Document:

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                               CENDANT CORPORATION

                                       TO

                               [name of trustee],

                                     Trustee

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

                                    Indenture

                            Dated as of ______, 2001

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

                         CONVERTIBLE AND NON-CONVERTIBLE

                          SUBORDINATED DEBT SECURITIES

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                               CENDANT CORPORATION

         Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture, dated as of _______, 2001

  Trust Indenture                          Indenture
    Act Section                             Section

ss. 310  (a)(1).....................      6.07(a)
         (a)(2).....................      6.07(a)
         (b)........................      6.07(b), 6.08
ss. 312  (c)........................      7.01
ss. 314  (a)........................      7.03
         (a)(4).....................      10.04
         (c)(1).....................      1.02
         (c)(2).....................      1.02
         (e)........................      1.02
ss. 315  (b)........................      6.01
ss. 316  (a)(last sentence).........      1.01 ("Outstanding")
         (a)(1)(A)..................      5.02, 5.12
         (a)(1)(B)..................      5.13
         (b)........................      5.08
         (c)........................      1.04(e)
ss. 317  (a)(1).....................      5.03
         (a)(2).....................      5.04
         (b)........................      10.03
ss. 318  (a)........................      1.11

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

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                                TABLE OF CONTENTS

<TABLE>
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ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION...............................................1
         Section 1.01.         Definitions........................................................................1
         Section 1.02.         Compliance Certificates and Opinions..............................................11
         Section 1.03.         Form of Documents Delivered to Trustee............................................11
         Section 1.04.         Acts of Holders...................................................................12
         Section 1.05.         Notices, etc. to Trustee and Company..............................................14
         Section 1.06.         Notice to Holders; Waiver.........................................................14
         Section 1.07.         Effect of Headings and Table of Contents..........................................15
         Section 1.08.         Successors and Assigns............................................................15
         Section 1.09.         Separability Clause...............................................................15
         Section 1.10.         Benefits of Indenture.............................................................15
         Section 1.11.         Governing Law.....................................................................15
         Section 1.12.         Legal Holidays....................................................................16
         Section 1.13.         Trust Indenture Act...............................................................16

ARTICLE TWO SECURITY FORMS ......................................................................................16
         Section 2.01.         Forms Generally...................................................................16
         Section 2.02.         Form of Trustee's Certificate of Authentication...................................17
         Section 2.03.         Securities Issuable in Global Form................................................17

ARTICLE THREE THE SECURITIES ....................................................................................18
         Section 3.01.         Amount Unlimited; Issuable in Series..............................................18
         Section 3.02.         Denominations.....................................................................22
         Section 3.03.         Execution, Authentication, Delivery and Dating....................................22
         Section 3.04.         Temporary Securities..............................................................24
         Section 3.05.         Registration, Registration of Transfer and Exchange...............................25
         Section 3.06.         Mutilated, Destroyed, Lost and Stolen Securities..................................28
         Section 3.07.         Payment of Interest; Interest Rights Preserved; Optional Interest Reset...........29
         Section 3.08.         Persons Deemed Owners.............................................................31
         Section 3.09.         Cancellation......................................................................32
         Section 3.10.         Computation of Interest...........................................................32
         Section 3.11.         Currency and Manner of Payments in Respect of Securities..........................32
         Section 3.12.         Appointment and Resignation of Successor Exchange Rate Agent......................36

ARTICLE FOUR SATISFACTION AND DISCHARGE..........................................................................36
         Section 4.01.         Satisfaction and Discharge of Indenture...........................................36
         Section 4.02.         Application of Trust Money........................................................38

ARTICLE FIVE REMEDIES ...........................................................................................38
         Section 5.01.         Events of Default.................................................................38
         Section 5.02.         Acceleration of Maturity; Rescission and Annulment................................39
         Section 5.03.         Collection of Indebtedness and Suits for Enforcement by Trustee...................40
         Section 5.04.         Trustee May File Proofs of Claim..................................................41
         Section 5.05.         Trustee May Enforce Claims Without Possession of Securities.......................42

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         Section 5.06.         Application of Money Collected....................................................42
         Section 5.07.         Limitation on Suits...............................................................43
         Section 5.08.         Unconditional Right of Holders to Receive Principal, Premium and Interest.........44
         Section 5.09.         Restoration of Rights and Remedies................................................44
         Section 5.10.         Rights and Remedies Cumulative....................................................44
         Section 5.11.         Delay or Omission Not Waiver......................................................44
         Section 5.12.         Control by Holders................................................................44
         Section 5.13.         Waiver of Past Defaults...........................................................45
         Section 5.14.         Waiver of Stay or Extension Laws..................................................45

ARTICLE SIX THE TRUSTEE .........................................................................................46
         Section 6.01.         Notice of Defaults................................................................46
         Section 6.02.         Certain Rights of Trustee.........................................................46
         Section 6.03.         Trustee Not Responsible for Recitals or Issuance of Securities....................47
         Section 6.04.         May Hold Securities...............................................................47
         Section 6.05.         Money Held in Trust...............................................................48
         Section 6.06.         Compensation and Reimbursement....................................................48
         Section 6.07.         Corporate Trustee Required; Eligibility; Conflicting Interest.....................48
         Section 6.08.         Resignation and Removal; Appointment of Successor.................................49
         Section 6.09.         Acceptance of Appointment by Successor............................................50
         Section 6.10.         Merger, Conversion, Consolidation or Succession to Business.......................51
         Section 6.11.         Appointment of Authenticating Agent...............................................52

ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY..................................................53
         Section 7.01.         Disclosure of Names and Addresses of Holders......................................53
         Section 7.02.         Reports by Trustee................................................................53
         Section 7.03.         Reports by Company................................................................54

ARTICLE EIGHT MERGER, CONSOLIDATION AND SALE OF ASSETS...........................................................54
         Section 8.01.         Company May Consolidate, etc., Only on Certain Terms..............................54
         Section 8.02.         Successor Person Substituted......................................................55

ARTICLE NINE SUPPLEMENTAL INDENTURES.............................................................................55
         Section 9.01.         Supplemental Indentures Without Consent of Holders................................55
         Section 9.02.         Supplemental Indentures with Consent of Holders...................................57
         Section 9.03.         Execution of Supplemental Indentures..............................................58
         Section 9.04.         Effect of Supplemental Indentures.................................................58
         Section 9.05.         Conformity with Trust Indenture Act...............................................58
         Section 9.06.         Reference in Securities to Supplemental Indentures................................58
         Section 9.07.         Notice of Supplemental Indentures.................................................58

ARTICLE TEN COVENANTS ...........................................................................................58
         Section 10.01.        Payment of Principal, Premium, if any, and Interest...............................58
         Section 10.02.        Maintenance of Office or Agency...................................................59
         Section 10.03.        Money for Securities Payments to Be Held in Trust.................................60
         Section 10.04.        Statement as to Compliance........................................................61

                                      -ii-
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         Section 10.05.        Additional Amounts................................................................62
         Section 10.06.        Payment of Taxes and Other Claims.................................................63
         Section 10.07.        Corporate Existence...............................................................63
         Section 10.08.        Waiver of Certain Covenants.......................................................63

ARTICLE ELEVEN REDEMPTION OF SECURITIES..........................................................................63
         Section 11.01.        Applicability of Article..........................................................63
         Section 11.02.        Election to Redeem; Notice to Trustee.............................................63
         Section 11.03.        Selection by Trustee of Securities to Be Redeemed.................................64
         Section 11.04.        Notice of Redemption..............................................................64
         Section 11.05.        Deposit of Redemption Price.......................................................65
         Section 11.06.        Securities Payable on Redemption Date.............................................65
         Section 11.07.        Securities Redeemed in Part.......................................................66

ARTICLE TWELVE SINKING FUNDS ....................................................................................66
         Section 12.01.        Applicability of Article..........................................................66
         Section 12.02.        Satisfaction of Sinking Fund Payments with Securities.............................67
         Section 12.03.        Redemption of Securities for Sinking Fund.........................................67

ARTICLE THIRTEEN REPAYMENT AT OPTION OF HOLDERS..................................................................68
         Section 13.01.        Applicability of Article..........................................................68
         Section 13.02.        Repayment of Securities...........................................................68
         Section 13.03.        Exercise of Option................................................................69
         Section 13.04.        When Securities Presented for Repayment Become Due and Payable....................69
         Section 13.05.        Securities Repaid in Part.........................................................70

ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE..............................................................70
         Section 14.01.        Company's Option to Effect Defeasance or Covenant Defeasance......................70
         Section 14.02.        Defeasance and Discharge..........................................................71
         Section 14.03.        Covenant Defeasance...............................................................71
         Section 14.04.        Conditions to Defeasance or Covenant Defeasance...................................72
         Section 14.05.        Deposited Money and Government Obligations to Be Held in Trust;
                               Other Miscellaneous Provisions....................................................73
         Section 14.06.        Reinstatement.....................................................................74

ARTICLE FIFTEEN MEETINGS OF HOLDERS OF SECURITIES................................................................75
         Section 15.01.        Purposes for Which Meetings May Be Called.........................................75
         Section 15.02.        Call, Notice and Place of Meetings................................................75
         Section 15.03.        Persons Entitled to Vote at Meetings..............................................75
         Section 15.04.        Quorum; Action....................................................................75
         Section 15.05.        Determination of Voting Rights; Conduct and Adjournment of Meetings...............77
         Section 15.06.        Counting Votes and Recording Action of Meetings...................................77

ARTICLE SIXTEEN SUBORDINATION OF SECURITIES......................................................................78
         Section 16.01.        Securities Subordinate to Senior Indebtedness.....................................78
         Section 16.02.        Payment over of Proceeds upon Dissolution, etc....................................78

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         Section 16.03.        No Payment When Senior Indebtedness in Default....................................80
         Section 16.04.        Payment Permitted if No Default...................................................80
         Section 16.05.        Subrogation to Rights of Holders of Senior Indebtedness...........................80
         Section 16.06.        Provisions Solely to Define Relative Rights.......................................80
         Section 16.07.        Trustee to Effectuate Subordination...............................................81
         Section 16.08.        No Waiver of Subordination Provisions.............................................81
         Section 16.09.        Notice to Trustee.................................................................81
         Section 16.10.        Reliance on Judicial Order or Certificate of Liquidating Agent....................82
         Section 16.11.        Rights of Trustee As a Holder of Senior Indebtedness;
                               Preservation of Trustee's Rights                                                  82
         Section 16.12.        Article Applicable to Paying Agents...............................................83
         Section 16.13.        No Suspension of Remedies.........................................................83
         Section 16.14.        Trust Moneys Not Subordinated.....................................................83
         Section 16.15.        Trustee Not Fiduciary for Holders of Senior Indebtedness..........................83
</TABLE>

EXHIBIT A             FORMS OF CERTIFICATION

EXHIBIT A-1           FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO
                      RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE
                      PRIOR TO THE EXCHANGE DATE

                                      -iv-
<PAGE>
         INDENTURE, dated as of _______, 2001 between CENDANT CORPORATION, a
corporation duly organized and existing under the laws of the State of Delaware
(herein called the "Company"), having its principal office at 9 West 57th
Street, New York, NY 10019, and ______________, a [state] Banking Corporation,
duly organized and existing under the laws of the State of _____, Trustee
(herein called the "Trustee"), having its principal office at _______.

                             RECITALS OF THE COMPANY

         The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured and
subordinated debentures, notes or other evidences of indebtedness (herein called
the "Securities"), which may or may not be convertible into or exchangeable for
any securities of any Person (including the Company) and which will be
subordinated to the Senior Indebtedness of the Company to the extent and in the
manner set forth in Article Sixteen (as such article may be revised pursuant to
Section 3.01(25)), to be issued in one or more series as provided in this
Indenture.

         This Indenture is subject to the provisions of the Trust Indenture Act
of 1939, as amended, that are required to be part of this Indenture and shall,
to the extent applicable, be governed by such provisions.

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                  ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

Section 1.01      Definitions.

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

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

               (2)  all other terms used herein which are defined in the
          Trust Indenture Act, either directly or by reference therein, have the
          meanings assigned to them therein, and the terms "cash transaction"
          and "self-liquidating paper", as used in TIA Section 311, shall have
          the meanings assigned to them in the rules of the Commission adopted
          under the Trust Indenture Act;

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

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

         Certain terms, used principally in Article Three, are defined in that
Article.

         "Act", when used with respect to any Holder, has the meaning specified
in Section 1.04.

         "Additional Amounts" has the meaning specified in Section 10.05.

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

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

         "Authorized Newspaper" means a newspaper, in the English language or in
an official language of the country of publication, customarily published on
each Business Day, whether or not published on Saturdays, Sundays or holidays,
and of general circulation in each place in connection with which the term is
used or in the financial community of each such place. Where successive
publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any Business Day.

         "Bearer Security" means any Security except a Registered Security.

         "Beneficial Owner" of shares of Capital Stock means, with respect to
any Person, any such shares:

               (a)  which such Person or any of such Person's Affiliates
          or Associates, directly or indirectly, has the sole or shared right to
          vote or dispose of or has "beneficial ownership" of (as determined
          pursuant to Rule 13d-3 promulgated under the Exchange Act or pursuant
          to any successor provision), including, but not limited to, pursuant
          to any agreement, arrangement or understanding, whether or not in
          writing; provided, that a Person shall not be deemed the "Beneficial
          Owner" of, or to "Beneficially Own", any security under this
          subparagraph as a result of an agreement, arrangement or understanding
          to vote such security that both (y) arises solely from a revocable
          proxy

                                       2
<PAGE>

          given in response to a public proxy or consent solicitation made
          pursuant to, and in accordance with, the applicable provisions of the
          rules and regulations promulgated under the Exchange Act and (z) is
          not reportable by such person on Schedule 13D promulgated under the
          Exchange Act (or any comparable or successor report) without giving
          effect to any applicable waiting period, or Exchange Act (or any
          comparable or successor report) without giving effect to any
          applicable waiting period; or

               (b)  which are Beneficially Owned, directly or indirectly,
          by any other person (or any Affiliate or Associate thereof) with
          which such person (or any of such person's Affiliates or Associates)
          has any agreement, arrangement or understanding, whether or not in
          writing, for the purpose of acquiring, holding, voting (except
          pursuant to a revocable proxy as described in the proviso to
          subparagraph (a) above) or disposing of any Capital Stock;

provided, that (i) no director or officer of the corporation (nor any Affiliate
or Associate of any such director or officer) shall, solely by reason of any or
all of such directors or officers acting in their capacities as such, be deemed
the "Beneficial Owner" of or to "Beneficially Own" any shares of Capital Stock
that are Beneficially Owned by any other such director or officer, and (ii) no
person shall be deemed the "Beneficial Owner" of or to "Beneficially Own" any
shares of Capital Stock held in any voting trust, any employee stock ownership
plan or any similar plan or trust if such person does not posses the right to
vote, to direct the voting of or to be consulted with respect to the voting of
such shares.

         For the purposes of this definition, the terms "Affiliate" and
"Associate" shall have the respective meanings ascribed to such terms in Rule
12b-2 promulgated under the Securities Exchange Act of 1934, as amended as in
effect on __________ (the term "registrant" in said Rule 12b-2 meaning
in this case the Company).

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

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

         "Business Day" means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in The City of New York
or in the city in which the Corporate Trust Office is located are authorized or
obligated by law or executive order to close.

         "Capital Stock" means any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock of the
Company or any Restricted Subsidiary.

         "Commission" means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934,
or, if at any time after the

                                       3
<PAGE>

execution of this Indenture such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.

         "Common Depositary" has the meaning specified in Section 3.04.

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

         "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman, its President, any Vice
President, its Treasurer or an Assistant Treasurer, and delivered to the
Trustee.

         "Corporate Trust Office" means the principal corporate trust office of
the Trustee, at which at any particular time its corporate trust business shall
be administered, which office on the date of execution of this Indenture is
located at ___________.

         "corporation" includes corporations, associations, companies and
business trusts.

         "coupon" means any interest coupon appertaining to a Bearer Security.

         "Currency" means any currency or currencies, composite currency or
currency unit or currency units, including, without limitation, the Euro,
issued by the government of one or more countries or by any recognized
confederation or association of such governments.

                  "Currency Conversion Date" has the meaning specified in
Section 3.11(d).

         "Currency Conversion Event" means the cessation of use of (i) a
Foreign Currency both by the government of the country which issued such
Currency and by a central bank or other public institution of or within the
international banking community for the settlement of transactions, or (ii) any
currency unit (or composite currency) for the purposes for which it was
established.

         "Debt" means notes, bonds, debentures or other similar evidences of
indebtedness for money borrowed.

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

         "Defaulted Interest" has the meaning specified in Section 3.07.

         "Dollar" or "$" means a dollar or other equivalent unit in such coin
or currency of the United States of America as at the time shall be legal
tender for the payment of public and private debts.

         "Dollar Equivalent of the Currency Unit" has the meaning specified in
Section 3.11(g).

                                       4
<PAGE>

         "Dollar Equivalent of the Foreign Currency" has the meaning specified
in Section 3.11(f).

         "Election Date" has the meaning specified in Section 3.11(h).

         "Euro" means the currency introduced at the start of the third stage of
European economic and monetary union pursuant to the Treaty establishing the
European Community (signed in Rome on 25th March, 1957) as amended by the Treaty
on European Union (signed in Maastricht on 7th February, 1991) and as further
amended by the Treaty of Amsterdam.

         "Event of Default" has the meaning specified in Section 5.01.

         "Exchange Date" has the meaning specified in Section 3.04.

         "Exchange Rate Agent" means, with respect to Securities of or within
any series, unless otherwise specified with respect to any Securities pursuant
to Section 3.01, a New York Clearing House bank, designated pursuant to Section
3.01 or Section 3.12.

         "Exchange Rate Officer's Certificate" means a tested telex or a
certificate setting forth (i) the applicable Market Exchange Rate and (ii) the
Dollar or Foreign Currency amounts of principal (and premium, if any) and
interest, if any (on an aggregate basis and on the basis of a Security having
the lowest denomination principal amount determined in accordance with Section
3.02 in the relevant Currency), payable with respect to a Security of any
series on the basis of such Market Exchange Rate, sent (in the case of a telex)
or signed (in the case of a certificate) by the Treasurer, any Vice President
or any Assistant Treasurer of the Company.

         "Federal Bankruptcy Code" means the Bankruptcy Act of Title 11 of the
United States Code, as amended from time to time.

         "Foreign Currency" means any Currency other than Currency of the
United States.

         "Government Obligations" means, unless otherwise specified with
respect to any series of Securities pursuant to Section 3.01, securities which
are (i) direct obligations of the government which issued the Currency in which
the Securities of a particular series are payable or (ii) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality
of the government which issued the Currency in which the Securities of such
series are payable, the payment of which is unconditionally guaranteed by such
government, which, in either case, are full faith and credit obligations of
such government payable in such Currency and are not callable or redeemable at
the option of the issuer thereof and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of any
such Government Obligation held by such custodian for the account of the holder
of a depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian
in respect of the Government Obligation or the specific payment of interest or
principal of the Government Obligation evidenced by such depository receipt.

         "Holder" means, in the case of a Registered Security, the Person in
whose name a Security is registered in the Security Register and, in the case
of a Bearer Security, the bearer thereof and, when used with respect to any
coupon, shall mean the bearer thereof.

                                       5
<PAGE>

         "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of any particular series of Securities established
as contemplated by Section 3.01; provided, however, that, if at any time more
than one Person is acting as Trustee under this instrument, "Indenture" shall
mean, with respect to any one or more series of Securities for which such
Person is Trustee, this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of particular series of Securities for which such Person is
Trustee established as contemplated by Section 3.01, exclusive, however, of any
provisions or terms which relate solely to other series of Securities for which
such Person is not Trustee, regardless of when such terms or provisions were
adopted, and exclusive of any provisions or terms adopted by means of one or
more indentures supplemental hereto executed and delivered after such Person
had become such Trustee but to which such Person, as such Trustee, was not a
party.

         "Indexed Security" means a Security the terms of which provide that
the principal amount thereof payable at Stated Maturity may be more or less
than the principal face amount thereof at original issuance.

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

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

         "Issue Date" with respect to a Security means the date of first
issuance of such Security under this Indenture.

         "Lien" means any pledge, mortgage, lien, charge, encumbrance or
security interest except that a Lien shall not mean any license or right to use
intellectual property of the Company or a Subsidiary granted by the Company or
a Subsidiary.

         "Market Exchange Rate" means, unless otherwise specified with respect
to any Securities pursuant to Section 3.01, (i) for any conversion involving a
currency unit on the one hand and Dollars or any Foreign Currency on the other,
the exchange rate between the relevant currency unit and Dollars or such
Foreign Currency calculated by the method specified pursuant to Section 3.01
for the Securities of the relevant series, (ii) for any conversion of Dollars
into any Foreign Currency, the noon (New York City time) buying rate for such
Foreign Currency for cable transfers quoted in New York City as certified for
customs purposes by the Federal Reserve Bank of New York and (iii) for any
conversion of one Foreign Currency into Dollars or another Foreign Currency,
the spot rate at noon local time in the relevant market at which, in accordance
with normal banking procedures, the Dollars or Foreign Currency into which
conversion is being made could be purchased with the Foreign Currency from
which conversion is being made from major banks located in either New York
City, London or any other principal market for Dollars or such purchased
Foreign Currency, in each case determined by the Exchange Rate Agent. Unless
otherwise specified with respect to any Securities pursuant to

                                       6
<PAGE>

Section 3.01, in the event of the unavailability of any of the exchange rates
provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate
Agent shall use, in its sole discretion and without liability on its part, such
quotation of the Federal Reserve Bank of New York as of the most recent
available date, or quotations from one or more major banks in New York City,
London or another principal market for the Currency in question, or such other
quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise
specified by the Exchange Rate Agent, if there is more than one market for
dealing in any Currency by reason of foreign exchange regulations or otherwise,
the market to be used in respect of such Currency shall be that upon which a
non-resident issuer of securities designated in such Currency would purchase
such Currency in order to make payments in respect of such securities.

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

         "Officers' Certificate" means a certificate signed by the Chairman,
the President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Company, and
delivered to the Trustee.

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

         "Optional Reset Date" has the meaning specified in Section 3.07(b).

         "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.

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

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

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

               (iii) Securities, except to the extent provided in Sections
          14.02 and 14.03, with respect to which the Company has effected
          defeasance and/or covenant defeasance as provided in Article
          Fourteen; and

                                       7
<PAGE>

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

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for
such purpose shall be equal to the amount of principal thereof that would be
(or shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the maturity thereof
pursuant to Section 5.02, (ii) the principal amount of any Security denominated
in a Foreign Currency that may be counted in making such determination or
calculation and that shall be deemed Outstanding for such purpose shall be
equal to the Dollar equivalent, determined as of the date such Security is
originally issued by the Company as set forth in an Exchange Rate Officer's
Certificate delivered to the Trustee, of the principal amount (or, in the case
of an Original Issue Discount Security, the Dollar equivalent as of such date
of original issuance of the amount determined as provided in clause (i) above),
of such Security, (iii) the principal amount of any Indexed Security that may
be counted in making such determination or calculation and that shall be deemed
outstanding for such purpose shall be equal to the principal face amount of
such Indexed Security at original issuance, unless otherwise provided with
respect to such Security pursuant to Section 3.01, and (iv) Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or such other
obligor.

         "Paying Agent" means any Person (including the Company acting as
Paying Agent) authorized by the Company to pay the principal of (or premium, if
any, on) or interest on any Securities on behalf of the Company.

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

         "Place of Payment" means, when used with respect to the Securities of
or within any series, the place or places where the principal of (and premium,
if any, on) and interest on such Securities are payable as specified as
contemplated by Sections 3.01 and 10.02.

                                       8
<PAGE>

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.06 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or
the Security to which the mutilated, destroyed, lost or stolen coupons
appertains, as the case may be.

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

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

         "Registered Security" means any Security registered in the Security
Register.

         "Regular Record Date" for the interest payable on any Interest Payment
Date on the Registered Securities of or within any series means the date
specified for that purpose as contemplated by Section 3.01.

         "Repayment Date" means, when used with respect to any Security to be
repaid at the option of the Holder, the date fixed for such repayment pursuant
to this Indenture.

         "Repayment Price" means, when used with respect to any Security to be
repaid at the option of the Holder, the price at which it is to be repaid
pursuant to this Indenture.

         "Responsible Officer", when used with respect to the Trustee, means
the chairman or any vice-chairman of the board of directors, the chairman or
any vice-chairman of the executive committee of the board of directors, the
chairman of the trust committee, the president, any vice president, the
secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer,
the controller or any assistant controller or any other officer of the Trustee
customarily performing functions similar to those performed by any of the
above-designated officers, and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

         "Securities" has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and
delivered under this Indenture; provided, however, that if at any time there is
more than one Person acting as Trustee under this Indenture, "Securities" with
respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not
Trustee.

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.05.

                                       9
<PAGE>

         "Senior Indebtedness" of the Company means (a) the principal (and
premium, if any) and interest with respect to all indebtedness for money
borrowed of the Company whether outstanding on the date hereof or thereafter
created, incurred, assumed or guaranteed, unless in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is
expressly provided that such indebtedness is not senior or prior in right of
payment to the Securities and (b) amendments, supplements, deferrals, renewals,
extensions, modifications and refundings of any liability of the types referred
to in clause (a) above.

         "Senior Indenture" means the indenture entered into between the
Company and ___________ in connection with the _____, 2001 shelf registration
of the Company.

         "Special Record Date" for the payment of any Defaulted Interest on the
Registered Securities of or within any series means a date fixed by the Trustee
pursuant to Section 3.07.

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

         "Subsidiary" means any corporation of which at the time of
determination the Company, directly and/or indirectly through one or more
Subsidiaries, owns more than 50% of the shares of Voting Stock.

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939
as in force at the date as of which this Indenture was executed, except as
provided in Section 9.05.

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

         "United States" means, unless otherwise specified with respect to any
Securities pursuant to Section 3.01, the United States of America (including
the states and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

         "United States person" means, unless otherwise specified with respect
to any Securities pursuant to Section 3.01, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or an estate or
trust the income of which is subject to United States federal income taxation
regardless of its source.

         "Valuation Date" has the meaning specified in Section 3.11(c).

                                      10
<PAGE>

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

         "Voting Stock" means stock of the class or classes having general
voting power under ordinary circumstances to elect at least a majority of the
board of directors, managers or trustees of a corporation (irrespective of
whether or not at the time stock of any other class or classes shall have or
might have voting power by reason of the happening of any contingency).

         "Yield to Maturity" means the yield to maturity, computed at the time
of issuance of a Security (or, if applicable, at the most recent
redetermination of interest on such Security) and as set forth in such Security
in accordance with generally accepted United States bond yield computation
principles.

Section 1.02      Compliance Certificates and Opinions.

         Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee an Officers' Certificate stating that all conditions precedent, if
any, provided for in this Indenture (including any covenant compliance with
which constitutes a condition precedent) relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, including,
without limitation, the certificate of authentication provided pursuant to
Section 3.03, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
covenant or condition provided for in this Indenture (other than pursuant to
Section 10.04) shall include:

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

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

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

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

Section 1.03.     Form of Documents Delivered to Trustee.

         In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or

                                      11
<PAGE>

covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

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

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

         Section 1.04. Acts of Holders.

         (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Securities of all series or one or more series,
as the case may be, may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by agents
duly appointed in writing. If Securities of a series are issuable as Bearer
Securities, any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders of such series may, alternatively, be embodied in and evidenced by the
record of Holders of Securities of such series voting in favor thereof, either
in person or by proxies duly appointed in writing, at any meeting of Holders of
Securities of such series duly called and held in accordance with the
provisions of Article Fifteen, or a combination of such instruments and any
such record. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are
delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders signing such instrument or instruments or so voting at any
such meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall
be sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section. The
record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 15.06.

         (b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution

                                      12
<PAGE>

thereof. Where such execution is by a signer acting in a capacity other than
his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Trustee deems sufficient.

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

         (d) The principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the same, may be proved
by the production of such Bearer Securities or by a certificate executed, as
depositary, by any trust company, bank, banker or other depositary, wherever
situated, if such certificate shall be deemed by the Trustee to be
satisfactory, showing that at the date therein mentioned such Person had on
deposit with such depositary, or exhibited to it, the Bearer Securities therein
described; or such facts may be proved by the certificate or affidavit of the
Person holding such Bearer Securities, if such certificate or affidavit is
deemed by the Trustee to be satisfactory. The Trustee and the Company may
assume that such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (2) such Bearer Security is produced to the
Trustee by some other Person, or (3) such Bearer Security is surrendered in
exchange for a Registered Security, or (4) such Bearer Security is no longer
Outstanding. The principal amount and serial numbers of Bearer Securities held
by any Person, and the date of holding the same, may also be proved in any
other manner which the Trustee deems sufficient.

         (e) If the Company shall solicit from the Holders of Registered
Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, by or pursuant to Board
Resolution, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Company shall have no obligation to do
so. Notwithstanding TIA Section 316(c), such record date shall be the record
date specified in or pursuant to such Board Resolution, which shall be a date
not earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close
of business on such record date shall be deemed to be Holders for the purposes
of determining whether Holders of the requisite proportion of Outstanding
Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that
purpose the Outstanding Securities shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on
such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after
the record date.

         (f) Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the

                                      13
<PAGE>

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

         Section 1.05. Notices, etc. to Trustee and Company.

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

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

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

         Section 1.06. Notice to Holders; Waiver.

         Where this Indenture provides for notice of any event to Holders of
Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each such Holder affected by such
event, at his address as it appears in the Security Register within the time
prescribed for the giving of such notice. In any case where notice to Holders
of Registered Securities is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders of
Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided. Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such
Holder, whether or not such Holder actually receives such notice.

         In case, by reason of the suspension of or irregularities in regular
mail service or by reason of any other cause, it shall be impractical to mail
notice of any event to Holders of Registered Securities when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Trustee shall be
deemed to be sufficient giving of such notice for every purpose hereunder.

         Except as otherwise expressly provided herein or otherwise specified
with respect to any Securities pursuant to Section 3.01, where this Indenture
provides for notice to Holders of Bearer Securities of any event, such notice
shall be sufficiently given to Holders of Bearer Securities if published in an
Authorized Newspaper in The City of New York and in such other city or cities
as may be specified in such Securities on a Business Day at least twice, the
first such publication to be not earlier than the earliest date, and not later
than the latest date, prescribed for the giving of such notice. Any such notice
shall be deemed to have been given on the date of the first such publication.

                                      14
<PAGE>

         In case by reason of the suspension of publication of any Authorized
Newspaper or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided
above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither the failure to give notice by
publication to Holders of Bearer Securities as provided above, nor any defect
in any notice so published, shall affect the sufficiency of such notice with
respect to other Holders of Bearer Securities or the sufficiency of any notice
to Holders of Registered Securities given as provided herein.

         Any request, demand, authorization, direction, notice, consent or
waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of
the country of publication.

         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.

         Section 1.07. Effect of Headings and Table of Contents.

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

         Section 1.08. Successors and Assigns.

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

         Section 1.09. Separability Clause.

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

         Section 1.10. Benefits of Indenture.

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

         Section 1.11. Governing Law.

         THIS INDENTURE AND THE SECURITIES AND COUPONS SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. THIS INDENTURE
IS SUBJECT TO THE PROVISIONS OF

                                      15
<PAGE>

THE TRUST INDENTURE ACT OF 1939, AS AMENDED, THAT ARE REQUIRED TO BE PART OF
THIS INDENTURE AND SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED BY SUCH
PROVISIONS.

         Section 1.12. Legal Holidays.

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

         Section 1.13. Trust Indenture Act.

         This Indenture is subject to the provisions of the Trust Indenture Act
that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.

                                  ARTICLE TWO

                                 SECURITY FORMS

         Section 2.01. Forms Generally.

         The Registered Securities, if any, of each series and the Bearer
Securities, if any, of each series and related coupons shall be in
substantially the forms as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange
or as may, consistently herewith, be determined by the officers executing such
Securities or coupons, as evidenced by their execution of the Securities or
coupons. If the forms of Securities or coupons of any series are established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of
the Company and delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 3.03 for the authentication and delivery
of such Securities or coupons. Any portion of the text of any Security may be
set forth on the reverse thereof, with an appropriate reference thereto on the
face of the Security.

         Unless otherwise specified as contemplated by Section 3.01, Securities
in bearer form shall have interest coupons attached.

                                      16
<PAGE>

         The Trustee's certificate of authentication on all Securities shall be
in substantially the form set forth in this Article.

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

         Section 2.02. Form of Trustee's Certificate of Authentication.

         Subject to Section 6.11, the Trustee's certificate of authentication
shall be in substantially the following form:

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

                              [name of trustee],
                                       as Trustee

                              By   _______________________________
                                   Authorized Officer

         Section 2.03. Securities Issuable in Global Form.

         If Securities of or within a series are issuable in global form, as
specified as contemplated by Section 3.01, then, notwithstanding clause (8) of
Section 3.01, any such Security shall represent such of the Outstanding
Securities of such series as shall be specified therein and may provide that it
shall represent the aggregate amount of Outstanding Securities of such series
from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be
increased or decreased to reflect exchanges. Any endorsement of a Security in
global form to reflect the amount, or any increase or decrease in the amount,
of Outstanding Securities represented thereby shall be made by the Trustee in
such manner and upon instructions given by such Person or Persons as shall be
specified therein or in the Company Order to be delivered to the Trustee
pursuant to Section 3.03 or Section 3.04. Subject to the provisions of Section
3.03 and, if applicable, Section 3.04, the Trustee shall deliver and redeliver
any Security in permanent global form in the manner and upon instructions given
by the Person or Persons specified therein or in the applicable Company Order.
If a Company Order pursuant to Section 3.03 or Section 3.04 has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 1.02 and need not be accompanied by an
Opinion of Counsel.

         The provisions of the last sentence of Section 3.03 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 1.02 and need not be accompanied by

                                      17
<PAGE>

an Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 3.03.

         Notwithstanding the provisions of Section 3.07, unless otherwise
specified as contemplated by Section 3.01, payment of principal of and any
premium and interest on any Security in permanent global form shall be made to
the Person or Persons specified therein.

         Notwithstanding the provisions of Section 3.08 and except as provided
in the preceding paragraph, the Company, the Trustee and any agent of the
Company and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a permanent global Security (i) in the
case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form, or (ii) in the case of a
permanent global Security in bearer form, ______________________ as specified
by the common depositary for such global security.

                                 ARTICLE THREE

                                 THE SECURITIES

         Section 3.01. Amount Unlimited; Issuable in Series.

         The aggregate principal amount of securities which may be authorized
and delivered under this Indenture and the Senior Indenture is unlimited. The
Securities shall be subordinated in right of payment to the Senior Indebtedness
of the Company to the extent and in the manner set forth in Article Sixteen (as
such Article may be revised pursuant to Section 3.01(25)).

         The Securities may be issued in one or more series. There shall be
established in one or more Board Resolutions or pursuant to authority granted
by one or more Board Resolutions and, subject to Section 3.03, set forth in, or
determined in the manner provided in, an Officers' Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of
which (except for the matters set forth in clauses (1), (2) and (17) below), if
so provided, may be determined from time to time by the Company with respect to
unissued Securities of the series and set forth in such Securities of the
series when issued from time to time):

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

               (2) any limit upon the aggregate principal amount of the
          Securities of the series that may be authenticated and delivered
          under this Indenture (except for Securities authenticated and
          delivered upon registration of transfer of, or in exchange for, or in
          lieu of, other Securities of the series pursuant to Section 3.04,
          3.05, 3.06, 9.06, 11.07 or 13.05);

               (3) the date or dates, or the method by which such date or dates
          will be determined or extended, on which the principal of the
          Securities of the series is payable;

                                      18
<PAGE>

               (4) the rate or rates at which the Securities of the
          series shall bear interest, if any, or the method by which such rate
          or rates shall be determined, the date or dates from which such
          interest shall accrue, or the method by which such date or dates
          shall be determined, the Interest Payment Dates on which such
          interest shall be payable and the Regular Record Date, if any, for
          the interest payable on any Registered Security on any Interest
          Payment Date, or the method by which such date or dates shall be
          determined, and the basis upon which interest shall be calculated if
          other than on the basis of a 360-day year of twelve 30-day months;

               (5) the place or places, if any, other than or in
          addition to the Borough of Manhattan, The City of New York, where the
          principal of (and premium, if any, on) and any interest on Securities
          of the series shall be payable, any Registered Securities of the
          series may be surrendered for registration of transfer, Securities of
          the series may be surrendered for exchange and, if different than the
          location specified in Section 1.06, the place or places where notices
          or demands to or upon the Company in respect of the Securities of the
          series and this Indenture may be served;

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

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

               (8) if other than denominations of $1,000 and any
          integral multiple thereof, the denominations in which any Registered
          Securities of the series shall be issuable and, if other than the
          denomination of $5,000, the denomination or denominations in which
          any Bearer Securities of the series shall be issuable;

               (9) if other than the Trustee, the identity of each Security
          Registrar and/or Paying Agent;

               (10) if other than the principal amount thereof, the
          portion of the principal amount of Securities of the series that
          shall be payable upon declaration of acceleration of the Maturity
          thereof pursuant to Section 5.02 or the method by which such portion
          shall be determined;

               (11) if other than Dollars, the Currency in which payment
          of the principal of (and premium, if any, on) or interest, if any, on
          the Securities of the series shall be payable or in which the
          Securities of the series shall be denominated and the particular
          provisions applicable thereto in accordance with, in addition to or
          in lieu of any of the provisions of Section 3.11;

                                      19
<PAGE>

               (12) whether the amount of payments of principal of (and
          premium, if any, on) or interest on the Securities of the series may
          be determined with reference to an index, formula or other method
          (which index, formula or method may be based, without limitation, on
          one or more Currencies, commodities, equity indices or other
          indices), and the manner in which such amounts shall be determined;

               (13) whether the principal of (and premium, if any, on)
          and interest, if any, on the Securities of the series are to be
          payable, at the election of the Company or a Holder thereof, in a
          Currency other than that in which such Securities are denominated or
          stated to be payable, the period or periods within which (including
          the Election Date), and the terms and conditions upon which, such
          election may be made, and the time and manner of determining the
          exchange rate between the Currency in which such Securities are
          denominated or stated to be payable and the Currency in which such
          Securities are to be so payable, in each case in accordance with, in
          addition to or in lieu of any of the provisions of Section 3.11;

               (14) the designation of the initial Exchange Rate Agent, if any;

               (15) any provisions in modification of, in addition to or in
          lieu of the provisions of Article Fourteen that shall be applicable
          to the Securities of the series;

               (16) provisions, if any, granting special rights to the Holders
          of Securities of the series upon the occurrence of such events as may
          be specified;

               (17) any deletions from, modifications of or additions to
          the Events of Default or covenants of the Company with respect to
          Securities of the series, whether or not such Events of Default or
          covenants are consistent with the Events of Default or covenants set
          forth herein;

               (18) whether Securities of the series are to be issuable
          as Registered Securities, Bearer Securities (with or without coupons)
          or both, any restrictions applicable to the offer, sale or delivery
          of Bearer Securities, whether any Securities of the series are to be
          issuable initially in temporary global form and whether any
          Securities of the series are to be issuable in permanent global form
          with or without coupons and, if so, whether beneficial owners of
          interests in any such permanent global Security may exchange such
          interests for Securities of such series and of like tenor of any
          authorized form and denomination and the circumstances under which
          any such exchanges may occur, if other than in the manner provided in
          Section 3.05, whether Registered Securities of the series may be
          exchanged for Bearer Securities of the series (if permitted by
          applicable laws and regulations), whether Bearer Securities of the
          series may be exchanged for Registered Securities of the series, and
          the circumstances under which and the place or places where such
          exchanges may be made and if Securities of the series are to be
          issuable in global form, the identity of any initial depository
          therefor;

               (19) the date as of which any Bearer Securities of the
          series and any temporary global Security representing Outstanding
          Securities of the series shall be dated if other than the date of
          original issuance of the first Security of the series to be issued;

                                      20
<PAGE>

               (20) the Person to whom any interest on any Registered
          Security of the series shall be payable, if other than the Person in
          whose name that Security (or one or more Predecessor Securities) is
          registered at the close of business on the Regular Record Date for
          such interest, the manner in which, or the Person to whom, any
          interest on any Bearer Security of the series shall be payable, if
          otherwise than upon presentation and surrender of the coupons
          appertaining thereto as they severally mature, and the extent to
          which, or the manner in which, any interest payable on a temporary
          global Security on an Interest Payment Date will be paid if other
          than in the manner provided in Section 3.04;

               (21) if Securities of the series are to be issuable in
          definitive form (whether upon original issue or upon exchange of a
          temporary Security of such series) only upon receipt of certain
          certificates or other documents or satisfaction of other conditions,
          the form and/or terms of such certificates, documents or conditions;

               (22) if the Securities of the series are to be issued upon
          the exercise of warrants or upon the conversion or exchange of other
          securities, the time, manner and place for such Securities to be
          authenticated and delivered;

               (23) whether and under what circumstances the Company will
          pay Additional Amounts as contemplated by Section 10.05 on the
          Securities of the series to any Holder who is not a United States
          person (including any modification to the definition of such term) in
          respect of any tax, assessment or governmental charge and, if so,
          whether the Company will have the option to redeem such Securities
          rather than pay such Additional Amounts (and the terms of any such
          option);

               (24) if the Securities of the series are to be convertible
          into or exchangeable for any securities of any Person (including the
          Company), the terms and conditions upon which such Securities will be
          so convertible or exchangeable;

               (25) any provisions in modification of, in addition to or
          in lieu of the provisions of Article Sixteen or Section 9.08 (or the
          definition of the term"Senior Indebtedness" contained in Section 1.01
          or any other term used in such definition or in Article Sixteen or
          Section 9.08) that shall be applicable to the Securities of the
          series; and

               (26) any other terms, conditions, rights and preferences
          (or limitations on such rights and preferences) relating to the
          series (which terms shall not be inconsistent with the requirements
          of the Trust Indenture Act or the provisions of this Indenture).

         All Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical except, in
the case of Registered Securities, as to denomination and except as may
otherwise be provided in or pursuant to such Board Resolution (subject to
Section 3.03) and set forth in such Officers' Certificate or in any such
indenture supplemental hereto. Not all Securities of any one series need be
issued at the same time, and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series.

                                      21
<PAGE>

         If any of the terms of the series are established by action taken
pursuant to one or more Board Resolutions, such Board Resolutions shall be
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth the terms of the series.

         Section 3.02. Denominations.

         All Securities shall be issuable in such denominations as shall be
specified as contemplated by Section 3.01. With respect to Securities of any
series denominated in Dollars, in the absence of any such provisions, the
Registered Securities of such series, other than Registered Securities issued
in global form (which may be of any denomination), shall be issuable in
denominations of $1,000 and any integral multiple thereof and the Bearer
Securities of such Series, other than the Bearer Securities issued in global
form (which may be of any denomination), shall be issuable in a denomination of
$5,000.

         Section 3.03. Execution, Authentication, Delivery and Dating.

         The Securities and any coupons appertaining thereto shall be executed
on behalf of the Company by its Chairman, its President or a Vice President,
under its corporate seal reproduced thereon attested by its Secretary or an
Assistant Secretary. The signature of any of these officers on the Securities
or coupons may be the manual or facsimile signatures of the present or any
future such authorized officer and may be imprinted or otherwise reproduced on
the Securities.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series together with
any coupon appertaining thereto, executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Securities; provided, however, that,
in connection with its original issuance, no Bearer Security shall be mailed or
otherwise delivered to any location in the United States; and provided,
further, that, unless otherwise specified with respect to any series of
Securities pursuant to Section 3.01, a Bearer Security may be delivered in
connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have furnished a certificate in the form set forth
in Exhibit A-1 to this Indenture, dated no earlier than 15 days prior to the
earlier of the date on which such Bearer Security is delivered and the date on
which any temporary Security first becomes exchangeable for such Bearer
Security in accordance with the terms of such temporary Security and this
Indenture. If any Security shall be represented by a permanent global Bearer
Security, then, for purposes of this Section and Section 3.04, the notation of
a beneficial owner's interest therein upon original issuance of such Security
or upon exchange of a portion of a temporary global Security shall be deemed to
be delivery in connection with its original issuance of such beneficial owner's
interest in such permanent global Security. Except as permitted by Section

                                      22
<PAGE>

3.06, the Trustee shall not authenticate and deliver any Bearer Security unless
all appurtenant coupons for interest then matured have been detached and
cancelled. If not all the Securities of any series are to be issued at one time
and if the Board Resolution or supplemental indenture establishing such series
shall so permit, such Company Order may set forth procedures acceptable to the
Trustee for the issuance of such Securities and determining terms of particular
Securities of such series such as interest rate, maturity date, date of
issuance and date from which interest shall accrue.

         In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to TIA Sections 315(a)
through 315(d)) shall be fully protected in relying upon, an Opinion of Counsel
stating:

         (a) that the form or forms of such Securities and any coupons have
been established in conformity with the provisions of this Indenture;

         (b) that the terms of such Securities and any coupons have been
established in conformity with the provisions of this Indenture;

         (c) that such Securities, together with any coupons
appertaining thereto, when completed by appropriate insertions and executed and
delivered by the Company to the Trustee for authentication in accordance with
this Indenture, authenticated and delivered by the Trustee in accordance with
this Indenture and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute the legal,
valid and binding obligations of the Company, enforceable in accordance with
their terms, subject to applicable bankruptcy, insolvency, reorganization and
other similar laws of general applicability relating to or affecting the
enforcement of creditors' rights, to general equitable principles and to such
other qualifications as such counsel shall conclude do not materially affect
the rights of Holders of such Securities and any coupons;

         (d) that all laws and requirements in respect of the execution
and delivery by the Company of such Securities, any coupons and of the
supplemental indentures, if any, have been complied with (except for federal
securities laws, the Trust Indenture Act of 1939, as amended, and the
securities or blue sky laws of the various states, as to which no opinion need
be expressed) and that authentication and delivery of such Securities and any
coupons and the execution and delivery of the supplemental indenture, if any,
by the Trustee will not violate the terms of the Indenture;

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

         (f) that the issuance of such Securities and any coupons will
not contravene the articles of incorporation or by-laws of the Company or
result in any violation of any of the terms or provisions of any law or
regulation or of any indenture, mortgage or other agreement known to such
Counsel by which the Company is bound.

         Notwithstanding the provisions of Section 3.01 and of the preceding
two paragraphs, if less than all the Securities of any series are to be issued
at one time, it shall not be

                                      23
<PAGE>

necessary to deliver the Officers' Certificate otherwise required pursuant to
Section 3.01 or the Company Order and Opinion of Counsel otherwise required
pursuant to the preceding two paragraphs prior to or at the time of issuance of
each Security, but such documents shall be delivered prior to or at the time of
issuance of the first Security of such series.

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

         Each Registered Security shall be dated the date of its
authentication; and each Bearer Security shall be dated as of the date
specified as contemplated by Section 3.01.

         No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on
such Security a certificate of authentication substantially in the form
provided for herein duly executed by the Trustee by manual signature of an
authorized officer, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided
in Section 3.09 together with a written statement (which need not comply with
Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that
such Security has never been issued and sold by the Company, for all purposes
of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

         Section 3.04. Temporary Securities.

         Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized, in bearer form with one or
more coupon or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities. In the case of Securities of any series, such temporary Securities
may be in global form.

         Except in the case of temporary Securities in global form (which shall
be exchanged in accordance with the provisions of the following paragraphs), if
temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series, upon surrender of the temporary Securities of such series at the
office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series (accompanied by any

                                      24
<PAGE>

unmatured coupons appertaining thereto), the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of the same series of authorized denominations;
provided, however, that no definitive Bearer Security shall be delivered in
exchange for a temporary Registered Security; and provided, further, that a
definitive Bearer Security shall be delivered in exchange for a temporary
Bearer Security only in compliance with the conditions set forth in Section
3.03. Until so exchanged the temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive
Securities of such series.

         Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
Security (the "Exchange Date"), the Company shall deliver to the Trustee
definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Company. On or after
the Exchange Date such temporary global Security shall be surrendered by the
Common Depositary to the Trustee, as the Company's agent for such purpose, to
be exchanged, in whole or from time to time in part, for definitive Securities
without charge and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary global Security, an equal aggregate principal
amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such temporary global Security to be
exchanged. The definitive Securities to be delivered in exchange for any such
temporary global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination
thereof, as specified as contemplated by Section 3.01, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof.

         Section 3.05. Registration, Registration of Transfer and Exchange.

         The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register for each series of Securities (the registers maintained
in the Corporate Trust Office of the Trustee and in any other office or agency
of the Company in a Place of Payment being herein sometimes collectively
referred to as the "Security Register") in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Registered Securities and of transfers of Registered Securities. The
Security Register shall be in written form or any other form capable of being
converted into written form within a reasonable time. At all reasonable times,
the Security Register shall be open to inspection by the Trustee. The Trustee
is hereby initially appointed as security registrar (the "Security Registrar")
for the purpose of registering Registered Securities and transfers of
Registered Securities as herein provided. Upon surrender for registration of
transfer of any Registered Security of any series at the office or agency in a
Place of Payment for that series, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee, one
or more new Registered Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor.

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

                                      25
<PAGE>

which the Holder making the exchange is entitled to receive. Unless otherwise
specified with respect to any series of Securities as contemplated by Section
3.01, Bearer Securities may not be issued in exchange for Registered
Securities.

         If (but only if) expressly permitted in or pursuant to the applicable
Board Resolution and (subject to Section 3.03) set forth in the applicable
Officers' Certificate, or in any indenture supplemental hereto, delivered as
contemplated by Section 3.01, at the option of the Holder, Bearer Securities of
any series may be exchanged for Registered Securities of the same series of any
authorized denomination and of a like aggregate principal amount and tenor,
upon surrender of the Bearer Securities to be exchanged at any such office or
agency, with all unmatured coupons and all matured coupons in default thereto
appertaining. If the Holder of a Bearer Security is unable to produce any such
unmatured coupon or coupons or matured coupon or coupons in default, any such
permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company in an amount equal to the face
amount of such missing coupon or coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there is
furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing coupon in respect
of which such a payment shall have been made, such Holder shall be entitled to
receive the amount of such payment; provided, however, that, except as
otherwise provided in Section 10.02, interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or
agency located outside the United States. Notwithstanding the foregoing, in
case a Bearer Security of any series is surrendered at any such office or
agency in a permitted exchange for a Registered Security of the same series and
like tenor after the close of business at such office or agency on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and
before the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the coupon relating to such Interest Payment Date or
proposed date for payment, as the case may be, and interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such coupon when due in accordance with the provisions of this
Indenture.

         Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.

         Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 3.01, any permanent global Security shall be
exchangeable only as provided in this paragraph. If any beneficial owner of an
interest in a permanent global Security is entitled to exchange such interest
for Securities of such series and of like tenor and principal amount of another
authorized form and denomination, as specified as contemplated by Section 3.01
and provided that any applicable notice provided in the permanent global
Security shall have been given, then without unnecessary delay but in any event
not later than the earliest date on which such interest may be so exchanged,
the Company shall deliver to the Trustee definitive Securities in aggregate
principal amount equal to the principal amount of such beneficial owner's
interest in

                                      26
<PAGE>

such permanent global Security, executed by the Company. On or after the
earliest date on which such interests may be so exchanged, such permanent
global Security shall be surrendered by the Common Depositary or such other
depositary as shall be specified in the Company Order with respect thereto to
the Trustee, as the Company's agent for such purpose, to be exchanged, in whole
or from time to time in part, for definitive Securities without charge, and the
Trustee shall authenticate and deliver, in exchange for each portion of such
permanent global Security, an equal aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such permanent global Security to be exchanged which, unless the
Securities of the series are not issuable both as Bearer Securities and as
Registered Securities, as specified as contemplated by Section 3.01, shall be
in the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; provided,
however, that no such exchanges may occur during a period beginning at the
opening of business 15 days before any selection of Securities to be redeemed
and ending on the relevant Redemption Date if the Security for which exchange
is requested may be among those selected for redemption; and provided, further,
that no Bearer Security delivered in exchange for a portion of a permanent
global Security shall be mailed or otherwise delivered to any location in the
United States. If a Registered Security is issued in exchange for any portion
of a permanent global Security after the close of business at the office or
agency where such exchange occurs on (i) any Regular Record Date and before the
opening of business at such office or agency on the relevant Interest Payment
Date, or (ii) any Special Record Date and the opening of business at such
office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to
the Person to whom interest in respect of such portion of such permanent global
Security is payable in accordance with the provisions of this Indenture.

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

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any
transfer.

         The Company shall not be required (i) to issue, to register the
transfer of or to exchange Securities of any series during a period beginning
at the opening of business 15 days

                                      27
<PAGE>

before the day of the selection for redemption of Securities of that series
under Section 11.03 or 12.03 and ending at the close of business on (A) if
Securities of the series are issuable only as Registered Securities, the day of
the mailing of the relevant notice of redemption and (B) if Securities of the
series are issuable as Bearer Securities, the day of the first publication of
the relevant notice of redemption or, if Securities of the series are also
issuable as Registered Securities and there is no publication, the mailing of
the relevant notice of redemption, or (ii) to register the transfer of or
exchange any Registered Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part, or
(iii) to exchange any Bearer Security so selected for redemption except that
such a Bearer Security may be exchanged for a Registered Security of that
series and like tenor; provided that such Registered Security shall be
simultaneously surrendered for redemption, or (iv) to issue, to register the
transfer of or to exchange any Security which has been surrendered for
repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

         Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities.

         If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding, with coupons corresponding to the coupons,
if any, appertaining to the surrendered Security, or, in case any such
mutilated Security or coupon has become or is about to become due and payable,
the Company in its discretion may, instead of issuing a new Security, with
coupons corresponding to the coupons, if any, appertaining to the surrendered
Security, pay such Security or coupon.

         If there shall be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any
Security or coupon and (ii) such security or indemnity as may be required by
them to save each of them and any agent of either of them harmless, then, in
the absence of notice to the Company or the Trustee that such Security or
coupon has been acquired by a bona fide purchaser, the Company shall execute
and upon Company Order the Trustee shall authenticate and deliver, in lieu of
any such destroyed, lost or stolen Security or in exchange for the Security for
which a destroyed, lost or stolen coupon appertains (with all appurtenant
coupons not destroyed, lost or stolen), a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously
outstanding, with coupons corresponding to the coupons, if any, appertaining to
such destroyed, lost or stolen Security or to the Security to which such
destroyed, lost or stolen coupon appertains, or, in case any such destroyed,
lost or stolen Security or coupon has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security,
with coupons corresponding to the coupons, if any, appertaining to such
destroyed, lost or stolen Security or to the Security to which such destroyed,
lost or stolen coupon appertains, pay such Security or coupon.

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

                                      28
<PAGE>

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

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

         Section 3.07. Payment of Interest; Interest Rights Preserved; Optional
Interest Reset.

         (a) Unless otherwise provided as contemplated by Section 3.01
with respect to any series of Securities, interest on any Registered Security
which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name such Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest at the office or agency of the Company
maintained for such purpose pursuant to Section 10.02; provided, however, that
each installment of interest on any Registered Security may at the Company's
option be paid by (i) mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 3.08, to the
address of such Person as it appears on the Security Register or (ii) transfer
to an account maintained by the payee located in the United States.

         Unless otherwise provided as contemplated by Section 3.01 with respect
to the Securities of any series, payment of interest may be made, in the case
of a Bearer Security, by transfer to an account maintained by the payee with a
bank located outside the United States.

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

               (1) The Company may elect to make payment of any
          Defaulted Interest to the Persons in whose names the Registered
          Securities of such series (or their respective Predecessor
          Securities) are registered at the close of business on a Special
          Record Date for the payment of such Defaulted Interest, which shall
          be fixed in the following manner. The Company shall notify the
          Trustee in writing of the amount of Defaulted Interest proposed to be
          paid on each Registered Security of such series and the date of the
          proposed payment, and at the same time the Company shall deposit with
          the Trustee an amount of money in the Currency in which the
          Securities of such series are payable (except as otherwise specified
          pursuant to Section 3.01 for the Securities of such series

                                      29
<PAGE>

          and except, if applicable, as provided in Sections 3.11(b), 3.11(d)
          and 3.11(e)) equal to the aggregate amount proposed to be paid in
          respect of such Defaulted Interest or shall make arrangements
          satisfactory to the Trustee for such deposit on or prior to the date
          of the proposed payment, such money when deposited to be held in
          trust for the benefit of the Persons entitled to such Defaulted
          Interest as in this clause provided. Thereupon the Trustee shall fix
          a Special Record Date for the payment of such Defaulted Interest
          which shall be not more than 15 days and not less than 10 days prior
          to the date of the proposed payment and not less than 10 days after
          the receipt by the Trustee of the notice of the proposed payment. The
          Trustee shall promptly notify the Company of such Special Record Date
          and, in the name and at the expense of the Company, shall cause
          notice of the proposed payment of such Defaulted Interest and the
          Special Record Date therefor to be given in the manner provided in
          Section 1.06, not less than 10 days prior to such Special Record
          Date. Notice of the proposed payment of such Defaulted Interest and
          the Special Record Date therefor having been so given, such Defaulted
          Interest shall be paid to the Persons in whose name the Registered
          Securities of such series (or their respective Predecessor
          Securities) are registered at the close of business on such Special
          Record Date and shall no longer be payable pursuant to the following
          clause (2).

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

         (b) The provisions of this Section 3.07(b) may be made
applicable to any series of Securities pursuant to Section 3.01 (with such
modifications, additions or substitutions as may be specified pursuant to such
Section 3.01). The interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) on any Security of such series may
be reset by the Company on the date or dates specified on the face of such
Security (each an "Optional Reset Date"). The Company may exercise such option
with respect to such Security by notifying the Trustee of such exercise at
least 50 but not more than 60 days prior to an Optional Reset Date for such
Note. Not later than 40 days prior to each Optional Reset Date, the Trustee
shall transmit, in the manner provided for in Section 1.06, to the Holder of
any such Security a notice (the "Reset Notice") indicating whether the Company
has elected to reset the interest rate (or the spread or spread multiplier used
to calculate such interest rate, if applicable), and if so (i) such new
interest rate (or such new spread or spread multiplier, if applicable) and (ii)
the provisions, if any, for redemption during the period from such Optional
Reset Date to the next Optional Reset Date or if there is no such next Optional
Reset Date, to the Stated Maturity Date of such Security (each such period a
"Subsequent Interest Period"), including the date or dates on which or the
period or periods during which and the price or prices at which such redemption
may occur during the Subsequent Interest Period.

         Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if
applicable) provided for in the Reset Notice and establish an interest rate (or
a spread or spread multiplier used to calculate such interest rate, if
applicable)

                                      30
<PAGE>

that is higher than the interest rate (or the spread or spread multiplier, if
applicable) provided for in the Reset Notice, for the Subsequent Interest
Period by causing the Trustee to transmit, in the manner provided for in
Section 1.06, notice of such higher interest rate (or such higher spread or
spread multiplier, if applicable) to the Holder of such Security. Such notice
shall be irrevocable. All Securities with respect to which the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if
applicable) is reset on an Optional Reset Date, and with respect to which the
Holders of such Securities have not tendered such Securities for repayment (or
have validly revoked any such tender) pursuant to the next succeeding
paragraph, will bear such higher interest rate (or such higher spread or spread
multiplier, if applicable).

         The Holder of any such Security will have the option to elect
repayment by the Company of the principal of such Security on each Optional
Reset Date at a price equal to the principal amount thereof plus interest
accrued to such Optional Reset Date. In order to obtain repayment on an
Optional Reset Date, the Holder must follow the procedures set forth in Article
Thirteen for repayment at the option of Holders except that the period for
delivery or notification to the Trustee shall be at least 25 but not more than
35 days prior to such Optional Reset Date and except that, if the Holder has
tendered any Security for repayment pursuant to the Reset Notice, the Holder
may, by written notice to the Trustee, revoke such tender or repayment until
the close of business on the tenth day before such Optional Reset Date.

         Subject to the foregoing provisions of this Section and Section 3.05,
each Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

         Section 3.08. Persons Deemed Owners.

         Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as
the owner of such Registered Security for the purpose of receiving payment of
principal of (and premium, if any, on) and (subject to Sections 3.05 and 3.07)
interest on such Security and for all other purposes whatsoever, whether or not
such Security be overdue, and none of the Company, the Trustee or any agent of
the Company or the Trustee shall be affected by notice to the contrary.

         Title to any Bearer Security and any coupons appertaining thereto
shall pass by delivery. The Company, the Trustee and any agent of the Company
or the Trustee may treat the bearer of any Bearer Security and the bearer of
any coupon as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupons be overdue, and none of the
Company, the Trustee or any agent of the Company or the Trustee shall be
affected by notice to the contrary.

         None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Security in global form or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.

                                      31
<PAGE>

         Notwithstanding the foregoing, with respect to any global Security,
nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by any depositary, as a Holder, with respect
to such global Security or impair, as between such depositary and owners of
beneficial interests in such global Security, the operation of customary
practices governing the exercise of the rights of such depositary (or its
nominee) as Holder of such global Security.

         Section 3.09. Cancellation.

         All Securities and coupons surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or exchange or
for credit against any current or future sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee.
All Securities and coupons so delivered to the Trustee shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. If the Company shall so acquire any of the
Securities, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and
until the same are surrendered to the Trustee for cancellation. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Securities held by the Trustee shall be disposed of by the
Trustee in accordance with its customary procedures and certification of their
disposal delivered to the Company unless by Company Order the Company shall
direct that cancelled Securities be returned to it.

         Section 3.10. Computation of Interest.

                  Except as otherwise specified as contemplated by Section 3.01
with respect to any Securities, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

         Section 3.11. Currency and Manner of Payments in Respect of
Securities.

         (a) Unless otherwise specified with respect to any Securities
pursuant to Section 3.01, with respect to Registered Securities of any series
not permitting the election provided for in paragraph (b) below or the Holders
of which have not made the election provided for in paragraph (b) below, and
with respect to Bearer Securities of any series, except as provided in
paragraph (d) below, payment of the principal of (and premium, if any, on) and
interest, if any, on any Registered or Bearer Security of such series will be
made in the Currency in which such Registered Security or Bearer Security, as
the case may be, is payable. The provisions of this Section 3.11 may be
modified or superseded with respect to any Securities pursuant to Section 3.01.

         (b) It may be provided pursuant to Section 3.01 with respect to
Registered Securities of any series that Holders shall have the option, subject
to paragraphs (d) and (e)

                                      32
<PAGE>

below, to receive payments of principal of (and premium, if any, on) or
interest, if any, on such Registered Securities in any of the Currencies which
may be designated for such election by delivering to the Trustee a written
election with signature guarantees and in the applicable form established
pursuant to Section 3.01, not later than the close of business on the Election
Date immediately preceding the applicable payment date. If a Holder so elects
to receive such payments in any such Currency, such election will remain in
effect for such Holder or any transferee of such Holder until changed by such
Holder or such transferee by written notice to the Trustee (but any such change
must be made not later than the close of business on the Election Date
immediately preceding the next payment date to be effective for the payment to
be made on such payment date and no such change of election may be made with
respect to payments to be made on any Registered Security of such series with
respect to which an Event of Default has occurred or with respect to which the
Company has deposited funds pursuant to Articles Four or with respect to which
a notice of redemption has been given by the Company or a notice of option to
elect repayment has been sent by such Holder or such transferee). Any Holder of
any such Registered Security who shall not have delivered any such election to
the Trustee not later than the close of business on the applicable Election
Date will be paid the amount due on the applicable payment date in the relevant
Currency as provided in Section 3.11(a). The Trustee shall notify the Exchange
Rate Agent as soon as practicable after the Election Date of the aggregate
principal amount of Registered Securities for which Holders have made such
written election.

         (c) Unless otherwise specified pursuant to Section 3.01, if the
election referred to in paragraph (b) above has been provided for pursuant to
Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not
later than the fourth Business Day after the Election Date for each payment
date for Registered Securities of any series, the Exchange Rate Agent will
deliver to the Company a written notice specifying, in the Currency in which
Registered Securities of such series are payable, the respective aggregate
amounts of principal of (and premium, if any, on) and interest, if any, on the
Registered Securities to be paid on such payment date, specifying the amounts
in such Currency so payable in respect of the Registered Securities as to which
the Holders of Registered Securities of such series shall have elected to be
paid in another Currency as provided in paragraph (b) above. If the election
referred to in paragraph (b) above has been provided for pursuant to Section
3.01 and if at least one Holder has made such election, then, unless otherwise
specified pursuant to Section 3.01, on the second Business Day preceding such
payment date the Company will deliver to the Trustee for such series of
Registered Securities an Exchange Rate Officer's Certificate in respect of the
Dollar or Foreign Currency payments to be made on such payment date. Unless
otherwise specified pursuant to Section 3.01, the Dollar or Foreign Currency
amount receivable by Holders of Registered Securities who have elected payment
in a Currency as provided in paragraph (b) above shall be determined by the
Company on the basis of the applicable Market Exchange Rate in effect on the
third Business Day (the "Valuation Date") immediately preceding each payment
date, and such determination shall be conclusive and binding for all purposes,
absent manifest error.

         (d) If a Currency Conversion Event occurs with respect to a
Foreign Currency in which any of the Securities are denominated or payable
other than pursuant to an election provided for pursuant to paragraph (b)
above, then with respect to each date for the payment of principal of (and
premium, if any, on) and interest, if any, on the applicable Securities

                                      33
<PAGE>

denominated or payable in such Foreign Currency occurring after the last date
on which such Foreign Currency was used (the "Currency Conversion Date"), the
Dollar shall be the Currency of payment for use on each such payment date.
Unless otherwise specified pursuant to Section 3.01, the Dollar amount to be
paid by the Company to the Trustee and by the Trustee or any Paying Agent to
the Holders of such Securities with respect to such payment date shall be, in
the case of a Foreign Currency other than a currency unit, the Dollar
Equivalent of the Foreign Currency or, in the case of a currency unit, the
Dollar Equivalent of the Currency Unit, in each case as determined by the
Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.

         (e) Unless otherwise specified pursuant to Section 3.01, if the
Holder of a Registered Security denominated in any Currency shall have elected
to be paid in another Currency as provided in paragraph (b) above, and a
Currency Conversion Event occurs with respect to such elected Currency, such
Holder shall receive payment in the Currency in which payment would have been
made in the absence of such election; and if a Currency Conversion Event occurs
with respect to the Currency in which payment would have been made in the
absence of such election, such Holder shall receive payment in Dollars as
provided in paragraph (d) above.

         (f) The "Dollar Equivalent of the Foreign Currency" shall be
determined by the Exchange Rate Agent and shall be obtained for each subsequent
payment date by converting the specified Foreign Currency into Dollars at the
Market Exchange Rate on the Currency Conversion Date.

         (g) The "Dollar Equivalent of the Currency Unit" shall be
determined by the Exchange Rate Agent and subject to the provisions of
paragraph (h) below shall be the sum of each amount obtained by converting the
Specified Amount of each Component Currency into Dollars at the Market Exchange
Rate for such Component Currency on the Valuation Date with respect to each
payment.

         (h) For purposes of this Section 3.11 the following terms shall have
the following meanings:

         A "Component Currency" shall mean any Currency which, on the Currency
Conversion Date, was a component currency of the relevant currency unit,
including, but not limited to, the Euro.

         A "Specified Amount" of a Component Currency shall mean the number of
units of such Component Currency or fractions thereof which were represented in
the relevant currency unit, including, but not limited to, the Euro, on the
Currency Conversion Date. If after the Currency Conversion Date the official
unit of any Component Currency is altered by way of combination or subdivision,
the Specified Amount of such Component Currency shall be divided or multiplied
in the same proportion. If after the Currency Conversion Date two or more
Component Currencies are consolidated into a single currency, the respective
Specified Amounts of such Component Currencies shall be replaced by an amount
in such single Currency equal to the sum of the respective Specified Amounts of
such consolidated Component Currencies expressed in such single Currency, and
such amount shall thereafter be a Specified Amount and

                                      34
<PAGE>

such single Currency shall thereafter be a Component Currency. If after the
Currency Conversion Date any Component Currency shall be divided into two or
more currencies, the Specified Amount of such Component Currency shall be
replaced by amounts of such two or more currencies, having an aggregate Dollar
Equivalent value at the Market Exchange Rate on the date of such replacement
equal to the Dollar Equivalent value of the Specified Amount of such former
Component Currency at the Market Exchange Rate immediately before such division
and such amounts shall thereafter be Specified Amounts and such currencies
shall thereafter be Component Currencies. If, after the Currency Conversion
Date of the relevant currency unit, including, but not limited to, the Euro, a
Currency Conversion Event (other than any event referred to above in this
definition of "Specified Amount") occurs with respect to any Component Currency
of such currency unit and is continuing on the applicable Valuation Date, the
Specified Amount of such Component Currency shall, for purposes of calculating
the Dollar Equivalent of the Currency Unit, be converted into Dollars at the
Market Exchange Rate in effect on the Currency Conversion Date of such
Component Currency.

         "Election Date" shall mean the date for any series of Registered
Securities as specified pursuant to clause (13) of Section 3.01 by which the
written election referred to in paragraph (b) above may be made.

         All decisions and determinations of the Exchange Rate Agent regarding
the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the
Currency Unit, the Market Exchange Rate and changes in the Specified Amounts as
specified above shall be in its sole discretion and shall, in the absence of
manifest error, be conclusive for all purposes and irrevocably binding upon the
Company, the Trustee and all Holders of such Securities denominated or payable
in the relevant Currency. The Exchange Rate Agent shall promptly give written
notice to the Company and the Trustee of any such decision or determination.

         In the event that the Company determines in good faith that a Currency
Conversion Event has occurred with respect to a Foreign Currency, the Company
will immediately give written notice thereof to the Trustee and to the Exchange
Rate Agent (and the Trustee will promptly thereafter give notice in the manner
provided for in Section 1.06 to the affected Holders) specifying the Currency
Conversion Date. In the event the Company so determines that a Currency
Conversion Event has occurred with respect to the Euro or any other currency
unit in which Securities are denominated or payable, the Company will
immediately give written notice thereof to the Trustee and to the Exchange Rate
Agent (and the Trustee will promptly thereafter give notice in the manner
provided for in Section 1.06 to the affected Holders) specifying the Currency
Conversion Date and the Specified Amount of each Component Currency on the
Currency Conversion Date. In the event the Company determines in good faith
that any subsequent change in any Component Currency as set forth in the
definition of Specified Amount above has occurred, the Company will similarly
give written notice to the Trustee and the Exchange Rate Agent.

         The Trustee shall be fully justified and protected in relying and
acting upon information received by it from the Company and the Exchange Rate
Agent and shall not otherwise have any duty or obligation to determine the
accuracy or validity of such information independent of the Company or the
Exchange Rate Agent.

                                      35
<PAGE>

         Section 3.12. Appointment and Resignation of Successor Exchange Rate
Agent.

         (a) Unless otherwise specified pursuant to Section 3.01, if and
so long as the Securities of any series (i) are denominated in a Currency other
than Dollars or (ii) may be payable in a Currency other than Dollars, or so
long as it is required under any other provision of this Indenture, then the
Company will maintain with respect to each such series of Securities, or as so
required, at least one Exchange Rate Agent. The Company will cause the Exchange
Rate Agent to make the necessary foreign exchange determinations at the time
and in the manner specified pursuant to Section 3.01 for the purpose of
determining the applicable rate of exchange and, if applicable, for the purpose
of converting the issued Currency into the applicable payment Currency for the
payment of principal (and premium, if any) and interest, if any, pursuant to
Section 3.11.

         (b) No resignation of the Exchange Rate Agent and no
appointment of a successor Exchange Rate Agent pursuant to this Section shall
become effective until the acceptance of appointment by the successor Exchange
Rate Agent as evidenced by a written instrument delivered to the Company and
the Trustee.

         (c) If the Exchange Rate Agent shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of the
Exchange Rate Agent for any cause with respect to the Securities of one or more
series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to
the Securities of that or those series (it being understood that any such
successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified
pursuant to Section 3.01, at any time there shall only be one Exchange Rate
Agent with respect to the Securities of any particular series that are
originally issued by the Company on the same date and that are initially
denominated and/or payable in the same Currency).

                                 ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         Section 4.01. Satisfaction and Discharge of Indenture.

         This Indenture shall upon Company Request cease to be of further
effect with respect to any series of Securities (except as to any surviving
rights of registration of transfer or exchange of Securities of such series
herein expressly provided for and the obligation of the Company to pay any
Additional Amounts as contemplated by Section 10.05) and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when

               (1) either

                    (a) all Securities of such series theretofore authenticated
               and delivered and all coupons, if any, appertaining thereto
               (other than (i) coupons appertaining to Bearer Securities
               surrendered for exchange for

                                      36
<PAGE>

               Registered Securities and maturing after such exchange, whose
               surrender is not required or has been waived as provided in
               Section 3.05, (ii) Securities and coupons of such series which
               have been destroyed, lost or stolen and which have been replaced
               or paid as provided in Section 3.06, (iii) coupons appertaining
               to Securities called for redemption and maturing after the
               relevant Redemption Date, whose surrender has been waived as
               provided in Section 11.06, and (iv) Securities and coupons of
               such series for whose payment money has theretofore been
               deposited in trust with the Trustee or any Paying Agent or
               segregated and held in trust by the Company and thereafter
               repaid to the Company, as provided in Section 10.03) have been
               delivered to the Trustee for cancellation; or

                    (b) all Securities of such series and, in the case of (i)
               or (ii) below, any coupons appertaining thereto not theretofore
               delivered to the Trustee for cancellation

                         (i) have become due and payable, or

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

                         (iii) if redeemable at the option of the Company, are
                    to be called for redemption within one year under
                    arrangements satisfactory to the Trustee for the giving of
                    notice of redemption by the Trustee in the name, and at the
                    expense, of the Company, and the Company, in the case of
                    (i), (ii) or (iii) above, has irrevocably deposited or
                    caused to be deposited with the Trustee as trust funds in
                    trust for the purpose an amount, in the Currency in which
                    the Securities of such series are payable, sufficient to
                    pay and discharge the entire indebtedness on such
                    Securities not theretofore delivered to the Trustee for
                    cancellation, for principal (and premium, if any) and
                    interest to the date of such deposit (in the case of
                    Securities which have become due and payable) or to the
                    Stated Maturity or Redemption Date, as the case may be;

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

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.06, the obligations
of the Trustee to any Authenticating Agent under Section 6.11 and, if money
shall have been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section, the obligations of the Trustee under Section 4.02 and the
last paragraph of Section 10.03 shall survive.

                                      37
<PAGE>

         Section 4.02. Application of Trust Money.

         Subject to the provisions of the last paragraph of Section 10.03, all
money deposited with the Trustee pursuant to Section 4.01 shall be held in
trust and applied by it, in accordance with the provisions of the Securities,
the coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited
with the Trustee, but such money need not be segregated from other funds except
to the extent required by law.

                                 ARTICLE FIVE

                                    REMEDIES

         Section 5.01. Events of Default.

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

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

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

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

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

               (5) the entry of a decree or order by a court having
          jurisdiction in the premises adjudging the Company a bankrupt or
          insolvent, or approving as properly filed a petition seeking
          reorganization, arrangement, adjustment or composition of or in
          respect of the Company under the Federal Bankruptcy Code or any other
          applicable federal or state law, or appointing a receiver,
          liquidator, assignee, trustee, sequestrator (or other similar
          official) of the Company or of any substantial part of its property,
          or ordering the winding

                                      38
<PAGE>

          up or liquidation of its affairs, and the continuance of any such
          decree or order unstayed and in effect for a period of 90 consecutive
          days; or

               (6) the institution by the Company of proceedings to be
          adjudicated a bankrupt or insolvent, or the consent by it to the
          institution of bankruptcy or insolvency proceedings against it, or
          the filing by it of a petition or answer or consent seeking
          reorganization or relief under the Federal Bankruptcy Code or any
          other applicable federal or state law, or the consent by it to the
          filing of any such petition or to the appointment of a receiver,
          liquidator, assignee, trustee, sequestrator (or other similar
          official) of the Company or of any substantial part of its property,
          or the making by it of an assignment for the benefit of creditors, or
          the admission by it in writing of its inability to pay its debts
          generally as they become due; or

               (7) there shall have occurred one or more defaults by the
          Company or any Subsidiary in the payment of the principal of or
          premium, if any, on Debt aggregating $100 million or more, when the
          same becomes due and payable at the stated maturity thereof, and such
          default or defaults shall have continued after any applicable grace
          period and shall not have been cured or waived or (B) Debt of the
          Company or any Subsidiary aggregating $100 million or more shall have
          been accelerated or otherwise declared due and payable, or required
          to be prepaid or repurchased (other than by regularly scheduled
          required prepayment), prior to the stated maturity thereof; or

               (8) any other Event of Default provided with respect to
          Securities of that series.

         Section 5.02. Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default described in clause (1), (2), (3), (4), (7) or
(8) of Section 5.01 with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if the
Securities of that series are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount as may be specified in the
terms of that series) of all of the Securities of that series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount (or
specified portion thereof) shall become immediately due and payable. If an
Event of Default described in clause (5) or (6) of Section 5.01 occurs and is
continuing, then the principal amount of all the Debt Securities shall ipso
facto become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holder.

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

                                      39
<PAGE>

               (1) the Company has paid or deposited with the Trustee a
          sum sufficient to pay in the Currency in which the Securities of such
          series are payable (except as otherwise specified pursuant to Section
          3.01 for the Securities of such series and except, if applicable, as
          provided in Sections 3.11(b), 3.11(d) and 3.11(e)),

                    (a) all overdue interest on all Outstanding Securities of
               that series (or of all series, as the case may be) and any
               related coupons,

                    (b) all unpaid principal of (and premium, if any,
               on) any Outstanding Securities of that series (or of all series,
               as the case may be) which has become due otherwise than by such
               declaration of acceleration, and interest on such unpaid
               principal at the rate or rates prescribed therefor in such
               Securities,

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

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

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

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

         Notwithstanding the preceding paragraph, in the event of a declaration
of acceleration in respect of the Securities because of an Event of Default
specified in Section 5.01(7) shall have occurred and be continuing, such
declaration of acceleration shall be automatically annulled if the Debt that is
the subject of such Event of Default has been discharged or the holders thereof
have rescinded their declaration of acceleration in respect of such Debt, and
written notice of such discharge or rescission, as the case may be, shall have
been given to the Trustee by the Company and countersigned by the holders of
such Debt or a trustee, fiduciary or agent for such holders, within 30 days
after such declaration of acceleration in respect of the Securities, and no
other Event of Default has occurred during such 30-day period which has not
been cured or waived during such period.

         Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Trustee.

         The Company covenants that if

                                      40
<PAGE>

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

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

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

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

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

         Section 5.04. Trustee May File Proofs of Claim.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal, premium, if any, or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise,

               (i) to file and prove a claim for the whole amount of
          principal (and premium, if any), or such portion of the principal
          amount of any series of Original Issue Discount Securities or Indexed
          Securities as may be specified in the terms of such series, and
          interest owing and unpaid in respect of the Securities and to file
          such other papers or documents as may be necessary or advisable in
          order to

                                      41
<PAGE>

          have the claims of the Trustee (including any claim for the
          reasonable compensation, expenses, disbursements and advances of the
          Trustee, its agents and counsel) and of the Holders allowed in such
          judicial proceeding, and

               (ii) to collect and receive any moneys or other property payable
          or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 6.06.

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

         Section 5.05. Trustee May Enforce Claims Without Possession of
Securities.

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

         Section 5.06. Application of Money Collected.

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

         First: To the payment of all amounts due the Trustee under Section
6.06;

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

                                      42
<PAGE>

         Third: The balance, if any, to the Person or Persons entitled thereto
including, without limitation, the Company.

         Section 5.07. Limitation on Suits.

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

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

               (2) the Holders of not less than 25% in principal amount
          of the Outstanding Securities of that series in the case of any Event
          of Default described in clause (1), (2), (3), (4), (7) or (8) of
          Section 5.01, or, in the case of any Event of Default described in
          clause (5) or (6) of Section 5.01, the Holders of not less than 25%
          in principal amount of all Outstanding Securities, shall have made
          written request to the Trustee to institute proceedings in respect of
          such Event of Default in its own name as Trustee hereunder;

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

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

               (5) no direction inconsistent with such written request
          has been given to the Trustee during such 60-day period by the
          Holders of at least a majority or more in principal amount of the
          Outstanding Securities of that series in the case of any Event of
          Default described in clause (1), (2), (3), (4), (7) or (8) of Section
          5.01, or, in the case of any Event of Default described in clause (5)
          or (6) of Section 5.01, by the Holders of a majority or more in
          principal amount of all Outstanding Securities;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Securities of the same series, in the case of any Event of Default
described in clause (1), (2), (3), (4), (7) or (8) of Section 5.01, or of
Holders of all Securities in the case of any Event of Default described in
clause (5) or (6) of Section 5.01, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all Holders of Securities of the same series, in the case of any
Event of Default described in clause (1), (2), (3), (4), (7) or (8) of Section
5.01, or of Holders of all Securities in the case of any Event of Default
described in clause (5) or (6) of Section 5.01.

                                      43
<PAGE>

         Section 5.08. Unconditional Right of Holders to Receive Principal,
Premium and Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment, as provided herein (including, if applicable, Article
Fourteen) and in such Security, of the principal of (and premium, if any, on)
and (subject to Section 3.07) interest on, such Security or payment of such
coupon on the respective Stated Maturities expressed in such Security or coupon
(or, in the case of redemption, on the Redemption Date) and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

         Section 5.09. Restoration of Rights and Remedies.

         If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders of
Securities and coupons shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

         Section 5.10. Rights and Remedies Cumulative.

         Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons in the
last paragraph of Section 3.06, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders of Securities or coupons is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         Section 5.11. Delay or Omission Not Waiver.

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

         Section 5.12. Control by Holders.

         With respect to the Securities of any series, the Holders of not less
than a majority in principal amount of the Outstanding Securities of such
series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, relating to or arising under clause (1),
(2), (3), (4), (7) or (8) of Section 5.01, and, with respect to all Securities,
the Holders of not less than

                                      44
<PAGE>

a majority in principal amount of all Outstanding Securities shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, not relating to or arising under clause (1), (2), (3), (4), (7) or
(8) of Section 5.01, provided that in each case

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

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

the Trustee need not take any action which might involve it in personal
liability or be unjustly prejudicial to the Holders of Securities of such series
not consenting.

         Section 5.13. Waiver of Past Defaults.

         Subject to Section 5.02, the Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on behalf of
the Holders of all the Securities of such series waive any past default
described in clause (1), (2), (3), (4), (7) or (8) of Section 5.01 (or, in the
case of a default described in clause (5) or (6) of Section 5.01, the Holders
of not less than a majority in principal amount of all Outstanding Securities
may waive any such past default), and its consequences, except a default

               (1) in respect of the payment of the principal of (or premium,
          if any, on) or interest on any Security or any related coupon, or

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

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

         Section 5.14. Waiver of Stay or Extension Laws.

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

                                      45
<PAGE>

                                  ARTICLE SIX

                                   THE TRUSTEE

         Section 6.01. Notice of Defaults.

         Within 90 days after the occurrence of any Default hereunder with
respect to the Securities of any series, the Trustee shall transmit in the
manner and to the extent provided in TIA Section 313(c), notice of such default
hereunder known to the Trustee, unless such Default shall have been cured or
waived; provided, however, that, except in the case of a Default in the payment
of the principal of (or premium, if any, on) or interest on any Security of
such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interest of the
Holders of Securities of such series and any related coupons; and provided,
further, that in the case of any Default of the character specified in Section
5.01(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof.

         Section 6.02. Certain Rights of Trustee.

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

               (1) the Trustee may rely and shall be protected in acting
          or refraining from acting upon any resolution, certificate,
          statement, instrument, opinion, report, notice, request, direction,
          consent, order, bond, debenture, note, other evidence of indebtedness
          or other paper or document reasonably believed by it to be genuine
          and to have been signed or presented by the proper party or parties;

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

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

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

               (5) 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 of Securities of any
          series or any coupons appertaining thereto pursuant to this
          Indenture, unless such Holders shall have offered to the Trustee
          reasonable security or indemnity

                                      46
<PAGE>

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

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

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

               (8) the Trustee shall not be liable for any action taken,
          suffered or omitted by it in good faith and believed by it to be
          authorized or within the discretion or rights or powers conferred
          upon it by this Indenture.

         The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

         Section 6.03. Trustee Not Responsible for Recitals or Issuance of
Securities.

         The recitals contained herein and in the Securities, except for the
Trustee's certificates of authentication, and in any coupons shall be taken as
the statements of the Company, and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility and Qualification on Form T-1 supplied to the Company
are true and accurate, subject to the qualifications set forth therein. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.

         Section 6.04. May Hold Securities.

         The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company or of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal
with the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent.

                                      47
<PAGE>

         Section 6.05. Money Held in Trust.

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

         Section 6.06. Compensation and Reimbursement.

         The Company agrees:

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

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

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

         The obligations of the Company under this Section to compensate the
Trustee, to pay or reimburse the Trustee for expenses, disbursements and
advances and to indemnify and hold harmless the Trustee shall constitute
additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture. As security for the performance of such
obligations of the Company, the Trustee shall have a claim prior to the
Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the payment of principal of (and premium,
if any, on) or interest on particular Securities or any coupons.

         Section 6.07. Corporate Trustee Required; Eligibility; Conflicting
Interest.

         (a) There shall at all times be a Trustee hereunder which shall
be eligible to act as Trustee under TIA Section 310(a)(1). Each successor
trustee shall have a combined capital and surplus of at least $50,000,000. If
such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of federal, state, territorial or District of
Columbia supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

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<PAGE>

         (b) The Indenture dated as of ___________, 2001 between the
Company and ___________________ providing for the issuance of convertible and
non-convertible senior debt securities shall be deemed to be specifically
described herein for purposes of clause (i) of the first proviso contained in
TIA Section 310(b).

         Section 6.08. Resignation and Removal; Appointment of Successor.

         (a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.09.

         (b) The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
Section 6.09 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

         (c) The Trustee may be removed at any time with respect to the
Securities of any series by Act of the Holders of not less than a majority in
principal amount of the Outstanding Securities of such series, delivered to the
Trustee and to the Company.

         (d) If at any time:

               (1) the Trustee shall fail to comply with the provisions
          of TIA Section 310(b) after written request therefor by the Company
          or by any Holder who has been a bona fide Holder of a Security for at
          least six months, or

               (2)  the Trustee shall cease to be eligible under Section
          6.07(a) and shall fail to resign after written request therefor by
          the Company or by any Holder who has been a bona fide Holder of a
          Security for at least six months, or

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

then, in any such case, (i) the Company, by a Board Resolution, may remove the
Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e),
any Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

         (e) If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such

                                      49
<PAGE>

successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series). If, within one year
after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to
the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the
Holders and accepted appointment in the manner hereinafter provided, any Holder
who has been a bona fide Holder of a Security of such series for at least six
months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

         (f) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series
to the Holders of Securities of such series in the manner provided for in
Section 1.06. Each notice shall include the name of the successor Trustee with
respect to the Securities of such series and the address of its Corporate Trust
Office.

         Section 6.09. Acceptance of Appointment by Successor.

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

         (b) In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one

                                      50
<PAGE>

Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that
each such Trustee shall be trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture to
resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates. Whenever there is a successor Trustee with respect to one or
more (but less than all) series of securities issued pursuant to this
Indenture, the terms "Indenture" and "Securities" shall have the meanings
specified in the provisos to the respective definitions of those terms in
Section 1.01 which contemplate such situation.

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

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

         Section 6.10. Merger, Conversion, Consolidation or Succession to
Business.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities;
and in case at that time any of the Securities shall not have been
authenticated, any successor Trustee may authenticate such Securities either in
the name of any predecessor hereunder or in the name of the successor Trustee;
and in all such cases such certificates shall have the full force which it is
anywhere in the Securities or in this Indenture provided that the certificate
of the Trustee shall have; provided, however, that the right to adopt the
certificate of authentication of any predecessor Trustee or to authenticate
Securities in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.

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<PAGE>

         Section 6.11. Appointment of Authenticating Agent.

         At any time when any of the Securities remain Outstanding, the Trustee
may appoint an Authenticating Agent or Agents with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series and the Trustee shall give written
notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve, in the manner provided
for in Section 1.06. Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Any such appointment shall be
evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee, and a copy of such instrument shall be promptly furnished to the
Company. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Company and shall at all
times be a corporation organized and doing business under the laws of the
United States of America, any state thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and subject to supervision or
examination by federal or state authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect specified in this Section.

         Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

         An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give written notice of
such appointment to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, in the manner provided for in
Section 1.06. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No

                                      52
<PAGE>

successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.

         The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 6.06.

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

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

                                [name of trustee],
                                         as Trustee

                                 By _______________________________
                                          as Authenticating Agent

                                By _________________________________
                                            Authorized Officer

                                 ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         Section 7.01. Disclosure of Names and Addresses of Holders.

         Every Holder of Securities or coupons, by receiving and holding the
same, agrees with the Company and the Trustee that none of the Company or the
Trustee or any agent of either of them shall be held accountable by reason of
the disclosure of any such information as to the names and addresses of the
Holders in accordance with TIA Section 312, regardless of the source from which
such information was derived, and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
TIA Section 312(b).

         Section 7.02. Reports by Trustee.

         Within 60 days after May 15 of each year commencing with the first May
15 after the first issuance of Securities pursuant to this Indenture, the
Trustee shall transmit to the Holders of Securities, in the manner and to the
extent provided in TIA Section 313(c), a brief report dated as of such May 15
if required by TIA Section 313(a).

                                      53
<PAGE>

         Section 7.03. Reports by Company.

               The Company shall:

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

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

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

                                 ARTICLE EIGHT

                    MERGER, CONSOLIDATION AND SALE OF ASSETS

         Section 8.01. Company May Consolidate, etc., Only on Certain Terms.

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

          (1) the entity formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance or transfer,
     or which leases, the properties and assets of the Company substantially as
     an entirety (A) shall be an entity organized and validly existing under
     the laws of the United States of America, any state thereof or the
     District of Columbia and (B) shall expressly assume, by an indenture
     supplemental hereto, executed and delivered to the Trustee, in form
     satisfactory to the Trustee, the Company's obligation for the due and
     punctual payment of the principal of (and premium, if any, on) and
     interest on all the Securities and the performance and

                                      54
<PAGE>

     observance of every covenant of this Indenture on the part of the Company
     to be performed or observed;

          (2) immediately after giving effect to such transaction, no Default
     or Event of Default shall have occurred and be continuing; and

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

         This Section shall only apply to a merger or consolidation in which
the Company is not the surviving corporation and to conveyances, leases and
transfers by the Company as transferor or lessor.

         Section 8.02. Successor Person Substituted.

         Upon any consolidation by the Company with or merger by the Company
into any other entity or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety to any Person in
accordance with Section 8.01, the successor Person formed by such consolidation
or into which the Company is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein, and in the event of
any such conveyance or transfer, the Company (which term shall for this purpose
mean the Person named as the "Company" in the first paragraph of this Indenture
or any successor Person which shall theretofore become such in the manner
described in Section 8.01), except in the case of a lease, shall be discharged
of all obligations and covenants under this Indenture and the Securities and
the coupons and may be dissolved and liquidated.

                                 ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         Section 9.01. Supplemental Indentures Without Consent of Holders.

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

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

          (2) to add to the covenants of the Company for the benefit of
     the Holders of all or any series of Securities and any related coupons
     (and if such covenants are to be for

                                      55
<PAGE>

     the benefit of less than all series of Securities, stating that such
     covenants are being included solely for the benefit of such series) or to
     surrender any right or power herein conferred upon the Company; or

          (3) to add any additional Events of Default (and if such
     Events of Default are to be for the benefit of less than all series of
     Securities, stating that such Events of Default are being included solely
     for the benefit of such series); or

          (4) to add to or change any of the provisions of this
     Indenture to provide that Bearer Securities may be registrable as to
     principal, to change or eliminate any restrictions on the payment of
     principal of or any premium or interest on Bearer Securities, to permit
     Bearer Securities to be issued in exchange for Registered Securities, to
     permit Bearer Securities to be issued in exchange for Bearer Securities of
     other authorized denominations or to permit or facilitate the issuance of
     Securities in uncertificated form; provided that any such action shall not
     adversely affect the interests of the Holders of Securities of any series
     or any related coupons in any material respect; or

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

          (6) to establish the form or terms of Securities of any series as
     permitted by Sections 2.01 and 3.01; or

          (7) to evidence and provide for the acceptance of appointment
     hereunder by a successor Trustee with respect to the Securities of one or
     more series and to add to or change any of the provisions of this
     Indenture as shall be necessary to provide for or facilitate the
     administration of the trusts hereunder by more than one Trustee, pursuant
     to the requirements of Section 6.09(b); or

          (8) to close this Indenture with respect to the authentication
     and delivery of additional series of Securities, to cure any ambiguity, to
     correct or supplement any provision herein which may be inconsistent with
     any other provision herein, or to make any other provisions with respect
     to matters or questions arising under this Indenture; provided that such
     action shall not adversely affect the interests of the Holders of
     Securities of any series and any related coupons in any material respect;

          (9) to supplement any of the provisions of this Indenture to
     such extent as shall be necessary to permit or facilitate the defeasance
     and discharge of any series of Securities pursuant to Sections 4.01, 14.02
     and 14.03; provided that any such action shall not adversely affect the
     interests of the Holders of Securities of such series and any related
     coupons or any other series of Securities in any material respect; or

          (10) to effect or maintain the qualification of the Indenture under
     the Trust Indenture Act.

                                      56
<PAGE>

         Section 9.02. Supplemental Indentures with Consent of Holders.

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

          (1) change the Stated Maturity of the principal of, or any
     installment of interest on, any Security or reduce the principal amount
     thereof or the rate of interest thereon or any premium payable upon the
     redemption thereof, or change any obligation of the Company to pay
     Additional Amounts contemplated by Section 10.05 (except as contemplated
     by Section 8.01(1) and permitted by Section 9.01(1)), or reduce the amount
     of the principal of an Original Issue Discount Security that would be due
     and payable upon a declaration of acceleration of the Maturity thereof
     pursuant to Section 5.02 or the amount thereof provable in bankruptcy
     pursuant to Section 5.04, or adversely affect any right of repayment at
     the option of any Holder of any Security, or change any Place of Payment
     where, or the Currency in which, any Security or any premium or the
     interest thereon is payable, or impair the right to institute suit for the
     enforcement of any such payment on or after the Stated Maturity thereof
     (or, in the case of redemption or repayment at the option of the Holder,
     on or after the Redemption Date or Repayment Date, as the case may be), or
     adversely affect any right to convert or manage any Security as may be
     provided pursuant to Section 3.01 herein, or

          (2) reduce the percent in principal amount of the Outstanding
     Securities of any series, the consent of whose Holders is required for any
     such supplemental indenture, for any waiver of compliance with certain
     provisions of this Indenture or certain defaults hereunder and their
     consequences provided for in this Indenture, or reduce the requirements of
     Section 15.04 for quorum or voting.

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

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

                                      57
<PAGE>

         Section 9.03. Execution of Supplemental Indentures.

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

         Section 9.04. Effect of Supplemental Indentures.

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

         Section 9.05. Conformity with Trust Indenture Act.

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

         Section 9.06. Reference in Securities to Supplemental Indentures.

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

         Section 9.07. Notice of Supplemental Indentures.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 9.02, the Company
shall give notice thereof to the Holders of each Outstanding Security affected,
in the manner provided for in Section 1.06, setting forth in general terms the
substance of such supplemental indenture.

                                  ARTICLE TEN

                                    COVENANTS

         Section 10.01. Payment of Principal, Premium, if any, and Interest.

         The Company covenants and agrees for the benefit of the Holders of
each series of Securities and any related coupons that it will duly and
punctually pay the principal of (and premium, if any, on) and interest on the
Securities of that series in accordance with the terms of

                                      58
<PAGE>

the Securities, any coupons appertaining thereto and this Indenture. Unless
otherwise specified as contemplated by Section 3.01 with respect to any series
of Securities, any interest installments due on Bearer Securities on or before
Maturity shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they
severally mature.

         Section 10.02. Maintenance of Office or Agency.

         If the Securities of a series are issuable only as Registered
Securities, the Company will maintain in each Place of Payment for any series
of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be
surrendered for registration of transfer or exchange, where Securities of that
series that are convertible may be surrendered for conversion, if applicable,
and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served.

         If Securities of a series are issuable as Bearer Securities, the
Company will maintain (A) in The City of New York, an office or agency where
any Registered Securities of that series may be presented or surrendered for
payment, where any Registered Securities of that series may be surrendered for
registration of transfer, where Securities of that series may be surrendered
for exchange, where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served and where Bearer
Securities of that series and related coupons may be presented or surrendered
for payment in the circumstances described in the following paragraph (and not
otherwise); (B) subject to any laws or regulations applicable thereto, in a
Place of Payment for that series which is located outside the United States, an
office or agency where Securities of that series and related coupons may be
presented and surrendered for payment; provided, however, that, if the
Securities of that series are listed on any stock exchange located outside the
United States and such stock exchange shall so require, the Company will
maintain a Paying Agent for the Securities of that series in any required city
located outside the United States so long as the Securities of that series are
listed on such exchange, and (C) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series located outside the United
States an office or agency where any Registered Securities of that series may
be surrendered for registration of transfer, where Securities of that series
may be surrendered for exchange and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be
served.

         The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, except that Bearer Securities of any series and the
related coupons may be presented and surrendered for payment at the offices
specified in the Security, in London, and the Company hereby appoints the same
as its agents to receive such respective presentations, surrenders, notices and
demands.

         Unless otherwise specified with respect to any Securities pursuant to
Section 3.01, no payment of principal, premium or interest on Bearer Securities
shall be made at any office or

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agency of the Company in the United States or by check mailed to any address in
the United States or by transfer to an account maintained with a bank located
in the United States; provided, however, that, if the Securities of a series
are payable in Dollars, payment of principal of (and premium, if any, on) and
interest on any Bearer Security shall be made at the office of the Company's
Paying Agent in The City of New York, if (but only if) payment in Dollars of
the full amount of such principal, premium or interest, as the case may be, at
all offices or agencies outside the United States maintained for the purpose by
the Company in accordance with this Indenture is illegal or effectively
precluded by exchange controls or other similar restrictions.

         The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
any such designation; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in accordance with the requirements set forth above for Securities of
any series for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. Unless otherwise specified with
respect to any Securities as contemplated by Section 3.01 with respect to a
series of Securities, the Company hereby designates as a Place of Payment for
each series of Securities the office or agency of the Company in the Borough of
Manhattan, The City of New York, and initially appoints the Trustee as Paying
Agent in such city and as its agent to receive all such presentations,
surrenders, notices and demands.

         Unless otherwise specified with respect to any Securities pursuant to
Section 3.01, if and so long as the Securities of any series (i) are
denominated in a Currency other than Dollars or (ii) may be payable in a
Currency other than Dollars, or so long as it is required under any other
provision of the Indenture, then the Company will maintain with respect to each
such series of Securities, or as so required, at least one Exchange Rate Agent.

         Section 10.03. Money for Securities Payments to Be Held in Trust.

         If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities and any related coupons, it will, on or
before each due date of the principal of (and premium, if any, on) or interest
on any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 3.01 for the Securities of such series and except, if applicable, as
provided in Sections 3.11(b), 3.11(d) and 3.11(e)) sufficient to pay the
principal (and premium, if any) or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of its action or failure so to act.

         Whenever the Company shall have one or more Paying Agents for any
series of Securities and any related coupons, it will, prior to or on each due
date of the principal of (and premium, if any, on) or interest on any
Securities of that series, deposit with a Paying Agent a sum (in the Currency
described in the preceding paragraph) sufficient to pay the principal (and
premium, if any) or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal, premium or interest, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the
Trustee of its action or failure so to act.

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<PAGE>

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

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

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

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

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

         Except as provided in the Securities of any series, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any, on) or interest
on any Security of any series, or any coupon appertaining thereto, and
remaining unclaimed for two years after such principal (and premium, if any) or
interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security or coupon shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Company cause to be
published once, in an Authorized Newspaper, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

         Section 10.04. Statement as to Compliance.

         The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year, a brief certificate from the principal executive officer,
principal financial officer or principal accounting officer as to his or her
knowledge of the Company's compliance with all conditions and covenants under
this Indenture. For purposes of this Section 10.04, such

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<PAGE>

compliance shall be determined without regard to any period of grace or
requirement of notice under this Indenture.

         Section 10.05. Additional Amounts.

         If any Securities of a series provide for the payment of additional
amounts to any Holder who is not a United States person in respect of any tax,
assessment or governmental charge ("Additional Amounts"), the Company will pay
to the Holder of any Security of such series or any coupon appertaining thereto
such Additional Amounts as may be specified as contemplated by Section 3.01.
Whenever in this Indenture there is mentioned, in any context, the payment of
the principal (or premium, if any, on) or interest on, or in respect of, any
Security of a series or payment of any related coupon or the net proceeds
received on the sale or exchange of any Security of a series, such mention
shall be deemed to include mention of the payment of Additional Amounts
provided for by the terms of such series established pursuant to Section 3.01
to the extent that, in such context, Additional Amounts are, were or would be
payable in respect thereof pursuant to such terms and express mention of the
payment of Additional Amounts (if applicable) in any provisions hereof shall
not be construed as excluding Additional Amounts in those provisions hereof
where such express mention is not made.

         Except as otherwise specified as contemplated by Section 3.01, if the
Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to that series of
Securities (or if the Securities of that series will not bear interest prior to
Maturity, the first day on which a payment of principal (and premium, if any)
is made), and at least 10 days prior to each date of payment of principal (and
premium, if any) or interest if there has been any change with respect to the
matters set forth in the below-mentioned Officers' Certificate, the Company
will furnish the Trustee and the Company's principal Paying Agent or Paying
Agents, if other than the Trustee, with an Officers' Certificate instructing
the Trustee and such Paying Agent or Paying Agents whether such payment of
principal of (and premium, if any, on) or interest on the Securities of that
series shall be made to Holders of Securities of that series or any related
coupons who are not United States persons without withholding for or on account
of any tax, assessment or other governmental charge described in the Securities
of the series. If any such withholding shall be required, then such Officers'
Certificate shall specify by country the amount, if any, required to be
withheld on such payments to such Holders of Securities of that series or
related coupons and the Company will pay to the Trustee or such Paying Agent
the Additional Amounts required by the terms of such Securities. In the event
that the Trustee or any Paying Agent, as the case may be, shall not so receive
the above-mentioned certificate, then the Trustee or such Paying Agent shall be
entitled to (i) assume that no such withholding or deduction is required with
respect to any payment of principal (and premium, if any) or interest with
respect to any Securities of a series or related coupons until it shall have
received a certificate advising otherwise and (ii) to make all payments of
principal (and premium, if any) and interest with respect to the Securities of
a series or related coupons without withholding or deductions until otherwise
advised. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out
of or in connection with actions taken or omitted by any of them in reliance on
any Officers' Certificate furnished pursuant to this Section.

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<PAGE>

         Section 10.06. Payment of Taxes and Other Claims.

         The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, all material taxes, assessments
and governmental charges levied or imposed upon the Company or any Subsidiary
or upon the income, profits or property of the Company or any Subsidiary;
provided, however, that the Company shall not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by
appropriate proceedings.

         Section 10.07. Corporate Existence.

         Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence and the rights (charter and statutory) and franchises of the Company
and any Subsidiary; provided, however, that the Company shall not be required
to preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries as a whole and provided further that the
foregoing does not prohibit any mergers or consolidations between Subsidiaries
or between the Company and one or more Subsidiaries so long as any such merger
or consolidation complies with Article Eight.

         Section 10.08. Waiver of Certain Covenants.

         The Company may, with respect to any series of Securities, omit in any
particular instance to comply with any term, provision or condition which
affects such series set forth in Sections 10.06 to 10.07, inclusive, if before
the time for such compliance the Holders of at least a majority in principal
amount of all Outstanding Securities of any series, by Act of such Holders,
waive such compliance in such instance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

                                ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

         Section 11.01. Applicability of Article.

         Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with the terms of such Securities
and (except as otherwise specified as contemplated by Section 3.01 for
Securities of any series) in accordance with this Article.

         Section 11.02. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be
evidenced by or pursuant to a Board Resolution. In case of any redemption at
the election of the Company, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a

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<PAGE>

shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount of Securities of such series
to be redeemed and shall deliver to the Trustee such documentation and records
as shall enable the Trustee to select the Securities to be redeemed pursuant to
Section 11.03. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officers' Certificate evidencing compliance with such
restriction.

         Section 11.03. Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities of any series are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions of the principal of Securities of such series; provided,
however, that no such partial redemption shall reduce the portion of the
principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series established pursuant to Section
3.01.

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

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

         Section 11.04. Notice of Redemption.

         Except as otherwise specified as contemplated by Section 3.01, notice
of redemption shall be given in the manner provided for in Section 1.06 not
less than 30 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed.

         All notices of redemption shall state:

          (1) the Redemption Date,

          (2) the Redemption Price,

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

          (4) that on the Redemption Date the Redemption Price (together
     with accrued interest, if any, to the Redemption Date payable as provided
     in Section 11.06) will become due and payable upon each such Security, or
     the portion thereof, to be redeemed and, if applicable, that interest
     thereon will cease to accrue on and after said date,

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<PAGE>

          (5) the place or places where such Securities, together in the
     case of Bearer Securities with all coupons appertaining thereto, if any,
     maturing after the Redemption Date, are to be surrendered for payment of
     the Redemption Price,

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

          (7) that, unless otherwise specified in such notice, Bearer
     Securities of any series, if any, surrendered for redemption must be
     accompanied by all coupons maturing subsequent to the Redemption Date or
     the amount of any such missing coupon or coupons will be deducted from the
     Redemption Price unless security or indemnity satisfactory to the Company,
     the Trustee and any Paying Agent is furnished, and

          (8) if Bearer Securities of any series are to be redeemed and
     any Registered Securities of such series are not to be redeemed, and if
     such Bearer Securities may be exchanged for Registered Securities not
     subject to redemption on such Redemption Date pursuant to Section 3.05 or
     otherwise, the last date, as determined by the Company, on which such
     exchanges may be made.

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

         Section 11.05. Deposit of Redemption Price.

         Prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.03) an amount of
money in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of
such series and except, if applicable, as provided in Sections 3.11(b), 3.11(d)
and 3.11(e)) sufficient to pay the Redemption Price of, and accrued interest
on, all the Securities which are to be redeemed on that date.

         Section 11.06. Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in
Sections 3.11(b), 3.11(d) and 3.11(e)) (together with accrued interest, if any,
to the Redemption Date), and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
redeemed, except to the extent provided below, shall be void. Upon surrender of
any such Security for redemption in accordance with said notice, together with
all coupons, if any, appertaining thereto maturing after the Redemption Date,
such Security shall be paid by the Company at the Redemption Price, together
with accrued interest, if any, to the Redemption Date; provided, however, that
installments of interest on Bearer Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable only at an office or

                                      65
<PAGE>

agency located outside the United States (except as otherwise provided in
Section 10.02) and, unless otherwise specified as contemplated by Section 3.01,
only upon presentation and surrender of coupons for such interest, and provided
further that installments of interest on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the relevant Record Dates according to their terms
and the provisions of Section 3.07.

         If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the Trustee if there
be furnished to them such security or indemnity as they may require to save
each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent any such missing
coupon in respect of which a deduction shall have been made from the Redemption
Price, such Holder shall be entitled to receive the amount so deducted;
provided, however, that interest represented by coupons shall be payable only
at an office or agency located outside the United States (except as otherwise
provided in Section 10.02) and, unless otherwise specified as contemplated by
Section 3.01, only upon presentation and surrender of those coupons.

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in the Security.

         Section 11.07. Securities Redeemed in Part.

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

                                ARTICLE TWELVE

                                  SINKING FUNDS

         Section 12.01. Applicability of Article.

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<PAGE>

         Retirements of Securities of any series pursuant to any sinking fund
shall be made in accordance with the terms of such Securities and (except as
otherwise specified as contemplated by Section 3.01 for Securities of any
series) in accordance with this Article.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment", and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the terms of Securities of any
series, the cash amount of any mandatory sinking fund payment may be subject to
reduction as provided in Section 12.02. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

         Section 12.02. Satisfaction of Sinking Fund Payments with Securities.

         Subject to Section 12.03, in lieu of making all or any part of any
mandatory sinking fund payment with respect to any Securities of a series in
cash, the Company may at its option (1) deliver to the Trustee Outstanding
Securities of a series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Company together in the case
of any Bearer Securities of such series with all unmatured coupons appertaining
thereto, and/or (2) receive credit for the principal amount of Securities of
such series which have been previously delivered to the Trustee by the Company
or for Securities of such series which have been redeemed either at the
election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms
of such Securities, in each case in satisfaction of all or any part of any
mandatory sinking fund payment with respect to the Securities of the same
series required to be made pursuant to the terms of such Securities as provided
for by the terms of such series; provided, however, that such Securities have
not been previously so credited. Such Securities shall be received and credited
for such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such mandatory sinking fund payment shall be reduced accordingly.

         Section 12.03. Redemption of Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 3.01 for the Securities of such series and except, if applicable, as
provided in Sections 3.11(b), 3.11(d) and 3.11(e)) and the portion thereof, if
any, which is to be satisfied by delivering or crediting Securities of that
series pursuant to Section 12.02 (which Securities will, if not previously
delivered, accompany such certificate) and whether the Company intends to
exercise its right to make a permitted optional sinking fund payment with
respect to such series. Such certificate shall be irrevocable and upon its
delivery the Company shall be obligated to make the cash payment or payments
therein referred to, if any, on or before the next succeeding sinking fund
payment date. In the case of the failure of the Company to deliver such
certificate, the sinking fund payment due on the next succeeding sinking fund
payment date for that series shall be paid

                                      67
<PAGE>

entirely in cash and shall be sufficient to redeem the principal amount of such
Securities subject to a mandatory sinking fund payment without the option to
deliver or credit Securities as provided in Section 12.02 and without the right
to make any optional sinking fund payment, if any, with respect to such series.

         Not more than 60 days before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.03 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 11.04. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 11.06 and 11.07.

         Prior to any sinking fund payment date, the Company shall pay to the
Trustee or a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.03) in cash a sum
equal to any interest that will accrue to the date fixed for redemption of
Securities or portions thereof to be redeemed on such sinking fund payment date
pursuant to this Section 12.03.

         Notwithstanding the foregoing, with respect to a sinking fund for any
series of Securities, if at any time the amount of cash to be paid into such
sinking fund on the next succeeding sinking fund payment date, together with
any unused balance of any preceding sinking fund payment or payments for such
series, does not exceed in the aggregate $100,000, the Trustee, unless
requested by the Company, shall not give the next succeeding notice of the
redemption of Securities of such series through the operation of the sinking
fund. Any such unused balance of moneys deposited in such sinking fund shall be
added to the sinking fund payment for such series to be made in cash on the
next succeeding sinking fund payment date or, at the request of the Company,
shall be applied at any time or from time to time to the purchase of Securities
of such series, by public or private purchase, in the open market or otherwise,
at a purchase price for such Securities (excluding accrued interest and
brokerage commissions, for which the Trustee or any Paying Agent will be
reimbursed by the Company) not in excess of the principal amount thereof.

                               ARTICLE THIRTEEN

                         REPAYMENT AT OPTION OF HOLDERS

         Section 13.01. Applicability of Article.

         Repayment of Securities of any series before their Stated Maturity at
the option of Holders thereof shall be made in accordance with the terms of
such Securities and (except as otherwise specified as contemplated by Section
3.01 for Securities of any series) in accordance with this Article.

         Section 13.02. Repayment of Securities.

         Securities of any series subject to repayment in whole or in part at
the option of the Holders thereof will, unless otherwise provided in the terms
of such Securities, be repaid at a price equal to the principal amount thereof,
together with interest, if any, thereon accrued to the

                                      68
<PAGE>

Repayment Date specified in or pursuant to the terms of such Securities. The
Company covenants that on or before the Repayment Date it will deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.03) an amount of
money in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of
such series and except, if applicable, as provided in Sections 3.11(b), 3.11(d)
and 3.11(e)) sufficient to pay the principal (or, if so provided by the terms
of the Securities of any series, a percentage of the principal) of, and (except
if the Repayment Date shall be an Interest Payment Date) accrued interest on,
all the Securities or portions thereof, as the case may be, to be repaid on
such date.

         Section 13.03. Exercise of Option.

         Securities of any series subject to repayment at the option of the
Holders thereof will contain an "Option to Elect Repayment" form on the reverse
of such Securities. To be repaid at the option of the Holder, any Security so
providing for such repayment, with the "Option to Elect Repayment" form on the
reverse of such Security duly completed by the Holder (or by the Holder's
attorney duly authorized in writing), must be received by the Company at the
Place of Payment therefor specified in the terms of such Security (or at such
other place or places or which the Company shall from time notify the Holders
of such Securities) not earlier than 45 days nor later than 30 days prior to
the Repayment Date. If less than the entire principal amount of such Security
is to be repaid in accordance with the terms of such Security, the principal
amount of such Security to be repaid, in increments of the minimum denomination
for Securities of such series, and the denomination or denominations of the
Security or Securities to be issued to the Holder for the portion of the
principal amount of such Security surrendered that is not to be repaid, must be
specified. The principal amount of any Security providing for repayment at the
option of the Holder thereof may not be repaid in part if, following such
repayment, the unpaid principal amount of such Security would be less than the
minimum authorized denomination of Securities of the series of which such
Security to be repaid is a part. Except as otherwise may be provided by the
terms of any Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Company.

         Section 13.04. When Securities Presented for Repayment Become Due and
Payable.

         If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and
as provided by or pursuant to the terms of such Securities, such Securities or
the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein
specified, and on and after such Repayment Date (unless the Company shall
default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment
Date, the principal amount of such Security so to be repaid shall be paid by
the Company, together with accrued

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<PAGE>

interest, if any, to the Repayment Date; provided, however, that coupons whose
Stated Maturity is on or prior to the Repayment Date shall be payable only at
an office or agency located outside the United States (except as otherwise
provided in Section 10.02) and, unless otherwise specified pursuant to Section
3.01, only upon presentation and surrender of such coupons, and provided
further that, in the case of Registered Securities, installments of interest,
if any, whose Stated Maturity is on or prior to the Repayment Date shall be
payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 3.07.

         If any Bearer Security surrendered for repayment shall not be
accompanied by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable therefor as
provided in Section 13.02 an amount equal to the face amount of all such
missing coupons, or the surrender of such missing coupon or coupons may be
waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying
Agent harmless. If thereafter the Holder of such Security shall surrender to
the Trustee or any Paying Agent any such missing coupon in respect of which a
deduction shall have been made as provided in the preceding sentence, such
Holder shall be entitled to receive the amount so deducted; provided, however,
that interest represented by coupons shall be payable only at an office or
agency located outside the United States (except as otherwise provided in
Section 10.02) and, unless otherwise specified as contemplated by Section 3.01,
only upon presentation and surrender of those coupons.

         If the principal amount of any Security surrendered for repayment
shall not be so repaid upon surrender thereof, such principal amount (together
with interest, if any, thereon accrued to such Repayment Date) shall, until
paid, bear interest from the Repayment Date at the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

         Section 13.05. Securities Repaid in Part.

         Upon surrender of any Registered Security which is to be repaid in
part only, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security, without service charge and at the
expense of the Company, a new Registered Security or Securities of the same
series, of any authorized denomination specified by the Holder, in an aggregate
principal amount equal to and in exchange for the portion of the principal of
such Security so surrendered which is not to be repaid.

                               ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

         Section 14.01. Company's Option to Effect Defeasance or Covenant
Defeasance.

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         Except as otherwise specified as contemplated by Section 3.01 for
Securities of any series, the provisions of this Article Fourteen shall apply
to each series of Securities, and the Company may, at its option, effect
defeasance of the Securities of or within a series under Section 14.02, or
covenant defeasance of or within a series under Section 14.03 in accordance
with the terms of such Securities and in accordance with this Article.

         Section 14.02. Defeasance and Discharge.

         Upon the Company's exercise of the above option applicable to this
Section with respect to any Securities of or within a series, the Company shall
be deemed to have been discharged from its obligations with respect to such
Outstanding Securities and any related coupons on the date the conditions set
forth in Section 14.04 are satisfied (hereinafter, "defeasance"). For this
purpose, such defeasance means that the Company shall be deemed to have paid
and discharged the entire indebtedness represented by such Outstanding
Securities and any related coupons, which shall thereafter be deemed to be
"Outstanding" only for the purposes of Section 14.05 and the other Sections of
this Indenture referred to in (A) and (B) below, and to have satisfied all its
other obligations under such Securities and any related coupons and this
Indenture insofar as such Securities and any related coupons are concerned (and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Outstanding Securities and any related coupons (i) to receive, solely from the
trust fund described in Section 14.04 and as more fully set forth in such
Section, payments in respect of the principal of (and premium, if any, on) and
interest on such Securities and any related coupons when such payments are due,
and (ii) to receive shares of common stock or other Securities from the Company
upon the conversion of any convertible securities issued hereunder, (B) the
Company's obligations with respect to such Securities under Sections 3.04,
3.05, 3.06, 10.02 and 10.03 and with respect to the payment of Additional
Amounts, if any, on such Securities as contemplated by Section 10.05, (C) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D)
this Article Fourteen. Subject to compliance with this Article Fourteen, the
Company may exercise its option under this Section 14.02 notwithstanding the
prior exercise of its option under Section 14.03 with respect to such
Securities and any related coupons. As provided in Section 16.14, money and
securities held in trust pursuant to this Section 14.02 shall not be subject to
Article Sixteen.

         Section 14.03. Covenant Defeasance.

         Upon the Company's exercise of the above option applicable to this
Section with respect to any Securities of or within a series, the Company shall
be released from its obligations under Section 8.03 and Sections 10.06 through
10.08, and, if specified pursuant to Section 3.01, its obligations under any
other covenant, with respect to such Outstanding Securities and any related
coupons on and after the date the conditions set forth in Section 14.04 are
satisfied (hereinafter, "covenant defeasance"), and such Securities and any
related coupons shall thereafter be deemed not to be "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. For
this purpose, such covenant defeasance means that, with respect to such
Outstanding Securities and any related coupons, the Company may omit to comply
with and shall have no liability in

                                      71
<PAGE>

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 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 5.01(4) or Section
5.01(8) or otherwise, as the case may be, but, except as specified above, the
remainder of this Indenture and such Securities and any related coupons shall
be unaffected thereby.

         Section 14.04. Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to application of either Section
14.02 or Section 14.03 to any Outstanding Securities of or within a series and
any related coupons:

          (1) The Company shall irrevocably have deposited or caused to
     be deposited with the Trustee (or another trustee satisfying the
     requirements of Section 6.07 who shall agree to comply with the provisions
     of this Article Fourteen applicable to it) in trust for the purpose of
     making the following payments, specifically pledged as security for, and
     dedicated solely to, the benefit of the Holders of such Securities and any
     related coupons, (A) money in an amount (in such Currency in which such
     Securities and any related coupons are then specified as payable at Stated
     Maturity), or (B) Government Obligations applicable to such Securities
     (determined on the basis of the Currency in which such Securities are then
     specified as payable at Stated Maturity) which through the scheduled
     payment of principal and interest in respect thereof in accordance with
     their terms will provide, not later than one day before the due date of
     any payment of principal (including any premium) and interest, if any,
     under such Securities and any related coupons, money in an amount, or (C)
     a combination thereof, sufficient, in the opinion of a nationally
     recognized firm of independent public accountants expressed in a written
     certification thereof delivered to the Trustee, to pay and discharge, and
     which shall be applied by the Trustee (or other qualifying trustee) to pay
     and discharge, (i) the principal of (and premium, if any, on) and interest
     on such Outstanding Securities and any related coupons on the Stated
     Maturity (or Redemption Date, if applicable) of such principal (and
     premium, if any) or installment or interest and (ii) any mandatory sinking
     fund payments or analogous payments applicable to such Outstanding
     Securities and any related coupons on the day on which such payments are
     due and payable in accordance with the terms of this Indenture and of such
     Securities and any related coupons; provided that the Trustee shall have
     been irrevocably instructed to apply such money or the proceeds of such
     Government Obligations to said payments with respect to such Securities
     and any related coupons. Before such a deposit, the Company may give to
     the Trustee, in accordance with Section 11.02 hereof, a notice of its
     election to redeem all or any portion of such Outstanding Securities at a
     future date in accordance with the terms of the Securities of such series
     and Article Eleven hereof, which notice shall be irrevocable. Such
     irrevocable redemption notice, if given, shall be given effect in applying
     the foregoing.

          (2) No Default or Event of Default with respect to such
     Securities or any related coupons shall have occurred and be continuing on
     the date of such deposit or, insofar as paragraphs (5) and (6) of Section
     5.01 are concerned, at any time during the period ending on the 91st day
     after the date of such deposit (it being understood that this condition
     shall not be deemed satisfied until the expiration of such period).

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<PAGE>

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

          (4) In the case of an election under Section 14.02, the
     Company shall have delivered to the Trustee an Opinion of Counsel stating
     that (x) the Company has received from, or there has been published by,
     the Internal Revenue Service a ruling, or (y) since the date of execution
     of this Indenture, there has been a change in the applicable federal
     income tax law, in either case to the effect that, and based thereon such
     opinion shall confirm that, the Holders of such Outstanding Securities and
     any related coupons will not recognize income, gain or loss for federal
     income tax purposes as a result of such defeasance and will be subject to
     federal income tax on the same amounts, in the same manner and at the same
     times as would have been the case if such defeasance had not occurred.

          (5) In the case of an election under Section 14.03, the
     Company shall have delivered to the Trustee an Opinion of Counsel to the
     effect that the Holders of such Outstanding Securities and any related
     coupons will not recognize income, gain or loss for federal income tax
     purposes as a result of such covenant defeasance and will be subject to
     federal income tax on the same amounts, in the same manner and at the same
     times as would have been the case if such covenant defeasance had not
     occurred.

          (6) Notwithstanding any other provisions of this Section, such
     defeasance or covenant defeasance shall be effected in compliance with any
     additional or substitute terms, conditions or limitations in connection
     therewith pursuant to Section 3.01.

          (7) The Company shall have delivered to the Trustee an
     Officers' Certificate and an Opinion of Counsel, each stating that all
     conditions precedent provided for relating to either the defeasance under
     Section 14.02 or the covenant defeasance under Section 14.03 (as the case
     may be) have been complied with.

         Section 14.05. Deposited Money and Government Obligations to Be Held
in Trust; Other Miscellaneous Provisions.

         Subject to the provisions of the last paragraph of Section 10.03, all
money and Government Obligations (or other property as may be provided pursuant
to Section 3.01) (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee--collectively for purposes of this Section 14.05,
the "Trustee") pursuant to Section 14.04 in respect of such Outstanding
Securities and any related coupons shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and any related
coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities and any related
coupons of all sums due and to become due thereon in respect of principal (and
premium, if any) and interest, but such money need not be segregated from other
funds except to the extent required by law.

                                      73
<PAGE>

         Unless otherwise specified with respect to any Security pursuant to
Section 3.01, if, after a deposit referred to in Section 14.04(1) has been
made, (a) the Holder of a Security in respect of which such deposit was made is
entitled to, and does, elect pursuant to Section 3.11(b) or the terms of such
Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 14.04(1) has been made in respect of such Security, or (b)
a Conversion Event occurs as contemplated in Section 3.11(d) or 3.11(e) or by
the terms of any Security in respect of which the deposit pursuant to Section
14.04(1) has been made, the indebtedness represented by such Security and any
related coupons shall be deemed to have been, and will be, fully discharged and
satisfied through the payment of the principal of (premium, if any, on), and
interest, if any, on such Security as they become due out of the proceeds
yielded by converting (from time to time as specified below in the case of any
such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result
of such election or Conversion Event based on the applicable Market Exchange
Rate for such Currency in effect on the third Business Day prior to each
payment date, except, with respect to a Conversion Event, for such Currency in
effect (as nearly as feasible) at the time of the Conversion Event.

         The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the Government Obligations
deposited pursuant to Section 14.04 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 such Outstanding Securities and any related
coupons.

         Anything in this Article Fourteen to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section 14.04 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect an
equivalent defeasance or covenant defeasance, as applicable, in accordance with
this Article.

         Section 14.06. Reinstatement.

         If the Trustee or any Paying Agent is unable to apply any money in
accordance with Section 14.05 by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and such
Securities and any related coupons shall be revived and reinstated as though no
deposit had occurred pursuant to Section 14.02 or 14.03, as the case may be,
until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 14.05; provided, however, that if the Company
makes any payment of principal of (or premium, if any, on) or interest on any
such Security or any related coupon following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities and any related coupons to receive such payment from the money
held by the Trustee or Paying Agent.

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<PAGE>

                                ARTICLE FIFTEEN

                        MEETINGS OF HOLDERS OF SECURITIES

         Section 15.01. Purposes for Which Meetings May Be Called.

         If Securities of a series are issuable as Bearer Securities, a meeting
of Holders of Securities of such series may be called at any time and from time
to time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.

         Section 15.02. Call, Notice and Place of Meetings.

          (a) The Trustee may at any time call a meeting of Holders of
     Securities of any series for any purpose specified in Section 15.01, to be
     held at such time and at such place in The City of New York or in London
     as the Trustee shall determine. Notice of every meeting of Holders of
     Securities of any series, setting forth the time and the place of such
     meeting and in general terms the action proposed to be taken at such
     meeting, shall be given, in the manner provided for in Section 1.06, not
     less than 21 nor more than 180 days prior to the date fixed for the
     meeting.

          (b) In case at any time the Company, pursuant to a Board
     Resolution, or the Holders of at least 10% in principal amount of the
     Outstanding Securities of any series shall have requested the Trustee to
     call a meeting of the Holders of Securities of such series for any purpose
     specified in Section 15.01, by written request setting forth in reasonable
     detail the action proposed to be taken at the meeting, and the Trustee
     shall not have made the first publication of the notice of such meeting
     within 21 days after receipt of such request or shall not thereafter
     proceed to cause the meeting to be held as provided herein, then the
     Company or the Holders of Securities of such series in the amount above
     specified, as the case may be, may determine the time and the place in The
     City of New York or in London for such meeting and may call such meeting
     for such purposes by giving notice thereof as provided in paragraph (a) of
     this Section.

         Section 15.03. Persons Entitled to Vote at Meetings.

         To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (1) a Holder of one or more Outstanding Securities of
such series, or (2) a Person appointed by an instrument in writing as proxy for
a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or
to speak at any meeting of Holders of Securities of any series shall be the
Person entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its
counsel.

         Section 15.04. Quorum; Action.

         The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for a meeting of
Holders of Securities of such series; provided, however, that, if any action is
to be taken at such meeting with respect to a

                                      75
<PAGE>

consent or waiver which this Indenture expressly provides may be given by the
Holders of not less than a specified percentage in principal amount of the
Outstanding Securities of a series, the Persons entitled to vote such specified
percentage in principal amount of the Outstanding Securities of such series
shall constitute a quorum. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 15.02(a), except that such notice need be
given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened. Notice of the reconvening of any adjourned
meeting shall state expressly the percentage, as provided above, of the
principal amount of the Outstanding Securities of such series which shall
constitute a quorum.

         Subject to the foregoing, at the reconvening of any meeting adjourned
for lack of a quorum the Persons entitled to vote 25% in principal amount of
the Outstanding Securities at the time shall constitute a quorum for the taking
of any action set forth in the notice of the original meeting.

         Except as limited by the proviso to Section 9.02, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may be adopted by the affirmative vote of the Holders
of not less than a majority in principal amount of the Outstanding Securities
of that series; provided, however, that, except as limited by the proviso to
Section 9.02, any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of not less than such specified percentage in
principal amount of the Outstanding Securities of that series.

         Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related
coupons, whether or not present or represented at the meeting.

         Notwithstanding the foregoing provisions of this Section 15.04, if any
action is to be taken at a meeting of Holders of Securities of any series with
respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made,
given or taken by the Holders of a specified percentage in principal amount of
all Outstanding Securities affected thereby, or of the Holders of such series
and one or more additional series:

          (i) there shall be no minimum quorum requirement for such meeting;
     and

                                      76
<PAGE>

          (ii) the principal amount of the Outstanding Securities of such
     series that vote in favor of such request, demand, authorization,
     direction, notice, consent, waiver or other action shall be taken into
     account in determining whether such request, demand, authorization,
     direction, notice, consent, waiver or other action has been made, given or
     taken under this Indenture.

         Section 15.05. Determination of Voting Rights; Conduct and Adjournment
of Meetings.

         (a) Notwithstanding any provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Holders of Securities of a series in regard to proof of the holding
of Securities of such series and of the appointment of proxies and in regard to
the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall deem
appropriate. Except as otherwise permitted or required by any such regulations,
the holding of Securities shall be proved in the manner specified in Section
1.04 and the appointment of any proxy shall be proved in the manner specified
in Section 1.04 or by having the signature of the person executing the proxy
witnessed or guaranteed by any trust company, bank or banker authorized by
Section 1.04 to certify to the holding of Bearer Securities. Such regulations
may provide that written instruments appointing proxies, regular on their face,
may be presumed valid and genuine without the proof specified in Section 1.04
or other proof.

         (b) The Trustee shall, by an instrument in writing appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 15.02(b), in
which case the Company or the Holders of Securities of the series calling the
meeting, as the case may be, shall in like manner appoint a temporary chairman.
A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

         (c) At any meeting each Holder of a Security of such series or
proxy shall be entitled to one vote for each $1,000 principal amount of
Outstanding Securities of such series held or represented by him (determined as
specified in the definition of "Outstanding" in Section 1.01); provided,
however, that no vote shall be cast or counted at any meeting in respect of any
Security challenged as not Outstanding and ruled by the chairman of the meeting
to be not Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy.

         (d) Any meeting of Holders of Securities of any series duly
called pursuant to Section 15.02 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of
the Outstanding Securities of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice.

         Section 15.06. Counting Votes and Recording Action of Meetings.

                                      77
<PAGE>

         The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the Secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 15.02 and, if
applicable, Section 15.04. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                                ARTICLE SIXTEEN

                           SUBORDINATION OF SECURITIES

         Section 16.01. Securities Subordinate to Senior Indebtedness.
Except as otherwise specified pursuant to Section 3.01 for Securities of any
series, the Company covenants and agrees, and each Holder of a Security, by
such Holder's acceptance thereof, likewise covenants and agrees, for the
benefit of the holders, from time to time, of Senior Indebtedness of the
Company, respectively, that, to the extent and in the manner hereinafter set
forth in this Article, the indebtedness represented by the Securities and the
payment of the principal of (and premium, if any, on) and interest, if any, on
each and all of the Securities are hereby expressly made subordinate and
subject in right of payment as provided in this Article to the prior payment in
full of all Senior Indebtedness of the Company.

         Section 16.02. Payment over of Proceeds upon Dissolution, etc. In
the event of (a) any insolvency or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding
in connection therewith, relative to the Company or to its creditors, as such,
or to its assets, or (b) any liquidation, dissolution or other winding up of
the Company as the case may be, whether voluntary or involuntary and whether or
not involving insolvency or bankruptcy, or (c) any assignment for the benefit
of creditors or any other marshalling of assets and liabilities of the Company
then and in any such event

          (1) the holders of all Senior Indebtedness shall first be
     entitled to receive payment in full (or provision is made for payment in
     money or money's worth) of the principal thereof (and premium, if any,
     thereon) and interest thereon (including, without limitation, all interest
     accruing after the commencement of any bankruptcy, insolvency,
     receivership or similar proceeding), before the Holders of the
     indebtedness evidenced by the Securities are entitled to receive any
     payment or distribution of any kind or character

                                      78
<PAGE>

     on account of principal (or premium, if any, on) or interest, if any, on
     such indebtedness; and

          (2) any payment or distribution of assets of the Company of
     any kind or character, whether in cash, property or securities to which
     the Holders or the Trustee would be entitled but for the provisions of
     this Article shall be paid by the Company by the liquidating trustee or
     agent or other person making such payment or distribution, whether a
     trustee in bankruptcy, a receiver or liquidating trustee or otherwise,
     directly to the representative or representatives of the holders of Senior
     Indebtedness, or to the trustee or trustees under any indenture under
     which any instrument evidencing any of such Senior Indebtedness may have
     been issued, ratably according to the aggregate amounts remaining unpaid
     on account of the Senior Indebtedness held or represented by each, to the
     extent necessary to make payment in full of all Senior Indebtedness
     remaining unpaid, after giving effect to any concurrent payment or
     distribution to the holders of such Senior Indebtedness; and

          (3) in the event that, notwithstanding the foregoing
     provisions of this Section, the Trustee or the Holder of any Security
     shall have received any payment or distribution of assets of the Company
     of any kind or character, whether in cash, property or securities, before
     all Senior Indebtedness of the Company as the case may be, is paid in full
     (or provision therefor is made in money or money's worth), and such fact
     shall at or prior to the time of such payment or distribution have been
     made known to the Trustee or such Holder, as the case may be then such
     payment or distribution shall be paid over to the representative or
     representatives of the holders of such Senior Indebtedness, or to the
     trustee or trustees under any indenture under which any instrument
     evidencing any of such Senior Indebtedness may have been issued, ratably
     as aforesaid, for application to the payment of all Senior Indebtedness
     remaining unpaid, to the extent necessary to pay all Senior Indebtedness
     in full (or to provide for payment thereof in money or money's worth),
     after giving effect to any concurrent payment or distribution to or for
     the holders of such Senior Indebtedness.

         The consolidation of the Company with, or the merger of the Company
into, another Person or the liquidation or dissolution of the Company following
the conveyance or transfer of its properties and assets substantially as an
entirety to another Person upon the terms and conditions set forth in Article
Eight shall not be deemed a dissolution, winding up, liquidation,
reorganization, assignment for the benefit of creditors or marshalling of
assets and liabilities of the Company for the purposes of this Section if the
Person formed by such consolidation or into which the Company as the case may
be, is merged or the Person which acquires by conveyance or transfer such
properties and assets substantially as an entirety, as the case may be, shall,
as a part of such consolidation, merger, conveyance or transfer, comply with
the conditions set forth in Article Eight.

                                      79
<PAGE>

Section 16.03. No Payment When Senior Indebtedness in Default. (a) No
payments on account of the principal of (or premium, if any, on) or interest, if
any, on the Securities shall be made by the Company if, at the time of such
payment or immediately after giving effect thereto, there shall exist with
respect to any Senior Indebtedness of the Company or any agreement pursuant to
which any Senior Indebtedness is issued, any default in the payment of
principal, premium (if any) or interest in respect of such Senior Indebtedness
beyond any applicable grace period with respect thereto.

         (b) In the event that, notwithstanding the foregoing, the
Company shall make any payment to the Trustee or the Holder of any Security
prohibited by the foregoing provision of this Section, and such fact shall at
or prior to the time of such payment or distribution have been made known to
the Trustee or such Holder, as the case may be then and in such event such
payment shall be paid over and delivered forthwith to the Company.

         Section 16.04. Payment Permitted if No Default. Nothing contained
in this Article or elsewhere in this Indenture or in any of the Securities
shall prevent the Company at any time except during the pendency of any case,
proceeding, liquidation, dissolution or other winding up, assignment for the
benefit of creditors or other marshalling of assets and liabilities of the
Company referred to in Section 16.02 or under the conditions described in
Section 16.03, from making payments at any time of principal of (or premium, if
any, on) or interest, if any, on the Securities.

         Section 16.05. Subrogation to Rights of Holders of Senior
Indebtedness. Subject to the payment in full of all Senior Indebtedness (or the
making of provision therefor in money or money's worth), the Holders of the
Securities shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments and distributions of cash, property and
securities applicable to the Senior Indebtedness until the principal of (and
premium, if any, on) and interest, if any, on the Securities shall be paid in
full. For purposes of such subrogation, no payments or distributions to the
holders of Senior Indebtedness of any cash, property or securities to which the
Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Indebtedness by Holders of the Securities
or the Trustee, shall, as among the Company, its creditors other than holders
of Senior Indebtedness, and the Holders of the Securities, be deemed to be a
payment or distribution by the Company to or on account of the Senior
Indebtedness.

         Section 16.06. Provisions Solely to Define Relative Rights. The
provisions of this Article are and are intended solely for the purpose of
defining the relative rights of the Holders of the Securities on the one hand
and the holders of Senior Indebtedness on the other hand. Nothing contained in
this Article or elsewhere in this Indenture or in the Securities is intended to
or shall (a) impair, as among the Company, its creditors other than holders of
Senior Indebtedness and the Holders of the Securities, the obligation of the
Company which is absolute and unconditional, to pay to the Holders of the
Securities the principal of (and premium, if any, on) and interest, if any, on
the Securities as and when the same shall become due and payable in accordance
with their terms; or (b) affect the relative rights against the Company of the
Holders of the Securities and creditors of the Company other than the holders
of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise

                                      80
<PAGE>

permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article of the holders of Senior Indebtedness.

         Section 16.07. Trustee to Effectuate Subordination. Each Holder of
a Security by such Holder's acceptance thereof authorizes and directs the
Trustee on such Holder's behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article and
appoints the Trustee such Holder's attorney-in-fact for any and all such
purposes.

         Section 16.08. No Waiver of Subordination Provisions. (a) No right
of any present or future holder of any Senior Indebtedness to enforce
subordination as herein provided (as the subordination provisions of this
Article Sixteen may be amended or supplemented from time to time in accordance
with the provisions of this Indenture) shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act, in good faith, by any such holder, or by any
non-compliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.

         (b) Without in any way limiting the generality of paragraph (a)
of this Section, the holders of Senior Indebtedness may, at any time and from
time to time, without the consent of or notice to the Trustee or the Holders of
the Securities, without incurring responsibility to the Holders of the
Securities and without impairing or releasing the subordination provided in
this Article or the obligations hereunder of the Holders of the Securities to
the holders of Senior Indebtedness, do any one or more of the following: (1)
change the manner, place or terms of payment or extend the time of payment of,
or renew or alter, Senior Indebtedness or any instrument evidencing the same or
any agreement under which Senior Indebtedness is outstanding; (2) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing Senior Indebtedness; (3) release any Person liable in any
manner for the collection of Senior Indebtedness; and (4) exercise or refrain
from exercising any rights against the Company and any other Person.

         Section 16.09. Notice to Trustee. (a) The Company shall give
prompt written notice to the Trustee of any fact known to it which would
prohibit the making of any payment to or by the Trustee in respect of the
Securities. Notwithstanding the provisions of this Article or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any fact that would prohibit the making of any payment to or
by the Trustee in respect of the Securities, unless and until the Trustee shall
have received written notice thereof from the Company or a holder of Senior
Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to
the receipt of any such written notice, the Trustee, subject to TIA Sections
315(a) through 315(d), shall be entitled in all respects to assume that no such
facts exist; provided, however, that, if the Trustee shall not have received
the notice provided for in this Section at least five Business Days prior to
the date upon which by the terms hereof any money may become payable for any
purpose (including, without limitation, the payment of the principal of (or
premium, if any, on) or interest, if any, on any Security), then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full
power and authority to receive such money and to apply the same to the purpose
for which such money was received and shall not be

                                      81
<PAGE>

affected by any notice to the contrary which may be received by it within five
Business Days prior to such date.

         (b) Subject to TIA Sections 315(a) through 315(d), the Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or such holder's
representative or a trustee therefor) to establish that such notice has been
given by a holder of Senior Indebtedness (or such holder's representative or a
trustee therefor). In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a
holder of Senior Indebtedness to participate in any payment or distribution
pursuant to this Article, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article and, if such evidence
is not furnished, the Trustee may defer any payment to such Person pending
judicial determination as to the right of such Person to receive such payment.

         Section 16.10. Reliance on Judicial Order or Certificate of
Liquidating Agent. Upon any payment or distribution of assets of the Company
referred to in this Article, the Trustee, subject to TIA Sections 315(a)
through 315(d), and the Holders of the Securities shall be entitled to rely
upon any order or decree entered by any court of competent jurisdiction in
which such insolvency, bankruptcy, receivership, liquidation, reorganization,
dissolution, winding up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, receiver, liquidating trustee,
custodian, assignee for the benefit of creditors, agent or other Person making
such payment or distribution, delivered to the Trustee or to the Holders of
Securities, for the purpose of ascertaining the Persons entitled to participate
in such payment or distribution, the holders of Senior Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article.

         Section 16.11. Rights of Trustee As a Holder of Senior
Indebtedness; Preservation of Trustee's Rights. The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article with
respect to any senior Indebtedness which may at any time be held by it, to the
same extent as any other holder of Senior Indebtedness, and nothing in this
Indenture shall deprive the Trustee of any of its rights as such holder.
Notwithstanding anything to the contrary in this Indenture, nothing in this
Article shall apply to claims of, or payments to, the Trustee under or pursuant
to Section 6.06.

         Section 16.12. Article Applicable to Paying Agents. In case at any
time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term "Trustee" as used in this
Article shall in such case (unless the context otherwise requires) be construed
as extending to and including such Paying Agent within its meaning as fully for
all intents and purposes as if such Paying Agent were named in this Article in
addition to or in place of the Trustee; provided, however, that Section 16.11
shall not apply to the Company, the Guarantor or any of their respective
Affiliates if it or such Affiliate acts as Paying Agent.

                                      82
<PAGE>

         Section 16.13. No Suspension of Remedies. Nothing contained in
this Article shall limit the right of the Trustee or the Holders of Securities
to take any action to accelerate the maturity of the Securities pursuant to
Article Five or to pursue any rights or remedies hereunder or under applicable
law.

         Section 16.14. Trust Moneys Not Subordinated. Notwithstanding
anything contained herein to the contrary, payments from cash or the proceeds
of U.S. Government Obligations held in trust under Article Fourteen hereof by
the Trustee (or other qualifying trustee) and which were deposited in
accordance with the terms of this Article and not in violation of Section 16.03
hereof for the payment of principal of (and premium, if any, on) and interest,
if any, on the Securities shall not be subordinated to the prior payment of any
Senior Indebtedness or subject to the restrictions set forth in this Article
Thirteen, and none of the Holders shall be obligated to pay over any such
amount to the Company or any holder of Senior Indebtedness or any other
creditor of the Company.

         Section 16.15. Trustee Not Fiduciary for Holders of Senior
Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness.

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

                                      83
<PAGE>

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

                               CENDANT CORPORATION

                               By:   ____________________________
                                     Name:
                                     Title:

Attest:
                               [name of trustee],
                               Trustee

                               By: _____________________________
                                    Name:
                                    Title:

Attest:

                                      84
<PAGE>

                                    EXHIBIT A

                             FORMS OF CERTIFICATION

                                   Exhibit A-1

<PAGE>

                                   EXHIBIT A-1

                       FORM OF CERTIFICATE TO BE GIVEN BY
                   PERSON ENTITLED TO RECEIVE BEARER SECURITY
                       OR TO OBTAIN INTEREST PAYABLE PRIOR
                              TO THE EXCHANGE DATE

                                   CERTIFICATE

         [Insert title or sufficient description of Securities to be delivered]

         This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i) are owned
by person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of which
is subject to United States federal income taxation regardless of its source
("United States persons(s)"), (ii) are owned by United States person(s) that
are (a) foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section
2.165-12(c)(1)(v) are herein referred to as "financial institutions")
purchasing for their own account or for resale, or (b) United States person(s)
who acquired the Securities through foreign branches of United States financial
institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution hereby agrees, on its own behalf or through
its agent, that you may advise [Name of Issuer] or its agent that such
financial institution will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) are owned by United States
or foreign financial institution(s) for purposes of resale during the
restricted period (as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or
foreign financial institution described in clause (iii) above (whether or not
also described in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes of resale
directly or indirectly to a United States person or to a person within the
United States or its possessions.

         As used herein, "United States" means the United States of America
(including the states and the District of Columbia); and its "possessions"
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

         We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account in accordance with your
Operating Procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.

         This certificate excepts and does not relate to [U.S.$] __________
of such interest in the above-captioned Securities in respect of which we are
not able to certify and as to which we understand an exchange for an interest
in a Permanent Global Security or an exchange

                                   Exhibit A-1-1

<PAGE>

for and delivery of definitive Securities (or, if relevant, collection of any
interest) cannot be made until we do so certify.

                  We understand that this certificate may be required in
connection with certain tax legislation in the United States. If administrative
or legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:

[To be dated no earlier than the 15th day prior to (i) the Exchange Date or (ii)
the relevant Interest Payment Date occurring prior to the Exchange Date, as
applicable]

                                 [Name of Person Making Certification]

                                 ----------------------
                                 (Authorized Signatory)
                                 Name:
                                 Title:

                                 Exhibit A-1-2<PAGE>   1
                                                                    EXHIBIT 10.1

         THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED, OR ANY STATE SECURITIES LAWS. IT HAS BEEN ACQUIRED SOLELY
         FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
         OR DISTRIBUTION THEREOF. THE WARRANT REPRESENTED BY THIS INSTRUMENT MAY
         NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT
         PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED, WITH RESPECT THERETO OR IN
         ACCORDANCE WITH AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
         SATISFACTORY TO THE ISSUER IF AN EXEMPTION FROM SUCH REGISTRATION IS
         AVAILABLE.

No. 1 WARRANT                                                    August 11, 2000

                  To Purchase 25,000 Shares of Common Stock of
                      Universal Automotive Industries, Inc.

1. Number of Shares, Exercise Price, Term. This certifies that, in partial
consideration of entering into that certain Consulting Services Agreement
("Agreement") dated August 8, 2000 by and among Automotive Associates
International, LLC ("AAI") and Universal Automotive Industries, Inc., a Delaware
corporation (the "Company"), VI Partners I LLC (the "Holder") is entitled, upon
the terms and subject to the conditions hereinafter set forth, at any time after
August 11, 2000 and at or prior to 11:59 p.m. Central Time, on August 11, 2003
(the "Expiration Time"), but not thereafter, to acquire from the Company, in
whole or in part, from time to time, up to 25,000 fully paid and non-assessable
shares (the "Shares") of common stock, $.01 par value, of the Company ("Common
Stock") at a purchase price per Share of $2.326 per share (equal to one hundred
twenty percent (120%) of the bid price at the close of trading on August 11,
2000 as specified in the Agreement).
2. Exercise of Warrants. The purchase rights represented by this Warrant are
exercisable by the Holder, in whole or in part, at any time, or from time to
time, subsequent to the date hereof, by the surrender of this Warrant and the
Notice of Exercise annexed hereto, all duly collected and executed on behalf of
the Holder, at the office of the Company in Alsip, Illinois (or such other
office or agency of the Company as it may designate by notice in writing to the
Holder at the address of the Holder appearing on the books of the Company).
Payment of the Exercise Price for the Shares thereby purchased shall be made by
cash, certified or cashier's check or wire transfer payable to the order of the
Company, at 10:00 a.m., Central Standard Time, on the day following surrender of
this Warrant and the Notice of Exercise, in an amount equal to the purchase
price of the Shares thereby purchased. Thereupon, the Holder as the holder of
this Warrant, shall be entitled to receive from the Company a stock certificate
in proper form representing the number of Shares so purchased, and a new Warrant
in substantially identical form and dated as of such exercise for the purchase
of that number of Shares equal to the difference, if any, between the number of
Shares subject hereto and the number of Shares as to which this Warrant is so
exercised. The Holder has the right to conduct a cashless exercise of any part
of the Warrant, whereby at exercise the Company will deliver to the Holder a
number of shares ("X") equal to the number of warrants exercised ("Y") times the
closing price of the Common Stock on the date of exercise ("A) minus the then
effective strike price of the Warrant ("B") divided by the closing price of the
Common Stock on the date of exercise ("A"), as represented by the following
formula: X = (Y(A-B))/A.
3. Issuance of Shares. Certificates for Shares purchased hereunder shall be
delivered to the Holder promptly after the date on which this Warrant shall have
been exercised in accordance with the terms hereof. The Company hereby
represents and warrants that all Shares that may be issued upon the exercise of
this Warrant will, upon such exercise, be duly and validly authorized and
issued, fully paid and non-assessable and

<PAGE>   2

free from all taxes, liens and charges in respect of the issuance thereof (other
than liens or charges created by or imposed upon the Holder as the holder of the
Warrant or taxes in respect of any transfer occurring contemporaneously or
otherwise specified herein). The Company agrees that the Shares so issued shall
be and shall for all purposes be deemed to have been issued to the Holder as the
record owner of such Shares as of the close of business on the date on which
this Warrant shall have been exercised or converted in accordance with the terms
hereof.
4. No Fractional Shares or Scrip. No fractional Shares or scrip representing
fractional Shares shall be issued upon the exercise of this Warrant. In lieu of
any fractional Share to which the Holder as the holder would otherwise be
entitled, the Holder shall be entitled, at its option, to receive either (i) a
cash payment equal to the excess of fair market value for such fractional Share
above the Exercise Price for such fractional share (as determined in good faith
be the Company) or (ii) a whole Share if the Holder tenders the Exercise Price
for one whole share.
5. No Rights as Shareholder. This Warrant does not entitle the Holder as a
holder hereof to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof.
6. Registration Rights. The Holder shall have "tag along" registration rights
covering the Shares underlying the Warrant, such that when the Company files its
next registration statement with the Securities and Exchange Commission ("SEC"),
all Shares underlying the Warrant will be included in the registration
statement. Furthermore, the Company will endeavor to keep the Shares effectively
registered until two years following the Expiration Time.
7. Charges, Taxes and Expenses. Certificates for Shares issued upon exercise of
this Warrant shall be issued in the name of the Holder as the holder of this
Warrant. Issuance of certificates for Shares upon the exercise of this Warrant
shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such certificates, all of
which taxes and expenses shall be paid by the Company. The Company will pay all
costs associated with the filing, completion and maintenance of registration
statements with the SEC pertaining to the Warrant and its underlying Shares.
8. No Transfer. This Warrant and any rights hereunder are not transferable by
the Holder as the holder hereof, in whole or in part, except pursuant to the
Securities Act of 1933 or an exemption thereof.
9. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the
surrender hereof by the Holder as the registered holder at the above-mentioned
office or agency of the Company, for a new Warrant on substantially identical
form and dated as of such exchange. The Company shall maintain at the
above-mentioned office or agency a registry showing the name and address of the
Holder as the registered holder of this Warrant. This Warrant may be surrendered
for exchange or exercise, in accordance with its terms, at the office of the
Company, and the Company shall be entitled to rely in all respects, prior to
written notice to the contrary, upon such registry.
10. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in the case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and upon
reimbursement to the Company of all reasonable expenses incidental thereto, and
upon surrender and cancellation of this Warrant, if mutilated, the Company will
make and deliver a new Warrant of like tenor and dated as of such cancellation
and reissuance, in lieu of this Warrant.
11. Reservation of Common Stock. The Company will at all times reserve and keep
available, solely for issuance, sale and delivery upon the exercise of this
Warrant, such number of Shares, equal to the number of such Shares purchasable
upon the exercise of this Warrant. In the event the Company conducts any stock
split, dividend or recapitalization, then the Warrants, the warrant exercise
price and the Shares underlying the Warrant shall be proportionally adjusted in
accordance with securities industry practice. All such Shares shall be duly
authorized and, when issued upon exercise of this Warrant in accordance with the
terms hereof, will be validly issued and fully paid and non-assessable, with no
liability on the part of the Holder. Such Shares will not be subject to any
preemptive rights.

<PAGE>   3

12. Listing on Securities Exchanges, etc. The Company will maintain the listing
of all Shares issuable or issued from time to time upon exercise of this Warrant
on each securities exchange or market or trading system on which any shares of
Common Stock are then or at any time thereafter listed or traded, but only to
the extent and for such period of time as such shares of Common Stock are so
listed.
13. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall be a Saturday or a Sunday or shall be a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding day not a
Saturday or a Sunday or a legal holiday.
14. Governing Law. This Warrant shall be binding upon any successors or assigns
of the Company. This Warrant shall constitute a contract under the laws of
Delaware and for all purposes shall be construed in accordance with and governed
by the laws of said state, without giving effect to the conflict of laws
principles. All disagreements between the Holder and the Company will be
resolved in Arbitration.
15. Amendments. This Warrant may be amended and the observance of any term of
this Warrant may be waived only with the written consent of the Company and the
Holder.
16. Notice. All notices hereunder shall be in writing and shall be effective (a)
on the day on which delivered if delivered personally or transmitted by telex or
telegram or telecopier with evidence of receipt, (b) one (1) business day after
the date on which the same is delivered to a nationally recognized overnight
courier service with evidence of receipt, or (c) five (5) business days after
the date on which the same is deposited, postage prepaid, in the U.S. mail, sent
by certified or registered mail, return receipt requested, and addressed to the
party to be notified at the address indicated below for the Company, or at the
address for the Holder as the holder set forth in the registry maintained by the
Company pursuant to Section 9, or at such other address and/or telecopy or telex
number and/or to the attention of such other person as the Company or the Holder
as the holder may designate by ten (10) day advance written notice.
17. Entire Agreement. This Warrant, the forms attached hereto contain the entire
agreement between the parties with respect to the subject matter hereof and
supersede all prior and contemporaneous arrangements or undertakings with
respect thereto.
18. Mutual Indemnification. The Company will indemnify the Holder against all
losses relating to the false or misleading statements made by the Company in
registration statements pertaining to the Shares underlying the Warrant. The
Holder will indemnify the Company against its losses related to untrue
statements made by the Holder in the registration statements pertaining to the
Shares underlying the Warrant. However, in no event shall the liability of the
Holder be greater than the net proceeds received by the Holder upon the sale of
its registered stock giving rise to such indemnification obligation.

         IN WITNESS WHEREOF, Universal Automotive Industries, Inc. has caused
this Warrant to be executed by its duly authorized officer.

Dated:   August 11, 2000

                                     UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.

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

                                     Address: 11859 South Central Avenue
                                              Alsip, Illinois 60803

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