Document:

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                                                                     EXHIBIT 4.1

                     BROKAT INFOSYSTEMS AKTIENGESELLSCHAFT

                         11 1/2% SENIOR NOTES DUE 2010

                                   INDENTURE

                                 MARCH 28, 2000

                              THE BANK OF NEW YORK

                                   as Trustee

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                               TABLE OF CONTENTS
                               -----------------

                                                                  Page
ARTICLE I          DEFINITIONS AND INCORPORATION
                   BY REFERENCE....................................  1

     Section 1.1.  Definitions.....................................  1
     Section 1.2.  Other Definitions............................... 24
     Section 1.3.  Trust Indenture Act............................. 24
     Section 1.4.  Rules of Construction........................... 25

ARTICLE II         THE NOTES....................................... 26
     Section 2.1.  Form and Dating................................. 26
     Section 2.2.  Execution and Authentication.................... 27
     Section 2.3.  Registrar and Paying Agent...................... 27
     Section 2.4.  Paying Agent To Hold Money in Trust............. 28
     Section 2.5.  Holder Lists.................................... 28
     Section 2.6.  Transfer and Exchange........................... 28
     Section 2.7   Replacement Notes............................... 44
     Section 2.8.  Outstanding Notes............................... 44
     Section 2.9.  Treasury Notes.................................. 45
     Section 2.10. Temporary Notes................................. 45
     Section 2.11. Cancellation.................................... 46
     Section 2.12. Defaulted Interest.............................. 46
     Section 2.13. Record Date..................................... 46
     Section 2.14. Computation of Interest......................... 46
     Section 2.15. CUSIP and ISIN Number........................... 46

 ARTICLE III       REDEMPTION AND PREPAYMENT....................... 47
     Section 3.1.  Notices to Trustee.............................. 47
     Section 3.2.  Selection of Notes To Be Redeemed............... 47
     Section 3.3.  Notice of Redemption............................ 48
     Section 3.4.  Effect of Notice of Redemption.................. 49
     Section 3.5.  Deposit of Redemption Price..................... 49

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Section 3.6. Notes Redeemed in Part.................................49
Section 3.7. Optional Redemption....................................49
Section 3.8. Mandatory Redemption...................................51
Section 3.9. Offer To Purchase By Application
                 of Excess Proceeds.................................51

ARTICLE IV COVENANTS................................................53
Section 4.1. Payment of Notes.......................................53
Section 4.2. Maintenance of Office or Agency........................54
Section 4.3. Reports................................................54
Section 4.4. Compliance Certificate.................................55
Section 4.5. Taxes..................................................56
Section 4.6. Stay, Extension and Usury Laws.........................57
Section 4.7. Restricted Payments....................................57
Section 4.8. Dividend and Other Payment Restrictions
             Affecting Subsidiaries.................................60
Section 4.9. Incurrence of Indebtedness and Issuance of
                 Preferred Equity...................................61
Section 4.10. Asset Sales...........................................62
Section 4.11. Transactions With Affiliates..........................63
Section 4.12. Liens.................................................64
Section 4.13. Corporate Existence...................................64
Section 4.14. Repurchase Upon Change of Control.....................65
Section 4.15. Designation of Unrestricted Subsidiaries..............66
Section 4.16. Sales of Accounts Receivable..........................68
Section 4.17. Sale And Leaseback Transactions.......................69
Section 4.18. Restriction On Preferred Stock of Subsidiaries........69
Section 4.19. Limitation on Equity Interests in Restricted
                 Subsidiaries.......................................69
Section 4.20. Payments For Consent..................................70
Section 4.21. Limitations on Issuances of Guarantees of
                 Indebtedness.......................................70
Section 4.22. Restrictions On Business Activities...................70
Section 4.23. Additional Amounts....................................70
Section 4.24. Limitation on Repayment upon a Change of Control......72

ARTICLE V SUCCESSORS................................................72
Section 5.1. Merger, Consolidation or Sale of Assets................72

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     Section 5.2.  Successor Corporation Substituted................73

ARTICLE VI         DEFAULTS AND REMEDIES............................74
     Section 6.1.  Events of Default................................74
     Section 6.2.  Acceleration.....................................75
     Section 6.3.  Other Remedies...................................76
     Section 6.4.  Waiver of Past Defaults..........................76
     Section 6.5.  Control by Majority..............................76
     Section 6.6.  Limitation on Suits..............................77
     Section 6.7.  Rights of Holders of Notes to Receive Payment....77
     Section 6.8.  Collection Suit by Trustee.......................78
     Section 6.9.  Trustee May File Proofs of Claim.................78
     Section 6.10. Priorities.......................................79
     Section 6.11. Undertaking for Costs............................79

ARTICLE VII        TRUSTEE..........................................80
     Section 7.1.  Duties of Trustee................................80
     Section 7.2.  Rights of Trustee................................81
     Section 7.3.  Individual Rights of Trustee.....................82
     Section 7.4.  Trustee's Disclaimer.............................82
     Section 7.5.  Notice of Defaults...............................83
     Section 7.6.  Reports by Trustee to Holders of the Notes.......83
     Section 7.7.  Compensation and Indemnity.......................83
     Section 7.8.  Replacement of Trustee...........................84
     Section 7.9.  Successor Trustee by Merger, Etc.................85
     Section 7.10. Eligibility; Disqualification....................85
     Section 7.11. Preferential Collection of Claims Against Issuer.86

ARTICLE VIII       LEGAL DEFEASANCE ANDCOVENANT
                   DEFEASANCE.......................................86
     Section 8.1.  Option to Effect Legal Defeasance or Covenant
                     Defeasance.....................................86
     Section 8.2.  Legal Defeasance and Discharge...................86
     Section 8.3.  Covenant Defeasance..............................87
     Section 8.4.  Conditions to Legal or Covenant Defeasance.......87
     Section 8.5.  Deposited Money and Government Obligations to
                     Be Held in Trust; Other Miscellaneous
                     Provisions.....................................89
     Section 8.6.  Repayment to Issuer..............................89

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     Section 8.7.   Reinstatement................................... 90

ARTICLE IX          AMENDMENT, SUPPLEMENT AND WAIVER................ 90
     Section 9.1.   Without Consent of Holders of Notes............. 90
     Section 9.2.   With Consent of Holders of Notes................ 91
     Section 9.3.   Compliance with Trust Indenture Act............. 93
     Section 9.4.   Revocation and Effect of Consents............... 93
     Section 9.5.   Notation on or Exchange of Notes................ 93
     Section 9.6.   Trustee to Sign Amendments, Etc................. 93

ARTICLE X           MISCELLANEOUS................................... 94
     Section 10.1.  Trust Indenture Act Controls.................... 94
     Section 10.2.  Notices......................................... 94
     Section 10.3.  Communication by Holders of Notes with
                      Other Holders of Notes........................ 96
     Section 10.4.  Certificate and Opinion as to Conditions
                      Precedent..................................... 96
     Section 10.5.  Statements Required in Certificate or Opinion... 96
     Section 10.6.  Rules by Trustee and Agents..................... 97
     Section 10.7.  No Personal Liability of Directors, Officers,
                      Employees, Members and Stockholders........... 97
     Section 10.8.  Governing Law................................... 97
     Section 10.9.  Agent for Service; Submission to Jurisdiction;
                      Waiver of Immunities.......................... 97
     Section 10.10. No Adverse Interpretation of Other Agreements... 98
     Section 10.11. Successors...................................... 98
     Section 10.12. Severability; Independence of Covenants......... 98
     Section 10.13. Duplicate Originals; Counterparts............... 99
     Section 10.14. Table of Contents, Headings, Etc................ 99
     Section 10.15. Exhibits........................................ 99
     Section 10.16. Judgment Currency............................... 99

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     INDENTURE, dated as of March 28, 2000 by and among BROKAT Infosystems
Aktiengesellschaft, a stock corporation organized and existing under the laws of
Germany (the "Issuer"), and The Bank of New York, as trustee (the "Trustee").
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     The Issuer and the Trustee agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders of Euro125,000,000
aggregate principal amount of 11 1/2% Senior Notes due 2010 (the "Senior Notes")
                                                                  ------------
and the 11 1/2% New Senior Notes due 2010 issued in connection with the Exchange
Offer (the "New Senior Notes" and, together with the Senior Notes, the "Notes"):
            ----------------                                            -----

                                  I.  ARTICLE

                  DEFINITIONS AND INCORPORATION BY REFERENCE

        Section 1.1.  Definitions.
                      -----------

     "144A Global Note" means a Global Note in the form of Exhibit A hereto
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bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of, and registered in the name of, the Common Depositary or
its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes issued to QIBs.

     "Accounts Receivable Subsidiary" means a Wholly Owned Restricted Subsidiary
of the Issuer (i) which is formed solely for the purpose of, and which engages
in no activities other than activities in connection with, financing accounts
receivable and/or notes receivable and related assets of the Issuer and/or its
Restricted Subsidiaries; (ii) which is designated by the Board as an Accounts
Receivable Subsidiary pursuant to a resolution set forth in an Officers'
Certificate and delivered to the Trustee; (iii) which has total assets at the
time of such designation with a book value not exceeding Euro100,000 plus the
reasonable fees and expenses required to establish such Accounts Receivable
Subsidiary and any accounts receivable financing; (iv) no portion of
Indebtedness or any other obligation (contingent or otherwise) of which (a) is
at any time recourse to or obligates the Issuer or any Restricted Subsidiary of
the Issuer in any way, other than pursuant to (I) representations, warranties,
covenants and indemnities entered into in the ordinary course of business in
connection with the sale of accounts receivable and/or notes receivable to such
Accounts Receivable Subsidiary or (II) any guarantee of any such accounts
receivable financing by the Issuer that is permitted to be incurred pursuant to
Section 4.9, or (b) subjects any property or asset of the Issuer or any
Restricted Subsidiary of the Issuer, directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to (I)
representations,
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warranties, covenants and indemnities entered into in the ordinary course of
business in connection with sales of accounts receivable and/or notes receivable
or (II) any guarantee of any such accounts receivable financing by the Issuer
that is permitted to be incurred pursuant to Section 4.9; (v) with which neither
the Issuer nor any Restricted Subsidiary of the Issuer has any contract,
agreement, arrangement or understanding other than contracts, agreements,
arrangements or understandings entered into in the ordinary course of business
in connection with sales of accounts receivable and/or notes receivable in
accordance with Section 4.16 and fees payable in the ordinary course of business
in connection with servicing accounts receivable and/or notes receivable; and
(vi) with respect to which neither the Issuer nor any Restricted Subsidiary of
the Issuer has any obligation (a) to subscribe for additional shares of Capital
Stock or other Equity Interests or to make any additional capital contribution
or similar payment or transfer other than in connection with the sale of
accounts receivable and/or notes receivable to such Accounts Receivable
Subsidiary in accordance with Section 4.16, or (b) to maintain or preserve
solvency or any balance sheet item, financial condition, level of income or
results of operations.

     "Acquired Debt" means, with respect to any specified Person, (i)
Indebtedness of any other Person existing at the time such other Person is
merged with or into or became a Subsidiary of such specified Person, including,
without limitation, Indebtedness incurred in connection with, or in
contemplation of, such other Person merging with or into or becoming a
Subsidiary of such specified Person; and (ii) Indebtedness secured by a Lien
encumbering any asset acquired by such specified Person.
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     "Additional Amounts" means the amount of any deduction or withholding for,
or on account of, any Taxes of any Relevant Taxing Jurisdiction which shall at
any time be required on any payments made by the Issuer with respect to the
Notes, including payments of principal, redemption price, interest, Liquidated
Damages or premium.

     "Adjusted Consolidated Net Income" means, with respect to any Person for
any period, the Consolidated Net Income of such Person for such period minus any
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amounts paid or accrued as dividends on Preferred Stock for such period, plus
                                                                         ----
the amount of non-cash stock option expense (excluding any such non-cash stock
option expense to the extent that it represents an accrual of or reserve for
cash expenses in any future period or amortization of a prepaid cash expense
that was paid in a prior period) of such Person and its Subsidiaries for such
period to the extent that the amount of such non-cash stock option expense was
deducted in computing such Consolidated Net Income for such period.

     "Affiliate"  of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided, that
beneficial ownership of 10% or more of the Voting Stock of a Person shall be
deemed to be control.

     "Agent" means any Registrar, Paying Agent or co-registrar.

     "Applicable Procedures" means, with respect to any transfer or exchange of
beneficial interests in a Global Note, the rules and procedures of the Common
Depositary, Euroclear or Clearstream that apply to such transfer and exchange.
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     "Asset Sale"  means (i) the sale, lease, conveyance or other disposition of
any assets or rights (including by way of a sale and leaseback) other than (a)
in the ordinary course of business consistent with past practices, or (b) sales
or other dispositions of accounts receivable and/or notes receivable and related
assets to the Accounts Receivable Subsidiary pursuant to Section 4.16; and (ii)
the issue or sale by the Issuer or any of its Subsidiaries of Equity Interests
of any of the Issuer's Restricted Subsidiaries (a) that have a Fair Market Value
in excess of Euro1,000,000, or (b) for net proceeds in excess of Euro1,000,000,
in the case of either clause (i) or (ii), whether in a single transaction or a
series of related transactions. Notwithstanding the foregoing, (i) the sale,
lease, conveyance or other disposition of all or substantially all of the assets
of the Issuer and its Subsidiaries taken as a whole will be governed by Section
4.14 and/or Section 5.1 and not by Section 4.10; and (ii) the following items
shall not be deemed to be Asset Sales: (a) a transfer of assets by the Issuer to
a Wholly Owned Restricted Subsidiary of the Issuer or by a Wholly Owned
Restricted Subsidiary of the Issuer to the Issuer or to another Wholly Owned
Restricted Subsidiary of the Issuer; (b) an issuance of Equity Interests by a
Wholly Owned Restricted Subsidiary of the Issuer to the Issuer or to another
Wholly Owned Restricted Subsidiary of the Issuer; (c) a Restricted Payment that
is permitted by Section 4.7; (d) any disposition of damaged, worn out or
otherwise obsolete property in the ordinary course of business, so long as such
property is no longer necessary for the proper conduct of a Permitted Business;
(e) any disposition in one or more transactions of business operations no longer
necessary for the proper conduct of a Permitted Business; provided, that the
aggregate Fair Market Value of such dispositions since the Issue Date does not
exceed Euro5,000,000 in the aggregate; (f) any sale or discount without recourse
(other than recourse for a breach of a representation or warranty) of accounts
receivable arising in the ordinary course of business, but only in connection
with the collection or compromise of such accounts; and (g) the incurrence of
any Permitted Lien and the disposition of assets pursuant to any such Permitted
Lien by any secured party under such Permitted Lien.
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     "Asset Sale Offer" means an offer to purchase Notes and other Indebtedness
with Excess Proceeds, at an offer price in cash equal to 100% of the principal
amount or accreted value of such Notes and such other Indebtedness, plus accrued
and unpaid interest and Additional Amounts and Liquidated Damages, if any, on
such Notes and such other Indebtedness to the date of repurchase, in accordance
with the procedures set forth in the Indenture.

     "Attributable Debt"  in respect of a sale and leaseback transaction means,
at the time of determination, the present value (discounted at the rate of
interest implicit in such transaction, determined in accordance with U.S. GAAP)
of the obligation of the lessee for net rental payments during the remaining
term of the lease included in such sale and leaseback transaction (including any
period for which such lease has been extended or may, at the option of the
lessor, be extended).

     "Bankruptcy Law" means (i) Insolvenzordnung (German Insolvency Code) or any
other bankruptcy, insolvency or other similar law in the Federal Republic of
Germany or any political subdivision thereof, (ii) Title 11, U.S. Code or any
similar U.S. federal or state law for the relief of debtors, or (iii) any other
applicable foreign bankruptcy, insolvency or similar law.

     "Board" means (i) if the Issuer is a stock corporation at the relevant
time, the board of directors, management board or analogous body of the Issuer;
(ii) if the Issuer is a limited liability company at the relevant time, the
management board or analogous body of the Issuer, if it has such a body, and if
it does not, the management board or analogous body of the manager of the
Issuer; or (iii) if the Issuer is neither a corporation or a limited liability
company at the relevant time, the management board or analogous body of the
Issuer.

     "Borrowing Base" means, as of the date of determination, an amount equal to
the sum, without duplication, of 50% of the net book value of the Issuer's and
its Restricted Subsidiaries' accounts receivable which are not more than 60 days
past due.  The net book value of such items shall be determined on a
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consolidated basis in accordance with U.S. GAAP and shall be that reflected on
the Issuer's consolidated balance sheet for the most recent fiscal quarter
ending prior to the date of determination as to which financial results are
available, but in no event ending more than 135 days prior to the date of
determination, it being understood that the accounts receivable of an acquired
business may be included if such acquisition has been completed on or prior to
the date of determination.

     "Business Day" means any day other than a Legal Holiday.

     "Capital Lease Obligation"  means an obligation that is required to be
classified and accounted for as a capitalized lease for financial reporting
purposes in accordance with U.S. GAAP. The amount of Indebtedness represented by
a Capital Lease Obligation shall be the capitalized amount of the liability in
respect of such obligation determined in accordance with U.S. GAAP, and the
maturity thereof shall be the date of the last scheduled payment of rent or any
other amount due under the relevant lease prior to the first date upon which
such lease may be terminated by the lessee without payment of a penalty.

     "Capital Stock"  means (i) in the case of a corporation, corporate stock;
(ii) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of
corporate stock; (iii) in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited); and
(iv) in the case of any Person, any other interest or participation that confers
the right to receive a share of the profits or losses of, or distributions of
assets of, the issuing Person, excluding, in the case of any of clause (i),
(ii), (iii) or (iv), any debt security that is convertible into, or exchangeable
for, Capital Stock.

     "Capital Stock Sale Proceeds" means the aggregate net cash proceeds
received by the Issuer from any common equity capital contribution or any
issuance or sale of any class of Capital Stock of the Issuer after the Issue
Date.
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     "Cash Equivalents"  means (i) securities having maturities of one year or
less from the date of acquisition issued or directly and fully guaranteed or
insured by the federal government of the Federal Republic of Germany or by the
federal government of the United States of America or any agency or
instrumentality thereof, provided that the full faith and credit of the Federal
Republic of Germany or the United States of America is pledged in support of
such securities; (ii) certificates of deposit and Eurodollar time deposits with
maturities of one year or less from the date of acquisition, bankers'
acceptances with maturities of one year or less from the date of acquisition and
overnight bank deposits, in each case with any commercial bank established under
the laws of the Federal Republic of Germany or the United States of America or
any subdivision thereof having combined capital and surplus in excess of
Euro500,000,000 and a Thompson Bank Watch Rating or comparable rating of "B" or
better; (iii) repurchase obligations with a term of not more than seven days for
underlying securities of the types described in clauses (i) or (ii) above
entered into with any financial institution meeting the qualifications specified
in clause (ii) above; (iv) commercial paper having the highest rating obtainable
from Moody's Investors Service, Inc. or Standard & Poor's Corporation and in
each case with maturities of one year or less from the date of acquisition; and
(v) money market funds at least 95% of the assets of which constitute Cash
Equivalents of the kinds described in clauses (i) through (iv) of this
definition.

     "Change of Control" means the occurrence of any of the following: (i) the
sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or
substantially all of the assets of the Issuer and its Restricted Subsidiaries
taken as a whole to any "person" (as such term is used in Section 13(d)(3) of
the Exchange Act) other than any Principal or Principals; (ii) the adoption of a
plan relating to the liquidation or dissolution of the Issuer; (iii) the
consummation of any transaction (including, without limitation, any merger or
consolidation), the result of which is that any "person" (as such term is used
in Section 13(d)(3) of the Exchange Act), other than any Principal or
Principals, becomes directly or indirectly the "beneficial owner" of more than
50% of
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                                                                               8

the Voting Stock of the Issuer (measured by voting power rather than number of
shares); (iv) the first day on which a majority of the members of the Board are
not Continuing Board Members; or (v) the consummation of the amalgamation,
merger or consolidation of the Issuer with another Person in which the holders
of the Capital Stock representing the common equity capital of the Issuer
immediately prior to the amalgamation, merger or consolidation, would not
beneficially own, immediately after the amalgamation, merger or consolidation,
Capital Stock entitling such holders to 50% or more of all votes, without
consideration of the rights of any class of Capital Stock to elect members of
the management board or other analogous body by a separate class vote, to which
all holders of the Capital Stock of the Person issuing cash or securities in the
amalgamation, merger or consolidation would be entitled in the election of
members of the management board or other analogous body or in which members of
the Board, immediately prior to such amalgamation, merger or consolidation,
would not, immediately after such amalgamation, merger or consolidation
constitute a majority of the management board or other analogous body of the
Person issuing cash or securities in such amalgamation, merger or consolidation.
For purposes of this definition, "beneficial owner" shall mean as such term is
defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that a
person shall be deemed to have "beneficial ownership" of all securities that
such person has the right to acquire, whether such right is currently
exercisable or is exercisable only upon the occurrence of a subsequent
condition.

     "Change of Control Payment" means a cash payment of a purchase price equal
to 101% of the principal amount of all Notes purchased in connection with a
Change of Control Offer, plus accrued and unpaid interest, Additional Amounts
and Liquidated Damages, if any, on such Notes to the date of such repurchase.

     "Clearstream" means Clearstream International.

     "Code" means the Internal Revenue Code of 1986, as amended.
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                                                                               9

     "Commission" means the Securities and Exchange Commission.

     "Common Depositary" means, with respect to the Notes issued in the form of
one or more global securities, the Person designated as the common depositary by
Euroclear or Clearstream, which shall initially be The Bank of New York, London
branch or a nominee thereof.

     "Consolidated Cash Flow"  means, with respect to any Person for any period,
the Consolidated Net Income of such Person for such period minus non-cash items
increasing such Consolidated Net Income for such period, plus, without
duplication, (i) an amount equal to any extraordinary loss plus any net loss
realized in connection with an Asset Sale (to the extent such losses were
deducted in computing such Consolidated Net Income), (ii) provision for taxes
based on income or profits of such Person and its Subsidiaries for such period,
to the extent that such provision for taxes was included in computing such
Consolidated Net Income, (iii) Fixed Charges of such Person and its Restricted
Subsidiaries for such period, and (iv) depreciation, amortization (including
amortization of goodwill and other intangibles but excluding amortization of
prepaid cash expenses that were paid in a prior period) and other non-cash
expenses (excluding any such non-cash expense to the extent that it represents
an accrual of or reserve for cash expenses in any future period or amortization
of a prepaid cash expense that was paid in a prior period) of such Person and
its Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash expenses were deducted in computing such
Consolidated Net Income, in each case, on a consolidated basis and determined in
accordance with U.S. GAAP.  Notwithstanding the foregoing, the provision for
taxes based on the income or profits of, and the depreciation and amortization
and other non-cash charges of, a Subsidiary of a Person shall be added to
Consolidated Net Income to compute Consolidated Cash Flow only to the extent
(and in the same proportion) that the Net Income of such Subsidiary was included
in calculating the Consolidated Net Income of such Person and only if a
corresponding amount would be permitted at the date of determination to be
dividended to the Issuer
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                                                                              10

by such Subsidiary without prior approval (that has not been obtained), pursuant
to the terms of its charter and all agreements, instruments, judgments, decrees,
orders, statutes, rules and governmental regulations applicable to that
Subsidiary or its stockholders.

     "Consolidated Net Income"  means, with respect to any Person for any
period, the aggregate of the Net Income of such Person and its Subsidiaries for
such period, on a consolidated basis, determined in accordance with U.S. GAAP;
provided, that (i) the Net Income (but not loss) of any Person that is not a
Restricted Subsidiary or that is accounted for by the equity method of
accounting shall be included only to the extent of the amount of dividends or
distributions paid in cash to the referent Person or a Restricted Subsidiary of
the referent Person, (ii) the Net Income of any Subsidiary shall be excluded to
the extent that the declaration or payment of dividends or similar distributions
by that Subsidiary of that Net Income is not at the date of determination
permitted without any prior governmental approval (that has not been obtained)
or, directly or indirectly, by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Subsidiary or its stockholders, (iii) the Net
Income of any Person acquired in a pooling of interests transaction for any
period prior to the date of such acquisition shall be excluded, and (iv) the
cumulative effect of a change in accounting principles shall be excluded.

     "Continuing Board Members" means, as of any date of determination, any
member of the Board who (i) was a member of the Board on the Issue Date; or (ii)
was nominated for election or elected to the Board with the approval of a
majority of the Continuing Board Members who were members of such Board at the
time of such nomination or election.

     "Corporate Trust Office of the Trustee" shall be at the address of the
Trustee specified in Section 10.2 hereof or such other address as to which the
Trustee may give notice to the Issuer.

     "Default" means any event that is or with the passage of time or the giving
of notice or both would be an Event of Default.
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                                                                              11

     "Definitive Note" means each of the Notes that are in the form of Exhibit A
                                                                       ---------
hereto (but without including the Global Note Legend).

     "Disqualified Stock"  means any Capital Stock that, by its terms (or by the
terms of any security into which it is convertible, or for which it is
exchangeable, at the option of the holder thereof), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the Holder thereof,
in whole or in part, on or prior to the date that is 91 days after the date on
which the Notes mature; provided, however, that any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right
to require the issuers thereof to repurchase such Capital Stock upon the
occurrence of an event substantially similar to a Change of Control or an Asset
Sale shall not constitute Disqualified Stock if the terms of such Capital Stock
provide that such issuers may not repurchase or redeem any such Capital Stock
pursuant to such provisions unless such repurchase or redemption complies with
Section 4.7.

     "Distribution Compliance Period" means the 40-day distribution compliance
period as defined in Regulation S.

     "Equity Interests"  means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

     "Euro Legal Tender" means Euros as at the time of payment is legal tender
for payment of public and private debts.

     "Euroclear" means Morgan Guaranty Trust Company of New York, Brussels
office, as operator of the Euroclear System.

     "Exchange Act" means the United States Securities Exchange Act of 1934, as
amended.
<PAGE>

                                                                              12

     "Existing Indebtedness" means Indebtedness of the Issuer and its
Subsidiaries in existence on the Issue Date after giving effect to the use of
proceeds contemplated by the Offering Memorandum, until such amounts are repaid.

     "Fair Market Value" means, with respect to any asset or property, the price
(after taking into account any liabilities relating to such assets or property)
which could be negotiated in an arm's-length free market transaction, for cash,
between a willing seller and a willing and able buyer, neither of which is under
any compulsion to complete the transaction; provided, that the Fair Market Value
of any such asset or property shall be determined conclusively by the Board
acting in good faith, which determination shall be evidenced by a resolution of
the Board delivered to the Trustee; and further provided, that any determination
of Fair Market Value by the Board required under the Indenture shall be based
upon an opinion or appraisal issued by an accounting, appraisal or investment
banking firm of international standing if the Fair Market Value exceeds
Euro5,000,000.

     "Fixed Charge Coverage Ratio" means, with respect to any Person for any
period, the ratio of the Consolidated Cash Flow of such Person for such period
to the Fixed Charges of such Person for such period. In the event that the
referent Person or any of its Restricted Subsidiaries incurs, assumes,
Guarantees or redeems any Indebtedness (other than revolving credit borrowings)
or issues or redeems Preferred Stock subsequent to the commencement of the
period for which the Fixed Charge Coverage Ratio is being calculated but prior
to the date on which the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the "Calculation Date"), then the Fixed Charge Coverage
                             ----------------
Ratio shall be calculated giving pro forma effect to such incurrence,
assumption, Guarantee or redemption of Indebtedness, or such issuance or
redemption of Preferred Stock, as if the same had occurred at the beginning of
the applicable four-quarter reference period. In addition, for purposes of
making the computation referred to above, (i) any acquisition made by the Issuer
or any of its Restricted Subsidiaries, including through mergers or
consolidations and including any related financing transactions, during the
four-quarter reference period or subsequent
<PAGE>

                                                                              13

to such reference period and on or prior to the Calculation Date shall be deemed
to have occurred on, and given pro forma effect from, the first day of the four-
quarter reference period; (ii) Consolidated Cash Flow for such reference period
shall be calculated without giving effect to clause (iii) of the proviso set
forth in the definition of Consolidated Net Income; (iii) Consolidated Cash Flow
for such reference period shall be calculated giving pro forma effect to cost
savings resulting from any such acquisition if (A) such cost savings could then
be reflected in pro forma financial statements included in a registration
statement complying with the Securities Act, Regulation S-X and any
interpretations of Regulation S-X by the Commission, (B) the Issuer reasonably
determines such cost savings are probable based upon specifically identified
actions that it has determined to take, and (C) the Issuer delivers to the
Trustee (I) a certified copy of a resolution of the Board approving such
determination, the specific actions to be taken and the delivery to the Trustee
of such certification, and (II) an Officers' Certificate signed by the Issuer's
chief financial officer certifying that such savings have reasonably been
determined to be probable and setting forth in reasonable detail the specific
actions to be taken, the cost savings to be achieved from each such action, and
the amount, if any, of any related reduction in Consolidated Cash Flow resulting
from such actions reasonably determined to be probable; (iv) the Consolidated
Cash Flow attributable to discontinued operations, as determined in accordance
with U.S. GAAP, and operations or businesses disposed of prior to the
Calculation Date, shall be excluded; and (v) the Fixed Charges attributable to
discontinued operations, as determined in accordance with U.S. GAAP, and
operations or businesses disposed of prior to the Calculation Date, shall be
excluded, but only to the extent that the obligations giving rise to such Fixed
Charges will not be obligations of the referent Person or any of its Restricted
Subsidiaries following the Calculation Date.

     "Fixed Charges"  means, with respect to any Person for any period, the sum,
without duplication, of (i) the consolidated interest expense of such Person and
its Restricted Subsidiaries for such period, whether paid or accrued and whether
or not capitalized (including, without limitation, amortization of debt issuance
costs
<PAGE>

                                                                              14

and original issue discount, non-cash interest payments, the interest component
of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, the imputed interest with respect to
Attributable Debt, commissions, discounts and other fees and charges incurred in
respect of letter of credit, bankers' acceptance or similar financings, and net
payments (if any) pursuant to Hedging Obligations); (ii) any interest expense on
Indebtedness of another Person that is Guaranteed by such Person or one of its
Restricted Subsidiaries or secured by a Lien on assets of such Person or one of
its Restricted Subsidiaries (whether or not such Guarantee or Lien is called
upon) and (iii) all cash dividend payments or other distributions (and non-cash
dividend payments in the case of a Person that is a Subsidiary) on any class or
series of Preferred Stock of such Person, on a consolidated basis, in each case
of clauses (i), (ii) and (iii) in accordance with U.S. GAAP.

     "Global Note Legend" means the legend set forth in Section 2.6(g)(ii),
which is required to be placed on all Global Notes issued under this Indenture.

     "Global Notes" means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes, in the form of Exhibit A hereto
                                                               ---------
bearing the Global Notes Legend and deposited with or on behalf of, and
registered in the name of, the Common Depositary or its nominee.

     "Government Obligation" means direct non-callable obligations of, or non-
callable obligations guaranteed by (i) any member nation of the European Union
for the payment of which obligation or guarantee the full faith and credit of
the respective nation is pledged; provided, that such nation has a credit rating
at least equal to that of the highest rated member nation of the European
Economic Area, pursuant to the Oporto Agreement on the European Economic Area
dated May 2, 1992 as amended, or (ii) the United States of America for the
payment of which obligation or guarantee the full faith and credit of the United
States of America is pledged.
<PAGE>

                                                                              15

     "Guarantee"  means a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), direct or
indirect, in any manner (including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect of
letters of credit), of all or any part of any Indebtedness.

     "Hedging Obligations"  means, with respect to any Person, the obligations
of such Person under (i) interest rate swap agreements, interest rate cap
agreements and interest rate collar agreements or other agreements or
arrangements designed to protect such Person against fluctuations in interest
rates, and (ii) currency exchange contracts, currency swap agreements or other
similar agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates, in each case, provided that such
obligations are entered into solely to protect such Person against fluctuations
in interest rates or currency exchange rates and not for purposes of
speculation.

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

     "IAI Global Note" means a Global Note in the form of Exhibit A hereto
                                                          ---------
bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of, and registered in the name of, the Common Depositary or
its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes issued to Institutional Accredited Investors.

     "Indebtedness"  means, with respect to any Person, without duplication, (i)
all indebtedness of such Person for borrowed money, (ii) all indebtedness of
such Person evidenced by bonds, debentures, notes or other similar instruments,
(iii) all Capital Lease Obligations and Attributable Debt of such Person, (iv)
all obligations of such Person issued or assumed as the deferred purchase price
of property, all conditional sale obligations and all obligations under any
title retention agreement, (v) all obligations for the reimbursement of any
obligor on any letter of credit, banker's acceptance or similar instrument, (vi)
guarantees and other
<PAGE>

                                                                              16

contingent obligations in respect of Indebtedness referred to in clauses (i)
through (v) above and clauses (vii) through (viii) below, (vii) all obligations
of any other Person of the type referred to in clauses (i) through (vi) which
are secured by any Lien on any property or asset of such Person, the amount of
such obligation being deemed to be the lesser of (A) the Fair Market Value of
such property or asset or (B) the amount of the obligation so secured, (viii)
all obligations under Hedging Obligations or other currency agreements and
interest swap agreements of such Person, and (ix) all Disqualified Stock issued
by such Person with the amount of Indebtedness represented by such Disqualified
Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding accrued
dividends, if any. For purposes of this definition, the "maximum fixed
repurchase price" of any Disqualified Stock which does not have a fixed
repurchase price shall be calculated in accordance with the terms of such
Disqualified Stock as if such Disqualified Stock were purchased on any date on
which Indebtedness shall be required to be determined under the Indenture, and
if such price is based upon, or measured by, the Fair Market Value of such
Disqualified Stock, except, in each case, any such balance that constitutes an
accrued expense or trade payable, if and to the extent any of the foregoing,
other than letters of credit, Attributable Debt and Hedging Obligations, would
appear as a liability upon a balance sheet of such Person prepared in accordance
with U.S. GAAP. The amount of any Indebtedness outstanding as of any date shall
be (i) the accreted value of such Indebtedness, in the case of any Indebtedness
issued with original issue discount, and (ii) the principal amount of such
Indebtedness, together with any interest thereon that is more than 30 days past
due, in the case of any other Indebtedness.

     "Indenture" means this Indenture, as amended or supplemented from time to
time.

     "Initial Purchaser" means WestLB Panmure Limited.

     "Institutional Accredited Investor" means an "accredited investor" as
defined in Rule 501 (a)(1), (2), (3) or (7) of the Securities Act.
<PAGE>

                                                                              17

     "Investments"  means, with respect to any Person, all investments by such
Person in other Persons (including Affiliates of such Person) in the forms of
direct or indirect loans (including guarantees of Indebtedness or other
obligations), advances or capital contributions (excluding commission, travel
and similar advances to officers and employees made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would
be classified as investments on a balance sheet prepared in accordance with U.S.
GAAP. If the Issuer or any Subsidiary of the Issuer sells or otherwise disposes
of any Equity Interests of any direct or indirect Subsidiary of the Issuer such
that, after giving effect to any such sale or disposition, such Person is no
longer a Subsidiary of the Issuer, the Issuer shall be deemed to have made an
Investment on the date of any such sale or disposition equal to the Fair Market
Value of the Equity Interests of such Subsidiary not sold or disposed of in an
amount determined and documented as provided for valuation of non-cash
Restricted Payments in Section 4.7.

     "Issue Date" means the closing date for the sale and original issuance of
the Notes under this Indenture.
     "Issuer" has the meaning assigned in the preamble of this Indenture.

     "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York, the City of London or at a place of
payment are authorized by law, regulation or executive order to remain closed.
If a payment date is a Legal Holiday at a place of payment, payment may be made
at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period.

     "Letter of Transmittal" means the letter of transmittal to be prepared by
the Issuer and sent to all Holders of the Notes for use by such Holders in
connection with the Exchange Offer.

     "Lien"  means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in
<PAGE>

                                                                              18

respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable law (including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction).

     "Liquidated Damages" means all liquidated damages then owing to Holders
pursuant to the Registration Rights Agreement.

     "Management Investors" means the members of the Board and officers and
employees of the Issuer or a Subsidiary of the Issuer who own Capital Stock of
the Issuer on the Issue Date.

     "Net Income"  means, with respect to any Person for any period, (i) the net
income or loss of such Person, determined in accordance with U.S. GAAP and
before any reduction in respect of dividends on Preferred Stock, but excluding
any gain (but not loss), together with any related provision for taxes on such
gain (but not loss), realized in connection with (1) any Asset Sale (including,
without limitation, dispositions in connection with sale and leaseback
transactions) (2) the disposition of any securities by such Person or any of its
Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person
or any of its Restricted Subsidiaries, and (3) any extraordinary or nonrecurring
gain (but not loss), together with any related provision for taxes on such
extraordinary or nonrecurring gain (but not loss) of such Person for such
period.

     "Net Proceeds" means the aggregate proceeds received by the Issuer or any
of its Restricted Subsidiaries in respect of any Asset Sale (including any cash
received upon the sale or other disposition of any non-cash consideration
received in any Asset Sale), net of the direct costs relating to such Asset Sale
(including legal, accounting and investment banking fees, and sales commissions)
and any relocation expenses incurred as a result of such Asset Sale, any taxes
paid or payable as a result of such Asset Sale, after taking into account any
available tax credits or
<PAGE>

                                                                              19

deductions and any tax sharing arrangements, and any reserve for adjustment in
respect of the sale price of such asset or assets established in accordance with
U.S. GAAP.

     "New Credit Facility"  means, with respect to the Issuer, at any time, any
credit facility or commercial paper facility between the Issuer and any lender,
whether in place of or in addition to the Senior Credit Facilities or any New
Credit Facility and providing for Indebtedness:  (i) incurred in compliance with
clause (i) of the definition of "Permitted Indebtedness" and (ii) providing for
revolving credit loans, term loans, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables) or letters of credit.

     "New Senior Notes" has the meaning assigned in the preamble of this
Indenture.

     "Non-Recourse Debt" means, with respect to any Person, Indebtedness or that
portion of Indebtedness (i) as to which the specified Person (a) provides no
credit support of any kind (including any undertaking, agreement or instrument
that would constitute Indebtedness), (b) is not directly or indirectly liable
(as a guarantor or otherwise), and (c) does not constitute the lender; and (ii)
no default with respect to which (including any rights that the holders of such
Indebtedness may have to take enforcement action against an Unrestricted
Subsidiary) would permit (upon notice, lapse of time or both) any holder of any
other Indebtedness (other than the Notes) of the specified Person to declare a
default on such other Indebtedness or cause the payment of such other
Indebtedness to be accelerated or payable prior to its Stated Maturity; and
(iii) as to which the lenders have been notified in writing that they will not
have any recourse to the stock or assets of the specified Person.

     "Non-U.S. Person" means a Person who is not a U.S. Person.
<PAGE>

                                                                              20

     "Notes" has the meaning assigned in the preamble to this Indenture.

     "Obligations" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages, additional amounts and other
liabilities payable under the documentation governing any Indebtedness.

     "Obligor" as to the Notes means the Issuer and any successor obligor upon
the Notes.

     "Offering" means the offering of the Notes by the Issuer.

     "Offering Memorandum" means the offering memorandum, dated March 21, 2000,
issued and used by the Issuer to offer the Notes.

     "Officer" means, with respect to any Person, any member of the Board, the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the
Secretary or any Vice-President of such Person.

     "Officers' Certificate" means a certificate signed by any two members of
the Board, that meets the requirements of Section 10.5 hereof.

     "Opinion of Counsel" means a written opinion from legal counsel who is
acceptable to the Trustee and who may be an employee of or counsel to the Issuer
or the Trustee.

     "Participant" means, with respect to the Common Depositary, Euroclear or
Clearstream, a Person who has an account with Euroclear or Clearstream.

     "Permitted Business" means any of the businesses and any other businesses
ancillary or complementary to the businesses engaged in by the Issuer and its
respective Restricted Subsidiaries on the Issue Date.
<PAGE>

                                                                              21

     "Permitted Indebtedness" means (i) the incurrence by the Issuer or any
Restricted Subsidiary of Indebtedness under a term or revolving credit facility
or letters of credit (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of the Issuer and its
Subsidiaries under such letters of credit), pursuant to the Senior Credit
Facilities or a New Credit Facility; provided, that the aggregate principal
amount of all Indebtedness outstanding under all such facilities after giving
effect to such incurrence does not exceed the greater of Euro25,000,000 or the
Borrowing Base; (ii) the incurrence by the Issuer and its Subsidiaries of
Existing Indebtedness; (iii) the incurrence by the Issuer of Indebtedness
represented by the Notes issued on the Issue Date or any New Senior Notes issued
in exchange for such Notes; (iv) the incurrence by the Issuer or any of its
Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations
or Purchase Money Indebtedness, at any time outstanding in an aggregate
principal amount, including all Permitted Refinancing Indebtedness incurred to
refund, refinance or replace any Indebtedness incurred under this clause (iv),
not to exceed Euro3,000,000; (v) the incurrence by the Issuer or any of its
Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to refund, refinance or replace
Indebtedness, other than intercompany Indebtedness, that was permitted by the
Indenture to be incurred pursuant to Section 4.9 or clauses (ii), (iii), (iv),
(v), (viii) or (xvi); (vi) the incurrence by the Issuer or any of its Restricted
Subsidiaries of Indebtedness owing to and held by any Wholly Owned Restricted
Subsidiary of the Issuer or owing to and held by the Issuer; provided that (a)
if the Issuer is the obligor on such Indebtedness, such Indebtedness is
expressly subordinated to the prior payment in full in cash of all Obligations
with respect to the Notes, and (b) (I) any subsequent issuance or transfer of
Equity Interests that results in any such Indebtedness being held by a Person
other than the Issuer or a Wholly Owned Restricted Subsidiary of the Issuer
shall be
<PAGE>

                                                                              22

deemed to constitute an incurrence of such Indebtedness by the Issuer or such
Restricted Subsidiary that was not permitted by this clause (vi), and (II) any
transfer of any interest in such Indebtedness to a Person other than the Issuer
or a Wholly Owned Restricted Subsidiary of the Issuer shall be deemed to
constitute an incurrence of such Indebtedness by the Issuer or such Restricted
Subsidiary that was not permitted by this clause (vi); (vii) the incurrence by
the Issuer or any of its Restricted Subsidiaries of Hedging Obligations incurred
with respect to any Indebtedness or Obligation that is permitted by the terms of
the Indenture to be outstanding; (viii) the incurrence by the Issuer or any
Restricted Subsidiary of additional Indebtedness in an aggregate principal
amount or accreted value, as applicable, at any time outstanding, including all
Permitted Refinancing Indebtedness incurred to refund, refinance or replace any
Indebtedness incurred under this clause (viii), not to exceed Euro5,000,000;
(ix) the incurrence by the Issuer's Unrestricted Subsidiaries of Indebtedness
that is Non-Recourse Debt to the Issuer and its Restricted Subsidiaries;
provided, that upon the occurrence of any event that causes any such
Indebtedness to cease to be Non-Recourse Debt to the Issuer and its Restricted
Subsidiaries, such event shall be deemed to constitute an incurrence of such
Indebtedness by a Restricted Subsidiary of the Issuer that was not permitted by
this clause (ix); (x) the incurrence of Indebtedness of the Issuer and its
Restricted Subsidiaries, including letters of credit, in respect of performance
bonds, bankers' acceptances, letters of credit, performance, bid, surety or
appeal bonds or similar bonds and completion guarantees provided by the Issuer
and its Restricted Subsidiaries in the ordinary course of their business and
consistent with past practices and which do not secure other Indebtedness; (xi)
Indebtedness of the Issuer and its Restricted Subsidiaries arising from
agreements providing for indemnification, adjustment of purchase price or
similar obligations, in any case incurred in connection with the disposition of
any business, assets or Subsidiary of the Issuer, other than Guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such
business, assets or Subsidiary for the purpose of financing such acquisition, in
an aggregate principal amount not to exceed the gross proceeds actually received
by the Issuer or any Restricted Subsidiary of the Issuer in connection with such
disposition; (xii) Indebtedness of the Issuer or a Restricted Subsidiary owed to
any Person, including obligations in respect of letters of credit for the
benefit of such Person, in connection with worker's compensation, health,
disability or other employee benefits or property, casualty or liability
insurance provided by such Person
<PAGE>

                                                                              23

to the Issuer or such Restricted Subsidiary, under reimbursement or
indemnification obligations to such Person, in each case incurred in the
ordinary course of business and consistent with past practices; (xiii) the
Guarantee by the Issuer or any Restricted Subsidiary of Indebtedness of the
Issuer or a Subsidiary of the Issuer that was permitted to be incurred by
another provision of Section 4.9; (xiv) Indebtedness incurred in connection with
a transaction permitted under Section 4.16; (xv) Indebtedness of the Issuer or
any Restricted Subsidiary of the Issuer convertible into Capital Stock of the
Issuer issued to employees of the Issuer or such Restricted Subsidiary in an
amount not to exceed Euro500,000 in the aggregate; and (xvi) Indebtedness of the
Issuer in an aggregate amount, including all Permitted Refinancing Indebtedness
incurred to refund, refinance or replace any Indebtedness incurred under this
clause (xvi), not to exceed the amount of Capital Stock Sale Proceeds received
since the Issue Date from the issuance and sale of Capital Stock, other than
Disqualified Stock, of the Issuer; provided, that the amount of any such Capital
Stock Sale Proceeds utilized to support the incurrence of Indebtedness pursuant
to this clause (xvi) shall be excluded from any calculation pursuant to clause
(c)(ii) of the first paragraph or clause (g) of the second paragraph of Section
4.7.
<PAGE>

                                                                              24

     "Permitted Investments" means (i) any Investment in the Issuer or in a
Restricted Subsidiary of the Issuer that is engaged in a Permitted Business;
(ii) any Investment in cash or Cash Equivalents; (iii) any Investment by the
Issuer or any Restricted Subsidiary of the Issuer in a Person, if as a result of
or in connection with such Investment (a) such Person becomes a Restricted
Subsidiary of the Issuer and is engaged in a Permitted Business, or (b) such
Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Issuer or
a Restricted Subsidiary of the Issuer and is engaged in a Permitted Business;
(iv) any Investment made as a result of the receipt of non-cash consideration
from an Asset Sale that was made in compliance with the covenant described above
under Section 4.10 or from a sale that was made in compliance with Section 4.16;
(v) any acquisition or any portion of any acquisition of assets or property made
solely in exchange for the issuance of Equity Interests, other than Disqualified
Stock, of the Issuer; (vi) any Investment by the Issuer or any Wholly Owned
Restricted Subsidiary of the Issuer involving the contribution of assets to a
Wholly Owned Restricted Subsidiary of the Issuer in exchange for the incurrence
by such Wholly Owned Restricted Subsidiary of the Issuer of Indebtedness owed to
the Issuer or any Wholly Owned Restricted Subsidiary of the Issuer; (vii)
Investments in an Accounts Receivable Subsidiary made in connection with the
formation of such Accounts Receivable Subsidiary; (viii) Investments in the form
of intercompany Indebtedness permitted under clause (vi) of the definition of
"Permitted Indebtedness"; (ix) Investments in existence on the Issue Date; and
(x) other Investments having an aggregate Fair Market Value, measured on the
date each such Investment was made and without giving effect to subsequent
changes in value, when taken together with all other Investments made under this
clause (x) that are at the time outstanding, not to exceed Euro15,000,000.

     "Permitted Liens" means (i) Liens on assets or property of the Issuer or
any Restricted Subsidiary of the Issuer to secure Senior Debt of the Issuer or
such Restricted Subsidiary of the Issuer incurred under clauses (i), (vii) and
(x) of the definition of
<PAGE>

                                                                              25

"Permitted Indebtedness"; (ii) Liens in favor of the Issuer or any Restricted
Subsidiary of the Issuer; (iii) Liens on assets or property of a Person existing
at the time such Person is merged into or consolidated with one of the Issuer or
any Subsidiary of the Issuer; provided, that such Liens were in existence prior
to the contemplation of such merger or consolidation and do not extend to any
assets or property other than those of the Person merged into or consolidated
with the Issuer or any Subsidiary of the Issuer; (iv) Liens on assets or
property existing at the time of acquisition thereof by the Issuer or any
Subsidiary of the Issuer; provided, that such Liens were in existence prior to
the contemplation of such acquisition; (v) Liens to secure the performance of
statutory obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of business; (vi)
Liens to secure Indebtedness represented by Capital Lease Obligations or
Purchase Money Indebtedness permitted by clause (d) of the definition of
Permitted Indebtedness; provided, that such Liens cover only assets or property
acquired with such Indebtedness; (vii) Liens existing on the Issue Date; (viii)
Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings
promptly instituted and diligently concluded; provided, that any reserve or
other appropriate provision as shall be required in conformity with U.S. GAAP
shall have been made therefor; (ix) Liens on assets or property of Unrestricted
Subsidiaries that secure Indebtedness of Unrestricted Subsidiaries that is Non-
Recourse Debt to the Issuer and its Restricted Subsidiaries; (x) Liens incurred
by the Issuer or any Restricted Subsidiary of the Issuer in the ordinary course
of business of the Issuer or such Restricted Subsidiary of the Issuer with
respect to obligations that do not exceed Euro2,500,000 at any one time
outstanding that (a) are not incurred in connection with the borrowing of money
or the obtaining of advances or credit, other than trade credit in the ordinary
course of business, and (b) do not in the aggregate materially detract from the
value of the assets or property or materially impair the use of the assets or
property in the operation of business by the Issuer or such Subsidiary; (xi)
Liens in connection with worker's compensation obligations and general liability
exposure of the Issuer or any Restricted Subsidiary of the
<PAGE>

                                                                              26

Issuer; (xii) Liens arising by reason of any judgment, decree or court order, to
the extent not otherwise resulting in an Event of Default; (xiii) Liens arising
by reason of easements, rights of way, zoning restrictions, leases or subleases
to a third party and other similar charges or encumbrances in respect of real
property, in each case not interfering in any material respect with the ordinary
conduct the business of the Issuer or any of its Restricted Subsidiaries; (xiv)
Liens imposed by law, including carriers', warehousemen's, materialmen's and
mechanics' Liens, in each case for sums not yet due or being contested in good
faith by appropriate proceedings if a reserve or any other provision required
under U.S. GAAP shall have been made; and (xv) Liens arising by operation of law
in favor of depositary banks and collecting banks, incurred in the ordinary
course of business.

     "Permitted Refinancing Indebtedness" means any Indebtedness of the Issuer
or any of its Restricted Subsidiaries issued in exchange for, or the net
proceeds of which are used to extend, refinance, renew, replace, defease or
refund other Indebtedness, other than intercompany Indebtedness, of the Issuer
or any of its Restricted Subsidiaries that was permitted by the Indenture to be
incurred; provided that (i) the principal amount or accreted value, if
applicable, of such Permitted Refinancing Indebtedness does not exceed the
principal amount or accreted value, if applicable, of, plus accrued interest on,
the Indebtedness so extended, refinanced, renewed, replaced, defeased or
refunded plus the amount of reasonable expenses incurred in connection with the
incurrence of such Permitted Refinancing Indebtedness, (ii) such Permitted
Refinancing Indebtedness has a final maturity date later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of, the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded, (iii) if the Indebtedness
being extended, refinanced, renewed, replaced, defeased or refunded is
subordinated in right of payment to the Notes, such Permitted Refinancing
Indebtedness is subordinated in right of payment to the Notes on terms at least
as favorable to the Holders of the Notes as those contained in the documentation
governing the Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded,
<PAGE>

                                                                              27

and (iv) such Indebtedness is incurred only by Persons who are the obligors on
the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded.

     "Permitted Secured Indebtedness" means any Indebtedness of the Issuer or
any Restricted Subsidiary of the Issuer permitted to be incurred or outstanding
under this Indenture which is secured by a Permitted Lien.

     "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, limited liability company, trust,
unincorporated organization or government or agency or political subdivision
thereof (including any subdivision or ongoing business of any such entity or
substantially all of the assets of any such entity, subdivision or business).

     "Preferred Stock" as applied to the Capital Stock of any Person, means
Capital Stock of any class or classes, however designated, which is preferred as
to the payment of dividends, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over shares
of Capital Stock of any other class of such Person.

     "Principals" means (i) Messrs. Stefan Rover, Boris Anderer, Michael Janen,
Achim Schlumpberger, Angelo Maestrini and Michael Schumacher and the Management
Investors; (ii) any Related Party of a Person referred to in clause (i); and
(iii) any Person or group of Persons which holds, directly or indirectly, Equity
Interests in any Person so long as a majority of the Voting Stock in such Person
is beneficially owned by the Persons referred to in clauses (i) and (ii).

     "Private Placement Legend" means the legend set forth in Section 2.6(g)(i)
to be placed on all Notes issued under this Indenture except where otherwise
permitted by the provisions of this Indenture.

     "Purchase Money Indebtedness" means Indebtedness of the Issuer and its
Restricted Subsidiaries incurred in the normal
<PAGE>

                                                                              28

course of business for the purpose of financing all or any part of the purchase
price, or the cost of installation, construction or improvement, of property or
equipment.

     "QIB" means a "qualified institutional buyer" as defined in Rule 144A.

     "Qualified Equity Offering" means any private or public offering of Equity
Interests, other than Disqualified Stock, of the Issuer; provided, that the net
cash proceeds of such offering (i) are included as, or contributed to the Issuer
as, common equity capital of the Issuer, and (ii) exceed Euro75,000,000, in the
case of a public offering, or Euro50,000,000, in the case of a private offering.

     "Registration Rights Agreement" means the Registration Rights Agreement,
dated as of the date of this Indenture, by and among the Issuer and the Initial
Purchaser named on the signature pages thereof, as such agreement may be
amended, modified or supplemented from time to time.

     "Regulation S" means Regulation S promulgated under the Securities Act.

     "Regulation S Global Note" means a Global Note in the form of Exhibit A
                                                                   ---------
hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of the Common Depositary and registered in the name
of the Common Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903
of Regulation S.

     "Related Party" means, with respect to any Principal, (i) such Principal,
any direct or indirect wholly owned Subsidiary of such Principal, and any
officer, director or employee of such Principal or any wholly owned Subsidiary
of such Principal; (ii) any member of the "immediate family" as such term is
used in Rule 16a-1(e) under the Exchange Act of such Principal or the officers,
directors and employees referred to in clause (i) above; or (iii) any trust,
corporation or partnership 100%-in-interest of the
<PAGE>

                                                                              29

beneficiaries, stockholders or partners of which consists of one or more of the
persons described in clause (i) or (ii) above.

     "Relevant Taxing Jurisdiction" means the Federal Republic of Germany or any
jurisdiction in which the Issuer or any successor thereto is organized or is
otherwise resident for tax purposes or any political subdivision thereof or any
authority having power to tax therein or any jurisdiction from or through which
payment is made.

     "Responsible Officer" when used with respect to the Trustee, means any
officer within the Corporate Trust Administration of the Trustee (or any
successor group of the Trustee) with direct responsibility for the
administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

     "Restricted Definitive Note" means one or more Definitive Notes that bear
and are required to bear the Private Placement Legend.

     "Restricted Global Note" means a Global Note bearing the Private Placement
Legend.

     "Restricted Investment" means an Investment other than a Permitted
Investment permitted pursuant to clause (h) of the second paragraph of Section
4.7.

     "Restricted Payment" means to (i) declare or pay any dividend or make any
other payment or distribution on account of Equity Interests of the Issuer or a
Subsidiary of the Issuer, including, without limitation, any such payment in
connection with any merger or consolidation or to the direct or indirect holders
of Equity Interests in their capacity as such, other than dividends, payments or
distributions payable (a) in Equity Interests, other than Disqualified Stock, of
the Issuer, or (b) to the Issuer, or (c) to a Restricted Subsidiary of the
Issuer; (ii) purchase, redeem or
<PAGE>

                                                                              30

otherwise acquire or retire for value, including, without limitation, in
connection with any merger or consolidation, any Equity Interests of the Issuer
or of any direct or indirect parent of the Issuer; (iii) make any payment on or
with respect to, or purchase, redeem, defease or otherwise acquire or retire for
value any Indebtedness that is by its terms subordinated to the Notes (other
than the purchase, repurchase or other acquisition of such indebtedness in
anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of such purchase,
repurchase or acquisition), except a payment of interest or principal at Stated
Maturity; or (iv) make any Restricted Investment.

     "Restricted Subsidiary" of a Person means any Subsidiary of such Person
that is not an Unrestricted Subsidiary.

     "Rule 144" means Rule 144 promulgated under the Securities Act.

     "Rule 144A" means Rule 144A promulgated under the Securities Act.

     "Rule 903" means Rule 903 promulgated under the Securities Act.

     "Rule 904" means Rule 904 promulgated the Securities Act.

     "Securities Act" means the United States Securities Act of 1933, as
amended.

     "Senior Credit Facilities" means (i) the credit agreement dated as of July
27, 1999 between the Issuer and Deutsche Bank AG providing for up to DM
60,000,000 revolving credit borrowings, including an related notes, guarantees,
collateral documents, instruments and agreements executed in connection
therewith; (ii) the credit agreement in effect on the Issue Date, by and between
the Issuer, and Kreissparkasse Boblingen, providing for up to DM 5,500,000
revolving credit borrowings and other loans, including any
<PAGE>

                                                                              31

related notes, guarantees, collateral documents, instruments and agreements
executed in connection therewith; (iii) the credit agreement dated as of
December 20, 1999, by and between the Issuer and Volksbank AG im Kreis
Boblingen, providing for up to DM 5,000,000 revolving credit borrowings and
other loans, including any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith; and (iv) the credit
agreement in effect on the Issue Date between the Issuer and Dresdner Bank AG,
providing for up to DM 5,000,000 revolving credit borrowings and other loans
including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, in each case of clauses (i), (ii),
(iii) and (iv) as amended, modified, renewed, refunded, replaced or refinanced
from time to time.

     "Senior Debt" means (i) all Indebtedness outstanding under the Senior
Credit Facilities or any New Credit Facility and all Hedging Obligations with
respect to such Indebtedness; (ii) any other Indebtedness permitted to be
incurred under the terms of this Indenture, unless the instrument under which
such Indebtedness is incurred expressly provides that it is not superior, or is
subordinated, in right of payment to the Notes; and (iii) all Obligations with
respect to the foregoing. Notwithstanding anything to the contrary, Senior Debt
will not include (i) any Indebtedness or Obligation which is subordinate or
junior in any respect (other than as a result of the Indebtedness being
unsecured) to any other Indebtedness or obligation; (ii) any liability for taxes
owed or owing; (iii) any Indebtedness of the Issuer to any of its Subsidiaries
or other Affiliates or any Indebtedness of any of the Subsidiaries or other
Affiliates of the Issuer to the Issuer; (iv) any account payable or other
liability to trade creditors arising in the ordinary course of business; (v) any
Indebtedness that is incurred in violation of this Indenture, or (vi) any
Capital Stock.

     "Senior Notes" has the meaning assigned in the preamble of this Indenture.
<PAGE>

                                                                              32

     "Shelf Registration Statement" means the Shelf Registration Statement as
defined in the Registration Rights Agreement.

     "Significant Subsidiary" means any Subsidiary that would be a "significant
subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act, as such Regulation is in effect on the Issue Date.

     "Stated Maturity" means, with respect to any payment of interest or
principal on any Indebtedness, the date on which such payment of interest or
principal was scheduled to be paid in the original documentation governing such
Indebtedness, excluding any contingent obligations to repay, redeem or
repurchase any such interest or principal prior to the date originally scheduled
for the making of such payment.

     "Subsidiary" means, with respect to any Person, (i) any corporation,
association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees of
such Person is at the time owned or controlled, directly or indirectly, by such
Person and/or one or more of the other Subsidiaries of that Person and (ii) any
partnership (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person, or (b) the only general
partners of which are such Person and/or of one or more Subsidiaries of such
Person.

     "TIA" means the United States Trust Indenture Act of 1939 (15 U.S.C. (S)(S)
77aaa-77bbbb) as in effect on the date on which this Indenture is qualified
under the TIA; provided, however, that, in the event the United States Trust
Indenture Act of 1939 is amended after such date, "TIA" means, to the extent
required by any such amendments, the United States Trust Indenture Act of 1939,
as amended.

     "Trustee" means the party named as such above until a successor replaces it
in accordance with the applicable provisions
<PAGE>

                                                                              33

of this Indenture and thereafter means the successor serving hereunder.

     "Unrestricted Definitive Note" means one or more Definitive Notes that do
not bear and are not required to bear the Private Placement Legend.

     "Unrestricted Global Note" means a permanent Global Note in the form of

Exhibit A attached hereto that bears the Global Note Legend and that has the
---------
"Schedule of Exchanges of Interests in the Global Note" attached thereto, and
that is deposited with or on behalf of and registered in the name of the Common
Depositary, representing a series of Notes that do not bear and are not required
to bear the Private Placement Legend.

     "Unrestricted Subsidiary" means any direct or indirect Subsidiary of the
Issuer that is designated as an Unrestricted Subsidiary of the Issuer in
compliance with Section 4.15.

     "U.S. GAAP" means, at any date of determination, generally accepted
accounting principles as in effect in the United States of America on such date
of determination, consistently applied for all periods.

     "U.S. Person" means a U.S. person as defined in Rule 902(o) under the
Securities Act.

     "Voting Stock" of any Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the management
board or analogous body of such Person.

     "Weighted Average Life to Maturity" means, when applied to any Indebtedness
at any date, the number of years obtained by dividing (i) the sum of the
products obtained by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, by (b) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and
the
<PAGE>

                                                                              34

making of such payment, by (ii) the then outstanding principal amount of
such Indebtedness.

     "Wholly Owned Restricted Subsidiary" of any Person means a Restricted
Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interests of which (other than directors' qualifying shares) and
Capital Stock or other ownership interests owned by officers or agents of such
Person solely in their capacity as such, shall at the time be owned by such
Person or by such Person and one or more Wholly Owned Restricted Subsidiaries of
such Person.

        Section 1.2  Other Definitions.
                     -----------------

Term                                                            Defined in
                                                                  Section

Affiliate Transaction                                               4.11
Asset Sale Offer                                                     3.9
Authentication Order                                                 2.2
Change of Control Offer                                             4.14
Change of Control Payment Date                                      4.14
Covenant Defeasance                                                  8.3
Event of Default                                                     6.1
Excess Proceeds                                                     4.10
Exchange Offer                                                       2.6
Financier                                                           4.16
incur                                                                4.9
Judgment Currency                                                  10.16
Legal Defeasance                                                     8.2
Offer Amount                                                         3.9
Offer Period                                                         3.9
Paying Agent                                                         2.3
<PAGE>

                                                                              35

Payment Default                                                      6.1
Promissory Note                                                     4.16
Purchase Date                                                        3.9
Registrar                                                            2.3
Relevant Entity                                                      6.1
Required Filing Dates                                                4.3
Restricted Payments                                                  4.7
Tax Redemption Date                                                  3.7
Taxes                                                               4.23

        Section 1.3  Trust Indenture Act.
                     -------------------

     Whenever this Indenture refers to a provision of the TIA, the portion of
such provision required to be incorporated herein in order for this Indenture to
be qualified under the TIA 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 Notes;

     "indenture securityholder" means a Holder of a Note;

     "indenture to be qualified" means this Indenture;

     "indenture trustee" or "institutional trustee" means the Trustee; and

     "obligor on the indenture securities" means the Issuer and any successor
obligor on the Notes.

     All other terms used in this Indenture that are defined by the TIA, defined
in the TIA by reference to another statute or
<PAGE>

                                                                              36

defined by Commission rule under the TIA have the meanings so assigned to them.

        Section 1.4  Rules of Construction.
                     ---------------------

     Unless the context otherwise requires:

(1)  a term has the meaning assigned to it;

(2)  an accounting term not otherwise defined has the meaning assigned to it in
     accordance with U.S. GAAP;

(3)  "or" is not exclusive;

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

(5)  words implying any gender shall apply to every gender;

(6)  provisions apply to successive events and transactions; and

(7)  references to sections of or rules under the Securities Act shall be deemed
     to include substitute, replacement or successor sections or rules adopted
     by the Commission from time to time.
<PAGE>

                                                                              37

                                  ARTICLE II

                                   THE NOTES

        Section 2.1  Form and Dating.
                     ---------------

(a)  General.  The Notes and the Trustee's certificate of authentication with
     -------
     respect thereto shall be substantially in the form of Exhibit A hereto. The
                                                           ---------
     Notes may have notations, legends or endorsements required by law, stock
     exchange rule or usage. Each Note shall be dated the date of its
     authentication. In addition, the Notes may have such letters, numbers or
     other marks of identification. The Notes shall be in denominations of Euro
     1,000 and integral multiples thereof. The Notes shall not be issuable in
     bearer form.

     The terms and provisions contained in the Notes shall constitute, and are
     hereby expressly made, a part of this Indenture, and the Issuer and the
     Trustee, by their execution and delivery of this Indenture, expressly agree
     to such terms and provisions and to be bound thereby. However, to the
     extent any provision of any Note conflicts with the express provisions of
     this Indenture, the provisions of this Indenture shall govern and be
     controlling.

(b)  Global Notes and Definitive Notes.  Notes issued in global form shall be
     ---------------------------------
     substantially in the form of Exhibit A attached hereto, including the
                                  ---------
     Global Note Legend thereon and the "Schedule of Exchanges of Interests in
     the Global Note" attached thereto. Notes issued in definitive form shall be
     substantially in the form of Exhibit A attached hereto, but without the
                                  ---------
     Global Note Legend thereon and without the "Schedule of Exchanges of
     Interests in the Global Note" attached thereto. Each Global Note shall
     represent such of the outstanding Notes as shall be specified therein and
     each shall provide that it shall represent the aggregate principal amount
     of outstanding Notes from time to time endorsed thereon and that the
     aggregate principal amount of outstanding Notes represented thereby may
     from time to time be reduced or increased, as appropriate, to reflect
     exchanges and
<PAGE>

                                                                              38

     redemptions. Any endorsement of a Global Note to reflect the amount of any
     increase or decrease in the aggregate principal amount of outstanding Notes
     represented thereby shall be made by the Trustee or the Common Depositary,
     at the direction of the Trustee, in accordance with instructions given by
     the Holder thereof as required by Section 2.6 hereof. The Global Notes,
     duly executed by the Issuer and authenticated by the Trustee as hereinafter
     provided, shall be deposited on behalf of the purchasers of the Notes
     represented thereby with the Common Depositary.

(c)  Euroclear and Clearstream Procedures Applicable.  The provisions of the
     -----------------------------------------------
     "Operating Procedures of the Euroclear System" and "Terms and Conditions
     Governing Use of Euroclear" and the "General Terms and Conditions of
     Cedelbank" and "Customer Handbook of Cedelbank" (or any replacements
     thereof) shall be applicable to transfers of beneficial interests in the
     Regulation S Global Notes that are held by Participants through Euroclear
     or Clearstream.

        Section 2.2  Execution and Authentication.
                     ----------------------------

     Two Officers shall sign the Notes for the Issuer by manual or facsimile
signature.

     If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated, the Note shall nevertheless be valid.

     Each Note shall be dated the date of its authentication.  A Note shall not
be valid until authenticated by the manual signature of the Trustee.  The
signature shall be conclusive evidence that the Note has been authenticated
under this Indenture.

     The Trustee shall, upon a written order of the Issuer signed by an Officer
(an "Authentication Order"), authenticate Notes for original issue up to the
     --------------------
aggregate principal amount stated in paragraph 4 of the Notes.  The aggregate
principal amount of Notes outstanding at any time under this Indenture may not
exceed such amount except as provided in Section 2.7 hereof.
<PAGE>

                                                                              39

     The Trustee may appoint an authenticating agent acceptable to the Issuer to
authenticate Notes.  An authenticating agent may authenticate Notes whenever the
Trustee may do so.  Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent.  An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Issuer.

        Section 2.3  Registrar and Paying Agent.
                     --------------------------

     The Issuer shall maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (the "Registrar") and an office or
                                                   ---------
agency where Notes may be presented for payment (the "Paying Agent").  The
                                                      ------------
Registrar shall keep a register of the Notes and of their transfer and exchange.
The Issuer may appoint one or more co-registrars and one or more additional
paying agents.  The term "Registrar" includes any co-registrar and the term
"Paying Agent" includes any additional paying agent.  The Issuer may change any
Paying Agent or Registrar without notice to any Holder.  The Issuer shall notify
the Trustee in writing of the name and address of any Agent not a party to this
Indenture.  If the Issuer fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such.  The Issuer or any of
its Affiliates may act as Paying Agent or Registrar.

     The Issuer initially appoints the Trustee acting through its London Branch
to act as the Registrar and Paying Agent.

     For so long as the Notes are listed on the Luxembourg Stock Exchange and
the rules of such stock exchange require, the Issuer shall maintain a co-
registrar and additional Paying Agent in Luxembourg.  The Issuer initially
appoints Kredietbank S.A. Luxembourgeoise to act as co-registrar and Paying
Agent in Luxembourg.

        Section 2.4  Paying Agent To Hold Money in Trust.
                     -----------------------------------

     The Issuer shall require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent will hold in trust
<PAGE>

                                                                              40

for the benefit of Holders or the Trustee all money held by the Paying Agent for
the payment of principal, premium or Liquidated Damages or Additional Amounts,
if any, or interest on the Notes, and will notify the Trustee of any default by
the Issuer in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee.
The Issuer at any time may require a Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than
the Issuer or any of its Affiliates) shall have no further liability for the
money. If the Issuer or any of its Affiliates acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of the Holders all
money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for
the Notes.

        Section 2.5  Holder 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
all Holders and shall otherwise comply with TIA (S) 312(a).  If the Trustee is
not the Registrar, the Issuer shall furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders of
Notes and the Issuer shall otherwise comply with TIA (S) 312(a).

        Section 2.6  Transfer and Exchange.
                     ---------------------

(a)  Transfer And Exchange.  A Global Note may not be transferred as a whole
     ---------------------
     except by the Common Depositary to a nominee of the Common Depositary, by a
     nominee of the Common Depositary to the Common Depositary or to another
     nominee of the Common Depositary, the Common Depositary or any such nominee
     to a successor Common Depositary or a nominee of such successor Common
     Depositary. All Global Notes will be exchanged by the Issuer for Definitive
     Notes if (i) the Issuer delivers to the Trustee
<PAGE>

                                                                              41

     notice from Euroclear and Clearstream that they are unwilling or unable to
     continue as clearing agencies for the Notes and the Issuer fails to appoint
     a successor clearing agency within 90 days, (ii) the Issuer delivers to the
     Trustee notice from the Common Depositary that it is unwilling or unable to
     continue to act as common depositary for Euroclear and Clearstream and a
     successor Common Depositary is not appointed by the Issuer within 120 days
     after the date of such notice from the Common Depositary or (iii) the
     Issuer in its sole discretion determines that the Global Notes (in whole
     but not in part) should be exchanged for Definitive Notes and delivers a
     written notice to such effect to the Trustee. Upon the occurrence of either
     of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall
     be issued in such names as Euroclear and Clearstream shall instruct the
     Trustee. Global Notes also may be exchanged or replaced, in whole or in
     part, as provided in Sections 2.7 and 2.10 hereof. Every Note authenticated
     and delivered in exchange for, or in lieu of, a Global Note or any portion
     thereof, pursuant to this Section 2.6 or Section 2.7 or 2.10 hereof, shall
     be authenticated and delivered in the form of, and shall be, a Global Note.
     A Global Note may not be exchanged for another Note other than as provided
     in this Section 2.6(a). However, beneficial interests in a Global Note may
     be transferred and exchanged as provided in Section 2.6(b), (c) or (f)
     hereof.

(b)  Transfer and Exchange of Beneficial Interests in the Global Notes.
     -----------------------------------------------------------------
     Beneficial interests in the Global Notes may be held only through
     Participants acting for and on behalf of Euroclear and Clearstream. The
     transfer and exchange of beneficial interests in the Global Notes shall be
     effected through Euroclear and Clearstream, in accordance with the
     provisions of this Indenture and the Applicable Procedures. Beneficial
     interests in the Restricted Global Notes shall be subject to restrictions
     on transfer comparable to those set forth herein to the extent required by
     the Securities Act. Transfers of beneficial interests in the Global Notes
     also shall require compliance with either subparagraph (i) or (ii) below,
     as applicable, as well as one or more of the other following subparagraphs,
     as applicable:
<PAGE>

                                                                              42

(i)  Transfer of Beneficial Interests in the Same Global Note.  Beneficial
     ---------------------------------------------------------
     interests in any Restricted Global Note may be transferred to Persons who
     take delivery thereof in the form of a beneficial interest in the same
     Restricted Global Note in accordance with the transfer restrictions set
     forth in the Private Placement Legend. Beneficial interests in any
     Unrestricted Global Note may be transferred to Persons who take delivery
     thereof in the form of a beneficial interest in an Unrestricted Global
     Note. No written orders or instructions shall be required to be delivered
     to the Registrar to effect the transfers described in this Section
     2.6(b)(i).

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
     -------------------------------------------------------------------------
     In connection with all transfers and exchanges of beneficial interests that
     are not subject to Section 2.6(b)(i) above, the transferor of such
     beneficial interest must deliver to the Registrar either (A) (1) written
     instructions given from Euroclear or Clearstream in accordance with the
     Applicable Procedures directing the Common Depositary to credit or cause to
     be credited to Euroclear's or Clearstream's account a beneficial interest
     in another Global Note in a principal amount equal to the beneficial
     interest to be transferred or exchanged, and (2) written instructions given
     in accordance with the Applicable Procedures containing information
     regarding the account of Euroclear or Clearstream to be credited with, and
     the account of Euroclear or Clearstream to be debited for, such beneficial
     interest, or (B) (1) a written order from Euroclear or Clearstream in
     accordance with the Applicable Procedures directing the Common Depositary
     and the Registrar to cause to be issued a Definitive Note in an amount
     equal to the beneficial interest to be transferred or exchanged, (2)
     written instructions given in accordance with the Applicable Procedures
     containing information regarding the account of Euroclear or Clearstream to
     be debited for such beneficial interest, and (3) written instructions given
     by Euroclear and Clearstream, the Common Depositary and the Registrar
     containing information regarding the Person in whose name such Definitive
     Note shall be registered to effect the transfer or exchange referred to in
     (1) above. Upon consummation of an Exchange Offer by the Issuer in
     accordance with Section 2.6(f) hereof, the requirements of
<PAGE>

                                                                              43

      this Section 2.6(b)(ii) shall be deemed to have been satisfied. Upon
      satisfaction of all of the requirements for transfer or exchange of
      beneficial interests in Global Notes contained in this Indenture and the
      Notes or otherwise applicable under the Securities Act, the Trustee shall
      adjust the principal amount of the relevant Global Notes pursuant to
      Section 2.6(h) hereof.

(iii) Transfer of Beneficial Interests to Another Restricted Global Note.  A
      ------------------------------------------------------------------
      beneficial interest in any Restricted Global Note may be transferred to a
      Person who takes delivery thereof in the form of a beneficial interest in
      another Restricted Global Note if the transfer complies with the
      requirements of Section 2.6(b)(ii) above and the Registrar receives the
      following:

      (A)       if the transferee will take delivery in the form of a beneficial
                interest in the 144A Global Note, then the transferor must
                deliver a certificate in the form of Exhibit B hereto, including
                                                     ---------
                the certifications in item (1) thereof;

      (B)       if the transferee will take delivery in the form of a beneficial
                interest in the Regulation S Global Note, then the transferor
                must deliver a certificate in the form of Exhibit B hereto,
                                                          ---------
                including the certifications in item (2) thereof; and

      (C)       if the transferee will take delivery in the form of a beneficial
                interest in the IAI Global Note, then the transferor must
                deliver a certificate in the form of Exhibit B hereto, including
                                                     ---------
                the certifications and certificates and Opinion of Counsel
                required by item (3) thereof, if applicable.

      If any such transfer is effected pursuant to this Section 2.6(b)(iii) at a
      time when an 144A Global Note, Regulation S Global Note or IAI Global Note
      has not yet been
<PAGE>

                                                                              44

     issued, the Issuer shall issue and, upon receipt of an
     Authentication Order in accordance with Section 2.2 hereof, the Trustee
     shall authenticate such Global Note in an aggregate principal amount equal
     to the aggregate principal amount of beneficial interests transferred
     pursuant to this Section 2.6(b)(iii).

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note
     -------------------------------------------------------------------------
     for Beneficial Interests in the Unrestricted Global Note.  A beneficial
     --------------------------------------------------------
     interest in any Restricted Global Note may be exchanged by any holder
     thereof for a beneficial interest in an Unrestricted Global Note or
     transferred to a Person who takes delivery thereof in the form of a
     beneficial interest in an Unrestricted Global Note if the exchange or
     transfer complies with the requirements of Section 2.6(b)(ii) above and:
     (A)  such exchange or transfer is effected pursuant to an Exchange Offer;

     (B)  such transfer is effected pursuant to the Shelf Registration Statement
          in accordance with the Registration Rights Agreement;

     (C)  such transfer is effected by a Participating Broker-Dealer pursuant to
          the Exchange Offer Registration Statement in accordance with the
          Registration Rights Agreement; or

     (D)  the Registrar receives the following:

     (1)       if the holder of such beneficial interest in a Restricted Global
               Note proposes to exchange such beneficial interest for a
               beneficial interest in an Unrestricted Global Note, a certificate
               from such holder in the form of Exhibit C hereto, including the
                                               ---------
               certifications in item (1)(a) thereof, or

     (2)       if the holder of such beneficial interest in a Restricted Global
               Note proposes to
<PAGE>

                                                                              45

               transfer such beneficial interest to a Person
               who shall take delivery thereof in the form of a beneficial
               interest in an Unrestricted Global Note, a certificate from such
               holder in the form of Exhibit B hereto, including the
                                     ---------
               certifications in item (4) thereof;

          and, in each such case set forth in this subparagraph (D), if the
          Registrar so requests or if the Applicable Procedures so require, an
          Opinion of Counsel in form reasonably acceptable to the Registrar to
          the effect that such exchange or transfer is in compliance with the
          Securities Act and that the restrictions on transfer contained herein
          and in the Private Placement Legend are no longer required in order to
          maintain compliance with the Securities Act.

     If any such transfer is effected pursuant to subparagraph (B) or (D) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuer
shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.2 hereof, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (B) or (D)
above.

     Beneficial interests in an Unrestricted Global Note cannot be exchanged
for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note.

(c)  Transfer or Exchange of Beneficial Interests For Definitive Notes.
     -----------------------------------------------------------------

(i)  Beneficial Interests in Restricted Global Notes to Restricted Definitive
     ------------------------------------------------------------------------
     Notes. If, following the occurrence of any of the events referred to in
     -----
     Section 2.6 (a)(i), (ii) or (iii), any holder of a beneficial interest in a
     Restricted Global Note proposes to exchange such beneficial interest for a
     Restricted Definitive Note or to transfer such beneficial interest to a
     Person who takes delivery
<PAGE>

                                                                              46

     thereof in the form of a Restricted Definitive Note, then, upon receipt by
     the Registrar of the documents required by Section 2.6(b)(ii) and the
     following documentation:

     (A)       if the holder of such beneficial interest in a Restricted Global
               Note proposes to exchange such beneficial interest for a
               Restricted Definitive Note, a certificate from such holder in the
               form of Exhibit C hereto, including the certifications in item
                       ---------
               (2)(a) thereof;

     (B)       if such beneficial interest is being transferred to a QIB in
               accordance with Rule 144A under the Securities Act, a certificate
               to the effect set forth in Exhibit B hereto, including the
                                          ---------
               certifications in item (1) thereof;

     (C)       if such beneficial interest is being transferred to a Non-U.S.
               Person in an offshore transaction in accordance with Rule 903 or
               Rule 904 under the Securities Act, a certificate to the effect
               set forth in Exhibit B hereto, including the certifications in
                            ---------
               item (2) thereof;

     (D)       if such beneficial interest is being transferred pursuant to an
               exemption from the registration requirements of the Securities
               Act in accordance with Rule 144 under the Securities Act, a
               certificate to the effect set forth in Exhibit B hereto,
                                                      ---------
               including the certifications in item (3)(a) thereof;

     (E)       if such beneficial interest is being transferred to an
               Institutional Accredited Investor in reliance on an exemption
               from the registration requirements of the Securities Act other
               than those listed in subparagraphs (B) through (D) above, a
               certificate to the effect set forth in Exhibit B hereto,
                                                      ---------
               including the
<PAGE>

                                                                              47

               certifications, certificates and Opinion of Counsel
               required by item (3) thereof, if applicable;

     (F)       if such beneficial interest is being transferred to the Issuer or
               any of its Subsidiaries, a certificate to the effect set forth in
               Exhibit B hereto, including the certifications in item (3)(b)
               ---------
               thereof; or

     (G)       if such beneficial interest is being transferred pursuant to an
               effective registration statement under the Securities Act, a
               certificate to the effect set forth in Exhibit B hereto,
                                                      ---------
               including the certifications in item (3)(c) thereof,

     the Trustee shall cause the aggregate principal amount of the applicable
     Global Note to be reduced accordingly pursuant to Section 2.6(h) hereof,
     and the Issuer shall issue and, upon receipt of an Authentication Order in
     accordance with Section 2.2 hereof, the Trustee shall authenticate and
     deliver to the Person designated in the instructions a Definitive Note in
     the appropriate principal amount.  Any Definitive Note issued in exchange
     for a beneficial interest in a Restricted Global Note pursuant to this
     Section 2.6(c) shall be registered in such name or names and in such
     authorized denomination or denominations as Euroclear or Clearstream shall
     instruct the Common Depositary.  The Trustee shall deliver such Definitive
     Notes to the Persons in whose names such Notes are so registered.  Any
     Definitive Note issued in exchange for a beneficial interest in a
     Restricted Global Note pursuant to this Section 2.6(c)(i) shall bear the
     Private Placement Legend and shall be subject to all restrictions on
     transfer contained therein.

(ii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
     --------------------------------------------------------------------------
     Notes.  A holder of a beneficial interest in a Restricted Global Note may
     -----
     exchange such beneficial interest for an Unrestricted Definitive Note or
     may
<PAGE>

                                                                              48

     transfer such beneficial interest to a Person who takes delivery
     thereof in the form of an Unrestricted Definitive Note only if:

     (A)  such exchange or transfer is effected pursuant to the Exchange Offer;

     (B)  such transfer is effected pursuant to the Shelf Registration Statement
          in accordance with the Registration Rights Agreement;

     (C)  such transfer is effected by a Participating Broker-Dealer pursuant to
          the Exchange Offer Registration Statement in accordance with the
          Registration Rights Agreement; or

     (D)  the Registrar receives the following:

     (1)       if the holder of such beneficial interest in a Restricted Global
               Note proposes to exchange such beneficial interest for a
               Definitive Note that does not bear the Private Placement Legend,
               a certificate from such holder in the form of Exhibit C hereto,
                                                             ---------
               including the certifications in item (1)(b) thereof; or

     (2)       if the holder of such beneficial interest in a Restricted Global
               Note proposes to transfer such beneficial interest to a Person
               who shall take delivery thereof in the form of a Definitive Note
               that does not bear the Private Placement Legend, a certificate
               from such holder in the form of Exhibit B hereto, including the
                                               ---------
               certifications in item (4) thereof;

          and, in each such case set forth in this subparagraph (D), if the
          Registrar so requests or if the Applicable Procedures so require, an
          Opinion of Counsel in form reasonably acceptable to the Registrar to
          the effect that such exchange or transfer is in compliance with the
<PAGE>

                                                                              49

          Securities Act and that the restrictions on transfer contained herein
          and in the Private Placement Legend are no longer required in order to
          maintain compliance with the Securities Act.

(iii) Beneficial Interests in Unrestricted Global Notes to Unrestricted
      -----------------------------------------------------------------
      Definitive Notes.  If any holder of a beneficial interest in an
      ----------------
      Unrestricted Global Note proposes to exchange such beneficial interest for
      a Definitive Note or to transfer such beneficial interest to a Person who
      takes delivery thereof in the form of a Definitive Note, then, upon
      satisfaction of the conditions set forth in Section 2.6(b)(ii) hereof, the
      Trustee shall cause the aggregate principal amount of the applicable
      Global Note to be reduced accordingly pursuant to Section 2.6(h) hereof,
      and the Issuer shall issue and, upon receipt of an Authentication Order in
      accordance with Section 2.2 hereof, the Trustee shall authenticate and
      deliver to the Person designated in the instructions a Definitive Note in
      the appropriate principal amount. Any Definitive Note issued in exchange
      for a beneficial interest pursuant to this Section 2.6(c)(iii) shall be
      registered in such name or names and in such authorized denomination or
      denominations as the holder of such beneficial interest shall instruct the
      Registrar through instructions from the Common Depositary and Euroclear or
      Clearstream. The Trustee shall deliver such Definitive Notes to the
      Persons in whose names such Notes are so registered. Any Unrestricted
      Definitive Note issued in exchange for a beneficial interest in an
      Unrestricted Global Note pursuant to this Section 2.6(c)(iii) shall not
      bear the Private Placement Legend.

(d)   Transfer and Exchange of Definitive Notes for Beneficial Interests in
      ---------------------------------------------------------------------
      Global Notes.
      ------------

(i)   Restricted Definitive Notes to Beneficial Interests in Restricted Global
      ------------------------------------------------------------------------
      Notes.  If any Holder of a Restricted Definitive Note proposes to exchange
      -----
      such Note for a beneficial interest in a Restricted Global Note or to
      transfer such Restricted Definitive Note to a Person who takes delivery
      thereof in the form of a beneficial interest in a Restricted Global Note,
      then, upon receipt by the Registrar of (i) written instructions given in
<PAGE>

                                                                              50

     accordance with the Applicable Procedures containing information regarding
     the account of Euroclear or Clearstream to be credited with such beneficial
     interest and (ii) the following documentation:

     (A)       if the Holder of such Restricted Definitive Note proposes to
               exchange such Note for a beneficial interest in a Restricted
               Global Note, a certificate from such Holder in the form of

               Exhibit C hereto, including the certifications in item (2)(b)
               ---------
               thereof;

     (B)       if such Restricted Definitive Note is being transferred to a QIB
               in accordance with Rule 144A under the Securities Act, a
               certificate to the effect set forth in Exhibit B hereto,
                                                      ---------
               including the certifications in item (1) thereof;

     (C)       if such Restricted Definitive Note is being transferred to a Non
               U.S. Person in an offshore transaction in accordance with Rule
               903 or Rule 904 under the Securities Act, a certificate to the
               effect set forth in Exhibit B hereto, including the
                                   ---------
               certifications in item (2) thereof;

     (D)       if such Restricted Definitive Note is being transferred pursuant
               to an exemption from the registration requirements of the
               Securities Act in accordance with Rule 144 under the Securities
               Act, a certificate to the effect set forth in Exhibit B hereto,
                                                             ---------
               including the certifications in item (3)(a) thereof;

     (E)       if such Restricted Definitive Note is being transferred to an
               Institutional Accredited Investor in reliance on an exemption
               from the registration requirements of the Securities Act other
               than those listed in subparagraphs (B) through (D) above, a
               certificate to the effect set
<PAGE>

                                                                              51

               forth in Exhibit B hereto, including the certifications,
                        ---------
               certificates and Opinion of Counsel required by item (3) thereof,
               if applicable;

     (F)       if such Restricted Definitive Note is being transferred to the
               Issuer or any of its Subsidiaries, a certificate to the effect
               set forth in Exhibit B hereto, including the certifications in
                            ---------
               item (3)(b) thereof; or

     (G)       if such Restricted Definitive Note is being transferred pursuant
               to an effective registration statement under the Securities Act,
               a certificate to the effect set forth in Exhibit B hereto,
                                                        ---------
               including the certifications in item (3)(c) thereof;

     the Trustee shall cancel the Restricted Definitive Note, increase or cause
     to be increased the aggregate principal amount of, in the case of clause
     (A) above, the appropriate Restricted Global Note, in the case of clause
     (B) above, the 144A Global Note, in the case of clause (C) above, the
     Regulation S Global Note, and in all other cases, the IAI Global Note.

     If any such transfer is effected pursuant to this Section 2.6(d)(i) at a
     time when a 144A Global Note, Regulation S Global Note or IAI Global Note
     has not yet been issued, the Issuer shall issue and, upon receipt of an
     Authentication Order in accordance with Section 2.2 hereof, the Trustee
     shall authenticate such Global Note in an aggregate principal amount equal
     to the aggregate principal amount of Notes transferred pursuant to this
     Section 2.6(d)(i).

(ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
     --------------------------------------------------------------------------
     Notes.  A Holder of a Restricted Definitive Note may exchange such Note for
     -----
     a beneficial interest in an Unrestricted Global Note or transfer such
     Restricted
<PAGE>

                                                                              52

     Definitive Note to a Person who takes delivery thereof in the form of a
     beneficial interest in an Unrestricted Global Note only if:

     (A)  such exchange or transfer is effected pursuant to the Exchange Offer;

     (B)  such transfer is effected pursuant to the Shelf Registration Statement
          in accordance with the Registration Rights Agreement;

     (C)  such transfer is effected by a Participating Broker-Dealer pursuant to
          the Exchange Offer Registration Statement in accordance with the
          Registration Rights Agreement; or

     (D)  the Registrar receives the following:

     (1)       if the Holder of such Definitive Notes proposes to exchange such
               Notes for a beneficial interest in the Unrestricted Global Note,
               a certificate from such Holder in the form of Exhibit C hereto,
                                                             ---------
               including the certifications in item (1)(c) thereof; or

     (2)       if the Holder of such Definitive Notes proposes to transfer such
               Notes to a Person who shall take delivery thereof in the form of
               a beneficial interest in the Unrestricted Global Note, a
               certificate from such Holder in the form of Exhibit B hereto,
                                                           ---------
               including the certifications in item (4) thereof;

          and, in each such case set forth in this subparagraph (D), if the
          Registrar so requests or if the Applicable Procedures so require, an
          Opinion of Counsel in form reasonably acceptable to the Registrar to
          the effect that such exchange or transfer is in compliance with the
          Securities Act and that the restrictions on transfer contained herein
          and in the Private Placement Legend are
<PAGE>

                                                                              53

          no longer required in order to maintain compliance with the Securities
          Act.

          Upon satisfaction of the conditions of any of the subparagraphs in
          this Section 2.6(d)(ii), the Trustee shall cancel the Definitive Notes
          and increase or cause to be increased the aggregate principal amount
          of the Unrestricted Global Note pursuant to the written instructions
          given to the Registrar in accordance with the Applicable Procedures
          containing information regarding the account of Euroclear or
          Clearstream to be credited with such beneficial interest.

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted
      ---------------------------------------------------------------------
      Global Notes.  A Holder of an Unrestricted Definitive Note may exchange
      ------------
      such Note for a beneficial interest in an Unrestricted Global Note or
      transfer such Definitive Notes to a Person who takes delivery thereof in
      the form of a beneficial interest in an Unrestricted Global Note at any
      time. Upon receipt of a request for such an exchange or transfer, the
      Trustee shall cancel the applicable Unrestricted Definitive Note and
      increase or cause to be increased the aggregate principal amount of one of
      the Unrestricted Global Notes pursuant to the written instructions given
      to the Registrar in accordance with the Applicable Procedures containing
      information regarding the account of Euroclear or Clearstream to be
      credited with such beneficial interest.

      If any such exchange or transfer from a Definitive Note to a beneficial
interest in a Global Note is effected pursuant to subparagraphs (ii)(B), (ii)(D)
or (iii) above at a time when an Unrestricted Global Note has not yet been
issued, the Issuer shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.2 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred.

(e)   Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon
      --------------------------------------------------------------
      request by a Holder of Definitive Notes and such Holder's compliance with
      the provisions of this
<PAGE>

                                                                              54

     Section 2.6(e), the Registrar shall register the transfer or exchange of
     Definitive Notes. Prior to such registration of transfer or exchange, the
     requesting Holder shall present or surrender to the Registrar the
     Definitive Notes duly endorsed or accompanied by a written instruction of
     transfer in form satisfactory to the Registrar duly executed by such Holder
     or by his attorney, duly authorized in writing. In addition, the requesting
     Holder shall provide any additional certifications, documents and
     information, as applicable, required pursuant to the following provisions
     of this Section 2.6(e).

(i)  Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted
     ----------------------------------------------------------
     Definitive Note may be transferred to and registered in the name of Persons
     who take delivery thereof in the form of a Restricted Definitive Note if
     the Registrar receives the following:

     (A)       if the transfer will be made pursuant to Rule 144A under the
               Securities Act, then the transferor must deliver a certificate in
               the form of Exhibit B hereto, including the certifications in
                           ---------
               item (1) thereof;

     (B)       if the transfer will be made pursuant to Rule 903 or Rule 904,
               then the transferor must deliver a certificate in the form of
               Exhibit B hereto, including the certifications in item (2)
               ---------
               thereof; and

     (C)       if the transfer will be made pursuant to any other exemption from
               the registration requirements of the Securities Act, then the
               transferor must deliver a certificate in the form of Exhibit B
                                                                    ---------
               hereto, including the certifications, certificates and Opinion of
               Counsel required by item (3) thereof, if applicable.

(ii) Restricted Definitive Notes to Unrestricted Definitive Notes.  Any
     ------------------------------------------------------------
     Restricted Definitive Note may be exchanged by the Holder thereof for an
     Unrestricted Definitive
<PAGE>

                                                                              55

     Note or transferred to a Person or Persons who take delivery thereof in the
     form of an Unrestricted Definitive Note if:

     (A)  such exchange or transfer is effected pursuant to an Exchange Offer;

     (B)  any such transfer is effected pursuant to the Shelf Registration
          Statement in accordance with the Registration Rights Agreement;

     (C)  any such transfer is effected by a Participating Broker-Dealer
          pursuant to the Exchange Offer Registration Statement in accordance
          with the Registration Rights Agreement; or

     (D)  the Registrar receives the following:

     (1)       if the Holder of such Restricted Definitive Notes proposes to
               exchange such Notes for an Unrestricted Definitive Note, a
               certificate from such Holder in the form of Exhibit C hereto,
                                                           ---------
               including the certifications in item (1)(d) thereof; or

     (2)       if the Holder of such Restricted Definitive Notes proposes to
               transfer such Notes to a Person who shall take delivery thereof
               in the form of an Unrestricted Definitive Note, a certificate
               from such Holder in the form of Exhibit B hereto, including the
                                               ---------
               certifications in item (4) thereof,

          and, in each such case set forth in this subparagraph (D), if the
          Registrar so requests, an Opinion of Counsel in form reasonably
          acceptable to the Issuer and the Registrar to the effect that such
          exchange or transfer is in compliance with the Securities Act and that
          the restrictions on transfer contained herein and in the
<PAGE>

                                                                              56

          Private Placement Legend are no longer required in order to maintain
          compliance with the Securities Act.

(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Holder
      --------------------------------------------------------------
      of Unrestricted Definitive Notes may transfer such Notes to a Person who
      takes delivery thereof in the form of an Unrestricted Definitive Note.
      Upon receipt of a request to register such a transfer, the Registrar shall
      register the Unrestricted Definitive Notes pursuant to the instructions
      from the Holder thereof.

(f)   Exchange Offer.  Upon the occurrence of the exchange offer referred to in
      --------------
      the Registration Rights Agreement (as therein defined, the "Exchange
                                                                  --------
      Offer"), the Issuer shall issue and, upon receipt of an Authentication
      Order in accordance with Section 2.2, the Trustee shall authenticate (i)
      one or more Unrestricted Global Notes in an aggregate principal amount
      equal to the principal amount of the beneficial interests in the
      Restricted Global Notes tendered for acceptance by Persons and accepted
      for exchange in the Exchange Offer and (ii) Definitive Notes in an
      aggregate principal amount equal to the principal amount of the Restricted
      Definitive Notes accepted for exchange in the Exchange Offer. Concurrently
      with the issuance of such Notes, the Trustee shall cause the aggregate
      principal amount of the applicable Restricted Global Notes to be reduced
      accordingly, and the Issuer shall execute and the Trustee shall
      authenticate and deliver to the Persons designated by the Holders of
      Definitive Notes so accepted Definitive Notes in the appropriate principal
      amount.

(g)   Legends.  The following legends shall appear on the face of all Global
      -------
      Notes and Definitive Notes issued under this Indenture unless specifically
      stated otherwise in the applicable provisions of this Indenture.
<PAGE>

                                                                              57

(i)          Private Placement Legend.
             ------------------------

     (A)       Except as permitted by subparagraph (B) below, each Global Note
               and each Definitive Note (and all Notes issued in exchange
               therefor or substitution thereof) shall bear the legend in
               substantially the following form:

               "THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE
               U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
               AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
               TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
               BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH BELOW.  BY ITS
               ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER
               (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER"
               (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A "QIB") OR
               (B) IT IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN
               COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES
               THAT IT WILL NOT, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT
               (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON
               WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS
               OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING
               THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION
               MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF THE SECURITIES
               ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144
               UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED
               INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
               REGULATION D UNDER THE SECURITIES ACT (AN "IAI") THAT, PRIOR TO
               SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED
<PAGE>

                                                                              58

               LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING
               TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED
               FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN
               AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN EURO250,000, AN
               OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
               IS IN COMPLIANCE WITH THE SECURITIES ACT, (F) IN ACCORDANCE WITH
               ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
               SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE
               TO THE COMPANY) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION
               STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE
               SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
               APPLICABLE JURISDICTION AND (3) AGREES THAT IT WILL DELIVER TO
               EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
               TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

               AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION" AND "UNITED
               STATES" HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION
               S UNDER THE SECURITIES ACT.  THE INDENTURE CONTAINS A PROVISION
               REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
               NOTE IN VIOLATION OF THE FOREGOING."

     (B)       Notwithstanding the foregoing, any Global Note or Definitive Note
               issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii),
               (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.6
               (and all Notes issued in exchange therefor or substitution
               thereof) shall not bear the Private Placement Legend.
(ii) Global Note Legend.  Each Global Note shall bear a legend in substantially
     ------------------
     the following form:
<PAGE>

                                                                              59

               "THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN
               THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
               THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
               TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
               (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
               PURSUANT TO SECTION 2.7 OF THE INDENTURE, (II) THIS GLOBAL NOTE
               MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
               2.6(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED
               TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
               INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
               SUCCESSOR COMMON DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
               ISSUER.

               UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
               REPRESENTATIVE OF THE COMMON DEPOSITARY TO THE ISSUER OR ITS
               AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
               CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON
               DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
               REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY SUCH PAYMENT IS
               MADE TO THE COMMON DEPOSITARY OR SUCH OTHER ENTITY AS IS
               REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
               DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
               OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
               REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST
               HEREIN."

(h)  Cancellation and/or Adjustment of Global Notes.  At such time as all
     ----------------------------------------------
     beneficial interests in a particular
<PAGE>

                                                                              60

      Global Note have been exchanged for Definitive Notes or a particular
      Global Note has been redeemed, repurchased or canceled in whole and not in
      part, each such Global Note shall be returned to or retained and canceled
      by the Trustee in accordance with Section 2.11 hereof. At any time prior
      to such cancellation, if any beneficial interest in a Global Note is
      exchanged for or transferred to a Person who will take delivery thereof in
      the form of a beneficial interest in another Global Note or for Definitive
      Notes, the principal amount of Notes represented by such Global Note shall
      be reduced accordingly and an endorsement shall be made on such Global
      Note by the Trustee or by the Common Depositary at the direction of the
      Trustee to reflect such reduction; and if the beneficial interest is being
      exchanged for or transferred to a Person who will take delivery thereof in
      the form of a beneficial interest in another Global Note, such other
      Global Note shall be increased accordingly and an endorsement shall be
      made on such Global Note by the Trustee or by the Common Depositary at the
      direction of the Trustee to reflect such increase.

(i)   General Provisions Relating to Transfers and Exchanges.
      ------------------------------------------------------

(i)   To permit registrations of transfers and exchanges, the Issuer shall
      execute and the Trustee shall authenticate Global Notes and Definitive
      Notes upon the Issuer's order.

(ii)  No service charge shall be made to a holder of a beneficial interest in a
      Global Note or to a Holder of a Definitive Note for any registration of
      transfer or exchange, but the Issuer may require payment of a sum
      sufficient to cover any transfer tax or similar governmental charge
      payable in connection therewith (other than any such transfer taxes or
      similar governmental charge payable upon exchange or transfer pursuant to
      Sections 2.10, 3.6, and 9.5 hereof).

(iii) The Registrar shall not be required to register the transfer of or
      exchange any Note selected for redemption in whole or in part, except the
      unredeemed portion of any Note being redeemed in part.
<PAGE>

                                                                              61

(iv)   All Global Notes and Definitive Notes issued upon any registration of
       transfer or exchange of Global Notes or Definitive Notes shall be the
       valid obligations of the Issuer, evidencing the same debt, and entitled
       to the same benefits under this Indenture, as the Global Notes or
       Definitive Notes surrendered upon such registration of transfer or
       exchange.

(v)    The Issuer shall not be required (A) to issue, to register the transfer
       of or to exchange any Notes during a period beginning at the opening of
       business 15 days before the day of any selection of Notes for redemption
       under Section 3.2 hereof and ending at the close of business on the day
       of selection, (B) to register the transfer of or to exchange any Note so
       selected for redemption in whole or in part, except the unredeemed
       portion of any Note being redeemed in part or (C) to register the
       transfer of or to exchange a Note between a record date and the next
       succeeding interest payment date.

(vi)   Prior to due presentment for the registration of a transfer of any Note,
       the Trustee, any Agent and the Issuer may deem and treat the Person in
       whose name any Note is registered as the absolute owner of such Note for
       the purpose of receiving payment of principal of and interest and
       Additional Amounts and Liquidated Damages, if any, on such Notes and for
       all other purposes, and none of the Trustee, any Agent or the Issuer
       shall be affected by notice to the contrary.

(vii)  The Trustee shall authenticate Global Notes and Definitive Notes in
       accordance with the provisions of Section 2.2 hereof.

(viii) All certifications, certificates and Opinions of Counsel required to be
       submitted to the Registrar pursuant to this Section 2.6 to effect a
       registration of transfer or exchange may be submitted by facsimile.

(ix)   The Trustee and the Registrar shall have no obligation or duty to
       monitor, determine or inquire
<PAGE>

                                                                              62

     as to compliance with any restrictions on transfer or exchange imposed
     under this Indenture or under applicable law with respect to any transfer
     or exchange of any interest in any Note (including any transfers between or
     among Participants or beneficial owners of interests in any Global Notes)
     other than to require delivery of such certificates and other documentation
     or evidence as are expressly required by, and to do so if and when
     expressly required by the terms of, this Indenture, and to examine the same
     to determine substantial compliance as to form with the express
     requirements hereof.

        Section 2.7.  Replacement Notes.
                      -----------------

     If any mutilated Note is surrendered to the Trustee, or if a Holder of a
Note claims that its Note has been destroyed, lost or wrongfully taken and the
Issuer and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of such Note, the Issuer shall issue and the Trustee,
upon receipt of an Authentication Order, shall authenticate a replacement Note
if the Trustee's requirements for replacement of Notes are met.  If required by
the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that
is sufficient in the judgment of the Trustee and the Issuer to protect the
Issuer, the Trustee, any Agent and any authenticating agent from any loss that
any of them may suffer if a Note is replaced.  The Issuer may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto, and may charge for its expenses (including
the fees and expenses of the Trustee and reasonable attorney's fees and
expenses) in replacing a Note.

     Every replacement Note is an additional obligation of the Issuer and shall
be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

     If any mutilated, lost, stolen or destroyed Note has become or is about to
become due and payable, the Issuer, in its sole discretion, may pay such Note
instead of issuing a new Note.
<PAGE>

                                                                              63

     Section 2.8.  Outstanding Notes.
                      -----------------

     The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.8
as not outstanding.  Except as set forth in Section 2.9 hereof, a Note does not
cease to be outstanding because the Issuer or an Affiliate of the Issuer holds
the Note; provided, however, that Notes held by the Issuer or a Subsidiary of
the Issuer shall not be deemed to be outstanding for purposes of Section 3.7(b)
hereof.

     If a Note is replaced pursuant to Section 2.7 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser.

     If the principal amount of any Note is considered paid under Section 4.1
hereof, it ceases to be outstanding and interest and Liquidated Damages and
Additional Amounts, if any, on it cease to accrue.

     If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of
any thereof) holds, on a redemption date, repurchase date or maturity date,
money sufficient to pay all of the principal and interest and Liquidated Damages
and Additional Amounts, if any, due on the Notes payable on that date, then on
and after that date such Notes shall be deemed to be no longer outstanding and
shall cease to accrue interest and Liquidated Damages and Additional Amounts, if
any.
<PAGE>

                                                                              64

     Section 2.9.  Treasury Notes.
                      --------------

     In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the
Issuer or any of its Affiliates shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes that a
Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded.

     Section 2.10. Temporary Notes.
                      ---------------

     Until certificates representing Notes are ready for delivery, the Issuer
may prepare and the Trustee, upon receipt of an Authentication Order, shall
authenticate temporary Notes.  Temporary Notes shall be substantially in the
form of certificated Notes but may have variations that the Issuer consider
appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee.  Without unreasonable delay, the Issuer shall prepare and the Trustee
shall authenticate, upon receipt of an Authentication Order, definitive Notes in
exchange for temporary Notes.

     Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture.

     Section 2.11. Cancellation.
                      ------------

     The Issuer at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment.  The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall dispose of
the canceled Notes in accordance with its customary procedures (subject to the
record retention requirement of the Exchange Act).  The Issuer may not issue new
Notes to replace Notes that they have paid or that have been delivered to the
Trustee for cancellation.
<PAGE>

                                                                              65

     Section 2.12.  Defaulted Interest.
                       ------------------

     If the Issuer defaults in a payment of interest or Additional Amounts or
Liquidated Damages, if any, on the Notes, the Issuer shall pay the defaulted
interest and Additional Amounts and Liquidated Damages, if any, in any lawful
manner plus, to the extent lawful, any additional interest payable pursuant to
Section 4.1, to the Persons who are Holders on a subsequent special record date,
in each case at the rate provided in the Notes and in Section 4.1 hereof.  The
Issuer shall notify the Trustee in writing of the amount of defaulted interest
and Additional Amounts and Liquidated Damages, if any, proposed to be paid on
each Note, the special record date and the date of the proposed payment.  The
Issuer shall fix or cause to be fixed each such special record date and payment
date; provided that no such special record date shall be less than 3 days prior
to the related payment date for such defaulted interest or Additional Amounts or
Liquidated Damages, if any.  At least 7 days before the special record date, the
Issuer (or, upon the written request of the Issuer, the Trustee in the name and
at the expense of the Issuer) shall give or cause to be given to Holders a
notice that states the special record date, the related payment date and the
amount of such interest to be paid in accordance with Section 10.2.

     Section 2.13.  Record Date.
                       ------------

     The record date for purposes of determining the identity of Holders of the
Notes entitled to vote or consent to any action by vote or consent authorized or
permitted under this Indenture shall be determined as provided for in TIA (S)
316 (c).

     Section 2.14.  Computation of Interest.
                       -----------------------

     Interest on the Notes shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.

     Section 2.15.  CUSIP and ISIN Numbers.
                       ----------------------
<PAGE>

                                                                              66

     The Issuer in issuing the Notes may use "CUSIP" and/or "ISIN" numbers, and
if the Issuer does so, the Trustee and the Common Depositary shall use the CUSIP
and/or ISIN numbers in notices of redemption or exchange as a convenience to
Holders; provided that (i) any such notice may state that no representation is
made as to the correctness or accuracy of the CUSIP and/or ISIN numbers printed
in the notice or on the Notes and that reliance may be placed only on the other
identification numbers printed on the Notes, and (ii) any such redemption shall
not be affected by any defect in or omission of such numbers.  The Issuer shall
promptly notify the Trustee and the Common Depositary of any change in the CUSIP
or ISIN numbers.

                                  ARTICLE III

                           REDEMPTION AND PREPAYMENT

        Section 3.1.  Notices to Trustee.
                      ------------------

     If the Issuer elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.7 hereof, the Issuer shall furnish to the Trustee, at
least 45 days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth (i) the clause of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of
Notes to be redeemed and (iv) the redemption price.
<PAGE>

                                                                              67

        Section 3.2.  Selection of Notes To Be Redeemed.
                      ---------------------------------

     If less than all of the Notes are to be redeemed or purchased in an offer
to purchase at any time, the Trustee shall select the Notes to be redeemed or
purchased among the Holders of the Notes in compliance with the requirements of
the principal securities exchange, if any, on which the Notes are listed or, if
the Notes are not so listed, on a pro rata basis, by lot or in accordance with
any other method the Trustee considers fair and appropriate, subject to the
applicable procedures of any clearing organization; provided that no Notes of
Euro1,000 or less shall be redeemed in part. In the event of partial redemption
by lot, the particular Notes to be redeemed shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption
date by the Trustee from the outstanding Notes not previously called for
redemption.

     The Trustee shall promptly notify the Issuer in writing of the Notes
selected for redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed.  Notes and portions of
Notes selected shall be in amounts of Euro1,000 or whole multiples of Euro1,000;
except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of
Euro1,000, shall be redeemed.  Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption also
apply to portions of Notes called for redemption.

        Section 3.3.  Notice of Redemption.
                      --------------------

     Subject to the provisions of Section 3.9 hereof, at least 30 days but not
more than 60 days before a redemption date, the Issuer shall provide a notice of
redemption to each Holder whose Notes are to be redeemed in accordance with
Section 10.2.

     The notice shall identify the Notes (including CUSIP and/or ISIN numbers)
to be redeemed and shall state:
<PAGE>

                                                                              68

(a)  the redemption date;

(b)  the redemption price;

(c)  if any Note is being redeemed in part, the portion of the principal amount
     of such Note to be redeemed and that, after the redemption date upon
     surrender of such Note, a new Note or Notes in principal amount equal to
     the unredeemed portion shall be issued in the name of the Holder thereof
     upon cancellation of the original Note;

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

(e)  that Notes called for redemption must be surrendered to the Paying Agent to
     collect the redemption price;

(f)  that, unless the Issuer defaults in making such redemption payment,
     interest and Additional Amounts and Liquidated Damages, if any, on Notes
     called for redemption cease to accrue on and after the redemption date;

(g)  the paragraph of the Notes and/or Section of this Indenture pursuant to
     which the Notes called for redemption are being redeemed; and

(h)  that no representation is made as to the correctness or accuracy of the
     CUSIP and/or ISIN numbers, if any, listed in such notice or printed on the
     Notes.

     At the Issuer' request, the Trustee shall give the notice of redemption in
the Issuer' names and at their expense; provided, however, that the Issuer shall
have delivered to the Trustee, at least 45 days prior to the redemption date, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph and the date on which the Issuer wish the Trustee to mail such notice.
<PAGE>

                                                                              69

        Section 3.4.  Effect of Notice of Redemption.
                      ------------------------------

     Once notice of redemption is mailed in accordance with Section 3.3 hereof,
Notes called for redemption become irrevocably due and payable on the redemption
date at the redemption price.  A notice of redemption may not be conditional.

        Section 3.5.  Deposit of Redemption Price.
                      ---------------------------

     One Business Day prior to the redemption date, the Issuer shall deposit
with the Trustee or with the Paying Agent money sufficient to pay the applicable
redemption price of and accrued and unpaid interest and Additional Amounts and
Liquidated Damages, if any, on all Notes to be redeemed on that date.  The
Trustee or the Paying Agent shall promptly return to the Issuer any money
deposited with the Trustee or the Paying Agent by the Issuer in excess of the
amounts necessary to pay the applicable redemption price of and accrued and
unpaid interest and Liquidated Damages and/or Additional Amounts, if any, on all
Notes to be redeemed.

     If the Issuer comply with the provisions of the preceding paragraph, on and
after the redemption date, interest and Additional Amounts and Liquidated
Damages, if any, shall cease to accrue on the Notes or the portions of Notes
called for redemption.  If a Note is redeemed on or after an interest record
date but on or prior to the related interest payment date, then any accrued and
unpaid interest and Additional Amounts and Liquidated Damages, if any, shall be
paid to the Person in whose name such Note was registered at the close of
business on such record date.  If any Note called for redemption shall not be so
paid upon surrender for redemption because of the failure of the Issuer to
comply with the preceding paragraph, interest, Additional Amounts and Liquidated
Damages shall be paid on the unpaid principal, from the redemption date until
such principal is paid, and to the extent lawful on any interest not paid on
such unpaid principal, and Additional Amounts and Liquidated Damages, if any, in
respect thereof, in each case at the rate provided in the Notes and in Section
4.1 hereof.
<PAGE>

                                                                              70

        Section 3.6.  Notes Redeemed in Part.
                      ----------------------

     Upon surrender of a Note that is redeemed in part, the Issuer shall issue
and, upon the Issuer's written request, the Trustee shall authenticate for the
Holder at the expense of the Issuer, a new Note equal in principal amount to the
unredeemed portion of the Note surrendered.

        Section 3.7.  Optional Redemption.
                      -------------------

(a)  Except as set forth in clauses (b) and (c) of this Section 3.7, the Issuer
     shall not have the option to redeem the Notes pursuant to this Section 3.7
     prior to March 31, 2005.  Thereafter, the Notes will be redeemable at any
     time at the option of the Issuer, in whole or in part, upon not less than
     30 nor more than 60 days' notice, in cash at the redemption prices
     (expressed as percentages of principal amount) set forth below, plus
     accrued and unpaid interest and Liquidated Damages and/or Additional
     Amounts, if any, thereon to the applicable redemption date, if redeemed
     during the twelve-month period beginning on March 31 of the years indicated
     below:
<PAGE>

                                                                              71

             Year  Percentage
             ----------------
             2005                            105.750%
             2006                            103.833%
             2007                            101.917%
             2008 and thereafter             100.000%

(b)  Notwithstanding the foregoing, on any one or more occasions prior to March
     31, 2003, the Issuer may (but will not have the obligation to), on any one
     or more occasions upon not less than 30 nor more than 60 days' notice,
     redeem up to 35% of the aggregate principal amount of Notes originally
     issued at a redemption price in cash equal to 111.50% of the principal
     amount thereof, plus accrued and unpaid interest and Liquidated Damages
     and/or Additional Amounts, if any, on such Notes to the redemption date
     with the net cash proceeds of one or more Qualified Equity Offerings;
     provided that at least 65% of the aggregate principal amount of the Notes
     originally issued (excluding Notes held by the Issuer, its Affiliates and
     its Subsidiaries) remains outstanding immediately after the occurrence of
     such redemption; and provided, further, that such redemption shall occur
     within 60 days of the date of the closing of such Qualified Equity
     Offerings.

(c)  If the Issuer determines that, as a result of (i) any change in, or
     amendment to, the laws or treaties or any regulations or rulings
     promulgated under the laws or treaties of any Relevant Taxing Jurisdiction
     affecting taxation, which change in, or amendment to, such laws, treaties,
     regulations or rulings becomes effective on or after the Issue Date, or
     (ii) any change in or new or different position regarding the application,
     administration or interpretation of such laws, treaties, regulations or
     rulings, including a holding, judgment or order by a court of competent
     jurisdiction, which change, amendment, application or interpretation
     becomes effective on or after the Issue Date, the Issuer is, or on the
<PAGE>

                                                                              72

     next Interest Payment Date would be, required to pay Additional Amounts,
     and the Issuer determines that such payment obligation cannot be avoided by
     the Issuer taking reasonable measures, the Notes may be redeemed, at the
     option of the Issuer, in whole but not in part, at any time upon not less
     than 30 nor more than 60 days' notice, which notice shall be irrevocable,
     at a redemption price equal to the principal amount thereof, plus accrued
     and unpaid interest to the date fixed by the Issuer for redemption (the
     "Tax Redemption Date") and all Liquidated Damages and/or Additional
      -------------------
     Amounts, if any, then due and which will become due on the Tax Redemption
     Date as a result of the redemption or otherwise; provided that no such
     notice of redemption shall be given earlier than 90 days prior to the
     earliest date on which the Issuer would be obligated to make such payment
     or withholding if a payment in respect of the Notes were then due. Prior to
     the giving of any notice of redemption of the Notes pursuant to the
     foregoing, the Issuer shall deliver to the Trustee an Officers' Certificate
     stating that the Issuer is entitled to effect such redemption and an
     opinion of an independent tax counsel of recognized international standing
     to the effect that the circumstances referred to above exist. The Trustee
     shall accept such certificate and opinion as sufficient evidence of the
     satisfaction of the conditions precedent described above, in which event it
     shall be conclusive and binding on the Holders.

(d)  Any redemption pursuant to this Section 3.7 shall be made pursuant to the
     provisions of Sections 3.1 through 3.6 hereof.

        Section 3.8.  Mandatory Redemption.
                      --------------------

     The Issuer shall not be required to make mandatory redemption or sinking
fund payments with respect to the Notes.
<PAGE>

                                                                              73

         Section 3.9.  Offer To Purchase By Application of Excess Proceeds.
                       ---------------------------------------------------

     In the event that, pursuant to Section 4.10 hereof, the Issuer shall be
required to commence an offer to all Holders to purchase Notes (an "Asset Sale
                                                                    ----------
Offer"), they shall follow the procedures specified below.
-----

     The Asset Sale Offer shall remain open for a period of 20 Business Days
following its commencement and no longer, except to the extent that a longer
period is required by applicable law (the "Offer Period").  No later than five
                                           ------------
Business Days after the termination of the Offer Period (the "Purchase Date"),
                                                              -------------
the Issuer shall purchase the principal amount of Notes required to be purchased
pursuant to Section 4.10 hereof (the "Offer Amount") or, if less than the Offer
                                      ------------
Amount has been tendered, all Notes tendered in response to the Asset Sale
Offer.  Payment for any Notes so purchased shall be made in the same manner as
interest payments are made.

     If the Purchase Date is on or after an interest record date and on or
before the related interest payment date, any accrued and unpaid interest and
Additional Amounts and Liquidated Damages, if any, shall be paid to the Person
in whose name a Note is registered at the close of business on such record date,
and no additional interest shall be payable to Holders who tender Notes pursuant
to the Asset Sale Offer.

     Upon the commencement of an Asset Sale Offer, the Issuer shall send, by
first class mail, a notice to the Trustee and each of the Holders.  The notice
shall contain all instructions and materials necessary to enable such Holders to
tender Notes pursuant to the Asset Sale Offer.  The Asset Sale Offer shall be
made to all Holders.  The notice, which shall govern the terms of the Asset Sale
Offer, shall state:
<PAGE>

                                                                              74

(a)  that the Asset Sale Offer is being made pursuant to this Section 3.9 and
     Section 4.10 hereof and the length of time the Asset Sale Offer shall
     remain open;

(b)  the Offer Amount, the purchase price and the Purchase Date;

(c)  that any Note not tendered or accepted for payment shall continue to
     accrete or accrue interest and Additional Amounts and/or Liquidated
     Damages, if any;

(d)  that, unless the Issuer defaults in making such payment, any Note accepted
     for payment pursuant to the Asset Sale Offer shall cease to accrete or
     accrue interest and Additional Amounts and/or Liquidated Damages, if any,
     after the Purchase Date;

(e)  that Holders electing to have a Note purchased pursuant to an Asset Sale
     Offer may only elect to have Notes in denominations of Euro1,000, or
     integral multiples thereof, purchased;

(f)  that Holders electing to have a Note purchased pursuant to any Asset Sale
     Offer shall be required to surrender the Note, with the form entitled
     "Option of Holder to Elect Purchase" on the reverse of the Note completed,
     or transfer by book-entry transfer, to the Issuer, the Common Depositary,
     if appointed by the Issuer, or a Paying Agent at the address specified in
     the notice at least three days before the Purchase Date;

(g)  that Holders shall be entitled to withdraw their election if the Issuer,
     the Common Depositary or the Paying Agent, as the case may be, receives,
     not later than the expiration of the Offer Period, a telegram, telex,
     facsimile transmission or letter setting forth the name of the Holder, the
     principal amount of the Note the Holder delivered for purchase and a
     statement that such Holder is withdrawing his election to have such Note
     purchased;
<PAGE>

                                                                              75

(h)  that, if the aggregate principal amount of Notes surrendered by Holders
     exceeds the Offer Amount, the Trustee shall select the Notes to be
     purchased on a pro rata basis (with such adjustments as may be deemed
     appropriate by the Issuer so that only Notes in denominations of Euro1,000,
     or integral multiples thereof, shall be purchased) among the Holders of
     Notes, based upon the aggregate outstanding principal amount of the Notes;
     and

(i)  that Holders whose Notes were purchased only in part shall be issued new
     Notes equal in principal amount to the unpurchased portion of the Notes
     surrendered (or transferred by book-entry transfer).

     On or before the Purchase Date, the Issuer shall, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer,
or if less than the Offer Amount has been tendered, all Notes tendered, and
shall deliver to the Trustee an Officers' Certificate stating that such Notes or
portions thereof were accepted for payment by the Issuer in accordance with the
terms of this Section 3.9. The Issuer, the Common Depositary or the Paying
Agent, as the case may be, shall promptly (but in any case not later than five
days after the Purchase Date) mail or deliver to each tendering Holder an amount
equal to the purchase price of the Notes tendered by such Holder and accepted by
the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the
Trustee, upon written request from the Issuer shall authenticate and mail or
deliver such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered.  Any Note not so accepted shall be
promptly mailed or delivered by the Issuer to the Holder thereof.  The Issuer
shall publicly announce the results of the Asset Sale Offer on the Purchase
Date.

     Other than as specifically provided in this Section 3.9, any purchase
pursuant to this Section 3.9 shall be made pursuant to the provisions of
Sections 3.1 through 3.6 hereof.  Upon the completion of an Asset Sale Offer in
accordance with this Section 3.9, the amount of Excess Proceeds (as defined in
Section 4.10) shall be reset at zero.
<PAGE>

                                                                              76

                                  ARTICLE IV

                                   COVENANTS

        Section 4.1.  Payment of Notes.
                      ----------------

     The Issuer shall pay or cause to be paid the principal of, premium and
Additional Amounts, if any, and interest on the Notes on the dates and in the
manner provided in the Notes.  Principal, premium and Additional Amounts, if
any, and interest shall be considered paid on the date due if the Paying Agent,
if other than the Issuer or an Affiliate thereof, holds as of 10:00 a.m. London
time on the due date, money deposited by the Issuer in immediately available
funds and designated for and sufficient to pay all principal, premium and
Additional Amounts, if any, and interest then due.  The Issuer shall pay all
Liquidated Damages, if any, in the same manner on the dates and in the amounts
set forth in the Registration Rights Agreement.

     The Issuer shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
and interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Amounts and
Liquidated Damages, if any (without regard to any applicable grace period), to
the extent lawful, at the rate specified in paragraph 1 of the Notes.
<PAGE>

                                                                              77

        Section 4.2.  Maintenance of Office or Agency.
                      -------------------------------

     The Issuer shall maintain in the City of London and, for so long as the
Notes are listed on the Luxembourg Stock Exchange, in Luxembourg, an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of
transfer or for exchange and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served.  The Corporate Trust
Office of the Trustee shall be such office or agency of the Issuer, unless the
Issuer shall designate and maintain some other office or agency for one or more
of such purposes.  The Issuer shall give prompt written notice to the Trustee of
any change in the location of such office or agency.  If at any time the Issuer
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

     The Issuer may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Issuer of
their obligation to maintain an office or agency in the City of London and, for
so long as the Notes are listed on the Luxembourg Stock Exchange, in Luxembourg,
for such purposes.  The Issuer shall give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any
such other office or agency.

     The Issuer hereby initially designates (i) the Corporate Trust Office of
the Trustee as such office or agency of the Issuer in the City of London and
(ii) Kredietbank S.A. Luxembourgeoise, 43 Boulevard Royal, L-2955 Luxembourg as
such office or agency of the Issuer in Luxembourg, in accordance with Section
2.3.
<PAGE>

                                                                              78

        Section 4.3.  Reports.
                      -------

     Whether or not required by the rules and regulations of the Commission, and
whether or not the Issuer is subject to Section 13(a) or 15(d) of the Exchange
Act, or any successor provision, the Issuer shall prepare (a) quarterly reports
on Form 6-K, or any other applicable form, and annual reports on Form 20-F, or
any other applicable form, that include (I) all quarterly and annual financial
information that would be required to be contained in a filing with the
Commission on Forms 10-Q and 20-F, respectively, if the Issuer were required to
file such Forms, (II) a "Management's Discussion and Analysis of Financial
Condition and Results of Operations" that describes the financial condition and
results of operations of the Issuer and its consolidated Subsidiaries, showing
in reasonable detail, either on the face of the financial statements or in the
footnotes thereto and in Management's Discussion and Analysis of Financial
Condition and Results of Operations, the financial condition and results of
operations of the Issuer and its Restricted Subsidiaries separate from the
financial condition and results of operations of any Unrestricted Subsidiaries
of the Issuer, and (III) with respect to the annual information only, a report
thereon by the Issuer's certified independent accountants; and (b) current
reports on Form 6-K, or any other applicable form, containing all of the
information that would be required to be filed with the Commission on Form 8-K
if the Issuer were required to file such reports.

     Whether or not required by the rules and regulations of the Commission, and
whether or not the Issuer is subject to Section 13(a) or 15(d) of the Exchange
Act, or any successor provision, the Issuer shall (a) upon effectiveness of the
Exchange Offer, file with the Commission (if permitted by Commission practice
and applicable law and regulations) such annual, quarterly and current reports
on or prior to the respective dates (the "Required Filing Dates") by which the
                                          ---------------------
Issuer would have been required so to file such documents if the Issuer were so
required, and (b) within 15 days of each Required Filing Date (whether or not
permitted or required to be filed with the Commission) transmit or cause to be
transmitted by mail to all Holders, as their names and addresses appear in the
Note register,
<PAGE>

                                                                              79

without cost to such Holders, and file with the Trustee, copies of such annual,
quarterly and current reports and other documents. Delivery of such reports,
information and documents to the Trustee is for informational purposes only and
the Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Issuer's compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers'
Certificates).

     At all times that the Issuer does not file such annual, quarterly and
current reports and other documents with the Commission, or if such annual,
quarterly and current reports and other documents do not contain all of the
information required to be delivered under Rule 144A(d)(4), the Issuer shall
make available to any Holder of Notes, to securities analysts and to prospective
purchasers of the Notes, the information required by Rule 144A(d)(4) under the
Securities Act.

     For so long as the Notes are listed on the Luxembourg Stock Exchange and
the rules of the Luxembourg Stock Exchange so require, reports filed with the
Commission or required to be provided to the Holders of the Notes pursuant to
the Indenture may be obtained at the office of the Paying Agent in Luxembourg.

     The Issuer shall at all times comply with TIA (S) 314(a).
<PAGE>

                                                                              80

        Section 4.4.  Compliance Certificate.
                      ----------------------

(a)  The Issuer shall deliver to the Trustee, within 90 days after the end of
     each fiscal year, an Officers' Certificate stating that a review of the
     activities of the Issuer and its Subsidiaries during the preceding fiscal
     year has been made under the supervision of the signing Persons with a view
     to determining whether the Issuer has kept, observed, performed and
     fulfilled its obligations under this Indenture, and further stating, as to
     each such Person signing such certificate, that to the best of his or her
     knowledge the Issuer has kept, observed, performed and fulfilled each and
     every covenant contained in this Indenture and is not in default in the
     performance or observance of any of the terms, provisions and conditions of
     this Indenture (or, if a Default or Event of Default shall have occurred,
     describing all such Defaults or Events of Default of which he or she may
     have knowledge and what action the Issuer has taken or propose to take with
     respect thereto) and that to the best of his or her knowledge no event has
     occurred and remains in existence by reason of which payments on account of
     the principal of or interest or Additional Amounts or Liquidated Damages,
     if any, on the Notes is prohibited or if such event has occurred, a
     description of the event and what action the Issuer has taken or propose to
     take with respect thereto.  For purposes of this paragraph, such compliance
     shall be determined without regard to any period of grace or requirement of
     notice provided under this Indenture.

(b)  So long as not contrary to the then current recommendations of the American
     Institute of Certified Public Accountants, the year-end financial
     statements delivered pursuant to Section 4.3 above shall be accompanied by
     a written statement of the Issuer's independent public accountants (who
     shall be a firm of established international reputation) that in making the
     examination necessary for certification of such financial statements,
     nothing has come to their attention that would lead them to believe that
     the Issuer has violated any provisions of Article 4 (other than Sections
     4.2, 4.3, 4.4 and 4.6, as to which no belief need be expressed) or Article
     5 hereof or, if any such
<PAGE>

                                                                              81

     violation has occurred, specifying the nature and period of existence
     thereof, it being understood that such accountants shall not be liable
     directly or indirectly to any Person for any failure to obtain knowledge of
     any such violation. In the event that such written statement of the
     Issuer's independent public accountants cannot be obtained, the Issuer
     shall deliver an Officers' Certificate certifying that it has used its best
     efforts to obtain such statements but was unable to do so.

(c)  The Issuer shall, so long as any of the Notes are outstanding, deliver to
     the Trustee, forthwith (and in any event within five days) upon any Officer
     or member of the Board becoming aware of any Default or Event of Default,
     an Officers' Certificate specifying such Default or Event of Default and
     what action the Issuer has taken or propose to take with respect thereto.

        Section 4.5.  Taxes.
                      -----

     The Issuer will, and will cause its Restricted Subsidiaries to, pay and
discharge when due and payable all taxes, levies, imposts, duties or other
governmental charges imposed on it or on its income or profits or on any of its
properties except such taxes, levies, imposts, duties or other governmental
charges which are being contested in good faith in appropriate proceedings and
for which adequate reserves have been established in accordance with U.S. GAAP.
<PAGE>

                                                                              82

        Section 4.6.  Stay, Extension and Usury Laws.
                      ------------------------------

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

        Section 4.7.  Restricted Payments.
                      -------------------

     The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, make or pay any Restricted Payment,
unless at the time of and after giving effect to such Restricted Payment:

(a)  no Default or Event of Default shall have occurred and be continuing or
     would occur as a consequence of such Restricted Payment; and

(b)  the Issuer would, at the time of such Restricted Payment and after giving
     pro forma effect to such Restricted Payment as if such Restricted Payment
     had been made at the beginning of the applicable four quarter period, have
     been permitted to incur at least Euro1.00 of additional Indebtedness (other
     than Permitted Indebtedness) pursuant to the Fixed Charge Coverage Ratio
     test set forth in the first paragraph of Section 4.9 hereof; and

(c)  the aggregate amount of all such Restricted Payments made after the Issue
     Date (including such proposed Restricted Payment but excluding Restricted
     Payments permitted by clauses (ii), (iii), (v), (vii) and (viii) of the
     next succeeding paragraph), is less than the sum, without duplication, of
<PAGE>

                                                                              83

     (i) 50% of the aggregate amount of the Adjusted Consolidated Net Income
     (or, if the Adjusted Consolidated Net Income is a loss, minus 100% of the
     amount of such loss) of the Issuer accrued on a cumulative basis during the
     period (taken as one accounting period) beginning on the first day of the
     first fiscal quarter commencing after the Issue Date and ending on the last
     day of the Issuer's most recently ended fiscal quarter for which internal
     financial statements are available at the time of such Restricted Payment,
     plus (ii) 100% of the aggregate Capital Stock Sale Proceeds or other net
     cash proceeds (A) received since the Issue Date from the issue or sale of
     Capital Stock (other than Disqualified Stock) of the Issuer other than to
     (x) a Subsidiary of the Issuer, (y) an employee stock ownership plan or
     similar trust of the Issuer, or (z) management employees of the Issuer or
     any Subsidiary of the Issuer (other than under bona fide employee stock
     option plans of the Issuer), or (B) received from the issue or sale of
     Disqualified Stock or debt securities of the Issuer other than to (x) a
     Subsidiary of the Issuer, (y) an employee stock ownership plan or similar
     trust of the Issuer, or (z) employees of the Issuer or any Subsidiary of
     the Issuer (other than under bona fide employee stock option plans of the
     Issuer); provided that such Disqualified Stock or debt securities have been
     converted after the Issue Date into Capital Stock (other than Disqualified
     Stock) of the Issuer and in the case of either clause (A) or (B), excluding
     any net cash proceeds from a Qualified Equity Offering to the extent used
     to redeem the Notes pursuant to Section 3.7(b) and excluding any amounts
     utilized for any redemption, repurchase, retirement, defeasance or other
     acquisition referred to in clause (b) of the next paragraph, plus (iii) to
     the extent that any Restricted Investment that was made after the Issue
     Date is disposed of or otherwise liquidated or repaid for cash, 100% of the
     lesser of (A) the net after-tax cash return of capital with respect to such
     Restricted Investment and (B) the initial book value of such Restricted
     Investment, plus (iv) to the extent that any Unrestricted Subsidiary is
     redesignated as a Restricted Subsidiary after the Issue Date, 100% of the
     lesser of (A) the Fair Market Value of the Issuer's Investment in such
     Subsidiary as of the date of such redesignation or (B) the Fair Market
     Value of the Issuer's Investment in such Subsidiary as of the date on which
     such Subsidiary was originally designated as an Unrestricted Subsidiary.
<PAGE>

                                                                              84

     The foregoing provisions will not prohibit:

(a)  the payment of any dividend within 60 days after the date of its
     declaration, if at such date of declaration such payment would have
     complied with the provisions of the Indenture;

(b)  so long as no Default or Event of Default shall have occurred and be
     continuing immediately after such transaction, the redemption, repurchase,
     retirement, defeasance or other acquisition of (i) any Indebtedness that is
     by its terms subordinated to the Notes or (ii) any Equity Interests of the
     Issuer, in each case from the Capital Stock Sale Proceeds from the
     substantially concurrent sale of Capital Stock, other than Disqualified
     Stock, of the Issuer other than to (A) a Subsidiary of the Issuer, (B) an
     employee stock ownership plan or similar trust of the Issuer, or (C)
     management employees of the Issuer or any Subsidiary of the Issuer (other
     than under bona fide employee stock option plans of the Issuer); provided,
     that the amount of any such Capital Stock Sale Proceeds so utilized shall
     be excluded from clause (c)(ii) of the preceding paragraph;

(c)  so long as no Default or Event of Default shall have occurred and be
     continuing immediately after such transaction, the redemption, repurchase,
     retirement, defeasance or other acquisition of Indebtedness that is by its
     terms subordinated to the Notes with the net cash proceeds from an
     Incurrence of Permitted Refinancing Indebtedness that is by its terms
     subordinated to the Notes;

(d)  so long as no Default or Event of Default shall have occurred and be
     continuing immediately after such transaction, the redemption, repurchase,
     retirement or other acquisition of any Indebtedness or Preferred Stock
     following a Change of Control under (i) provisions of such Indebtedness or
     Preferred Stock substantially similar to the provision of Section 4.14
     hereof; provided that the Issuer shall previously have complied
<PAGE>

                                                                              85

     with the provisions of such Section 4.14 (including making any applicable
     Change of Control Payment), or (ii) Section 4.14 hereof;

(e)  the payment of any dividend by a Subsidiary of the Issuer to the holders of
     such Subsidiary's common equity Capital Stock in their capacity as such on
     a pro rata basis;

(f)  so long as no Default or Event of Default shall have occurred and be
     continuing immediately after such transaction, (i) the repurchase,
     redemption or other acquisition or retirement for value by the Issuer, or
     the distribution by the Issuer to any third party of funding to permit the
     repurchase, redemption or other acquisition or retirement for value, of any
     Equity Interests of the Issuer or any Subsidiary of the Issuer held by any
     employee or former employee of the Issuer or any of the Issuer's
     Subsidiaries under any equity subscription agreement, stock option
     agreement or other similar agreement; provided that the aggregate price
     paid for all such repurchased, redeemed, acquired or retired Equity
     Interests shall not exceed the sum of (A) Euro500,000 in any twelve-month
     period or Euro2,500,000 in the aggregate, plus (B) the net cash proceeds of
     any "key man" life insurance policy received by the Issuer with respect to
     the owner of any such employee Equity Interests so acquired, plus (C) the
     net cash proceeds paid to the Issuer in connection with the issuance or
     exercise of any such employee Equity Interests so acquired, minus (D)
     repurchases of Equity Interests deemed to occur upon exercise of stock
     options if such Equity Interests represent a portion of the exercise price
     of such options; and (ii) the making of loans or advances to employees of
     the Issuer or any of the Issuer's Subsidiaries in the ordinary course of
     business, but in any event not to exceed Euro1,000,000 in the aggregate
     outstanding at any one time;

(g)  so long as no Default or Event of Default shall have occurred and be
     continuing immediately after such transaction, Investments in joint
     ventures or other arrangements, including without limitation Investments in
     partnerships, limited liability companies, corporations or other entities,
     in each case engaged in a Permitted Business, in an aggregate amount,
     measured as of the initial date such Investments are made, at any time not
     to exceed fifty percent (50%) of the aggregate Capital Stock Sale
<PAGE>

                                                                              86

     Proceeds received since the Issue Date; provided, that the amount of any
     such Capital Stock Sale Proceeds so utilized shall be excluded from any
     calculation pursuant to clause (c)(ii) of the preceding paragraph or clause
     (xvi) of the definition of "Permitted Indebtedness"; and

(h)  so long as no Default or Event of Default shall have occurred and be
     continuing immediately after such transaction, any Permitted Investment.

     The amount of any non-cash Restricted Payment shall be the Fair Market
Value on the date of the Restricted Payment of any asset or property proposed to
be transferred or issued by the Issuer or such Subsidiary, as the case may be,
in connection with the Restricted Payment, as set forth in an Officers'
Certificate delivered to the Trustee as provided below.

     Immediately following the date of making any determination of Fair Market
Value required under this Section 4.7, and prior to the date of making any
Restricted Payment on the basis of such determination, the Issuer shall deliver
to the Trustee an Officers' Certificate (i) stating that such Restricted
Payment, if any, is permitted under this Indenture, (ii) setting forth the basis
upon which any calculations or determinations required by this Section 4.7 were
made, and (iii) including a copy of any required resolution of the Board and/or
any opinion or appraisal issued by an accounting, appraisal or investment
banking firm.
<PAGE>

                                                                             87
       Section 4.8.  Dividend and Other Payment Restrictions Affecting
                      -------------------------------------------------
Subsidiaries.
------------

     The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any encumbrance or restriction on the ability of any
Restricted Subsidiary to (i) pay dividends or make any other distributions to
the Issuer or any  Restricted Subsidiary of the Issuer on its Capital Stock or
with respect to any other interest or participation in, or measured by, its
profits; (ii) pay any Indebtedness owed to the Issuer or any Restricted
Subsidiary of the Issuer; (iii) make loans or advances to the Issuer or any
Restricted Subsidiary of the Issuer; or (iv) transfer any properties or assets
to the Issuer or any Restricted Subsidiary of the Issuer. However, the foregoing
restrictions shall not apply to encumbrances or restrictions existing under or
by reason of (a) Existing Indebtedness as in effect on the Issue Date and any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of Existing Indebtedness; provided,
that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are no more restrictive,
taken as a whole, with respect to such dividend and other payment restrictions
than those contained in the Existing Indebtedness as in effect on the Issue
Date; (b) the Senior Credit Facilities or any New Credit Facility permitted
under the Indenture, if (I) either (x) the encumbrance or restriction applies
only in the event of and during the continuance of any event of default, payment
default or default with respect to a financial covenant contained in such
Indebtedness or agreement, or (y) the Issuer determines at the time any such
Indebtedness is incurred, and, if applicable, at the time of any modification of
the terms of any such encumbrance or restriction, that any such encumbrance or
restriction will not materially affect the Issuer's ability to make principal or
interest payments on the Notes, and (II) the encumbrance or restriction is not
materially more disadvantageous to the Holders of the Notes than is customary in
comparable financings or agreements as determined by the Issuer in good faith;
(c) this Indenture and the Notes; (d) applicable law; (e) any instrument
governing Indebtedness or Capital Stock of a Person acquired by the Issuer or
any of its Restricted Subsidiaries as in effect at the time of such acquisition,
except to the extent such Indebtedness was incurred in
<PAGE>

                                                                              88

connection with or in contemplation of such acquisition, which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person, or the property or assets of the Person, so
acquired; provided that, in the case of Indebtedness, such Indebtedness was
permitted by the terms of this Indenture to be incurred; (f) customary non-
assignment provisions in leases entered into in the ordinary course of business
and consistent with past practices; (g) Purchase Money Indebtedness that imposes
restrictions of the nature described in clause (e) above on the property so
acquired; (h) any agreement for the sale of a Restricted Subsidiary that
restricts distributions by that Restricted Subsidiary pending its sale; (i)
Permitted Refinancing Indebtedness; provided that the restrictions contained in
the agreements governing such Permitted Refinancing Indebtedness are no more
restrictive, taken as a whole, than those contained in the agreements governing
the Indebtedness being refinanced; (j) secured Indebtedness otherwise permitted
to be incurred under the provisions of this Indenture that limits the right of
the debtor to dispose of the assets securing such Indebtedness; (k) provisions
with respect to the disposition or distribution of assets or property in joint
venture agreements and other similar agreements entered into in the ordinary
course of business; (l) protective Liens filed in connection with sale and
leaseback transactions pursuant to Section 4.17; (m) Purchase Money Indebtedness
or other Indebtedness or contractual obligations incurred in transactions
permitted under the provisions of Section 4.16; and (n) restrictions on cash or
other deposits or net worth imposed by customers under contracts entered into in
the ordinary course of business.
<PAGE>

                                                                              89

      Section 4.9.  Incurrence of Indebtedness and Issuance of Preferred Equity.
                    -----------------------------------------------------------

     The Issuer shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable, contingently or otherwise (collectively,
"incur"), with respect to, any Indebtedness (including Acquired Debt) other than
------
Permitted Indebtedness and shall not issue any Disqualified Stock and shall not
permit any of its Subsidiaries to issue any shares of Preferred Stock; provided,
that, to the extent otherwise permitted by this Indenture, the Issuer may incur
Indebtedness (including Acquired Debt) other than Permitted Indebtedness, or
issue shares of Disqualified Stock if (i) no Default or Event of Default shall
have occurred and be continuing or would occur as a consequence of such action,
and (ii) the Fixed Charge Coverage Ratio for the Issuer's most recently ended
four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such action is taken would have been at
least 2.00 to 1, determined on a pro forma basis (including a pro forma
application of the net proceeds of such action), as if such action had been
taken at the beginning of such four-quarter period.

     Notwithstanding the first paragraph of this Section 4.9, the Issuer shall
not incur (i) any Indebtedness if such Indebtedness is subordinate or junior in
ranking in any respect to any other Indebtedness, unless such Indebtedness is
expressly subordinated in right of payment to the Notes, or (ii) any secured
Indebtedness, other than Permitted Secured Indebtedness, unless
contemporaneously with any such incurrence effective provision is made to secure
the Notes equally and ratably with such secured Indebtedness for so long as such
secured Indebtedness is secured by a Lien.

     Neither the Issuer nor any Restricted Subsidiary will incur any
Indebtedness if the proceeds of any such Indebtedness are used, directly or
indirectly, to refinance any Indebtedness of the Issuer that is by its terms
subordinated in right of payment to the
<PAGE>

                                                                              90

Notes unless such Indebtedness is subordinated to the Notes to at least the same
extent as such Indebtedness so refinanced.

     Accrual of interest, accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, and the payment of dividends on Disqualified
Stock in the form of additional shares of the same class of Disqualified Stock
shall be included in the Fixed Charges of the Issuer as accrued, but will not be
deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock
for purposes of this Section 4.9.

     In the event that an item of Indebtedness is permitted to be included under
more than one of the clauses of the definition of "Permitted Indebtedness" or is
permitted to be incurred other than as Permitted Indebtedness under this Section
4.9, the Issuer shall, in its discretion, classify and reclassify such item of
Indebtedness in any manner that complies with the requirements of this Section
4.9.
<PAGE>

                                                                              91

        Section 4.10.  Asset Sales.
                       -----------

     The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless (i) the Issuer or such
Restricted Subsidiary, as the case may be, receives consideration at the time of
such Asset Sale at least equal to the Fair Market Value of the assets or Equity
Interests issued or sold or otherwise disposed of as evidenced by a resolution
of the Board set forth in an Officers' Certificate delivered to the Trustee and
(ii) at least 85% of the consideration received by the Issuer or such Restricted
Subsidiary in such Asset Sale is in the form of cash or Cash Equivalents;
provided, that the amount of (x) any liabilities shown on the Issuer's or such
Restricted Subsidiary's most recent balance sheet (other than contingent
liabilities and liabilities that are expressly subordinated in right of payment
to the Notes) that are assumed by an unaffiliated third party in connection with
such Asset Sale under assumption, novation or other similar agreements that
release the Issuer or such Restricted Subsidiary from any and all further
liability on such liabilities and (y) any securities, notes or other obligations
received by the Issuer or any such Restricted Subsidiary from an unaffiliated
third party in connection with such Asset Sale that are contemporaneously
(subject to ordinary settlement periods not exceeding 10 business days)
converted by the Issuer or such Restricted Subsidiary into cash or Cash
Equivalents, shall, to the extent of such liabilities so assumed or such cash or
Cash Equivalents so received, be deemed to be cash or Cash Equivalents for
purposes of this Section 4.10.

     Within 270 days after the receipt of any Net Proceeds from an Asset Sale,
the Issuer shall, at its option, apply such Net Proceeds to (i) repay Senior
Debt; (ii) repay any Indebtedness, other than Indebtedness that is by its terms
subordinated to the Notes and, in the case of any revolving Indebtedness,
correspondingly permanently reduce revolving borrowing commitments with respect
thereto; (iii) the acquisition of a majority of the assets or Voting Stock of, a
Permitted Business; (iv) the making of capital expenditures; or (v) the
acquisition of other assets that are used or useful in a Permitted Business.
Pending the final application of any
<PAGE>

                                                                              92

such Net Proceeds, the Issuer may temporarily reduce revolving credit borrowings
or otherwise invest such Net Proceeds in any manner that is not prohibited by
this Indenture. Any Net Proceeds from Asset Sales that are not applied or
invested as provided in the first sentence of this paragraph shall be deemed to
constitute "Excess Proceeds." On the earliest to occur of (i) the 271st day
            ---------------
following an Asset Sale, or (ii) such earlier date, if any, that the Board
determines not to apply the Net Proceeds relating to such Asset Sale as set
forth in the first sentence of this paragraph, such aggregate Excess Proceeds
which have not been so applied on or before such date shall be applied to make
an Asset Sale Offer on a pro rata basis to (A) all Holders of the Notes, and (B)
all holders of other Indebtedness of the Issuer or any Restricted Subsidiary
that is not by its terms expressly subordinated in right of payment to the Notes
to whom an Asset Sale Offer or similar offer is required to be made under the
terms of the instruments governing such other Indebtedness.

     Notwithstanding the foregoing, the Issuer may defer the Asset Sale Offer
until aggregate Excess Proceeds exceed Euro5,000,000.  To the extent that any
Excess Proceeds remain after consummation of an Asset Sale Offer, the Issuer may
use such Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. If the aggregate principal amount of Indebtedness tendered into such
Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select
the Notes and other Indebtedness to be purchased in compliance with the
requirements of the principal securities exchange, if any, on which such Notes
are listed, or, if such Notes are not so listed, on a pro rata basis, subject to
the applicable procedures of any clearing organization, among the Holders of
Notes and, if applicable, such other Indebtedness based upon the aggregate
outstanding principal amount or accreted value of the Notes and such other
Indebtedness.  Upon completion of an Asset Sale Offer, the amount of Excess
Proceeds shall be reset at zero.
<PAGE>

                                                                              93

        Section 4.11.  Transactions With Affiliates.
                       ----------------------------

     The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or
assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or Guarantee with, or for the benefit
of, any Affiliate (each of the foregoing, an "Affiliate Transaction"), unless
                                              ---------------------
(i) such Affiliate Transaction is on terms that are no less favorable to the
Issuer or the relevant Restricted Subsidiary than those that would have been
obtained in a comparable transaction by the Issuer or such Restricted Subsidiary
with an unrelated Person; and (ii) the Issuer delivers to the Trustee (a) with
respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of Euro1,000,000, a resolution of
the Board set forth in an Officers' Certificate certifying that such Affiliate
Transaction complies with clause (i) above and that such Affiliate Transaction
has been approved by a majority of the disinterested members of the Board, and
(b) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of Euro2,500,000, an
opinion as to the fairness to the Holders of such Affiliate Transaction from a
financial point of view issued by an accounting, appraisal or investment banking
firm of international standing. Notwithstanding the foregoing, the following
items shall not be deemed to be Affiliate Transactions: (i) any employment
agreement entered into by the Issuer or any of its Restricted Subsidiaries in
the ordinary course of business and consistent with the past practice of the
Issuer or such Restricted Subsidiary, (ii) transactions between or among the
Issuer and/or its Restricted Subsidiaries, (iii) payment of reasonable Board or
supervisory board member fees to Persons who are not otherwise Affiliates of the
Issuer and payments in respect of indemnification obligations owing to members
of the Board or the supervisory board, officers or other individuals under the
organic documents of the Issuer or under written agreements with any such
Person, (iv) Restricted Payments that are permitted by Section 4.7, (v)
transactions pursuant to agreements entered into or in effect prior to the Issue
Date and disclosed under the captions "Certain Transactions and Relationships"
of the Offering Memorandum, including modifications
<PAGE>

                                                                              94

or amendments to such agreements entered into after the Issue Date; provided,
that the terms of any such agreement as so modified or amended are not, in the
aggregate, less favorable to the Issuer or such Restricted Subsidiary than the
terms of such agreement prior to such modification or amendment, and (vi)
transactions effected in compliance with Section 4.16.

        Section 4.12.  Liens.
                       -----

     The Issuer shall not, and shall not permit any Subsidiary of the Issuer to,
directly or indirectly, create, incur, assume or suffer to exist any Lien
securing Indebtedness or trade payables on any asset whether owned on the Issue
Date or acquired after such date, or any income or profits from any such asset,
or assign or convey any right to receive income from any such asset, except
Permitted Liens.

        Section 4.13.  Corporate Existence.
                       -------------------

     Subject to Article 5 hereof, the Issuer shall do or cause to be done all
things necessary to preserve and keep in full force and effect (i) its corporate
existence and the corporate or other existence of each of its Subsidiaries, in
accordance with the respective organizational documents of the Issuer or such
Subsidiary and (ii) the organizational documents and statutory rights, licenses
and franchises of the Issuer and its Subsidiaries; provided, however, that the
Issuer shall not be required to preserve any such right, license or franchise,
or the corporate existence of any of such Subsidiaries, if the Board shall
determine that (a) the preservation thereof is no longer desirable for the
conduct of the Permitted Business of the Issuer and its Subsidiaries, taken as a
whole, and (b) the loss of any such right, license, franchise or corporate
existence is not adverse in any material respect to the Holders of the Notes.
<PAGE>

                                                                              95

        Section 4.14.  Repurchase Upon Change of Control.
                       ---------------------------------

(a)  Upon the occurrence of a Change of Control, each Holder of Notes shall have
     the right to require the Issuer to repurchase all or any part (equal to
     Euro1,000 or an integral multiple thereof) of such Holder's Notes pursuant
     to the offer described below (the "Change of Control Offer") at a purchase
                                        -----------------------
     price in cash equal to the Change of Control Payment.  Within 30 days
     following any Change of Control, the Issuer shall give notice to the
     Holders in accordance with Section 10.2 describing the transaction or
     transactions that constitute the Change of Control and offering to
     repurchase Notes on the date specified in such notice, which date shall be
     no earlier than 30 days and no later than 60 days from the date such notice
     is given (the "Change of Control Payment Date"), pursuant to the procedures
                    ------------------------------
     required by this Indenture and described in such notice.  The Issuer shall
     comply with the requirements of Rule 14e-1 under the Exchange Act and any
     other securities laws and regulations, including the laws and regulations
     of any non-U.S. jurisdiction in which a Change of Control Offer is made,
     and with the requirements of any securities exchange on which the Notes are
     then listed, in each case to the extent such laws, regulations and
     requirements are applicable in connection with a Change of Control Offer
     and a repurchase of the Notes as a result of a Change of Control.  To the
     extent that the provisions of any securities laws or regulations conflict
     with the provisions of this Indenture relating to such Change of Control
     Offer, the Issuer shall comply with the applicable securities laws and
     regulations and shall not be deemed to have breached its obligations
     relating to such Change of Control Offer described in this Indenture by
     virtue thereof.

     On the Change of Control Payment Date, the Issuer shall, to the extent
lawful, (i) accept for payment all Notes or portions thereof properly tendered
pursuant to the Change of Control Offer, (ii) deposit (prior to 10:00 a.m.
London time) with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Notes or portions thereof so tendered and (iii)
deliver or cause to be delivered to the Trustee the Notes so accepted, together
with an Officers' Certificate stating the aggregate principal amount of
<PAGE>

                                                                              96

Notes or portions thereof being repurchased by the Issuer. The Paying Agent will
promptly deliver to each Holder of Notes so tendered the Change of Control
Payment for such Notes, and the Trustee will promptly authenticate and deliver
to each Holder a new Note equal in principal amount to any unpurchased portion
of any Note surrendered, if any; provided, that each such new Note will be in a
principal amount of Euro1,000 or an integral multiple thereof. The Issuer will
publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Date.

(a)  Notwithstanding anything to the contrary in this Section 4.14, the Issuer
     shall not be required to make a Change of Control Offer upon a Change of
     Control if a third party (i) makes the Change of Control Offer in the
     manner, at the times and otherwise in compliance with the requirements
     applicable to such Change of Control Offer otherwise required to be made by
     the Issuer, and (ii) purchases all Notes validly tendered and not withdrawn
     under such Change of Control Offer by making the applicable Change of
     Control Payment.
<PAGE>

                                                                              97
        Section 4.15   Designation of Unrestricted Subsidiaries.
                       ----------------------------------------

     The Issuer may designate any Subsidiary of the Issuer as an Unrestricted
Subsidiary under this Indenture only if (a) no Default or Event of Default shall
have occurred and be continuing at the time of or after giving effect to such
designation; (b) the Subsidiary of the Issuer so designated has property or
assets with a Fair Market Value in an amount not exceeding Euro1,000 or the
Issuer would be permitted under this Indenture to make an Investment at the time
of and assuming the effectiveness of such designation in an amount equal to the
sum of (I) the aggregate Fair Market Value of Investments represented by Capital
Stock and other Equity Interests of such Subsidiary owned by the Issuer and its
Restricted Subsidiaries of the Issuer on such date, and (II) the aggregate Fair
Market Value of other Investments of the Issuer and its Restricted Subsidiaries
of the Issuer in such Subsidiary on such date; (c) the Issuer would be permitted
to incur Euro1.00 of additional Indebtedness, other than Permitted Indebtedness,
under the Fixed Charge Coverage Ratio test in the first paragraph of Section 4.8
at the time of and assuming the effectiveness of such designation; and (d) the
Subsidiary of the Issuer so designated as an Unrestricted Subsidiary (I) does
not own any Equity Interests of the Issuer or a Restricted Subsidiary of the
Issuer, (II) is not party to any agreement, contract, arrangement or
understanding with the Issuer or any Restricted Subsidiary of the Issuer unless
the terms of any such agreement, contract, arrangement or understanding are no
less favorable to the Issuer or such Restricted Subsidiary than those that might
be obtained at the time from Persons who are not Affiliates of the Issuer, (III)
has at least one member of its management board or analogous body that is
neither a member of the Board or the supervisory board of the Issuer nor an
executive officer of the Issuer or any Restricted Subsidiary of the Issuer and
has at least one executive officer that is neither a member of the Board or the
supervisory board of the Issuer nor an executive officer of the Issuer or any
Restricted Subsidiary of the Issuer, and (IV) is not directly or indirectly
liable for any Indebtedness in aggregate principal amount exceeding
Euro1,000,000, unless the creditors with respect to such Indebtedness have
agreed in writing that they have no recourse, direct or indirect, against the
Issuer or any Restricted Subsidiary of the Issuer in respect of any Obligations
relating to such Indebtedness.
<PAGE>

                                                                             98

     The Issuer shall not, and shall not suffer or permit any Restricted
Subsidiary to, at any time (a) provide direct or indirect credit support for or
a Guarantee of any Indebtedness of any Unrestricted Subsidiary, including of any
undertaking, agreement or instrument evidencing any Indebtedness; (b) be
directly or indirectly liable for any Indebtedness of any Unrestricted
Subsidiary; (c) have any direct or indirect obligation (I) to subscribe for
additional Equity Interests, or otherwise contribute to the capital, of any
Unrestricted Subsidiary, or (II) to maintain or preserve in any manner any
Unrestricted Subsidiary's financial condition, solvency or financial position,
or (III) to cause any Unrestricted Subsidiary to achieve any specified levels of
operating results or capital; or (d) be directly or indirectly liable for any
Indebtedness which permits the holder, upon notice, lapse of time or both, to
declare a default on such Indebtedness, or cause the payment of such
Indebtedness to be accelerated or payable prior to its final Stated Maturity
upon the occurrence of a default with respect to any Indebtedness of any
Unrestricted Subsidiary, including any right to take enforcement action against
such Unrestricted Subsidiary.

     On the date of any such designation, the Issuer shall be deemed to have
made an Investment constituting a Restricted Payment under Section 4.7 in an
amount equal to the greater of Euro1,000 or the sum referred to in clause (b) of
the first paragraph of this Section 4.15 for all purposes.  The Fair Market
Value of any such Investment shall be determined and documented as provided for
in respect of valuation of non-cash Restricted Payments under Section 4.7.

     The Issuer may revoke any designation of a Subsidiary as an Unrestricted
Subsidiary if (a) no Default or Event of Default shall have occurred and be
continuing at the time of and after giving effect to such revocation; and (b)
all Liens, Indebtedness and other Obligations of such Unrestricted Subsidiary
outstanding immediately following such revocation would, if incurred at such
time, be permitted to be incurred by a Restricted Subsidiary of the Issuer for
all purposes under this Indenture.  Upon any such revocation such
<PAGE>

                                                                              99

Subsidiary shall constitute a Restricted Subsidiary for all purposes under this
Indenture.

     Any designation or revocation by the Board shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the resolution of the
Board giving effect to such designation or revocation and an Officers'
Certificate certifying that such designation or revocation (a) complied with the
foregoing conditions; (b) was permitted under Section 4.7; and (c) was permitted
by the other terms and provisions of this Indenture.

     If, at any time, any Unrestricted Subsidiary would fail to meet the
requirements as an Unrestricted Subsidiary set forth in clause (d) of the first
paragraph of this Section 4.15 and in the second paragraph of this Section 4.15,
it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary shall be deemed to be incurred
by a Restricted Subsidiary of the Issuer as of such date, and, if such
Indebtedness is not permitted to be incurred as of such date under Section 4.9,
the Issuer shall be in default of Section 4.9.
<PAGE>

                                                                             100

        Section 4.16  Sales of Accounts Receivable.
                      ----------------------------

     The Issuer or any of its Restricted Subsidiaries may sell from time to time
accounts and notes receivable and related assets to an Accounts Receivable
Subsidiary; provided that (i) the aggregate consideration received in each such
sale is at least equal to the aggregate Fair Market Value of the receivables
sold; (ii) no less than 85% of the consideration received in each such sale
consists of either (A) cash or a promissory note (a "Promissory Note") which is
                                                     ---------------
not subordinated to any Indebtedness or Obligation other than any Indebtedness
or Obligation owing to a financing entity (the "Financier") providing the
                                                ---------
financing for the Accounts Receivable Subsidiary with respect to such
receivables and related assets, or (B) an Equity Interest in such Accounts
Receivable Subsidiary; (iii) the initial sale of receivables and related assets
includes all of the receivables and related assets of the Issuer and its
Restricted Subsidiaries that are party to such arrangements that constitute
eligible assets under such arrangements; (iv) the cash proceeds received from
the initial sale less reasonable and customary transaction costs will be deemed
to be Net Proceeds and will be applied to finance an Asset Sale Offer in
accordance with Section 4.10; and (v) the Issuer and its Restricted Subsidiaries
will sell all receivables and related assets that constitute eligible
receivables under such arrangements to the Accounts Receivable Subsidiary no
less frequently than on a weekly basis.

     The Issuer (i) will not permit any Accounts Receivable Subsidiary to sell
any receivables and related assets purchased from the Issuer or any of its
Restricted Subsidiaries to any other Person, except on an arm's-length basis and
solely for consideration in the form of cash or Cash Equivalents, (ii) will not
permit the Accounts Receivable Subsidiary to engage in any business or
transaction other than the purchase, financing and sale of receivables and
related assets of the Issuer and its Restricted Subsidiaries and activities
directly incidental thereto, (iii) will not permit any Accounts Receivable
Subsidiary to incur Indebtedness in an amount in excess of the book value of
such Accounts Receivable Subsidiary's total assets, as determined in accordance
with U.S. GAAP, (iv) will, at
<PAGE>

                                                                             101

least as frequently as monthly, cause the Accounts Receivable Subsidiary to
remit to the Issuer as payment on the outstanding balance of the Promissory
Notes, all available cash or Cash Equivalents not held in a collection account
pledged to a Financier, to the extent not applied to pay or maintain reserves
for reasonable operating expenses of the Accounts Receivable Subsidiary or to
satisfy reasonable minimum operating capital requirements, and (v) will not, and
will not permit any of its Subsidiaries to, sell accounts receivable to any
Accounts Receivable Subsidiary upon the occurrence of the events set forth in
Sections 6.1(g) or 6.1(h) with respect to such Accounts Receivable Subsidiary.

        Section 4.17  Sale And Leaseback Transactions.
                      -------------------------------

     The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, enter into any sale and leaseback transaction; provided, that
the Issuer or a Restricted Subsidiary of the Issuer may enter into a sale and
leaseback transaction if (i) the Issuer or such Restricted Subsidiary could have
(a) incurred Indebtedness (other than Permitted Indebtedness) in an amount equal
to the Attributable Debt relating to such sale and leaseback transaction
pursuant to the Fixed Charge Coverage Ratio test set forth in the first
paragraph of Section 4.9 and (b) incurred a Lien to secure such Indebtedness
pursuant to Section 4.12, (ii) the gross cash proceeds of such sale and
leaseback transaction are at least equal to the Fair Market Value (as set forth
in an Officers' Certificate delivered to the Trustee) of the property that is
the subject of such sale and leaseback transaction and (iii) the transfer of
assets in such sale and leaseback transaction is permitted by, and the Issuer or
such Restricted Subsidiary applies the proceeds of such transaction in
compliance with, Section 4.10.

     Notwithstanding the first paragraph of this Section 4.17, sale and
leaseback transactions that are otherwise permitted under this Indenture will be
permitted at any time between (i) the Issuer and a Wholly Owned Restricted
Subsidiary of the Issuer, or (ii) Wholly Owned Restricted Subsidiaries of the
Issuer.
<PAGE>

                                                                             102

        Section 4.18  Restriction On Preferred Stock of Subsidiaries.
                      ----------------------------------------------

     The Issuer shall not permit any of its Restricted Subsidiaries to issue any
Preferred Stock, or permit any Person to own or hold an interest in any
Preferred Stock of any such Restricted Subsidiary, except for Preferred Stock
issued to and held by the Issuer or a Wholly Owned Restricted Subsidiary of the
Issuer.

        Section 4.19  Limitation on Equity Interests in Restricted Subsidiaries.
                      ---------------------------------------------------------

     The Issuer will not, and will not permit any Restricted Subsidiary of the
Issuer to, transfer, convey, sell, lease or otherwise dispose of any Capital
Stock in any Restricted Subsidiary of the Issuer to any Person, other than the
Issuer or a Wholly Owned Restricted Subsidiary of the Issuer, unless (i) such
transfer, conveyance, sale, lease or other disposition is of all the Capital
Stock in such Restricted Subsidiary of the Issuer; and (ii) the net cash
proceeds from such transfer, conveyance, sale, lease or other disposition are
applied to finance an Asset Sale Offer in accordance with Section 4.10.  The
Issuer will not permit any Restricted Subsidiary of the Issuer to issue any of
its Equity Interests, other than shares of its Capital Stock constituting
directors' qualifying shares or owned by officers or agents of such Person
solely in their capacity as such, to any Person other than to the Issuer or a
Wholly Owned Restricted Subsidiary of the Issuer.  The foregoing restrictions
will not apply to any issuance or disposition of shares of GO Solutions GmbH to
certain individuals currently serving as officers of such entity as required
pursuant to the agreement between the Issuer and such entity as in effect on the
Issue Date.
<PAGE>

                                                                             103

        Section 4.20  Payments For Consent.
                      --------------------

     The Issuer shall not, and shall not permit or suffer any of its
Subsidiaries or Affiliates to, directly or indirectly, pay or cause to be paid
any consideration, whether by way of interest, fee or otherwise, to any Holder
of any Notes for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of this Indenture or the Notes, unless such
consideration is offered to all Holders of the Notes and is paid to all Holders
of the Notes that consent, waive or agree to amend in the time frame set forth
in the solicitation documents relating to such consent, waiver or agreement.

        Section 4.21  Limitations on Issuances of Guarantees of Indebtedness.
                      ------------------------------------------------------

     The Issuer shall not permit any Restricted Subsidiary of the Issuer,
directly or indirectly, to Guarantee or pledge any assets to secure the payment
of any other Indebtedness of the Issuer unless such Subsidiary simultaneously
executes and delivers a supplemental indenture to this Indenture providing for
the Guarantee of the payment of the Notes by such Subsidiary, which Guarantee
shall be senior to such Subsidiary's Guarantee of or pledge to secure such other
Indebtedness, unless such other Indebtedness is Senior Debt, in which case the
Guarantee of the Notes may be equal with the Guarantee of such Senior Debt.
Notwithstanding the foregoing, any such Guarantee by a Subsidiary of the Notes
may provide by its terms that it shall be automatically and unconditionally
released and discharged upon any sale, exchange or transfer, to any Person not
an Affiliate of the Issuer, of all of the Issuer's Equity Interests in, or all
or substantially all the assets of, such Restricted Subsidiary, which sale,
exchange or transfer is made in compliance with the applicable provisions of
this Indenture.
<PAGE>

                                                                             104

        Section 4.22  Restrictions On Business Activities.
                      -----------------------------------

     Except to such extent as would not be material to the Issuer and its
Restricted Subsidiaries taken as a whole, the Issuer shall not, and shall not
permit any Restricted Subsidiary of the Issuer to, engage in any business other
than (i) a Permitted Business and (ii) the making of Permitted Investments and
engaging in a business in connection with any such Permitted Investment.

        Section 4.23  Additional Amounts.
                      ------------------

     All payments made by the Issuer on the Notes shall be made without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature (collectively,
"Taxes") imposed or levied by or on behalf of any Relevant Taxing Jurisdiction
------
unless the withholding or deduction of such Taxes is then required by law.  If
any deduction or withholding for, or on account of, any Taxes of any Relevant
Taxing Jurisdiction, shall at any time be required on any payments made by the
Issuer with respect to the Notes, including payments of principal, redemption
price, interest, Liquidated Damages or premium, the Issuer will pay such
Additional Amounts as may be necessary in order that the net amounts received in
respect of such payments by the Holders of the Notes or the Trustee, as the case
may be, after such withholding or deduction, equal the respective amounts which
would have been received in respect of such payments in the absence of such
withholding or deduction; except that no such Additional Amounts will be payable
with respect to (i) any payments on a Note held by or on behalf of a Holder or
beneficial owner who is liable for such Taxes in respect of such Note by reason
of the Holder or beneficial owner having some connection with the Relevant
Taxing Jurisdiction (including being a citizen or resident or national of, or
carrying on a business or maintaining a permanent establishment in, or being
physically present in, the Relevant Taxing Jurisdiction) other than by the mere
holding of such Note or enforcement of rights thereunder or the receipt of
payments in respect thereof, (ii) any Taxes that are imposed or withheld as a
result of a change in law after the Issue Date where such withholding or
imposition is by reason of the failure of the Holder or beneficial owner of the
Note to comply with any request by the Issuer to provide information concerning
the nationality, residence or identity of such Holder or beneficial owner or to
make any declaration or similar claim or satisfy any information or reporting
requirement, which is required or imposed by a statute, treaty, regulation or
administrative practice of the Relevant Taxing Jurisdiction as a precondition to
exemption from all or part of such Taxes, (iii) except in the case of the
winding up of the Issuer, any Note presented for payment (where presentation is
required) in the Relevant Taxing Jurisdiction, or (iv) any Note presented for
payment (where presentation is required) more than
<PAGE>

                                                                             105

30 days after the relevant payment is first made available for payment to the
Holder. In addition, such Additional Amounts shall also not be payable where,
had the beneficial owner of the Note been the Holder of the Note, such
beneficial owner would not have been entitled to payment of Additional Amounts
by reason of clauses (i) to (iv) inclusive above.

     Upon request, the Issuer shall provide the Trustee with documentation
reasonably satisfactory to the Trustee evidencing the payment of Additional
Amounts. Copies of such documentation will be made available to the Holders upon
request.

     The Issuer shall pay any present or future stamp, court or documentary
taxes, or any other excise or property taxes, charges or similar levies which
arise in any jurisdiction from the execution, delivery or registration of the
Notes or any other document or instrument referred to therein, or the receipt of
any payments with respect to the Notes, excluding any such taxes, charges or
similar levies imposed by any jurisdiction outside of the Federal Republic of
Germany, the United States of America or any jurisdiction in which a Paying
Agent is located, other than those resulting from, or required to be paid in
connection with, the enforcement of the Notes or any other such document or
instrument following the occurrence of any Event of Default with respect to the
Notes.

        Section 4.24  Limitation on Repayment upon a Change of Control.
                      ------------------------------------------------

     The Issuer will not make an offer to repurchase any Indebtedness of the
Issuer or any Restricted Subsidiary that is by its terms subordinated to the
Notes or any Preferred Stock of the Issuer if the Issuer is required to do so in
connection with a change of control under such Indebtedness or Preferred Stock
until at least 91 days after the occurrence of such change of control.  If such
change of control constitutes a Change of Control under this Indenture, the
Issuer shall not make any payment or deposit in respect of any repurchase of any
such Indebtedness or Preferred Stock for 30 days following the Change of Control
Payment Date relating to the Notes following such Change of Control.
<PAGE>

                                                                             106

                                   ARTICLE V

                                   SUCCESSORS

        Section 5.1  Merger, Consolidation or Sale of Assets.
                     ---------------------------------------

     The Issuer shall not consolidate or merge with or into, or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions, to another Person or
group of Persons, unless (i) the Issuer is the surviving Person or the Person
formed by or surviving any such consolidation or merger (if other than the
Issuer) or to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made is a stock corporation or limited liability
company organized or existing under the laws of the Federal Republic of Germany,
the United Kingdom, the Kingdoms of Denmark, Norway or Sweden, the Republic of
Finland or the United States or any State thereof or the District of Columbia;
(ii) the entity or Person formed by or surviving any such consolidation or
merger (if other than the Issuer) or the entity or Person to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made assumes all the obligations of the Issuer under the Registration Rights
Agreement, the Notes and this Indenture pursuant to supplemental agreements in a
form reasonably satisfactory to the Trustee; (iii) immediately after such
transaction no Default or Event of Default exists; (iv) except in the case of a
merger or consolidation of the Issuer with or into a Wholly Owned Restricted
Subsidiary of the Issuer, the Issuer or the entity or Person formed by or
surviving any such consolidation or merger (if other than the Issuer), or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made, at the time of such transaction and after giving pro forma
effect thereto as if such transaction had occurred at the beginning of the
applicable four-quarter period, (A) will be permitted to incur at least Euro1.00
of additional Indebtedness (other than Permitted Indebtedness) under the Fixed
Charge Coverage Ratio test set forth in the first paragraph of Section 4.9
hereof or (B) will have a Fixed Charge Coverage Ratio equal to or greater than
the Fixed Charge Coverage Ratio immediately prior to such transaction; (v) the
Issuer shall have delivered to the Trustee an Officers' Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and
such supplemental indenture (if any) comply with this Indenture; and (vi) the
Issuer shall have delivered to the Trustee an opinion of tax counsel reasonably
acceptable to the Trustee stating that (A) Holders of the Notes will not
recognize income, gain or loss
<PAGE>

                                                                             107

for Federal Republic of Germany or United States Federal income tax purposes as
a result of such transaction, (B) any payment of principal, redemption price or
purchase price of, premium, if any, and interest and Liquidated Damages and
Additional Amounts, if any, on the Notes by the Issuer to a Holder after the
consolidation, merger, conveyance, transfer or lease of assets will not be
subject to Taxes, and (C) no other Taxes on income, including taxable capital
gains, will be payable under the tax laws of any Relevant Taxing Jurisdiction by
a Holder who is or who is deemed to be a non-resident of the Relevant Taxing
Jurisdiction in respect of the acquisition, ownership or disposition of the
Notes, including the receipt of principal of, premium, if any, and interest and
Liquidated Damages and Additional Amounts, if any, paid pursuant to such Notes.
Notwithstanding clause (iv) of the first sentence of this Section 5.1, the
Issuer shall be permitted to reorganize as a corporation in the United States of
America or any State thereof or the District of Columbia; provided that the
Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that
the Holders of the Notes will not recognize income, gain or loss for Federal
Republic of Germany or United States federal income tax purposes as a result of
such reorganization and will be subject to Federal Republic of Germany or United
States federal income tax in the same manner and at the same times as would have
been the case if such reorganization had not occurred, and the conditions set
forth in clauses (i), (ii), (iii), (v) and (vi) of the first sentence of this
Section 5.1 are satisfied.
<PAGE>

                                                                             108

        Section 5.2  Successor Corporation Substituted.
                     ---------------------------------

     Upon any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets of the
Issuer in accordance with Section 5.1 hereof, the successor Person formed by
such consolidation or into or with which the Issuer is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made shall
succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the Issuer shall refer instead to the
successor Person and not to the Issuer), and may exercise every right and power
of the Issuer under this Indenture with the same effect as if such successor
Person had been named as an Issuer herein; provided, however, that the
predecessor Issuer shall not be relieved from the obligation to pay the
principal of and interest and Additional Amounts and Liquidated Damages, if any,
on the Notes except in the case of a sale of all of an Issuer's assets that
meets the requirements of Section 5.1 hereof.

                                  ARTICLE VI

                             DEFAULTS AND REMEDIES

        Section 6.1   Events of Default.
                      -----------------

     Each of the following constitutes an "Event of Default":
                                           ----------------

(a)  default for 30 days in the payment when due of interest on, or Additional
     Amounts or Liquidated Damages with respect to, the Notes;

(b)  default in payment when due of the principal of or premium, if any, on the
     Notes;

(c)  failure by the Issuer or any of its Subsidiaries to comply with Section
     4.7, 4.9, 4.10 or 4.14;
<PAGE>

                                                                             109

(d)  failure by the Issuer or any of its Subsidiaries for 60 days after notice
     to comply with any of its other agreements in this Indenture or the Notes;

(e)  default under any mortgage, indenture or instrument under which there may
     be issued or by which there may be secured or evidenced any Indebtedness
     for money borrowed by the Issuer or any of its Restricted Subsidiaries (or
     the payment of which is guaranteed by the Issuer or any of its Restricted
     Subsidiaries) whether such Indebtedness or Guarantee now exists, or is
     created after the Issue Date, which default:

(i)  is caused by a failure to pay principal of or premium, if any, or interest
     on such Indebtedness prior to the expiration of the grace period provided
     in such Indebtedness on the date of such default (a "Payment Default") or
                                                          ---------------

(ii) results in the acceleration of such Indebtedness prior to its express
     maturity

and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
Euro5,000,000 or more;

(f)  failure by the Issuer or any of its Restricted Subsidiaries to pay final
     judgments (other than those as to which insurance coverage or indemnity
     from an insurance company with assets in excess of Euro100,000,000 has been
     acknowledged in writing) aggregating in excess of Euro5,000,000, which
     judgments are not paid, discharged or stayed for a period of 30 days; and

(g)  (1) the Issuer, (2) any Significant Subsidiary (other than an Accounts
     Receivable Subsidiary) or (3) any group of Restricted Subsidiaries (other
     than an Accounts Receivable Subsidiary) of the Issuer that, taken as a
     whole, would constitute a
<PAGE>

                                                                             110

       Significant Subsidiary (each a "Relevant Entity") pursuant to or within
                                       ---------------
       the meaning of Bankruptcy Law:

(i)    commences a voluntary case,

(ii)   consents to the entry of an order for relief against it in an involuntary
       case,

(iii)  consents to the appointment of a custodian of it or for all or
       substantially all of its property,

(iv)   makes a general assignment for the benefit of its creditors, or

(v)    generally is not paying its debts as they become due; or

(h)    a court of competent jurisdiction enters an order or decree under any
       Bankruptcy Law that:

(i)    is for relief against a Relevant Entity in an involuntary case;

(ii)   appoints a custodian of a Relevant Entity; or

(iii)  orders the liquidation of a Relevant Entity;

       and the order or decree remains unstayed and in effect for 60 consecutive
       days.
<PAGE>

                                                                             111

        Section 6.2  Acceleration.
                     ------------

     If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately.  Upon such declaration,
the principal of, premium, if any, and accrued and unpaid interest and
Additional Amounts and Liquidated Damages, if any, on, such Notes shall be due
and payable immediately.  Notwithstanding the foregoing, in the case of an Event
of Default described in Sections 6.1(g) or 6.1(h), all outstanding Notes will
become due and payable without further action or notice.

     In the event of a declaration of acceleration of the Notes because an Event
of Default has occurred and is continuing as a result of the acceleration of any
Indebtedness described in clause (e) of Section 6.1, the declaration of
acceleration of the Notes shall be automatically annulled if the holders of any
Indebtedness described in clause (e) of Section 6.1 have rescinded the
declaration of acceleration in respect of such indebtedness within 30 days of
the date of such declaration and if (a) the annulment of the acceleration of
Notes would not conflict with any judgment or decree of a court of competent
jurisdiction and (b) all existing Events of Default, except nonpayment of
principal or interest, Additional Amounts or Liquidated Damages on the Notes
that became due solely because of the acceleration of the Notes, have been cured
or waived.

        Section 6.3  Other Remedies.
                     --------------

     If an Event of Default occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of principal, premium, if any, and
interest and Additional Amounts and Liquidated Damages, if any, on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.

     The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the
<PAGE>

                                                                             112

proceeding. A delay or omission by the Trustee or any Holder of a Note in
exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. All remedies are cumulative to the extent permitted by law.

        Section 6.4  Waiver of Past Defaults.
                     ---------------------

     Holders of not less than a majority in aggregate principal amount of the
then outstanding Notes by notice to the Trustee may on behalf of the Holders of
all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium and Additional Amounts and Liquidated
Damages, if any, or interest on, the Notes (including in connection with an
offer to purchase); provided, however, that the Holders of a majority in
aggregate principal amount of the then outstanding Notes may rescind an
acceleration and its consequences, including any related payment default that
resulted from such acceleration.  Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.
<PAGE>

                                                                             113

        Section 6.5  Control by Majority.
                     -------------------

     Holders of a majority in principal amount of the then outstanding Notes may
direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred
on it.  However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of Notes or that may involve the Trustee in
personal liability.  The Trustee may take any other action which it deems proper
which is not inconsistent with any such discretion.  Notwithstanding any
provisions to the contrary in this Indenture, the Trustee shall not be obligated
to take any action with respect to the provisions of the last paragraph of
Section 6.2 hereof unless directed to do so pursuant to this Section 6.5.

        Section 6.6  Limitation on Suits.
                     -------------------

     A Holder of a Note may pursue a remedy with respect to this Indenture or
the Notes only if:

(a)  the Holder of a Note gives to the Trustee written notice of a continuing
     Event of Default;

(b)  the Holders of at least 25% in principal amount of the then outstanding
     Notes make a written request to the Trustee to pursue the remedy;

(c)  such Holder of a Note or Holders of Notes offer and provide to the Trustee
     indemnity satisfactory to the Trustee against any loss, liability or
     expense;

(d)  the Trustee does not comply with the request within 60 days after receipt
     of the request and the offer and the provision of indemnity; and
<PAGE>

                                                                             114

(e)  during such 60-day period the Holders of a majority in principal amount of
     the then outstanding Notes do not give the Trustee a direction inconsistent
     with the request.

     A Holder of a Note may not use this Indenture to prejudice the rights of
another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

        Section 6.7  Rights of Holders of Notes to Receive Payment.
                     ---------------------------------------------

     Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and Additional Amounts
and Liquidated Damages, if any, and interest on the Note, on or after the
respective due dates expressed in the Note (including in connection with an
offer to purchase), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the
consent of such Holder.

     In the case of any Event of Default occurring by reason of any willful
action or inaction taken or not taken by or on behalf of the Issuer with the
intention of avoiding payment of the premium that the Issuer would have had to
pay if the Issuer then had elected to redeem the Notes pursuant to the optional
redemption provisions of this Indenture, an equivalent premium shall also become
and be immediately due and payable to the extent permitted by law upon the
acceleration of the Notes.  If an Event of Default occurs prior to March 31,
2005, by reason of any willful action or inaction taken or not taken by or on
behalf of the Issuer with the intention of avoiding the prohibition on
redemption of the Notes prior to such date, then the premium specified in this
Indenture with respect to redemption upon the occurrence of a Change of Control
prior to such date shall also become immediately due and payable to the extent
permitted by law upon the acceleration of the Notes.
<PAGE>

                                                                             115

        Section 6.8  Collection Suit by Trustee.
                     --------------------------

     If an Event of Default specified in Section 6.1(a) or (b) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Issuer for the whole amount of principal
of, premium and Additional Amounts and Liquidated Damages, if any, and interest
remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest, Additional Amounts and Liquidated Damages and 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 agent and counsel and all other amounts due to the
Trustee pursuant to Section 7.7 hereof.
<PAGE>

                                                                             116

        Section 6.9  Trustee May File Proofs of Claim.
                     --------------------------------

     The Trustee is authorized to file such proofs of claim and 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 the
Holders of the Notes allowed in any judicial proceedings relative to the Issuer
(or any other obligor upon the Notes), its creditors or its property and shall
be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims 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 to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.7 hereof.  To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.7 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise.  Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

        Section 6.10  Priorities.
                      ----------

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

                                                                             117

     First:  to the Trustee, its agents and attorneys for amounts due under
Section 7.7 hereof, including payment of all compensation, expense and
liabilities incurred, and all advances made, by the Trustee and the costs and
expenses of collection;

     Second:  to Holders of Notes for amounts due and unpaid on the Notes for
principal, premium, Additional Amounts and Liquidated Damages, if any, and
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal, premium and Additional
Amounts and Liquidated Damages, if any, and interest, respectively; and

     Third:  to the Issuer or to such party as a court of competent jurisdiction
shall direct.

     The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

        Section 6.11  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 a
Trustee, a court in its discretion may require the filing by any party litigant
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,
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 6.11
does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.7 hereof, or a suit by Holders of more than 10% in principal amount
of the then outstanding Notes.
<PAGE>

                                                                             118

                                  ARTICLE VII

                                    TRUSTEE

        Section 7.1  Duties of Trustee.
                     -----------------

(a)  If an Event of Default has occurred and is continuing, the Trustee shall
     exercise such of the rights and powers vested in it by this Indenture, and
     use the same degree of care and skill in its exercise, as a prudent man
     would exercise or use under the circumstances in the conduct of his own
     affairs.

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

(i)  the duties of the Trustee shall be determined solely by the express
     provisions of this Indenture and the Trustee need perform only those duties
     that are specifically set forth in this Indenture and no others, and no
     implied covenants or obligations shall be read into this Indenture against
     the Trustee; 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 similar documents) or opinions
     furnished to the Trustee and conforming to the requirements of this
     Indenture.  However, the Trustee shall examine the certificates (or similar
     documents) and opinions which by any provision hereof are specifically
     required to be furnished to the Trustee to determine whether or not they
     conform to the requirements of this Indenture (but need not confirm or
     investigate the accuracy of mathematical calculations or other facts stated
     therein).

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

                                                                             119

(i)  this paragraph does not limit the effect of paragraph (b) of this Section
     7.1;

(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
     from the Holders of a majority in principal amount of outstanding Notes or
     pursuant to Section 6.5 hereof.

(d)  Whether or not therein expressly so provided, every provision of this
     Indenture that in any way relates to the Trustee is subject to paragraphs
     (a), (b), and (c) of this Section 7.1.

(e)  No provision of this Indenture shall require the Trustee to expend or risk
     its own funds or incur any liability.  The Trustee shall be under no
     obligation to exercise any of its rights and powers under this Indenture at
     the request of any Holders, unless such Holder shall have offered to the
     Trustee security and indemnity satisfactory to it against any loss,
     liability or expense.

(f)  The Trustee shall not be liable for interest on any money received by it
     except as the Trustee may agree in writing with the Issuer.  Money held in
     trust by the Trustee need not be segregated from other funds except to the
     extent required by law.

     Section 7.2  Rights of Trustee.  Subject to Section 7.1:
                     -----------------

(a)  The Trustee may conclusively rely upon any document reasonably believed by
     it to be genuine and to have been signed or presented by the proper Person.
<PAGE>

                                                                             120

(b)  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 or other paper or documents, but the Trustee, in its discretion
     may make such further inquiry or investigation into such facts or matters
     as it may see fit, and, if the Trustee shall determine to make such further
     inquiry or investigation, it shall be entitled to examine the books,
     records and premises of the Issuer, personally or by agent or attorney.

(c)  Before the Trustee acts or refrains from acting, it may require an
     Officers' Certificate or an Opinion of Counsel or both.  The Trustee shall
     not be liable for any action it takes or omits to take in good faith in
     reliance on such Officers' Certificate or Opinion of Counsel.  The Trustee
     may consult with counsel of its selection and the advice of such counsel or
     any Opinion of Counsel shall be full and complete authorization and
     protection from liability in respect of any action taken, suffered or
     omitted by it hereunder in good faith and in reliance thereon.

(d)  The Trustee may act through its attorneys and agents and shall not be
     responsible for the misconduct or negligence of any agent or attorney
     appointed with due care.

(e)  The Trustee shall not be liable for any action it takes or omits to take in
     good faith that it believes to be authorized or within the rights or powers
     conferred upon it by this Indenture.

(f)  Unless otherwise specifically provided in this Indenture, any demand,
     request, direction or notice from the Issuer shall be sufficient if signed
     by an Officer of such Issuer.  A permissive right granted to the Trustee
     hereunder shall not be deemed to be an obligation to act.

(g)  The Trustee shall be under no obligation to exercise any of the rights or
     powers vested in it by this Indenture at the request or direction of any of
     the Holders unless such Holders shall have offered to the Trustee
     reasonable security or indemnity
<PAGE>

                                                                             121

     against the costs, expenses and liabilities that might be incurred by it in
     compliance with such request or direction.

(h)  The Trustee shall not be charged with the knowledge of any Default or Event
     of Default unless either (i) a Responsible Officer of the Trustee shall
     have actual knowledge of such Default or Event of Default, or (ii) written
     notice of Default or such Event of Default shall have been received by the
     Trustee at the Corporate Trust Office of the Trustee by the Issuer or by
     any Holder and such notice references the Notes and this Indenture.

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

        Section 7.3  Individual Rights of Trustee.
                     ----------------------------

     The Trustee, in its individual or any other capacity, may become the owner
or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of
the Issuer with the same rights it would have if it were not Trustee.  However,
in the event that the Trustee acquires any conflicting interest as provided in
TIA (S) 310(b) it must eliminate such conflict within 90 days, apply to the
Commission for permission to continue as trustee or resign.  Any Agent may do
the same with like rights and duties.  The Trustee is also subject to Sections
7.10 and 7.11 hereof.
<PAGE>

                                                                             122

        Section 7.4  Trustee's Disclaimer.
                     --------------------

     The Trustee shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes or any money
paid to the Issuer or upon the Issuer's direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

        Section 7.5  Notice of Defaults.
                     ------------------

     If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs.  Except in the case
of a Default or Event of Default in payment of principal of, premium, if any, or
interest, Additional Amounts or Liquidated Damages, if any, on any Note, the
Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the
interests of the Holders of the Notes.

        Section 7.6  Reports by Trustee to Holders of the Notes.
                     ------------------------------------------

     Within 60 days after each May 15 beginning with the May 15 following the
date of this Indenture, and for so long as Notes remain outstanding, the Trustee
shall mail to the Holders of the Notes a brief report dated as of such reporting
date that complies with TIA (S) 313(a) (but if no event described in TIA (S)
313(a) has occurred within the twelve months preceding the reporting date, no
report need be transmitted).  The Trustee also shall comply with TIA (S)
313(b)(2).
<PAGE>

                                                                             123

     A copy of each report at the time of its mailing to the Holders of Notes
shall be mailed to the Issuer and filed with the Commission and each stock
exchange on which the Notes are listed in accordance with TIA (S) 313(d).  The
Issuer shall promptly notify the Trustee when the Notes are listed or delisted
on any stock exchange.

        Section 7.7  Compensation and Indemnity.
                     --------------------------

     The Issuer shall pay to the Trustee from time to time such compensation as
the Issuer and the Trustee shall from time to time agree in writing for its
acceptance of this Indenture and services hereunder.  The Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust.  The Issuer shall reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services.  Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee's agents and
counsel.

     The Issuer shall indemnify and hold harmless the Trustee against any and
all losses, liabilities, claims or expenses incurred by the Trustee arising out
of or in connection with the acceptance or administration of its duties under
this Indenture, including the costs and expenses of enforcing this Indenture
against the Issuer (including this Section 7.7) and defending itself against any
claim (whether asserted by the Issuer or any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such claim, loss, liability or
expense may be attributable to its negligence or bad faith.  The Trustee shall
notify the Issuer promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of
its obligations hereunder.  The Issuer shall defend the claim and the Trustee
shall cooperate in the defense.  The Trustee may have separate counsel and the
Issuer shall pay the reasonable fees and expenses of such counsel.  The Issuer
need not pay for any settlement made without its consent, which consent shall
not be unreasonably withheld.
<PAGE>

                                                                             124

     The obligations of the Issuer under this Section 7.7 shall survive the
resignation and removal of the Trustee and the satisfaction and discharge of
this Indenture.

     To secure the Issuer's payment obligations in this Section, the Trustee
shall have a Lien prior to the Notes on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest and
Additional Amounts and Liquidated Damages, if any, on particular Notes.  Such
Lien shall survive the resignation and removal of the Trustee and the
satisfaction and discharge of this Indenture.

     When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.1 (h) or (i) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its Agents and
counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

        Section 7.8  Replacement of Trustee.
                     ----------------------

     A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section 7.8.

     The Trustee may resign in writing at any time and be discharged from the
trust hereby created by so notifying the Issuer.  The Holders of Notes of a
majority in principal amount of the then outstanding Notes may remove the
Trustee by so notifying the Trustee and the Issuer in writing.  The Issuer may
remove the Trustee if:

(a)  the Trustee fails to comply with Section 7.10 hereof;

(b)  the Trustee is adjudged a bankrupt or an insolvent or an order for relief
     is entered with respect to the Trustee under any Bankruptcy Law;
<PAGE>

                                                                             125

(c)  a custodian or public officer takes charge of the Trustee or its property;
     or

(d)  the Trustee becomes incapable of acting as such hereunder.

     If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Issuer shall promptly appoint a successor
Trustee.  Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Issuer.

     If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the
Holders of Notes of at least 10% in principal amount of the then outstanding
Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

     If the Trustee, after written request by any Holder of a Note who has been
a Holder of a Note for at least six months, fails to comply with Section 7.10,
such Holder of a Note may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

     A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Issuer.  Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture.  The successor Trustee shall mail a notice of its succession to
Holders of the Notes.  The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section
7.7 hereof.  Notwithstanding replacement of the Trustee pursuant to this Section
7.8, the
<PAGE>

                                                                             126

Issuer's obligations under Section 7.7 hereof shall continue for the benefit of
the retiring Trustee.

        Section 7.9   Successor Trustee by Merger, Etc.
                      ---------------------------------

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

        Section 7.10  Eligibility; Disqualification.
                      -----------------------------

     There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least
Euro100,000,000 as set forth in its most recent published annual report of
condition.

     This Indenture shall always have a Trustee who satisfies the requirements
of TIA (S) 310(a)(1), (2) and (5).  The Trustee is subject to TIA (S) 310(b).

        Section 7.11  Preferential Collection of Claims Against Issuer.
                      ------------------------------------------------

     The Trustee is subject to TIA (S) 311(a), excluding any creditor
relationship listed in TIA (S) 311(b).  A Trustee who has resigned or been
removed shall be subject to TIA (S) 311(a) to the extent indicated therein.
<PAGE>

                                                                             127

                                 ARTICLE VIII

                              LEGAL DEFEASANCE AND
                              COVENANT DEFEASANCE

        Section 8.1   Option to Effect Legal Defeasance or Covenant Defeasance.
                      --------------------------------------------------------

     The Issuer may, at the option of its Board evidenced by a resolution set
forth in an Officers' Certificate delivered to the Trustee, at any time, elect
to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes
upon compliance with the conditions set forth below in this Article 8.

        Section 8.2   Legal Defeasance and Discharge.
                      ------------------------------

     Upon the Issuer's exercise under Section 8.1 hereof of the option
applicable to this Section 8.2, the Issuer shall, subject to the satisfaction of
the conditions set forth in Section 8.4 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Notes on the
date the conditions set forth below are satisfied (hereinafter, "Legal
                                                                 -----
Defeasance").  For this purpose, Legal Defeasance means that the Issuer shall be
----------
deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes, which shall thereafter be deemed to be "outstanding" only for
the purposes of Section 8.5 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all of its other
obligations under such Notes and this Indenture (and the Trustee, on demand of
and at the expense of the Issuer, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder:

(a)  the rights of Holders of outstanding Notes to receive solely from the trust
     fund described in Section 8.4 hereof, and as more fully set forth in such
     Section, payments in respect of the principal of, premium, if any, and
     interest and
<PAGE>

                                                                             128

     Additional Amounts and Liquidated Damages, if any, on such Notes when such
     payments are due;

(b)  the Issuer's obligations with respect to such Notes under Article 2 and
     Section 4.2 hereof;

(c)  the rights, powers, trusts, duties and immunities of the Trustee hereunder
     and the Issuer's obligations in connection therewith; and

(d)  this Article 8.

     Subject to compliance with this Article 8, the Issuer may exercise its
option under this Section 8.2 notwithstanding the prior exercise of its option
under Section 8.3 hereof.
<PAGE>

                                                                             129

        Section 8.3  Covenant Defeasance.
                     -------------------

     Upon the Issuer's exercise under Section 8.1 hereof of the option
applicable to this Section 8.3, the Issuer shall, subject to the satisfaction of
the conditions set forth in Section 8.4 hereof, be released from its obligations
under the covenants contained in Sections 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.14,
4.15, 4.16, 4.17, 4.18, 4.19, 4.20, 4.21, 4.22 and 4.24 hereof with respect to
the outstanding Notes on and after the date the conditions set forth in Section
8.4 are satisfied (hereinafter, "Covenant Defeasance"), and the Notes shall
                                 -------------------
thereafter be deemed not "outstanding" for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed
"outstanding" for all other purposes hereunder (it being understood that such
Notes shall not be deemed outstanding for accounting purposes).  For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes,
the Issuer may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.1 hereof, but, except as
specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby.  In addition, upon the Issuer's exercise under Section 8.1
hereof of the option applicable to this Section 8.3 hereof, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(c)
through 6.1(f) hereof shall not constitute Events of Default.

        Section 8.4  Conditions to Legal or Covenant Defeasance.
                     ------------------------------------------

     The following shall be the conditions to the application of either Section
8.2 or 8.3 hereof to the outstanding Notes:
<PAGE>

                                                                             130

     In order to exercise either Legal Defeasance or Covenant Defeasance:

(a)  the Issuer must irrevocably deposit with the Trustee, in trust, for the
     benefit of the Holders, cash in Euros or Government Obligations payable in
     Euros, or a combination thereof, in such amounts as will be sufficient, in
     the opinion of an internationally recognized firm of independent public
     accountants, to pay the principal of, premium, Additional Amounts and
     Liquidated Damages, if any, and interest on the outstanding Notes on the
     Stated Maturity or on the applicable redemption date, as the case may be,
     and the Issuer must specify whether the Notes are being defeased to final
     Stated Maturity or to a particular redemption date;

(b)  in the case of an election under Section 8.2 hereof, the Issuer shall have
     delivered to the Trustee an Opinion of Counsel in the United States and the
     Federal Republic of Germany, as the case may be, reasonably acceptable to
     the Trustee confirming that, subject to customary assumptions and
     exclusions, (A) the Issuer has received from, or there has been published
     by, the United States Internal Revenue Service a ruling or (B) since the
     Issue Date, there has been a change in the applicable United States federal
     income tax law, in either case to the effect that, and based thereon such
     Opinion of Counsel shall confirm that, the Holders of the outstanding Notes
     will not recognize income, gain or loss for Federal Republic of Germany or
     United States federal income tax purposes as a result of such Legal
     Defeasance and will be subject to United States federal income tax on the
     same amounts, in the same manner and at the same times as would have been
     the case if such Legal Defeasance had not occurred;

(c)  in the case of an election under Section 8.3 hereof, the Issuer shall have
     delivered to the Trustee an Opinion of Counsel in the United States and the
     Federal Republic of Germany, as the case may be, reasonably acceptable to
     the Trustee confirming that the Holders of the outstanding Notes will not
     recognize income, gain or loss for Federal Republic of Germany or United
     States federal income tax purposes as a result of such
<PAGE>

                                                                             131

     Covenant Defeasance and will be subject to Federal Republic of Germany or
     United States federal income tax on the same amounts, in the same manner
     and at the same times as would have been the case if such Covenant
     Defeasance had not occurred;

(d)  no Default or Event of Default shall have occurred and be continuing on the
     date of such deposit (other than a Default or Event of Default resulting
     from the incurrence of Indebtedness all or a portion of the proceeds of
     which will be used to defease the Notes pursuant to this Article 8
     concurrently with such incurrence) or insofar as Sections 6.1 (g) or 6.1
     (h) hereof is concerned, at any time in the period ending on the 91st day
     after the date of deposit;

(e)  such Legal Defeasance or Covenant Defeasance shall not result in a breach
     or violation of, or constitute a default under, any material agreement or
     instrument (other than this Indenture) to which the Issuer or any of its
     Subsidiaries is a party or by which the Issuer or any of their Subsidiaries
     is bound;

(f)  the Issuer shall have delivered to the Trustee an Opinion of Counsel (which
     may be subject to customary exceptions and assumptions) to the effect that
     as of the 91st day following the deposit, the trust funds will not be
     subject to the effect of any applicable bankruptcy, insolvency,
     reorganization or similar laws affecting creditors' rights generally under
     the applicable laws;

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

(h)  the Issuer shall have delivered to the Trustee an Officers' Certificate and
     an Opinion of Counsel (which may be subject to customary exclusions and
     assumptions), each stating that all conditions precedent provided for or
     relating to the
<PAGE>

                                                                             132

     Legal Defeasance or the Covenant Defeasance have been complied with.

        Section 8.5.  Deposited Money and Government Obligations to Be Held in
                      --------------------------------------------------------
Trust; Other Miscellaneous Provisions.
-------------------------------------

     Subject to Section 8.6 hereof, all money and Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.5, the "Trustee") pursuant
                                                             -------
to Section 8.4 hereof in respect of the outstanding Notes shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Notes and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as Paying Agent) to the Holders of such Notes of
all sums due and to become due thereon in respect of principal, premium, if any,
and interest and Additional Amounts and Liquidated Damages, if any, but such
money need not be segregated from other funds except to the extent required by
law.

     The Issuer shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against all money or Government Obligations
deposited pursuant to Section 8.4 hereof or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes.

     Notwithstanding anything in this Article 8 to the contrary, the Trustee
shall deliver or pay to the Issuer from time to time upon the request of the
Issuer any money or Government Obligations held by it as provided in Section 8.4
hereof which, in the opinion of an internationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section
8.4(a) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.
<PAGE>

                                                                             133

        Section 8.6.  Repayment to Issuer.
                      -------------------

     Any money deposited with the Trustee or any Paying Agent, or then held by
the Issuer, in trust for the payment of the principal of, premium, if any, or
interest or Additional Amounts or Liquidated Damages, if any, on any Note and
remaining unclaimed for two years after such principal, and premium, if any, or
interest or Additional Amounts or Liquidated Damages, if any, has become due and
payable shall be paid to the Issuer on its request or (if then held by the
Issuer) shall be discharged from such trust; and the Holder of such Note shall
thereafter, as an unsecured creditor, look only to the Issuer for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Issuer as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Issuer cause to be published once, in the Financial Times and the Frankfurter
Allgemeine Zeitung, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Issuer.
<PAGE>

                                                                             134

        Section 8.7.  Reinstatement.
                      -------------

     If the Trustee or Paying Agent is unable to apply any Euros or Government
Obligations in accordance with Section 8.2 or 8.3 hereof, as the case may be, by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
Issuer's obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3
hereof until such time as the Trustee or Paying Agent is permitted to apply all
such money in accordance with Section 8.2 or 8.3 hereof, as the case may be;
provided, however, that, if the Issuer makes any payment of principal of,
premium, if any, or interest or Additional Amounts or Liquidated Damages, if
any, on any Note following the reinstatement of their obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money held by the Trustee or Paying Agent.

                                  ARTICLE IX

                        AMENDMENT, SUPPLEMENT AND WAIVER

        Section 9.1.  Without Consent of Holders of Notes.
                      -----------------------------------

     Notwithstanding Section 9.2 of this Indenture, the Issuer and the Trustee
may amend or supplement this Indenture or the Notes without the consent of any
Holder of a Note:

(a)  to cure any ambiguity, defect or inconsistency;

(b)  to provide for uncertificated Notes in addition to or in place of
     certificated Notes;

(c)  to provide for the assumption of the Issuer's obligations to the Holders of
     Notes by a successor to the Issuer pursuant to Article 5 hereof;
<PAGE>

                                                                             135

(d)  to make any change that would provide any additional rights or benefits to
     the Holders of the Notes or that does not adversely affect the rights or
     benefits hereunder of any Holder of the Note;

(e)  to comply with requirements of the Commission in order to effect or
     maintain the qualification of this Indenture under the TIA; or

(f)  to provide for the issuance of the New Senior Notes in accordance with the
     Registration Rights Agreement.

     Upon the request of the Issuer accompanied by a resolutions of its Board
authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee of the documents described in Section 7.2 hereof,
the Trustee shall join with the Issuer in the execution of any amended or
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.
<PAGE>

                                                                             136

        Section 9.2.  With Consent of Holders of Notes.
                      --------------------------------

     Subject to Section 9.1 and except as provided below in this Section 9.2,
the Issuer and the Trustee may amend or supplement this Indenture, and the Notes
may be amended or supplemented, with the consent of the Holders of a majority in
principal amount of the Notes then outstanding voting as a single class
(including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes), and, subject to Sections 6.4 and 6.7 hereof, any
existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, or interest or Additional
Amounts or Liquidated Damages, if any, on the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any
provision of this Indenture or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes
(including additional notes, if any) voting as a single class (including
consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes).

     Upon the request of the Issuer accompanied by a resolution of its Board
authorizing the execution of any such amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of
the documents described in Section 7.2 hereof, the Trustee shall join with the
Issuer in the execution of such amended or supplemental indenture unless such
amended or supplemental indenture directly affects the Trustee's own rights,
duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such
amended or supplemental indenture.

     It shall not be necessary for the consent of the Holders of Notes under
this Section 9.2 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.
<PAGE>

                                                                             137

     After an amendment, supplement or waiver under this Section 9.2 becomes
effective, the Issuer shall deliver notice to the Holders of Notes affected
thereby briefly describing the amendment, supplement or waiver in accordance
with Section 10.2.  Any failure of the Issuer to deliver such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such amended or supplemental Indenture or waiver.  Subject to Sections 6.4
and 6.7 hereof, the Holders of a majority in aggregate principal amount of the
Notes (including additional notes, if any) then outstanding voting as a single
class may waive compliance in a particular instance by the Issuer with any
provision of this Indenture or the Notes.

     Notwithstanding the foregoing, without the consent of each Holder affected,
an amendment or waiver under this Section 9.2 may not (with respect to any Notes
held by a non-consenting Holder):

(a)  reduce the principal amount of Notes whose Holders must consent to an
     amendment, supplement or waiver;

(b)  reduce the principal of or change the fixed maturity of any Note or alter
     the provisions with respect to the redemption of the Notes;

(c)  reduce the rate of or change the time for payment of interest and
     Additional Amounts and Liquidated Damages, if any, including default
     interest, on any Note;

(d)  waive a Default or Event of Default in the payment of principal of or
     premium, if any, or interest or Additional Amounts or Liquidated Damages,
     if any, on the Notes (except a rescission of acceleration of the Notes by
     the Holders of at least a majority in aggregate principal amount of the
     then outstanding Notes (including additional notes, if any) or a waiver of
     the payment default that resulted from such acceleration;
<PAGE>

                                                                             138

(e)  make any Note payable in currency other than that stated in the Notes;

(f)  make any change in the provisions of this Indenture relating to waivers of
     past Defaults or the rights of Holders of Notes to receive payments of
     principal of or premium, if any, or interest or Additional Amounts or
     Liquidated Damages, if any, on the Notes other than payments pursuant to
     Sections 3.9, 4.10 and 4.14 hereof;

(g)  waive a redemption payment with respect to any Note, other than payments
     pursuant to Sections 3.9, 4.10 and 4.14 hereof;

(h)  make any change in the provisions of this Indenture relating to the
     obligations of the Issuer to make, or the rights of Holders of Notes to
     receive, payments pursuant to Sections 3.9, 4.10, 4.14 and 4.23 hereof;

(i)  amend the terms of the Notes or this Indenture in a way that would result
     in the loss of an exemption from any of the Taxes described thereunder or
     hereunder or an exemption from any obligation to withhold or deduct Taxes
     as described thereunder or hereunder unless the Issuer agrees to pay
     Additional Amounts, if any, in respect thereof; or

(j)  make any change in Sections 6.4 or 6.7 hereof or in the foregoing amendment
     and waiver provisions.

        Section 9.3.  Compliance with Trust Indenture Act.
                      -----------------------------------

     Every amendment or supplement to this Indenture or the Notes shall be set
forth in a amended or supplemental indenture that complies with the TIA as then
in effect.
<PAGE>

                                                                             139

        Section 9.4.  Revocation and Effect of Consents.
                      ---------------------------------

     Until an amendment, supplement or waiver becomes effective, a consent to it
by a Holder of a Note is a continuing consent by the Holder of a Note and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as
the consenting Holder's Note, even if notation of the consent is not made on any
Note.  However, any such Holder of a Note or subsequent Holder of a Note may
revoke the consent as to its Note if the Trustee receives written notice of
revocation before the date the waiver, supplement or amendment becomes
effective.  An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

        Section 9.5.  Notation on or Exchange of Notes.
                      --------------------------------

     The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated.  The Issuer in
exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

     Failure to make the appropriate notation or issue a new Note shall not
affect the validity and effect of such amendment, supplement or waiver.
<PAGE>

                                                                             140

        Section 9.6.  Trustee to Sign Amendments, Etc.
                      --------------------------------

     The Trustee shall sign any amended or supplemental indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee.  The Issuer
may not sign an amendment or supplemental Indenture until the Board approves it.
In executing any amended or supplemental indenture, the Trustee shall be
entitled to receive and (subject to Section 7.1 hereof) shall be fully protected
in relying upon, in addition to the documents required by Section 10.4 hereof,
an Officers' Certificate and an Opinion of Counsel stating that the execution of
such amended or supplemental indenture is authorized or permitted by this
Indenture.

                                   ARTICLE X

                                 MISCELLANEOUS

        Section 10.1.  Trust Indenture Act Controls.
                       ----------------------------

     Prior to the issuance of the New Senior Notes or the effectiveness of the
Shelf Registration Statement, the TIA shall apply as a matter of contract to
this Indenture for purposes of interpretation, construction and defining the
rights and obligations hereunder.  Upon the issuance of the New Senior Notes or
the effectiveness of the Shelf Registration Statement, this Indenture shall be
subject to the provisions of the TIA that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such provisions.

     If any provision hereof limits, qualifies or conflicts with any provision
of the TIA or another provision which is required or deemed to be included in
this Indenture by any of the provisions of the TIA, such provision or
requirement of the TIA shall control.  If any provision of this Indenture
modifies or excludes any provision of the TIA that may be so modified or
excluded, the latter provision
<PAGE>

                                                                             141

shall be deemed to apply to this Indenture as so modified or excluded, as the
case may be.

        Section 10.2.  Notices.
                       -------

(a)  Any notice or communication by the Issuer or the Trustee to the other is
     duly given if in writing and delivered in person or by facsimile (and
     confirmed by overnight courier) or mailed by first-class mail (registered
     or certified, return receipt requested) or overnight courier guaranteeing
     next day delivery, to the other's address:

     if to the Issuer:

     BROKAT Infosystems Aktiengesellschaft
     Industriestrasse 3
     D-70565 Stuttgart
     Germany
     Facsimile No.:  +49-711-788-44-770
     Attention:  General Counsel

     if to the Trustee:

     The Bank of New York, London Branch
     One Canada Square
     London, E14 5AL
     United Kingdom
     Facsimile No.:  +44-171-893-6399
     Attention: Corporate Trust Administration

     The Issuer or the Trustee, by notice to the other may designate additional
or different addresses for subsequent notices or communications.

     All notices and communications (other than those sent to Holders) shall be
deemed to have been duly given when received.

(b)  Any notice or communication to Holders of Global Notes will be sent to
     Euroclear and Clearstream and will
<PAGE>

                                                                             142

     be published in a leading newspaper having a general circulation in the
     City of London, which shall initially be the Financial Times, and in the
     City of Frankfurt, which shall initially be the Frankfurter Allgemeine
     Zeitung. Any notice or communication to Holders of Definitive Notes will be
     published in a leading newspaper having a general circulation in the City
     of London, which shall initially be the Financial Times, and in the City of
     Frankfurt, which shall initially be the Frankfurter Allgemeine Zeitung. Any
     notice or communication to Holders of Definitive Notes shall also be mailed
     by first-class mail or by overnight courier guaranteeing next-day delivery
     to its address shown on the register kept by the Registrar and shall be
     sufficiently given to him if so mailed within the time prescribed. Any
     notice or communication shall also be so mailed to any Person described in
     TIA (S) 313(c), to the extent required by the TIA. If the Issuer mails a
     notice or communication to Holders, it shall mail a copy to the Trustee and
     each Agent at the same time. Failure to mail a notice or communication to a
     Holder or any defect in it shall not affect its sufficiency with respect to
     other Holders.

     All notices and communications sent to Holders, which are published and
mailed in the manner provided above, shall be deemed to have been duly given on
the first date on which publication is made.

     In addition, if and so long as the Notes are listed on the Luxembourg Stock
Exchange and the rules of such stock exchange shall so require, any such notice
or communication shall be published in a leading daily newspaper having a
general circulation in Luxembourg, which shall initially be the Luxemburger
Wort.

(c)  Where this Indenture provides for notice in any manner, such notice may be
     waived in writing by the Person entitled to receive such notice, either
     before or after the event, and such waiver shall be the equivalent of such
     notice.  Waivers of notice by Holders shall be filed with the Trustee, but
     such filing shall not be a condition precedent to the validity of any
     action taken in reliance upon such waiver.
<PAGE>

                                                                             143

        Section 10.3.  Communication by Holders of Notes with Other Holders of
                       -------------------------------------------------------
Notes.

     Holders may communicate pursuant to TIA (S) 312(b) with other Holders with
respect to their rights under this Indenture or the Notes.  The Issuer, the
Trustee, the Registrar and anyone else shall have the protection of TIA (S)
312(c).

        Section 10.4.  Certificate and Opinion as to Conditions Precedent.
                       --------------------------------------------------

     Upon any request or application by the Issuer to the Trustee to take any
action under this Indenture, except with respect to the initial authentication
of Notes on the date of this Indenture, the Issuer shall furnish to the Trustee:

(a)  an Officers' Certificate in form and substance reasonably satisfactory to
     the Trustee (which shall include the statements set forth in Section 10.5
     hereof) stating that, in the opinion of the signers, all conditions
     precedent and covenants, if any, provided for in this Indenture relating to
     the proposed action have been satisfied; and

(b)  an Opinion of Counsel in form and substance reasonably satisfactory to the
     Trustee (which shall include the statements set forth in Section 10.5
     hereof) stating that, in the opinion of such counsel, all such conditions
     precedent and covenants have been satisfied.

        Section 10.5.  Statements Required in Certificate or Opinion.
                       ---------------------------------------------

     Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA (S) 314(a)(4)) shall comply with the provisions of TIA (S)
314(e) and shall include:
<PAGE>

                                                                             144

(a)  a statement that the Persons making such certificate or opinion 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
     certificate or opinion are based;

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

(d)  a statement as to whether or not, in the opinion of such Person, such
     condition or covenant has been satisfied.

        Section 10.6.  Rules by Trustee and Agents.
                       ---------------------------

     The Trustee may make reasonable rules for action by or at a meeting of
Holders.  The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

        Section 10.7.  No Personal Liability of Directors, Officers, Employees,
                       --------------------------------------------------------
Members and Stockholders.
------------------------

     No member of the Board or the supervisory board, officer, employee,
incorporator, member or stockholder of the Issuer, as such, shall have any
liability for any obligations of the Issuer under the Notes, this Indenture or
for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives and releases all
such liability (but only such liability). The waiver and release are part of the
consideration for issuance of the Notes.
<PAGE>

                                                                             145

        Section 10.8.  Governing Law.
                       -------------

     THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

        Section 10.9.  Agent for Service; Submission to Jurisdiction; Waiver of
                       --------------------------------------------------------
Immunities.
----------

     By the execution and delivery of this Indenture, the Issuer (i)
acknowledges and confirms that it has, by separate written instruments,
designated and appointed CT Corporation System, 111 Eighth Avenue, New York, NY
10011 (and any successor entity), as its authorized agent upon which process may
be served in any suit or proceeding arising out of or relating to this Indenture
that may be instituted in any federal or state court in the Borough of
Manhattan, City of New York, State of New York, U.S.A. or brought under federal
or state securities laws, and represents and warrants that CT Corporation System
has accepted such designation; (ii) submits to the jurisdiction of any such
court in any such suit or proceeding; and (iii) agrees that service of process
upon CT Corporation System and written notice of said service to the Issuer, in
accordance with Section 10.2(a) shall be deemed in every respect effective
service of process upon the Issuer in any such suit or proceeding.  The Issuer
further agrees to take any and all action, including the execution and filing of
any and all such documents and instruments, as may be necessary to continue such
designation and appointment of CT Corporation System in full force and effect
for as long as any of the Notes remain Outstanding; provided, however, that the
Issuer may, and to the extent CT Corporation System ceases to be able to be
served on the basis contemplated herein shall, by written notice to the Trustee,
designate such additional or alternative agent for service of process under this
Section 10.9 that (i) maintains an office located in the Borough of Manhattan,
City of New York, State of New York, U.S.A.; and (ii) is either (a) the United
States legal counsel for the Issuer or (b) a corporate service
<PAGE>

                                                                             146

company which acts as agent for service of process for other Persons in the
ordinary course of its business. Such written notice shall identify the name of
such agent for service of process and the address of the office of such agent
for service of process in the Borough of Manhattan, City of New York, State of
New York, U.S.A.

     To the extent that the Issuer has, or hereafter may, acquire any immunity
from jurisdiction of any court of (i) any jurisdiction in which the Issuer owns
or leases property or assets, (ii) the United States or the State of New York or
(iii) the Federal Republic of Germany or from any legal process (whether through
service of notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to itself or its property and assets or
this Indenture or any of the Notes or actions to enforce judgments in respect of
any thereof, the Issuer hereby irrevocably waives such immunity in respect of
its obligations under the above-referenced documents, to the extent permitted by
law.

        Section 10.10.  No Adverse Interpretation of Other Agreements.
                        ---------------------------------------------

     This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Issuer or their Subsidiaries or of any other Person.  Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

        Section 10.11.  Successors.
                        ----------

     All agreements of the Issuer in this Indenture and the Notes shall bind
their successors.  All agreements of the Trustee in this Indenture shall bind
its successors.

        Section 10.12.  Severability; Independence of Covenants.
                        ---------------------------------------

     In case any provision in this Indenture or in the Notes 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.
<PAGE>

                                                                             147

     All covenants and agreements in this Indenture shall be given independent
effect so that if a particular action or condition is not permitted by any of
such covenants, the fact that it would be permitted by an exception to, or be
otherwise within the limitations of, another covenant shall not avoid the
occurrence of a Default if such action is taken or condition exists.

        Section 10.13.  Duplicate Originals; 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.  In addition, this 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.

        Section 10.14.  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 of this Indenture and shall in no way
modify or restrict, or affect the construction of, any of the terms or
provisions hereof.

        Section 10.15.  Exhibits.
                        --------

     All exhibits attached hereto are by this reference made a part hereof with
the same effect as if herein set forth in full.

        Section 10.16.  Judgment Currency.
                        -----------------

     The Issuer hereby agrees to indemnify the Trustee, its directors, its
officers and each person, if any, who controls the Trustee within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act against any
loss incurred by such person as a result of any judgment or order being given or
made against the Issuer for any Euro amount due under this Agreement and such
judgment or order being expressed and paid in a currency (the "Judgment
                                                               --------
Currency") other than Euros and as a result of any
--------
<PAGE>

                                                                             148

variation as between (i) the rate of exchange at which the Euro amount is
converted into the Judgment Currency for the purpose of such judgment or order
and (ii) the spot rate of exchange in the City of London at which such party on
the date of payment of such judgment or order is able to purchase Euros with the
amount of the Judgment Currency actually received by such party. The foregoing
indemnity shall continue in full force and effect notwithstanding any such
judgment or order as aforesaid. The term "spot rate of exchange" shall include
any premiums and costs of exchange payable in connection with the purchase of,
or conversion into, Euros.

                        [Signatures on following page]
<PAGE>

                                                                             149

Dated as of March 28, 2000         BROKAT INFOSYSTEMS AKTIENGESELLSCHAFT

        By:   /s/ MICHAEL JANSSEN
           ___________________________________________
           Name:  Michael Janssen
           Title: Chief Financial Officer

        By:  /s/  ACHIM SCHLUMPBERGER
           ___________________________________________
           Name:  Achim Schlumpberger
           Title: Executive Vice President

THE BANK OF NEW YORK,
 as Trustee

By:   /s/ TREVOR BLEWER
   ______________________________
   Name:  Trevor Blewer
   Title: Assistant Vice President

<PAGE>

                                                                             150

                                                                       EXHIBIT A
                                (Face of Note)
                         11 1/2% SENIOR NOTES DUE 2010

No. ____                                                      Euro _____________

                                                     Common Code [             ]
                                                        ISIN No. [             ]

     BROKAT INFOSYSTEMS AKTIENGESELLSCHAFT promises to pay to The Bank of New
York Depository (Nominees) Limited or its registered assigns, the principal sum
of ______________________ Euros (Euro__________)[, or such greater or lesser
amount as may from time to time be endorsed on the "Schedule of Transfer or
Exchanges of Interests in the Global Note" attached hereto,]/1/ on March 31,
2010.

Interest Payment Dates: March 31 and September 30

Record Dates: March 15 and September 15

                     BROKAT INFOSYSTEMS AKTIENGESELLSCHAFT

         By:_____________________________________________
                              Name:
                              Title:

         By:_____________________________________________
                              Name:
                              Title:

Certificate of Authentication:

This is one of the [Global] Notes referred
to in the within-mentioned Indenture:

THE BANK OF NEW YORK,
 as Trustee

By:______________________________
      Authorized Signatory

/1/This language should be included only if the Note is issued in global form.

Dated: ___________________________

<PAGE>

                                                                             151

                                (Back of Note)

                         11 1/2% SENIOR NOTES DUE 2010

          [This Global Note is held by the Common Depositary (as defined in the
Indenture governing this Note) or its nominee in custody for the benefit of the
beneficial owners hereof, and is not transferable to any person under any
circumstances, except that (i) the Trustee may make such notations hereon as may
be required pursuant to Section 2.7 of the Indenture, (ii) this Global Note may
be exchanged in whole but not in part pursuant to Section 2.6(a) of the
Indenture, (iii) this Global Note may be delivered to the Trustee for
cancellation pursuant to Section 2.11 of the Indenture and (iv) this Global Note
may be transferred to a successor Common Depositary with the prior written
consent of the Issuer.

          Unless this certificate is presented by an authorized representative
of the Common Depositary to the Issuer or its agent for registration of
transfer, exchange, or payment, and any certificate issued is registered in the
name of the Common Depositary or in such other name as is requested by an
authorized representative of the Common Depositary (and any such payment is made
to the Common Depositary or such other entity as is requested by an authorized
representative of the Common Depositary), any transfer, pledge or other use
hereof for value or otherwise by or to any Person is wrongful inasmuch as the
registered owner hereof, the Common Depositary, has an interest herein.]/2/

          [This Note (or its predecessor) has not been registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, may
not be offered, sold, pledged or otherwise transferred within the United States
or to, or for the account or benefit of, U.S. persons, except as set forth
below.  By its acquisition hereof or of a beneficial interest herein, the Holder
(1) represents that (a) it is a "qualified institutional buyer" (as defined in
Rule 144A under the Securities Act) (a "QIB") or (b) it is acquiring this Note
in an offshore transaction in compliance with Regulation S under the Securities
Act, (2) agrees that it will

/2/These two paragraphs should be included only if the Note is issued in global
form.
<PAGE>

                                                                             152

not, resell or otherwise transfer this note except (a) to the Issuer or any of
its Subsidiaries, (b) to a person whom the seller reasonably believes is a QIB
purchasing for its own account or for the account of a QIB in a transaction
meeting the requirements of Rule 144A, (c) in an offshore transaction meeting
the requirements of Rule 903 or 904 of the Securities Act, (d) in a transaction
meeting the requirements of Rule 144 under the Securities Act, (e) to an
institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act (an "IAI") that, prior to such
transfer, furnishes the Trustee a signed letter containing certain
representations and agreements relating to the transfer of this Note (the form
of which can be obtained from the Trustee) and, if such transfer is in respect
of an aggregate principal amount of Notes less than Euro250,000, an opinion of
counsel acceptable to the Issuer that such transfer is in compliance with the
Securities Act, (f) in accordance with another exemption from the registration
requirements of the Securities Act (and based upon an opinion of counsel
acceptable to the Issuer) or (g) pursuant to an effective registration statement
and, in each case, in accordance with the applicable securities laws of any
state of the United States or any other applicable jurisdiction and (3) agrees
that it will deliver to each person to whom this Note or an interest herein is
transferred a notice substantially to the effect of this legend.

     As used herein, the terms "offshore transaction" and "United States" have
the meanings given to them by Rule 902 of Regulation S under the Securities Act.
The Indenture contains a provision requiring the Trustee to refuse to register
any transfer of this Note in violation of the foregoing.]/3/

          Capitalized terms used herein shall have the meanings assigned to them
in the Indenture referred to below unless otherwise indicated.

          1.   Interest.  BROKAT Infosystems Aktiengesellschaft, a stock
               --------
corporation organized and existing under

/3/These two paragraphs should be removed upon the exchange of Senior Notes for
New Senior Notes in the Exchange Offer or upon the registration of the Notes
pursuant to the terms of the Registration Rights Agreement.
<PAGE>

                                                                             153

the laws of Germany (the "Issuer") promises to pay interest on the principal
                          ------
amount of this Note at 11 1/2% per annum from March 28, 2000 until maturity. In
addition, the Issuer shall pay the Additional Amounts payable pursuant to
Section 4.23 of the Indenture and the Liquidated Damages payable pursuant to
Section 5 of the Registration Rights Agreement referred to below. The Issuer
will pay interest, Additional Amounts and Liquidated Damages semi-annually on
March 31 and September 30 of each year (each an "Interest Payment Date"), or if
                                                 ---------------------
any such day is not a Business Day, on the next succeeding Business Day.
Interest on the Notes will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if
this Note is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided further, that the first Interest
Payment Date shall be September 30, 2000. Interest will be computed on the basis
of a 360-day year of twelve 30-day months.

          The Issuer shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
and interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Amounts and
Liquidated Damages, if any (without regard to any applicable grace period), on
this Note, to the extent lawful, at the rate of interest then borne by the
Notes.

          2.   Method of Payment.  The Issuer will pay interest on the Notes
               -----------------
(except defaulted interest), Additional Amounts and Liquidated Damages to the
Persons who are registered Holders of Notes at the close of business on March 15
or September 15 preceding the Interest Payment Date (whether or not such day is
a Business Day), even if such Notes are canceled after such record date and on
or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest.  The Notes will be payable as to
principal, premium, Additional Amounts and Liquidated Damages, if any, and
interest at the office or agency of the Issuer maintained for such purpose
within or without the City of London and, for so long as the Notes are listed on
<PAGE>

                                                                             154

the Luxembourg Stock Exchange and such stock exchange rules require, Luxembourg,
or, at the option of the Issuer, payment of interest, Additional Amounts and
Liquidated Damages may be made by check mailed to the Holders at their addresses
set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and
interest, premium, Additional Amounts and Liquidated Damages on, all Global
Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Issuer or the Paying Agent.  Such payment shall be made in
Euro Legal Tender.

          3.   Paying Agent and Registrar.  Initially, The Bank of New York, the
               --------------------------
Trustee under the Indenture, will act as Paying Agent and Registrar, and
Kredietbank S.A. Luxembourgeoise at 43 Boulevard Royal, L-2955 Luxembourg will
act as co-Paying Agent.  The Issuer may change any Paying Agent or Registrar
without notice to any Holder.  The Issuer or any of its Subsidiaries or
Affiliates may act in any such capacity.

          4.   Indenture.  The Issuer issued this Note under an Indenture dated
               ---------
as of March 28, 2000 (the "Indenture") by and between the Issuer and the
                           ---------
Trustee.  The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the United States Trust Indenture Act
of 1939, as amended (15 U.S. Code (S)(S) 77aaa-77bbbb).  This Note is subject to
all such terms, and Holder of this Note is referred to the Indenture and such
Act for a statement of such terms.  To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling.  The Notes are general unsecured
Obligations of the Issuer limited to Euro125,000,000 in aggregate principal
amount.
<PAGE>

                                                                             155

          5.   Optional Redemption.
               -------------------

          (a) The Issuer shall have the option to redeem the Notes, in whole or
in part, upon not less than 30 nor more than 60 days' notice, in cash at the
redemption prices (expressed as percentages of principal amount) set forth below
plus accrued and unpaid interest and Liquidated Damages and/or Additional
Amounts, if any, thereon to the applicable redemption date, if redeemed during
the twelve-month period beginning on March 31 of the years indicated below:

          Year                           Percentage
          2005                           105.750%
          2006                           103.833%
          2007                           101.917%
          2008 and thereafter            100.000%

          (b) Notwithstanding the provisions of subparagraph (a) of this
Paragraph 5, at any time prior to March 31, 2003, the Issuer may (but will not
have the obligation to), on any one or more occasions, redeem up to 35% of the
aggregate principal amount of Notes originally issued at a redemption price
equal to 111.50% of the principal amount thereof, plus accrued and unpaid
interest and Liquidated Damages and/or Additional Amounts, if any, thereon to
the redemption date with the net cash proceeds of one or more Qualified Equity
Offerings; provided that at least 65% of the aggregate principal amount of Notes
originally issued (excluding Notes held by the Issuer, its Affiliates and its
Subsidiaries) remain outstanding immediately after the occurrence of such
redemption; and provided, further, that such redemption shall occur within 60
days of the date of the closing of such Qualified Equity Offerings.

          (c) If the Issuer determines that, as a result of (i) any change in,
or amendment to, the laws or treaties or any regulations or rulings promulgated
under the laws or treaties of any Relevant Taxing Jurisdiction affecting
taxation, which change in, or amendment to, such laws, treaties, regulations or
rulings becomes effective on or after the Issue Date, or (ii) any change in or
new or
<PAGE>

                                                                             156

different position regarding the application, administration or interpretation
of such laws, treaties, regulations or rulings, including a holding, judgment or
order by a court of competent jurisdiction, which change, amendment, application
or interpretation becomes effective on or after the Issue Date, the Issuer is,
or on the next Interest Payment Date would be, required to pay Additional
Amounts, and the Issuer determines that such payment obligation cannot be
avoided by the Issuer taking reasonable measures, the Notes may be redeemed, at
the option of the Issuer, in whole but not in part, at any time upon not less
than 30 nor more than 60 days' notice, which notice shall be irrevocable, at a
redemption price equal to the principal amount thereof, plus accrued and unpaid
interest to the date fixed by the Issuer for redemption (the "Tax Redemption
                                                              --------------
Date") and all Liquidated Damages and/or Additional Amounts, if any, then due
----
and which will become due on the Tax Redemption Date as a result of the
redemption or otherwise; provided that no such notice of redemption shall be
given earlier than 90 days prior to the earliest date on which the Issuer would
be obligated to make such payment or withholding if a payment in respect of the
Notes were then due.

          6.   Mandatory Redemption.  The Issuer shall not be required to make
               --------------------
mandatory redemption or sinking fund payments with respect to the Notes.

          7.   Repurchase at Option of Holder.  The Indenture requires that
               ------------------------------
certain proceeds from Asset Sales be used, subject to further limitations
contained therein, to make an offer to purchase certain amounts of Notes in
accordance with the procedures set forth in the Indenture.  The Issuer is also
required to make an offer to purchase Notes upon occurrence of a Change of
Control in accordance with the procedures set forth in the Indenture.

          8.   Notice of Redemption.  Notice of redemption will be given at
               --------------------
least 30 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed.  Notes in denominations larger than
Euro1,000 may be redeemed in part but only in whole multiples of e1,000, unless
all of the Notes held by a Holder are to be redeemed. On and after the
redemption date interest ceases to accrue on Notes or portions thereof called
for redemption, unless the Issuer shall fail to redeem any such Note.
<PAGE>

                                                                             157

          9.   Denominations, Transfer, Exchange.  The Notes are in registered
               ---------------------------------
form without coupons in denominations of Euro1,000 and integral multiples of
Euro1,000. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and the Issuer may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. In addition, the
Registrar need not exchange or register the transfer of any Notes for a period
of 15 days before a selection of Notes to be redeemed.

          10.  Persons Deemed Owners.  The registered Holder of a Note may be
               ---------------------
treated as the owner of it for all purposes.

          11.  Amendment, Supplement and Waiver.  Subject to certain exceptions,
               --------------------------------
the Indenture or the Notes may be amended or supplemented with the consent of
the Holders of a majority in principal amount of the Notes (including additional
Notes, if any) then outstanding voting as a single class (including consents
obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes).  In addition, subject to certain exceptions, any existing Default
of Event of Default or compliance with any provision of the Indenture or the
Notes may be waived with the consent of the Holders of a majority in principal
amount of the Notes (including additional Notes, if any) then outstanding voting
as a single class (including consents obtained in connection with a purchase of,
or tender offer or exchange offer for, Notes).  Without the consent of any
Holder of a Note, the Indenture or the Notes may be amended or supplemented to
cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes
in addition to or in place of certificated Notes, to provide for the assumption
of the Issuer's obligations to Holders of Notes in case of a merger or
consolidation, to make any change that would provide any additional rights or
benefits to the Holders of the Notes or that does not adversely affect the
rights or benefits under the Indenture of any such Holder, to comply with the
requirements of the Commission in order to effect or maintain the qualification
of the Indenture under
<PAGE>

                                                                             158

the TIA, or to provide for the issuance of New Senior Notes in accordance with
the Registration Rights Agreement.

          12.  Defaults and Remedies.
               ---------------------

          (a) Each of the following constitutes an "Event of Default": (i)
                                                    ----------------
default for 30 days in the payment when due of interest on, or Additional
Amounts or Liquidated Damages with respect to, the Notes; (ii) default in
payment when due of the principal of or premium, if any, on the Notes; (iii)
failure by the Issuer or any of its Subsidiaries to comply with Section 4.7,
4.9, 4.10 or 4.14 of the Indenture; (iv) failure by the Issuer or any of its
Subsidiaries for 60 days after notice to comply with any of its other agreements
in this Indenture or the Notes; (v) default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Issuer or any of its
Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or
any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, which default (A) is caused by a
failure to pay principal of or premium, if any, or interest on such Indebtedness
prior to the expiration of the grace period provided in such Indebtedness on the
date of such default (a "Payment Default") or (B) results in the acceleration of
                         ---------------
such Indebtedness prior to its express maturity, and, in each case of clauses
(A) or (B), the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
Euro5,000,000 or more; (vi) failure by the Issuer or any of its Restricted
Subsidiaries to pay final judgments (other than those as to which insurance
coverage or indemnity from an insurance company with assets in excess of
Euro100,000,000 has been acknowledged in writing) aggregating in excess of
Euro5,000,000, which judgments are not paid, discharged or stayed for a period
of 30 days; and (vii) certain events of bankruptcy or insolvency with respect to
(A) the Issuer, (B) any Significant Subsidiary (other than an Accounts
Receivable Subsidiary) of the Issuer or (C) any group of Restricted Subsidiaries
(other than an Accounts Receivable Subsidiary) of the Issuer that, taken as a
whole, would constitute a Significant Subsidiary of the Issuer.
<PAGE>

                                                                             159

          (b) If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes,
may declare all the Notes to be due and payable immediately. Upon such
declaration, the principal of, premium, if any, and accrued and unpaid interest
and Additional Amounts and Liquidated Damages, if any, on, such Notes shall be
due and payable immediately.  Notwithstanding the foregoing, in the case of an
Event of Default arising from certain events of bankruptcy or insolvency with
respect to the Issuer, any of its Significant Subsidiaries or any group of
Restricted Subsidiaries of the Issuer that, taken together, would constitute a
Significant Subsidiary of the Issuer, all outstanding Notes shall become due and
payable without further action or notice.

          (c) Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain limitations, Holders of
a majority in principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in their interest.  The
Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the
Notes waive any existing Default or Event of Default and its consequences under
the Indenture, except a continuing Default or Event of Default in the payment of
the principal of, premium and Additional Amounts and Liquidated Damages, if any,
or interest on, the Notes.

          (d) The Issuer is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Issuer is required
upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default.

          (e) In the case of any Event of Default occurring by reason of any
willful action or inaction taken or not taken by or on behalf of the Issuer with
the intention of avoiding payment of the premium that the Issuer would have had
to pay if the Issuer then had
<PAGE>

                                                                             160

elected to redeem the Notes pursuant to the optional redemption provisions of
the Indenture, an equivalent premium shall also become and be immediately due
and payable to the extent permitted by law upon the acceleration of the Notes.
If an Event of Default occurs prior to March 31, 2005, by reason of any willful
action or inaction taken or not taken by or on behalf of the Issuer with the
intention of avoiding the prohibition on redemption of the Notes prior to such
date, then the premium specified in the Indenture with respect to redemption
upon the occurrence of a Change of Control prior to such date shall also become
immediately due and payable to the extent permitted by law upon the acceleration
of the Notes.

          13.  Trustee Dealings with Issuer.  The Trustee, in its individual or
               ----------------------------
any other capacity, may make loans to, accept deposits from, and perform
services for the Issuer or its Affiliates, and may otherwise deal with the
Issuer or its Affiliates, as if it were not the Trustee.

          14.  Personal Liability of Directors, Officers, Employees, Members and
               -----------------------------------------------------------------
Stockholders.  No member of the Board or the supervisory board, officer,
------------
employee, incorporator, member or stockholder of the Issuer, as such, shall have
any liability for any obligations of the Issuer under the Notes, the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or
their creation.  Each Holder of Notes by accepting a Note waives and releases
all such liability (but only such liability).  The waiver and release are part
of the consideration for issuance of the Notes.

          15.  Legal Defeasance and Covenant Defeasance.  The Indenture contains
               ----------------------------------------
provisions for defeasance of the entire Indebtedness on this Note and for
defeasance of certain covenants in the Indenture upon compliance by the Issuer
with certain condition set forth in the Indenture.

          16.  Authentication.  This Note shall not be valid until authenticated
               --------------
by the manual signature of the Trustee or an authenticating agent.

          17.  Abbreviations.  Customary abbreviations may be used in the name
               -------------
of a Holder of a Note or an assignee, such as:  TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties),
<PAGE>

                                                                             161

JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

          18.  Additional Rights of Holders of Restricted Global Notes and
               -----------------------------------------------------------
Restricted Definitive Notes.  In addition to the rights provided to Holders of
---------------------------
Notes under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in the Registration Rights
Agreement dated as of March 28, 2000 by and among the Issuer and the Initial
Purchaser named on the signature pages thereof.

          19.  Governing Law.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
               -------------
GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

          THE ISSUER WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT
CHARGE A COPY OF THE INDENTURE AND/OR THE REGISTRATION RIGHTS AGREEMENT.
REQUESTS MAY BE MADE TO:  BROKAT INFOSYSTEMS AG, INDUSTRIESTRABE 3, STUTTGART D-
70565, GERMANY, ATTENTION:  GENERAL COUNSEL.
<PAGE>

                                                                             162

                                ASSIGNMENT FORM

          To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee's social security or tax I.D. number)

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

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

--------------------------------------------------------------------------------
(Print or type assignee's name, address and zip code)

and irrevocably appoint: ______________________________________________________
as Agent to transfer this Note on the books of the Issuer.  The Agent may
substitute another to act for him.

Date:  _______________

Your Signature:
________________________________________________________________________________
            (Sign exactly as your name appears on the face of this Note)

Signature Guarantee:  __________________________
<PAGE>

                                                                             163

                       OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have all or any part of this Note purchased by
the Issuer pursuant to Section 4.10 or 4.14 of the Indenture, check the box
below:

  [ ]  Section 4.10    [ ]  Section 4.14

          If you want to elect to have only part of the Note purchased by the
Issuer pursuant to Section 4.10 or Section 4.14 of the Indenture, state the
amount you elect to have purchased:

     Euro______

Date:  __________________

Your Signature:
________________________________________________________________________________
         (Sign exactly as your name appears on the face of this Note)

Signature Guarantee:  __________________________
<PAGE>

                                                                             164

                       SCHEDULE OF TRANSFER OR EXCHANGES
                        OF INTERESTS IN THE GLOBAL NOTE/4/

          The following transfers or exchanges of a part of this Global Note for
an interest in another Global Note or for a Definitive Note, or transfers or
exchanges of a part of another Global Note or Definitive Note for an interest in
this Global Note, have been made:

<TABLE>
<CAPTION>
<S>                       <C>                    <C>                     <C>                      <C>
    Date of Exchange      Amount of decrease in    Amount of increase      Principal Amount of     Signature of authorized
                           Principal Amount of   in Principal Amount of     this Global Note        officer of Trustee or
                            this Global Note        this Global Note         following such            Note Custodian
                                                                         decrease (or increase)

</TABLE>
/4/This schedule should only be included if the Notes are issued in global form.
<PAGE>

                                                                             165

                                   EXHIBIT B

                        FORM OF CERTIFICATE OF TRANSFER

BROKAT Infosystems Aktiengesellschaft
Industriestrasse 3
D-70565 Stuttgart
Germany

The Bank of New York
One Canada Square
London E14 5AL
United Kingdom

                       Re: 11 1/2% Senior Notes due 2010

          Reference is hereby made to the Indenture, dated as of March 28, 2000
(the "Indenture"), between BROKAT Infosystems Aktiengesellschaft, a stock
      ---------
corporation organized and existing under the laws of Germany(the "Issuer"), and
                                                                  ------
The Bank of New York, as trustee (the "Trustee").  Capitalized terms used but
                                       -------
not defined herein shall have the meanings given to them in the Indenture.

          ________________, (the "Transferor") owns and proposes to transfer the
                                  ----------
Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of Euro_______ in such Note[s] or interests (the "Transfer"),
                                                                   --------
to ________________ (the "Transferee"), as further specified in Annex A hereto.
                          ----------
In connection with the Transfer, the Transferor hereby certifies that:

                            [CHECK ALL THAT APPLY]

 [ ] (1) Check if Transferee will take delivery of a beneficial interest in the
         ----------------------------------------------------------------------
144A Global Note or a Definitive Note Pursuant to Rule 144A.  The Transfer is
-----------------------------------------------------------
being effected pursuant to and in accordance with Rule 144A under the United
States Securities Act of 1933, as amended (the "Securities Act"), and,
                                                --------------
accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each
such account is a
<PAGE>

                                                                             166

"qualified institutional buyer" within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

 [ ] (2) Check if Transferee will take delivery of a beneficial interest in the
         ----------------------------------------------------------------------
Regulation S Global Note or a Definitive Note pursuant to Regulation S.  The
----------------------------------------------------------------------
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a person in the United
States and (x) at the time the buy order was originated, the Transferee was
outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a
designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in
the United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S
under the Securities Act and (iii) the transaction is not part of a plan or
scheme to evade the registration requirements of the Securities Act and (iv) if
the proposed transfer is being made prior to the expiration of the Distribution
Compliance Period, the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser).  Upon
consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement
Legend printed on the Regulation S Global Note and/or the Definitive Note and in
the Indenture and the Securities Act.

 [ ] (3) Check and complete if Transferee will take delivery of a beneficial
         -------------------------------------------------------------------
interest in the IAI Global Note or a Definitive Note pursuant to any provision
------------------------------------------------------------------------------
of the Securities Act other than
--------------------------------
<PAGE>

                                                                             167

Rule 144A or Regulation S. The Transfer is being effected in compliance with the
-------------------------
transfer restrictions applicable to beneficial interests in Restricted Global
Notes and Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that
(check one):

     [ ]  (a) such Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act;

                         or

     [ ]  (b) such Transfer is being effected to the Issuer or a subsidiary
thereof;
                         or

     [ ]  (c) such Transfer is being effected pursuant to an effective
registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act;

                         or

     [ ]  (d) such Transfer is being effected to an Institutional Accredited
Investor and pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor
hereby further certifies that it has not engaged in any general solicitation
within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a
Restricted Global Note or Restricted Definitive Notes and the requirements of
the exemption claimed, which certification is supported by (1) a certificate
executed by the Transferee in the form of Exhibit D to the Indenture and (2) if
                                          ---------
such Transfer is in respect of a principal amount of Notes at the time of
transfer of less than $250,000, an Opinion of Counsel provided by the Transferor
or the Transferee (a copy of which the Transferor has attached to this
certification), to the effect that such Transfer is in compliance with the
Securities Act.  Upon consummation of the proposed transfer in accordance with
the terms of the Indenture, the
<PAGE>

                                                                             168

transferred beneficial interest or Definitive Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the IAI Global Note and/or the Definitive Notes and in the Indenture and the
Securities Act.

 [ ] (4) Check if Transferee will take delivery of a beneficial interest in an
         ---------------------------------------------------------------------
Unrestricted Global Note or of an Unrestricted Definitive Note.
--------------------------------------------------------------

      [ ] (a) Check if Transfer is pursuant to Rule 144.  (i) The Transfer is
              -----------------------------------------
being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act.  Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

      [ ] (b) Check if Transfer is Pursuant to Regulation S.  (i) The Transfer
              ---------------------------------------------
is being effected pursuant to and in accordance with Rule 903 or Rule 904 under
the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act.  Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

      [ ] (c) Check if Transfer is Pursuant to Other Exemption.  (i) The
              ------------------------------------------------
Transfer is being effected pursuant to and in compliance with an exemption from
the registration requirements of the Securities Act other than Rule 144, Rule
903 or Rule 904 and in
<PAGE>

                                                                             169

compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii)
the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive
Note will not be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

          This certificate and the statements contained herein are made for the
benefit of the Issuer and the Registrar.

________________________________________________________________________________
                          [Insert Name of Transferor]

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

Dated:  ____________________
<PAGE>

                                                                             170

                      Annex A to Certificate of Transfer
                      ----------------------------------

(1)  The Transferor owns and proposes to transfer the following:

                           (Check one of (a) or (b))

     (a)  [ ]  a beneficial interest in the:

                       (Check one of (i), (ii) or (iii))

          (i) [ ] 144A Global Note (CUSIP_____; ISIN _____), or

          (ii) [ ] Regulation S Global Note (CUSIP_____; ISIN _____), or

          (iii) [ ] IAI Global Note (CUSIP_____; ISIN _____); or

     (b)  [ ]  a Restricted Definitive Note.

(2)  After the Transfer the Transferee will hold:

                        (Check one of (a), (b) or (c))

     (a)  [ ]  a beneficial interest in the:

                    (Check one of (i), (ii), (iii) or (iv))

          (i) [ ] 144A Global Note (CUSIP_____; ISIN _____), or

          (ii) [ ] Regulation S Global Note (CUSIP ____), or

          (iii) [ ] IAI Global Note (CUSIP ____), or

          (iv) [ ] Unrestricted Global Note (CUSIP ____); or

     (b)  [ ]  a Restricted Definitive Note; or

     (c)  [ ]  an Unrestricted Definitive Note,

     in accordance with the terms of the Indenture.

<PAGE>

                                                                             171

                                   EXHIBIT C

                        FORM OF CERTIFICATE OF EXCHANGE

BROKAT Infosystems Aktiengesellschaft
Industriestrasse 3
D-70565 Stuttgart
Germany

The Bank of New York
One Canada Square
London E14 5AL
United Kingdom

                       Re: 11 1/2% Senior Notes due 2010

          Reference is hereby made to the Indenture, dated as of March 28, 2000
(the "Indenture"), between BROKAT Infosystems Aktiengesellschaft, a stock
      ---------
corporation organized and existing under the laws of Germany(the "Issuer"), and
                                                                  ------
The Bank of New York, as trustee (the "Trustee").  Capitalized terms used but
                                       -------
not defined herein shall have the meanings given to them in the Indenture.

          _________________ (the "Owner"), owns and proposes to exchange the
                                  -----
Note[s] or interest in such Note[s] specified herein, in the principal amount of
Euro__________ in such Note[s] or interests (the "Exchange").  In connection
                                                  --------
with the Exchange, the Owner hereby certifies that:

          (1) Exchange of Restricted Definitive Notes or Beneficial Interests in
a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note

     [ ]  (a) Check if Exchange is from beneficial interest in a Restricted
              -------------------------------------------------------------
Global Note to beneficial interest in an Unrestricted Global Note.  In
-----------------------------------------------------------------
connection with the Exchange of the Owner's beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner's own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer
<PAGE>

                                                                             172

restrictions applicable to the Global Notes and pursuant to and in accordance
with the United States Securities Act of 1933, as amended (the "Securities
                                                                ----------
Act"), (iii) the restrictions on transfer contained in the Indenture and the
---
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest in an Unrestricted Global
Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

      [ ] (b) Check if Exchange is from beneficial interest in a Restricted
              -------------------------------------------------------------
Global Note to Unrestricted Definitive Note.  In connection with the Exchange of
-------------------------------------------
the Owner's beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner's own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

      [ ] (c) Check if Exchange is from Restricted Definitive Note to beneficial
              ------------------------------------------------------------------
interest in an Unrestricted Global Note.  In connection with the Owner's
---------------------------------------
Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

      [ ] (d) Check if Exchange is from Restricted Definitive Note to
              -------------------------------------------------------
Unrestricted Definitive Note.  In connection with
----------------------------
<PAGE>

                                                                             173

the Owner's Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

          (2) Exchange of Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

      [ ] (a) Check if Exchange is from beneficial interest in a Restricted
              -------------------------------------------------------------
Global Note to Restricted Definitive Note.  In connection with the Exchange of
-----------------------------------------
the Owner's beneficial interest in a Restricted Global Note for a Restricted
Definitive Note with an equal principal amount, the Owner hereby certifies that
the Restricted Definitive Note is being acquired for the Owner's own account
without transfer.  Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture
and the Securities Act.

      [ ] (b) Check if Exchange is from Restricted Definitive Note to beneficial
              ------------------------------------------------------------------
interest in a Restricted Global Note.  In connection with the Exchange of the
------------------------------------
Owner's Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
"  144A Global Note," "  Regulation S Global Note," "  IAI Global Note" with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States.  Upon consummation of the proposed
Exchange
<PAGE>

                                                                             174

in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

          This certificate and the statements contained herein are made for the
benefit of the Issuer and the Registrar.

                              ____________________________________
                              [Insert Name of Owner]

                              By:_________________________________
                                 Name:
                                 Title:

Dated:  ____________________
<PAGE>

                                                                             175

                                   EXHIBIT D

                            FORM OF CERTIFICATE FROM
                  ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

BROKAT Infosystems Aktiengesellschaft
Industriestrasse 3
D-70565 Stuttgart
Germany

The Bank of New York
One Canada Square
London E14 5AL
United Kingdom

                       Re: 11 1/2% Senior Notes due 2010

          Reference is hereby made to the Indenture, dated as of March 28, 2000
(the "Indenture"), between BROKAT Infosystems Aktiengesellschaft, a stock
      ---------
corporation organized and existing under the laws of Germany(the "Issuer"), and
                                                                  ------
The Bank of New York, as trustee (the "Trustee").  Capitalized terms used but
                                       -------
not defined herein shall have the meanings given to them in the Indenture.

          In connection with our proposed purchase of Euro________ aggregate
principal amount of:

          [ ]   (1) a beneficial interest in a Global Note, or

          [ ]   (2)  a Definitive Note,

          we confirm that:

          1.   We understand that any subsequent transfer of the Notes or any
interest therein is subject to certain restrictions and conditions set forth in
the Indenture and the undersigned agrees to be bound by, and not to resell,
pledge or otherwise transfer the Notes or any interest therein except in
compliance with, such
<PAGE>

                                                                             176

restrictions and conditions and the United States Securities Act of 1933, as
amended (the "Securities Act").
              --------------

          2.   We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence.  We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Issuer or any subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (c) to an institutional "accredited investor" (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. broker-dealer) to you and to the Issuer a signed letter
substantially in the form of this letter and, if such transfer is in respect of
a principal amount of Notes, at the time of transfer of less than $250,000, an
Opinion of Counsel in form reasonably acceptable to the Issuer to the effect
that such transfer is in compliance with the Securities Act, (D) outside the
United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or
(F) pursuant to an effective registration statement under the Securities Act,
and we further agree to provide to any person purchasing the Definitive Note or
beneficial interest in a Global Note from us in a transaction meeting the
requirements of clauses (A) through (E) of this paragraph a notice advising such
purchaser that resales thereof are restricted as stated herein.

          3.   We understand that, on any proposed resale of the Notes or
beneficial interest therein, we will be required to furnish to you and the
Issuer such certifications, legal opinions and other information as you and the
Issuer may reasonably require to confirm that the proposed sale complies with
the foregoing restrictions.  We further understand that the Notes purchased by
us will bear a legend to the foregoing effect.  We further understand that any
subsequent transfer by us of the Notes or beneficial interest therein acquired
by us must be effected through one of the Placement Agents.

          4.   We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the
<PAGE>

                                                                             177

Securities Act) and have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of our investment in
the Notes, and we and any accounts for which we are acting are each able to bear
the economic risk of our or its investment.

          5.   We are acquiring the Notes or beneficial interest therein
purchased by us for our own account or for one or more accounts (each of which
is an institutional "accredited investor") as to each of which we exercise sole
investment discretion.

          You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                              ___________________________________
                              [Insert Name of Accredited Investor]

                              By:________________________________
                                 Name:
                                 Title:

Dated:  __________________<PAGE>

                                                                     Exhibit 4.3

================================================================================

                      BROKAT Infosystems Aktiengesellschaft

                 Euro 125,000,000 11 1/2% Senior Notes due 2010

                          Registration Rights Agreement

                                 March 28, 2000

                             WestLB Panmure Limited,

                              as Initial Purchasers

================================================================================
<PAGE>

                      BROKAT Infosystems Aktiengesellschaft

                 Euro 125,000,000 11 1/2% Senior Notes due 2010

                          REGISTRATION RIGHTS AGREEMENT

                                 March 28, 2000

         This Registration Rights Agreement (this "Agreement") is made and
entered into as of March 28, 2000 by and among BROKAT Infosystems
Aktiengesellschaft, an Aktiengesellschaft organized under the laws of the
Federal Republic of Germany (the "Company"), and WestLB Panmure Limited (the
"Initial Purchaser"), which has agreed to purchase the Company's 11 1/2% Senior
Notes due 2010 (the "Senior Notes""), subject to the terms and conditions set
forth in the Purchase Agreement (as defined below).

         This Agreement is made pursuant to the Purchase Agreement dated March
21, 2000 (the "Purchase Agreement"), by and among the Company and the Initial
               ------------------
Purchaser. In order to induce the Initial Purchaser to purchase the Senior
Notes, the Company has agreed to provide the registration rights and other
agreements set forth in this Agreement. The execution and delivery of this
Agreement is a condition to the obligations of the Initial Purchaser to purchase
Senior Notes under the Purchase Agreement. The Senior Notes are to be issued
under an indenture to be dated as of the date hereof among the Company and The
Bank of New York, as trustee. Capitalized terms used herein and not otherwise
defined shall have the meaning assigned to them in the Indenture (as defined
below).

         The parties hereby agree as follows:

         Section 1.        DEFINITIONS

         As used in this Agreement, the following capitalized terms shall have
the following meanings:

         Affiliate:  As defined in Rule 144 of the Securities Act.
         ---------

         Agreement: As defined in the preamble.
         ---------

         Broker-Dealer: Any broker or dealer registered under the Exchange Act.
         -------------
<PAGE>

         Business Day: Any day that is not a Saturday, Sunday or a day on which
         ------------
banks are required or permitted to be closed in the State of New York.

         Closing Date : The date hereof.
         ------------

         Company:  As defined in the preamble.
         -------

         Consummate: An Exchange Offer shall be deemed "Consummated" for
         ----------
purposes of this Agreement upon the occurrence of (a) the filing and
effectiveness under the Securities Act of the Exchange Offer Registration
Statement relating to the Exchange Offer and the New Senior Notes to be issued
in the Exchange Offer, (b) the maintenance of such Exchange Offer Registration
Statement continuously effective and the keeping of the Exchange Offer open for
a period not less than the period required pursuant to Section 3(b) hereof and
(c) the delivery by the Company to the registrar of New Senior Notes in the same
aggregate principal amount as the aggregate principal amount of Senior Notes
tendered by holders thereof pursuant to the Exchange Offer.

         Consummation Deadline:  As defined in Section 3(b) hereof.
         ---------------------

         Effectiveness Deadline:  As defined in Section 3(a) hereof.
         ----------------------

         Exchange Act:  The Securities Exchange Act of 1934, as amended.
         ------------

         Exchange Offer: An offer by the Company registered under the Securities
         --------------
Act to exchange any and all outstanding Senior Notes for a like aggregate
principal amount of New Senior Notes.

         Exchange Offer Registration Statement:  The Registration Statement
         -------------------------------------
relating to the Exchange Offer, including the related Prospectus.

         Filing Deadline:  As defined in Section 3(a) hereof.
         ---------------

         Holders:  As defined in Section 2(b) hereof.
         -------

         Indenture: The indenture referred to in the preamble and any other
         ---------
indenture governing Notes which is identical in all material respects to the
indenture referred to in the preamble, other than such changes to any such
indenture as are necessary to comply with the TIA, and which, in either case,
has been qualified under the TIA.

         Initial Purchaser:  As defined in the preamble.
         -----------------

         Liquidated Damages:  As defined in Section 5 hereof.
         ------------------

                                        2
<PAGE>

         New Senior Notes: The 11 1/2% new Senior Notes due 2010 that are
         ----------------
identical to the Senior Notes, except that such New Senior Notes bear no legends
regarding transfer restrictions, issued pursuant to an Indenture in the Exchange
Offer or as contemplated by Sections 4 and 6 hereof.

         Notes:  The Senior Notes, the New Senior Notes and the Private Exchange
         -----
Notes.

         Participating Broker-Dealer: Any Broker-Dealer that (i) holds Notes
         ---------------------------
that were acquired for its own account as a result of market-making activities
or other trading activities (other than Notes acquired directly from the Company
or any of its Affiliates) that intends to participate in the Exchange Offer or
(ii) holds New Senior Notes acquired in the Exchange Offer.

         Private Exchange:  As defined in Section 3(b) hereof.
         ----------------

         Private Exchange Notes:  As defined in Section 3(b) hereof.
         ----------------------

         Prospectus: The prospectus included in a Registration Statement at the
         ----------
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

         Purchase Agreement:  As defined in the preamble.
         ------------------

         Recommencement Date:  As defined in Section 6(d) hereof.
         -------------------

         Registration Default:  As defined in Section 5 hereof.
         --------------------

         Registration Statement: Any registration statement of the Company
         ----------------------
relating to (a) an offering of New Senior Notes pursuant to or following the
Consummation of an Exchange Offer or (b) the registration for resale of Notes
pursuant to the Shelf Registration Statement, in each case, (i) that is filed
pursuant to the provisions of this Agreement and (ii) including the Prospectus
included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by
reference therein.

         Rule 144:  Rule 144 promulgated under the Securities Act.
         --------

         SEC:  The Securities and Exchange Commission
         ---

         Securities Act:  The Securities Act of 1933, as amended.
         --------------

                                        3
<PAGE>

         Senior Notes:  As defined in the preamble.
         ------------

         Shelf Effectiveness Deadline:  As defined in Section 4(a) hereof.
         ----------------------------

         Shelf Filing Deadline: As defined in Section 4(a) hereof.
         ---------------------

         Shelf Registration Statement:  As defined in Section 4(a) hereof.
         ----------------------------

         Suspension Notice:  As defined in Section 6(d) hereof.
         -----------------

         TIA:  The Trust Indenture Act of 1939 (15 U.S.C.  Section
         ---
77aaa-77bbbb) as in effect on the date of the Indenture.

         Transfer Restricted Securities: Each (a) Senior Note and, if issued,
         ------------------------------
the Private Exchange Notes, until the earliest to occur of (i) the date on which
such Senior Note or Private Exchange Note, as the case may be, is exchanged in
the Exchange Offer for a New Senior Note which is entitled to be resold to the
public by the holder thereof without complying with the registration and
prospectus delivery requirements of the Securities Act, (ii) the date on which
such Senior Note or Private Exchange Note, as the case may be, has been disposed
of in accordance with a Shelf Registration Statement and the purchaser thereof
has been issued a New Senior Note which is entitled to be resold to the public
by the holder thereof without complying with the registration and prospectus
delivery requirements of the Securities Act, or (iii) the date on which such
Senior Note or Private Exchange Note, as the case may be, is distributed to the
public pursuant to Rule 144 under the Securities Act and the purchaser thereof
has been issued a New Senior Note which is entitled to be resold to the public
by the holder thereof without complying with the registration and prospectus
delivery requirements of the Securities Act, and (b) New Senior Note held by a
Participating Broker-Dealer until the date on which such New Senior Note is
disposed of by such Participating Broker-Dealer pursuant to a Registration
Statement, including the delivery of the Prospectus contained therein, and such
New Senior Note is entitled to be resold to the public by the holder thereof
without complying with the registration and prospectus delivery requirements of
the Securities Act.

         Trustee:  The trustee under an Indenture.
         -------

         Section 2.        SECURITIES SUBJECT TO AGREEMENT

         (a) The securities entitled to the benefits of this Agreement are the
Senior Notes, the New Senior Notes and the Private Exchange Notes until all of
such Notes shall cease to be Transfer Restricted Securities.

                                        4
<PAGE>

         (b) A Person is deemed to be a holder of Transfer Restricted Securities
(each, a "Holder") whenever such Person beneficially owns such Transfer
          ------
Restricted Securities.

         Section 3.        EXCHANGE OFFER

         (a) Unless the Exchange Offer shall not be permitted by applicable
federal law (after the procedures set forth in Section 6(a)(i) below have been
complied with), the Company shall (i) cause the Exchange Offer Registration
Statement to be filed with the SEC as soon as practicable after the Closing
Date, but in no event later than 60 days after the Closing Date (such 60th day
being the "Filing Deadline"), (ii) use its best efforts to cause such Exchange
           ---------------
Offer Registration Statement to become effective at the earliest possible time,
but in no event later than 150 days after the Closing Date (such 150th day being
the "Effectiveness Deadline"), (iii) in connection with the foregoing, (A) file
     ----------------------
all pre-effective amendments to such Exchange Offer Registration Statement as
may be necessary in order to cause it to become effective, (B) file, if
applicable, a post-effective amendment to such Exchange Offer Registration
Statement pursuant to Rule 430A under the Securities Act and (C) cause all
necessary filings, if any, in connection with the registration and qualification
of the New Senior Notes to be made under the Blue Sky laws of such jurisdictions
as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the
effectiveness of such Exchange Offer Registration Statement, commence and
Consummate the Exchange Offer. The Exchange Offer shall be on the appropriate
form permitting (i) registration of the New Senior Notes to be offered in
exchange for the Senior Notes that are Transfer Restricted Securities and (ii)
resales of New Senior Notes by Participating Broker-Dealers as contemplated by
Section 3 (d) below.

         (b) If, prior to consummation of the Exchange Offer, the Initial
Purchaser holds any Senior Notes acquired by them and having the status of an
unsold allotment in the initial distribution, the Company upon the request of
the Initial Purchaser shall, simultaneously with the delivery of the New Senior
Notes in the Exchange Offer, issue and deliver to the Initial Purchaser in
exchange (the "Private Exchange") for Senior Notes held by the Initial Purchaser
a like principal amount of debt securities (the "Private Exchange Notes") that
                                                 ----------------------
are identical to the New Senior Notes, except that such Private Exchange Notes
shall bear appropriate legends regarding transfer restrictions. The Private
Exchange Notes shall (i) be issued under the same Indenture, (ii) be of the same
class and series, and (iii) bear the same CUSIP number, as the New Senior Notes.

         (c) The Company shall cause the Exchange Offer Registration Statement
to be effective continuously, and shall keep the Exchange Offer open for a
period of not less than the minimum period required under applicable federal and
state securities laws to Consummate the Exchange Offer; provided, however, that
in no event shall such period be less than 20 Business Days. The Company shall
cause the Exchange Offer to

                                       5
<PAGE>

comply with all applicable securities laws. No securities other than the New
Senior Notes shall be included in the Exchange Offer Registration Statement. The
Company shall use its best efforts to cause the Exchange Offer to be Consummated
on the earliest practicable date after the Exchange Offer Registration Statement
has become effective, but in no event later than 30 Business Days thereafter
(such 30th day being the "Consummation Deadline").
                          ---------------------

         (d) The Company shall include a "Plan of Distribution" section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate
therein that any Participating Broker-Dealer may exchange Transfer Restricted
Securities held by it pursuant to the Exchange Offer. The Company acknowledges,
and such "Plan of Distribution" shall also indicate that under certain
circumstances (i) a Participating Broker-Dealer may be deemed to be an
"underwriter" within the meaning of the Securities Act, (ii) in such event a
Participating Broker-Dealer would be required to deliver a prospectus meeting
the requirements of the Securities Act in connection with any resales of the
securities received by such Participating Broker-Dealer in the Exchange Offer,
and (iii) such prospectus delivery requirement may be satisfied by the delivery
by such Participating Broker-Dealer of the prospectus contained in the Exchange
Offer Registration Statement. Such "Plan of Distribution" section shall also
contain all other information with respect to such resales by Participating
Broker-Dealers that the SEC may require in order to permit such resales, but
shall not name any such Participating Broker-Dealer or disclose the amount of
securities held by any such Participating Broker-Dealer except to the extent
specifically required by the SEC as a result of a change in policy after the
date of this Agreement. The Company shall keep the Exchange Offer Registration
Statement continuously effective, supplemented, amended and current as required
by the provisions of paragraphs (a) and (c) of Section 6 below to the extent
necessary to ensure that it is available for resales of Notes, acquired by
Participating Broker-Dealers, and shall ensure that the Exchange Offer
Registration Statement conforms with all applicable requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the SEC
as announced from time to time, for a period of one year from the Consummation
Deadline. The Company shall provide sufficient copies of the latest version of
any such prospectus to Participating Broker-Dealers promptly upon request, and
in no event later than one day following any such request, at any time during
such period in order to facilitate such resales.

         Section 4.         SHELF REGISTRATION

         (a) If (i) the Exchange Offer is not permitted by applicable law (after
the Company have complied with the procedures set forth in Section 6(a) below),
(ii) the Exchange Offer is not consummated within 210 days of the Closing Date,
(iii) if any holder of Notes shall notify the Company within 20 Business Days
following the Consummation Deadline that (A) such holder was prohibited by law
or SEC policy

                                        6
<PAGE>

from participating in the Exchange Offer or (B) such holder may not resell the
New Senior Notes acquired by it in the Exchange Offer to the public without
delivering a prospectus and the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such
holder or (C) such holder is a Broker-Dealer and holds Senior Notes acquired
directly from the Company or any of its Affiliates, or (iv) the holder of
Private Exchange Notes so requests, then the Company shall:

                  (x) cause to be filed, on or prior to 60 days after the
         earlier of (i) (A) the date on which the Company determines that the
         Exchange Offer Registration Statement cannot be filed as a result of
         clause (a)(i) above or (B) the Closing Date, and (ii) the date on which
         the Company receives the notice specified in clause (a)(ii) above (such
         earlier date, the "Shelf Filing Deadline"), a shelf registration
                            ---------------------
         statement pursuant to Rule 415 under the Securities Act (which may be
         an amendment to the Exchange Offer Registration Statement (the "Shelf
                                                                         -----
         Registration Statement")), relating to all Transfer Restricted
         ----------------------
         Securities, and

                  (y) shall use its best efforts to cause such Shelf
         Registration Statement to become effective on or prior to 90 days after
         the Shelf Filing Deadline for the Shelf Registration Statement (such
         90th day, the "Shelf Effectiveness Deadline").

         (b) To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other Notes
required to be registered therein pursuant to Section 6(b)(ii) hereof, the
Company shall keep any Shelf Registration Statement required by this Section
4(a) continuously effective, supplemented, amended and current as required by
and subject to the provisions of Sections 6(b) and (c) hereof and responsive to
and in conformity with the applicable requirements of this Agreement, the
Securities Act, the Exchange Act and the policies, rules and regulations of the
SEC as announced from time to time, for a period of at least two years (as
extended pursuant to Section 6(c)(i)) following the Closing Date, or such
shorter period as will terminate when all Transfer Restricted Securities covered
by such Shelf Registration Statement have ceased to constitute Transfer
Restricted Securities.

         (c) No holder of Notes may include any of its Notes in any Shelf
Registration Statement pursuant to this Agreement unless and until such holder
furnishes to the Company in writing, within 20 days after receipt of a written
request therefor, the information specified in Item 507 or 508 of Regulation
S-K, as applicable, of the Securities Act for use in connection with any Shelf
Registration Statement or Prospectus or preliminary Prospectus included therein.
No holder of Notes shall be entitled to Liquidated Damages pursuant to Section 5
hereof unless and until such

                                        7
<PAGE>

holder shall have used its reasonable best efforts to furnish all such
information as provided in the preceding sentence. Each holder of Notes included
in any Shelf Registration Statement pursuant to this Agreement agrees promptly
to furnish additional information required to be disclosed in order to make the
information previously furnished to the Company by such holder not materially
misleading.

         Section 5.         LIQUIDATED DAMAGES

         (a) The parties hereto acknowledge and agree that the holders of Notes
will suffer material damages if the Company fails to fulfill its obligations
under Section 3 or Section 4 hereof and that it would not be feasible to
ascertain the extent of such damages with precision. Accordingly, the Company
hereby agrees to pay liquidated damages ("Liquidated Damages") if (i) any
                                          ------------------
Registration Statement required by this Agreement is not filed with the SEC on
or prior to the applicable Filing Deadline or Shelf Filing Deadline, as
applicable, (ii) any such Registration Statement has not been declared effective
by the SEC on or prior to the applicable Effectiveness Deadline or the Shelf
Effectiveness Deadline, as applicable, (iii) the Exchange Offer has not been
Consummated on or prior to the Consummation Deadline or (iv) any Registration
Statement required by this Agreement is filed and declared effective but shall
thereafter cease to be effective or fail to be usable for its intended purpose
without being succeeded immediately by a post-effective amendment to such
Registration Statement that cures such failure and that is itself declared
effective immediately (each such event referred to in clauses (i) through (iv),
a "Registration Default"). Liquidated Damages shall accrue and be payable on the
   --------------------
principal amount of outstanding Notes from the date of such Registration Default
at a rate of 0.25% per annum for the first 90-day period immediately following
the occurrence of such Registration Default. The amount of Liquidated Damages
shall increase by an additional 0.25% per annum with respect to each subsequent
90-day period until all Registration Defaults have been cured, up to a maximum
amount of Liquidated Damages of 2.0% per annum; provided, that the Company shall
in no event be required to pay Liquidated Damages for more than one Registration
Default at any given time. Notwithstanding anything to the contrary set forth
herein, (1) upon filing of the Exchange Offer Registration Statement or the
Shelf Registration Statement, in the case of (i) above, (2) upon the
effectiveness of the Exchange Offer Registration Statement or the Shelf
Registration Statement, in the case of (ii) above, (3) upon Consummation of the
Exchange Offer, in the case of (iii) above, or (4) upon the filing of a
post-effective amendment to the Registration Statement or an additional
Registration Statement that causes the Exchange Offer Registration Statement or
the Shelf Registration Statement to again be declared effective or made usable
in the case of (iv) above, the Liquidated Damages payable as a result of such
clause (i), (ii), (iii) or (iv), as applicable, shall cease to accrue upon the
cure of all such Registration Defaults.

                                        8
<PAGE>

         (b) All accrued Liquidated Damages shall be paid in the manner provided
for the payment of interest in the Indenture, on each Interest Payment Date, as
more fully set forth in the Indenture and the Notes. All of the obligations of
the Company to pay Liquidated Damages hereunder with respect to any securities
shall survive until such time as such obligations shall have been discharged and
satisfied in full, notwithstanding the fact that any such securities shall at
any time cease to be Transfer Restricted Securities hereunder.

         Section 6.         REGISTRATION PROCEDURES

         (a) In connection with the Exchange Offer, the Company shall (x) comply
with all applicable provisions of Section 6(c) below, (y) use its best efforts
to effect such exchange and to permit the resale of New Senior Notes by
Participating Broker- Dealers and (z) comply with all of the following
provisions:

                  (i) If, following the date hereof there has been announced a
         change in SEC policy with respect to exchange offers such as the
         Exchange Offer, that in the reasonable opinion of counsel to the
         Company raises a substantial question as to whether the Exchange Offer
         is permitted by applicable federal law, the Company hereby agrees to
         seek a no-action letter or other favorable decision from the SEC
         allowing the Company to Consummate an Exchange Offer for such Transfer
         Restricted Securities in the manner contemplated hereby. The Company
         hereby agrees to pursue the issuance of such a decision to the SEC
         staff level. In connection with the foregoing, the Company hereby
         agrees to take all such other actions as may be requested by the SEC or
         otherwise required in connection with the issuance of such decision,
         including without limitation (A) participating in telephonic
         conferences with the SEC, (B) delivering to the SEC staff an analysis
         prepared by counsel to the Company setting forth the legal bases, if
         any, upon which such counsel has concluded that such an Exchange Offer
         should be permitted and (C) diligently pursuing a resolution (which
         need not be favorable) by the SEC staff.

                  (ii) As a condition to its participation in the Exchange
         Offer, each holder of Notes, including, without limitation, any Holder
         who is a Broker- Dealer shall furnish, upon the request of the Company,
         prior to the Consummation of the Exchange Offer, a written
         representation to the Company (which may be contained in the letter of
         transmittal contemplated by the Exchange Offer Registration Statement)
         to the effect that (A) it is not an Affiliate of the Company, (B) it is
         not engaged in, and does not intend to engage in, and has no
         arrangement or understanding with any person to participate in, a
         distribution of the New Senior Notes to be issued in the Exchange Offer
         and (C) it is acquiring the New Senior Notes in its ordinary course of
         business. As a condition to its participation in the Exchange Offer,
         each holder using the

                                        9
<PAGE>

         Exchange Offer to participate in a distribution of the New Senior Notes
         acknowledges and agrees that, if the resales are of New Senior Notes
         obtained by such holder in exchange for Senior Notes acquired directly
         from the Company or an Affiliate thereof, it (1) could not, under SEC
         policy as in effect on the date of this Agreement, rely on the position
         of the SEC enunciated in Morgan Stanley and Co., Inc. (available June
         5, 1991) and Exxon Capital Holdings Corporation (available May 13,
         1988), as interpreted in the SEC's letter to Shearman & Sterling dated
         July 2, 1993, and similar no- action letters (including, if applicable,
         any no-action letter obtained pursuant to clause (i) above), and (2)
         must comply with the registration and prospectus delivery requirements
         of the Securities Act in connection with a secondary resale transaction
         and that such a secondary resale transaction must be covered by an
         effective registration statement containing the selling security holder
         information required by Item 507 or 508, as applicable, of Regulation
         S-K.

                  (iii) Prior to effectiveness of the Exchange Offer
         Registration Statement, the Company shall provide a supplemental letter
         to the SEC (A) stating that the Company is registering the Exchange
         Offer in reliance on the position of the SEC enunciated in Exxon
         Capital Holdings Corporation (available May 13, 1988), Morgan Stanley &
         Co. Inc. (available June 5, 1991), as interpreted in the SEC's letter
         to Shearman & Sterling dated July 2, 1993, and, if applicable, any
         no-action letter obtained pursuant to clause (i) above, (B) including a
         representation that the Company has not entered into any arrangement or
         understanding with any person to distribute the New Senior Notes to be
         received in the Exchange Offer and that, to the best of the Company's
         information and belief, each holder participating in the Exchange Offer
         is acquiring the New Senior Notes in its ordinary course of business
         and has no arrangement or understanding with any Person to participate
         in the distribution of the New Senior Notes received in the Exchange
         Offer and (C) including any other undertaking or representation
         required by the SEC in connection with any no action letter obtained
         pursuant to clause (i) above or otherwise.

         (b)      In connection with the Shelf Registration Statement, the
Company shall:

                  (i) comply with all the provisions of Section 6(c) below and
         use its best efforts to effect such registration to permit the sale of
         the Notes in accordance with the intended method or methods of
         distribution thereof (as indicated in the information furnished to the
         Company pursuant to Section 4(b) hereof), and pursuant thereto the
         Company will prepare and file with the SEC a Registration Statement
         relating to the registration on any appropriate form under the
         Securities Act, which form shall be available for the sale of the Notes
         in

                                       10
<PAGE>

         accordance with the intended method or methods of distribution thereof
         within the time periods and otherwise in accordance with the provisions
         hereof, and

                  (ii) issue, upon the request of any holder or purchaser of
         Senior Notes covered by any Shelf Registration Statement contemplated
         by this Agreement, New Senior Notes having an aggregate principal
         amount equal to the aggregate principal amount of Senior Notes sold
         pursuant to such Shelf Registration Statement and surrendered to the
         Company for cancellation; the Company shall, if necessary, register New
         Senior Notes on the Shelf Registration Statement for this purpose and
         issue the New Senior Notes to the purchaser(s) of securities subject to
         the Shelf Registration Statement in the names as such purchaser(s)
         shall designate.

         (c)      In connection with any Registration Statement and any related
Prospectus required by this Agreement, the Company shall:

                  (i) use its best efforts to keep such Registration Statement
         continuously effective and provide all requisite financial statements
         for the period specified in Section 3 or 4 of this Agreement, as
         applicable; upon the occurrence of any event that would cause any such
         Registration Statement or Prospectus (A) to contain an untrue statement
         of material fact or omit to state any material fact necessary to make
         the statements therein not misleading or (B) not to be effective and
         usable for resale of Notes during the period required by this
         Agreement, the Company shall file promptly an appropriate amendment to
         such Registration Statement curing such defect, and, if SEC review is
         required, use its best efforts to cause such amendment to be declared
         effective as soon as practicable;

                  (ii) prepare and file with the SEC such amendments and post-
         effective amendments to the applicable Registration Statement as may be
         necessary to keep such Registration Statement effective for the
         applicable period set forth in Section 3 or 4 hereof, as the case may
         be; cause the Prospectus to be supplemented by any required Prospectus
         supplement, and as so supplemented to be duly filed pursuant to Rule
         424 under the Securities Act, and to comply fully with Rules 424, 430A
         and 462, as applicable, under the Securities Act in a timely manner;
         and comply with the provisions of the Securities Act with respect to
         the disposition of all securities covered by such Registration
         Statement during the applicable period in accordance with the intended
         method or methods of distribution by the sellers thereof set forth in
         such Registration Statement or supplement to the Prospectus;

                  (iii) advise each holder promptly and, if requested by such
         holder, confirm such advice in writing, (A) when the Prospectus or any
         Prospectus

                                       11
<PAGE>

         supplement or post-effective amendment has been filed, and, with
         respect to any applicable Registration Statement or any post-effective
         amendment thereto, when the same has become effective, (B) of any
         request by the SEC for amendments to the Registration Statement or
         amendments or supplements to the Prospectus or for additional
         information relating thereto, (C) of the issuance by the SEC of any
         stop order suspending the effectiveness of the Registration Statement
         under the Securities Act or of the suspension by any state securities
         SEC of the qualification of the Notes for offering or sale in any
         jurisdiction, or the initiation of any proceeding for any of the
         preceding purposes, (D) of the existence of any fact or the happening
         of any event that makes any statement of a material fact made in the
         Registration Statement, the Prospectus, any amendment or supplement
         thereto or any document incorporated by reference therein untrue, or
         that requires the making of any additions to or changes in the
         Registration Statement in order to make the statements therein not
         misleading, or that requires the making of any additions to or changes
         in the Prospectus in order to make the statements therein, in the light
         of the circumstances under which they were made, not misleading; if at
         any time the SEC shall issue any stop order suspending the
         effectiveness of the Registration Statement, or any state securities
         commission or other regulatory authority shall issue an order
         suspending the qualification or exemption from qualification of the
         Transfer Restricted Securities under state securities or Blue Sky laws,
         the Company shall use its best efforts to obtain the withdrawal or
         lifting of such order at the earliest possible time;

                  (iv) subject to Section 6(c)(i), if any fact or event
         contemplated by Section 6(c)(iii)(D) above shall exist or have
         occurred, prepare a supplement or post-effective amendment to the
         Registration Statement or related Prospectus or any document
         incorporated therein by reference or file any other required document
         so that, as thereafter delivered to the purchasers of Notes, the
         Prospectus will not contain an untrue statement of a material fact or
         omit to state any material fact necessary to make the statements
         therein, in the light of the circumstances under which they were made,
         not misleading;

                  (v) (A) in the case of an Exchange Offer, furnish counsel for
         any Participating Broker-Dealer, if any, that has given at least five
         Business Days' prior written or oral notification to the Company that
         it will participate in the Exchange Offer and (B) in the case of a
         Shelf Registration Statement, furnish counsel for the holders of Notes,
         before filing with the SEC, copies of any Registration Statement or any
         Prospectus included therein or any amendments or supplements to any
         such Registration Statement or Prospectus (including all documents
         incorporated by reference in such Registration Statement at the time of
         or after the initial filing of such Registration Statement), which
         documents will be subject to the review of such holders and
         Participating Broker-Dealer, if

                                       12
<PAGE>

         any, for a period of at least five Business Days, and the Company will
         not file any such Registration Statement or Prospectus or any amendment
         or supplement to any such Registration Statement or Prospectus
         (including all such documents incorporated by reference) to which a
         selling holder of Notes covered by such Registration Statement (in the
         case of a Shelf Registration Statement) or any Participating
         Broker-Dealer (in the case of an Exchange Offer Registration
         Statement), shall reasonably object. A Participating Broker-Dealer or
         selling holder shall be deemed to have reasonably objected to such
         filing if such Registration Statement, amendment, Prospectus or
         supplement, as applicable, as proposed to be filed, contains a material
         misstatement or omission;

                  (vi) (A) in the case of an Exchange Offer, furnish counsel for
         any Participating Broker-Dealer that has given at least five Business
         Days' prior written or oral notification to the Company that it will
         participate in the Exchange Offer and (B) in the case of a Shelf
         Registration Statement, furnish counsel for the holders of Notes, prior
         to the filing of any document that is to be incorporated by reference
         into a Registration Statement or Prospectus included therein, copies of
         such document, and, in each case, make the Company's representatives
         available for discussion of such document and other customary due
         diligence matters, and include such information in such document prior
         to the filing thereof as such holders, any Participating Broker Dealers
         or their respective counsel, reasonably may request;

                  (vii) make available at reasonable times for inspection by (A)
         in the case of an Exchange Offer, any Participating Broker-Dealer, and
         any attorney or accountant retained by any such Participating
         Broker-Dealer and (B) in the case of a Shelf Registration Statement,
         furnish holders, and any attorney or accountant retained by such
         holders, all material financial and other records, pertinent corporate
         documents and properties of the Company and cause the Company's
         officers, directors and employees to supply all material information
         reasonably requested by any such Participating Broker-Dealer, holder,
         attorney or accountant in connection with such Registration Statement
         subsequent to the filing thereof and prior to its effectiveness, in
         each case, subject to executing a confidentiality undertaking in
         customary form and with respect to confidential information and/or
         proprietary information of the Company;

                  (viii) (A) in the case of an Exchange Offer, if requested by
         any Participating Broker-Dealer, or their counsel, or (B) in the case
         of a Shelf Registration Statement, if requested by any holder or their
         counsel, promptly incorporate in any Registration Statement or
         Prospectus included therein, pursuant to a supplement or post-effective
         amendment if necessary, such material information as such Participating
         Broker-Dealers, holders or their respective counsel may reasonably
         request to have included therein, including,

                                       13
<PAGE>

         without limitation, information relating to the "Plan of Distribution"
         of the Notes, information with respect to the principal amount of Notes
         being sold, the purchase price being paid therefor and any other terms
         of the offering of the Notes to be sold in such offering; and make all
         required filings of such Prospectus supplement or post-effective
         amendment as soon as practicable after the Company is notified of the
         matters to be incorporated in such Prospectus supplement or
         post-effective amendment;

                  (ix) furnish (A) in the case of an Exchange Offer, to any
         Participating Broker-Dealer, and any underwriter(s), if such
         Participating Broker-Dealer or underwriter(s) have given prior written
         or oral notification to the Company that they will participate in the
         Exchange Offer, or (B) in the case of a Shelf Registration Statement,
         to each selling holder, without charge, at least one copy of the
         Registration Statement, as first filed with the SEC, and of each
         amendment thereto, including all documents incorporated by reference
         therein and all exhibits (without documents incorporated therein by
         reference or exhibits thereto, unless requested);

                  (x) deliver to each selling holder, each Participating
         Broker-Dealer and any underwriter(s), without charge, as many copies of
         the Prospectus (including each preliminary prospectus) and any
         amendment or supplement thereto as such Persons reasonably may request;
         the Company hereby consents to the use (in accordance with law) of the
         Prospectus and any amendment or supplement thereto by each of the
         selling holders, each of the Participating Broker-Dealers, and each of
         the other underwriter(s), if any, in connection with the offering and
         the sale of the Notes covered by the Prospectus or any amendment or
         supplement thereto;

                  (xi) in the case of a Shelf Registration Statement and, to the
         extent that the Company is required to maintain an effective Exchange
         Offer Registration Statement for any Participating Broker-Dealer, enter
         into such agreements (including, without limitation, underwriting
         agreements), and make such representations and warranties, and take all
         such other actions in connection therewith in order to expedite or
         facilitate the disposition of the Notes pursuant to any Registration
         Statement contemplated by this Agreement, all to such extent as may be
         reasonably requested by any holder of Notes or Participating
         Broker-Dealer in connection with any sale or resale pursuant to any
         Registration Statement contemplated by this Agreement; and whether or
         not an underwriting agreement is entered into and whether or not the
         registration is an underwritten registration, the Company shall:

                           (A)      upon request of any holder, furnish (or in
            the case of paragraphs (2) and (3), use its best efforts to cause to
            be furnished) to

                                       14
<PAGE>

                  each holder, upon Consummation of the Exchange Offer or upon
                  the effectiveness of the Shelf Registration Statement, as the
                  case may be, and to each Participating Broker-Dealer upon five
                  Business Days' prior written or oral notice to the Company
                  that it is participating in the Exchange Offer, but in no case
                  prior to the Consummation of the Exchange Offer:

                                    (1) a certificate, dated such date, signed
                           on behalf of the Company by (x) the President or any
                           Vice President and (y) a principal financial or
                           accounting officer of the Company, confirming, as of
                           the date thereof, the matters set forth in Sections
                           9(d) and 9(o) of the Purchase Agreement and such
                           other similar matters as such holders may reasonably
                           request;

                                    (2) opinions, dated the date of Consummation
                           of the Exchange Offer or the date of effectiveness of
                           the Shelf Registration Statement, as the case may be,
                           of counsel for the Company covering matters similar
                           to those set forth in paragraph (e) of Section 9 of
                           the Purchase Agreement and such other matters as such
                           holder may reasonably request, and in any event
                           including a statement to the effect that such counsel
                           has participated in conferences with officers and
                           other representatives of the Company, representatives
                           of the independent public accountants for the Company
                           and have considered the matters required to be stated
                           therein and the statements contained therein,
                           although such counsel has not independently verified
                           the accuracy, completeness or fairness of such
                           statements; and that such counsel advises that, on
                           the basis of the foregoing (relying as to materiality
                           to the extent such counsel deems appropriate upon the
                           statements of officers and other representatives of
                           the Company, no facts came to such counsel's
                           attention that caused such counsel to believe that
                           the applicable Registration Statement, at the time
                           such Registration Statement or any post-effective
                           amendment thereto became effective and, in the case
                           of the Exchange Offer Registration Statement, as of
                           the date of Consummation of the Exchange Offer,
                           contained an untrue statement of a material fact or
                           omitted to state a material fact required to be
                           stated therein or necessary to make the statements
                           therein not misleading, or that the Prospectus
                           contained in

                                       15
<PAGE>

                           such Registration Statement as of its date and, in
                           the case of the opinion dated the date of
                           Consummation of the Exchange Offer, as of the date of
                           Consummation, contained an untrue statement of a
                           material fact or omitted to state a material fact
                           necessary in order to make the statements therein, in
                           the light of the circumstances under which they were
                           made, not misleading. Without limiting the foregoing,
                           such counsel may state further that such counsel
                           assumes no responsibility for, and has not
                           independently verified, the accuracy, completeness or
                           fairness of the financial statements, notes and
                           schedules and other financial data included in any
                           Registration Statement contemplated by this Agreement
                           or the related Prospectus; and

                                    (3) a customary comfort letter, dated the
                           date of Consummation of the Exchange Offer, or as of
                           the date of effectiveness of the Shelf Registration
                           Statement, as the case may be, from the Company's
                           independent accountants, in the customary form and
                           covering matters of the type customarily covered in
                           comfort letters to underwriters in connection with
                           underwritten offerings, and affirming the matters set
                           forth in the comfort letters delivered pursuant to
                           Section 9(g) of the Purchase Agreement;

                           (B) set forth in full or incorporate by reference in
                  the underwriting agreement, if any, indemnification provisions
                  and procedures no less favorable to the holders, any
                  Participating Broker-Dealer or any underwriter than the
                  comparable provisions hereof;

                           (C) deliver such other documents and certificates as
                  may be reasonably requested by the selling holders or any
                  Participating Broker- Dealer to evidence compliance with the
                  matters covered in clause (A) above and with any customary
                  conditions contained in any agreement entered into by the
                  Company pursuant to this clause (xi); and

                           (D) if at any time during, in the case of an Exchange
                  Offer, the one-year period contemplated by Section 3(d)
                  hereof, or, in the case of a Shelf Registration, the two-year
                  period contemplated by Section 4(b) hereof, the
                  representations and warranties of the Company contemplated in
                  clause (A)(1) above cease to be true and correct, so advise
                  any

                                       16
<PAGE>

                  Participating Broker-Dealer and each selling holder promptly
                  and, if requested by such Persons, shall confirm such advice
                  in writing;

                  (xii) prior to any public offering of Notes, cooperate with
         the selling holders or any Participating Broker-Dealer and their
         counsel in connection with the registration and qualification of the
         Notes under the securities or Blue Sky laws of such jurisdictions as
         the selling holders or any Participating Broker- Dealer may request and
         do any and all other acts or things necessary or advisable to enable
         the disposition in such jurisdictions of the Notes covered by the
         applicable Registration Statement; provided, however, that the Company
         shall not be required to register or qualify as a foreign corporation
         where it is not now so qualified or to take any action that would
         subject it to the service of process in suits or to taxation, other
         than as to matters and transactions relating to the Registration
         Statement, in any jurisdiction where it is not now so subject;

                  (xiii) in connection with any sale of Notes that will result
         in such Notes no longer being Transfer Restricted Securities, cooperate
         with the holders to facilitate the timely preparation and delivery of
         certificates representing Notes to be sold and not bearing any
         restrictive legends;

                  (xiv) use its best efforts to cause the disposition of the
         Notes covered by the Registration Statement to be registered with or
         approved by such other governmental agencies or authorities as may be
         necessary to enable the seller or sellers thereof to consummate the
         disposition of such Notes, subject to the proviso contained in clause
         (xii) above;

                  (xv) provide CUSIP, ISIN and Common Code numbers for all Notes
         not later than the effective date of a Registration Statement covering
         such Notes and provide the Trustee with printed certificates for the
         Notes which are in a form eligible for deposit with the Common
         Depositary under the Indenture;

                  (xvi) otherwise use its best efforts to comply with all
         applicable rules and regulations of the SEC, and make generally
         available to its security holders with regard to any applicable
         Registration Statement, as soon as practicable, a consolidated earnings
         statement meeting the requirements of Rule 158 (which need not be
         audited) covering a twelve-month period beginning after the effective
         date of the Registration Statement (as such term is defined in
         paragraph (c) of Rule 158 under the Securities Act);

                  (xvii) cause each Indenture to be qualified under the TIA not
         later than the effective date of the first Registration Statement
         required by this Agreement and, in connection therewith, cooperate with
         the Trustee and the holders to effect such changes to any Indenture as
         may be required for such Indenture to be

                                       17
<PAGE>

         so qualified in accordance with the terms of the TIA; and execute and
         use its best efforts to cause the Trustee to execute, all documents
         that may be required to effect such changes and all other forms and
         documents required to be filed with the SEC to enable such Indenture to
         be so qualified in a timely manner;

                  (xviii) cooperate and assist in any filings required to be
         made with the National Association of Securities Dealers, Inc. and in
         the performance of any due diligence investigation by any Participating
         Broker-Dealer or other underwriter (including any "qualified
         independent underwriter") that is required to be retained in accordance
         with the rules and regulations of the National Association of
         Securities Dealers, Inc.;

                  (xix) cause all Notes covered by the Registration Statement to
         be listed on each securities exchange on which similar securities
         issued by the Company are then listed if requested by the holders of a
         majority in aggregate principal amount of Senior Notes or the managing
         underwriter(s), if any; and

                  (xx) provide promptly to each Holder and any affiliated market
         maker thereof, upon request, each document filed with the SEC pursuant
         to the requirements of Section 13 or 15(d) of the Exchange Act.

         (d) Each Holder agrees by acquisition of a Transfer Restricted Security
that, upon receipt of the notice referred to in Section 6(c)(iii)(C) or any
notice from the Company of the existence of any fact of the kind described in
Section 6(c)(iii)(D) hereof (in each case, a "Suspension Notice"), such Holder
will forthwith discontinue disposition of Transfer Restricted Securities
pursuant to the applicable Registration Statement until (i) such Holder has
received copies of the supplemented or amended Prospectus contemplated by
Section 6(c)(iv) hereof, or (ii) such Holder is advised in writing by the
Company that the use of the Prospectus may be resumed, and has received copies
of any additional or supplemental filings that are incorporated by reference in
the Prospectus (in each case, the "Recommencement Date"). Each Holder receiving
a Suspension Notice hereby agrees that it will either (i) destroy any
Prospectuses, other than permanent file copies, then in such Holder's possession
which have been replaced by the Company with more recently dated Prospectuses or
(ii) deliver to the Company (at the Company's expense) all copies, other than
permanent file copies, then in such Holder's possession of the Prospectus
covering such Transfer Restricted Securities that was current at the time of
receipt of the Suspension Notice. The time period regarding the effectiveness of
such Registration Statement set forth in Section 3 or 4 hereof, as applicable,
shall be extended by a number of days equal to the number of days in the period
from and including the date of delivery of the Suspension Notice to the date of
delivery of the Recommencement Date.

                                       18
<PAGE>

         Section 7.        REGISTRATION EXPENSES

         (a) All expenses incident to the Company's performance of or compliance
with this Agreement will be borne by the Company, regardless of whether a
Registration Statement becomes effective, including without limitation: (i) all
registration and filing fees and expenses; (ii) all fees and expenses of
compliance with federal securities and state Blue Sky or securities laws; (iii)
all expenses of printing (including printing certificates for the New Senior
Notes to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements
of counsel for the Company and the holders of Notes, respectively; (v) the
Luxembourg Stock Exchange application and filing fees in connection with listing
the New Senior Notes; and (vi) all fees and disbursements of independent
certified public accountants of the Company (including the expenses of any
special audit and comfort letters required by or incident to such performance).

         (b) The Company will, in any event, bear its internal expenses,
including, without limitation, all salaries and expenses of their officers and
employees performing legal or accounting duties, the expenses of any annual or
periodic audit or other accounting review and the fees and expenses of any
person, including special experts or consultants, retained by the Company.

         (c) In connection with any Registration Statement required by this
Agreement, including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement, the Company will reimburse the
Initial Purchaser and the holders of Notes tendered in the Exchange Offer and/or
offered or sold under the Exchange Offer Registration Statement or the Shelf
Registration Statement, as applicable, for the fees and disbursements of not
more than one counsel, who shall be Paul, Weiss, Rifkind, Wharton & Garrison,
unless another firm shall be chosen by the holders of a majority in principal
amount of the Notes for whose benefit such Registration Statement is being
prepared.

         Section 8.        INDEMNIFICATION

         (a) The Company agrees to indemnify and hold harmless each holder of
Notes, its directors, officers and each Person, if any, who controls such holder
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act), from and against any and all losses, claims, damages,
liabilities, judgments, (including without limitation, any reasonable legal or
other expenses incurred in connection with investigating or defending any
matter, including any action that could give rise to any such losses, claims,
damages, liabilities or judgments) caused by any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement,
preliminary prospectus or Prospectus (or any amendment or supplement thereto)
provided by the Company to any prospective seller or purchaser of Notes, or
caused by

                                       19
<PAGE>

any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or judgments are
caused by any such untrue statement or omission or alleged untrue statement or
omission made therein in reliance upon and in conformity with information
relating to any such holder furnished to the Company in writing by or on behalf
of any such holder expressly for use therein.

         (b) Each holder of Notes agrees, severally and not jointly, to
indemnify and hold harmless the Company, and each other holder of Notes, and
their respective directors and officers, and each person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) the Company and each other holder of Notes to the same extent as
the foregoing indemnity from the Company set forth in Section (a) above, but
only with reference to information relating to such holder furnished to the
Company in writing by or on behalf of such holder expressly for use in any
Registration Statement. In no event shall any holder of Notes, its directors,
officers or any Person who controls such holder be liable or responsible for any
amount in excess of the amount by which the total amount received by such holder
with respect to its sale of Notes pursuant to a Registration Statement exceeds
(i) the amount paid by such holder for such Notes and (ii) the amount of any
damages that such holder, its directors, officers or any Person who controls
such holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission.

         (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"indemnified party"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "indemnifying person") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 8(a) and 8(b), a holder of Notes shall not be required to
assume the defense of such action pursuant to this Section 8(c), but may employ
separate counsel and participate in the defense thereof, but the fees and
expenses of such counsel, except as provided below, shall be at the expense of
the holder). Any indemnified party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of the indemnified party
unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to
any such action (including any impleaded parties) include both the indemnified
party and the indemnifying party, and the indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available
to

                                       20
<PAGE>

it which are different from or additional to those available to the indemnifying
party (in which case the indemnifying party shall not have the right to assume
the defense of such action on behalf of the indemnified party). In any such
case, the indemnifying party shall not, in connection with any one action or
separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
fees and expenses of more than one separate firm of attorneys (in addition to
any local counsel) for all indemnified parties and all such fees and expenses
shall be reimbursed as they are incurred. Such firm shall be designated in
writing by a majority of the holders of Notes, in the case of the parties
indemnified pursuant to Section 8(a), and by the Company, in the case of parties
indemnified pursuant to Section 8(b). The indemnifying party shall indemnify and
hold harmless the indemnified party from and against any and all losses, claims,
damages, liabilities and judgments by reason of any settlement of any action (i)
effected with its written consent or (ii) effected without its written consent
if the settlement is entered into more than 20 Business Days after the
indemnifying party shall have received a request from the indemnified party for
reimbursement for the fees and expenses of counsel (in any case where such fees
and expenses are at the expense of the indemnifying party) and, prior to the
date of such settlement, the indemnifying party shall have failed to comply with
such reimbursement request. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement or compromise
of, or consent to the entry of judgment with respect to, any pending or
threatened action in respect of which the indemnified party is or could have
been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all
liability on claims that are or could have been the subject matter of such
action and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the indemnified party.

         (d) To the extent that the indemnification provided for in this Section
8 is unavailable to an indemnified party in respect of any losses, claims,
damages, liabilities or judgments referred to therein, then each indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages, liabilities or judgments (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the one
hand, and the holders of Notes, on the other hand, from their sale of Notes or
(ii) if the allocation provided by clause 8(d)(i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause 8(d)(i) above but also the relative fault of the
Company, on the one hand, and of the holder, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims, damages,
liabilities or judgments, as well as any other relevant equitable
considerations. The relative fault of the Company, on the one hand, and of the
holder, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the

                                       21
<PAGE>

omission or alleged omission to state a material fact relates to information
supplied by the Company, on the one hand, or by the holder, on the other hand,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid or
payable by a party as a result of the losses, claims, damages, liabilities and
judgments referred to above shall be deemed to include, subject to the
limitations set forth in the second paragraph of Section 8(a), any legal or
other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim.

         The Company and each holder of any Note agree that it would not be just
and equitable if contribution pursuant to this Section 8(d) were determined by
pro rata allocation (even if such holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities or judgments referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any matter, including any
action that could have given rise to such losses, claims, damages, liabilities
or judgments. Notwithstanding the provisions of this Section 8, no holder of any
Note, its directors, its officers or any person, if any, who controls such
holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the total received by such holder with respect to the
sale of Notes pursuant to a Registration Statement exceeds (i) the amount paid
by such holder for such Notes and (ii) the amount of any damages which such
holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The holders' obligations to contribute pursuant to
this Section 8(d) are several in proportion to the respective principal amount
of Notes held by each holder hereunder. The holders' obligations to contribute
pursuant to this Section 8(d) are not joint.

         Section 9.        RULE 144A AND RULE 144

         Each of the Company agrees with each holder of Notes, for so long as
any Notes remain outstanding (i) whether or not either of the Company is subject
to Section 13 or 15(d) of the Exchange Act, to make available, upon request of
any holder, to such holder or beneficial owner of Notes in connection with any
sale thereof and any prospective purchaser of Notes designated by such holder or
beneficial owner, the information required by Rule 144A(d)(4) under the
Securities Act in order to permit resales of Notes pursuant to Rule 144A, and
(ii) during any period in which either of the Company is subject to Section 13
or 15(d) of the Exchange Act, to make all filings

                                       22
<PAGE>

required thereby in a timely manner in order to permit resales of Notes pursuant
to Rule 144.

         Section 10.       UNDERWRITTEN REGISTRATIONS

         (a) No holder of Notes may participate in any underwritten offering
under a Registration Statement hereunder unless such holder (i) agrees to sell
such holder's Notes on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (ii)
completes and executes all reasonable questionnaires, powers of attorney,
indemnities, underwriting agreements, lock-up letters and other documents
required under the terms of such underwriting arrangements.

         (b) The holders of Notes covered by the Shelf Registration Statement
who desire to do so may sell such Notes in an underwritten offering. In any such
offering, each investment banking firm that will manage and/or participate in
the offering will be selected, subject to the consent of the Company, which
consent shall not be unreasonably withheld, by the holders of a majority in
aggregate principal amount of the Notes included in such offering.

         Section 11.       MISCELLANEOUS

         (a) The Company acknowledges and agrees that (i) any failure by the
Company to comply with its obligations hereunder may result in material
irreparable injury to the Initial Purchaser or the holders of Notes for which
there is no adequate remedy at law; (ii) it will not be possible to measure
damages for such injuries precisely; and (iii) in the event of any such failure,
the Initial Purchaser or any holder of Notes may obtain such relief as may be
required specifically to enforce the Company's obligations hereunder, including
without limitation Sections 3, 4 and 6 hereof. The Company further agree to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

         (b) The Company will not, on or after the date of this Agreement, enter
into any agreement with respect to its securities that is inconsistent with the
rights granted under this Agreement or otherwise conflicts with the provisions
hereof. Except as set forth on Schedule A hereto, neither the Company has
previously entered into any agreement granting any registration rights with
respect to its securities to any person. The rights granted hereunder do not in
any way conflict with and are not inconsistent with the rights granted to the
holders of any of the Company's securities under any agreement in effect on the
date hereof.

         (c) The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions
hereof may

                                       23
<PAGE>

not be given unless (i) in the case of Section 5 hereof and this Section
11(c)(i), the Company has obtained the written consent of holders of all
outstanding Notes entitled to Liquidated Damages under Section 5 hereof and (ii)
in the case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other holders whose Notes are not being tendered pursuant to such Exchange
Offer, may be given by the Holders of a majority of the outstanding principal
amount of Transfer Restricted Securities subject to such Exchange Offer.

         (d) The holders of outstanding Notes (excluding Notes held by the
Company or its Affiliates) shall be third party beneficiaries to the agreements
made hereunder between the Company, on the one hand, and the Initial Purchaser,
on the other hand, and shall have the right to enforce such agreements directly
to the extent they may deem such enforcement necessary or advisable to protect
their rights or the rights of holders of outstanding Notes hereunder.

         (e) All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

                  (i)      if to a holder, at the address set forth on the
         records of the Registrar under the Indenture, with a copy to such
         Registrar; and

                  (ii)     if to the Company:

                                    BROKAT Infosystems Aktiengesellschaft,
                                    Industriestrasse 3, D-70565,
                                    Stuttgart, Germany
                                    Telecopier No.: +49 711 788 44 770
                                    Attention: General Counsel

                                       24
<PAGE>

                                    With a copy to:

                                    LeBoeuf, Lamb, Greene & MacRae, L.L.P.
                                    125 West 55th Street
                                    New York, New York 10019-5389
                                    Telecopier No.: 212/424-8500
                                    Attention: Lars Bang-Jensen

         All such notices and communications shall be deemed to have been duly
given: (i) at the time delivered by hand, if personally delivered; (ii) five
Business Days after being deposited in the mail, postage prepaid, if mailed;
(iii) when receipt acknowledged, if telecopied; and (iv) on the next Business
Day, if timely delivered to an air courier guaranteeing overnight delivery.
Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

         (f) This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties, including, without limitation
and without the need for an express assignment, subsequent holders of
outstanding Notes (excluding Notes held by the Company or its Affiliates);
provided, that nothing herein shall be deemed to permit any assignment, transfer
or other disposition of Transfer Restricted Securities in violation of the terms
hereof, of the Purchase Agreement or the Indenture. If any transferee of any
holder shall acquire Notes in any manner, whether by operation of law or
otherwise, such Notes shall be held subject to all of the terms of this
Agreement, and by taking and holding such Notes such Person shall be
conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement, including the restrictions on resale set
forth in this Agreement and, if applicable, the Purchase Agreement, and such
Person shall be entitled to receive the benefits hereof.

         (g) This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

         (h) The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

         (i) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT
OF LAW RULES THEREOF.

                                       25
<PAGE>

         (j) In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby.

         (k) This Agreement is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to the subject matter hereof.

                                       26
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                  BROKAT Infosystems Aktiengesellschaft

                                           By:  /s/    MICHAEL JANSSEN
                                              _________________________________
                                                Name:  Michael Janssen
                                                Title: Chief Financial Officer

                                           By:  /s/    ACHIM SCHLUMPBERGER
                                              _______________________________
                                                Name:  Achim Schlumpberger
                                                Title: Executive Vice President

                                       27
<PAGE>

The foregoing Registration Rights Agreement is hereby confirmed and accepted as
of the date first above written by WestLB Panmure Limited, as Initial Purchaser.

WESTLB PANMURE LIMITED

By:  /s/    MARK HODERIN
    _______________________________
     Name:  Mark Hoderin
     Title: Chief Executive Officer

By:  /s/    DAVID LANGSHAW
    _______________________________
     Name:  David Langshaw
     Title: Compliance Director &
            Company Secretary

                                       28
<PAGE>

                                   Schedule A

                      Other Registration Rights Agreements

                                      NONE

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