; 7.08
           (c)                 .....................  Not Applicable
Section 311(a)                 .....................  Not Applicable
           (b)                 .....................  Not Applicable
           (c)                 .....................  Not Applicable
Section 312(a)                 .....................  2.06
           (b)                 .....................  13.03
           (c)                 .....................  13.03
Section 313(a)                 .....................  7.05
           (b)(1)              .....................  Not Applicable
           (b)(2)              .....................  Not Applicable
           (c)                 .....................  7.05
           (d)                 .....................  7.05
Section 314(a)                 .....................  4.03, 4.04
           (b)                 .....................  Not Applicable
           (c)(1)              .....................  2.03; 13.04; 13.05
           (c)(2)              .....................  2.03; 13.04; 13.05
           (c)(3)              .....................  Not Applicable
           (d)                 .....................  Not Applicable
           (e)                 .....................  13.05
           (f)                 .....................  Not Applicable
Section 315(a)                 .....................  7.01(b); 7.02
           (b)                 .....................  7.02; 7.04; 13.02
           (c)                 .....................  7.01(a); 7.02
           (d)                 .....................  7.01(c); 7.02
           (e)                 .....................  6.12
Section 316(a)(1)(A)           .....................  6.05
           (a)(1)(B)           .....................  6.02; 6.04
           (a)(2)              .....................  Not Applicable
           (a) (last sentence) .....................  2.09
           (b)                 .....................  6.07
           (c)                 .....................  1.05
Section 317(a)(1)              .....................  6.09
           (a)(2)              .....................  6.10
           (b)                 .....................  2.05
Section 318(a)                 .....................  13.01
           (b)                 .....................  Not Applicable
           (c)                 .....................  13.01
</TABLE>

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

                                        v

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                  INDENTURE, dated as of __________, 2002 by and between New
York Community Bancorp, Inc., a corporation duly organized and existing under
the laws of the State of Delaware (the "Company"), and Wilmington Trust Company,
a banking corporation duly organized and existing under the laws of the State of
New York, as trustee (the "Trustee").

                  WHEREAS, the Company may from time to time create or establish
one or more statutory business trusts for the purpose of issuing undivided
beneficial interests in the assets thereof (the "Trust Securities") and using
the proceeds thereof to acquire the Company's Debentures (as hereinafter
defined).

                  WHEREAS, all things necessary to make the Debentures, when
duly issued and executed by the Company and authenticated and delivered
hereunder, the valid obligations of the Company, and to make this Indenture a
valid and binding agreement of the Company, enforceable in accordance with its
terms, have been done.

                  NOW THEREFORE:

                  Each of the Company and the Trustee, intending to be legally
bound hereby, agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders (as hereinafter defined) of the
securities issued hereunder:

                                   ARTICLE 1
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.     DEFINITIONS.

                  "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. When used with respect to any Person,
"control" 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.

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

                  "Board Resolution" means (i) a copy of a resolution certified
by the Secretary or the Assistant Secretary of the Company to have been duly
adopted by the Board of Directors and to be in full force and effect on the date
of such certification and delivered to the Trustee or (ii) a certificate signed
by the authorized officer or officers to whom the Board of Directors has
delegated its authority, and in each case, delivered to the Trustee.

                  "Business Day" means any day that is not a Saturday, a Sunday
or a day on which banking institutions in the City of New York or Wilmington,
Delaware are authorized or required by law, regulation or executive order to
close.

                  "Capital Stock" means any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests
in (however designated) corporate stock or similar interests in other types of
entities.

<PAGE>

                  "Company" means New York Community Bancorp, Inc., a Delaware
corporation, or any successor thereto.

                  "Company Order" means a written request or order signed in the
name of the Company by an Officer of the Company and delivered to the Trustee.

                  "Debentureholder" or "Holder" means a Person in whose name a
Debenture is registered on the Registrar's books.

                  "Debentures" shall mean any of the junior subordinated
debentures of any series issued, authenticated and delivered under this
Indenture.

                  "Declaration of Trust" means the Amended and Restated
Declaration of Trust for a Trust, among the Company, as sponsor, Wilmington
Trust Company, as Property Trustee, the Delaware Trustee named therein and the
Administrative Trustees named therein, as the same may be amended and modified
from time to time.

                  "Default" means any event which is, or after notice or passage
of time, or both, would be, an Event of Default pursuant to Section 6.01.

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

                  "Extension Period," with respect to any series of Debentures,
means any period during which the Company elects to extend the interest payment
period on such series of Debentures pursuant to Section 4.01(b); provided that
an Extension Period (or any extension thereof) must end on an Interest Payment
Date for such Debentures and may not extend beyond the Stated Maturity Date or
the Redemption Date of any Debenture of such series.

                  "GAAP" means generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board.

                  "Guarantee" means each Guarantee Agreement executed by the
Company with respect to the Preferred Securities issued by any Trust pursuant to
which the Company irrevocably and unconditionally agrees to pay the Guarantee
Payments (as defined in such Guarantee Agreement) to the holders of such
Preferred Securities.

                  "Indebtedness" means, without duplication, (i) every
obligation of the Company for money borrowed; (ii) every obligation of the
Company evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of the Company with
respect to letters of credit, banker's acceptances or similar facilities issued
for the account of the Company; (iv) every obligation of the Company issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (v) every Capital Lease Obligation of the Company; (vi) all
indebtedness of the Company, whether incurred on or prior to the date of this
Indenture or thereafter incurred, for claims in respect of derivative products,
including interest rate, foreign exchange rate and commodity forward contracts,
options and swaps and similar arrangements; (vii) every obligation of the type
referred to in clauses (i) through (vi) of another Person and all dividends of
another Person the payment of which, in either case, the Company has guaranteed
or

                                        2

<PAGE>

is responsible or liable for, directly or indirectly, as obligor or otherwise;
and (viii) obligations of the type referred to in clauses (i) through (vii) of
another Person secured by any lien on any property or asset of the Company
(whether or not such obligation is assumed by the Company); and all deferrals,
renewals, extensions and refundings of, and amendments, modifications and
supplements to, any of the foregoing obligations.

                  "Indebtedness Ranking on a Parity with the Debentures" means
(i) Indebtedness, whether outstanding on the date of execution of this Indenture
or thereafter created, assumed or incurred, to the extent such Indebtedness
specifically by its terms ranks pari passu with and not prior to the Debentures
in the right of payment upon the happening of the dissolution, winding-up,
liquidation or reorganization of the Company and (ii) all other debt securities,
and guarantees in respect of those debt securities, issued to any other trust,
or a trustee of such trust, partnership or other entity affiliated with the
Company that is a financing vehicle of the Company (a "financing entity") in
connection with the issuance by such financing entity of equity securities or
other securities guaranteed by the Company pursuant to an instrument that ranks
pari passu with or junior in right of payment to the Guarantees. The securing of
any Indebtedness otherwise constituting Indebtedness Ranking on a Parity with
the Debentures shall not be deemed to prevent such Indebtedness from
constituting Indebtedness Ranking on a Parity with the Debentures.

                  "Indebtedness Ranking Junior to the Debentures" means any
Indebtedness, whether outstanding on the date of execution of this Indenture or
thereafter created, assumed or incurred, to the extent such Indebtedness by its
terms ranks junior to and not pari passu with or prior to the Debentures (and
any other Indebtedness Ranking on a Parity with the Debentures) in right of
payment upon the happening of the dissolution, winding-up, liquidation or
reorganization of the Company. The securing of any Indebtedness otherwise
constituting Indebtedness Ranking Junior to the Debentures shall not be deemed
to prevent such Indebtedness from constituting Indebtedness Ranking Junior to
the Debentures.

                  "Indenture" means this indenture, as amended or supplemented
from time to time in accordance with the terms hereof, including the provisions
of the TIA that are deemed to be a part hereof.

                  "Interest Payment Date," when used with respect to the
Debentures of any series, means the stated maturity of any installment of
interest on the Debentures of that series.

                  "Issue Date," with respect to a series of Debentures, means
the date on which the Debentures of such series are originally issued.

                  "Office" or "Agency," with respect to any Debentures, means an
office or agency of the Company maintained or designated in a Place of Payment
for such Debentures pursuant to Section 2.04 or any other office or agency of
the Company maintained or designated for such Debentures pursuant to Section
2.04 or, to the extent designated or required by Section 2.04 in lieu of such
office or agency, the Corporate Trust Office of the Trustee.

                  "Officer" means, with respect to any corporation, any Chief
Executive Officer, the Chief Financial Officer, the President, any Vice
President, the Treasurer, any Assistant Treasurer, the Secretary or any
Assistant Secretary of such corporation.

                  "Officer's Certificate" means a certificate signed by the
Chief Executive Officer, the Chief Financial Officer, the President or a Vice
President of the Company, that complies with the requirements of Sections 11.04
and 11.05 and is delivered to the Trustee.

                                        3

<PAGE>

                  "Opinion of Counsel" means a written opinion of counsel, who
may be an employee of the Company, or any other counsel who shall be reasonably
acceptable to the Trustee and provided that the General Counsel and the
Assistant General Counsel of the Company shall be deemed to be reasonably
acceptable to the Trustee, containing the applicable information specified in
Sections 11.04 and 11.05.

                  "Paying Agent" means any Person authorized by the Company to
pay the principal of and premium, if any, and interest on the Debentures of any
series on behalf of the Company.

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

                  "Predecessor Debentures" of any particular Debenture means
every previous Debenture evidencing all or a portion of the same debt as that
evidenced by such particular Debenture; and for purposes of this definition, any
Debenture authenticated and delivered under Section 2.08 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Debenture shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Debenture.

                  "Preferred Securities" means the preferred securities of a
Trust, representing undivided beneficial interests in the assets of such Trust.

                  "Record Date," with respect to any series of the Debentures,
means the Regular Record Date, the Special Record Date or any date set to
determine the Holders of Debentures of such series entitled to vote, consent,
make a request or exercise any other right associated with such Debentures.

                  "Redemption Date," with respect to the Debentures of any
series to be redeemed, means the date specified for the redemption thereof in
accordance with the terms thereof and pursuant to Article 3 of this Indenture.

                  "Redemption Price," with respect to the Debentures of any
series to be redeemed, means the price at which such Debenture is to be redeemed
in accordance with the terms thereof and pursuant to Article 3 of this
Indenture.

                  "Regular Record Date," with respect to an Interest Payment
Date for the Debentures of a series, means the date specified for such
Debentures for the determination of Holders entitled to receive the payment of
interest on such Interest Payment Date.

                  "Responsible Officer," when used with respect to the Trustee,
means any Senior Vice President, any Vice President, any Assistant Vice
President, any Trust Officer, or Assistant Trust Officer or any other officer of
the Corporate Trust Department of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of that officer's knowledge of and
familiarity with the particular subject.

                  "SEC" means the Securities and Exchange Commission.

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

                                        4

<PAGE>

                  "Security Exchange," when used with respect to the Debentures
of any series which are held as assets of a Trust pursuant to the Declaration of
Trust of such Trust, means the distribution of the Debentures of such series by
such Trust to the holders of the Trust Securities of such Trust in exchange for
such Trust Securities upon certain events described in the applicable
Declaration of Trust of such Trust.

                  "Senior Indebtedness" means all Indebtedness, whether
outstanding on the date of execution of this Indenture or thereafter created,
assumed or incurred, except Indebtedness Ranking on a Parity with the Debentures
or Indebtedness Ranking Junior to the Debentures.

                  A "series" of Debentures means all Debentures denoted as part
of the same series authorized by or pursuant to a particular Board Resolution or
a supplemental indenture.

                  "Special Record Date" for the payment of any Defaulted
Interest on the Debentures of any series means the date determined pursuant to
Section 2.02.

                  "Stated Maturity Date," with respect to the Debentures of any
series, means the date specified for such Debentures as the date on which the
principal of such Debenture is due and payable.

                  "Subsidiary" means any corporation, association, partnership,
trust, limited liability company or other business entity of which more than 50%
of the total voting power of shares of Capital Stock or other interests
(including partnership interests) entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers, trustees or the
governing individuals or body thereof is at the time owned or controlled,
directly or indirectly, by (i) the Company, (ii) the Company and one or more
Subsidiaries, or (iii) one or more Subsidiaries.

                  "TIA" means the Trust Indenture Act of 1939, as amended and as
in effect on the date of this Indenture; provided, however, that if such Act is
amended after such date, TIA means, to the extent required by any such
amendment, such Act as so amended.

                  "Trust" means any statutory business trust created or
established by the Company to issue Trust Securities and to use the proceeds
from the sale thereof to purchase Debentures.

                   "Trust Securities" means the undivided beneficial interests
in the assets of a Trust.

                  "Trustee" means the Person named as "Trustee" in the first
paragraph of this Indenture, until a successor replaces it pursuant to the
applicable provisions of this Indenture and, thereafter, shall mean such
successor, and if at any time there is more than one such Person, "Trustee" as
used with respect to Debentures of any series shall mean the Trustee with
respect to Debentures of that series.

                  "U.S. Government Obligations" means direct obligations (or
certificates representing an ownership interest in such obligations) of the
United States of America (including any agency or instrumentality thereof) for
the payment of which the full faith and credit of the United States of America
is pledged and which are not callable at the issuer's option.

                                        5

<PAGE>

                  "Wholly Owned Subsidiary" means a Subsidiary all the Capital
Stock of which (other than directors' qualifying shares) is owned by the Company
or another Wholly Owned Subsidiary.

SECTION 1.02.     OTHER DEFINITIONS.

Term                                                    Defined in Section
----                                                    ------------------
"Act" .................................................        1.05
"Bankruptcy Law" ......................................        6.01
"Conversion Agent" ....................................        2.04
"Custodian" ...........................................        6.01
"Defaulted Interest" ..................................        2.02
"Depository" ..........................................        2.11
"Direct Action" .......................................        6.08
"Event of Default" ....................................        6.01
"Global Debenture" ....................................        2.11
"Legal Holiday" .......................................       11.08
"Notice of Default" ...................................        6.01
"Property Trustee" ....................................        6.01
"Register" ............................................        2.04
"Registrar" ...........................................        2.04
"Successor" ...........................................        5.01

SECTION 1.03.     INCORPORATION BY REFERENCE OF TIA.

                  Whenever this Indenture refers to a provision of the TIA, such
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

                  "indenture securities" means the Debentures.

                  "indenture security holder" means a Debentureholder or Holder.

                  "indenture to be qualified" means this Indenture.

                  "indenture trustee" or "institutional trustee" means the
Trustee.

                  "obligor" on the indenture securities means the Company and
any other obligor on the Debentures.

                  All other TIA terms used in this Indenture that are defined by
the TIA, defined by TIA reference to another statute or defined by SEC rule have
the meanings assigned to them by such definitions.

SECTION 1.04.     RULES OF CONSTRUCTION.

     (a) Unless the context otherwise requires:

          (i) each capitalized term has the meaning assigned to it;

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               (ii) an accounting term not otherwise defined has the meaning
          assigned to it in accordance with GAAP;

               (iii) "or" is not exclusive;

               (iv) "including" means including, without limitation;

               (v) words in the singular include the plural, and words in the
          plural include the singular; and

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

     (b) To the extent any provision in an indenture supplemental hereto shall
conflict with a provision contained herein, the provision in such supplemental
indenture shall supersede such provision contained herein.

SECTION 1.05.     ACTS OF HOLDERS AND HOLDERS OF PREFERRED SECURITIES.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders or by
holders of Preferred Securities may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders or holders of
Preferred Securities, as applicable, 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 Holders or holders of
Preferred Securities 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 conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

     Without limiting the generality of this Section, unless otherwise provided
in or pursuant to this Indenture, a Holder, including a Depository that is a
Holder of a Global Debenture, may make, give or take, by a proxy, or proxies,
duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in or pursuant to this
Indenture to be made, given or taken by Holders, and a Depository that is a
Holder of a Global Debenture may provide its proxy or proxies to the beneficial
owners of interests in any such Global Debenture through such Depository's
standing instructions and customary practices.

     (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved in any manner which the Trustee deems sufficient.

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

     (d) Any Act of the Holder of any Debenture shall bind every future Holder
of the same Debenture and the Holder of every Debenture issued upon the transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by

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<PAGE>

the Trustee or the Company in reliance thereon, whether or not notation of such
action is made upon such Debenture.

               (e) If the Company solicits from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, by or pursuant to a resolution of its Board of Directors,
fix in advance a Record Date for the determination of Holders entitled to give
such Act, but the Company shall have no obligation to do so. If such a Record
Date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other action may be given before or after such Record Date, but only
Holders of record at the close of business on such Record Date shall be deemed
to be Holders for the purposes of determining whether Holders of the requisite
proportion of outstanding Debentures have authorized or agreed or consented to
such Act, and for that purpose the outstanding Debentures shall be computed as
of such Record Date.

                                   ARTICLE 2
                                 THE DEBENTURES

SECTION 2.01.     AMOUNT UNLIMITED; ISSUABLE IN SERIES.

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

                  The Debentures may be issued in one or more series in an
amount not to exceed the aggregate principal amount of Debentures of that series
from time to time authorized by or pursuant to a Board Resolution, or pursuant
to one or more indentures supplemental hereto, prior to the initial issuance of
Debentures of a particular series.

                  With respect to any Debentures of each series to be
authenticated and delivered hereunder, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer's Certificate, or established
in one or more indentures supplemental hereto:

                  (a)      the title of the Debentures of the series (which
shall distinguish the Debentures of the series from all other Debentures);

                  (b)      the aggregate principal amount of the Debentures of
that series which may be authenticated and delivered under this Indenture
(except for Debentures authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Debentures of that series) and any
limit thereon;

                  (c)      Stated Maturity Date or Dates, which may be serial
and the Company's option, if any, to change the Stated Maturity Date or Dates;

                  (d)      the rate or rates (which may be fixed or variable)
at which the Debentures of the series shall bear interest or the manner of
calculation of such rate or rates, if any (including the adjustment that would
occur upon any remarketing of Trust Securities);

                  (e)      the percentage of principal amount at which the
Debentures shall be issued;

                  (f)      the basis upon which interest shall be computed if
other than a 360-day year composed of twelve 30-day months;

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<PAGE>

     (g) the date or dates from which such interest shall accrue, the Interest
Payment Dates on which such interest will be payable or the manner of
determination and frequency of such Interest Payment Dates and the Regular
Record Dates therefor;

     (h) the right, if any, to extend the interest payment periods and the
duration of any such Extension Period, including the maximum consecutive period
during which interest payment periods may be extended;

     (i) Issue Date or Dates;

     (j) authorized denominations;

     (k) the place or places for the payment of principal and premium, if any,
and interest;

     (l) the date or dates on which or the period or periods within which, the
price or prices at which, and the terms and conditions upon which, Debentures of
the series may be redeemed, in whole or in part, at the option of the Company;

     (m) the obligation, if any, of the Company to redeem or purchase Debentures
of the series pursuant to any sinking fund or analogous provisions (including
payments made in cash in anticipation of future sinking fund obligations) or at
the option of a Holder and the date or dates on which or the period or periods
within which, the price or prices at which, and the terms and conditions upon
which, Debentures of the series shall be redeemed or purchased, in whole or in
part, pursuant to such obligation;

     (n) the form of the Debentures of the series, including the form of the
Certificate of Authentication for such series;

     (o) the right or obligation of any Holder or the Company or the applicable
Trust to convert or exchange any Debenture into other securities of the Company
or such Trust and the terms and conditions of any such conversion or exchange
and, if so provided, the terms and conditions upon which such conversion or
exchange will be effected, including, the conversion or exchange price, the
conversion or exchange date(s) or period(s), provisions as to whether conversion
or exchange will be at the option of the Holder or the Company or such Trust,
the events requiring adjustment of the conversion or exchange price and
provisions affecting conversion or exchange in the event of redemption of the
Debenture of any series and any deletions from or modifications or additions to
this Indenture to permit or to facilitate the issuance of such convertible or
exchangeable Debentures or the administration thereof;

     (p) whether the Debentures are issuable as a Global Debenture and, in such
case, the identity of the Depository for such series;

     (q) if other than denominations of one thousand U.S. dollars ($1,000) or
any integral multiple thereof, the denominations in which the Debentures shall
be issuable;

     (r) the terms and conditions, if any, pursuant to which the Debentures of a
series are secured;

     (s) any and all other terms with respect to such series (which terms shall
not be inconsistent with the terms of this Indenture); and

                                        9

<PAGE>

     (t) the name of the applicable Trust (which shall distinguish such
statutory business trust from all other Trusts) to which the Debentures of such
series are to be deposited as assets and the date of its Declaration of Trust.

     The Debentures of any series and the Trustee's Certificate of
Authentication to be borne by such Debentures shall be substantially of the
tenor and purport as set forth in one or more indentures supplemental hereto or
as provided in a Board Resolution and as set forth in an Officer's Certificate,
and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation
of any stock exchange on which Debentures of that series may be listed, or to
conform to usage.

     All Debentures of any one series shall be substantially identical except as
may otherwise be provided by the Company in or pursuant to the Board Resolution
and set forth in the Officer's Certificate or in any indenture or indentures
supplemental hereto pertaining to such series of Debentures. The terms of the
Debentures of any series may provide, without limitation, that the Debentures
shall be authenticated and delivered by the Trustee on original issue from time
to time upon telephonic or written order of persons designated in the Officer's
Certificate or supplemental indenture (telephonic instructions to be promptly
confirmed in writing by such person) and that such persons are authorized to
determine, consistent with such Officer's Certificate or any applicable
supplemental indenture, such terms and conditions of the Debentures of such
series as are specified in such Officer's Certificate or supplemental indenture.
All Debentures of any one series need not be issued at the same time and, unless
otherwise so provided by the Company, a series may be reopened for issuances of
additional Debentures of such series or to establish additional terms of such
series of Debentures.

     If any of the terms of the Debentures of any series shall be established by
action taken by or pursuant to a Board Resolution, the Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officer's
Certificate setting forth the terms of such series.

SECTION 2.02.     PAYMENT OF PRINCIPAL AND INTEREST.

     Unless otherwise specified pursuant to Section 2.01(e), interest on the
Debentures shall be computed on the basis of a 360-day year composed of twelve
30-day months.

     Unless otherwise provided with respect to a series of Debentures,

     (a) the principal and Redemption Price of and interest on each Debenture
shall be payable in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts;

     (b) the principal and Redemption Price of any Debenture and interest
payable on the Stated Maturity Date (if other than an Interest Payment Date) or
Redemption Date shall be payable upon surrender of such Debenture at the Office
or Agency of any Paying Agent therefor; and

     (c) interest on any Debenture shall be paid on each Interest Payment Date
therefor to the Holder thereof at the close of business on the Record Date
therefor, such interest to be payable by check mailed to the address of the
Person entitled thereto as such address appears

                                       10

<PAGE>

on the Register; provided, however, that payments made in respect of Global
Debentures shall be made in immediately available funds to the Depository.

                    Except as specified pursuant to Section 2.01 or Section
4.01(b), interest on any Debenture 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 Debenture (or one or more Predecessor Debentures) is registered
at the close of business on the Regular Record Date for such interest. Any
interest on any Debenture which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called "Defaulted Interest")
shall forthwith cease to be payable to the Holder on the relevant Regular Record
Date by virtue of having been such Holder, and such Defaulted Interest may be
paid by the Company, at its election in each case, as provided in clause (i) and
(ii) below:

                         (i) The Company may elect to make payment of any
                    Defaulted Interest to the Persons in whose names the
                    Debentures (or their respective Predecessor Debentures) 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, not less
                    than 15 Business Days prior to the date of the proposed
                    payment, notify the Trustee and the Paying Agent in writing
                    of the amount of Defaulted Interest proposed to be paid on
                    each Debenture and the date of the proposed payment, and at
                    the same time the Company shall deposit with the Paying
                    Agent 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 Paying Agent 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 provided
                    in this clause. The Special Record Date for the payment of
                    such Defaulted Interest shall be the close of business not
                    more than 15 nor less than 10 days prior to the date of the
                    proposed payment. The Trustee shall, in the name and at the
                    expense of the Company, cause notice of the proposed payment
                    of such Defaulted Interest and the Special Record Date
                    therefor to be given to the Holders thereof, 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 given, such Defaulted
                    Interest shall be paid to the Persons in whose names the
                    Debentures (or their respective Predecessor Debentures) are
                    registered at the close of business on such Special Record
                    Date and shall no longer be payable pursuant to the
                    following clause (ii).

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

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

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<PAGE>

     If any convertible Debenture of any series is converted after any Regular
Record Date and on or prior to the next succeeding Interest Payment Date (other
than any Debenture with respect to which the Stated Maturity Date is prior to
such Interest Payment Date), interest that is due on such Interest Payment Date
shall be payable on such Interest Payment Date notwithstanding such conversion,
and such interest (whether or not punctually paid or duly provided for) shall be
paid to the Person in whose name that Debenture is registered at the close of
business on such Regular Record Date. Except as otherwise expressly provided in
the immediately preceding sentence, in the case of any Debenture that is
converted, interest shall not be payable if the Regular Record Date is after the
date of conversion of such Debenture.

SECTION 2.03.     EXECUTION, AUTHENTICATION AND DELIVERY.

     (a) The Debentures shall be executed on behalf of the Company by either of
its Co-Chief Executive Officers, its Chief Financial Officer, its President or
one of its Vice Presidents. The signature of any such Officer on the Debentures
may be manual or facsimile.

     (b) Debentures bearing the manual or facsimile signature of an individual
who was at any time a proper Officer of the Company shall bind the Company,
notwithstanding that any such individual shall have ceased to hold such office
prior to the authentication and delivery of such Debentures or did not hold such
office at the date of such Debentures.

     (c) No Debenture shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose unless there appears on such Debenture a
Certificate of Authentication duly executed by the Trustee by manual signature
of a Responsible Officer, and such Certificate of Authentication upon any
Debenture shall be conclusive evidence, and the only evidence, that such
Debenture has been duly authenticated and made available for delivery hereunder.

     (d) The Trustee shall authenticate and deliver Debentures of a series, for
original issue, at one time or from time to time in accordance with the Company
Order referred to below, upon receipt by the Trustee of:

          (i) a Board Resolution as required by Section 2.01;

          (ii) a Company Order requesting the authentication and delivery of
          such Debentures and stating the identity of the applicable Trust and
          the aggregate liquidation amount of the Trust Securities to be issued
          by such Trust concurrently with such Debentures;

          (iii) an Officer's Certificate or, unless previously delivered, a
          supplemental indenture hereto setting forth the form of such
          Debentures and, except as set forth in a Board Resolution,
          establishing the terms thereof;

          (iv) such Debentures, executed on behalf of the Company in accordance
          with clause (a) of this Section;

          (v) an Opinion of Counsel to the effect that:

               (1) the form or forms of such Debentures have been duly
          authorized by the Company and have been established in conformity with
          the provisions of this Indenture;

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<PAGE>

               (2) such Debentures, when authenticated and delivered by the
          Trustee and issued and delivered by the Company in the manner and
          subject to any conditions specified in such Opinion of Counsel, will
          have been duly issued under this Indenture and will constitute valid
          and legally binding obligations of the Company, entitled to the
          benefits provided by this Indenture, and enforceable in accordance
          with their terms, subject, as to enforcement to laws relating to or
          affecting generally the enforcement of creditors' rights, including,
          without limitation, bankruptcy and insolvency laws and to general
          principles of equity (regardless of whether such enforceability is
          considered in a proceeding in equity or at law);

               (3) that any supplemental indenture referred to in clause (iii)
          above has been duly authorized, executed and delivered by the Company
          and is a valid instrument legally binding upon the Company,
          enforceable in accordance with its terms, subject as to enforcement to
          laws relating to or affecting creditors' rights, including without
          limitation, bankruptcy and insolvency laws and to general principles
          of equity (regardless of whether such enforceability is considered in
          a proceeding in equity or at law); and

               (4) that all consents, approvals and orders of any commission,
          governmental authority or agency required in connection with the
          issuance and delivery of such Debentures have been obtained; and

               (vi) an Officer's Certificate certifying that no Default or Event
          of Default has occurred and is continuing.

     (e) The Trustee shall act as the initial authenticating agent. Thereafter,
the Trustee may appoint an authenticating agent. Each authenticating agent shall
be acceptable to the Company and, except as provided in or pursuant to this
Indenture, shall at all times be a corporation that would be permitted by the
TIA to act as trustee under an indenture qualified under the TIA, is authorized
under applicable law and by its charter to act as an authenticating agent and
has a combined capital and surplus (computed in accordance with Section
310(a)(2) of the TIA) of at least $50,000,000. If at any time an authenticating
agent shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect specified
in this Section. An authenticating agent may authenticate Debentures whenever
the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by an authenticating agent. The Trustee shall
pay any authenticating agent appointed by the Trustee reasonable compensation
for its services and the Trustee shall be reimbursed for such payment by the
Company pursuant to Section 7.06. The provisions set forth in Sections 7.02,
7.03 and 7.06 shall be applicable to any authenticating agent.

     (f) If all the Debentures of any series are not to be issued at one time,
it shall not be necessary to deliver an Opinion of Counsel and an Officer's
Certificate at the time of issuance of each Debenture, but such opinion and
certificate, with appropriate modifications, shall be delivered at or before the
time of issuance of the first Debenture of such series. After any such first
delivery, any separate request by the Company that the Trustee authenticate
Debentures of such series for original issue will be deemed to be a
certification by the Company that all

                                       13

<PAGE>

conditions precedent provided for in this Indenture relating to authentication
and delivery of such Debentures continue to have been complied with.

SECTION 2.04.     REGISTRAR AND PAYING AND CONVERSION AGENTS.

                  The Company shall maintain or cause to be maintained, in the
City of New York, an Office or Agency where the Debentures may be presented for
registration of transfer or for exchange ("Registrar"), a Paying Agent at whose
Office the Debentures may be presented or surrendered for payment, a Conversion
Agent at whose Office the Debentures may be presented and surrendered in the
event of a conversion or exchange ("Conversion Agent"), and an Office or Agency
where notices and demands to or upon the Company in respect of the Debentures
and this Indenture may be served. The Registrar shall keep a register (the
"Register") of the Debentures and of their transfer and exchange. The Company
may have one or more co-Registrars and one or more additional Paying Agents and
Conversion Agents. The term Registrar includes any additional registrar, the
term Paying Agent includes any additional paying agent and the term Conversion
Agent includes any additional conversion agent.

                  Unless otherwise specified in or pursuant to this Indenture or
the Debentures, the Trustee shall be the initial Registrar for each series of
Debentures. The Company shall have the right to remove and replace from time to
time the Registrar for any series of Debentures; provided that no such removal
or replacement shall be effective until a successor Registrar with respect to
such series of Debentures shall have been appointed by the Company and shall
have accepted such appointment by the Company. In the event that the Trustee
shall not be or shall cease to be Registrar with respect to a series of
Debentures, it shall have the right to examine the Register for such series at
all reasonable times. There shall be only one Register for each series of
Debentures.

                  The Company shall enter into an appropriate agency agreement
with any Registrar, Paying Agent, Conversion Agent or co-Registrar (if not the
Company or the Trustee or an Affiliate of the Trustee). The agreement shall
implement the provisions of this Indenture that relate to such agent. The
Company shall give prompt written notice to the Trustee and to the Holders of
any change of location of such Office or Agency. If at any time the Company
shall fail to maintain or cause to be maintained 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
address of the Trustee set forth in Section 13.02 hereof. The Company shall
notify the Trustee of the name and address of any such agent. If the Company
fails to maintain a Registrar, Paying Agent, Conversion Agent or agent for
service of notices or demands, the Trustee shall act as such and shall be
entitled to appropriate compensation therefor pursuant to Section 7.06. The
Company or any Affiliate of the Company may act as Paying Agent, Registrar,
Conversion Agent or co-Registrar or agent for service of notices and demands.

                  The Company may also from time to time designate one or more
other Offices or Agencies where the Debentures may be presented or surrendered
for any or all such purposes and may from time to time rescind such
designations. The Company will give prompt written notice to the Trustee and to
the Holders of any such designation or rescission and of any change in location
of any such other Office or Agency.

SECTION 2.05.     PAYING AGENT TO HOLD MONEY IN TRUST.

                  Except as otherwise provided herein, prior to or on each due
date of the principal of and premium, if any, and interest on any Debenture, the
Company shall deposit with the

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<PAGE>

Paying Agent a sum of money sufficient to pay such principal, premium, if any,
and interest so becoming due. The Company shall require each Paying Agent (other
than the Trustee or the Company) to agree in writing that such Paying Agent
shall hold in trust for the benefit of Holders or the Trustee all money held by
the Paying Agent for the payment of principal of and premium, if any, and
interest on the Debentures and shall notify the Trustee of any default by the
Company in making any such payment. At any time during the continuance of any
such default, the Paying Agent shall, upon the request of the Trustee, pay to
the Trustee all money so held in trust and account for any money disbursed by
it. The Company at any time may require the Paying Agent to pay all money held
by it to the Trustee and to account for any money disbursed by it. Upon doing
so, the Paying Agent shall have no further liability for the money so paid over
to the Trustee. If the Company, a Subsidiary or an Affiliate of either of them
acts as Paying Agent, it shall segregate the money held by it as Paying Agent
and hold it as a separate trust fund.

SECTION 2.06.     DEBENTUREHOLDER LISTS.

                  The Trustee shall preserve in as current a form as is
reasonably practicable, the most recent list available to it of the names and
addresses of Debentureholders. If the Trustee is not the Registrar, the Company
shall cause to be furnished to the Trustee on or before the Record Date for each
Interest Payment Date and at such other times as the Trustee may request in
writing, within five Business Days of such request, a list, in such form as the
Trustee may reasonably require of the names and addresses of Debentureholders.

SECTION 2.07.     TRANSFER AND EXCHANGE.

                  When Debentures are presented to the Registrar or a
co-Registrar with a request to register the transfer or to exchange them for an
equal principal amount of Debentures of the same series of other authorized
denominations, the Registrar shall register the transfer or make the exchange as
requested if its reasonable requirements for such transactions are met. To
permit registrations of transfer and exchanges, the Company shall execute and
the Trustee shall authenticate Debentures, all at the Registrar's request.

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

                  The Company shall not require payment of a service charge for
any registration of transfer or exchange of Debentures, but the Company may
require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the registration of
the transfer or exchange of Debentures from the Debentureholder requesting such
transfer or exchange (other than any exchange of a temporary Debenture for a
definitive Debenture not involving any change in ownership).

                  The Company shall not be required to make, and the Registrar
need not register, transfers or exchanges of (a) any Debenture for a period
beginning at the opening of business 15 days before the mailing of a notice of
redemption of Debentures and ending at the close of business on the day of such
mailing or (b) any Debenture selected, called or being called for redemption,
except, in the case of any Debenture to be redeemed in part, the portion thereof
not to be redeemed.

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SECTION 2.08.     REPLACEMENT DEBENTURES.

                  If (a) any mutilated Debenture is surrendered to the Company
or the Trustee, or (b) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Debenture, and there is
delivered to the Company and the Trustee such Debenture or indemnity as may
reasonably be required by them to save each of them harmless, then, in the
absence of notice to the Company or the Trustee that such Debenture has been
acquired by a bona fide purchaser, the Company shall execute in exchange for any
such mutilated Debenture, or in lieu of any such destroyed, lost or stolen
Debenture, a new Debenture of the same series and of like tenor and principal
amount, bearing a number not contemporaneously outstanding, and the Trustee
shall authenticate and make such new Debenture available for delivery.

                  In case any such mutilated, destroyed, lost or stolen
Debenture has become or is about to become due and payable, or is about to be
redeemed by the Company pursuant to Article 3, the Company in its discretion
may, instead of issuing a new Debenture, pay or purchase such Debenture, as the
case may be.

                  Upon the issuance of any new Debentures 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 reasonable fees and expenses of the Trustee) in
connection therewith.

                  Every new Debenture issued pursuant to this Section in lieu of
any mutilated, destroyed, lost or stolen Debenture shall constitute an original
additional contractual obligation of the Company (whether or not the mutilated,
destroyed, lost or stolen Debenture shall be at any time enforceable) and shall
be entitled to all benefits of this Indenture equally and ratably with any and
all other Debentures duly issued hereunder.

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

SECTION 2.09.     OUTSTANDING DEBENTURES; DETERMINATIONS OF HOLDERS' ACTION.

                  Debentures outstanding at any time are all the Debentures
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those mutilated, destroyed, lost or stolen Debentures
referred to in Section 2.08, those redeemed by the Company pursuant to Article
3, and those described in this Section as not outstanding. A Debenture does not
cease to be outstanding because the Company or a Subsidiary or Affiliate thereof
holds the Debenture; provided, however, that in determining whether the Holders
of the requisite principal amount of Debentures have given or concurred in any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Debentures owned by the Company or a Subsidiary or Affiliate (other than any
Trust so long as any of the Preferred Securities of such Trust are outstanding)
shall be disregarded and deemed not to be outstanding.

                  Subject to the foregoing, only Debentures outstanding at the
time of such determination shall be considered in any such determination
(including determinations pursuant to Articles 3, 6 and 9).

                                       16

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                  If a Debenture is replaced pursuant to Section 2.08, it ceases
to be outstanding unless the Trustee receives proof reasonably satisfactory to
it that the replaced Debenture is held by a bona fide purchaser.

                  If the Paying Agent (other than the Company) holds, in
accordance with this Indenture, at the Stated Maturity Date or on a Redemption
Date, money sufficient to pay the Debentures payable on that date, then
immediately on the Stated Maturity Date or such Redemption Date, as the case may
be, such Debentures shall cease to be outstanding, and interest, if any, on such
Debentures shall cease to accrue.

SECTION 2.10.     TEMPORARY DEBENTURES.

                  The Company may execute temporary Debentures, and upon receipt
of a Company Order, the Trustee shall authenticate and make such temporary
Debentures available for delivery. Temporary Debentures shall be printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, in the same series and principal amount and of like tenor as the
definitive Debentures in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the Officers of the
Company executing such Debentures may determine, as conclusively evidenced by
their execution of such Debentures. Such temporary Debentures may be in global
form.

                  Except in the case of temporary Debentures in global form,
which shall be exchanged in accordance with the provisions thereof, after the
preparation of definitive Debentures, the temporary Debentures shall be
exchangeable for definitive Debentures of the same series upon surrender of the
temporary Debentures at the Office or Agency of the Company designated for such
purpose pursuant to Section 2.04, without charge to the Holders thereof. Upon
surrender for cancellation of any one or more temporary Debentures, the Company
shall execute a like principal amount of definitive Debentures of the same
series of authorized denominations, and the Trustee, upon receipt of a Company
Order, shall authenticate and make such Debentures available for delivery in
exchange therefor. Until so exchanged, the temporary Debentures shall in all
respects be entitled to the same benefits under this Indenture as definitive
Debentures.

SECTION 2.11.     BOOK-ENTRY SYSTEM.

                  In order to utilize a book-entry-only system for all or any
portion of the Debentures of any series, all or a portion of the Debentures of
any series may be issued in the form of one or more fully registered Debentures
of the same series for the aggregate principal amount of such Debentures (a
"Global Debenture"), which Global Debenture shall be registered in the name of
the depository (the "Depository") selected by the Company or in the name of such
Depository's nominee. Each Global Debenture shall be delivered by the Trustee to
the Depository or pursuant to the Depository's instruction and shall bear a
legend substantially to the following effect: "This Debenture may be
transferred, in whole but not in part, only to another nominee of the Depository
or to a successor Depository or to a nominee of such successor Depository."

                  Notwithstanding any other provision of this Section or of
Section 2.07, a Global Debenture may be transferred in whole but not in part and
in the manner provided in Section 2.07, only by a nominee of the Depository for
such series, or by the Depository or any such nominee of a successor Depository
for such series selected or approved by the Company or to a nominee of such
successor Depository.

                                       17

<PAGE>

                  If (a) at any time the Depository for Global Debentures of any
series of Debentures notifies the Company that it is unwilling or unable to
continue as Depository for such Global Debentures or if at any time the
Depository for such Global Debentures shall no longer be a clearing agency
registered or in good standing under the Exchange Act or other applicable
statute or regulation, and a successor Depository for such Global Debentures 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, (b) the Company
determines in its sole discretion, that the Debentures of any series shall no
longer be represented by one or more Global Debentures and delivers to the
Trustee an Officer's Certificate evidencing such determination or (c) a Default
or an Event of Default occurs and is continuing, then the provisions of this
Section shall no longer apply to the Debentures of such series. In such event,
the Company will execute and the Trustee, upon receipt of an Officer's
Certificate evidencing such determination by the Company, will authenticate and
deliver Debentures of such series and of like tenor in definitive registered
form, in authorized denominations, and in aggregate principal amount equal to
the principal amount of the Global Debentures of such series in exchange for
such Global Debentures. Upon the exchange of Global Debentures for such
Debentures in definitive registered form without coupons, in authorized
denominations, the Global Debentures shall be canceled by the Trustee. Such
Debentures in definitive registered form issued in exchange for Global
Debentures pursuant to this Section shall be registered in such names and in
such authorized denominations as the Depository, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Trustee.
The Trustee shall deliver such Debentures to the Persons in whose names such
Debentures are so registered.

                  Except as provided above or as provided in any supplemental
indenture, owners of beneficial interests in a Global Debenture shall not be
entitled to receive physical delivery of Debentures in definitive form and will
not be considered the Holders thereof for any purpose under this Indenture.

                  Members of or participants in the Depository shall have no
rights under this Indenture with respect to any Global Debenture held on their
behalf by the Depository, and such Depository or its nominee, as the case may
be, may be treated by the Company, the Trustee, and any agent of the Company or
the Trustee as the Holder of such Global Debentures 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 Depository
or impair, as between the Depository and its members or participants, the
operation of customary practices governing exercise of the rights of a Holder of
any Debenture, including without limitation the granting of proxies or other
authorization of participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under this Indenture.

SECTION 2.12.     CANCELLATION.

                  All Debentures surrendered for payment, redemption,
registration of transfer, exchange or conversion or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly canceled by the Trustee. The
Company may at any time deliver to the Trustee for cancellation any Debentures
previously authenticated and made available for delivery hereunder which the
Company may have acquired in any manner whatsoever, and all Debentures so
delivered shall be promptly canceled by the Trustee. The Company may not reissue
or issue new Debentures to replace Debentures it has paid or delivered to the
Trustee for cancellation. No Debentures shall be

                                       18

<PAGE>

authenticated in lieu of or in exchange for any Debentures canceled as provided
in this Section, except as expressly permitted by this Indenture. All canceled
Debentures held by the Trustee shall be destroyed by the Trustee, and the
Trustee shall deliver a certificate of destruction to the Company.

                                   ARTICLE 3
                                   REDEMPTION

SECTION 3.01.     REDEMPTION: NOTICE TO TRUSTEE.

          (a) The Company may redeem the Debentures of any series issued
hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01.

          (b) If any or all of the Debentures are to be redeemed pursuant to
this Section, the Company shall deliver to the Trustee no more than 60 and no
less than 45 days prior to the Redemption Date a Company Order specifying the
series and principal amount of Debentures to be redeemed and the Redemption Date
and Redemption Price for such Debentures. Such Company Order shall be
accompanied by a Board Resolution authorizing such redemption. If the Debentures
of a series are held by a Trust, the Company shall also deliver a copy of such
Company Order to the Property Trustee for such Trust.

SECTION 3.02.     SELECTION OF DEBENTURES TO BE REDEEMED.

          If less than all the outstanding Debentures of a series are to be
redeemed at any time, the Trustee shall select the Debentures of such series to
be redeemed by lot or by any other method the Trustee considers fair and
appropriate. The Trustee shall make the selection at least 30 but not more than
60 days before the Redemption Date from outstanding Debentures of such series
not previously called for redemption. Provisions of this Indenture that apply to
Debentures called for redemption also apply to portions of Debentures called for
redemption. The Trustee shall notify the Company promptly of the Debentures or
portions of Debentures to be redeemed.

SECTION 3.03.     NOTICE OF REDEMPTION.

          At least 30 days but not more than 60 days before the Redemption Date,
the Trustee, in the Company's name and at the Company's expense, shall mail or
cause to be mailed a notice of redemption by first-class mail, postage prepaid,
to each Holder of Debentures to be redeemed at such Holder's last address as it
appears in the Register.

          The notice of redemption shall identify the Debentures to be redeemed,
the provision of the Debentures or this Indenture pursuant to which the
Debentures called for redemption are being redeemed and shall state:

          (a) the Redemption Date;

          (b) the Redemption Price;

          (c) the name and address of the Paying Agent;

          (d) that payment of the Redemption Price of Debentures called for
redemption will be made only upon surrender of such Debentures to the Paying
Agent;

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<PAGE>

          (e) if fewer than all the outstanding Debentures of any series are to
be redeemed, the identification and principal amounts of the particular
Debentures to be redeemed and that, on and after the Redemption Date, upon
surrender of such Debentures, a new Debenture or Debentures of the same series
and of like tenor and in a principal amount equal to the unredeemed portion
thereof will be issued;

          (f) that, unless the Company defaults in paying the Redemption Price
of the Debentures called for redemption, including accrued interest thereon to
the Redemption Date, interest will cease to accrue on such Debentures on and
after the Redemption Date;

          (g) that the redemption is for a sinking fund, if such is the case;
and

          (h) in the case of Debentures of any series that are convertible or
exchangeable into Capital Stock, the conversion or exchange price or rate, the
date or dates on which or the period or periods during which the right to
convert or exchange the principal of the Debentures of such series to be
redeemed will commence or terminate and the place or places where such
Debentures may be surrendered for conversion or exchange.

          Any notice of redemption given in the manner provided herein shall be
conclusively presumed to have been given, whether or not such notice is actually
received. Failure to mail any notice or defect in the mailed notice or the
mailing thereof in respect of any Debenture shall not affect the validity of the
redemption of any other Debenture.

SECTION 3.04.     EFFECT OF NOTICE OF REDEMPTION.

          After notice of redemption has been given, Debentures called for
redemption shall become due and payable on the Redemption Date at the Redemption
Price and from and after the Redemption Date (unless the Company shall default
in the payment of the Redemption Price and accrued interest), such Debentures
shall cease to bear interest. Upon the later of the Redemption Date and the date
such Debentures are surrendered to the Paying Agent, such Debentures shall be
paid at the Redemption Price, plus accrued interest to the Redemption Date,
provided that installments of interest on Debentures with an Interest Payment
Date which is on or prior to the Redemption Date shall be payable to the Holders
of such Debentures, registered as such at the close of business on the Regular
Record Dates therefor according to their terms and provisions.

SECTION 3.05.     DEPOSIT OF REDEMPTION PRICE.

          On or prior to the Redemption Date, the Company shall deposit with the
Paying Agent (or if the Company or an Affiliate is the Paying Agent, shall
segregate and hold in trust or cause such Affiliate to segregate and hold in
trust) money sufficient to pay the Redemption Price of, and accrued interest on,
all Debentures to be redeemed on that Redemption Date. The Paying Agent shall
return to the Company any money in excess of the amount sufficient to pay the
Redemption Price of, and accrued interest on, all Debentures to be redeemed and
any interest accrued on the amount deposited pursuant to this Section.

SECTION 3.06.     DEBENTURES REDEEMED IN PART.

          Upon surrender of a Debenture that is redeemed in part, the Trustee
shall authenticate for the Holder a new Debenture of the same series and in a
principal amount equal to the unredeemed portion of such Debenture.

                                       20

<PAGE>

                                    ARTICLE 4
                                    COVENANTS

SECTION 4.01.     PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

          (a) The Company shall pay the principal of and premium, if any, and
interest (including interest accruing during any Extension Period and/or on or
after the filing of a petition in bankruptcy or reorganization relating to the
Company, whether or not a claim for post-filing interest is allowed in such
proceeding) on the Debentures on or prior to the dates and in the manner
provided in such Debentures or pursuant to this Indenture. An installment of
principal, premium, if any, or interest shall be considered paid on the
applicable due date if on such date the Trustee or the Paying Agent holds, in
accordance with this Indenture, money sufficient to pay all of such installment
then due. With respect to any Debenture, the Company shall pay interest on
overdue principal and interest on overdue installments of interest (including
interest accruing during any Extension Period and/or on or after the filing of a
petition in bankruptcy or reorganization relating to the Company, whether or not
a claim for post-filing interest is allowed in such proceeding), to the extent
lawful, at the rate accruing on such Debenture, compounded with the same
frequency as interest is payable on such Debentures. Interest on overdue
interest shall accrue from the date such amounts become overdue.

          (b) Notwithstanding the provisions of Section 4.01(a) or any other
provision herein to the contrary, the Company shall have the right, as provided
in a Board Resolution or supplemental indenture issued pursuant to Section 2.01,
in its sole and absolute discretion at any time and from time to time while the
Debentures of any series are outstanding, so long as no Event of Default with
respect to such series of Debentures has occurred and is continuing, to defer
payments of interest by extending the interest payment period for such series of
Debentures for the maximum consecutive period, if any, specified for such series
of Debentures, provided that such Extension Period must end on an Interest
Payment Date and shall not extend beyond the Stated Maturity Date or Redemption
Date of any Debenture of such series, and provided further that at the end of
each Extension Period the Company shall pay all interest then accrued and unpaid
(together with interest thereon to the extent permitted by applicable law at the
rate accruing on such Debentures). Prior to the termination of an Extension
Period, the Company may shorten or may further extend the interest payment
period for such series of Debentures, provided that such Extension Period
together with all such previous and further extensions may not exceed the
maximum consecutive period specified for such series of Debentures, end on a
date other than an Interest Payment Date or extend beyond the Stated Maturity
Date or Redemption Date of any Debenture of such series. The Company shall give
the Trustee notice of the Company's election to begin an Extension Period for
any series of Debentures and any shortening or extension thereof at least five
Business Days prior to: (i) the date notice of payment of interest on such
Debentures is required to be given to any national securities exchange on which
the related Preferred Securities, if any, or Debentures are then listed or other
applicable self-regulatory organization or (ii) the date of the notice of the
record or payment date of the related distribution on the Preferred Securities
issued by the Trust which is the Holder of the Debentures of such series, but in
any event not less than five Business Days prior to the Record Date fixed by the
Company for the payment of such interest. The Company shall give or cause the
Trustee to give notice (a form of which shall be provided by the Company to the
Trustee) of the Company's election to begin an Extension Period to the Holders
by first class mail, postage prepaid.

                                       21

<PAGE>

SECTION 4.02.     COVENANT IN EVENT OF AN EVENT OF DEFAULT OR DURING AN
                  EXTENSION PERIOD

          If an Event of Default occurs and written notice of such event has
been given to the Company, or at any time during an Extension Period, the
Company may not:

          (a) declare or pay any dividend on, make any distributions relating
to, or redeem, purchase, acquire or make a liquidation payment relating to, any
of its capital stock, or any warrants, options or other rights to acquire
capital stock (but excluding any debt security that is convertible into or
exchangeable for capital stock); or

          (b) make any payment of interest, principal or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company that rank on a
parity with or junior in interest to the Debentures or make any guarantee
payments with respect to any guarantee by the Company of the debt securities of
any subsidiary of the Company if such guarantee ranks on a parity with or junior
in interest to the Debentures;

          in each case, other than:

                    (i) dividends or distributions in capital stock (or rights
          to acquire capital stock) of the Company;

                    (ii) payments under the Guarantee;

                    (iii) any declaration of a dividend in connection with the
          implementation of a shareholders' rights plan, or the issuance of
          stock under any such plan in the future, or the redemption or
          repurchase of any such rights pursuant to a rights agreement;

                    (iv) repurchases or acquisitions of shares of capital stock
          of the Company in connection with the satisfaction by the Company of
          its obligations under any employee benefit plans or any other
          contractual obligation of the Company; and

                    (v) repurchases of capital stock of the Company in
          connection with the satisfaction by the Company of its obligations
          pursuant to any acquisitions of businesses made by the Company (which
          repurchases are made in connection with the satisfaction of
          indemnification obligations of the sellers of such businesses).

SECTION 4.03.     SEC REPORTS.

          The Company shall file with the Trustee, within 15 days after it files
them with the SEC, copies of its annual report and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the SEC
may by rules and regulations prescribe) which the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If the Company
is not subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, the Company shall file with the Trustee such information,
documents and other reports (or copies of such portions of any of the foregoing
as the SEC may by rules and regulations prescribe) which are specified in
Section 13 or 15(d) of the Exchange Act. The Company shall also comply with the
provisions of Section 314(a) of the TIA.

                                       22

<PAGE>

SECTION 4.04.     COMPLIANCE CERTIFICATES.

          (a) The Company shall deliver to the Trustee, within 120 days after
the end of each of the Company's fiscal years, an Officer's Certificate stating
whether or not the signer knows of any Default or Event of Default. Such
certificate shall contain a certification from the Principal Executive Officer,
Principal Financial Officer or Principal Accounting Officer of the Company as to
his or her knowledge of the Company's compliance with all conditions and
covenants under this Indenture. For purposes of this Section, such compliance
shall be determined without regard to any period of grace or requirement of
notice provided under this Indenture. If such Officer does know of such a
Default or Event of Default, the Officer's Certificate shall describe any such
Default or Event of Default, and its status. Such Officer's Certificate need not
comply with Sections 13.04 and 13.05.

          (b) The Company shall deliver to the Trustee any information
reasonably requested by the Trustee in connection with the compliance by the
Trustee or the Company with the TIA.

SECTION 4.05.     FURTHER INSTRUMENTS AND ACTS.

          Upon request of the Trustee, the Company shall execute and deliver
such further instruments and do such further acts as may be reasonably necessary
or proper to carry out more effectively the purposes of this Indenture.

SECTION 4.06.     PAYMENT OF EXPENSES OF EACH TRUST.

          The Company covenants for the benefit of the Holders of each series of
Debentures to pay all of the obligations, costs and expenses of such Trust
(other than payments in respect of Trust Securities) in accordance with the
provisions of its Declaration of Trust and to pay the taxes, duties, assessments
or other governmental charges, other than withholding taxes, of such Trust in
accordance with the provisions of its Declaration of Trust in order to permit
such Trust to make distributions on and redemptions of its Preferred Securities
in accordance with such Declaration of Trust.

SECTION 4.07.     OWNERSHIP OF COMMON SECURITIES.

          So long as the Trust Securities of each Trust remain outstanding, the
Company hereby covenants (a) to maintain 100% direct or indirect ownership of
the common securities issued by such Trust (it being understood that any
permitted successor of the Company under this Indenture may succeed to the
Company's ownership of such common securities), (b) to use its reasonable
efforts to cause each Trust (i) to remain a statutory trust, except in
connection with the distribution of Debentures to the holders of related Trust
Securities in liquidation of such Trust, the conversion, exchange or redemption
of all of such Trust Securities, or certain mergers, consolidations or
amalgamations, each as permitted by the applicable Declaration of Trust, and
(ii) to otherwise continue to be classified as a grantor trust for United States
federal income tax purposes, and (c) to use its reasonable efforts to cause each
holder of each Trust's Trust Securities to be treated as owning an undivided
beneficial interest in the related Debentures.

                                       23

<PAGE>

                                   ARTICLE 5
                              SUCCESSOR CORPORATION

SECTION 5.01.     WHEN THE COMPANY MAY MERGE, ETC.

          The Company may not consolidate with or merge with or into, or sell,
convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety (either in one transaction or a series of
transactions) to, any Person, and no Person shall consolidate with or merge into
the Company or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to the Company, unless:

          (a) the Person formed by or surviving such consolidation or merger or
to which such sale, conveyance, transfer or lease shall have been made (the
"Successor") if other than the Company (i) is a corporation organized and
existing under the laws of the United States of America or any state thereof or
the District of Columbia, and (ii) shall expressly assume by a supplemental
indenture, executed and delivered to the Trustee, in form satisfactory to the
Trustee, all the obligations of the Company under the Debentures, this Indenture
and the Guarantees;

          (b) immediately prior to and after giving effect to such transaction
(and treating any Indebtedness which becomes an obligation of the Successor
Person or any Subsidiary as a result of such transaction as having been incurred
by such Person or such Subsidiary at the time of such transaction), no Default
or Event of Default shall have occurred and be continuing; and

          (c) the Company delivers to the Trustee an Officer's Certificate and
an Opinion of Counsel, each stating that such consolidation, merger, sale,
conveyance, transfer or lease and such supplemental indenture comply with this
Indenture.

          The Successor will be the successor to the Company, and will be
substituted for, and may exercise every right and power and become the obligor
on the Debentures with the same effect as if the Successor had been named as the
Company herein but, in the case of a sale, conveyance, transfer or lease of all
or substantially all of the assets of the Company, the predecessor Company will
not be released from its obligation to pay the principal of and premium, if any,
and interest on the Debentures.

                                   ARTICLE 6
                              DEFAULTS AND REMEDIES

SECTION 6.01.     EVENTS OF DEFAULT.

          "Event of Default," wherever used herein with respect to Debentures 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 such event is specifically deleted or modified in or pursuant to the
supplemental indenture, Board Resolution or Officer's Certificate establishing
the terms of such series pursuant to this Indenture:

          (a) default in the payment, when due, of interest on any Debenture of
that series and the default continues for a period of 30 days; provided, that
during any Extension

                                       24

<PAGE>

Period for the Debentures of that series, failure to pay interest on the
Debentures of that series shall not constitute a Default or Event of Default
hereunder, or

          (b) default in the payment of the principal of or premium, if any, on
any Debenture of such series when it becomes due, whether at maturity, upon any
redemption, by declaration of acceleration of maturity or otherwise; or

          (c) 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 the performance or the breach of which is elsewhere in this Section
specifically dealt with or which has been expressly included in this Indenture
solely for the benefit of a series of Debentures), and continuance of such
breach or default for a period of 90 days after receipt by the Company of a
"Notice of Default"; or

          (d) a court of competent jurisdiction enters:

                      (i) a decree or order for relief in respect of the Company
          in an involuntary proceeding under any applicable Bankruptcy Law and
          such decree or order shall remain unstayed and in effect for a period
          of 60 consecutive days; or

                     (ii) a decree or order adjudging the Company to be
          insolvent, or approving a petition seeking reorganization,
          arrangement, adjustment or composition of the Company and such decree
          or order shall remain unstayed and in effect for a period of 60
          consecutive days; or

                    (iii) a final and non-appealable order appointing a
          Custodian of the Company or of any substantial part of the property of
          the Company, or ordering the winding up or liquidation of the affairs
          of the Company; or

          (e) the Company pursuant to or within the meaning of any Bankruptcy
Law: (i) commences a voluntary case or proceeding; (ii) consents to the entry of
an order for relief against it in an involuntary case or proceeding; (iii) files
a petition or answer or consent seeking reorganization or relief or consents to
such filing or to the appointment of or taking possession by a Custodian of it
or for all or substantially all of its property, and such Custodian is not
discharged within 60 days; (iv) makes a general assignment for the benefit of
its creditors; or (v) admits in writing its inability to pay its debts generally
as they become due; or

          (f) any other Event of Default provided in or pursuant to this
Indenture with respect to Debentures of such series.

          The term "Bankruptcy Law" means Title 11 of the United States Code, or
any similar federal or state bankruptcy, insolvency, reorganization or other law
for the relief of debtors. "Custodian" means any receiver, trustee, assignee,
liquidator, sequestrator, custodian or similar official under any Bankruptcy
Law.

SECTION 6.02.     ACCELERATION.

          If any Event of Default with respect to the Debentures of any series
other than an Event of Default under clause (d) or (e) of Section 6.01 occurs
and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the Debentures of that series then outstanding may declare
the principal of, and any accrued interest on, all the Debentures of that

                                       25

<PAGE>

series due and payable immediately, provided that in the case of a series of
Debentures then held by a Trust, if upon an Event of Default with respect to the
Debentures of that series the Trustee has, or the Holders of at least 25% in
aggregate principal amount of the Debentures of that series then outstanding
have, failed to declare the principal of, and any accrued interest on, the
Debentures of that series to be immediately due and payable, the holders of at
least 25% in aggregate liquidation amount of the outstanding Preferred
Securities of that Trust shall have such right by a notice in writing to the
Company and the Trustee. If an Event of Default specified in clause (d) or (e)
of Section 6.01 occurs, the principal of, and any accrued interest on, all the
Debentures shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Debentureholders.

          The foregoing paragraph, however, is subject to the condition that if,
at any time after the principal of the Debentures of that series shall have been
so declared due and payable, and before any judgment or decree for the payment
of the moneys due shall have been obtained or entered as hereinafter provided,
the Company shall pay or shall deposit with the Trustee a sum sufficient to pay
all matured installments of interest upon all the Debentures of that series and
the principal of and premium, if any, on all Debentures of that series which
shall have become due otherwise than by acceleration (with interest upon such
principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the
rate accruing on the Debentures of that series to the date of such payment or
deposit) and the amount payable to the Trustee under Section 7.06, and any and
all Defaults under the Indenture, other than the nonpayment of principal of and
interest on Debentures of that series which shall not have become due by their
terms, shall have been remedied or waived as provided in Section 6.04, then and
in every such case the Holders of at least a majority in aggregate principal
amount of the Debentures of that series then outstanding (subject to, in the
case of any series of Debentures held as assets of a Trust and with respect to
which a Security Exchange has not theretofore occurred, such consent of the
holders of the Preferred Securities and the Common Securities of such Trust as
may be required under the Declaration of Trust of such Trust), by written notice
to the Company and to the Trustee, may rescind and annul such declaration and
its consequences with respect to that series of Debentures; but no such
rescission and annulment shall extend to or shall affect any subsequent default,
or shall impair any right consequent thereon.

SECTION 6.03.     OTHER REMEDIES.

          If an Event of Default occurs and is continuing, the Trustee may, in
its own name or as trustee of an express trust, institute, pursue and prosecute
any proceeding, including without limitation, any action at law or suit in
equity or other judicial or administrative proceeding to collect the payment of
principal of or premium, if any, or interest on the Debentures of the series
that is in default, to enforce the performance of any provision of the
Debentures of that series or this Indenture or to obtain any other available
remedy.

          The Trustee may maintain a proceeding even if it does not possess any
of the Debentures or does not produce any of the Debentures in the proceeding. A
delay or omission by the Trustee, any Debentureholder or the holders of
Preferred Securities in exercising any right or remedy accruing upon an Event of
Default shall not impair such right or remedy or constitute a waiver of, or
acquiescence in, such Event of Default. No remedy is exclusive of any other
remedy. All available remedies are cumulative.

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SECTION 6.04.     WAIVER OF PAST DEFAULTS.

          If a Default or Event of Default with respect to a series of
Debentures has occurred and is continuing (other than a Default or Event of
Default in the payment of principal, premium, if any, or interest on such series
if such payment has become due solely by reason of acceleration) the Holders of
at least a majority in aggregate principal amount of the Debentures of that
series at the time outstanding, or, if that series of Debentures is held by a
Trust, the holders of at least a majority in aggregate liquidation amount of the
Preferred Securities of that Trust, in each case by notice to the Trustee and
the Company, may waive an existing Default or Event of Default and its
consequences except a Default or Event of Default in the payment of the
principal of or premium, if any, or interest on any Debenture of that series
(unless such Event of Default has been cured and a sum sufficient to pay all
matured installments of interest and premium, if any and principal due otherwise
than by acceleration has been deposited with the Trustee) or a default in
respect of a covenant or provision which under this Indenture cannot be modified
or amended without the consent of the holder of each outstanding Debenture of
that series. When a Default or Event of Default is waived, it is deemed cured
and shall cease to exist, but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any consequent right.

SECTION 6.05.     CONTROL BY HOLDERS.

          The Holders of at least a majority in aggregate principal amount of
the Debentures of a series or, if that series of Debentures is held by a Trust,
the holders of at least a majority in aggregate liquidation amount of the
Preferred Securities of that Trust, may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or of
exercising any trust or power conferred on the Trustee, in respect of such
series of Debentures. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or that the Trustee determines in good
faith is unduly prejudicial to the rights of other Debentureholders or may
involve the Trustee in personal liability. The Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction,
including withholding notice to the Holders of the Debentures of continuing
default (except in the payment of the principal of (other than any mandatory
sinking fund payment) or premium, if any, or interest on any Debentures) if the
Trustee considers it in the interest of the Holders of the Debentures to do so.

SECTION 6.06.     LIMITATION ON SUITS.

          Except as provided in Section 6.07 or 6.08, no Holder of Debentures of
any series or holder of Preferred Securities of the Trust which is the Holder of
that series of Debentures may pursue any remedy with respect to this Indenture
or the Debentures unless:

          (a) the Holders of Debentures of such series or the holders of such
Preferred Securities give to the Trustee written notice stating that an Event of
Default with respect to the corresponding Debentures of such series has occurred
and is continuing;

          (b) the Holders of at least 25% in aggregate principal amount of the
outstanding Debentures of that series or the holders of at least 25% in
aggregate liquidation amount of such Preferred Securities make a written request
to the Trustee to pursue a remedy;

                                       27

<PAGE>

          (c) the Holders of Debentures of such series or the holders of such
Preferred Securities provide to the Trustee reasonable security and indemnity
against any loss, liability or expense satisfactory to the Trustee;

          (d) the Trustee does not comply with the request within 60 days after
receipt of the notice, the request and the offer of security and indemnity; and

          (e) during such 60 day period, the Holders of at least a majority in
aggregate principal amount of the Debentures of that series or the holders of at
least a majority in aggregate liquidation amount of such Preferred Securities do
not give the Trustee a direction inconsistent with the request,

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 or any Debenture to affect, disturb or prejudice the rights of
any other such Holders, or to obtain or 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 such Holders.

SECTION 6.07.     UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM
                  AND INTEREST.

          Notwithstanding any other provision of this Indenture, the Holder of
any Debenture shall have the right which is absolute and unconditional to
receive payment of the principal of, premium, if any, and (subject to Section
2.02) interest on such Debenture on the respective due dates expressed in such
Debenture (or, in the case of redemption, on the Redemption Date) and to convert
or exchange such Debentures in accordance with its terms, if applicable, and to
institute suit for the enforcement of such payment or conversion or exchange,
and such right shall not be impaired without the consent of such Holder.

SECTION 6.08.     DIRECT ACTION RIGHT OF HOLDERS OF TRUST PREFERRED SECURITIES.

          If an Event of Default has occurred and is continuing and is
attributable either to (a) the failure of the Company to pay the principal of or
premium, if any, or interest on the Debentures on the due date therefor or (b)
the failure by the Company to deliver the required securities or other rights
upon an appropriate conversion or exchange right election, and an event of
default has occurred and is continuing under the applicable Declaration of
Trust, a holder of the related Preferred Securities, in lieu of any action that
may otherwise be taken hereunder as a Holder of Debentures, may institute a
legal proceeding directly against the Company for enforcement of payment to such
holder of the principal of or premium, if any, or interest on such Debentures
having a principal amount equal to the liquidation amount of the Preferred
Securities held by such holder or for enforcement of such conversion or exchange
rights, as the case may be (a "Direct Action"). Notwithstanding anything
contained herein to the contrary, the Company may not amend this Indenture to
remove the foregoing right to bring a Direct Action without the prior written
consent of the holders of all of the Preferred Securities outstanding.
Notwithstanding any payments made to a holder of Preferred Securities by the
Company in connection with a Direct Action, the Company shall remain obligated
to pay the principal of and premium, if any, or interest on the related
Debentures, and the Company shall be subrogated to the rights of the holder of
such Preferred Securities with respect to payments on the Preferred Securities
to the extent of any payments made by the Company to such holder in any Direct
Action.

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SECTION 6.09.     COLLECTION SUITS BY THE TRUSTEE.

          The Company covenants that if

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

          (b) default is made in the payment of the principal of or premium, if
any, on any Debenture on the Stated Maturity Date or Redemption Date thereof,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holder of such Debenture, the whole amount then due and payable on such
Debenture for principal, premium, if any, and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal and premium, if any, and on any overdue interest, at the rate or rates
prescribed therefor in such Debenture and in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

          If the Company 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 and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon such Debenture and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Debenture, wherever
situated.

          If an Event of Default with respect to Debentures 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 Debentures 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 such Debentures or in aid of the
exercise of any power granted herein, or to enforce any other remedy available
under this Indenture or by law.

SECTION 6.10.     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 its properties or assets, the
Trustee shall be entitled and empowered, by intervention in such proceeding or
otherwise:

          (a) to file and prove a claim for the whole amount of the principal of
and premium, if any, and interest on the Debentures 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 of Debentures allowed in such judicial proceeding; and

          (b) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and any Custodian 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 the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and

                                       29

<PAGE>

advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.06.

          Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a
Debenture any plan of reorganization, arrangement, adjustment or composition
affecting the Debentures or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

SECTION 6.11.     PRIORITIES.

          If the Trustee collects any money pursuant to this Article 6, it
shall, subject to Article 10, pay out the money in the following order:

          First:    to the Trustee for amounts due under Section 7.06;

          Second:   to Holders of Debentures in respect of which or for the
                    benefit of which such money has been collected for amounts
                    due and unpaid on such Debentures for the principal thereof
                    or premium, if any, or interest, if any, thereon ratably,
                    without preference or priority of any kind, according to
                    such amounts due and payable on such Debentures; and

          Third:    the balance, if any, to the Company.

          Except as otherwise set forth in the Debentures, the Trustee may fix a
Record Date and payment date for any payment to Debentureholders pursuant to
this Section.

SECTION 6.12.     UNDERTAKING FOR COSTS.

          In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party
litigant (other than the Trustee) in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys' fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section does not apply to a suit by
the Trustee, a suit by a Holder of Debentures or holder of Preferred Securities
pursuant to Section 6.07 or 6.08 or a suit by Holders of Debentures of more than
10% in aggregate principal amount of the outstanding Debentures of any series
or, if a series of Debentures is held by a Trust, the holders of more than 10%
in aggregate liquidation amount of the Preferred Securities of that Trust.

                                   ARTICLE 7
                                  THE TRUSTEE

SECTION 7.01.     DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.

          (a) If an Event of Default occurs and is continuing with respect to
the Debentures of any series, the Trustee shall exercise the rights and powers
vested in it by this Indenture with respect to that series and use the same
degree of care and skill in its exercise as a

                                       30

<PAGE>

prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

          (b) Except during the continuance of an Event of Default with respect
to the Debentures of any series, (i) the Trustee need perform only those duties
with respect to that series that are specifically set forth in this Indenture or
the TIA and no others; and (ii) 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.
However, in the case of any certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee
shall examine the certificates and opinions to determine whether or not they
conform to the requirements of this Indenture (but shall not be required to
confirm or investigate the accuracy of mathematical calculations or other facts
stated therein).

          (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

                    (i) this clause (c) does not limit the effect of Section
          7.01(b);

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

                    (iii) the Trustee shall not be liable with respect to any
          action it takes or omits to take in good faith in accordance with a
          direction received by it pursuant to Section 6.05.

          (d) Every provision of this Indenture that in any way relates to the
Trustee is subject to Section 7.01(a), (b), (c) and (e) and Section 7.02.

          (e) The Trustee may refuse to perform any duty or exercise any right
or power unless it receives security and indemnity reasonably satisfactory to it
against any loss, liability or expense (including reasonable counsel fees).

          (f) No provision of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur personal liability in the performance
of any of its duties or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that the repayment of such funds or
liability is not reasonably assured to it under the terms of this Indenture or
indemnity reasonably satisfactory to the Trustee against such risk or liability
is not reasonably assured to it.

          (g) 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 not be liable for interest on any money held by it hereunder except as
otherwise agreed with the Company.

SECTION 7.02.     RIGHTS OF THE TRUSTEE.

          Subject to Sections 315(a) through 315(d) of the TIA:

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

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<PAGE>

direction, consent, order, bond, debenture, note, coupon or other paper or
document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties;

          (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Order (in each case, other than delivery of
any Debenture to the Trustee for authentication and delivery pursuant to Section
2.03 which shall be sufficiently evidenced as provided therein) and any
resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution;

          (c) whenever in the administration of this Indenture the Trustee shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
shall be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officer's 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 or pursuant to this Indenture at the request or
direction of any of the Holders of Debentures of any series pursuant to this
Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;

          (f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
coupon or other paper or document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine, during business hours and upon
reasonable notice, the books, records and premises of the Company, personally or
by agent or attorney; and

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

SECTION 7.03.     NOT RESPONSIBLE FOR RECITALS OR ISSUANCES OF DEBENTURES.

          The Trustee makes no representation as to the validity or adequacy of
this Indenture or the Debentures. The Trustee shall not be accountable for the
Company's use of the proceeds from the Debentures, and the Trustee shall not be
responsible for any statement in this Indenture or the Debentures or any report
or certificate issued by the Company hereunder or any registration statement
relating to the Debentures (other than the Trustee's Certificate of
Authentication and the Trustee's Statement of Eligibility on Form T-1), or the
determination as to which beneficial owners are entitled to receive any notices
hereunder.

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<PAGE>

SECTION 7.04.     NOTICE OF DEFAULTS.

          If a Default occurs and is continuing with respect to the Debentures
of any series and if it is known to the Trustee, the Trustee shall mail to each
Holder of a Debenture of that series notice of the Default within 90 days after
it becomes known to the Trustee unless such Default shall have been cured or
waived. Except in the case of a Default described in Section 6.01(a), (b) or
(g), the Trustee may withhold such notice if and so long as a committee of
Responsible Officers in good faith determines that the withholding of such
notice is in the interests of the Holders of the Debentures of that series. The
Trustee shall not be charged with knowledge of any Default unless a Responsible
Officer assigned to the Corporate Trust Department of the Trustee shall have
actual knowledge of the Default. The second sentence of this Section shall be in
lieu of the proviso to TIA Section 315(b). Said proviso is hereby expressly
excluded from this Indenture, as permitted by the TIA.

SECTION 7.05.     REPORTS BY TRUSTEE TO HOLDERS.

          Within 60 days after each September 1, beginning with the September 1
next following the date of this Indenture, the Trustee shall mail to each
Debentureholder, and such other holders that have submitted their names to the
Trustee for such purpose, a brief report dated as of such September 1 in
accordance with and to the extent required under TIA Section 313.

          A copy of each report at the time of its mailing to Debentureholders
shall be filed with the Company, the SEC and any securities exchange on which
the Debentures are listed. The Company agrees to promptly notify the Trustee
whenever the Debentures become listed on any securities exchange and of any
listing thereof.

SECTION 7.06.     COMPENSATION AND INDEMNITY.

          The Company covenants and agrees:

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

          (b) to reimburse the Trustee upon its request for 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 advances of its agents and counsel; provided that, prior to any
Default or Event of Default, the Trustee shall only have one outside counsel),
including all reasonable expenses and advances incurred or made by the Trustee
in connection with any Default or Event of Default or any membership on any
creditors' committee, except any such expense or advance as may be attributable
to its negligence or bad faith; and

          (c) to indemnify the Trustee, its officers, employees, directors and
shareholders, for, and to hold it harmless against, any and all loss, liability
or expense, incurred without negligence or willful misconduct on its part,
arising out of or in connection with the acceptance or administration of this
trust, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder.

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<PAGE>

          Before, after or during an Event of Default with respect to the
Debentures of a series, the Trustee shall have a claim and lien prior to the
Debentures of that series as to all property and funds held by it hereunder for
any amount owing it for its fees and expenses or any predecessor Trustee
pursuant to this Section, except with respect to funds held by the Trustee or
any Paying Agent in trust for the payment of principal of or premium, if any, or
interest on Debentures pursuant to Section 2.05 or Section 8.01.

          The Company's payment and indemnity obligations pursuant to this
Section are not subject to Article 10 of this Indenture and shall survive the
discharge of this Indenture. When the Trustee renders services or incurs
expenses after the occurrence of a Default specified in Section 6.01, the
compensation for services and expenses are intended to constitute expenses of
administration under any Bankruptcy Law.

SECTION 7.07.     ELIGIBILITY; DISQUALIFICATION.

          (a) The Trustee shall at all times satisfy the requirements of the TIA
Sections 310(a)(1) and 310(a)(2). The Trustee (or any Affiliate thereof which
has unconditionally guaranteed the obligations of the Trustee hereunder) shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recently published annual report of condition. 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.

          (b) The Trustee shall comply with TIA Section 310(b). In determining
whether the Trustee has conflicting interests as defined in TIA Section
310(b)(1), the provisions contained in the proviso to TIA Section 310(b)(1) and
the Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated
herein.

SECTION 7.08.     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 7.09.

          (b) The Trustee may resign at any time with respect to the Debentures
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 7.09 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Debentures of such series.

          (c) If the Trustee has or shall acquire any conflicting interest, as
defined in Section 310(b) of the TIA, with respect to the Debentures of any
series, it shall, within 90 days after ascertaining it has such conflicting
interest, either eliminate the conflicting interest or resign with respect to
the Debentures of that series in the manner set forth in this Section.

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

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<PAGE>

                    (e) If at any time:

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

                              (ii) the Trustee shall cease to be eligible under
                    Section 7.07(a) and shall fail to resign after written
                    request therefor by the Company or by any such Holder, or

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

then, in any such case, (1) the Company by a Board Resolution may remove the
Trustee with respect to all Debentures, or (2) subject to Section 6.12, any
Holder of a Debenture who has been a bona fide Holder of a Debenture 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 Debentures of such series and the appointment of a successor
Trustee or Trustees.

          (f) 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 Debentures of one or more series, the Company, by or pursuant to
a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Debentures of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Debentures of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Debentures of any particular series) and shall comply with
the applicable requirements of Section 7.09. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Debentures of any series shall be
appointed by Act of the Holders of at least a majority in principal amount of
the outstanding Debentures of such series, notice of such appointment shall be
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 7.09, become the successor Trustee
with respect to the Debentures of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Debentures of any series shall have been so appointed by the Company or
the Holders of Debentures and accepted appointment in the manner required by
Section 7.09, any Holder of a Debenture who has been a bona fide Holder of a
Debenture 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 Debentures of such
series.

          (g) The Company shall give notice of each resignation and each removal
of the Trustee with respect to the Debentures of any series and each appointment
of a successor Trustee with respect to the Debentures of any series in the
manner provided in Section 13.02. Each notice shall include the name of the
successor Trustee with respect to the Debentures of such series and the address
of its Corporate Trust Office.

                                       35

<PAGE>

SECTION 7.09.     ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

          (a) In case of the appointment hereunder of a successor Trustee with
respect to all Debentures, 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 Debentures of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Debentures of
one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and deeds of the Trustee with respect to the Debentures of that or those
series which the appointment of such successor Trustee relates, (ii) if the
retiring Trustee is not retiring with respect to all Debentures, 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 Debentures of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees as 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 Debentures 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 Debentures 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.

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SECTION 7.10.     SUCCESSOR TRUSTEE BY MERGER.

          If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to
another corporation, the resulting, surviving or transferee corporation without
any further act shall be the successor Trustee.

                                   ARTICLE 8
                    SATISFACTION AND DISCHARGE OF INDENTURE;
                          DEFEASANCE; UNCLAIMED MONEYS

SECTION 8.01.     SATISFACTION AND DISCHARGE OF INDENTURE

          Upon the direction of the Company by a Company Order, this Indenture
shall cease to be of further effect with respect to any series of Debentures as
specified in such Company Order, and the Trustee, on receipt of a Company Order,
at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series, when

          (a) either

                    (i) all Debentures of such series theretofore authenticated
          and delivered (other than (1) Debentures of such series which have
          been destroyed, lost or stolen and which have been replaced or paid as
          provided in Section 2.08, and (2) Debentures of such series 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 8.04) have been
          delivered to the Trustee for cancellation; or

                    (ii) all Debentures of such series not theretofore delivered
          to the Trustee for cancellation

                              (1) have become due and payable, or

                              (2) will become due and payable at their stated
                    maturity within one year, or

                              (3) if redeemable at the option of the Company,
                    are to be called for redemption within one year under
                    arrangements satisfactory to the Trustee for the giving of
                    notice of redemption by the Trustee in the name, and at the
                    expense, of the Company, and the Company, in the case of
                    (1), (2) or (3) above, has deposited or caused to be
                    deposited with the Trustee as trust funds in trust for such
                    purpose, (a) cash (which may be held in an interest bearing
                    account insured by the Federal Deposit Insurance
                    Corporation) in an amount, or (b) U.S. Government
                    Obligations, maturing as to principal and interest at such
                    times and in such amounts as will ensure the availability of
                    cash, or (c) a combination thereof, in an amount sufficient
                    to pay and discharge the entire indebtedness on such
                    Debentures not theretofore delivered to the Trustee for
                    cancellation, including the principal of, and premium, if
                    any, and interest on such Debentures, to the date of such
                    deposit (in the case of

                                       37

<PAGE>

                    Debentures which have become due and payable) or to the
                    Stated Maturity Date or Redemption Date thereof, as the case
                    may be; and

          (b) the Company has paid or caused to be paid all other sums payable
hereunder by the Company with respect to the outstanding Debentures of such
series.

          In the event there are Debentures of two or more series hereunder, the
Trustee shall be required to execute an instrument acknowledging satisfaction
and discharge of this Indenture only if requested to do so with respect to
Debentures of such series as to which it is Trustee and if the other conditions
thereto are met.

          Notwithstanding the satisfaction and discharge of this Indenture, with
respect to any series of Debentures, the obligations of the Company to the
Trustee under Section 7.06 and, if money shall have been deposited with the
Trustee pursuant to clause (a)(ii) of this Section, the following obligations of
the Company and the Trustee with respect to the Debentures of such series, shall
survive: (i) the rights of registration of transfer and exchange of Debentures
of such series, (ii) the replacement of apparently mutilated, defaced,
destroyed, lost or stolen Debentures of such series, (iii) the rights of the
Holders of the Debentures of such series to receive payments of the principal of
and premium, if any, interest on the Debentures of such series, (iv) the rights
of the Holders of the Debentures of such series as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of
them, (v) the obligation of the Company to maintain an Office or Agency for
payments on and registration of transfer of the Debentures of such series, (vi)
the rights, obligations and immunities of the Trustee hereunder, and (vii) any
rights to convert or exchange the Debentures of such series into other
securities or rights in accordance with their terms.

SECTION 8.02.     DEFEASANCE

          (a) Subject to Sections 8.02(b) and 8.03, the Company at any time may
terminate (i) all its obligations under a series of Debentures and this
Indenture ("legal defeasance option") or (ii) its obligations under certain
covenants as may be specified in a supplemental indenture with respect to a
particular series of Debentures ("covenant defeasance option"). The Company may
exercise its legal defeasance option notwithstanding its prior exercise of its
covenant defeasance option.

          If the Company exercises its legal defeasance option, payment of the
Notes may not be accelerated because of an Event of Default with respect
thereto. If the Company exercises its covenant defeasance option, payment of the
Notes may not be accelerated because of failure to comply with the covenants
specified in the applicable supplemental indenture.

          Upon satisfaction of the conditions set forth herein and upon request
of the Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.

          (b) Notwithstanding clauses (a) above, the Company's obligations
pursuant to Sections 2.02, 2.03, 2.05, 2.06, 2.07, 2.08 and this Article 8 shall
survive until the Notes have been paid in full. Thereafter, the Company's
obligations pursuant to Sections 8.05 and 8.06 shall survive.

                                       38

<PAGE>

SECTION 8.03.     Conditions to Defeasance.

          (a) The Company may exercise its legal defeasance option or its
covenant defeasance option only if:

                    (1) the Company irrevocably deposits in trust with the
          Trustee money or U.S. Government Obligations for the payment of
          principal of and interest on the Notes to maturity or redemption, as
          the case may be;

                    (2) the Company delivers to the Trustee a certificate from a
          nationally recognized firm of independent accountants expressing their
          opinion that the payments of principal and interest when due and
          without reinvestment on the deposited U.S. Government Obligations plus
          any deposited money without investment shall provide cash at such
          times and in such amounts as shall be sufficient to pay principal and
          interest when due on all the Notes to maturity or redemption, as the
          case may be;

                    (3) 123 days pass after the deposit is made and during the
          123-day period no Default specified in Sections 6.01(d) or (e) with
          respect to the Company occurs which is continuing at the end of the
          period;

                    (4) the deposit shall not constitute a default under any
          other agreement binding on the Company;

                    (5) the Company delivers to the Trustee an Opinion of
          Counsel to the effect that the trust resulting from the deposit does
          not constitute, or is qualified as, a regulated investment company
          under the Investment Company Act of 1940;

                    (6) the Company shall have delivered to the Trustee an
          Opinion of Counsel to the effect that (a) the Noteholders shall not
          recognize income, gain or loss for Federal income tax purposes as a
          result of such defeasance and shall be subject to Federal income tax
          on the same amounts, in the same manner and at the same times as would
          have been the case if such defeasance had not occurred, and, in the
          case of legal defeasance only, such Opinion of Counsel shall confirm
          that it is based upon (i) the Company's receipt from, or a publication
          by, a ruling by Internal Revenue Service, or (ii) a change in the
          applicable Federal income tax law subsequent to the date of this
          Indenture, and (b) if listed on any national securities exchange, the
          Debentures would not be delisted from such exchange as a result of
          such defeasance; and

                    (7) the Company delivers to the Trustee an Officers'
          Certificate and an Opinion of Counsel, each stating that all
          conditions precedent to the defeasance and discharge of the Notes as
          contemplated by this Article 8 have been complied with.

          Before or after a deposit, the Company may make arrangements
satisfactory to the Trustee for the redemption of Notes at a future date in
accordance with Article 3.

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<PAGE>

SECTION 8.04.     APPLICATION BY TRUSTEE OF FUNDS DEPOSITED FOR PAYMENT OF
                  DEBENTURES.

          Subject to Section 8.06, all moneys deposited with the Trustee
pursuant to Section 8.01 shall be held in trust and applied by it to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent), to the Holders of the Debentures of the series
for the payment or redemption of which such moneys have been deposited with the
Trustee, of all sums due and to become due thereon for principal and interest,
but such money need not be segregated from other funds except to the extent
required by law.

SECTION 8.05.     REPAYMENT OF MONEYS HELD BY PAYING AGENT.

          In connection with the satisfaction and discharge of this Indenture,
all moneys then held by any Paying Agent under this Indenture shall, upon demand
of the Company, be repaid to it or paid to the Trustee, and thereupon such
Paying Agent shall be released from all further liability with respect to such
moneys.

SECTION 8.06.     RETURN OF MONEYS HELD BY THE TRUSTEE AND PAYING AGENT
                  UNCLAIMED FOR TWO YEARS.

          Any moneys deposited with or paid to the Trustee or any Paying Agent
for the payment of the principal of and premium, if any, or interest on the
Debentures of any series and not applied but remaining unclaimed for two years
after the date when such principal, premium, if any, or interest shall have
become due and payable shall, unless otherwise required by mandatory provisions
of applicable escheat or abandoned or unclaimed property law, be repaid to the
Company by the Trustee or such Paying Agent, and the Holders of such Debentures
shall, unless otherwise required by mandatory provisions of applicable escheat
or abandoned or unclaimed property laws, thereafter look only to the Company for
any payment which such Holder may be entitled to collect as a general unsecured
creditor, and all liability of the Trustee or any Paying Agent with respect to
such moneys shall thereupon cease.

SECTION 8.07.     INDEMNITY FOR GOVERNMENT OBLIGATIONS

          The Company shall pay and shall indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against deposited U.S. Government
Obligations or the principal and interest received on such U.S. Government
Obligations.

SECTION 8.08.     REINSTATEMENT.

          If the Trustee or Paying Agent is unable to apply any money or U.S.
Government Obligations in accordance with this Article 8 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to this Article 8 until
such time as the Trustee or Paying Agent is permitted to apply all such money or
U.S. Government Obligations in accordance with this Article 8; provided,
however, that, if the Company has made any payment of interest on or principal
of any Notes because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or U.S. Government Obligations held by the Trustee or Paying
Agent.

                                       40

<PAGE>

                                   ARTICLE 9
                             SUPPLEMENTAL INDENTURES

SECTION 9.01.     SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

          From time to time, when authorized by a resolution of the Board of
Directors, the Company and the Trustee, without notice to or the consent of any
Holders of the Debentures, may amend or supplement this Indenture:

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

          (b) to add to the covenants of the Company for the benefit of the
Holders of all or any series of Debentures (as shall be specified in such
supplemental indenture or indentures) or to surrender any right or power herein
conferred upon the Company; provided, however, that in respect of any such
additional covenant, or restriction or condition on the Company, such
supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default or
may limit the remedies available to the Trustee upon such default; or

          (c) to add any additional Events of Default with respect to all or any
series of Debentures (as shall be specified in such supplemental indenture); or

          (d) 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 Debenture outstanding of any series created prior to the execution
of such supplemental indenture which is entitled to the benefit of such
provision; or

          (e) to establish the form or terms of Debentures of any series as
permitted by Section 2.01 or, in lieu of any such supplemental indenture, the
Company may provide the Trustee with an Officer's Certificate with respect to
the form or terms of such Debentures; or

          (f) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Debentures 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; or

          (g) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture which may be defective or inconsistent
with any other provision herein or in any supplemental indenture, or to make any
other provisions with respect to matters or questions arising under this
Indenture, which shall not adversely affect the interests of the Holders of
Debentures of any series then outstanding in any material respect; or

          (h) to add to, delete from or revise the conditions, limitations and
restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Debentures as herein set forth; or

          (i) to maintain qualification of this Indenture under the TIA; or

                                       41

<PAGE>

          (j) to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Debentures provided that any such action shall not
adversely affect the interests of any Holder of a Debenture of such series or
any other Debenture in any material respect.

SECTION 9.02.     SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

          The Company and the Trustee may amend this Indenture in any manner not
permitted by Section 9.01 or may waive future compliance by the Company with any
provisions of this Indenture with the consent of the Holders of at least a
majority in aggregate principal amount of the Debentures of each series affected
thereby then outstanding (and, in the case of any series of Debentures held as
assets of a Trust and with respect to which a Security Exchange has not
theretofore occurred, such consent of holders of the Preferred Securities and
the Common Securities of such Trust as may be required under the Declaration of
Trust of such Trust). Such an amendment or waiver may not, without the consent
of each Holder of any Debenture affected thereby:

          (a) reduce the principal amount of such Debentures;

          (b) reduce the percentage of the principal amount of such Debentures
the Holders of which must consent to modify or amend of this Indenture or waiver
compliance by the Company with any covenant hereunder or past Default or Event
of Default;

          (c) change (i) the Stated Maturity of the principal of or the interest
on such Debentures, except in connection with any Extension Period, (ii) the
rate of interest (or the manner of calculation thereof) on such Debentures, or
(iii) the duration of the maximum consecutive period that payments of interest
on such Debentures may be deferred;

          (d) change adversely to the Holders the redemption, conversion or
exchange provisions applicable to such Debentures, if any;

          (e) change the currency in respect of which the payments on such
Debentures are to be made;

          (f) make any change in Article 10 that adversely affects the rights of
the Holders of the Debentures or any change to any other Section hereof that
adversely affects their rights under Article 10; or

          (g) change Section 6.07 or 6.08;

provided that, in the case of the outstanding Debentures of a series then held
by a Trust or the trustee of a Trust, (i) no such amendment shall be made, and
no waiver of any Event of Default with respect to the Debentures of that series
or compliance with any covenant under this Indenture shall be effective, without
the prior consent of the holders of at least two-thirds of the aggregate
liquidation amount of the outstanding Preferred Securities of that Trust or the
holder of each such Preferred Security, as applicable, and (ii) if the consent
of each Holder of each Debenture is required with respect to any such amendment
or waiver, such amendment or waiver shall not be effective without the prior
consent of the holders of each Holder of Preferred Securities of the applicable
Trust.

                                       42

<PAGE>

          A supplemental indenture that changes or eliminates any covenant or
other provision of this Indenture that has expressly been included solely for
the benefit of one or more particular series of Debentures, or which modifies
the rights of the Holders of Debentures 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 Debentures of any other series.

          It shall not be necessary for the consent of the Holders of Debentures
or holders of Preferred Securities under this Section to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent
approves the substance thereof.

          If certain Holders agree to defer or waive certain obligations of the
Company hereunder with respect to Debentures held by them, such deferral or
waiver shall not affect the rights of any other Holder to receive the payment or
performance required hereunder in a timely manner.

          After an amendment or waiver under this Section becomes effective, the
Company shall mail to each Holder a notice briefly describing the amendment or
waiver. Any failure of the Company to mail such notices, or any defect therein,
shall not, however, in any way impair or affect the validity of such amendment
or waiver.

SECTION 9.03.     COMPLIANCE WITH TRUST INDENTURE ACT.

          Every supplemental indenture executed pursuant to this Article 9 shall
comply with the TIA.

SECTION 9.04.     REVOCATION AND EFFECT OF CONSENTS, WAIVERS AND ACTIONS.

          Until an amendment, waiver or other action by Holders becomes
effective, a consent, waiver or any other action by a Holder of a Debenture
hereunder is a continuing consent by the Holder and every subsequent Holder of
that Debenture or portion of the Debenture that evidences the same obligation as
the consenting Holder's Debenture, even if notation of the consent, waiver or
action is not made on such Debenture. However, any such Holder or subsequent
Holder may revoke the consent, waiver or action as to such Holder's Debenture or
portion of the Debenture if the Trustee receives the notice of revocation before
the consent of the requisite aggregate principal amount of such Debentures then
outstanding has been obtained and not revoked. After an amendment, waiver or
action becomes effective, it shall bind every Holder of the Debentures of the
related series, except as provided in Section 9.02.

          The Company may, but shall not be obligated to, fix a Record Date for
the purpose of determining the Persons entitled to consent to any amendment or
waiver. If a Record Date is fixed, then, notwithstanding the first two sentences
of the immediately preceding paragraph, only Holders of Debentures or holders of
Preferred Securities, as applicable, on such Record Date or their duly
designated proxies, and only those Persons, shall be entitled to consent to such
amendment, supplement or waiver or to revoke any consent previously given,
whether or not such Persons continue to be such after such Record Date. No such
consent shall be valid or effective for more than 90 days after such Record
Date.

                                       43

<PAGE>

SECTION 9.05.     NOTATION ON OR EXCHANGE OF DEBENTURES.

          Debentures of the related series authenticated and made available for
delivery after the execution of any supplemental indenture pursuant to this
Article 9 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 Debentures so modified to
conform, in the opinion of the Trustee and the Board of Directors, to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and made available for delivery by the Trustee in exchange for
outstanding Debentures.

SECTION 9.06.     EXECUTION OF SUPPLEMENTAL INDENTURES.

          The Trustee shall execute any supplemental indenture authorized
pursuant to this Article 9 if the supplemental indenture does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, execute it. In executing such supplemental
indenture, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Officer's Certificate and Opinion of Counsel
stating that such supplemental indenture is authorized or permitted by this
Indenture.

SECTION 9.07.     EFFECT OF SUPPLEMENTAL INDENTURES.

          Upon the execution of any supplemental indenture under this Article 9,
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 Debentures of the related series theretofore or thereafter authenticated and
made available for delivery hereunder shall be bound thereby.

                                   ARTICLE 10
                                  SUBORDINATION

SECTION 10.01.    DEBENTURES SUBORDINATED TO SENIOR INDEBTEDNESS.

          Notwithstanding the provisions of Section 6.11 or any other provision
herein or in any Debenture, the Company and the Trustee and, by their acceptance
thereof, the Holders of the Debentures (a) covenant and agree that all payments
by the Company of the principal of and premium, if any, and interest on the
Debentures (other than Debentures which have been discharged pursuant to Article
8) shall be subordinated in accordance with the provisions of this Article 10 to
the prior payment in full, in cash or cash equivalents, of all amounts payable
on, under or in connection with Senior Indebtedness, and (b) acknowledge that
holders of Senior Indebtedness are or shall be relying on this Article 10.
Nothing herein or in any Debenture is intended to or shall limit the amount of
Senior Indebtedness the Company may incur.

SECTION 10.02.    PRIORITY AND PAYMENT OF PROCEEDS IN CERTAIN
                  EVENTS: REMEDIES STANDSTILL.

          (a) Upon any payment or distribution of assets or securities of the
Company, as the case may be, of any kind or character, whether in cash, property
or securities, upon any dissolution or winding up or total or partial
liquidation or reorganization of the Company, whether voluntary or involuntary,
or in bankruptcy, insolvency, receivership or other proceedings, all amounts
payable on, under or in connection with Senior Indebtedness (including any
interest accruing on such Senior Indebtedness subsequent to the commencement of
a

                                       44

<PAGE>

bankruptcy, insolvency, receivership or similar proceeding) shall first be
paid in full in cash, or payment provided for in cash or cash equivalents,
before the Holders or the Trustee on behalf of the Holders or the holders of
Preferred Securities shall be entitled to receive from the Company any payment
of principal of or premium, if any, or interest on the Debentures or
distribution of any assets or securities.

          (b) No direct or indirect payment by or on behalf of the Company of
principal of or premium, if any, or interest on the Debentures (other than
Debentures which have been discharged pursuant to Article 8), whether pursuant
to the terms of the Debentures or upon acceleration or otherwise, shall be made
if, at the time of such payment, there exists (i) a default in the payment of
all or any portion of any Senior Indebtedness and the Trustee has received
written notice thereof from the Company, from holders of Senior Indebtedness or
from any trustee, representative or agent therefor, or (ii) any other default
affecting Senior Indebtedness as a result of which the maturity of Senior
Indebtedness has been accelerated and the Trustee has received written notice
from the Company, from holders of Senior Indebtedness or from any trustee,
representative or agent therefor, and such default shall not have been cured or
waived by or on behalf of the holders of such Senior Indebtedness.

          (c) If, notwithstanding the foregoing provisions prohibiting such
payment or distribution, the Trustee or any Holder shall have received any
payment on account of the principal of or premium, if any, or interest on the
Debentures when such payment is prohibited by this Section and before all
amounts payable on, under or in connection with Senior Indebtedness are paid in
full in cash or cash equivalents, then and in such event (subject to the
provisions of Section 10.08) such payment or distribution shall be received and
held in trust for the holders of Senior Indebtedness and, at the written
direction of the trustee, representative or agent for the holders of the Senior
Indebtedness, shall be paid to the holders of the Senior Indebtedness remaining
unpaid to the extent necessary to pay such Senior Indebtedness in full in cash
or cash equivalents.

          Upon any payment or distribution of assets or securities referred to
in this Article 10, the Trustee and the Holders shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which such
dissolution, winding up, liquidation or reorganization proceedings are pending,
and upon a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making any such payment or distribution,
delivered to the Trustee for the purpose of ascertaining the Persons entitled to
participate in such distribution, the holders of Senior Indebtedness and other
Indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article 10.

SECTION 10.03.    PAYMENTS WHICH MAY BE MADE PRIOR TO NOTICE.

          Nothing in this Article 10 or elsewhere in this Indenture shall
prevent (a) the Company, except under the conditions described in Section 10.02,
from making payments of principal of or premium, if any, or interest on the
Debentures or from depositing with the Trustee any monies for such payments, or
(b) the application by the Trustee of any monies deposited with it for the
purpose of making such payments of principal of or premium, if any, or interest
on the Debentures, to the Holders entitled thereto, unless at least one Business
Day prior to the date when such payment would otherwise (except for the
prohibitions contained in Section 10.02) become due and payable, the Trustee
shall have received the written notice provided for in Section 10.02(b)(i) or
(ii).

                                       45

<PAGE>

SECTION 10.04.    RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS NOT TO BE IMPAIRED.

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

          The provisions of this Article 10 are intended to be for the benefit
of, and shall be enforceable directly by, the holders of Senior Indebtedness.
Notwithstanding anything to the contrary in this Article 10, to the extent any
Holders or the Trustee have paid over or delivered to any holder of Senior
Indebtedness any payment or distribution received on account of the principal of
or premium, if any, or interest on the Debentures to which any other holder of
Senior Indebtedness shall be entitled to share in accordance with Section 10.02,
no holder of Senior Indebtedness shall have a claim or right against any Holders
or the Trustee with respect to any such payment or distribution or as a result
of the failure to make payments or distributions to such other holder of Senior
Indebtedness.

SECTION 10.05.    TRUSTEE MAY TAKE ACTION TO EFFECTUATE SUBORDINATION.

          Each Holder of a Debenture, by his acceptance thereof, authorizes and
directs the Trustee on his behalf to take such action as may be required by the
trustee, representative or agent for holders of Senior Indebtedness or by the
Company to effectuate, as between the holders of Senior Indebtedness and the
Holders, the subordination as provided in this Article 10 and appoints the
Trustee his attorney-in-fact for any and all such purposes.

SECTION 10.06.    SUBROGATION.

          Upon the payment in full, in cash or cash equivalents, of all Senior
Indebtedness, any Holder shall be subrogated to the rights of the holders of
such Senior Indebtedness to receive payments or distributions of assets of the
Company in respect of such Senior Indebtedness until the Debentures shall be
paid in full; and for the purposes of such subrogation, no payments or
distributions to holders of such Senior Indebtedness of any cash property or
securities to which such Holders of the Debentures would be entitled except for
this Article 10, and no payment pursuant to this Article 10 to holders of such
Senior Indebtedness by such Holders of the Debentures, shall, as between the
Company, its creditors other than holders of such Senior Indebtedness and such
Holders of the Debentures, be deemed to be a payment by the Company to or on
account of such Senior Indebtedness, it being understood that the provisions of
this Article 10 are solely for the purpose of defining the relative rights of
the holders of such Senior Indebtedness, on the one hand, and such Holders of
the Debentures, on the other hand.

          If any payment or distribution to which Holders of Debentures would
otherwise have been entitled but for the provisions of this Article 10 shall
have been applied, pursuant to this Article 10, to the payment of all Senior
Indebtedness, then and in such case such Holders of the Debentures shall be
entitled to receive from the holders of such Senior Indebtedness at the time
outstanding any payments or distributions received by such holders of Senior
Indebtedness in excess of the amount sufficient to pay, in cash or cash
equivalents, all such Senior Indebtedness in full.

                                       46

<PAGE>

SECTION 10.07.    OBLIGATIONS OF COMPANY UNCONDITIONAL; REINSTATEMENT.

          Nothing in this Article 10 or elsewhere in this Indenture or in any
Debenture is intended to or shall impair, as between the Company and Holders of
the Debentures, the obligations of the Company, which are absolute and
unconditional, to pay to such Holders the principal of and premium, if any, and
interest on the Debentures 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 such Holders of the Debentures and creditors of the Company other than
the holders of the Senior Indebtedness, nor shall anything herein or therein
prevent the Trustee or any Holder of Debentures or holder of Preferred
Securities, as applicable, from exercising all remedies otherwise permitted by
applicable law under this Indenture, subject to the rights, if any, under this
Article 10 of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company received upon the exercise of any such
remedy.

          The failure to make a scheduled payment of principal of or premium, if
any, or interest on the Debentures by reason of Section 10.02 shall not be
construed as preventing the occurrence of a Default or an Event of Default under
Section 6.01; provided, however, that if (a) the conditions preventing the
making of such payment no longer exist, and (b) such Holders of the Debentures
are made whole with respect to such omitted payments, the Default or Event of
Default relating thereto (including any failure to pay any accelerated amounts)
shall be automatically waived, and the provisions of the Indenture shall be
reinstated as if no such Event of Default had occurred.

SECTION 10.08.    TRUSTEE ENTITLED TO ASSUME PAYMENTS NOT PROHIBITED IN ABSENCE
                  OF NOTICE.

          The Trustee or Paying Agent shall not be charged with the knowledge of
the existence of any default in the payment of all or a portion of any Senior
Indebtedness or any other default affecting Senior Indebtedness as a result of
which the maturity of the Senior Indebtedness has been accelerated, unless and
until the Trustee or Paying Agent shall have received written notice thereof;
from the Company or one or more holders of Senior Indebtedness or from any
trustee, representative or agent therefor; and, prior to the receipt of any such
written notice, the Trustee or Paying Agent may conclusively assume that no such
facts exist.

          Unless at least two Business Days prior to the date when by the terms
of this Indenture any monies are to be deposited by the Company with the Trustee
or any Paying Agent for any purpose (including, without limitation, the payment
of the principal of or premium, if any, or interest on any Debenture), the
Trustee or Paying Agent shall have received with respect to such monies the
notice provided for in Section 10.02, the Trustee or Paying Agent shall have
full power and authority to receive and apply such monies to the purpose for
which they were received. Neither of them shall be affected by any notice to the
contrary, which may be received by either on or after such second Business Day.
The foregoing shall not apply to the Paying Agent if the Company is acting as
Paying Agent. Nothing in this Section shall limit the right of the holders of
Senior Indebtedness to recover payments as contemplated by Section 10.02. The
Trustee or Paying Agent shall be entitled to rely on the delivery to it of a
written notice by a Person representing himself or itself to be a holder of such
Senior Indebtedness (or a trustee, representative or agent on behalf of such
holder) to establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee, representative or agent on behalf of any such holder.
The Trustee shall not be deemed to have any duty to the holders (and shall be
fully protected in relying upon such notice) of Senior Indebtedness.

                                       47

<PAGE>

SECTION 10.09.    RIGHT OF TRUSTEE TO HOLD SENIOR INDEBTEDNESS.

                    The Trustee and any Paying Agent shall be entitled to all of
          the rights set forth in this Article 10 in respect of any Senior
          Indebtedness at any time held by them to the same extent as any other
          holder of such Senior Indebtedness, and nothing in this Indenture
          shall be construed to deprive the Trustee or any Paying Agent of any
          of its rights as such holder.

                                   ARTICLE 11
                                  MISCELLANEOUS

SECTION 11.01.    TRUST INDENTURE ACT CONTROLS.

                              If any provision of this Indenture limits,
                    qualifies or conflicts with the duties imposed by operation
                    of Section 318(c) of the TIA, the imposed duties shall
                    control. The provisions of Sections 310 to 317, inclusive,
                    of the TIA that impose duties on any Person (including
                    provisions automatically deemed included in an indenture
                    unless the indenture provides that such provisions are
                    excluded) are a part of and govern this Indenture, except
                    as, and to the extent, they are expressly excluded from this
                    Indenture, as permitted by the TIA.

SECTION 11.02.    NOTICES.

                    Any notice, request or other communication required or
          permitted to be given hereunder shall be in writing and delivered,
          telecopied or mailed by first-class mail, postage prepaid, addressed
          as follows:

                    if to the Company:

                           New York Community Bancorp, Inc.
                           615 Merrick Avenue
                           Westbury, New York 11590
                           Facsimile No.: (516) 461-5739
                           Attention:  Chief Executive Officer

                    if to the Trustee:

                           Wilmington Trust Company
                           1100 North Market Street
                           Wilmington, Delaware  19890
                           Facsimile No.:
                           Attention:  Corporate Trust Administration

                    The Company or the Trustee, by giving notice to the other,
          may designate additional or different addresses for subsequent notices
          of communications. The Company shall notify the holder, if any, of
          Senior Indebtedness of any such additional or different addresses of
          which the Company receives notice from the Trustee.

                    Any notice or communication given to a Debentureholder shall
          be mailed or delivered to the Debentureholder at the Debentureholder's
          address as it appears on the Register of the Registrar and shall be
          sufficiently given if mailed within the time prescribed.

                                       48

<PAGE>

          Failure to give a notice or communication to a Debentureholder or any
defect in it shall not affect its sufficiency with respect to other
Debentureholders. If a notice or communication is given in the manner provided
above, it is duly given, whether or not received by the addressee.

          If the Company gives a notice or communication to the
Debentureholders, it shall deliver a copy to the Trustee and each Registrar,
Paying Agent or co-Registrar.

          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 Debentureholders 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.

SECTION 11.03.    COMMUNICATION BY HOLDERS WITH OTHER HOLDERS.

          Debentureholders may communicate pursuant to Section 312(b) of the TIA
with other Debentureholders with respect to their rights under this Indenture or
the Debentures. The Company, the Trustee, the Registrar, the Paying Agent and
anyone else shall have the protection Section 312(c) of the TIA.

SECTION 11.04.    CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

          Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

          (a) an Officer's Certificate (complying with Section 11.05) stating
that, in the opinion of such Officer, all conditions precedent to the taking of
such action have been complied with; and

          (b) if applicable, an Opinion of Counsel (complying with Section
11.05) stating that, in the opinion of such counsel all such conditions
precedent to the taking of such action have been complied with.

SECTION 11.05.    STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

          Each Officer's Certificate and Opinion of Counsel with respect to
compliance with a covenant or condition provided for in this Indenture shall
include:

          (a) a statement that each Person making such Officer's Certificate or
Opinion of Counsel has read such covenant or condition;

          (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such Officer's
Certificate or Opinion of Counsel are based;

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

                                       49

<PAGE>

          (d) a statement that, in the opinion of such Person, such covenant or
condition has been complied with; provided, however, that with respect to
matters of fact not involving any legal conclusion, an Opinion of Counsel may
rely on an Officer's Certificate or certificates of public officials.

SECTION 11.06.    SEVERABILITY CLAUSE.

          If any provision in this Indenture or in the Debentures 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 11.07.    RULES BY TRUSTEE, PAYING AGENT AND REGISTRAR.

          The Trustee may make reasonable rules for action by or a meeting of
Debentureholders. The Registrar and Paying Agent may make reasonable rules for
their functions.

SECTION 11.08.    LEGAL HOLIDAYS.

          A "Legal Holiday" is any day other than a Business Day. If any
specified date (including a date for giving notice) is a Legal Holiday, the
action to be taken on such date shall be taken on the next succeeding day that
is not a Legal Holiday, and if such action is a payment in respect of the
Debentures, unless otherwise specified pursuant to Section 2.01 no principal,
premium, if any, or interest shall accrue in respect of such payment for the
intervening period.

SECTION 11.09.    GOVERNING LAW.

          This Indenture and the Debentures shall be governed by and construed
in accordance with the laws of the State of New York without regard to its
principles of conflicts of laws.

SECTION 11.10.    NO RECOURSE AGAINST OTHERS.

          No director, officer, employee or stockholder, as such, of the Company
shall have any liability for any obligations of the Company under the Debentures
or this Indenture or for any claim based on, in respect of or by reason of such
obligations. By accepting a Debenture, each Debentureholder shall waive and
release all such liability. The waiver and release shall be part of the
consideration for the issuance and sale of the Debentures.

SECTION 11.11.    SUCCESSORS AND ASSIGNS.

          All agreements of the Company in this Indenture and Debentures shall
bind its successors and assigns. All agreements of the Trustee in this Indenture
shall bind its successors and assigns.

SECTION 11.12.    COUNTERPARTS.

          The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement. Any signed copy shall be sufficient proof of this Indenture.

                                       50

<PAGE>

SECTION 11.13.    NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

          This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or any Subsidiary. Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

SECTION 11.14.    TABLE OF CONTENTS, HEADINGS, ETC.

          The Table of Contents, Cross-Reference Table and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way
modify or restrict any of the terms or provisions hereof.

SECTION 11.15.    HOLDERS OF PREFERRED SECURITIES AS THIRD PARTY BENEFICIARIES.

          The Company hereby acknowledges that, to the extent specifically set
forth herein, prior to a Security Exchange with respect to the Debentures of any
series held as assets of a Trust, the holders of the Preferred Securities of
such Trust shall expressly be third party beneficiaries of this Indenture. The
Company further acknowledges that, prior to a Security Exchange with respect to
Debentures of any series held as assets of a Trust, if an Event of Default has
occurred and is continuing and is attributable to (i) the failure of the Company
to pay the principal of or premium, if any, or interest on the Debentures or
(ii) the failure by the Company to deliver the required securities or other
rights upon an appropriate conversion or exchange right election, any holder of
the Preferred Securities of such Trust may institute a Direct Action against the
Company.

SECTION 11.16.    BENEFITS OF THE INDENTURE.

          Except as otherwise expressly provided herein with respect to holders
of Senior Indebtedness and holders of Preferred Securities, nothing in this
Indenture or in the Debentures, express or implied, shall give to any person,
other than the parties hereto and their successors hereunder and the Holders of
the Debentures, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

                  [remainder of page intentionally left blank]

                                       51

<PAGE>

                                   SIGNATURES

          IN WITNESS WHEREOF, the undersigned, being duly authorized, have
executed this Indenture on behalf of the respective parties hereto as of the
date first above written.

                                                NEW YORK COMMUNITY BANCORP, INC.

                                                By:
                                                     Name:
                                                     Title:

                                                WILMINGTON TRUST COMPANY, AS
                                                TRUSTEE

                                                By:
                                                     Name:
                                                     Title:<PAGE>

                                                                    EXHIBIT 4(j)

                   NEW YORK COMMUNITY BANCORP, INC., as Issuer

                                       and

                      WILMINGTON TRUST COMPANY, as Trustee

                          FIRST SUPPLEMENTAL INDENTURE

                          Dated as of ___________, 2002

     ______% Junior Subordinated Deferrable Interest Debentures due ________

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      Page
<S>                                                                                                   <C>
ARTICLE I    DEFINITIONS .......................................................................         1

     Section 1.1   Definition of Terms .........................................................         1

ARTICLE II   TERMS AND CONDITIONS OF THE DEBENTURES ............................................         6

     Section 2.1   Designation and Principal Amount ............................................         6

     Section 2.2   Maturity ....................................................................         6

     Section 2.3   Global Debentures ...........................................................         6

     Section 2.4   Interest ....................................................................         6

     Section 2.5   Optional Deferral of Interest ...............................................         7

     Section 2.6   Redemption ..................................................................         8

     Section 2.7   Limited Right to Require Exchange of Preferred Securities and Repurchase
                   of Debentures ...............................................................         9

     Section 2.8   Change of Control Right to Require Exchange of Preferred Securities
                   and Repurchase of Debentures ................................................         9

     Section 2.9   Distribution of Debentures in Exchange for Trust Securities Upon the
                   Occurrence of a Special Event ...............................................        10

     Section 2.10  Events of Default ...........................................................        11

     Section 2.11  Amendment; Supplement; Waiver ...............................................        12

     Section 2.12  Defeasance ..................................................................        15

     Section 2.13  Paying Agent; Security Registrar ............................................        17

ARTICLE III  FORM OF DEBENTURE .................................................................        17

     Section 3.1   Form of Debenture ...........................................................        17

ARTICLE IV   EXPENSES ..........................................................................        17

     Section 4.1   Payment of Expenses .........................................................        17

ARTICLE V    COVENANTS .........................................................................        18

     Section 5.1   Covenants in the Event of an Event of Default or of a Deferral of
                   Interest ....................................................................        18

     Section 5.2   Additional Covenants Relating to the Trust ..................................        19

     Section 5.3   Covenant in Event of Distribution of Debentures .............................        19

     Section 5.4   Additional Covenant Relating to the Guarantee ...............................        19

ARTICLE VI   SUBORDINATION .....................................................................        20

     Section 6.1   Debentures Subordinated to Senior Indebtedness ..............................        20

     Section 6.2   Subrogation .................................................................        21

     Section 6.3   Obligation of the Company is Absolute and Unconditional .....................        22
</TABLE>

                                       i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                Page
<S>                                                                                             <C>
     Section 6.4   Maturity of or Default on Senior Indebtedness...........................       22

     Section 6.5   Payments on Debentures Permitted........................................       22

     Section 6.6   Effectuation of Subordination by Trustee................................       22

     Section 6.7   Knowledge of Trustee....................................................       23

     Section 6.8   Trustee's Relation to Senior Indebtedness...............................       23

     Section 6.9   Rights of Holders of Senior Indebtedness Not Impaired...................       23

     Section 6.10  Modification of Terms of Senior Indebtedness............................       23

ARTICLE VII  RIGHTS OF HOLDERS OF PREFERRED SECURITIES.....................................       24

     Section 7.1   Preferred Security Holders' Rights......................................       24

     Section 7.2   Direct Action...........................................................       24

     Section 7.3   Payments Pursuant to Direct Actions.....................................       24

ARTICLE VIII REMARKETING...................................................................       24

     Section 8.1   Effectiveness of this Article...........................................       24

     Section 8.2   Remarketing.............................................................       25

ARTICLE IX   MISCELLANEOUS.................................................................       30

     Section 9.1   Ratification of Indenture...............................................       30

     Section 9.2   Trustee Not Responsible for Recitals....................................       30

     Section 9.3   Governing Law...........................................................       30

     Section 9.4   Severability............................................................       30

     Section 9.5   Counterparts............................................................       31
</TABLE>

                                       ii

<PAGE>

                FIRST SUPPLEMENTAL INDENTURE, dated as of __________, 2002 (this
"First Supplemental Indenture"), between NEW YORK COMMUNITY BANCORP, INC., a
Delaware corporation (the "Company"), having its principal place of business at
615 Merrick Avenue, Westbury, New York 11590 and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as trustee (the "Trustee"), having its corporate
trust office at 1100 North Market Street, Rodney Square North, Wilmington,
Delaware 19890, under the Indenture, dated as of __________, 2002, between the
Company and the Trustee (the "Base Indenture," together with the First
Supplemental Indenture, the "Indenture").

                WHEREAS, the Company executed and delivered the Base Indenture
to the Trustee to provide for the issuance from time to time of the Company's
unsecured debentures, notes or other evidences of indebtedness (collectively the
"Debt Securities," and individually, a "Debt Security") to be issued in one or
more series as might be determined by the Company under the Base Indenture, in
an unlimited aggregate principal amount which may be authenticated and delivered
as provided in the Base Indenture;

                WHEREAS, pursuant to the terms of the First Supplemental
Indenture, the Company desires to provide for the establishment of a new series
of Debt Securities to be known as the 6.000% Junior Subordinated Deferrable
Interest Debentures due 2051 (the "Debentures"), the form and substance of such
Debentures and the terms, provisions and conditions thereof to be as set forth
in the Indenture;

                WHEREAS, New York Community Capital Trust V, a Delaware
statutory trust (the "Trust"), has offered to the public $275,000,000 in
aggregate stated liquidation amount of its 6.000% Preferred Securities (the
"Preferred Securities") and, in connection therewith, the Company has agreed to
purchase $8,505,200 in aggregate stated liquidation amount of the Trust's common
securities (the "Common Securities" and, together with the Preferred Securities,
the "Trust Securities"), each representing an undivided beneficial ownership
interest in the assets of the Trust, and proposes to invest the proceeds from
such offerings in $283,505,200 aggregate principal amount of the Debentures; and

                WHEREAS, the Company has requested that the Trustee execute and
deliver this First Supplemental Indenture, all requirements necessary to make
this First Supplemental Indenture a valid instrument in accordance with its
terms (and to make the Debentures, when executed by the Company and
authenticated and delivered by the Trustee, the valid obligations of the
Company) have been performed, and the execution and delivery of this First
Supplemental Indenture has been duly authorized in all respects.

                NOW, THEREFORE, in consideration of the purchase and acceptance
of the Debentures by the Holders (as defined below) thereof, and for the purpose
of setting forth, as provided in the Indenture, the form and substance of the
Debentures and the terms, provisions and conditions thereof, the Company
covenants and agrees with the Trustee as follows:

                                    ARTICLE I

                                   DEFINITIONS

Section 1.1     Definition of Terms.

                Unless the context otherwise requires:

                (a)  a term not defined herein that is defined in the Base
Indenture has the same meaning when used in this First Supplemental Indenture;

<PAGE>

                  (b) a term defined anywhere in this First Supplemental
Indenture has the same meaning throughout;

                  (c) the singular includes the plural and vice versa;

                  (d) a reference to a Section or Article is to a Section or
Article of this First Supplemental Indenture;

                  (e) headings are for convenience of reference only and do not
affect interpretation;

                  (f) the following terms have the following meanings:

                  "Accreted Value" has the meaning set forth in the Declaration.

                  "Administrative Trustees" has the meaning set forth in the
Declaration.

                  "Base Indenture" has the meaning set forth in the Recitals.

                  "Business Day" has the meaning set forth in the Declaration.

                  "Change of Control" has the meaning set forth in the
Declaration.

                  "Change of Control Repurchase Date" has the meaning set forth
in the Declaration.

                  "Change of Control Repurchase Price" has the meaning set forth
in the Declaration.

                  "Change of Control Repurchase Right" has the meaning set forth
in the Declaration.

                  "Common Securities" has the meaning set forth in the Recitals.

                  "Company" has the meaning set forth in the Recitals.

                  "Compounded Interest" has the meaning set forth in Section
2.5(a).

                  "Coupon Rate" has the meaning set forth in Section 2.4(a).

                  "Debenture Distribution Notice" has the meaning set forth in
the Declaration.

                  "Debenture Issuer" has the meaning set forth in the
Declaration.

                  "Debentures" has the meaning set forth in the Recitals.

                  "Debt Securities" or "Debt Security" has the meaning set forth
in the Recitals.

                  "Declaration" means the Amended and Restated Declaration of
Trust of the Trust, dated as of __________, 2002, among the Debenture Issuer, in
its capacity as Sponsor, the initial Administrative Trustees, Wilmington Trust
Company, as Property Trustee, and Wilmington Trust Company, as Delaware Trustee,
as amended and restated from time to time.

                  "Definitive Preferred Securities" has the meaning set forth in
the Declaration.

                                       2

<PAGE>

                  "Delaware Trustee" has the meaning set forth in the
Declaration.

                  "Direct Action" has the meaning set forth in Section 7.2.

                  "Distribution Date" has the meaning set forth in the
Declaration.

                  "Distributions" have the meaning set forth in the Declaration.

                  "Exchange Agent" has the meaning set forth in the Declaration.

                  "Exercise Price" has the meaning set forth in the Warrant
Agreement.

                  "Extension Period" has the meaning set forth in Section
2.5(a).

                  "Failed Remarketing" has the meaning set forth in the
Declaration.

                  "Failed Remarketing Date" has the meaning set forth in the
Declaration.

                  "First Supplemental Indenture" has the meaning set forth in
the Recitals.

                  "Global Debenture" has the meaning set forth in Section
2.3(a).

                  "Global Preferred Security" has the meaning set forth in the
Declaration.

                  "Guarantee" has the meaning set forth in the Declaration.

                  "Holder" means a Person in whose name a Debenture is
registered.

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

                  "Initial Purchasers" has the meaning set forth in the
Declaration.

                  "Legal Cause Remarketing Event" has the meaning set forth in
the Declaration.

                  "Legal Requirements" has the meaning set forth in the
Declaration.

                  "Like Amount" has the meaning set forth in the Declaration.

                  "90 Day Period" has the meaning set forth in the Declaration.

                  "Non Book-Entry Preferred Securities" has the meaning set
forth in Section 2.3(b).

                  "No Recognition Opinion" has the meaning set forth in the
Declaration.

                  "Officers' Certificate" has the meaning set forth in the
Declaration.

                  "Opinion of Counsel" means the written opinion of counsel
rendered by an independent law firm which shall be acceptable to the Trustee.

                  "Optional Redemption Remarketing Event" has the meaning set
forth in the Declaration.

                                       3

<PAGE>

          "Payment Blockage Notice" has the meaning set forth in Section 6.1(d).

          "Preferred Securities" has the meaning set forth in the Recitals.

          "Preferred Securities Certificate" has the meaning set forth in the
Declaration.

          "Property Trustee" has the meaning set forth in the Declaration.

          "Pro Rata" has the meaning set forth in the Declaration.

          "Purchase Agreement" has the meaning set forth in the Declaration.

          "Remarketing" means:

               (i)  as long as the Trust has not been liquidated, the operation
                    of the procedures for remarketing specified in Section 6.6
                    of the Declaration; and

               (ii) if the Trust has been liquidated, the operation of the
                    procedures for remarketing specified in Article VIII.

          "Remarketing Agent" has the meaning set forth in the Declaration.

          "Remarketing Agreement" has the meaning set forth in the Declaration.

          "Remarketing Date" has the meaning set forth in the Declaration.

          "Remarketing Settlement Date" has the meaning set forth in the
Declaration.

          "Repurchase Price" has the meaning set forth in the Declaration.

          "Repurchase Right" has the meaning set forth in the Declaration.

          "Reset Rate" has the meaning set forth in the Declaration.

          "Senior Indebtedness" means the principal of, premium, if any, and
interest (including all interest accruing subsequent to the commencement of any
bankruptcy or similar proceeding, whether or not a claim for post-petition
interest is allowable as a claim in any such proceeding) on:

               (1)  all indebtedness, obligations and other liabilities
          (contingent or otherwise) of the Company for borrowed money (including
          obligations of the Company in respect of overdrafts, foreign exchange
          contracts, currency exchange agreements, interest rate protection
          agreements, and any loans or advances from banks, whether or not
          evidenced by notes or similar instruments) or evidenced by bonds,
          debentures, notes or other instruments for the payment of money, or
          indebtedness incurred in connection with the acquisition of any
          properties or assets (whether or not the recourse of the lender is to
          the whole of the assets of the Company or to only a portion thereof),
          other than any account payable or other accrued current liability or
          obligation to trade creditors incurred in the ordinary course of
          business;

                                        4

<PAGE>

                    (2) all obligations and liabilities (contingent or
               otherwise) in respect of leases of the Company required or
               permitted, in conformity with generally accepted accounting
               principles, to be accounted for as capitalized lease obligations
               on the balance sheet of the Company;

                    (3) all direct or indirect guaranties or similar agreements
               by the Company in respect of, and obligations or liabilities
               (contingent or otherwise) of the Company to purchase or otherwise
               acquire or otherwise assure a creditor against loss in respect
               of, indebtedness, obligations or liabilities of another Person of
               the kind described in clauses (1) and (2);

                    (4) any and all amendments, renewals, extensions and
               refundings of any indebtedness, obligation or liability of the
               kind described in clauses (1) through (3).

               "Senior Indebtedness" does not include:

                    (1) any indebtedness in which the instrument or instruments
               evidencing or securing the same or pursuant to which the same is
               outstanding, or in any amendment, renewal, extension or refunding
               of such instrument or instruments, it is expressly provided that
               such indebtedness shall not be senior in right of payment to the
               Debentures or expressly provides that such Indebtedness is pari
               passu or junior to the Debentures;

                    (2) trade accounts payable in the ordinary course of
               business; and

                    (3) any series of subordinated debt securities, whether
               currently outstanding or created, assumed or incurred at a later
               date, initially issued to any trust, partnerships or other
               entities affiliated with the Company in connection with an
               issuance of securities similar to the Preferred Securities.

               "Special Distribution Date" has the meaning set forth in the
Declaration.

               "Special Event" has the meaning set forth in the Declaration.

               "Special Record Date" has the meaning set forth in the
Declaration.

               "Trust" has the meaning set forth in the Recitals.

               "Trust Securities" has the meaning set forth in the Recitals.

               "Trustee" has the meaning set forth in the Recitals.

               "Unit" has the meaning set forth in the Declaration.

               "Unit Agreement" has the meaning set forth in the Declaration.

               "Warrant" has the meaning set forth in the Warrant Agreement.

               "Warrant Agent" has the meaning set forth in the Warrant
Agreement.

               "Warrant Agreement" has the meaning set forth in the Declaration.

                                        5

<PAGE>

              "Warrant Requirements" has the meaning set forth in the
Declaration.

                                   ARTICLE II

                     TERMS AND CONDITIONS OF THE DEBENTURES

Section 2.1   Designation and Principal Amount.

              There is hereby authorized a series of Debt Securities designated
the "6.000% Junior Subordinated Deferrable Interest Debentures due 2051,"
limited in aggregate principal amount to $283,505,200.

Section 2.2   Maturity.

              The Stated Maturity shall be November 1, 2051 unless reset in
connection with a Remarketing to 180 days following the Remarketing Date.

Section 2.3   Global Debentures.

              If distributed to holders of Trust Securities in connection with
the involuntary or voluntary dissolution of the Trust:

              (a) The Debentures in definitive form may be presented to the
Trustee by the Property Trustee in exchange for a global security in an
aggregate principal amount equal to all Outstanding Debentures (a "Global
Debenture"). The Company upon any such presentation shall execute a Global
Debenture in such aggregate principal amount and deliver the same to the Trustee
for authentication and delivery in accordance with the Base Indenture and this
First Supplemental Indenture. The Depositary for the Global Debentures will be
The Depositary Trust Company. The Global Debentures will be registered in the
name of the Depositary or its nominee, Cede & Co., and delivered by the Trustee
to the Depositary or a custodian appointed by the Depositary for crediting to
the accounts of its participants pursuant to the instructions of the
Administrative Trustees. Payments on the Debentures issued as a Global Debenture
will be made to the Depositary or its nominee.

              (b) If any Preferred Securities are held in definitive form, the
Debentures in definitive form may be presented to the Trustee by the Property
Trustee, and any Trust Securities which represent Preferred Securities other
than Preferred Securities held by the depositary for the Preferred Securities or
its nominee ("Non Book-Entry Preferred Securities") will be deemed to represent
beneficial ownership interests in Debentures presented to the Trustee by the
Property Trustee having an aggregate principal amount equal to the aggregate
stated liquidation amount of the Non Book-Entry Preferred Securities until such
Preferred Securities Certificates are presented to the Security Registrar for
transfer or reissuance, at which time such Preferred Securities Certificates
will be canceled and a Debenture registered in the name of the holder of the
Securities or the transferee of the holder of such Securities, as the case may
be, with an aggregate principal amount equal to the aggregate stated liquidation
amount of the Securities canceled will be executed by the Company and delivered
to the Trustee for authentication and delivery in accordance with the Base
Indenture and this First Supplemental Indenture. On issue of such Debentures,
Debentures with an equivalent aggregate principal amount that were presented by
the Property Trustee to the Trustee will be deemed to have been canceled.

Section 2.4   Interest.

                                        6

<PAGE>

              (a) Each Debenture will bear interest at a rate per annum of
6.000% (the "Coupon Rate") of the principal amount of $50 per Debenture from and
including _________, 2002 to, but excluding, the Remarketing Date, and at the
Reset Rate of the Accreted Value of the Debenture from and including the
Remarketing Date to, but excluding, the Stated Maturity, payable quarterly in
arrears on February 1, May 1, August 1 and November 1 of each year (each, an
"Interest Payment Date"), commencing on February 1, 2003.

              (b) Interest not paid on the scheduled Interest Payment Date will
accrue and compound quarterly at the Coupon Rate of the principal amount of the
Debentures or the Reset Rate of the Accreted Value of the Debentures, as the
case may be.

              (c) The Regular Record Dates for the Debentures shall be:

                  (i)   as long as the Debentures are represented by a Global
                        Debenture, the Business Day preceding the corresponding
                        Interest Payment Date; or

                  (ii)  if the Debentures are issued in definitive form, at
                        least one Business Day prior to the corresponding
                        Interest Payment Date.

              (d) The amount of interest payable on the Debentures for any
period will be computed:

                  (i)   for any full 90-day quarterly period, on the basis of a
                        360-day year of twelve 30-day months;

                  (ii)  for any period shorter than a full 90-day quarterly
                        period, on the basis of a 30-day month; and

                  (iii) for any period shorter than a 30-day month, on the
                        basis of the actual number of days elapsed in the
                        30-day month.

              In the event that any date on which interest is payable on the
Debentures is not a Business Day, payment of the interest payable on such date
will be made on the next day that is a Business Day (and without any additional
interest or other payment in respect of any such delay), except that if such
Business Day is in the next calendar year, such payment will be made on the
preceding Business Day with the same force and effect as if made on the date
such payment was originally payable.

Section 2.5    Optional Deferral of Interest.

              (a) As long as no Event of Default has occurred and is continuing,
and as long as a Failed Remarketing has not occurred, the Company has the right,
at any time and from time to time, to defer payments of interest on the
Debentures by extending the interest payment period on the Debentures for a
period (each, an "Extension Period") not exceeding 20 consecutive quarters,
during which Extension Period no interest shall be due and payable on the
Debentures; provided that no Extension Period shall end on a date other than an
Interest Payment Date or extend beyond the Stated Maturity. Upon the occurrence
of a Failed Remarketing, any such Extension Period shall terminate, and interest
shall become payable in cash on the next Interest Payment Date. Despite such
deferral, interest shall continue to accrue with additional interest thereon (to
the extent permitted by applicable law) at the Coupon Rate of the principal
amount of the Debentures or the Reset Rate of the Accreted Value of the

                                        7

<PAGE>

Debentures on the Remarketing Date, as applicable, compounded quarterly during
any such Extension Period ("Compounded Interest"). Prior to the termination of
any such Extension Period, the Company may further defer payments of interest by
further extending such Extension Period; provided that such Extension Period,
together with all such previous and further extensions of such Extension Period,
may not exceed 20 consecutive quarters or extend beyond the Stated Maturity. At
the termination of any Extension Period, the Company shall pay all interest then
accrued and unpaid, plus Compounded Interest. Upon the termination of any
Extension Period and the payment of all amounts then due, the Company may
commence a new Extension Period, subject to the above requirements.

              (b) The procedure the Company must follow to exercise its option
to defer payments of interest on the Debentures for an Extension Period shall be
as follows:

                  (i)   If the Property Trustee shall be the only holder of the
                        Debentures, the Company shall give notice of its
                        election of such Extension Period to the Property
                        Trustee, the Administrative Trustees and the Trustee at
                        least one Business Day prior to the earlier of:

                        (A)  the next date on which Distributions on the
                             Preferred Securities are payable; or

                        (B)  the date the Administrative Trustees are required
                             to give notice of the record date or the date such
                             Distributions are payable for the first quarter of
                             such Extension Period to (x) any national stock
                             exchange or other organization on which the
                             Preferred Securities are listed or quoted, if any,
                             or (y) the holders of the Preferred Securities; or

                  (ii)  If the Property Trustee shall not be the holder of the
                        Debentures, the Company shall give notice of its
                        election of such extension period to the Holders at
                        least ten Business Days prior to the earlier of:

                        (A)  the Interest Payment Date for the first quarter of
                             such Extension Period; or

                        (B)  the date on which the Company is required to give
                             notice of the record date or the payment date of
                             such related interest payment for the first quarter
                             of such Extension Period to (x) any national stock
                             exchange or other organization on which the
                             Debentures are listed or quoted, if any, or (y) the
                             Holders.

                  (iii) The Company shall pay all deferred interest and
                        Compounded Interest on the Debentures prior to the
                        exercise of its right to cause a Remarketing of the
                        Debentures.

Section 2.6   Redemption.

              (a) The Company shall have no right to redeem the Debentures.

              (b) The Debentures shall not be subject to a sinking fund
                  provision.

                                        8

<PAGE>

Section 2.7    Limited Right to Require Exchange of Preferred Securities and
               Repurchase of Debentures.

               (a) Pursuant to Section 6.7 of the Declaration, in the event a
holder of a Unit exercises a Warrant on a date other than a Remarketing
Settlement Date and elects to exercise its Repurchase Right, the Company shall
be required to repurchase at the Repurchase Price on the applicable Special
Distribution Date Debentures having a principal amount at maturity on the date
of exchange of Preferred Securities for Debentures equal to the liquidation
preference of the exchanged Preferred Securities on such exchange date.

               (b) No less than three Business Days prior to the applicable
Special Distribution Date:

                   (i)  if the Preferred Securities to be exchanged are
                        represented by a Global Preferred Security, the Trustee
                        shall, in accordance with the instruction of the
                        Property Trustee provided for in the Declaration,
                        transfer to the Exchange Agent Debentures having a
                        principal amount at maturity equal to the liquidation
                        preference of the Preferred Securities for which,
                        pursuant to the Declaration, the necessary endorsement
                        to the "Schedule of Increases or Decreases in Global
                        Preferred Security" attached to the Global Preferred
                        Security was made to reduce the amount of Preferred
                        Securities represented thereby; and

                   (ii) if the Preferred Securities to be exchanged are
                        represented by Definitive Preferred Securities, the
                        Trustee shall, in accordance with the instruction of the
                        Property Trustee provided for in the Declaration,
                        deliver to such holder definitive Debentures having a
                        principal amount at maturity equal to the liquidation
                        preference of the Preferred Securities of such holder
                        which, pursuant to the Declaration, were presented by
                        such holder to the Property Trustee for cancellation.

               (c) On the applicable Special Distribution Date, the Debenture
Issuer shall repurchase the Debentures which were the subject of an exchange
notice received by the Debenture Issuer by paying the Repurchase Price directly
to the selling holder.

Section 2.8    Change of Control Right to Require Exchange of Preferred
               Securities and Repurchase of Debentures.

               (a) Pursuant to Section 6.8 of the Declaration, in the event a
Change of Control occurs and the holder of a Unit or the holder of a Preferred
Security, as the case may be, elects to exercise its Change of Control
Repurchase Right, the Company shall be required to repurchase at the Change of
Control Repurchase Price on the Change of Control Repurchase Date Debentures
having an Accreted Value on the date of exchange equal to the Accreted Value of
the exchanged Preferred Securities on such exchange date.

               (b) No less than three Business Days prior to the Change of
Control Repurchase Date:

                                        9

<PAGE>

                    (i)  if the Preferred Securities to be exchanged are
                         represented by a Global Preferred Security, the Trustee
                         shall, in accordance with the instruction of the
                         Property Trustee provided for in the Declaration,
                         transfer to the Exchange Agent Debentures having an
                         Accreted Value equal to the Accreted Value of the
                         Preferred Securities for which, pursuant to the
                         Declaration, the necessary endorsement to the "Schedule
                         of Increases or Decreases in Global Preferred Security"
                         attached to the Global Preferred Security was made to
                         reduce the amount of Preferred Securities represented
                         thereby; and

                    (ii) if the Preferred Securities to be exchanged are
                         represented by Definitive Preferred Securities, the
                         Trustee shall, in accordance with the instruction of
                         the Property Trustee provided for in the Declaration,
                         deliver to such holder definitive Debentures having an
                         Accreted Value equal to the Accreted Value of the
                         Preferred Securities of such holder which, pursuant to
                         the Declaration, were presented by such holder to the
                         Property Trustee for cancellation.

               (c)  On the Change of Control Repurchase Date, the Debenture
Issuer shall repurchase the Debentures which were the subject of an exchange
notice received by the Debenture Issuer by paying the Change of Control
Repurchase Price directly to the selling holder.

Section 2.9  Distribution of Debentures in Exchange for Trust Securities Upon
             the Occurrence of a Special Event.

               (a)  If at any time a Special Event occurs and certain conditions
set forth in Section 2.9(b) are satisfied, the Administrative Trustees may
dissolve the Trust and, after satisfaction of liabilities to creditors of the
Trust as provided by applicable law, cause the Debentures held by the Property
Trustee to be distributed to the holders of Trust Securities in liquidation of
such holders' interests in the Trust on a Pro Rata basis, upon not less than 30
nor more than 60 days notice, within the 90 Day Period, and, simultaneous with
such distribution, to cause a Like Amount of the Securities to be exchanged by
the Trust on a Pro Rata basis.

               (b)  The dissolution of the Trust and distribution of the
Debentures pursuant to Section 2.9(a) shall be permitted only upon satisfaction
of the following three conditions:

                    (i)  the receipt by the Administrative Trustees of a No
                         Recognition Opinion;

                    (ii) neither the Trust nor the Company being able to
                         eliminate, which elimination shall be complete within
                         the 90 Day Period, such Special Event by taking some
                         ministerial action (such as filing a form, making an
                         election or pursuing some other reasonable measure)
                         that:

                         (A)  has no material adverse effect on the Trust, the
                              Company or the holders of the Trust Securities; or

                         (B)  does not subject any of them to more than de
                              minimis regulatory requirements; and

                                       10

<PAGE>

                    (iii) the receipt by the Administrative Trustees of the
                          prior written consent of the Company.

               (c)  A Debenture Distribution Notice, which notice shall be
irrevocable, shall be given by the Trust by mail to each holder of Trust
Securities not fewer than 30 nor more than 60 days before the date of
distribution of the Debentures. A Debenture Distribution Notice shall be deemed
to be given on the day such notice is first mailed by first-class mail, postage
prepaid, to Holders. No defect in the Debenture Distribution Notice or in the
mailing of the Debenture Distribution Notice with respect to any holder of Trust
Securities shall affect the validity of the exchange proceedings with respect to
any other holder of Trust Securities.

               (d)  On and from the date fixed by the Administrative Trustees
for any distribution of Debentures and liquidation of the Trust:

                    (i)   the Trust Securities no longer shall be deemed to be
                          outstanding;

                    (ii)  the Depositary or its nominee (or any successor
                          Depositary or its nominee), as the holder of the
                          Preferred Securities, will receive a registered global
                          certificate or certificates representing the
                          Debentures to be delivered upon such distribution; and

                    (iii) any certificates representing Trust Securities not
                          held by the Depositary or its nominee (or any
                          successor Depositary or its nominee) shall be deemed
                          to represent Debentures having an aggregate principal
                          amount equal to the aggregate liquidation amount of
                          such Trust Securities and bearing accrued and unpaid
                          interest in an amount equal to the accumulated and
                          unpaid Distributions on such Trust Securities, until
                          such certificates are presented for cancellation, at
                          which time the Company shall issue, and the Trustee
                          shall authenticate, a certificate representing such
                          Debentures.

               (e)  In the event of a dissolution of the Trust and a
distribution of the Debentures, the Company shall have the same rights, and
shall be subject to same terms and conditions, to cause a Remarketing of the
Debentures as the Company has and is subject to under Section 6.6 of the
Declaration to cause a Remarketing of the Preferred Securities.

Section 2.10   Events of Default.

               In addition to the Events of Default set forth in Section 6.01 of
the Base Indenture, it shall be an Event of Default with respect to the
Debentures if the following occurs and shall be continuing:

               (a)  the Company defaults in the payment of principal of or
premium, if any, on any of the Debentures when it becomes due and payable at
Stated Maturity, upon exercise of a Repurchase Right, upon exercise of a Change
of Control Repurchase Right or otherwise, whether or not such payment is
prohibited by the subordination provisions of Article 6 of this First
Supplemental Indenture;

               (b)  the Company defaults in the payment of interest on any of
the Debentures when it becomes due and payable and such default continues for a
period of 30 days after written notice of such

                                       11

<PAGE>

failure shall have been given to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of
the Outstanding Debentures; whether or not such payment is prohibited by the
subordination provisions of Article 6 of this First Supplemental Indenture;
provided, however, that a valid extension of the interest payment period does
not constitute a default in the payment of interest;

               (c)  the Company fails to perform or observe any other term,
covenant or agreement contained in the Debentures or the Indenture (other than a
term, covenant or agreement included in the Indenture solely for the benefit of
any series of Debt Securities other than the Debentures) and such default
continues for a period of 90 days after written notice of such failure shall
have been given to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in aggregate principal amount of the Outstanding
Debentures; or

               (d)  the Trust shall have voluntarily or involuntarily dissolved,
wound up its business or otherwise terminated its existence, except in
connection with:

                    (i)   the distribution of the Debentures held by the Trust
                          to the holders of the Trust Securities in liquidation
                          of the Trust or their interests in the Trust;

                    (ii)  the redemption of all of the outstanding Trust
                          Securities; or

                    (iii) a merger, consolidation, conversion, amalgamation,
                          replacement or other transaction involving the Trust
                          that is permitted under Section 3.14 of the
                          Declaration.

Section 2.11 Amendment; Supplement; Waiver.

               (a)  Amendment 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 amend the Indenture and the
Debentures to:

                    (i)   add to the covenants of the Company for the benefit of
                          the Holders;

                    (ii)  add to the Events of Default under the Indenture;

                    (iii) surrender any right or power herein conferred upon the
                          Company;

                    (iv)  provide for the assumption of the Company's
                          obligations to the Holders in the case of a merger,
                          consolidation, conveyance, transfer or lease pursuant
                          to Article 5 of the Base Indenture;

                    (v)   comply with the requirements of the Securities and
                          Exchange Commission in order to maintain the
                          qualification of the Indenture under the Trust
                          Indenture Act; or

                    (vi)  cure any ambiguity, to correct or supplement any
                          provision herein which may be inconsistent with any
                          other provision herein or which is otherwise
                          defective, or to make any other provisions with
                          respect to

                                       12

<PAGE>

                          matters or questions arising under the Indenture which
                          the Company and the Trustee may deem necessary or
                          desirable and which shall not be inconsistent with the
                          provisions of the Indenture; provided that such action
                          pursuant to this clause (vi) does not adversely affect
                          the interests of the Holders in any material respect.

               (b)  Amendment With Consent of Holders. With the consent of the
Holders of not less than a majority in aggregate principal amount of the
Debentures and all other series of Debt Securities affected at the time
Outstanding, voting as one class, the Company and the Trustee, at any time and
from time to time, may modify or amend the Indenture and the Debentures;
provided, however, that no such modification or amendment shall be effective
until the Holder of each Debenture affected at the time Outstanding shall have
consented to such modification or amendment, if such modification or amendment
shall:

                    (i)   change the Stated Maturity of the principal of, or any
                          installment of principal or interest on, any
                          Debenture;

                    (ii)  reduce the principal amount of, premium, if any, or
                          the rate of interest on, any Debenture;

                    (iii) change the place of payment where the Debentures or
                          any premium or interest thereon is payable;

                    (iv)  impair the right to institute suit for the enforcement
                          of any such payment on or with respect to the
                          Debentures;

                    (v)   reduce the above-stated percentage in principal amount
                          of Debentures, the Holders of which are required to
                          modify or amend the Indenture, to consent to any
                          waiver thereunder or to approve any supplemental
                          indenture;

                    (vi)  change any obligation of the Company to maintain an
                          office or agency in the places and for the purposes
                          required by the Indenture; or

                    (vii) modify any of the above provisions;

provided, further, that if the Debentures are held by the Property Trustee, no
such modification or amendment shall be effective until the holders of not less
than 66 2/3% of the aggregate liquidation amount of the Trust Securities shall
have consented to such modification or amendment; provided, further, that where
the consent of the Holders of more than 66 2/3% of the aggregate principal
amount of the Debentures is required pursuant to Section 9.02 of the Base
Indenture, no such modification or amendment shall be effective until the
holders of at least the same proportion in aggregate liquidation amount of the
Trust Securities shall have consented to such modification or amendment.

               (c)  Waiver of Past Defaults. The Holders of not less than a
majority of aggregate principal amount of the Debentures then Outstanding may on
behalf of the Holders of all Debentures waive any past default with respect to
the Debentures, except for (i) a default in the payment of principal of,
premium, if any, or interest on the Debentures and (ii) a default in respect of
a covenant or provision of the Indenture which cannot be modified or amended
without the consent of the Holder of each

                                       13

<PAGE>

Debenture then Outstanding. No such waiver shall be effective until the holders
of a majority in aggregate stated liquidation amount of Trust Securities shall
have consented to such waiver; provided that where a consent under the Indenture
would require the Holders of more than a majority in principal amount of
Debentures, no such waiver shall be effective until the holders of at least the
same proportion in aggregate stated liquidation amount of Trust Securities shall
have consented to such waiver.

               (d)  Meetings and Voting.

                    (i)   The Trustee may at any time call a meeting of Holders
                          of Debentures for any purpose permitted by the Base
                          Indenture. Notice of every meeting of Holders of
                          Debentures, setting forth the time and the place in
                          the City of New York of such meeting and in general
                          terms the action proposed to be taken at such meeting,
                          shall be given not less than 21 nor more than 180 days
                          prior to the date fixed for the meeting.

                          In case at any time the Company, pursuant to a Board
                          Resolution, or the Holders of at least 20% in
                          aggregate principal amount of the Outstanding
                          Debentures shall have requested the Trustee to call a
                          meeting of the Holders of Debentures for any purpose
                          permitted by the Base Indenture, by written request
                          setting forth in reasonable detail the action proposed
                          to be taken at the meeting, and the Trustee shall not
                          have made the first publication of the notice of such
                          meeting within 21 days after receipt of such request
                          or shall not thereafter proceed to cause the meeting
                          to be held as provided herein, then the Company or the
                          Holders of Debentures in the amount specified, as the
                          case may be, may determine the time and the place in
                          The City of New York for such meeting and may call
                          such meeting for such purposes by giving notice
                          thereof.

                    (ii)  Except as provided below, the Persons entitled to vote
                          a majority in principal amount of the Outstanding
                          Debentures shall constitute a quorum. In the absence
                          of a quorum within 30 minutes of the time appointed
                          for any such meeting, the meeting shall, if convened
                          at the request of Holders of Debentures, be dissolved.
                          In any other case, the meeting may be adjourned for a
                          period of not less than 10 days as determined by the
                          chairman of the meeting prior to the adjournment of
                          such meeting. In the absence of a quorum at any such
                          adjourned meeting, such adjourned meeting may be
                          further adjourned for a period of not less than 10
                          days as determined by the chairman of the meeting
                          prior to the adjournment of such adjourned meeting.
                          Notice of the reconvening of any adjourned meeting
                          shall be given as provided herein, except that such
                          notice need be given only once and not less than five
                          days prior to the date on which the meeting is
                          scheduled to be reconvened. Notice of the reconvening
                          of an adjourned meeting shall state expressly the
                          percentage of the principal amount of the Outstanding
                          Debentures which shall constitute a quorum.

                    (iii) Subject to the foregoing, at the reconvening of any
                          meeting adjourned for a lack of a quorum, the Persons
                          entitled to vote 25% in principal amount

                                       14

<PAGE>

                          of the Outstanding Debentures at the time shall
                          constitute a quorum for the taking of any action set
                          forth in the notice of the original meeting.

                    (iv)  At a meeting or an adjourned meeting duly reconvened
                          and at which a quorum is present as aforesaid, any
                          resolution and all matters shall be effectively passed
                          and decided if passed or decided by the Persons
                          entitled to vote the lesser of:

                          (A)   a majority in principal amount of the Debentures
                                then Outstanding; or

                          (B)   66 2/3% in principal amount of the Debentures
                                represented and voting at such meeting;

provided, however, that if any consent, waiver or other action must be given,
made or taken by the Holders of a specified percentage in principal amount of
Outstanding Debentures (which is less than a majority of the principal amount to
Debentures then Outstanding), then such consent, waiver or other action may be
given, made or taken by the Persons entitled to vote the lesser of:

                          (x)   the specified percentage in principal amount of
                                the Debentures then Outstanding; or

                          (y)   a majority in principal amount of the Debentures
                                represented and voting at such meeting.

                    (v)   Any resolution passed or decisions taken at any
                          meeting of Holders of Debentures duly held in
                          accordance with this Section shall be binding on all
                          the Holders of Debentures, whether or not present or
                          represented at the meeting.

Section 2.12 Defeasance.

             The Company shall be deemed to have been discharged from its
obligations with respect to all of the outstanding Debentures on the date of the
deposit referred to in subparagraph (A) hereof, and the provisions of this
Indenture, as it relates to such outstanding Debentures, shall no longer be in
effect (and the Trustee, at the expense of the Company, shall, upon the request
of the Company, execute proper instruments supplied to it by the Company
acknowledging the same), except as to:

                    (i)   the rights of Holders of Debentures to receive,
                          solely from the trust funds described in subparagraph
                          (A) hereof, payments of the principal of or interest
                          on the outstanding Debentures on the date such
                          payments are due; and

                    (ii)  the rights, powers, trust and immunities of the
                          Trustee hereunder;

                    provided that the following conditions shall have been
                    satisfied:

                          (A)   the Company shall have deposited, or caused to
                                be deposited, irrevocably with the Trustee,
                                under the terms of an escrow trust

                                       15

<PAGE>

                               agreement satisfactory to the Trustee, as trust
                               funds in trust for the purpose of making the
                               following payments, specifically pledged as
                               security for and dedicated solely to the benefit
                               of the Holders of the Debentures, cash in U.S.
                               dollars and/or Eligible Instruments (including
                               U.S. Government Obligations) which through the
                               payment of interest and principal in respect
                               thereof, in accordance with their terms, will
                               provide (and without reinvestment and assuming no
                               tax liability will be imposed on such Trustee),
                               not later than one day before the due date of any
                               payment of money, an amount in cash, 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 principal of and interest on all
                               the Debentures on the dates such payments of
                               principal or interest are due and payable;

                          (B)  no Default or Event of Default with respect to
                               the Debentures shall have occurred and be
                               continuing on the date of such deposit;

                          (C)  such deposit and the related intended
                               consequences will not result in a breach or
                               violation of, or constitute a default or event of
                               default under, the Indenture or any other
                               material indenture, agreement or other instrument
                               binding upon the Company or its subsidiaries or
                               any of their properties or assets;

                          (D)  the Company shall have delivered to the Trustee
                               an Officers' Certificate and an Opinion of
                               Counsel to the effect that (1) the Company has
                               received from, or there has been published by,
                               the Internal Revenue Service a ruling (which
                               ruling shall be satisfactory to the Trustee), or
                               (2) since the date of execution of this First
                               Supplemental Indenture, there has been a change
                               in the applicable federal income tax law, in
                               either case to the effect that, and based thereon
                               such Opinion of Counsel shall confirm that, the
                               Holders will not recognize income, gain or loss
                               for federal income tax purposes as a result of
                               such deposit, defeasance and discharge and will
                               be subject to 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;

                          (E)  the Company shall have delivered to the Trustee
                               an Officers' Certificate stating that the deposit
                               was not made by the Company with the intent of
                               preferring the Holders over any other creditors
                               of the Company or with the intent of defeating,
                               hindering, delaying or defrauding any other
                               creditors of the Company;

                          (F)  such deposit shall not result in the trust
                               arising from such deposit constituting an
                               "investment company" (as defined in the

                                       16

<PAGE>

                               Investment Company Act of 1940, as amended (the
                               "Investment Company Act")), or such trust shall
                               be qualified under such Act or exempt from
                               regulation thereunder; and

                          (G)  the Company shall have delivered to the Trustee
                               an Officers' Certificate and an Opinion of
                               Counsel, each stating that all conditions
                               precedent relating to the defeasance contemplated
                               by this Section 2.12 have been complied with.

              Notwithstanding a defeasance of the Debentures, the Company shall
continue to have the right to cause a Remarketing of the Debentures so long as
the amounts described above are expected to be on deposit in the escrow trust
account as of such adjusted date of maturity (i.e., 180 days following the
Remarketing Date).

Section 2.13  Paying Agent; Security Registrar.

              Initially, the Trustee shall act as Paying Agent and Security
Registrar. If the Debentures are issued in definitive form, the Corporate Trust
Office shall be the office or agency of the Paying Agent and the Security
Registrar for the Debentures.

                                   ARTICLE III

                                FORM OF DEBENTURE

Section 3.1   Form of Debenture.

              The Debentures and the Trustee's Certificate of Authentication to
be endorsed thereon are to be substantially in the forms of Exhibit A annexed
hereto.

                                   ARTICLE IV

                                    EXPENSES

Section 4.1   Payment of Expenses.

              In connection with the offering, sale and issuance of the
Debentures to the Trust in connection with the sale of the Trust Securities by
the Trust, the Company, as borrower, shall:

              (a)   pay for all costs and expenses relating to the offering,
sale and issuance of the Debentures, including compensation to the Initial
Purchasers payable pursuant to the Purchase Agreement and compensation of the
Trustee (in any of its capacities) under the Indenture in accordance with the
provisions of Section 7.06 of the Base Indenture; and

              (b)   pay for all costs and expenses of the Trust, including, but
not limited to, costs and expenses relating to the organization and operation of
the Trust (including any taxes, duties, assessments or other governmental
charges of whatever nature imposed on the Trust by the United States or any
other taxing authority), the offering, sale and issuance of the Trust Securities
(including compensation to the Initial Purchasers payable pursuant to the
Purchase Agreement in connection therewith); the fees and expenses of the
Property Trustee (including, without limitation, those incurred in connection
with the

                                       17

<PAGE>

enforcement by the Property Trustee of the rights of the holders of the
Preferred Securities), the Delaware Trustee and the Administrative Trustees; the
costs and expenses relating to the operation of the 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 Trust assets;

              (c)   be primarily liable for any indemnification obligations
arising with respect to the Declaration; and

              (d)   pay any and all taxes (other than United States withholding
taxes), duties, assessments or governmental charges of whatever nature imposed
on the Trust by the United States or any other taxing authority and all
liabilities, costs and expenses with respect to such taxes of the Trust.

                                    ARTICLE V

                                    COVENANTS

Section 5.1   Covenants in the Event of an Event of Default or of a Deferral of
              Interest.

              If an Event of Default occurs and written notice of such event has
been given to the Company, or if the Company exercises its right to defer
payments of interest on the Debentures pursuant to Section 2.5, the Company may
not:

              (a)   declare or pay any dividend on, make any distributions
relating to, or redeem, purchase, acquire or make a liquidation payment relating
to, any of its capital stock, or any warrants, options or other rights to
acquire capital stock (but excluding any debt security that is convertible into
or exchangeable for capital stock); or

              (b)   make any payment of interest, principal or premium, if any,
on or repay, repurchase or redeem any debt securities of the Company that rank
on a parity with or junior in interest to the Debentures or make any payments
with respect to any guarantee by the Company of the debt securities of any
subsidiary of the Company if such guarantee ranks on a parity with or junior in
interest to the Debentures;

              in each case, other than:

                    (i)    dividends or distributions in capital stock (or
            rights to acquire capital stock) of the Guarantor;

                    (ii)   payments under the Guarantee;

                    (iii)  any declaration of a dividend in connection with the
            implementation of a shareholders' rights plan, or the issuance of
            stock under any such plan in the future, or the redemption or
            repurchase of any such rights pursuant to a rights agreement;

                    (iv)   repurchases or acquisitions of shares of capital
            stock of the Guarantor in connection with the satisfaction by the
            Guarantor of its obligations under any employee benefit plans or any
            other contractual obligation of the Guarantor; or

                                       18

<PAGE>

                    (v)    as a result of an exchange or conversion of the
          Guarantor's capital stock for another class or series of the
          Guarantor's capital stock;

                    (vi)   the purchase of fractional interests in shares of
          the Guarantor's capital stock pursuant to the conversion or exchange
          provisions of such capital stock or the security being converted or
          exchanged; and

                    (vii)  repurchases of capital stock of the Guarantor in
          connection with the satisfaction by the Guarantor of its obligations
          pursuant to any acquisitions of businesses made by the Guarantor
          (which repurchases are made in connection with the satisfaction of
          indemnification obligations of the sellers of such businesses).

Section 5.2   Additional Covenants Relating to the Trust.

              For as long as the Debentures are held of record by the Property
Trustee, the Company will:

              (a)   maintain, directly or indirectly, 100% ownership of the
Common Securities; provided, however, that any permitted successor of the
Company under this Indenture may succeed to the Company's ownership of such
Common Securities;

              (b)   use its reasonable efforts to cause the Trust to (a) remain
a statutory trust, except in connection with the distribution of the Debentures
to the Holders, the redemption of all of the Securities, or certain mergers,
consolidations, conversions or amalgamations, each as permitted by the
Declaration, (b) not to voluntarily dissolve, wind up, liquidate or be
terminated, except as permitted by the Declaration and (c) otherwise continue to
be classified as a grantor trust for United States federal income tax purposes;

              (c)   use its commercially reasonable efforts to ensure that the
Trust will not be an "investment company" required to be registered under the
Investment Company Act;

              (d)   not to take any action that would be reasonably likely to
cause the Trust to be classified as an association or a publicly traded
partnership taxable as a corporation for United States federal income tax
purposes; and

              (e)   use its reasonable best efforts to cause each holder of
Trust Securities to be treated as owning an undivided beneficial interest in the
Debentures.

Section 5.3   Covenant in Event of Distribution of Debentures.

              If the Debentures are to be distributed to the holders of the
Preferred Securities upon dissolution of the Trust, the Company shall perform
all acts and take all actions necessary to facilitate the distribution of the
Debentures pursuant to Sections 6.10 and 8.2 of the Declaration (including,
without limitation, making the Debentures eligible for payment through The
Depository Trust Company).

Section 5.4   Additional Covenant Relating to the Guarantee.

                                       19

<PAGE>

              If an event of default under the Guarantee occurs and written
notice of such event has been given to the Company, the Company shall be subject
to the limitations and restrictions set forth in Section 5.1 relating to an
Event of Default.

                                   ARTICLE VI

                                  SUBORDINATION

Section 6.1   Debentures Subordinated to Senior Indebtedness.

              The Company covenants and agrees, and each Holder, by such
Holder's acceptance thereof, likewise covenants and agrees, that the
indebtedness represented by the Debentures and the payment of the principal of
and interest on each and all of the Debentures is hereby expressly subordinated
and junior, to the extent and in the manner as set forth in this Section 6.1, in
right of payment to the prior payment in full of all Senior Indebtedness.

              (a)   In the event of any payment or distribution of assets of the
Company to creditors upon any liquidation, dissolution, winding up or
reorganization of the Company, whether in bankruptcy, insolvency, reorganization
or receivership proceedings or upon an assignment by the Company for the benefit
of creditors or any other marshalling of the assets and liabilities of the
Company or otherwise, the holders of all Senior Indebtedness shall be entitled
first to receive payment of the full amount due thereon in respect of all such
Senior Indebtedness and all other amounts due or provision shall be made for
such amount in cash, or other payments satisfactory to the holders of Senior
Indebtedness, before the Holders are entitled to receive any payment or
distribution of any character, whether in cash, securities or other property, on
account of the principal of, premium, if any, or interest on the indebtedness
evidenced by the Debentures.

              (b)   In the event of any acceleration of maturity of the
Debentures because of an Event of Default, unless the full amount due in respect
of all Senior Indebtedness is paid in cash or other form of payment satisfactory
to the holders of Senior Indebtedness, no payment shall be made by the Company
with respect to the principal of or interest on the Debentures or to acquire any
of the Debentures, and the Company shall give prompt written notice of such
acceleration to such holders of Senior Indebtedness.

              (c)   In the event of and during the continuance of any default in
payment of the principal of or interest on any Senior Indebtedness, unless all
such payments due in respect of such Senior Indebtedness have been paid in full
in cash or other payments satisfactory to the holders of Senior Indebtedness, no
payment shall be made by the Company with respect to the principal of or
interest on the Debentures or to acquire any of the Debentures. The Company
shall give prompt written notice to the Trustee of any default under any Senior
Indebtedness or under any agreement pursuant to which Senior Indebtedness may
have been issued.

              (d)   During the continuance of any event of default with respect
to any Senior Indebtedness, as such event of default is defined under any such
Senior Indebtedness or in any agreement pursuant to which any Senior
Indebtedness has been issued (other than a default in payment of the principal
of or interest on any Senior Indebtedness), permitting the holder or holders of
such Senior Indebtedness to accelerate the maturity thereof, no payment shall be
made by the Company, directly or indirectly, with respect to principal of,
premium, if any, or interest on the Debentures for 179 days following notice in
writing (a "Payment Blockage Notice") to the Company, from any holder or holders

                                       20

<PAGE>

of such Senior Indebtedness or their representative or representatives or the
trustee or trustees under any indenture or under which any instrument evidencing
any such Senior Indebtedness may have been issued, that such an event of default
has occurred and is continuing, unless such event of default has been cured or
waived or such Senior Indebtedness has been paid in full; provided, however, if
the maturity of such Senior Indebtedness is accelerated, no payment may be made
on the Debentures until such Senior Indebtedness has been paid in full in cash
or other payment satisfactory to the holders of such Senior Indebtedness or such
acceleration (or termination, in the case of a lease) has been cured or waived.

              For purposes of this Section 6.1(d), such Payment Blockage Notice
shall be deemed to include notice of all other events of default under such
indenture or instrument which are continuing at the time of the event of default
specified in such Payment Blockage Notice. The provisions of this Section 6.1(d)
shall apply only to one such Payment Blockage Notice given in any period of 365
days with respect to any issue of Senior Indebtedness, and no such continuing
event of default that existed or was continuing on the date of delivery of any
Payment Blockage Notice shall be, or shall be made, the basis for a subsequent
Payment Blockage Notice.

              (e)   In the event that, notwithstanding the foregoing provisions
of Sections 6.1(a), 6.1(b), 6.1(c) and 6.1(d), any payment on account of
principal of, premium, if any, or interest on the Debentures shall be made by or
on behalf of the Company and 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 shall be segregated and held in trust):

                    (i)    after the occurrence of an event specified in Section
                           6.1(a) or 6.1(b), then, unless all Senior
                           Indebtedness is paid in full in cash, or provision
                           shall be made therefor,

                    (ii)   after the happening of an event of default of the
                           type specified in Section 6.1(c) above, then, unless
                           the amount of such Senior Indebtedness then due shall
                           have been paid in full, or provision made therefor or
                           such event of default shall have been cured or
                           waived, or

                    (iii)  after the happening of an event of default of the
                           type specified in Section 6.1(d) above and delivery
                           of a Payment Blockage Notice, then, unless such event
                           of default shall have been cured or waived or the
                           179-day period specified in Section 6.1(d) shall have
                           expired,

such payment (subject, in each case, to the provisions of Section 6.7 hereof)
shall be held in trust for the benefit of, and shall be immediately paid over
to, the holders of Senior Indebtedness or their representative or
representatives or the trustee or trustees under any indenture under which any
instruments evidencing any of the Senior Indebtedness may have been issued, as
their interests may appear.

Section 6.2   Subrogation.

              Subject to the payment in full of all Senior Indebtedness to which
the indebtedness evidenced by the Debentures is in the circumstances
subordinated as provided in Section 6.1 hereof, the Holders shall be subrogated
to the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such
Senior Indebtedness until all amounts owing on the Debentures shall be paid in
full, and, as between the Company, its

                                       21

<PAGE>

creditors other than holders of such Senior Indebtedness, and the Holders, no
such payment or distribution made to the holders of Senior Indebtedness by
virtue of this Article which otherwise would have been made to the holders of
the Debentures shall be deemed to be a payment by the Company on account of such
Senior Indebtedness, provided that the provisions of this Article are and are
intended solely for the purpose of defining the relative rights of the Holders,
on the one hand, and the holders of Senior Indebtedness, on the other hand.

Section 6.3   Obligation of the Company is Absolute and Unconditional.

              Nothing contained in this Article or elsewhere in this Indenture
or in the Debentures is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior Indebtedness, and the Holders, the
obligation of the Company, which is absolute and unconditional, to pay to the
Holders the principal of and interest on the Debentures 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 and creditors of the Company
other than the holders of Senior Indebtedness, nor shall anything contained
herein or therein prevent the Trustee or the Holder from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article of the holders of Senior Indebtedness
in respect of cash, property or securities of the Company received upon the
exercise of any such remedy.

Section 6.4   Maturity of or Default on Senior Indebtedness.

              Upon the maturity of any Senior Indebtedness by lapse of time,
acceleration or otherwise, all principal of or premium, if any, or interest on,
rent or other payment obligations in respect of all such matured Senior
Indebtedness shall first be paid in full, or such payment shall have been duly
provided for, before any payment on account of principal or interest is made
upon the Debentures.

Section 6.5   Payments on Debentures Permitted.

              Except as expressly provided in this Article, nothing contained in
this Article shall affect the obligation of the Company to make, or prevent the
Company from making, payments of the principal of or interest on the Debentures
in accordance with the provisions hereof and thereof, or shall prevent the
Trustee or any Paying Agent from applying any moneys deposited with it hereunder
to the payment of the principal of or interest on the Debentures.

Section 6.6   Effectuation of Subordination by Trustee.

              Each Holder, 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 and appoints the Trustee such Holder's attorney-in-fact for any and all
such purposes.

              Upon any payment or distribution of assets of the Company referred
to in this Article, the Trustee and the Holders shall be entitled to request and
rely upon any order or decree made by any court of competent jurisdiction in
which any such dissolution, winding up, liquidation or reorganization proceeding
affecting the affairs of the Company is pending or upon a certificate of the
trustee in bankruptcy, receiver, assignee for the benefit of creditors,
liquidating trustee or agent or other Person making any payment or distribution,
delivered to the Trustee or to the Holders, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, and as to other
facts

                                       22

<PAGE>

pertinent to the right of such Persons under this Article, and if such evidence
is not furnished, the Trustee may defer any payment to such Persons pending
judicial determination as to the right of such Persons to receive such payment.

Section 6.7   Knowledge of Trustee.

              Notwithstanding the provisions of this Article or any other
provisions of this Indenture, the Trustee (acting in any of its capacities)
shall not be charged with notice or knowledge of the existence of any Senior
Indebtedness, of any default in payment of principal of, premium, if any, or
interest on, rent or other payment obligation in respect of any Senior
Indebtedness, or of any facts which would prohibit the making of any payment of
moneys to or by the Trustee, or the taking of any other action by the Trustee,
unless a Responsible Officer of the Trustee shall have received written notice
thereof from the Company, any Holder, any Paying Agent of the Company or the
holder or representative of any class of Senior Indebtedness, and, prior to the
receipt of any such written notice, the Trustee (acting in any of its
capacities) shall be entitled in all respects to assume that no such default or
facts exist; provided, however, that unless on the third Business Day prior to
the date upon which by the terms hereof any such moneys may become payable for
any purpose the Trustee shall have received the notice provided for in this
Section 6.7, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority (but shall not be obligated) to
receive such moneys and apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it on or after such date.

Section 6.8   Trustee's Relation to Senior Indebtedness.

              The Trustee shall be entitled to all the rights set forth in this
Article with respect to any Senior Indebtedness at the time held by it, to the
same extent as any other holder of Senior Indebtedness and nothing contained in
this Indenture shall deprive the Trustee of any of its rights as such holder.

              Nothing contained in this Article shall apply to claims of or
payments to the Trustee (acting in any of its capacities) under or pursuant to
Section 6.07 of the Base Indenture.

              With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article, and no implied covenants or
obligations with respect to the holders of 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 Senior Indebtedness and the Trustee shall
not be liable to any holder of Senior Indebtedness if it shall pay over or
deliver to Holders, the Company or any other Person moneys or assets to which
any holder of Senior Indebtedness shall be entitled by virtue of this Article or
otherwise.

Section 6.9   Rights of Holders of Senior Indebtedness Not Impaired.

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

Section 6.10  Modification of Terms of Senior Indebtedness.

                                       23

<PAGE>

              Any renewal or extension of the time of payment of any Senior
Indebtedness or the exercise by the holders of Senior Indebtedness of any of
their rights under any instrument creating or evidencing Senior Indebtedness,
including without limitation the waiver of default thereunder, may be made or
done all without notice to or assent from the Holders or the Trustee.

              No compromise, alteration, amendment, modification, extension,
renewal or other change of, or waiver, consent or other action in respect of,
any liability or obligation under or in respect of, or of any of the terms,
covenants or conditions of any indenture or other instrument under which any
Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or
not such release is in accordance with the provisions or any applicable
document, shall in any way alter or affect any of the provisions of this Article
or of the Debentures relating to the subordination thereof.

                                  ARTICLE VII

                    RIGHTS OF HOLDERS OF PREFERRED SECURITIES

Section 7.1   Preferred Security Holders' Rights.

              If the Property Trustee fails to enforce its rights under the
Debentures after a holder of Preferred Securities has made a written request,
the holder of Preferred Securities may, to the fullest extent permitted by law,
institute a legal proceeding directly against the Company to enforce the
Property Trustee's rights under the Indenture without first instituting any
legal proceeding against the Property Trustee or any other person or entity.

Section 7.2   Direct Action.

              Notwithstanding any other provision of the Indenture, for as long
as any Preferred Securities remain outstanding, to the fullest extent permitted
by law, if an Event of Default has occurred and is continuing and such event is
attributable to the failure of the Company to pay the principal of or premium,
if any, or interest on the Debentures on the date such principal, premium, if
any, or interest is otherwise payable, a holder of Preferred Securities may
institute, to the fullest extent permitted by law, a proceeding directly against
the Company (a "Direct Action") to enforce payment to such holder of the
principal of or premium, if any, or interest on Debentures having an aggregate
principal amount equal to the aggregate stated liquidation amount of the
Preferred Securities of such holder.

Section 7.3   Payments Pursuant to Direct Actions.

              The Company shall have the right to set off against its
obligations to the Trust, as Holder, any payment made to a holder of Preferred
Securities in connection with a Direct Action.

                                  ARTICLE VIII

                                   REMARKETING

Section 8.1   Effectiveness of this Article.

              Except for Section 8.2(a) and 8.2(b), this Article VIII shall
become effective only upon a distribution of the Debentures upon dissolution of
the Trust which occurs prior to the Remarketing of the Preferred Securities
pursuant to the Declaration. Until such a distribution, or if such distribution
occurs

                                       24

<PAGE>

after the Remarketing of the Preferred Securities pursuant to the Declaration,
this Article VIII (except for Section 8.2(a) and 8.2(b)) shall have no effect.

Section 8.2  Remarketing.

             (a)  In connection with a Remarketing of the Preferred Securities:

                  (i)    in connection with a Remarketing of the Preferred
                         Securities upon an Optional Redemption Remarketing
                         Event or a Legal Cause Remarketing Event, the Accreted
                         Value of the Debentures as of the end of the day on the
                         day next preceding the Remarketing Date shall become
                         due on the date which is 180 days following the
                         Remarketing Date;

                  (ii)   beginning on the Remarketing Date, the rate of interest
                         per annum on the Accreted Value of the Debentures shall
                         become the Reset Rate on the Accreted Value of the
                         Securities established in the Remarketing of the
                         Preferred Securities; and

                  (iii)  on the Remarketing Settlement Date, interest accrued
                         and unpaid on the Debentures from and including the
                         immediately preceding Interest Payment Date to, but
                         excluding, the Remarketing Settlement Date shall be
                         payable to the Holders of the Debentures on the Special
                         Record Date.

              (b) In connection with a Remarketing of the Preferred Securities
and at any time thereafter, a purchaser may exchange its Preferred Securities
for its pro rata share of Debentures. In such event, the Administrative Trustees
shall cause Debentures held by the Property Trustee, having an aggregate
Accreted Value equal to the aggregate Accreted Value of the Preferred Securities
purchased by such purchaser and with accrued and unpaid interest equal to the
accumulated and unpaid Distributions on the Preferred Securities purchased by
such purchaser, and having the same record date for payment as the Preferred
Securities, to be distributed to such purchaser in exchange for such holders'
pro rata interest in the Trust. In such event, the Debentures held by the Trust
shall decrease by the amount of Debentures delivered to the purchaser of
Preferred Securities.

              (c) The proceeds from the Remarketing of the Debentures shall be
paid to the selling holders; provided that upon an Optional Redemption
Remarketing Event (as defined in the Declaration) or a Legal Cause Remarketing
Event, the proceeds from the Remarketing of the Debentures that are held
pursuant to the Unit Agreement for which the holders of such Units have elected
to exercise their Warrants shall be paid directly to the Warrant Agent to
satisfy in full the Exercise Price of the Warrants held by such holders with any
excess proceeds being paid to the selling holders.

              (d) Upon the occurrence of an Optional Redemption Remarketing
Event, the Company may elect to cause a Remarketing of the Debentures and select
a Remarketing Date; provided that the following conditions precedent are
satisfied:

                  (i)    as of the date on which the Company elects to cause a
                         Remarketing of the Debentures and on the Remarketing
                         Date, no Event of Default or deferral of interest
                         payments to Holders of the Debentures shall have
                         occurred and be continuing;

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<PAGE>

              (ii)  as of the date on which the Company elects to cause a
                    Remarketing of the Debentures and on the Remarketing Date,
                    the Warrant Requirements shall have been satisfied; and

              (iii) on the Remarketing Date, the Legal Requirements shall have
                    been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

                    (A)  the Warrant Requirements shall be satisfied; and

                    (B)  pursuant to the Warrant Agreement, a redemption of the
                         Warrants of those holders who have not elected to
                         exercise their Warrants prior to or on such date shall
                         have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

              (x)   the Remarketing cannot occur because of a failure to satisfy
                    either the Warrant Requirements or the Legal Requirements as
                    of or on the relevant date or dates; and

              (y)   the Company is using its best efforts to satisfy such
                    Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than May 7, 2051; provided that all applicable
requirements and conditions precedents (including the timely occurrence of an
Optional Redemption Remarketing Event) are satisfied.

          (e) Upon the occurrence of a Legal Cause Remarketing Event, the
Company may elect to cause a Remarketing of the Debentures and select a
Remarketing Date; provided that the following conditions precedent are
satisfied:

              (i)   as of the date on which the Company elects to cause a
                    Remarketing of the Debentures and on the Remarketing Date,
                    no Event of Default shall have occurred and be continuing;

              (ii)  as of the date on which the Company elects to cause a
                    Remarketing of the Debentures and on the Remarketing Date,
                    the Warrant Requirements shall have been satisfied; and

              (iii) on the Remarketing Date, the Legal Requirements shall have
                    been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

                    (A)  the Warrant Requirements shall be satisfied; and

                                       26

<PAGE>

                     (B)  pursuant to the Warrant Agreement, a redemption of the
                          Warrants of those holders who have not elected to
                          exercise their Warrants on or prior to such date shall
                          have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

               (x)   the Remarketing cannot occur because of a failure to
                     satisfy either the Warrant Requirements or the Legal
                     Requirements as of or on the relevant date or dates; and

               (y)   the Company is using its best efforts to satisfy such
                     Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than May 7, 2051; provided that all applicable
requirements and conditions precedents (including the timely occurrence of a
Legal Cause Remarketing Event) are satisfied.

          (f)  On the Maturity Remarketing Date, a Remarketing of the
Debentures shall occur; provided that on such date, the Legal Requirements (to
the extent applicable) shall have been satisfied.

          (g)  If, for any reason, a Remarketing of the Debentures does not
occur on the Maturity Remarketing Date, the Administrative Trustees shall give
notice thereof to all Holders of the Debentures (whether or not held pursuant to
the Unit Agreement) prior to the close of business on the Business Day following
the Maturity Remarketing Date. In such event:

               (i)   the rate of interest per annum on the Accreted Value of the
                     Debentures (which, on the Maturity Remarketing Date, shall
                     be equal to the principal amount of the Debentures) shall
                     become 11.10%

               (ii)  the Accreted Value of the Debentures shall be due and
                     payable on the day which is 180 days after the Maturity
                     Remarkable Date; and

               (iii) the Company no longer shall have the option to defer
                     payments of interest on the Debentures.

          (h)  Upon the occurrence of an Optional Redemption Remarketing Event
or a Legal Cause Remarketing Event and the election by the Company to cause a
Remarketing of the Debentures, or upon the Maturity Remarketing Date, as long as
the Debentures are evidenced by a Global Debenture, deposited with the Clearing
Agency, the Company shall request, not later than four nor more than 20 days
prior to the Remarketing Date, that the Depositary notify the Holders of the
Debentures of the Remarketing of the Debentures and of the procedures that must
be followed if such Holder of Debentures or holder of Units wishes to opt not to
participate in the Remarketing of the Debentures.

          (i)  Upon the occurrence of a Remarketing Event, all of the Debentures
(excluding the Debentures as to which the Holders thereof have opted not to
participate in the Remarketing (but including Debentures that are not held
pursuant to the Unit Agreement)) shall be remarketed by the Remarketing Agent.
Not later than 5:00 p.m. (New York City time) on the Business Day preceding the
Remarketing Date, each Holder of Debentures may elect not to have the Debentures
held by such Holder remarketed in the Remarketing. Holders of Debentures that
are not held pursuant to the Unit Agreement

                                       27

<PAGE>

shall give such notice to the Trustee and Holders of Debentures that are held
pursuant to the Unit Agreement shall give such notice to the Unit Agent. Holders
of Debentures that do not give notice of their intention not to participate in
the Remarketing, shall be deemed to have consented to the disposition of their
Debentures in the Remarketing. Any such notice shall be irrevocable and may not
be conditioned upon the level at which the Reset Rate is established in the
Remarketing.

          Not later than 5:00 p.m. (New York City time) on the Business Day
preceding the Remarketing Date, the Trustee and the Unit Agent, as applicable,
based on the notices received by it prior to such time, shall notify the Trust,
the Company and the Remarketing Agent of the aggregate principal amount of
Debentures to be tendered for purchase in the Remarketing.

          (j)   The right of each Holder to have Debentures tendered for
purchase shall be limited to the extent that:

                (i)    the Remarketing Agent conducts a Remarketing pursuant to
                       the terms of the Remarketing Agreement;

                (ii)   the Remarketing Agent is able to find a purchaser or
                       purchasers for the Debentures deemed tendered; and

                (iii)  such purchaser or purchasers deliver the purchase price
                       therefor to the Remarketing Agent.

          (k)   On the Remarketing Date, the Remarketing Agent shall use
commercially reasonable efforts to remarket the Debentures deemed tendered for
purchase at a price no less than 100% of the aggregate Accreted Value as of the
end of the day on the day next preceding the Remarketing Date.

          (l)   If, as a result of the efforts described in 8.2(k), the
Remarketing Agent determines that it will be able to remarket all of the
Debentures deemed tendered for purchase at the purchase price set forth in
Section 8.2(k) prior to 4:00 p.m. (New York City time) on the Remarketing Date,
the Remarketing Agent shall determine the Reset Rate, which shall be the rate
per annum (rounded to the nearest one-thousandth (0.001) of 1% per annum) that
the Remarketing Agent determines, in its sole judgment, to be the lowest rate
per annum that will enable it to remarket all of the Debentures deemed tendered
for Remarketing.

          (m)   If none of the Holders of the Debentures or the holders of the
Units elects to have their Debentures remarketed in the Remarketing, the Reset
Rate shall be the rate determined by the Remarketing Agent, in its sole
discretion, as the rate that would have been established had a Remarketing been
held on the Remarketing Date, and the related modifications to the others terms
of the Debentures and the Warrants shall be effective as of the Remarketing
Date.

          (n)   If, by 4:00 p.m. (New York City time) on the Remarketing Date,
the Remarketing Agent is unable to remarket all of the Debentures deemed
tendered for purchase, a Failed Remarketing shall be deemed to have occurred and
the Remarketing Agent shall so advise by telephone (promptly confirmed in
writing) the Depositary, the Property Trustee, the Trustee and the
Administrative Trustees on behalf of the Trust and the Company. The
Administrative Trustees shall then give notice of the Failed Remarketing to the
Company and the Holders of the Debentures prior to the close of business on the
Business Day following the Failed Remarketing Date. In the event of a Failed
Remarketing:

                                       28

<PAGE>

              (i)   the Accreted Value of the Debentures as of the end of the
                    day on the day next preceding the Failed Remarketing Date
                    shall become due on the date which is 180 days following the
                    Failed Remarketing Date;

              (ii)  beginning on the Failed Remarketing Date, the rate of
                    interest per annum on the Accreted Value of the Debentures
                    shall become 11.10% from the Failed Remarketing Date to but
                    not including the Stated Maturity (as modified in connection
                    with such Failed Remarketing); and

              (iii) the Company no longer shall have the option to defer
                    payments of interest on the Debentures.

Notwithstanding a Failed Remarketing, subject to the satisfaction of the Legal
Requirements, the Warrants shall be redeemed at the Warrant Value and the
holders of Warrants shall have the option to exercise its Warrants in lieu of
such redemption, as provided in the Unit Agreement and the Warrant Agreement.

          (o) By approximately 4:30 p.m. (New York City time) on the Remarketing
Date, provided that there has not been a Failed Remarketing, the Remarketing
Agent shall advise, by telephone (promptly confirmed in writing):

              (i)   the Depositary, the Property Trustee, the Trustee, the Trust
                    and the Company of the Reset Rate determined in the
                    Remarketing and the aggregate principal amount of Debentures
                    sold in the Remarketing;

              (ii)  each purchaser (or the Depositary participant thereof) of
                    the Reset Rate and the aggregate principal amount of
                    Debentures such purchaser is to purchase; and

              (iii) each purchaser to give instructions to its Depositary
                    participant to pay the purchase price on the Remarketing
                    Settlement Date in same day funds against delivery of the
                    Debentures purchased through the facilities of the
                    Depositary.

          (p) In accordance with the Depositary's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Debenture deemed tendered for purchase and sold in the Remarketing shall be
executed through the Depositary, and the accounts of the respective Depositary
participants shall be debited and credited and such Debentures delivered by
book-entry as necessary to effect purchases and sales of such Debentures. The
Depositary shall make payment in accordance with its normal procedures.

          (q) If any Holder of the Debentures selling such Debentures (or any
holder of Units selling the Debentures that are held pursuant to the Unit
Agreement) in the Remarketing fails to deliver such Debentures, the Depositary
participant of such selling holder and of any other Person that was to have
purchased Debentures in the Remarketing may deliver to any such other Person an
aggregate principal amount of Debentures that is less than the aggregate
principal amount of Debentures that otherwise was to be purchased by such
Person. In such event, the aggregate principal amount of Debentures to be so
delivered shall be determined by such Depositary participant, and delivery of
such aggregate principal amount of Debentures shall constitute good delivery.

                                       29

<PAGE>

            (r) The Remarketing Agent is not obligated to purchase any
Debentures that otherwise would remain unsold in the Remarketing. Neither the
Trust, any Trustee, the Company nor the Remarketing Agent shall be obligated in
any case to provide funds to make payment upon tender of the Debentures for
Remarketing.

            (s) Under the Remarketing Agreement, the Company, in its capacity as
Debenture Issuer, shall be liable for, and shall pay, any and all costs and
expenses incurred in connection with the Remarketing, and the Trust shall not
have any liabilities for such costs and expenses.

            (t) The tender and settlement procedures set forth in this Section
8.2, including provisions for payment by purchasers of the Debentures in the
Remarketing, shall be subject to modification to the extent required by the
Depositary or if the book-entry system is no longer available for the Debentures
at the time of the Remarketing, to facilitate the tendering and remarketing of
the Debentures in definitive form. In addition, the Remarketing Agent may modify
the settlement procedures set forth herein in order to facilitate the settlement
process.

                                   ARTICLE IX

                                  MISCELLANEOUS

Section 9.1 Ratification of Indenture.

            The Indenture, as supplemented and amended by this First
Supplemental Indenture, is ratified and confirmed, and this First Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent
herein and therein provided. If any provision of this First Supplemental
Indenture is inconsistent with a provision of the Base Indenture, the terms of
this First Supplemental Indenture shall control.

Section 9.2 Trustee Not Responsible for Recitals.

            The recitals contained herein are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
First Supplemental Indenture.

Section 9.3 Governing Law.

            This First Supplemental Indenture and each Debenture shall be
governed by, and construed in accordance with, the laws of the State of New York
without regard to principles of conflicts of laws.

Section 9.4 Severability.

            In case any one or more of the provisions contained in this First
Supplemental Indenture or in the Debentures shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this First
Supplemental Indenture or of the Debentures, but this First Supplemental
Indenture and the Debentures shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

                                       30

<PAGE>

Section 9.5 Counterparts.

            This First Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.

                                       31

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed, on the date or dates indicated in
the acknowledgments and as of the day and year first above written.

                                      NEW YORK COMMUNITY BANCORP, INC.

                                      By: _____________________________________
                                            Name:
                                            Title:

                                      WILMINGTON TRUST COMPANY,
                                      not in its individual capacity but solely
                                      as Trustee

                                      By: _____________________________________
                                            Name:
                                            Title:

                                       32

<PAGE>

                                                                       EXHIBIT A

                               [FACE OF DEBENTURE]

[Insert only if a Global Debenture: "This Debenture is a Global Debenture within
the meaning of the Indenture hereinafter referred to and is registered in the
name of Cede & Co., as nominee for The Depositary Trust Company (the
"Depositary"). This Debenture is exchangeable for Debentures 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 Debenture
(other than a transfer of this Debenture 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 Debenture is presented by an authorized
representative of the Depositary to New York Community Bancorp, Inc. or its
agent for registration of transfer, exchange or payment, and any Debenture
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of the Depositary, and any payment hereon is
made to Cede & Co., and, except as otherwise provided in the Indenture, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

                        NEW YORK COMMUNITY BANCORP, INC.

               6.000% Junior Subordinated Deferrable Interest Debenture due
November 1, 2051

Certificate No.:                                                    $

               This Debenture is one of a duly authorized series of Debt
Securities of New York Community Bancorp, Inc. (the "Debentures"), all issued
under and pursuant to an Indenture dated as of __________, 2002, duly executed
and delivered by New York Community Bancorp, Inc., a Delaware corporation (the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to) and Wilmington Trust Company, a Delaware banking
corporation, as Trustee (the "Trustee"), as supplemented by the First
Supplemental Indenture thereto dated as of __________, 2002, between the Company
and the Trustee (such Indenture as so supplemented, the "Indenture"), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the
Debentures. By the terms of the Indenture, the Debt 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 Debt Securities is
limited in aggregate principal amount to $283,505,200.

               The Company, for value received, hereby promises to pay to Cede &
Co., Inc. or its registered assigns, the principal sum Two Hundred Eighty-Three
Million Five Hundred Five Thousand Two Hundred Dollars ($283,505,200) on
November 1, 2051 (or such earlier date as determined in connection with a
Remarketing).

                                       A-1

<PAGE>

               Interest Payment Dates: February 1, May 1, August 1 and November
1, commencing on February 1, 2003.

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

                                       A-2

<PAGE>

               IN WITNESS WHEREOF, the Company has caused this Debenture to be
duly executed manually or by facsimile by its duly authorized officers under its
corporate seal.

NEW YORK COMMUNITY BANCORP, INC.

By: __________________________________
     Name:
     Title:

By: __________________________________
     Name:
     Title:

Trustee's Certificate of Authentication

This is one of the 6.000% Subordinated Junior Deferrable Interest Debentures due
2051 referred to in the within-mentioned Indenture.

WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Trustee

By: __________________________________
         Authorized Officer

Dated:

_______________, 2002

                                       A-3

<PAGE>

                             [REVERSE OF DEBENTURE]

                        NEW YORK COMMUNITY BANCORP, INC.

       6.000% Subordinated Junior Deferrable Interest Debentures due 2051

        Capitalized terms used herein but not defined shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

1.   Principal and Interest.

        New York Community Bancorp, Inc., a Delaware corporation (the
"Company"), promises to pay interest on the principal amount of this Debenture
at the Coupon Rate from and including __________, 2002, to, but excluding, the
Remarketing Date, and on the Accreted Value of this Debenture on the Remarketing
Date at the Reset Rate from and including the Remarketing Date to, but
excluding, the Stated Maturity. The Company will pay interest on this Debenture
quarterly in arrears on February 1, May 1, August 1 and November 1 of each year
(each an "Interest Payment Date"), commencing on February 1, 2003. Interest not
paid on the scheduled Interest Payment Date will accrue and compound quarterly
at the Coupon Rate of the principal amount of this Debenture or the Reset Rate
of the Accreted Value of this Debenture, as the case may be.

        Interest on the Debentures shall be computed (i) for any full quarterly
90-day period on the basis of a 360-day year of twelve 30-day months, (ii) for
any period shorter than a full quarterly 90-day period, on the basis of a 30-day
month and (iii) for any period less than a 30-day month, on the basis of the
actual number of days elapsed in the 30-day month.

2.   Optional Deferral of Interest.

        As long as no Event of Default has occurred and is continuing, and as
long as a Failed Remarketing has not occurred, the Company has the right, at any
time and from time to time, to defer payments of interest on the Debentures by
extending the interest payment period on the Debentures for a period (each, an
"Extension Period") not exceeding 20 consecutive quarters, during which
Extension Period no interest shall be due and payable on the Debentures,
provided that no Extension Period shall end on a date other than an Interest
Payment Date for the Debentures or extend beyond the Stated Maturity. Upon the
occurrence of a Failed Remarketing, any such Extension Period shall terminate,
and interest shall become payable in cash on the next Interest Payment Date.
Despite such deferral, interest shall continue to accrue with additional
interest thereon (to the extent permitted by applicable law) at the Coupon Rate
of the principal amount of the Debentures or Reset Rate of the Accreted Value of
the Debentures, as applicable, compounded quarterly during any such Extension
Period ("Compounded Interest"). Prior to the termination of any such Extension
Period, the Company may further defer payments of interest by further extending
such Extension Period; provided that such Extension Period, together with all
such previous and further extensions of such Extension Period, may not exceed 20
consecutive quarters or extend beyond the Stated Maturity. At the termination of
any Extension Period, the Company shall pay all interest then accrued and
unpaid, plus Compounded Interest. Upon the termination of any Extension Period
and the payment of all amounts then due, the Company may commence a new
Extension Period, subject to the above requirements.

        The Company shall pay all deferred interest and Compounded Interest on
the Debentures prior to the exercise of its right to cause a Remarketing of the
Debentures.

                                       A-4

<PAGE>

     During an Extension Period, the Company may not:

     (a) declare or pay any dividend on, make any distributions relating to, or
redeem, purchase, acquire, or make a liquidation payment relating to, any of its
capital stock, or any warrants, options or other rights to acquire capital stock
(but excluding any debt security that is convertible into or exchangeable for
capital stock); or

     (b) make any payment of interest, principal or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company that rank on a
parity with or junior in interest to the Debentures or make any payments with
respect to any guarantee by the Company of the debt securities of any subsidiary
of the Company if such guarantee ranks on a parity with or junior in interest to
the Debentures;

     in each case, other than:

               (i)   dividends or distributions in capital stock (or rights to
                     acquire capital stock) of the Guarantor;

               (ii)  payments under the Guarantee;

               (iii) any declaration of a dividend in connection with the
                     implementation of a shareholders' rights plan, or the
                     issuance of stock under any such plan in the future, or the
                     redemption or repurchase of any such rights pursuant to a
                     rights agreement;

               (iv)  repurchases or acquisitions of shares of capital stock of
                     the Guarantor in connection with the satisfaction by the
                     Guarantor of its obligations under any employee benefit
                     plans or any other contractual obligation of the Guarantor;
                     or

               (v)   as a result of an exchange or conversion of the Guarantor's
                     capital stock for another class or series of the
                     Guarantor's capital stock;

               (vi)  the purchase of fractional interests in shares of the
                     Guarantor's capital stock pursuant to the conversion or
                     exchange provisions of such capital stock or the security
                     being converted or exchanged; and

               (vii) repurchases of capital stock of the Guarantor in connection
                     with the satisfaction by the Guarantor of its obligations
                     pursuant to any acquisitions of businesses made by the
                     Guarantor (which repurchases are made in connection with
                     the satisfaction of indemnification obligations of the
                     sellers of such businesses).

3.   Method of Payment.

         Interest on any Debenture 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. As long
as the Debentures are represented by a Global Debenture, the Regular Record
Dates for the

                                       A-5

<PAGE>

Debentures shall be the Business Day preceding the corresponding Interest
Payment Date. If the Debentures are issued in definitive form, the Regular
Record Dates for the Debentures shall be at least one Business Day prior to the
corresponding Interest Payment Date.

4.   Paying Agent and Security Registrar.

        Initially, the Trustee will act as Paying Agent and Security Registrar.
The Company may change the Paying Agent and Security Registrar without notice to
any Holder.

5.   Indenture.

        The Company issued this Debenture under an Indenture, dated as of
_________, 2002 (the "Base Indenture"), between the Company and Wilmington
Trust Company, as trustee (the "Trustee"), as amended and supplemented by the
First Supplemental Indenture, dated as of _________, 2002 (the "First
Supplemental Indenture," together with the Base Indenture, the "Indenture"),
between the Company and the Trustee.

6.   Redemption.

        The Company shall have no right to redeem the Debentures.

7.   Sinking Fund.

        The Debentures will not be subject to a sinking fund provision.

8.   Limited Right to Require Exchange of Preferred Securities and Repurchase of
     Debentures.

        Pursuant to Section 6.7 of the Declaration, in the event a holder of a
Unit exercises a Warrant on a date other than a Remarketing Settlement Date and
elects to exercise its Repurchase Right, the Company shall be required to
repurchase at the Repurchase Price on the applicable Special Distribution Date
Debentures which, pursuant to the Declaration, have been received in exchange
for Preferred Securities.

9.   Change of Control Right to Require Exchange of Preferred Securities and
     Repurchase of Debentures.

        Pursuant to Section 6.8 of the Declaration, in the event a Change of
Control occurs and the holder of a Unit or the holder of a Preferred Security,
as the case may be, elects to exercise its Change of Control Repurchase Right,
the Company shall be required to repurchase at the Change of Control Repurchase
Price on the Change of Control Repurchase Date Debentures which, pursuant to the
Declaration, have been received in exchange for Preferred Securities.

10.  Distribution of Debentures in Exchange for Trust Securities Upon the
     Occurrence of a Special Event.

        If at any time a Special Event occurs and certain conditions are
satisfied, the Administrative Trustees may dissolve the Trust and, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, cause the Debentures held by the Property Trustee to be distributed to the
holders of Trust Securities in liquidation of such holders' interests in the
Trust on a Pro Rata basis, upon

                                       A-6

<PAGE>

not less than 30 nor more than 60 days notice, within the 90 Day Period, and,
simultaneous with such distribution, to cause a Like Amount of the Securities to
be exchanged by the Trust on a Pro Rata basis.

        A Debenture Distribution Notice, which notice shall be irrevocable,
shall be given by the Trust by mail to each holder of Trust Securities as
provided in the Indenture.

        In the event of a dissolution of the Trust and a distribution of the
Debentures, the Company shall have the same right, and shall be subject to same
terms and conditions, to cause a Remarketing of the Debentures as the Company
has and is subject to under Section 6.6 of the Declaration to cause a
Remarketing of the Preferred Securities.

11.  Remarketing.

        Except as set forth herein, these remarketing provisions shall become
effective only upon a distribution of the Debentures upon dissolution of the
Trust which occurs prior to the Remarketing of the Preferred Securities pursuant
to the Declaration. Until such a distribution, or if such distribution occurs
after the Remarketing of the Preferred Securities pursuant to the Declaration,
these remarketing provisions shall have no effect.

        In connection with a Remarketing of the Preferred Securities:

        (i)   in connection with a Remarketing of the Preferred Securities upon
              an Optional Redemption Remarketing Event or a Legal Cause
              Remarketing Event, the Accreted Value of the Debentures as of the
              end of the day on the day next preceding the Remarketing Date
              shall become due on the date which is 180 days following the
              Remarketing Date;

        (ii)  beginning on the Remarketing Date, the rate of interest per annum
              on the Accreted Value of the Debentures shall become the Reset
              Rate on the Accreted Value of the Securities established in the
              Remarketing of the Preferred Securities; and

        (iii) on the Remarketing Settlement Date, interest accrued and unpaid on
              the Debentures from and including the immediately preceding
              Interest Payment Date to, but excluding, the Remarketing
              Settlement Date shall be payable to the holders of the Debentures
              on the Special Record Date.

        In connection with a Remarketing of the Preferred Securities and at any
time thereafter, a purchaser may exchange its Preferred Securities for its pro
rata share of Debentures. In such event, the Administrative Trustees shall cause
Debentures held by the Property Trustee, having an aggregate Accreted Value
equal to the aggregate Accreted Value of the Trust Securities purchased by such
purchaser and with accrued and unpaid interest equal to the accumulated and
unpaid Distributions on the Trust Securities purchased by such purchaser, and
having the same record date for payment as the Preferred Securities, to be
distributed to such purchaser in exchange for such Holders' pro rata interest in
the Trust. In such event, the Debentures held by the Trust shall decrease by the
amount of Debentures delivered to the purchaser of Trust Securities.

        The proceeds from the Remarketing of the Debentures shall be paid to the
selling Holders; provided that upon an Optional Redemption Remarketing Event or
a Legal Cause Remarketing Event, the proceeds from the Remarketing of the
Debentures that are held pursuant to the Unit Agreement

                                       A-7

<PAGE>

for which the holders of such Units have elected to exercise their Warrants
shall be paid directly to the Warrant Agent to satisfy in full the Exercise
Price of the Warrants held by such holders with any excess proceeds being paid
to the selling holders.

        Upon the occurrence of an Optional Redemption Remarketing Event, the
Company may elect to cause a Remarketing of the Debentures and select a
Remarketing Date; provided that the following conditions precedent are
satisfied:

        (i)   as of the date on which the Company elects to cause a Remarketing
              of the Debentures and on the Remarketing Date, no Event of Default
              or deferral of interest payments to Holders of the Debentures
              shall have occurred and be continuing;

        (ii)  as of the date on which the Company elects to cause a Remarketing
              of the Debentures and on the Remarketing Date, the Warrant
              Requirements shall have been satisfied; and

        (iii) on the Remarketing Date, the Legal Requirements shall have been
              satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date; provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

        (A)   the Warrant Requirements shall be satisfied; and

        (B)   pursuant to the Warrant Agreement, a redemption of the Warrants of
those holders who have not elected to exercise their Warrants on or prior to
such date shall have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

        (x)   the Remarketing cannot occur because of a failure to satisfy
              either the Warrant Requirements or the Legal Requirements as of or
              on the relevant date or dates; and

        (y)   the Company is using its best efforts to satisfy such
              Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than May 7, 2051; provided that all applicable
requirements and conditions precedents (including the timely occurrence of an
Optional Redemption Remarketing Event) are satisfied.

        Upon the occurrence of a Legal Cause Remarketing Event, the Company may
elect to cause a Remarketing of the Debentures and select a Remarketing Date;
provided that the following conditions precedent are satisfied:

        (i)   as of the date on which the Company elects to cause a Remarketing
              of the Debentures and on the Remarketing Date, no Event of Default
              shall have occurred and be continuing;

                                       A-8

<PAGE>

                  (ii)   as of the date on which the Company elects to cause a
                         Remarketing of the Debentures and on the Remarketing
                         Date, the Warrant Requirements shall have been
                         satisfied; and

                  (iii)  on the Remarketing Date, the Legal Requirements shall
                         have been satisfied.

                  The settlement of the Remarketing shall occur on the
Remarketing Settlement Date; provided that the following conditions precedent
are satisfied on the Remarketing Settlement Date:

                  (A)    the Warrant Requirements shall be satisfied; and

                  (B)    pursuant to the Warrant Agreement, a redemption of the
                         Warrants of those holders who have not elected to
                         exercise their Warrants on or prior to such date shall
                         have been consummated.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

                  (x)    the Remarketing cannot occur because of a failure to
satisfy either the Warrant Requirements or the Legal Requirements as of or on
the relevant date or dates; and

                  (y)    the Company is using its best efforts to satisfy such
Requirements; the Company shall have the right to cause a Remarketing of the
Debentures on a subsequent date which is no later than May 7, 2051; provided
that all applicable requirements and conditions precedents (including the timely
occurrence of a Legal Cause Remarketing Event) are satisfied.

                  On the Maturity Remarketing Date, a Remarketing of the
Debentures shall occur; provided that on such date, the Legal Requirements (to
the extent applicable) shall have been satisfied.

                  If, for any reason, a Remarketing of the Debentures does not
occur on the Maturity Remarketing Date, the Administrative Trustees shall give
notice thereof to all Holders of Debentures (whether or not held pursuant to the
Unit Agreement) prior to the close of business on the Business Day following the
Maturity Remarketing Date. In such event:

                  (i)    the rate of interest per annum on the Accreted Value
of the Debentures (which, on the Maturity Remarketing Date, shall be equal to
the principal amount of the Debentures) shall become 11.10%; and

                  (ii)   the Accreted Value of the Debentures shall be due and
payable on the day which is 180 days after the Maturity Remarketing Date; and

                  (iii)  the Company no longer shall have the option to defer
payments of interest on the Debentures.

                  Upon the occurrence of an Optional Redemption Remarketing
Event or a Legal Cause Remarketing Event and the election by the Company to
cause a Remarketing of the Debentures, or upon the Maturity Remarketing Date, as
long as the Debentures are evidenced by a Global Debenture, deposited with the
Clearing Agency, the Company shall request, not later than four nor more than 20
days prior to the Remarketing Date, that the Depositary notify the Holders of
the Debentures of the

                                      A-9

<PAGE>

Remarketing of the Debentures and of the procedures that must be followed if
such Holder of Debentures or holder of Units wishes to opt not to participate in
the Remarketing of the Debentures.

          Upon the occurrence of a Remarketing Event, all of the Debentures
(excluding the Debentures as to which the Holders thereof have opted not to
participate in the Remarketing (but including Debentures that are not held
pursuant to the Unit Agreement)) shall be remarketed by the Remarketing Agent.
Not later than 5:00 p.m. (New York City time) on the Business Day preceding the
Remarketing Date, each Holder of Debentures may elect not to have the Debentures
held by such Holder remarketed in the Remarketing. Holders of Debentures that
are not held pursuant to the Unit Agreement shall give such notice to the
Trustee and Holders of Debentures that are held pursuant to the Unit Agreement
shall give such notice to the Unit Agent. Holders of Debentures that do not give
notice of their intention not to participate in the Remarketing shall be deemed
to have consented to the disposition of their Debentures in the Remarketing. Any
such notice shall be irrevocable and may not be conditioned upon the level at
which the Reset Rate is established in the Remarketing.

          Not later than 5:00 p.m. (New York City time) on the Business Day
preceding the Remarketing Date, the Trustee and the Unit Agent, as applicable,
based on the notices received by it prior to such time, shall notify the Trust,
the Company and the Remarketing Agent of the aggregate principal amount of
Debentures to be tendered for purchase in the Remarketing.

          The right of each Holder to have Debentures tendered for purchase
shall be limited to the extent that:

          (i)   the Remarketing Agent conducts a Remarketing pursuant to the
terms of the Remarketing Agreement;

          (ii)  the Remarketing Agent is able to find a purchaser or purchasers
for the Debentures deemed tendered; and

          (iii) such purchaser or purchasers deliver the purchase price therefor
to the Remarketing Agent.

          On the Remarketing Date, the Remarketing Agent shall use commercially
reasonable efforts to remarket the Debentures deemed tendered for purchase at a
price no less than 100% of the aggregate Accreted Value as of the end of the day
on the day next preceding the Remarketing Date.

          If, as a result of the efforts described herein, the Remarketing Agent
determines that it will be able to remarket all of the Debentures deemed
tendered for purchase at the purchase price set forth above prior to 4:00 p.m.
(New York City time) on the Remarketing Date, the Remarketing Agent shall
determine the Reset Rate, which shall be the rate per annum (rounded to the
nearest one-thousandth (0.001) of 1% per annum) that the Remarketing Agent
determines, in its sole judgment, to be the lowest rate per annum that will
enable it to remarket all of the Debentures deemed tendered for Remarketing.

          If none of the Holders of the Debentures or the holders of the Units
elects to have their Debentures remarketed in the Remarketing, the Reset Rate
shall be the rate determined by the Remarketing Agent, in its sole discretion,
as the rate that would have been established had a Remarketing been held on the
Remarketing Date, and the related modifications to the others terms of the
Debentures and the Warrants shall be effective on the Remarketing Date.

                                      A-10

<PAGE>

          If, by 4:00 p.m. (New York City time) on the Remarketing Date, the
Remarketing Agent is unable to remarket all of the Debentures deemed tendered
for purchase, a Failed Remarketing shall be deemed to have occurred and the
Remarketing Agent shall so advise by telephone the Depositary, the Property
Trustee, the Trustee and the Administrative Trustees on behalf of the Trust and
the Company. The Administrative Trustees shall then give notice of the Failed
Remarketing to the Company and the Holders of the Debentures prior to the close
of business on the Business Day following the Failed Remarketing Date. In the
event of a Failed Remarketing:

          (i)   the Accreted Value of the Debentures as of the end of the day on
the day next preceding the Failed Remarketing Date shall become due on the date
which is 180 days following the Failed Remarketing Date;

          (ii)  beginning on the Failed Remarketing Date, the rate of interest
per annum on the Accreted Value of the Debentures shall become 11.10% to but not
including the Stated Maturity (as modified in connection with such Failed
Remarketing); and

          (iii) the Company no longer shall have the option to defer payments of
interest on the Debentures.

Notwithstanding a Failed Remarketing, subject to the satisfaction of the Legal
Requirements, the Warrants shall be redeemed at the Warrant Value and a holders
of Warrants shall have the option to exercise its Warrants in lieu of such
redemption, as provided in the Unit Agreement and the Warrant Agreement.

          By approximately 4:30 p.m. (New York City time) on the Remarketing
Date, provided that there has not been a Failed Remarketing, the Remarketing
Agent shall advise, by telephone:

          (i)   the Depositary, the Property Trustee, the Trustee, the Trust and
the Company of the Reset Rate determined in the Remarketing and the aggregate
principal amount of Debentures sold in the Remarketing;

          (ii)  each purchaser (or the Depositary participant thereof) of the
Reset Rate and the aggregate principal amount of Debentures such purchaser is to
purchase; and

          (iii) each purchaser to give instructions to its Depositary
participant to pay the purchase price on the Remarketing Settlement Date in same
day funds against delivery of the Debentures purchased through the facilities of
the Depositary.

          In accordance with the Depositary's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Debenture deemed tendered for purchase and sold in the Remarketing shall be
executed through the Depositary, and the accounts of the respective Depositary
participants shall be debited and credited and such Debentures delivered by
book-entry as necessary to effect purchases and sales of such Debentures. The
Depositary shall make payment in accordance with its normal procedures.

          If any Holder of the Debentures selling such Debentures (or any holder
of Units selling the Debentures that are held pursuant to the Unit Agreement) in
the Remarketing fails to deliver such Debentures, the Depositary participant of
such selling holder and of any other Person that was to have purchased
Debentures in the Remarketing may deliver to any such other Person an aggregate
principal amount of Debentures that is less than the aggregate principal amount
of Debentures that otherwise was to

                                      A-11

<PAGE>

be purchased by such Person. In such event, the aggregate principal amount of
Debentures to be so delivered shall be determined by such Depositary
participant, and delivery of such aggregate principal amount of Debentures shall
constitute good delivery.

          The Remarketing Agent is not obligated to purchase any Debentures that
otherwise would remain unsold in the Remarketing. Neither the Trust, any
Trustee, the Company nor the Remarketing Agent shall be obligated in any case to
provide funds to make payment upon tender of the Debentures for Remarketing.

          Under the Remarketing Agreement, the Company, as Debenture Issuer,
shall be liable for, and shall pay, any and all costs and expenses incurred in
connection with the Remarketing, and the Trust shall not have any liabilities
for such costs and expenses.

          The tender and settlement procedures set forth herein, including
provisions for payment by purchasers of the Debentures in the Remarketing, shall
be subject to modification to the extent required by the Depositary or if the
book-entry system is no longer available for the Debentures at the time of the
Remarketing, to facilitate the tendering and remarketing of the Debentures in
definitive form. In addition, the Remarketing Agent may modify the settlement
procedures set forth herein in order to facilitate the settlement process.

12. Subordination.

          The payment of principal of and interest on this Debenture is, to the
extent and in the manner provided in the Indenture, subordinated and subject in
right of payment to the prior payment in full of all amounts then due on all
Senior Indebtedness of the Company, and this Debenture is issued subject to such
subordination provisions of the Indenture with respect thereto. Each Holder of
this Debenture, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on such Holder's behalf to
take such action as may be necessary or appropriate to effectuate the
subordination so provided and (c) appoints the Trustee such Holder's
attorney-in-fact for any and all such purposes.

13. Defaults and Remedies.

          The Indenture provides that an Event of Default with respect to the
Debentures occurs when any of the following occurs:

          (a) the Company defaults in the payment of principal of or premium, if
any, on any of the Debentures when it becomes due and payable at Stated
Maturity, upon exercise of a Repurchase Right, upon exercise of a Change of
Control Repurchase Right or otherwise, whether or not such payment is prohibited
by the subordination provisions of Article 6 of the First Supplemental
Indenture;

          (b) the Company defaults in the payment of interest on any of the
Debentures when it becomes due and payable and such default continues for a
period of 30 days after written notice of such failure shall have been given to
the Company by the Trustee or to the Company and the Trustee by the Holders of
at least 25% in aggregate principal amount of the Outstanding Debentures,
whether or not such payment is prohibited by the subordination provisions of
Article 6 of the First Supplemental Indenture; provided, however, that a valid
extension of the interest payment period does not constitute a default in the
payment of interest;

                                      A-12

<PAGE>

          (c) the Company fails to perform or observe any other term, covenant
or agreement contained in the Debentures or the Indenture (other than a covenant
included in the Indenture solely for the benefit of any series of Debt
Securities other than the Debentures) and such default continues for a period of
90 days after written notice of such failure is given as specified in the
Indenture;

          (d) there are certain events of bankruptcy, insolvency or
reorganization of the Company; or

          (e) the voluntarily or involuntarily dissolution, winding-up or
termination of the Trust, except in connection with:

              (i)   the distribution of the Debentures held by the Trust to the
                    holders of the Trust Securities in liquidation of the Trust
                    or their interests in the Trust;

              (ii)  the redemption of all of the outstanding Trust Securities;
                    or

              (iii) certain mergers, consolidations, conversions,
                    amalgamations, replacements or other transactions involving
                    the Trust, each as permitted under the Declaration.

          If an Event of Default shall occur and be continuing, the principal of
all of the Debentures may be declared due and payable, in the manner, with the
effect provided in the Indenture.

14. Amendment; Supplement; Waiver.

          The Indenture contains provisions permitting the Company and the
Trustee, without the consent of any Holder, to execute supplemental indentures
modifying certain provisions of the Indenture, provided that no such
modification has a material adverse effect on the interests of the Holders.

          In addition, 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 Debentures and all other series of Debt
Securities affected at the time Outstanding, to execute supplemental indentures
for the purpose of modifying or amending the Indenture and the Debentures,
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 Debentures; provided, however, that
affected no such supplemental indenture may, without the consent of the Holder
of each outstanding Debenture at the time Outstanding, among other things:

              (i)   change the Stated Maturity of the principal of, or any
                    installment of principal or interest on, any Debenture;

              (ii)  reduce the principal amount of, premium, if any, or the rate
                    of interest on any Debenture;

              (iii) change the place of payment where the Debentures or any
                    premium or interest thereon is payable;

              (iv)  impair the right to institute suit for the enforcement of
                    any such payment on or with respect to the Debentures;

                                      A-13

<PAGE>

               (v)   reduce the above-stated percentage in principal amount of
                     Debentures, the Holders of which are required to modify or
                     amend the Indenture, to consent to any waiver thereunder or
                     to approve any supplemental indenture;

               (vi)  change any obligation of the Company to maintain an office
                     or agency in the places and for the purposes required by
                     the Indenture; or

               (vii) modify any of the above provisions;

provided, further, that if the Debentures are held by the Property Trustee, no
such supplemental indenture shall be effective until the holders of not less
than 66 2/3% of the aggregate liquidation amount of the Trust Securities shall
have consented to such supplemental indenture; provided, further, that where the
consent of the Holders of more than 66 2/3% of the aggregate principal amount of
the Debentures is required under the Indenture, no such supplemental indenture
shall be effective until the holders of at least the same proportion in
aggregate liquidation amount of the Trust Securities shall have consented to
such supplemental indenture.

          The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Debentures at the time Outstanding
affected thereby, on behalf of all of the Holders of the Debentures, 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 the
Debentures, and its consequences, except a default in the payment of the
principal of or interest on any of the Debentures (unless cured as provided in
the Indenture) or in respect of a covenant or provision that cannot be modified
or amended without the consent of the Holders of each Debenture then
Outstanding. Any such consent or waiver by the registered Holder of this
Debenture (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this
Debenture and of any Debenture issued in exchange therefor 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 Debenture.

15. Restrictive Covenants.

          The Indenture requires the Company, for as long as the Preferred
Securities remain outstanding, to:

          (a) maintain, directly or indirectly, 100% ownership of the Common
Securities; provided, however, that any permitted successor of the Company under
the Indenture may succeed to the Company's ownership of such Common Securities;

          (b) use its reasonable efforts to cause the Trust to (a) remain a
statutory trust, except in connection with the distribution of the Debentures to
the Holders, the redemption of all of the Securities, or certain mergers,
consolidations, conversions or amalgamations, each as permitted by the
Declaration, (b) not to voluntarily dissolve, wind up, liquidate or be
terminated, except as permitted by this Declaration and (c) otherwise continue
to be classified as a grantor trust for United States federal income tax
purposes;

          (c) use its commercially reasonable efforts to ensure that the Trust
will not be an "investment company" required to be registered under the
Investment Company Act of 1940, as amended;

                                      A-14

<PAGE>

                  (d) not to take any action that would be reasonably likely to
cause the Trust to be classified as an association or a publicly traded
partnership taxable as a corporation for United States federal income tax
purposes; and

                  (e) use its reasonable best efforts to cause each holder of
Trust Securities to be treated as owning an undivided beneficial interest in the
Debentures.

                  The Indenture also imposes certain limitations on the ability
of the Company to, among other things, merge, consolidate or sell, assign,
transfer or lease all or substantially all of its properties or assets. Such
covenants and limitations are subject to a number of important qualifications
and exceptions. The Company must report periodically to the Trustee on
compliance with the covenants in the Indenture.

16.      Denomination; Transfer; Exchange.

                  The Debentures of this series are issuable only in registered
form without coupons in denominations of $50 and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations herein and
therein set forth, Debentures of this series so issued are exchangeable for a
like aggregate principal amount of Debentures of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

                  As provided in the Indenture and subject to certain
limitations therein set forth, this Debenture is transferable by the registered
Holder hereof on the Security Register of the Company, upon surrender of this
Debenture 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 Debentures of authorized denominations
and for the same aggregate principal amount 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.

17.      Persons Deemed Owners.

                  The registered Holder of this Debenture shall be treated as
its owner for all purposes.

18.      Defeasance.

                  Subject to certain conditions contained in the Indenture, at
any time some or all of the Debentures and the Indenture may be terminated if
the Company deposits with the Trustee money and/or Eligible Instruments
(including U.S. Government Obligations) sufficient to pay the principal of and
interest on the Debentures to Stated Maturity, including as adjusted to 180 days
following the Remarketing Date, if applicable.

19.      No Recourse Against Others.

                  No recourse shall be had for the payment of the principal of
or the interest on this Debenture, or for any claim based hereon, or otherwise
in respect hereof, or based on or in respect of the Indenture, against any
incorporator, shareholder, 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

                                      A-15

<PAGE>

the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released.

20.      Authentication.

                  This Debenture shall not be valid until the Trustee (or
authenticating agent) executes the certificate of authentication on the other
side of this Debenture.

21.      Governing Law.

                  The indenture and this debenture shall be governed by, and
construed in accordance with, the laws of the State of New York.

                                      A-16

<PAGE>

             SCHEDULE OF INCREASES OR DECREASES IN GLOBAL DEBENTURE

               The following increases or decreases in this Global Debenture
have been made:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                  Amount of decrease in      Amount of increase in       Debentures evidenced
                  Principal Amount of        Principal Amount of         by this Global
                  Debentures evidenced       Debentures evidenced        Debenture following       Signature of
                  by this Global             by this Global              such decrease             authorized officer of
      Date        Debenture                  Debenture                   or increase               Agent
<S>               <C>                        <C>                         <C>                       <C>
----------------------------------------------------------------------------------------------------------------------------

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</TABLE>

                                      A-17

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