Document:

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                                                                     EXHIBIT 4.4

                                                                  EXECUTION COPY

                                   ONEOK, INC.

                                       and

                                 SUNTRUST BANK,

                      as Collateral Agent, Custodial Agent
                           and Securities Intermediary

                                       and

                                 SUNTRUST BANK,

                           as Purchase Contract Agent

                                   ----------

                                PLEDGE AGREEMENT

                                   ----------

                          Dated as of January 28, 2003

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                                TABLE OF CONTENTS

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ARTICLE I             Definitions...............................................................................    2

         SECTION 1.01.              Definitions.................................................................    2

ARTICLE II            the pledge................................................................................    6

         SECTION 2.01.              The Pledge..................................................................    6

         SECTION 2.02.              Control.....................................................................    7

         SECTION 2.03.              Termination.................................................................    8

ARTICLE III           Distributions on Pledged Collateral.......................................................    9

         SECTION 3.01.              Income and Distributions....................................................    9

         SECTION 3.02.              Principal Payments Following Termination Event..............................    9

         SECTION 3.03.              Principal Payments Prior to or on Purchase Contract Settlement Date.........    9

         SECTION 3.04.              Payments to Purchase Contract Agent.........................................   10

         SECTION 3.05.              Assets Not Properly Released................................................   10

ARTICLE IV            Initial Deposit; Creation of Treasury Units and Recreation of Corporate Units.............   10

         SECTION 4.01.              Initial Deposit of Senior Notes.............................................   10

         SECTION 4.02.              Creation of Treasury Units..................................................   11

         SECTION 4.03.              Recreation of Corporate Units...............................................   12

         SECTION 4.04.              Termination Event...........................................................   13

         SECTION 4.05.              Cash Settlement.............................................................   14

         SECTION 4.06.              Early Settlement and Cash Merger Early Settlement...........................   15

         SECTION 4.07.              Application of Proceeds in Settlement of Purchase Contracts.................   16

ARTICLE V             Voting Rights Pledged Senior Notes........................................................   18

         SECTION 5.01.              Voting Rights...............................................................   18

ARTICLE VI            Rights and Remedies.......................................................................   19

         SECTION 6.01.              Rights and Remedies of the Collateral Agent.................................   19

         SECTION 6.02.              Special Event Redemption....................................................   20

         SECTION 6.03.              Successful Initial Remarketing..............................................   20

         SECTION 6.04.              Substitutions...............................................................   21

ARTICLE VII           Representations and Warranties; Covenants.................................................   21
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                                TABLE OF CONTENTS
                                   (continued)

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         SECTION 7.01.              Representations and Warranties..............................................   21

         SECTION 7.02.              Covenants...................................................................   22

ARTICLE VIII          The Collateral Agent, the Custodial Agent and the Securities Intermediary.................   22

         SECTION 8.01.              Appointment, Powers and Immunities..........................................   22

         SECTION 8.02.              Instructions of the Company.................................................   23

         SECTION 8.03.              Reliance by Collateral Agent and Securities Intermediary....................   24

         SECTION 8.04.              Certain Rights..............................................................   24

         SECTION 8.05.              Merger, Conversion, Consolidation or Succession to Business.................   24

         SECTION 8.06.              Rights in Other Capacities..................................................   25

         SECTION 8.07.              Non-reliance on Collateral Agent, the Custodial Agent and Securities
                                    Intermediary................................................................   25

         SECTION 8.08.              Compensation and Indemnity..................................................   25

         SECTION 8.09.              Failure to Act..............................................................   26

         SECTION 8.10.              Resignation of Collateral Agent, the Custodial Agent and Securities
                                    Intermediary................................................................   27

         SECTION 8.11.              Right to Appoint Agent or Advisor...........................................   28

         SECTION 8.12.              Survival....................................................................   28

         SECTION 8.13.              Exculpation.................................................................   28

ARTICLE IX            Amendment.................................................................................   29

         SECTION 9.01.              Amendment Without Consent of Holders........................................   29

         SECTION 9.02.              Amendment with Consent of Holders...........................................   29

         SECTION 9.03.              Execution of Amendments.....................................................   30

         SECTION 9.04.              Effect of Amendments........................................................   30

         SECTION 9.05.              Reference of Amendments.....................................................   30

ARTICLE X             Miscellaneous.............................................................................   31

         SECTION 10.01.             No Waiver...................................................................   31

         SECTION 10.02.             Governing Law; Submission to Jurisdiction...................................   31

         SECTION 10.03.             Notices.....................................................................   32

         SECTION 10.04.             Successors and Assigns......................................................   32
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                                TABLE OF CONTENTS
                                   (continued)

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         SECTION 10.05.             Counterparts................................................................   32

         SECTION 10.06.             Severability................................................................   32

         SECTION 10.07.             Expenses, Etc...............................................................   32

         SECTION 10.08.             Security Interest Absolute..................................................   33

         SECTION 10.09.             Notice of Special Event, Special Event Redemption and Termination
                                    Event.......................................................................   33
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EXHIBITS

Exhibit A - Instruction from Purchase Contract Agent to Collateral Agent
(Creation of Treasury Units)
Exhibit B - Instruction from Collateral Agent to Securities Intermediary
(Creation of Treasury Units)
Exhibit C - Instruction from Purchase Contract Agent to Collateral Agent
(Recreation of Corporate Units)
Exhibit D - Instruction from Collateral Agent to Securities Intermediary
(Recreation of Corporate Units)
Exhibit E - Notice of Cash Settlement from Collateral Agent to Purchase Contract
Agent
Exhibit F - Instruction to Custodial Agent Regarding Remarketing
Exhibit G - Instruction to Custodial Agent Regarding Withdrawal From Remarketing

                                      -iii-

<PAGE>

                                PLEDGE AGREEMENT

     PLEDGE AGREEMENT, dated as of January 28, 2003, among ONEOK, Inc., a
Delaware corporation (the "Company"), SunTrust Bank, not individually, but
solely as collateral agent (in such capacity, together with its successors in
such capacity, the "Collateral Agent"), as custodial agent (in such capacity,
together with its successors in such capacity, the "Custodial Agent"), and as
securities intermediary (as defined in Sections 8-102(a)(14) of the UCC) with
respect to the Collateral Account (in such capacity, together with its
successors in such capacity, the "Securities Intermediary"), and SunTrust Bank,
not individually, but solely as purchase contract agent, attorney-in-fact and
trustee for the Holders (as defined in the Purchase Contract Agreement) from
time to time of the Units (as hereinafter defined) (in any one or more of such
capacities, together with its successors in such capacity, the "Purchase
Contract Agent") under the Purchase Contract Agreement (as hereinafter defined).

                                    RECITALS

     WHEREAS, the Company and the Purchase Contract Agent are parties to the
Purchase Contract Agreement dated as of the date hereof (as modified and
supplemented and in effect from time to time, the "Purchase Contract
Agreement"), pursuant to which there may be issued up to 14,000,000 Corporate
Units (as hereinafter defined) (or 16,100,000 if the underwriters exercise their
over-allotment option in full) will be issued.

     WHEREAS, the Units will initially consist of (A) 14,000,000 (or 16,100,000
if the underwriters exercise their over-allotment option in full) units
(referred to as "Corporate Units") with a stated amount per Corporate Unit of
$25.00 (the "Stated Amount"). Each Corporate Unit will consist of (a) a stock
purchase contract (a "Purchase Contract") for the purchase of shares of the
Company's common stock, $0.01 par value per share ("Common Stock"), and (b)
initially, a senior note due February 16, 2008 (a "Senior Note", which will be
issued pursuant to an Indenture, dated as of December 28, 2001, between the
Company and SunTrust Bank, as trustee (the "Indenture Trustee") (said Indenture,
together with any amendments or supplements thereto being hereinafter referred
to as the "Indenture") and a supplemental indenture establishing the terms of
the Senior Notes to be dated on or about January 28, 2003, in each case, with
the material terms described in the Prospectus (as hereinafter defined)).
Holders of Corporate Units shall be entitled to substitute Treasury Securities
for the Senior Notes that comprise the Corporate Units (as so substituted, the
"Treasury Units"). Each Treasury Unit will consist of (a) a Purchase Contract
and (b) zero-coupon U.S. Treasury securities (CUSIP No. 912803AJ2), each in a
principal amount equal to $1,000, payable on February 15, 2006 (each such
Treasury security being hereinafter referred to as a "Treasury Security").

     WHEREAS, pursuant to the terms of the Purchase Contract Agreement and the
Purchase Contracts, the Holders, from time to time, of the Units have
irrevocably authorized the Purchase Contract Agent, as attorney-in-fact of such
Holders, among other things, to execute and deliver this Agreement on behalf of
such Holders and to grant the pledge provided hereby of the Senior Notes, any
Applicable Ownership Interest in the Treasury Portfolio (as specified in clause
(i) of the definition of such term) and any Treasury Securities to secure each
Holder's obligations under the related Purchase Contract, as provided herein and
subject to the terms hereof. Upon such pledge, the Senior Notes will be
beneficially owned by the Holders but will be owned of

<PAGE>

record by the Purchase Contract Agent, on its own behalf and as attorney-in-fact
and trustee for the Holders from time to time of the Units, subject to the
Pledge hereunder.

     NOW, THEREFORE, the Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Purchase Contract Agent agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     SECTION 1.01     DEFINITIONS.

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

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

     (b)  the following terms which are defined in the UCC shall have the
meanings set forth therein: "certificated security," "control," "financial
asset," "entitlement order," "securities account" and "security entitlement";

     (c)  capitalized terms used herein and not defined herein have the meanings
assigned to them in the Purchase Contract Agreement; and

     (d)  the following terms have the meanings given to them in this Section
1.01(d):

          "Agreement" means this Pledge Agreement, as the same may from time to
time be amended, modified or supplemented.

          "Bankruptcy Code" means title 11 of the United States Code, or any
other law of the United States that from time to time provides a uniform system
of bankruptcy laws.

          "Business Day" means any day other than a Saturday, Sunday or any
other day on which banking institutions in the City of New York (in the State of
New York) are permitted or required by applicable law to close.

          "Cash" means any coin or currency of the United States as at the time
shall be legal tender for payment of public and private debts.

          "Collateral" has the meaning specified in Section 2.01 hereof.

          "Collateral Account" means the securities account of SunTrust Bank, as
Collateral Agent, maintained by the Securities Intermediary and designated
"SunTrust Bank as Collateral Agent of ONEOK, Inc., as pledgee of SunTrust Bank,
as the Purchase Contract Agent, attorney-in-fact and trustee for the Holders."

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          "Collateral Agent" has the meaning specified in the paragraph
preceding the Recitals of this Agreement.

          "Common Stock" has the meaning specified in the Recitals.

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

          "Corporate Unit" means the collective rights and obligations of a
Holder of a Corporate Units Certificate in respect of a Senior Note or an
appropriate Applicable Ownership Interests in the Treasury Portfolio, as the
case may be, subject in each case to the Pledge thereof, and the related
Purchase Contract; provided that the appropriate Applicable Ownership Interests
(as specified in clause (ii) of the definition of such term) in the Treasury
Portfolio shall not be subject to the Pledge.

          "Corporate Units Certificate" means a certificate evidencing the
rights and obligations of a Holder in respect of the number of Corporate Units
specified on such certificate.

          "Custodial Agent" has the meaning specified in the paragraph preceding
the Recitals of this Agreement.

          "Indenture" has the meaning specified in the Recitals.

          "Indenture Trustee" has the meaning specified in the Recitals.

          "Obligations" means, with respect to each Holder, all obligations and
liabilities of such Holder under such Holder's Purchase Contract, the Purchase
Contract Agreement and this Agreement or any other document made, delivered or
given in connection herewith or therewith, in each case whether on account of
principal, interest (including, without limitation, interest accruing before and
after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to such Holder, whether
or not a claim for post-filing or post-petition interest is allowed in such
proceeding), fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees and disbursements of counsel to the Company or the
Collateral Agent or the Securities Intermediary that are required to be paid by
the Holder pursuant to the terms of any of the foregoing agreements).

          "Permitted Investments" means any one of the following, in each case
maturing on the Business Day following the date of acquisition:

          (i)       any evidence of indebtedness with an original maturity of
     365 days or less issued, or directly and fully guaranteed or insured, by
     the United States of America or any agency or instrumentality thereof
     (provided that the full faith and credit of the United States of America is
     pledged in support of the timely payment thereof or such indebtedness
     constitutes a general obligation of it);

          (ii)      deposits, certificates of deposit or acceptances with an
     original maturity of 365 days or less of any institution which is a member
     of the Federal Reserve System

                                        3

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     having combined capital and surplus and undivided profits of not less than
     $200 million at the time of deposit as of the date of its latest filed
     report of condition or its audited financial statements;

          (iii)     investments with an original maturity of 365 days or less of
     any Person that is fully and unconditionally guaranteed by a bank referred
     to in clause (ii);

          (iv)      repurchase agreements and reverse repurchase agreements
     relating to marketable direct obligations issued or unconditionally
     guaranteed by the United States of America or issued by any agency thereof
     and backed as to timely payment by the full faith and credit of the United
     States of America;

          (v)       investments in commercial paper, other than commercial paper
     issued by the Company or its affiliates, of any corporation incorporated
     under the laws of the United States or any State thereof, which commercial
     paper has a rating at the time of purchase at least equal to "A-1" by
     Standard & Poor's Ratings Services ("S&P") or at least equal to "P-1" by
     Moody's Investors Service, Inc. ("Moody's"); and

          (vi)      investments in money market funds (including, but not
     limited to, money market funds managed by the Collateral Agent or an
     affiliate of the Collateral Agent) registered under the Investment Company
     Act of 1940, as amended, rated in the highest applicable rating category by
     S&P or Moody's.

          "Person" means any legal person, including, without limitation, any
individual, corporation, estate, partnership, joint venture, association,
joint-stock company, limited liability company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

          "Pledge" means the lien and security interest created by this
Agreement.

          "Pledged Applicable Ownership Interests" means the Applicable
Ownership Interests (as specified in clause (i) of the definition thereof) of
the Holders with respect to the Treasury Portfolio and security entitlements
with respect thereto from time to time credited to the Collateral Account and
not then released from the Pledge.

          "Pledged Senior Notes" means Senior Notes and security entitlements
with respect thereto from time to time credited to the Collateral Account and
not then released from the Pledge.

          "Pledged Securities" means the Pledged Senior Notes, the Pledged
Applicable Ownership Interests and the Pledged Treasury Securities,
collectively.

          "Pledged Treasury Securities" means Treasury Securities and security
entitlements with respect thereto from time to time credited to the Collateral
Account and not then released from the Pledge.

          "Proceeds" means all interest, dividends, cash, instruments,
securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and
other property from time to time

                                        4

<PAGE>

received, receivable or otherwise distributed upon the sale, exchange,
collection or disposition of any financial assets from time to time held in the
Collateral Account.

          "Purchase Contract" has the meaning specified in the Recitals.

          "Purchase Contract Agent" has the meaning specified in the paragraph
preceding the Recitals of this Agreement.

          "Purchase Contract Agreement" has the meaning specified in the
Recitals.

          "Securities Intermediary" has the meaning specified in the paragraph
preceding the Recitals of this Agreement.

          "Separate Senior Notes" means Senior Notes which are not components of
Corporate Units.

          "Stated Amount" has the meaning specified in the Recitals.

          "TRADES" means the Treasury/Reserve Automated Debt Entry System
maintained by the Federal Reserve Bank of New York pursuant to the TRADES
Regulations.

          "TRADES Regulations" means the regulations of the United States
Department of the Treasury, published at 31 C.F.R. Part 357, as amended from
time to time. Unless otherwise defined herein, all terms defined in the TRADES
Regulations are used herein as therein defined.

          "Transfer" means (i) in the case of certificated securities in
registered form, delivery as provided in Section 8-301(a) of the UCC, indorsed
to the transferee or in blank by an effective endorsement; (ii) in the case of
Treasury Securities, registration of the transferee as the owner of such
Treasury Securities on TRADES; and (iii) in the case of security entitlements,
including, without limitation, security entitlements with respect to Treasury
Securities, a securities intermediary indicating by book entry that such
security entitlement has been credited to the transferee's securities account.

          "Treasury Securities" means zero-coupon U.S. treasury securities
(CUSIP No. 912803AJ2) which are the principal strips of the U.S. treasury
securities that mature on February 15, 2006.

          "Treasury Unit" means, following the substitution of Treasury
Securities for Senior Notes as collateral to secure a Holder's Obligations, the
collective rights and obligations of a Holder of a Treasury Units Certificate in
respect of such Treasury Securities, subject to the Pledge thereof, and the
related Purchase Contract.

          "Treasury Units Certificate" means a certificate evidencing the rights
and obligations of a Holder in respect of the number of Treasury Units specified
on such certificate.

          "UCC" means the Uniform Commercial Code as in effect in the State of
New York from time to time.

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          "Value" means, with respect to any item of Collateral on any date, as
to (i) Cash, the face amount thereof, (ii) Treasury Securities or Senior Notes,
the aggregate principal amount thereof at maturity and (iii) Applicable
Ownership Interests (as specified in clause (i) of the definition of such term),
the appropriate percentage of the aggregate principal amount at maturity of the
Treasury Portfolio.

                                   ARTICLE II

                                   THE PLEDGE

     SECTION 2.01.    THE PLEDGE.

     The Holders from time to time acting through the Purchase Contract Agent,
as their attorney-in-fact, as their trustee and as the Purchase Contract Agent,
acting solely as such attorney-in-fact, hereby pledge and grant to the
Collateral Agent, as agent of and for the benefit of the Company, a continuing
first priority security interest in and to, and a lien upon and right of set off
against (i) all of such Person's right, title and interest in and to (a) the
Collateral to secure the prompt and complete payment and performance when due
(whether at stated maturity, by acceleration or otherwise) of the Obligations
from time to time; (b) the Applicable Ownership Interests (as specified in
clause (i) of the definition of such term); (c) any Treasury Securities and
security entitlements relating thereto delivered from time to time upon creation
of Treasury Units in accordance with Section 4.02; (d) payments made by Holders
pursuant to Section 4.05; (e) the Collateral Account and all securities,
financial assets, Cash and other property credited thereto and all security
entitlements related thereto; and (f) all Proceeds of the foregoing (whether
such Proceeds arise before or after the commencement of any proceeding under any
applicable bankruptcy, insolvency or other similar law, by or against the
pledgor or with respect to the pledgor) (all of the foregoing, collectively, the
"Collateral") and (ii) all powers and rights now owned or hereafter acquired
under or with respect to the Collateral.

     Prior to or concurrently with the execution and delivery of this Agreement,
the Purchase Contract Agent, on behalf of the initial Holders of the Units,
shall cause the Senior Notes or the Applicable Ownership Interests (as specified
in clause (i) of the definition of such term), as the case may be, comprising a
part of the Corporate Units, and the Treasury Securities comprising a part of
the Treasury Units, to be Transferred to the Collateral Agent for the benefit of
the Company. Such Senior Notes or the Applicable Ownership Interests (as
specified in clause (i) of the definition of such term), as the case may be,
shall be Transferred by physically delivering such Senior Notes or the
Applicable Ownership Interests (as specified in clause (i) of the definition of
such term), as the case may be, to the Collateral Agent endorsed in blank.
Treasury Securities and the Treasury Portfolio, as applicable, shall be
Transferred to the Collateral Account maintained by the Collateral Agent at the
Securities Intermediary by book-entry transfer to the Collateral Account in
accordance with the TRADES Regulations and other applicable law and by the
notation by the Securities Intermediary on its books that a security entitlement
with respect to such Treasury Securities or Treasury Portfolio, has been
credited to the Collateral Account. For purposes of perfecting the Pledge under
applicable law, including, to the extent applicable, the TRADES Regulations or
the UCC, as adopted and in effect in any applicable jurisdiction, the Collateral
Agent shall be the agent of the Company as provided herein. Subject to the
Pledge and the provisions of Section 2.02 hereof, the Holders from time to time
shall have

                                        6

<PAGE>

full beneficial ownership of the Collateral. The Collateral Agent shall have the
right to have the Senior Notes or any other Units held in physical form.

     Except as may be required in order to release Senior Notes, the Applicable
Ownership Interests (as specified in clause (i) of the definition of such term)
or Treasury Securities in connection with a Holder's election to convert its
investment from Corporate Units to Treasury Units, as the case may be, or except
as otherwise required to release Pledged Securities as specified herein, neither
the Collateral Agent nor the Securities Intermediary shall relinquish physical
possession of any certificate evidencing Senior Notes, the Applicable Ownership
Interests (as specified in clause (i) of the definition of such term), as the
case may be, or Treasury Securities prior to the termination of this Agreement.
If it becomes necessary for the Collateral Agent to relinquish physical
possession of a certificate in order to release a portion of the Senior Notes or
the Applicable Ownership Interests (as specified in clause (i) of the definition
of such term), as the case may be, or the Treasury Securities evidenced thereby
from the Pledge, the Collateral Agent shall use its best efforts to obtain
physical possession of a replacement certificate evidencing any Senior Notes or
the Applicable Ownership Interests (as specified in clause (i) of the definition
of such term), as the case may be, or the Treasury Securities remaining subject
to the Pledge hereunder registered to it or endorsed in blank within ten days of
the date it relinquished possession. The Collateral Agent shall promptly notify
the Company of its failure to obtain possession of any such replacement
certificate as required hereby.

     SECTION 2.02.    CONTROL.

     (a)  In connection with the Pledge granted in Section 2.01, and subject to
the other provisions of this Agreement, the Holders from time to time acting
through the Purchase Contract Agent, as their attorney-in-fact, hereby authorize
and direct the Securities Intermediary (without the necessity of obtaining the
further consent of the Purchase Contract Agent or any of the Holders), and the
Securities Intermediary agrees, to comply with and follow any instructions and
entitlement orders (as defined in Section 8-102(a)(8) of the UCC) that the
Collateral Agent on behalf of the Company may give in writing with respect to
the Collateral Account, the Collateral credited thereto and any security
entitlements with respect to any thereof. Such instructions and entitlement
orders may, without limitation, direct the Securities Intermediary to transfer,
redeem, sell, liquidate, assign, deliver or otherwise dispose of the Senior
Notes, the Treasury Securities, the Treasury Portfolio, and any security
entitlements with respect thereto and to pay and deliver any income, proceeds or
other funds derived therefrom to the Company. The Purchase Contract Agent and
the Holders from time to time, acting through the Purchase Contract Agent, each
hereby further authorize and direct the Collateral Agent, as Agent of the
Company, to itself issue instructions and entitlement orders, and to otherwise
take action, with respect to the Collateral Account, the Collateral credited
thereto and any security entitlements with respect thereto, pursuant to the
terms and provisions hereof, all without the necessity of obtaining the further
consent of the Purchase Contract Agent or any of the Holders. The Collateral
Agent shall be the Agent of the Company and shall act as directed in writing by
the Company. Without limiting the generality of the foregoing, the Collateral
Agent shall issue entitlement orders to the Securities Intermediary when and as
directed in writing by the Company.

                                        7

<PAGE>

     (b)  The Securities Intermediary hereby confirms and agrees that: (i) all
securities or other property underlying any financial assets credited to the
Collateral Account shall be registered in the name of the Securities
Intermediary, indorsed to the Securities Intermediary or in blank or credited to
another Collateral Account maintained in the name of the Securities Intermediary
and in no case will any financial asset credited to the Collateral Account be
registered in the name of the Purchase Contract Agent, the Company or any
Holder, payable to the order of, or specially indorsed to, the Purchase Contract
Agent, the Collateral Agent, the Company or any Holder except to the extent the
foregoing have been specially indorsed to the Securities Intermediary or in
blank; (ii) all property delivered to the Securities Intermediary pursuant to
this Pledge Agreement (including, without limitation, any Senior Notes, the
Treasury Portfolio or Treasury Securities) will be promptly credited to the
Collateral Account; (iii) the Collateral Account is an account to which
financial assets are or may be credited, and the Securities Intermediary shall,
subject to the terms of this Agreement, treat the Purchase Contract Agent as
entitled to exercise the rights of any financial asset credited to the
Collateral Account; (iv) the Securities Intermediary has not entered into, and
until the termination of the this Agreement will not enter into, any agreement
with any other Person relating to the Collateral Account and/or any financial
assets credited thereto pursuant to which it has agreed to comply with
entitlement orders (as defined in Section 8-102(a)(8) of the UCC) of such other
Person; and (vi) the Securities Intermediary has not entered into, and until the
termination of this Agreement will not enter into, any agreement with the
Company, the Collateral Agent or the Purchase Contract Agent purporting to limit
or condition the obligation of the Securities Intermediary to comply with
entitlement orders as set forth in this Section 2.02 hereof.

     (c)  The Securities Intermediary hereby agrees that each item of property
(whether investment property, financial asset, security, instrument or cash)
credited to the Collateral Account shall be treated as a "financial asset"
within the meaning of Section 8-102(a)(9) of the UCC.

     (d)  In the event of any conflict between this Agreement (or any portion
thereof) and any other agreement now existing or hereafter entered into, the
terms of this Agreement shall prevail.

     (e)  The Purchase Contract Agent hereby irrevocably constitutes and
appoints the Collateral Agent and the Company, and each of them severally, with
full power of substitution, as the Purchase Contract Agent's attorney-in-fact to
take on behalf of, and in the name, place and stead of the Purchase Contract
Agent and the Holders, any action necessary or desirable to perfect and to keep
perfected the security interest in the Collateral referred to in Section 2.01.
The grant of such power-of-attorney shall not be deemed to require of the
Collateral Agent any specific duties or obligations not otherwise assumed by the
Collateral Agent hereunder.

     SECTION 2.03.    TERMINATION.

     As to each Holder, this Agreement and the Pledge created hereby shall
terminate upon the satisfaction of such Holder's Obligations. Upon such
termination, the Collateral Agent shall instruct the Securities Intermediary to
Transfer such Holder's portion of the Collateral to the Purchase Contract Agent
for distribution to such Holder, free and clear of the Pledge created hereby.

                                        8

<PAGE>

                                   ARTICLE III

                       DISTRIBUTIONS ON PLEDGED COLLATERAL

     SECTION 3.01.    INCOME AND DISTRIBUTIONS.

     The Collateral Agent shall transfer all income and distributions received
by the Collateral Agent on account of the Pledged Senior Notes, the Pledged
Applicable Ownership Interests or Permitted Investments from time to time held
in the Collateral Account (11-02-136-1092041, Re: ONEOK, Inc.) to the Purchase
Contract Agent for distribution to the applicable Holders as provided in the
Purchase Contracts or Purchase Contract Agreement.

     SECTION 3.02.    PRINCIPAL PAYMENTS FOLLOWING TERMINATION EVENT.

     Following a Termination Event, the Collateral Agent shall transfer all
principal payments it receives, if any, in respect of (a) the Pledged Senior
Notes, (b) the Pledged Applicable Ownership Interests, and (c) the Pledged
Treasury Securities, to the Purchase Contract Agent for the benefit of the
applicable Holders for distribution to such Holders in accordance with their
respective interests, free and clear of the Pledge created hereby.

     SECTION 3.03.    PRINCIPAL PAYMENTS PRIOR TO OR ON PURCHASE CONTRACT
SETTLEMENT DATE.

     (a)  Subject to the provisions of Section 4.06, and except as provided in
Section 3.03(b) below, if no Termination Event shall have occurred, all
principal payments received by the Securities Intermediary in respect of (i) the
Pledged Senior Notes, (ii) the Pledged Applicable Ownership Interests and (iii)
the Pledged Treasury Securities, shall be held and invested in Permitted
Investments until the Purchase Contract Settlement Date, and transferred to the
Company on the Purchase Contract Settlement Date as provided in Section 4.07
hereof. Any balance remaining in the Collateral Account shall be released from
the Pledge and transferred to the Purchase Contract Agent for the benefit of the
applicable Holders for distribution to such Holders in accordance with their
respective interests, free and clear of the Pledge created thereby. The Company
shall instruct the Collateral Agent in writing as to the type of Permitted
Investments in which any payments made under this Section 3.03(a) shall be
invested; provided, however, that if the Company fails to deliver such
instructions by 10:30 a.m. (New York City time) on the day such payments are
received by the Securities Intermediary, the Collateral Agent shall instruct the
Securities Intermediary to invest such payments in the Permitted Investments
described in clause (vi) of the definition of Permitted Investments. In no event
shall the Collateral Agent be liable for the selection of Permitted Investments
or for investment losses incurred thereon. The Collateral Agent shall have no
liability in respect of losses incurred as a result of the failure of the
Company to provide timely written investment direction.

     (b)  All principal payments received by the Securities Intermediary in
respect of (i) the Pledged Senior Notes, (ii) the Applicable Ownership Interests
(as specified in clause (i) of the definition thereof) in the Treasury Portfolio
and (iii) the Treasury Securities or security entitlements thereto, that, in
each case, have been released from the Pledge pursuant hereto shall

                                        9

<PAGE>

be transferred to the Purchase Contract Agent for the benefit of the applicable
Holders for distribution to such Holders in accordance with their respective
interests.

     SECTION 3.04.    PAYMENTS TO PURCHASE CONTRACT AGENT.

     The Securities Intermediary shall use commercially reasonable efforts to
deliver payments to the Purchase Contract Agent hereunder to the account
designated by the Purchase Contract Agent for such purpose not later than 12:00
p.m. (New York City time) on the Business Day such payment is received by the
Securities Intermediary; provided, however, that if such payment is received on
a day that is not a Business Day or after 11:00 a.m. (New York City time) on a
Business Day, then the Securities Intermediary shall use commercially reasonable
efforts to deliver such payment to the Purchase Contract Agent no later than
10:30 a.m. (New York City time) on the next succeeding Business Day.

     SECTION 3.05.    ASSETS NOT PROPERLY RELEASED.

     If the Purchase Contract Agent or any Holder shall receive any principal
payments on account of financial assets credited to the Collateral Account and
not released therefrom in accordance with this Agreement, the Purchase Contract
Agent or such Holder shall hold the same as trustee of an express trust for the
benefit of the Company and, upon receipt of an Officers' Certificate of the
Company so directing, promptly deliver the same to the Securities Intermediary
for credit to the Collateral Account or to the Company for application to the
Obligations of the Holders, and the Purchase Contract Agent and Holders shall
acquire no right, title or interest in any such payments of principal amounts so
received. The Purchase Contract Agent shall have no liability under this Section
3.05 unless and until it has been notified in writing that such payment was
delivered to it erroneously and shall have no liability for any action taken,
suffered or omitted to be taken prior to its receipt of such notice.

                                   ARTICLE IV

          INITIAL DEPOSIT; CREATION OF TREASURY UNITS AND RECREATION OF
                                 CORPORATE UNITS

     SECTION 4.01.    INITIAL DEPOSIT OF SENIOR NOTES

     (a)  Prior to or concurrently with the execution and delivery of this
Agreement, the Purchase Contract Agent, on behalf of the initial Holders of the
Corporate Units, shall Transfer to the Securities Intermediary, for credit to
the Collateral Account, the Senior Notes or security entitlements relating
thereto, and, in the case of security entitlements, the Securities Intermediary
shall indicate by book-entry that a securities entitlement to such Senior Notes
has been credited to the Collateral Account.

     (b)  The Collateral Agent may, at any time or from time to time, in its
sole discretion, cause any or all securities or other property underlying any
financial assets credited to the Collateral Account to be registered in the name
of the Securities Intermediary, the Collateral Agent or their respective
nominees; provided, however, that unless any Event of Default (as defined in the
Indenture) shall have occurred and be continuing, the Collateral Agent agrees
not to cause any Senior Notes to be so re-registered.

                                       10

<PAGE>

     SECTION 4.02.    CREATION OF TREASURY UNITS

     (a)  Unless the Treasury Portfolio has replaced the Senior Notes as a
component of the Corporate Units, a Holder of Corporate Units shall have the
right, at any time prior to 5:00 p.m. (New York City time) on the fifth Business
Day immediately preceding the Purchase Contract Settlement Date, to create
Treasury Units by substitution of Treasury Securities or security entitlements
with respect thereto for the Pledged Senior Notes comprising a part of such
Holder's Corporate Units, in integral multiples of 40 Corporate Units by:

          (i)       Transferring to the Collateral Agent for credit to the
     Collateral Account Treasury Securities or security entitlements with
     respect thereto having a Value equal to the aggregate principal amount of
     the Pledged Senior Notes to be released, accompanied by a notice,
     substantially in the form of Exhibit C to the Purchase Contract Agreement,
     whereupon the Purchase Contract Agent shall deliver to the Collateral Agent
     a notice, substantially in the form of Exhibit A hereto, (A) stating that
     such Holder has notified the Purchase Contract Agent that such Holder has
     Transferred Treasury Securities or security entitlements with respect
     thereto to the Collateral Agent for credit to the Collateral Account, (B)
     stating the Value of the Treasury Securities or security entitlements with
     respect thereto Transferred by such Holder and (C) requesting that the
     Collateral Agent release from the Pledge the Pledged Senior Notes that are
     a component of such Corporate Units; and

          (ii)      delivering the related Corporate Units to the Purchase
     Contract Agent.

     Upon receipt of such notice and confirmation that Treasury Securities or
security entitlements with respect thereto have been credited to the Collateral
Account as described in such notice, the Collateral Agent shall instruct the
Securities Intermediary by a notice, substantially in the form of Exhibit B, to
release such Pledged Senior Notes from the Pledge by Transfer to the Purchase
Contract Agent for distribution to such Holder, free and clear of the Pledge
created hereby. If the Treasury Portfolio has replaced the Senior Notes as a
component of the Corporate Units and subject to the conditions of the Purchase
Contract Agreement, a Holder of Corporate Units may, at any time on or prior to
the second Business Day immediately preceding the Purchase Contract Settlement
Date, substitute Treasury Securities for the Applicable Ownership Interests in
the Treasury Portfolio with respect to such Corporate Units, but only in
multiples of 40,000 Corporate Units. In such an event, the Holder shall transfer
the required amount of Treasury Securities to the Securities Intermediary, for
credit to the Collateral Account, and the Purchase Contract Agent shall request
the Collateral Agent to instruct the Securities Intermediary to release the
Pledge of and transfer to the Holder the appropriate Applicable Ownership
Interests in the Treasury Portfolio in the manner set forth above.

     (b)  Upon credit to the Collateral Account of Treasury Securities or
security entitlements with respect thereto delivered by a Holder of Corporate
Units and receipt of the related instruction from the Collateral Agent, the
Securities Intermediary shall release such Pledged Senior Notes or Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, and shall
promptly Transfer the same to the Purchase Contract Agent for distribution to
such Holder, free and clear of the Pledge created hereby.

                                       11

<PAGE>

     SECTION 4.03.    RECREATION OF CORPORATE UNITS

     (a)  Unless the Treasury Portfolio has replaced the Senior Notes as a
component of the Corporate Units, at any time prior to 5:00 p.m. (New York City
time) on the fifth Business Day immediately preceding the Purchase Contract
Settlement Date, a Holder of Treasury Units shall have the right to recreate
Corporate Units by substitution of Senior Notes or security entitlements with
respect thereto for Pledged Treasury Securities in integral multiples of 40
Treasury Units by:

          (i)       Transferring to the Securities Intermediary for credit to
     the Collateral Account Senior Notes or security entitlements with respect
     thereto having a principal amount equal to the Value of the Pledged
     Treasury Securities to be released, accompanied by a notice, substantially
     in the form of Exhibit C to the Purchase Contract Agreement, whereupon the
     Purchase Contract Agent shall deliver to the Collateral Agent a notice,
     substantially in the form of Exhibit C hereto, stating that such Holder has
     Transferred the Senior Notes or security entitlements with respect thereto
     to the Collateral Account for credit to the Collateral Account and
     requesting that the Collateral Agent release from the Pledge the Pledged
     Treasury Securities related to such Treasury Units; and

          (ii)      delivering the related Treasury Units to the Purchase
     Contract Agent.

     Upon receipt of such notice and confirmation that Senior Notes or security
entitlements with respect thereto have been credited to the Collateral Account
as described in such notice, the Collateral Agent shall instruct the Securities
Intermediary by a notice substantially in the form of Exhibit D hereto to
release such Pledged Treasury Securities from the Pledge by Transfer to the
Purchase Contract Agent for distribution to such Holder, free and clear of the
Pledge created hereby.

     If the Treasury Portfolio has replaced the Senior Notes as a component of
the Corporate Units, a Holder of Treasury Units may, at any time on or prior to
the second Business Day immediately preceding the Purchase Contract Settlement
Date, substitute the Applicable Ownership Interests in the Treasury Portfolio
for the Pledged Treasury Securities with respect to such Treasury Units, but
only in multiples of 40,000 Treasury Units. In such an event, the Holder shall
Transfer the required Applicable Ownership Interests in the Treasury Portfolio
to the Securities Intermediary, for credit to the Collateral Account, and the
Purchase Contract Agent shall request the Collateral Agent to instruct the
Securities Intermediary to release and Transfer to the Holder the Pledged
Treasury Securities in the manner set forth above.

     (b)  Upon credit to the Collateral Account of Senior Notes or security
entitlements with respect thereto or Applicable Ownership Interests in the
Treasury Portfolio delivered by a Holder of Treasury Units and receipt of the
related instruction from the Collateral Agent, the Securities Intermediary shall
release such Pledged Treasury Securities and shall promptly Transfer the same to
the Purchase Contract Agent for distribution to such Holder, free and clear of
the Pledge created hereby.

                                       12

<PAGE>

     SECTION 4.04.    TERMINATION EVENT

     (a)  Upon receipt by the Collateral Agent of written notice from the
Company or the Purchase Contract Agent that a Termination Event has occurred,
the Collateral Agent shall release all Collateral from the Pledge and shall
promptly instruct the Securities Intermediary to Transfer:

          (i)       any Pledged Senior Notes or security entitlements with
     respect thereto or Pledged Applicable Ownership Interests;

          (ii)      any Pledged Treasury Securities, and

          (iii)     any payments by Holders (or the Permitted Investments of
     such payments) pursuant to Section 4.05 hereof, to the Purchase Contract
     Agent for the benefit of the Holders for distribution to such Holders, in
     accordance with their respective interests, free and clear of the Pledge
     created hereby; provided, however, if any Holder shall be entitled to
     receive less than $1,000 with respect to its interest in the Applicable
     Ownership Interests (as specified in clause (i) of the definition of such
     term) in the Treasury Portfolio, the Purchase Contract Agent shall have the
     right (but not the obligation) to dispose of such interest for cash and
     deliver to such Holder cash in lieu of delivering the Applicable Ownership
     Interests (as specified in clause (i) of the definition of such term) in
     the Treasury Portfolio.

     (b)  If such Termination Event shall result from the Company's becoming a
debtor under the Bankruptcy Code, and if the Collateral Agent shall for any
reason fail promptly to effectuate the release and Transfer of all Pledged
Senior Notes, Pledged Applicable Ownership Interests, Pledged Treasury
Securities and payments by Holders (or the Permitted Investments of such
payments) pursuant to Section 4.05 and Proceeds of any of the foregoing, as the
case may be, as provided by this Section 4.04, the Purchase Contract Agent
shall:

          (i)       use its best efforts to obtain an opinion of a nationally
     recognized law firm reasonably acceptable to the Collateral Agent to the
     effect that, notwithstanding the Company's being the debtor in such a
     bankruptcy case, the Collateral Agent will not be prohibited from releasing
     or Transferring the Collateral as provided in this Section 4.04, and shall
     deliver or cause to be delivered such opinion to the Collateral Agent
     within ten days after the occurrence of such Termination Event, and if (A)
     any Holder or the Purchase Contract Agent shall be unable to obtain such
     opinion within ten days after the occurrence of such Termination Event or
     (B) the Collateral Agent shall continue, after delivery of such opinion, to
     refuse to effectuate the release and Transfer of all Pledged Senior Notes,
     Pledged Applicable Ownership Interests, Pledged Treasury

                                       13

<PAGE>

     Securities and the payments by Holders (or the Permitted Investments of
     such payments) pursuant to Section 4.05 hereof and Proceeds of any of the
     foregoing, as the case may be, as provided in this Section 4.04; and

          (ii)      commence an action or proceeding like that described in
     Section 4.04(b)(i) hereof within ten days after the occurrence of such
     Termination Event.

     SECTION 4.05.    CASH SETTLEMENT

     (a)  Upon receipt by the Collateral Agent of (i) a notice from the Purchase
Contract Agent promptly after the receipt by the Purchase Contract Agent of a
notice from a Holder of Corporate Units or Treasury Units that such Holder has
elected, in accordance with the procedures specified in Section 5.02(b)(i) or
(d)(i) of the Purchase Contract Agreement, respectively, to effect a Cash
Settlement and (ii) payment by such Holder by deposit in the Collateral Account
prior to 11:00 a.m. (New York City time) on the fourth Business Day immediately
preceding the Purchase Contract Settlement Date of the Purchase Price in lawful
money of the United States by certified or cashier's check or wire transfer of
immediately available funds payable to or upon the order of the Securities
Intermediary, then the Collateral Agent shall:

          (i)       instruct the Securities Intermediary promptly to invest any
     such Cash in Permitted Investments;

          (ii)      instruct the Securities Intermediary to release from the
     Pledge such Holder's related Pledged Senior Notes, Pledged Applicable
     Ownership Interests and Pledged Treasury Securities, as applicable, as to
     which such Holder has effected a Cash Settlement pursuant to this Section
     4.05(a); and

          (iii)     instruct the Securities Intermediary to Transfer all such
     Pledged Senior Notes, Pledged Applicable Ownership Interests and the
     Pledged Treasury Securities, as the case may be, to the Purchase Contract
     Agent for distribution to such Holder, in each case free and clear of the
     Pledge created hereby.

     The Company shall instruct the Collateral Agent in writing as to the type
of Permitted Investments in which any such Cash shall be invested; provided,
however, that if the Company fails to deliver such written instructions by 10:30
a.m. (New York City time) on the day such Cash is received by the Collateral
Agent or to be reinvested by the Securities Intermediary, the Collateral Agent
shall instruct the Securities Intermediary to invest such Cash in the Permitted
Investments described in clause (vi) of the definition of Permitted Investments.
In no event shall the Collateral Agent or Securities Intermediary be liable for
the selection of Permitted Investments or for investment losses incurred
thereon. The Collateral Agent and Securities Intermediary shall have no
liability in respect of losses incurred as a result of the failure of the
Company to provide timely written investment direction.

     Upon receipt of the proceeds upon the maturity of the Permitted Investments
on the Purchase Contract Settlement Date, the Collateral Agent shall (A)
instruct the Securities Intermediary to pay the portion of such proceeds and
deliver any certified or cashier's checks received, in an aggregate amount equal
to the Purchase Price, to the Company on the Purchase

                                       14

<PAGE>

Contract Settlement Date, and (B) release any amounts in excess of the Purchase
Price earned from such Permitted Investments to the Purchase Contract Agent for
distribution to such Holder.

     (b)  If a Holder of Corporate Units (unless the Treasury Portfolio has
replaced the Senior Notes as a component of such Corporate Units) (i) fails to
notify the Purchase Contract Agent of its intention to make a Cash Settlement as
provided in Section 5.02(b)(i) of the Purchase Contract Agreement or (ii) does
notify the Purchase Contract Agent of its intention to pay the Purchase Price in
cash, but fails to make such payment as required by Section 5.02(b)(ii) of the
Purchase Contract Agreement, such Holder shall be deemed to have consented to
the disposition of such Holder's Pledged Senior Notes in accordance with Section
5.02(b)(iii) of the Purchase Contract Agreement.

     (c)  If a Holder of a Treasury Unit or a Holder of a Corporate Unit (if the
Treasury Portfolio has replaced the Senior Notes as a component of such
Corporate Unit) (i) fails to notify the Purchase Contract Agent of its intention
to make a Cash Settlement as provided in Section 5.02(d)(i) of the Purchase
Contract Agreement or (ii) does notify the Purchase Contract Agent as provided
in Section 5.02(d)(ii) of the Purchase Contract Agreement of its intention to
pay the Purchase Price in cash, but fails to make such payment as required by
Section 5.02(d)(ii) of the Purchase Contract Agreement, such Holder shall be
deemed to have elected to pay the Purchase Price in accordance with Section
5.02(d)(iii) of the Purchase Contract Agreement.

     (d)  As soon as practicable after 11:00 a.m. (New York City time) on the
fourth Business Day immediately preceding the Purchase Contract Settlement Date,
the Collateral Agent shall deliver to the Purchase Contract Agent a notice,
substantially in the form of Exhibit E hereto, stating (i) the amount of Cash
that it has received with respect to the Cash Settlement of Corporate Units,
(ii) the amount of Cash that it has received with respect to the Cash Settlement
of Treasury Units and (iii) the amount of Pledged Senior Notes to be remarketed
in the Final Remarketing pursuant to Section 5.02(c)(i) of the Purchase Contract
Agreement.

     (e)  If there has been a Failed Final Remarketing, as soon as practicable
after 11:00 a.m. (New York City time) on the Business Day immediately preceding
the Purchase Contract Settlement Date, the Collateral Agent shall deliver to the
Purchase Contract Agent a notice, stating (i) the amount of Cash that it has
received with respect to the Cash Settlement of Corporate Units, (ii) the amount
of Cash that it has received with respect to the Cash Settlement of Treasury
Units and (iii) the amount of Pledged Senior Notes with respect to which an
automatic deemed exercise of the Put Right has occurred pursuant to Section
5.02(c)(iii) of the Purchase Contract Agreement.

     SECTION 4.06.    EARLY SETTLEMENT AND CASH MERGER EARLY SETTLEMENT

     Upon receipt by the Collateral Agent of a notice from the Purchase Contract
Agent that a Holder of Units has elected to effect either (i) Early Settlement
of its obligations under the Purchase Contracts forming a part of such Units in
accordance with the terms of the Purchase Contracts and Section 5.07 of the
Purchase Contract Agreement or (ii) Cash Merger Early Settlement of its
obligations under the Purchase Contracts forming a part of such Units in
accordance with the terms of the Purchase Contracts and Section 5.04(b)(ii) of
the Purchase

                                       15

<PAGE>

Contract Agreement (which notice shall set forth the number of such Purchase
Contracts as to which such Holder has elected to effect Early Settlement or Cash
Merger Early Settlement), and that the Purchase Contract Agent has received from
such Holder, and paid to the Company as confirmed in writing by the Company, the
related Purchase Price pursuant to the terms of the Purchase Contracts and the
Purchase Contract Agreement and that all conditions to such Early Settlement or
Cash Merger Early Settlement, as the case may be, have been satisfied, then the
Collateral Agent shall release from the Pledge, (i) Pledged Senior Notes or the
Pledged Applicable Ownership Interests in the case of a Holder of Corporate
Units or (ii) Pledged Treasury Securities, in the case of a Holder of Treasury
Units, in each case with a Value equal to the product of (A) the Stated Amount
times (B) the number of Purchase Contracts as to which such Holder has elected
to effect Early Settlement or Cash Merger Early Settlement, and shall instruct
the Securities Intermediary to Transfer all such Pledged Applicable Ownership
Interests or Pledged Senior Notes or Pledged Treasury Securities, as the case
may be, to the Purchase Contract Agent for distribution to such Holder, in each
case free and clear of the Pledge created hereby. A holder of Treasury Units may
settle early only in integral multiples of 40 Treasury Units, and a Holder of
Corporate Units, if the Treasury Portfolio has replaced the Senior Notes as a
component of such Corporate Units, may settle early only in integral multiples
of 40,000 Corporate Units.

     SECTION 4.07.    APPLICATION OF PROCEEDS IN SETTLEMENT OF PURCHASE
CONTRACTS

     (a)  If a Holder of Corporate Units (unless the Treasury Portfolio has
replaced the Senior Notes as a component of such Corporate Units) has not
elected to make an effective Cash Settlement by notifying the Purchase Contract
Agent in the manner provided for in Section 5.02(b)(i) of the Purchase Contract
Agreement or does notify the Purchase Contract Agent as provided in paragraph
5.02(b)(i) of the Purchase Contract Agreement of its intention to pay the
Purchase Price in cash, but fails to make such payment as required by paragraph
5.02(b)(ii) of the Purchase Contract Agreement, such Holder shall be deemed to
have elected to pay for the shares of Common Stock to be issued under such
Purchase Contracts from the Proceeds of the Final Remarketing of the related
Pledged Senior Notes. In the event of a Successful Final Remarketing, the
Collateral Agent shall instruct the Securities Intermediary to Transfer the
related Pledged Senior Notes to the Remarketing Agent, upon confirmation of
deposit by the Remarketing Agent of the Proceeds of such Final Remarketing
(less, to the extent permitted by the Remarketing Agreement, the Remarketing
Fee) in the Collateral Account. The Collateral Agent shall instruct the
Securities Intermediary to invest the Proceeds of the Final Remarketing in
Permitted Investments set forth in clause (vi) of the definition of Permitted
Investments. On the Purchase Contract Settlement Date, the Collateral Agent
shall, in consultation with the Purchase Contract Agent, instruct the Securities
Intermediary to remit a portion of the Proceeds from such Final Remarketing
equal to the aggregate principal amount of such Pledged Senior Notes to satisfy
in full such Holder's obligations to pay the Purchase Price to purchase the
shares of Common Stock under the related Purchase Contracts and to remit the
balance of the Proceeds from the Final Remarketing, if any, to the Purchase
Contract Agent for distribution to such Holder.

     Upon a Failed Final Remarketing, each Holder of Corporate Units (unless the
Treasury Portfolio has replaced the Senior Notes represented by such Corporate
Units) that has not elected

                                       16

<PAGE>

to make an effective Cash Settlement by notifying the Purchase Contract Agent in
the manner provided for in Section 5.02(e)(i) of the Purchase Contract Agreement
or does notify the Purchase Contract Agent as provided in paragraph 5.02(e)(i)
of the Purchase Contract Agreement of its intention to pay the Purchase Price in
cash, but fails to make such payment as required by paragraph 5.02(e)(ii) of the
Purchase Contract Agreement, shall be deemed to have exercised such Holder's Put
Right with respect to the Senior Notes that are a component of Corporate Units.
Upon exercise of the Put Right with respect to such Senior Notes, the Company
shall on the Purchase Contract Settlement Date cause the aggregate Put Price
with respect to such Senior Notes to be deposited in the Collateral Account and
the Collateral Agent shall cause the Securities Intermediary to remit the
Purchase Price for the shares of Common Stock to be issued under the related
Purchase Contract from a portion of the Proceeds of the Put Right to the Company
in full satisfaction of the Holder's obligations under the related Purchase
Contract; provided that if the Company shall fail to pay the Put Price when due,
the Company shall be deemed to have netted the Holders' obligations to pay the
aggregate Purchase Price under such Purchase Contracts against the Company's
obligation to pay the Put Price in full satisfaction of the Holders' obligations
under the Purchase Contracts. Following such payment or netting of the Put
Price, the Holders' obligations to pay the Purchase Price under the Purchase
Contracts will be deemed to be satisfied in full, and the Collateral Agent shall
cause the Securities Intermediary to release the Pledged Senior Notes from the
Collateral Account and shall promptly deliver the Pledged Senior Notes to the
Company. Thereafter, the Collateral Agent shall promptly remit the remaining
portion, if any, of the Put Price in excess of the aggregate Purchase Price
under such Purchase Contracts to the Purchase Contract Agent for payment to the
Holder of the Corporate Units to which such Senior Notes relate.

     (b)  If a Holder of a Treasury Unit or a Holder of a Corporate Unit (if the
Treasury Portfolio has replaced the Senior Notes as a component of such
Corporate Unit) has not elected to make an effective Cash Settlement by
notifying the Purchase Contract Agent in the manner provided for in Section
5.02(d)(i) of the Purchase Contract Agreement, or has given such notice but
failed to make such payment in the manner required by Section 5.02(d)(ii) of the
Purchase Contract Agreement, such Holder shall be deemed to have elected to pay
for the shares of Common Stock to be issued under such Purchase Contracts from
the Proceeds of the related Pledged Treasury Securities or Pledged Applicable
Ownership Interests, as the case may be. Promptly, after 11:00 a.m. (New York
City time) on the Business Day immediately prior to the Purchase Contract
Settlement Date, the Collateral Agent shall invest the Cash Proceeds of the
maturing Pledged Treasury Securities or Pledged Applicable Ownership Interests,
as the case may be, in Permitted Investments set forth in clause (vi) of the
definition of Permitted Investments, unless prior to 10:30 a.m. (New York City
time) on such date, the Company shall otherwise instruct the Collateral Agent in
writing as to the type of Permitted Investments in which any such Cash Proceeds
shall be invested. In no event shall the Collateral Agent be liable for the
selection of Permitted Investments or for investment losses incurred thereon.
The Collateral Agent shall have no liability in respect of losses incurred as a
result of the failure of the Company to provide timely written investment
direction. Without receiving any instruction from any Holder, the Collateral
Agent shall instruct the Securities Intermediary to remit the Proceeds of the
related Pledged Treasury Securities or Pledged Applicable Ownership Interests,
as the case may be, to the settlement of such Purchase Contracts on the Purchase
Contract Settlement Date.

                                       17

<PAGE>

     In the event the sum of the Proceeds from the related Pledged Treasury
Securities or Pledged Applicable Ownership Interests, as the case may be, and
the investment earnings from the investment in Permitted Investments exceeds the
aggregate Purchase Price of the Purchase Contracts being settled thereby, the
Collateral Agent shall instruct the Securities Intermediary to transfer such
excess, when received, to the Purchase Contract Agent for distribution to
Holders.

     (c)  Prior to 5:00 p.m. (New York City time) on the fifth Business Day
immediately preceding the applicable Remarketing Date, but no earlier than the
Payment Date immediately preceding such date, Holders of Separate Senior Notes
may elect to have their Separate Senior Notes remarketed under the Remarketing
Agreement, by delivering their Separate Senior Notes along with a notice of such
election, substantially in the form of Exhibit F hereto, to the Custodial Agent.
After such time, such election shall become an irrevocable election to have such
Separate Senior Notes remarketed in such Remarketing and, if such Remarketing
fails, in any subsequent Remarketing. The Custodial Agent shall hold Separate
Senior Notes in an account separate from the Collateral Account in which the
Pledged Securities shall be held. Holders of Separate Senior Notes electing to
have their Separate Senior Notes remarketed will also have the right to withdraw
that election by written notice to the Custodial Agent, substantially in the
form of Exhibit G hereto, prior to 5:00 p.m. (New York City time) on the fifth
Business Day immediately preceding the applicable Remarketing Date, upon which
notice the Custodial Agent shall return such Separate Senior Notes to such
Holder.

     By 11:00 a.m. (New York City time) on the Business Day immediately
preceding the applicable Remarketing Date, the Custodial Agent shall notify the
Remarketing Agent of the aggregate principal amount of the Separate Senior Notes
to be remarketed and deliver to the Remarketing Agent for remarketing all
Separate Senior Notes delivered to the Custodial Agent pursuant to this Section
4.07(c) and not validly withdrawn prior to such date. In the event of a
Successful Remarketing, after deducting the Remarketing Fee (to the extent
permitted under the terms of the Remarketing Agreement), the Remarketing Agent
will remit to the Custodial Agent the remaining portion of the Proceeds of such
Remarketing for payment to the Holders of the remarketed Separate Senior Notes,
in accordance with their respective interests. In the event of a Failed
Remarketing, the Remarketing Agent will promptly return such Separate Senior
Notes to the Custodial Agent, and, in the event of a Failed Final Remarketing,
the Custodial Agent shall deliver such Separate Senior Notes to the appropriate
Holders.

                                    ARTICLE V

                       VOTING RIGHTS PLEDGED SENIOR NOTES

     SECTION 5.01.    VOTING RIGHTS

     Subject to the terms of Section 4.02 of the Purchase Contract Agreement,
the Purchase Contract Agent may exercise, or refrain from exercising, any and
all voting and other consensual rights pertaining to the Pledged Senior Notes or
any part thereof for any purpose not inconsistent with the terms of this
Agreement and in accordance with the terms of the Purchase Contract Agreement;
provided, that the Purchase Contract Agent shall not exercise or, as the case
may be, shall not refrain from exercising such right if, in the judgment of the
Purchase Contract Agent, such action would impair or otherwise have a material
adverse effect on the value of all or any of

                                       18

<PAGE>

the Pledged Senior Notes; and provided, further, that the Purchase Contract
Agent shall give the Company and the Collateral Agent at least five Business
Days' prior written notice of the manner in which it intends to exercise, or its
reasons for refraining from exercising, any such right. Upon receipt of any
notices and other communications in respect of any Pledged Senior Notes,
including notice of any meeting at which holders of the Senior Notes are
entitled to vote or solicitation of consents, waivers or proxies of holders of
the Senior Notes, the Collateral Agent shall use reasonable efforts to send
promptly to the Purchase Contract Agent such notice or communication, and as
soon as reasonably practicable after receipt of a written request therefor from
the Purchase Contract Agent, execute and deliver to the Purchase Contract Agent
such proxies and other instruments in respect of such Pledged Senior Notes (in
form and substance satisfactory to the Collateral Agent) as are prepared by the
Company and delivered to the Purchase Contract Agent with respect to the Pledged
Senior Notes.

                                   ARTICLE VI

                               RIGHTS AND REMEDIES

     SECTION 6.01.    RIGHTS AND REMEDIES OF THE COLLATERAL AGENT

     (a)  In addition to the rights and remedies specified in Section 4.07
hereof or otherwise available at law or in equity, after an event of default
hereunder, the Collateral Agent shall have all of the rights and remedies with
respect to the Collateral of a secured party under the UCC (whether or not the
UCC is in effect in the jurisdiction where the rights and remedies are asserted)
and the TRADES Regulations and such additional rights and remedies to which a
secured party is entitled under the laws in effect in any jurisdiction where any
rights and remedies hereunder may be asserted. Without limiting the generality
of the foregoing, such remedies may include, to the extent permitted by
applicable law, (i) retention of the Pledged Senior Notes, Pledged Treasury
Securities or the applicable Pledged Applicable Ownership Interests in full
satisfaction of the Holders' obligations under the Purchase Contracts and the
Purchase Contract Agreement or (ii) sale of the Pledged Senior Notes, Pledged
Treasury Securities or the applicable Pledged Applicable Ownership Interests in
one or more public or private sales and application of the proceeds in full
satisfaction of the Holders' obligations under the Purchase Contracts and the
Purchase Contract Agreement shall be deemed to have been satisfied in full.

     (b)  Without limiting any rights or powers otherwise granted by this
Agreement to the Collateral Agent, in the event the Collateral Agent is unable
to make payments to the Company on account of the applicable Pledged Applicable
Ownership Interests, or on account of principal payments of any Pledged Treasury
Securities as provided in Article III hereof, in satisfaction of the Obligations
of the Holder of the Units of which such applicable Pledged Applicable Ownership
Interests or such Pledged Treasury Securities, as applicable, are a part under
the related Purchase Contracts, the inability to make such payments shall
constitute an event of default hereunder and the Collateral Agent shall have and
may exercise, with reference to such Pledged Treasury Securities or Pledged
Applicable Ownership Interests, as applicable, and such obligations as such
Holder any and all of the rights and remedies available to a secured party under
the UCC and the TRADES Regulations after default by a debtor, and as otherwise
granted herein or under any other law.

                                       19

<PAGE>

     (c)  Without limiting any rights or powers otherwise granted by this
Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of (i) the principal amount of
the Pledged Senior Notes, (ii) the principal amount of the Pledged Treasury
Securities and (iii) the principal amount of the Pledged Applicable Ownership
Interests, subject, in each case, to the provisions of Article III hereof, and
as otherwise granted herein.

     (d)  The Purchase Contract Agent individually and as attorney-in-fact for
each Holder of Units in the event such Holder becomes the Holder of the Treasury
Units, agrees that, from time to time, upon the written request of the
Collateral Agent or the Purchase Contract Agent, such Holder shall execute and
deliver such further documents and do such other acts and things as the
Collateral Agent may reasonably request in order to maintain the Pledge, and the
perfection and priority thereof, and to confirm the rights of the Collateral
Agent hereunder. The Purchase Contract Agent shall have no liability to any
Holder for executing any documents or taking any such acts requested by the
Collateral Agent hereunder, except for liability for its own grossly negligent
acts, its own grossly negligent failure to act or its own willful misconduct.

     SECTION 6.02.    SPECIAL EVENT REDEMPTION

     Upon the occurrence of a Special Event Redemption while Senior Notes are
still credited to the Collateral Account, the Collateral Agent is hereby
authorized to present the Pledged Senior Notes for payment as may be required by
their respective terms and to direct the Indenture Trustee to remit the
Redemption Price to the Securities Intermediary for credit to the Collateral
Account, on or prior to 12:30 p.m., New York City time on such Special Event
Redemption Date, by federal funds check or wire transfer of immediately
available funds. Upon receipt of such funds, the Pledged Senior Notes shall be
released from the Collateral Account and promptly transferred to the Company.
Upon the crediting of such funds to the Collateral Account, the Collateral
Agent, at the written direction of the Company, shall instruct the Securities
Intermediary to (a) apply an amount equal to the Redemption Amount of such funds
to purchase the Treasury Portfolio from the Quotation Agent, (b) credit to the
Collateral Account the Applicable Ownership Interests specified in clause (i) of
the definition of such term and (c) promptly remit the remaining portion of such
funds, if any, to the Purchase Contract Agent for payment to the Holders of
Corporate Units, in accordance with their respective interests.

     SECTION 6.03.    SUCCESSFUL INITIAL REMARKETING

     In the event of a Successful Remarketing prior to the Final Remarketing
Date, the Collateral Agent shall, at the direction of the Company, instruct the
Securities Intermediary to (a) Transfer the Pledged Senior Notes to the
Remarketing Agent upon confirmation of deposit by the Remarketing Agent of the
Proceeds of such Successful Remarketing (after deducting any Remarketing Fee) in
the Collateral Account, (b) apply an amount equal to the Treasury Portfolio
Purchase Price to purchase from the Quotation Agent the Treasury Portfolio, (c)
credit the Applicable Ownership Interests specified in clause (i) of the
definition of such term to the Collateral Account, and (d) promptly remit the
remaining portion of such Proceeds to the Purchase Contract Agent for payment to
the Holders of Corporate Units, in accordance with their respective interests.
With respect to Separate Senior Notes, any Proceeds of such Remarketing (after
deducting any Remarketing Fee) attributable to the Separate Senior Notes will be
remitted

                                       20

<PAGE>

to the Custodial Agent for payment to the holders of Separate Senior Notes. The
Pledged Applicable Ownership Interests thus credited to the Collateral Account
will secure the obligation of all Holders of Corporate Units to purchase Common
Stock of the Company under the Purchase Contracts constituting a part of such
Corporate Units, in substitution for the Pledged Senior Notes, which shall be
released from the Collateral Account. In the event of a Failed Final
Remarketing, the Pledged Senior Notes shall remain credited to the Collateral
Account and Section 4.07 shall apply.

     SECTION 6.04.    SUBSTITUTIONS

     Whenever a Holder has the right to substitute Treasury Securities, Senior
Notes or security entitlements for any of them or the appropriate Applicable
Ownership Interest (as defined in clause (i) of the definition of such term) in
the Treasury Portfolio, as the case may be, for financial assets held in the
Collateral Account, such substitution shall not constitute a novation of the
security interest created hereby.

                                   ARTICLE VII

                    REPRESENTATIONS AND WARRANTIES; COVENANTS

     SECTION 7.01.    REPRESENTATIONS AND WARRANTIES

     Each Holder from time to time, acting through the Purchase Contract Agent
as attorney-in-fact (it being understood that the Purchase Contract Agent shall
not be liable for any representation or warranty made by or on behalf of a
Holder), hereby represents and warrants to the Collateral Agent (with respect to
such Holder's interest in the Collateral), which representations and warranties
shall be deemed repeated on each day a Holder Transfers Collateral, that:

     (a)  such Holder has the power to grant a security interest in and lien on
the Collateral;

     (b)  such Holder is the sole beneficial owner of the Collateral and, in the
case of Collateral delivered in physical form, is the sole holder of such
Collateral and is the sole beneficial owner of, or has the right to Transfer,
the Collateral it Transfers to the Collateral Agent for credit to the Collateral
Account, free and clear of any security interest, lien, encumbrance, call,
liability to pay money or other restriction other than the security interest and
lien granted under Article II hereof;

     (c)  upon the Transfer of the Collateral to the Collateral Agent for credit
to the Collateral Account, the Collateral Agent, for the benefit of the Company,
will have a valid and perfected first priority security interest therein
(assuming that any central clearing operation or any securities intermediary or
other entity not within the control of the Holder involved in the Transfer of
the Collateral, including the Collateral Agent and the Securities Intermediary,
gives the notices and takes the action required of it hereunder and under
applicable law for perfection of that interest and assuming the establishment
and exercise of control pursuant to Section 2.02 hereof); and

                                       21

<PAGE>

     (d)  the execution and performance by the Holder of its obligations under
this Agreement will not result in the creation of any security interest, lien or
other encumbrance on the Collateral other than the security interest and lien
granted under Article II hereof or violate any provision of any existing law or
regulation applicable to it or of any mortgage, charge, pledge, indenture,
contract or undertaking to which it is a party or which is binding on it or any
of its assets.

     SECTION 7.02.    COVENANTS

     The Holders from time to time, acting through the Purchase Contract Agent
as their attorney-in-fact (it being understood that the Purchase Contract Agent
shall not be liable for any covenant made by or on behalf of a Holder), hereby
covenant to the Collateral Agent that for so long as the Collateral remains
subject to the Pledge:

     (a)  neither the Purchase Contract Agent nor such Holders will create or
purport to create or allow to subsist any mortgage, charge, lien, pledge or any
other security interest whatsoever over the Collateral or any part of it other
than pursuant to this Agreement; and

     (b)  neither the Purchase Contract Agent nor such Holders will sell or
otherwise dispose (or attempt to dispose) of the Collateral or any part of it
except for the beneficial interest therein, subject to the Pledge hereunder,
transferred in connection with the Transfer of the Units.

                                  ARTICLE VIII

          THE COLLATERAL AGENT, THE CUSTODIAL AGENT AND THE SECURITIES
                                  INTERMEDIARY

     It is hereby agreed as follows:

     SECTION 8.01.    APPOINTMENT, POWERS AND IMMUNITIES

     The Collateral Agent, the Custodial Agent or Securities Intermediary shall
act as agent for the Company hereunder with such powers as are specifically
vested in the Collateral Agent, the Custodial Agent or Securities Intermediary,
as the case may be, by the terms of this Agreement. Each of the Collateral
Agent, the Custodial Agent and Securities Intermediary shall:

     (a)  have no duties or responsibilities except those expressly set forth in
this Agreement and no implied covenants or obligations shall be inferred from
this Agreement against the Collateral Agent, the Custodial Agent and Securities
Intermediary, nor shall the Collateral Agent, the Custodial Agent and Securities
Intermediary be bound by the provisions of any agreement by any party hereto
beyond the specific terms hereof;

     (b)  not be responsible for any recitals contained in this Agreement, or in
any certificate or other document referred to or provided for in, or received by
it under, this Agreement, the Units or the Purchase Contract Agreement, or for
the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement (other than as against the Collateral Agent, the Custodial
Agent or Securities Intermediary, as the case may be), the Units, any Collateral
or the Purchase Contract Agreement or any other document referred to or

                                       22

<PAGE>

provided for herein or therein or for any failure by the Company or any other
Person (except the Collateral Agent, the Custodial Agent or Securities
Intermediary, as the case may be) to perform any of its obligations hereunder or
thereunder or for the perfection, priority or, except as expressly required
hereby, maintenance of any security interest created hereunder;

     (c)  not be required to initiate or conduct any litigation or collection
proceedings hereunder (except pursuant to directions furnished under Section
8.02 hereof, subject to Section 8.08 hereof);

     (d)  not be responsible for any action taken or omitted to be taken by it
hereunder or under any other document or instrument referred to or provided for
herein or in connection herewith or therewith, except for its own gross
negligence, bad faith or willful misconduct;

     (e)  not be required to advise any party as to selling or retaining, or
taking or refraining from taking any action with respect to, any securities or
other property deposited hereunder; and

     (f)  not be responsible to make or give any presentments, demands for
performance, notices of nonperformance, protests, notices of protest, or notice
of dishonor in connection with any obligation of evidences of indebtedness held
thereunder as Collateral.

     Subject to the foregoing, during the term of this Agreement, the Collateral
Agent, the Custodial Agent and the Securities Intermediary shall take all
reasonable action in connection with the safekeeping and preservation of the
Collateral hereunder as determined by industry standards.

     No provision of this Agreement shall require the Collateral Agent,
Custodial Agent or Securities Intermediary to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder. In no event shall the Collateral Agent, Custodial Agent or Securities
Intermediary be liable for any amount in excess of the Value of the Collateral.
Notwithstanding the foregoing, the Collateral Agent, the Custodial Agent and the
Securities Intermediary, each in its own individual capacity, hereby waive any
right of setoff, bankers liens, liens or perfection rights as Securities
Intermediary or any counterclaim with respect to any of the Collateral.

     SECTION 8.02.    INSTRUCTIONS OF THE COMPANY

     The Company shall have the right, by one or more instruments in writing
executed and delivered to the Collateral Agent, the Custodial Agent or the
Securities Intermediary, as the case may be, to direct the time, method and
place of conducting any proceeding for the realization of any right or remedy
available to the Collateral Agent, or of exercising any power conferred on the
Collateral Agent, the Custodial Agent or the Securities Intermediary, as the
case may be, or to direct the taking or refraining from taking of any action
authorized by this Agreement; provided, however, that (a) such direction shall
not conflict with the provisions of any law or of this Agreement or involve the
Collateral Agent in personal liability and (b) the Collateral Agent, the
Custodial Agent or the Securities Intermediary, as the case may be, shall be
indemnified to its satisfaction as provided herein. Nothing contained in this
Section 8.02 shall impair the right of

                                       23

<PAGE>

the Collateral Agent in its discretion to take any action or omit to take any
action which it deems proper and which is not inconsistent with such direction.

     SECTION 8.03.    RELIANCE BY COLLATERAL AGENT AND SECURITIES INTERMEDIARY

     Each of the Securities Intermediary, the Custodial Agent and the Collateral
Agent shall be entitled conclusively to rely upon any certification, order,
judgment, opinion, notice or other written communication (including, without
limitation, any thereof by e-mail or similar electronic means, telecopy, telex
or facsimile) reasonably believed by it to be genuine and correct and to have
been signed or sent by or on behalf of the proper Person or Persons (without
being required to determine the correctness of any fact stated therein) and
consult with and conclusively rely upon advice, opinions and statements of legal
counsel and other experts selected by the Collateral Agent, the Custodial Agent
or the Securities Intermediary, as the case may be. As to any matters not
expressly provided for by this Agreement, the Collateral Agent, the Custodial
Agent and the Securities Intermediary shall in all cases be fully protected in
acting, or in refraining from acting, hereunder in accordance with instructions
given by the Company in accordance with this Agreement.

     SECTION 8.04.    CERTAIN RIGHTS

     (a)  Whenever in the administration of the provisions of this Agreement the
Collateral Agent, the Custodial Agent or the Securities Intermediary shall deem
it necessary or desirable that a matter be proved or established prior to taking
or suffering any action to be taken hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the
absence of gross negligence, bad faith or willful misconduct on the part of the
Collateral Agent, the Custodial Agent or the Securities Intermediary, be deemed
to be conclusively proved and established by a certificate signed by one of the
Company's officers, and delivered to the Collateral Agent, the Custodial Agent
or the Securities Intermediary and such certificate, in the absence of gross
negligence, bad faith or willful misconduct on the part of the Collateral Agent,
the Custodial Agent or the Securities Intermediary, shall be full warrant to the
Collateral Agent, the Custodial Agent or the Securities Intermediary for any
action taken, suffered or omitted by it under the provisions of this Agreement
upon the faith thereof.

     (b)  The Collateral Agent, the Custodial Agent or the Securities
Intermediary shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, entitlement order, approval or other paper or
document.

     SECTION 8.05.    MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS

     Any corporation into which the Collateral Agent, the Custodial Agent or the
Securities Intermediary 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 Collateral Agent, the Custodial Agent or the
Securities Intermediary shall be a party, or any corporation succeeding to the
business of the Collateral Agent, the Custodial Agent or the Securities

                                       24

<PAGE>

Intermediary shall be the successor of the Collateral Agent, the Custodial Agent
or the Securities Intermediary hereunder without the execution or filing of any
paper with any party hereto or any further act on the part of any of the parties
hereto except where an instrument of transfer or assignment is required by law
to effect such succession, anything herein to the contrary notwithstanding.

     SECTION 8.06.    RIGHTS IN OTHER CAPACITIES

     The Collateral Agent, the Custodial Agent and the Securities Intermediary
and their affiliates may (without having to account therefor to the Company)
accept deposits from, lend money to, make their investments in and generally
engage in any kind of banking, trust or other business with the Purchase
Contract Agent, any other Person interested herein and any Holder of Units (and
any of their respective subsidiaries or affiliates) as if it were not acting as
the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the
case may be, and the Collateral Agent, the Custodial Agent, the Securities
Intermediary and their affiliates may accept fees and other consideration from
the Purchase Contract Agent and any Holder of Units without having to account
for the same to the Company; provided that each of the Securities Intermediary,
the Custodial Agent and the Collateral Agent covenants and agrees with the
Company that it shall not accept, receive or permit there to be created in favor
of itself and shall take no affirmative action to permit there to be created in
favor of any other Person, any security interest, lien or other encumbrance of
any kind in or upon the Collateral other than the lien created by the Pledge and
the Collateral shall be segregated on the books and records of the Collateral
Agent and not commingled with any other assets of such Person.

     SECTION 8.07.    NON-RELIANCE ON COLLATERAL AGENT, THE CUSTODIAL AGENT AND
SECURITIES INTERMEDIARY

     None of the Securities Intermediary, the Custodial Agent or the Collateral
Agent shall be required to keep itself informed as to the performance or
observance by the Purchase Contract Agent or any Holder of Units of this
Agreement, the Purchase Contract Agreement, the Units or any other document
referred to or provided for herein or therein or to inspect the properties or
books of the Purchase Contract Agent or any Holder of Units. None of the
Collateral Agent, the Custodial Agent or the Securities Intermediary shall have
any duty or responsibility to provide the Company with any credit or other
information concerning the affairs, financial condition or business of the
Purchase Contract Agent or any Holder of Units (or any of their respective
affiliates) that may come into the possession of the Collateral Agent, the
Custodial Agent or the Securities Intermediary or any of their respective
affiliates.

     SECTION 8.08.    COMPENSATION AND INDEMNITY

     The Company agrees to:

     (a)  pay the Collateral Agent, the Custodial Agent and the Securities
Intermediary from time to time such compensation as shall be agreed in writing
between the Company and the Collateral Agent, the Custodial Agent or the
Securities Intermediary, as the case may be, for all services rendered by them
hereunder;

                                       25

<PAGE>

     (b)  indemnify, defend and hold harmless the Collateral Agent, the
Custodial Agent, the Securities Intermediary and each of their respective
directors, officers, agents and employees (collectively, the "Indemnitees"),
harmless from and against any and all claims, liabilities, losses, damages,
fines, penalties and expenses (including reasonable fees and expenses of
counsel) (collectively, "Losses" and individually, a "Loss") that may be imposed
on, reasonably incurred by, or asserted against, the Indemnitees or any of them
for following any instructions or other directions upon which any of the
Indemnitees is entitled to rely pursuant to the terms of this Agreement,
provided that such Indemnitee has not acted with gross negligence or bad faith
or engaged in willful misconduct with respect to the specific Loss against which
indemnification is sought; and

     (c)  in addition to and not in limitation of paragraph (b) immediately
above, indemnify and hold the Indemnitees and each of them harmless from and
against any and all Losses that may be imposed on, incurred by or asserted
against, the Indemnitees or any of them in connection with or arising out of the
Collateral Agent's, the Custodial Agent's or the Securities Intermediary's
acceptance, performance or exercise of its rights, powers and duties under this
Agreement, provided the Collateral Agent, the Custodial Agent or the Securities
Intermediary, as the case may be, has not acted with gross negligence or bad
faith or engaged in willful misconduct with respect to the specific Loss against
which indemnification is sought.

The provisions of this Section and Section 10.07 shall survive the resignation
or removal of the Collateral Agent, Custodial Agent or Securities Intermediary
and the termination of this Agreement.

     SECTION 8.09.    FAILURE TO ACT

     In the event of any ambiguity in the provisions of this Agreement or any
dispute between or conflicting claims by or among the parties hereto or any
other Person with respect to any funds or property deposited hereunder, then at
its sole option, each of the Collateral Agent, the Custodial Agent and the
Securities Intermediary shall be entitled, after prompt notice to the Company
and the Purchase Contract Agent, to refuse to comply with any and all claims,
demands or instructions with respect to such property or funds so long as such
dispute or conflict shall continue, and the Collateral Agent, the Custodial
Agent and the Securities Intermediary shall not be or become liable in any way
to any of the parties hereto for its failure or refusal to comply with such
conflicting claims, demands or instructions. The Collateral Agent, the Custodial
Agent and the Securities Intermediary shall be entitled to refuse to act until
either:

     (a)  such conflicting or adverse claims or demands shall have been finally
determined by a court of competent jurisdiction or settled by agreement between
the conflicting parties as evidenced in a writing satisfactory to the Collateral
Agent, the Custodial Agent or the Securities Intermediary, as the case may be,
or

     (b)  the Collateral Agent, the Custodial Agent or the Securities
Intermediary, as the case may be, shall have received security or an indemnity
satisfactory to it sufficient to save it harmless from and against any and all
loss, liability or reasonable out-of-pocket expense which it may incur by reason
of its acting at the expense of the Company.

                                       26

<PAGE>

     The Collateral Agent, the Custodial Agent and the Securities Intermediary
may in addition elect to commence an interpleader action or seek other judicial
relief or orders as the Collateral Agent, the Custodial Agent or the Securities
Intermediary may deem necessary. Notwithstanding anything contained herein to
the contrary, none of the Collateral Agent, the Custodial Agent or the
Securities Intermediary shall be required to take any action that is in its
opinion contrary to law or to the terms of this Agreement, or which would in its
opinion subject it or any of its officers, employees or directors to liability.

     SECTION 8.10.    RESIGNATION OF COLLATERAL AGENT, THE CUSTODIAL AGENT AND
SECURITIES INTERMEDIARY

     Subject to the appointment and acceptance of a successor Collateral Agent,
Custodial Agent or Securities Intermediary as provided below:

     (a)  the Collateral Agent, the Custodial Agent and the Securities
Intermediary may resign at any time by giving notice thereof to the Company and
the Purchase Contract Agent as attorney-in-fact for the Holders of Units;

     (b)  the Collateral Agent, the Custodial Agent and the Securities
Intermediary may be removed at any time by the Company; and

     (c)  if the Collateral Agent, the Custodial Agent or the Securities
Intermediary fails to perform any of its material obligations hereunder in any
material respect for a period of not less than 20 days after receiving written
notice of such failure by the Purchase Contract Agent and such failure shall be
continuing, the Collateral Agent, the Custodial Agent and the Securities
Intermediary may be removed by the Purchase Contract Agent, acting at the
direction of the Holders of a majority of the Units.

     The Purchase Contract Agent shall promptly notify the Company of any
removal of the Collateral Agent, the Custodial Agent or the Securities
Intermediary pursuant to clause (c) of this Section 8.10. Upon any such
resignation or removal, the Company shall have the right to appoint a successor
Collateral Agent, Custodial Agent or Securities Intermediary, as the case may
be, which shall not be an Affiliate of the Purchase Contract Agent. If no
successor Collateral Agent, Custodial Agent or Securities Intermediary, as the
case may be, shall have been so appointed and shall have accepted such
appointment within 30 days after the retiring Collateral Agent's, Custodial
Agent's or Securities Intermediary's giving of notice of resignation or the
Company's or the Purchase Contract Agent's giving notice of such removal, then
the retiring or removed Collateral Agent, Custodial Agent or Securities
Intermediary may petition any court of competent jurisdiction, at the expense of
the Company, for the appointment of a successor Collateral Agent, Custodial
Agent or Securities Intermediary, as the case may be. The Collateral Agent, the
Custodial Agent and the Securities Intermediary shall each be a bank or a
national banking association which has an office (or an agency office) in New
York City with a combined capital and surplus of at least $50,000,000. Upon the
acceptance of any appointment as Collateral Agent, Custodial Agent or Securities
Intermediary hereunder, as the case may be, by a successor Collateral Agent,
Custodial Agent or Securities Intermediary, as the case may be, such successor
Collateral Agent, Custodial Agent or Securities Intermediary, as the case may
be, shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of

                                       27

<PAGE>

the retiring Collateral Agent, Custodial Agent or Securities Intermediary, as
the case may be, and the retiring Collateral Agent, Custodial Agent or
Securities Intermediary, as the case may be, shall take all appropriate action,
subject to payment of any amounts then due and payable to it hereunder, to
transfer any money and property held by it hereunder (including the Collateral)
to such successor. The retiring Collateral Agent, Custodial Agent or Securities
Intermediary shall, upon such succession, be discharged from its duties and
obligations as Collateral Agent, Custodial Agent or Securities Intermediary
hereunder. After any retiring Collateral Agent's, Custodial Agent's or
Securities Intermediary's resignation hereunder as Collateral Agent, Custodial
Agent or Securities Intermediary, the provisions of this Article VIII shall
continue in effect for its benefit in respect of any actions taken or omitted to
be taken by it while it was acting as the Collateral Agent, Custodial Agent or
Securities Intermediary. Any resignation or removal of the Collateral Agent,
Custodial Agent or Securities Intermediary hereunder, at a time when such Person
is acting as the Collateral Agent, Custodial Agent or Securities Intermediary,
shall be deemed for all purposes of this Agreement as the simultaneous
resignation or removal of the Collateral Agent, Securities Intermediary or
Custodial Agent, as the case may be.

     (d)  Since SunTrust Bank is serving as the Collateral Agent hereunder and
the Purchase Contract Agent under the Purchase Contract Agreement, if an event
of default (other than an event of default occurring as a result of a Failed
Final Remarketing) occurs hereunder or under the Purchase Contract Agreement,
SunTrust Bank will resign as the Collateral Agent, but continue to act as the
Purchase Contract Agent. A successor Collateral Agent will be appointed in
accordance with the terms hereof.

     SECTION 8.11.    RIGHT TO APPOINT AGENT OR ADVISOR

     The Collateral Agent shall have the right to appoint agents or advisors in
connection with any of its duties hereunder, and the Collateral Agent shall not
be liable for any action taken or omitted by, or in reliance upon the advice of,
such agents or advisors selected in good faith. The appointment of agents
pursuant to this Section 8.11 shall be subject to prior written consent of the
Company, which consent shall not be unreasonably withheld.

     SECTION 8.12.    SURVIVAL

     The provisions of this Article VIII shall survive termination of this
Agreement and the resignation or removal of the Collateral Agent, the Custodial
Agent or the Securities Intermediary.

     SECTION 8.13.    EXCULPATION

     Anything contained in this Agreement to the contrary notwithstanding, in no
event shall the Collateral Agent, the Custodial Agent or the Securities
Intermediary or their officers, directors, employees or agents be liable under
this Agreement to the Company or any third party for indirect, special,
punitive, or consequential loss or damage of any kind whatsoever, including, but
not limited to, lost profits, whether or not the likelihood of such loss or
damage was known to the Collateral Agent, the Custodial Agent or the Securities
Intermediary, or any of them and regardless of the form of action.

                                       28

<PAGE>

                                   ARTICLE IX

                                    AMENDMENT

     SECTION 9.01.    AMENDMENT WITHOUT CONSENT OF HOLDERS

     Without the consent of any Holders, the Company, when authorized by a Board
Resolution, the Collateral Agent, the Custodial Agent, the Securities
Intermediary and the Purchase Contract Agent, at any time and from time to time,
may amend this Agreement, in form satisfactory to the Company, the Collateral
Agent, the Custodial Agent, the Securities Intermediary and the Purchase
Contract Agent, to:

     (a)  evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company;

     (b)  evidence and provide for the acceptance of appointment hereunder by a
successor Collateral Agent, Custodial Agent, Securities Intermediary or Purchase
Contract Agent;

     (c)  add to the covenants of the Company for the benefit of the Holders, or
surrender any right or power herein conferred upon the Company, provided that
such covenants or such surrender do not adversely affect the validity,
perfection or priority of the security interests granted or created hereunder;
or

     (d)  cure any ambiguity (or formal defect), correct or supplement any
provisions herein which may be inconsistent with any other such provisions
herein, or make any other provisions with respect to such matters or questions
arising under this Agreement, provided that such action shall not adversely
affect the interests of the Holders in any material respect.

     SECTION 9.02.    AMENDMENT WITH CONSENT OF HOLDERS

     With the consent of the Holders of not less than a majority of the Purchase
Contracts at the time outstanding, including, without limitation, the consent of
the Holders obtained in connection with a tender or an exchange offer, by Act of
such Holders delivered to the Company, the Purchase Contract Agent, the
Custodial Agent, the Securities Intermediary and the Collateral Agent, as the
case may be, the Company, when duly authorized by a Board Resolution, the
Purchase Contract Agent, the Collateral Agent, the Securities Intermediary and
the Collateral Agent may amend this Agreement for the purpose of modifying in
any manner the provisions of this Agreement or the rights of the Holders in
respect of the Units; provided, however, that no such supplemental agreement
shall, without the unanimous consent of the Holders of each Outstanding Unit
adversely affected thereby in any material respect:

     (a)  change the amount or type of Collateral underlying a Unit (except for
the rights of holders of Corporate Units to substitute the Treasury Securities
for the Pledged Senior Notes or the Pledged Applicable Ownership Interests, as
the case may be, or the rights of Holders of Treasury Units to substitute Senior
Notes or the Applicable Ownership Interests (as specified in clause (i) of the
definition of such term) in the Treasury Portfolio, as applicable, for the
Pledged Treasury Securities), unless such change is not adverse to the Holders,
impair the right of the

                                       29

<PAGE>

Holder of any Unit to receive distributions on the underlying Collateral or
otherwise adversely affect the Holder's rights in or to such Collateral; or

     (b)  otherwise effect any action that would require the consent of the
Holder of each Outstanding Unit affected thereby pursuant to the Purchase
Contract Agreement if such action were effected by a modification or amendment
of the provisions of the Purchase Contract Agreement; or

     (c)  reduce the percentage of Purchase Contracts the consent of whose
Holders is required for any such amendment;

provided that if any amendment or proposal referred to above would adversely
affect only the Corporate Units or only the Treasury Units, then only the
affected class of Holders as of the record date for the Holders entitled to vote
thereon will be entitled to vote on such amendment or proposal, and such
amendment or proposal shall not be effective except with the consent of the
Holders of not less than a majority of such class; provided, further, that the
unanimous consent of the Holders of each outstanding Purchase Contract of such
class affected thereby shall be required to approve any amendment or proposal
specified in clauses (a) through (c) above. It shall not be necessary for any
Act of Holders under this Section to approve the particular form of any proposed
amendment, but it shall be sufficient if such Act shall approve the substance
thereof.

     SECTION 9.03.    EXECUTION OF AMENDMENTS

     In executing any amendment permitted by this Article, the Collateral Agent,
the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent
shall be entitled to receive and (subject to Section 6.01 hereof, with respect
to the Collateral Agent, and Section 7.01 of the Purchase Contract Agreement
with respect to the Purchase Contract Agent) shall be fully authorized and
protected in relying upon, an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Agreement and that all
conditions precedent, if any, to the execution and delivery of such amendment
have been satisfied. The Collateral Agent, Custodial Agent, Securities
Intermediary and Purchase Contract Agent may, but shall not be obligated to,
enter into any such amendment which affects their own respective rights, duties
or immunities under this Agreement or otherwise. All amendments must be in
writing, signed by all parties to this Agreement.

     SECTION 9.04.    EFFECT OF AMENDMENTS

     Upon the execution of any amendment under this Article, this Agreement
shall be modified in accordance therewith, and such amendment shall form a part
of this Agreement for all purposes; and every Holder of Certificates theretofore
or thereafter authenticated, executed on behalf of the Holders and delivered
under the Purchase Contract Agreement shall be bound thereby.

     SECTION 9.05.    REFERENCE OF AMENDMENTS

     Certificates authenticated, executed on behalf of the Holders and delivered
after the execution of any amendment pursuant to this Section may, and shall if
required by the Collateral

                                       30

<PAGE>

Agent or the Purchase Contract Agent, bear a notation in form approved by the
Purchase Contract Agent and the Collateral Agent as to any matter provided for
in such amendment. If the Company shall so determine, new Certificates so
modified as to conform, in the opinion of the Collateral Agent, the Purchase
Contract Agent and the Company, to any such amendment may be prepared and
executed by the Company and authenticated, executed on behalf of the Holders and
delivered by the Purchase Contract Agent in accordance with the Purchase
Contract Agreement in exchange for Certificates representing Outstanding Units.

                                    ARTICLE X

                                  MISCELLANEOUS

     SECTION 10.01.   NO WAIVER

     To the extent permitted by law, no failure on the part of the Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary or any of
their respective agents to exercise, and no course of dealing with respect to,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Company,
the Collateral Agent, the Custodial Agent, the Securities Intermediary or any of
their respective agents of any right, power or remedy hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or
remedy. The remedies herein are cumulative and are not exclusive of any remedies
provided by law.

     SECTION 10.02.   GOVERNING LAW; SUBMISSION TO JURISDICTION

     THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW
PROVISIONS THEREOF. Without limiting the foregoing, the above choice of law is
expressly agreed to by the Company, the Securities Intermediary, the Custodial
Agent, the Collateral Agent and the Holders from time to time acting through the
Purchase Contract Agent, as their attorney in fact, in connection with the
establishment and maintenance of the Collateral Account. The Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Holders from time to time of the Units, acting through the Purchase Contract
Agent as their attorney-in-fact, hereby submit to the nonexclusive jurisdiction
of the United States District Court for the Southern District of New York and of
any New York state court sitting in New York City for the purposes of all legal
proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. The Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Holders from time to time of the Units, acting
through the Purchase Contract Agent as their attorney-in-fact, irrevocably
waive, to the fullest extent permitted by applicable law, any objection which
they may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient forum.

                                       31

<PAGE>

     SECTION 10.03.   NOTICES

     All notices, requests, consents and other communications provided for
herein (including, without limitation, any modifications of, or waivers or
consents under, this Agreement) shall be given or made in writing (including,
without limitation, by telecopy) delivered to the intended recipient at the
"Address for Notices" specified below its name on the signature pages hereof (or
in the case of Holders, may be made and deemed given as provided in Section 1.05
and 1.06 of the Purchase Contract Agreement) or, as to any party, at such other
address as shall be designated by such party in a notice to the other parties.
Except as otherwise provided in this Agreement, all such communications shall be
deemed to have been duly given when transmitted by telecopier or personally
delivered or, in the case of a mailed notice, upon receipt, in each case given
or addressed as aforesaid (except as aforesaid).

     SECTION 10.04.   SUCCESSORS AND ASSIGNS

     This Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of the Company, the Collateral Agent, the
Custodial Agent, the Securities Intermediary and the Purchase Contract Agent,
and the Holders from time to time of the Units, by their acceptance of the same,
shall be deemed to have agreed to be bound by the provisions hereof and to have
ratified the agreements of, and the grant of the Pledge hereunder by, the
Purchase Contract Agent.

     SECTION 10.05.   COUNTERPARTS

     This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument, and any of the
parties hereto may execute this Agreement by signing any such counterpart.

     SECTION 10.06.   SEVERABILITY

     If any provision hereof is invalid and unenforceable in any jurisdiction,
then, to the fullest extent permitted by law, (i) the other provisions hereof
shall remain in full force and effect in such jurisdiction and shall be
liberally construed in order to carry out the intentions of the parties hereto
as nearly as may be possible and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction.

     SECTION 10.07.   EXPENSES, ETC.

     The Company agrees to reimburse the Collateral Agent, the Custodial Agent
and the Securities Intermediary for: (a) all reasonable costs and expenses of
the Collateral Agent, the Custodial Agent and the Securities Intermediary
(including, without limitation, the reasonable fees and expenses of counsel to
the Collateral Agent, the Custodial Agent and the Securities Intermediary),
reasonably incurred in connection with (i) the negotiation, preparation,
execution and delivery or performance of this Agreement and (ii) any
modification, supplement or waiver of any of the terms of this Agreement; (b)
all reasonable costs and expenses of the Collateral Agent, the Custodial Agent
and the Securities Intermediary (including, without limitation, reasonable fees
and expenses of counsel) reasonably incurred in connection with (i) any

                                       32

<PAGE>

enforcement or proceedings resulting or incurred in connection with causing any
Holder of Units to satisfy its obligations under the Purchase Contracts forming
a part of the Units and (ii) the enforcement of this Section 10.7; and (c) all
transfer, stamp, documentary or other similar taxes, assessments or charges
levied by any governmental or revenue authority in respect of this Agreement or
any other document referred to herein and all costs, expenses, taxes,
assessments and other charges reasonably incurred in connection with any filing,
registration, recording or perfection of any security interest contemplated
hereby; (d) all reasonable fees and expenses of any agent or advisor appointed
by the Collateral Agent and consented to by the Company under Section 8.11 of
this Agreement, (e) any out-of-pocket costs and expenses reasonably incurred by
the Collateral Agent, the Custodial Agent, and the Securities Intermediary in
connection with the exercise of their rights or performance of their obligations
and duties under Section 8.10 hereof; and (f) any other reasonable out-of-pocket
costs and expenses reasonably incurred by the Collateral Agent, the Custodial
Agent and the Securities Intermediary in connection with the performance of
their duties hereunder.

     SECTION 10.08.   SECURITY INTEREST ABSOLUTE

     All rights of the Collateral Agent and security interests hereunder, and
all obligations of the Holders from time to time hereunder, shall be absolute
and unconditional irrespective of:

     (a)  any lack of validity or enforceability of any provision of the
Purchase Contracts or the Units or any other agreement or instrument relating
thereto;

     (b)  any change in the time, manner or place of payment of, or any other
term of, or any increase in the amount of, all or any of the obligations of
Holders of the Units under the related Purchase Contracts, or any other
amendment or waiver of any term of, or any consent to any departure from any
requirement of, the Purchase Contract Agreement or any Purchase Contract or any
other agreement or instrument relating thereto; or

     (c)  any other circumstance which might otherwise constitute a defense
available to, or discharge of, a borrower, a guarantor or a pledgor.

     SECTION 10.09.   NOTICE OF SPECIAL EVENT, SPECIAL EVENT REDEMPTION AND
TERMINATION EVENT

     Upon the occurrence of a Special Event, a Special Event Redemption or a
Termination Event, the Company shall deliver written notice to the Purchase
Contract Agent, the Collateral Agent and the Securities Intermediary. Upon the
written request of the Collateral Agent or the Securities Intermediary, the
Company shall inform such party whether or not a Special Event, a Special Event
Redemption or a Termination Event has occurred.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       33

<PAGE>

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

ONEOK, INC.                           SUNTRUST BANK, as Purchase Contract Agent,
                                      attorney-in-fact and trustee for the
                                      Holders from time to time of the Units

By: /s/ Jim Kneale                    By: /s/ George Hogan
    -------------------------------       ---------------------------------
        Name:  Jim Kneale                     Name:  George Hogan
        Title: Senior Vice President,         Title: Vice President
               Treasurer and Chief
               Financial Officer

Address for Notices:                  Address for Notices:

ONEOK, Inc.                           SunTrust Bank
100 West Fifth Street                 25 Park Place
Tulsa, Oklahoma  74603                24th Floor
Attention: Chief Financial Officer    Atlanta, Georgia  30303
Telecopy: (918) 588-7971              Attention: Corporate Trust
                                      Administration
                                      Telecopy: (404) 588-7335

SUNTRUST BANK, as Collateral Agent,
Custodial Agent and Securities Intermediary

By: /s/ George Hogan
    -------------------------------
        Name:  George Hogan
        Title: Vice President

SunTrust Bank
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention:  Corporate Trust
Administration
Telecopy: (404) 588-7335

<PAGE>

EXHIBIT A

                                   INSTRUCTION
                          FROM PURCHASE CONTRACT AGENT
                               TO COLLATERAL AGENT
                          (CREATION OF TREASURY UNITS)

SunTrust Bank
Collateral Agent
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: _________ Corporate Units of ONEOK, Inc. (the "Company")

     The securities account of SunTrust Bank, as Collateral Agent, maintained by
the Securities Intermediary and designated "SunTrust Bank, as Collateral Agent
of ONEOK, Inc., as pledgee of SunTrust Bank, as the Purchase Contract Agent,
attorney-in-fact and trustee for the Holders" (the "Collateral Account")

     Please refer to the Pledge Agreement, dated as of January 28, 2003 (the
"Pledge Agreement"), among the Company, you, as Collateral Agent, as Securities
Intermediary and as Custodial Agent and the undersigned, as Purchase Contract
Agent, attorney-in-fact and trustee for the holders of Corporate Units from time
to time. Capitalized terms used herein but not defined shall have the meaning
set forth in the Pledge Agreement.

     We hereby notify you in accordance with Section 4.02 of the Pledge
Agreement that the holder of securities named below (the "Holder") has elected
to substitute $__________ Value of Treasury Securities or security entitlements
with respect thereto in exchange for an equal Value of Pledged Senior Notes
relating to _________ Corporate Units and has delivered to the undersigned a
notice stating that the Holder has Transferred such Treasury Securities or
security entitlements with respect thereto to the Securities Intermediary, for
credit to the Collateral Account.

     We hereby request that you instruct the Securities Intermediary, upon
confirmation that such Treasury Securities or security entitlements thereto have
been credited to the Collateral Account, to release to the undersigned an equal
Value of Pledged Senior Notes in accordance with Section 4.02 of the Pledge
Agreement.

<PAGE>

Date:

                               SunTrust Bank, as Purchase Contract Agent,
                               attorney-in-fact and trustee for the Holders from
                               time to time of the Units

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

Please print name and address of Holder electing to substitute Treasury
Securities or security entitlements with respect thereto for the Pledged Senior
Notes:

----------------------------              ---------------------------------
Name:                                     Social Security or other Taxpayer
                                          Identification Number, if any

----------------------------
Address

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

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

<PAGE>

EXHIBIT B

                                   INSTRUCTION
                              FROM COLLATERAL AGENT
                           TO SECURITIES INTERMEDIARY
                          (CREATION OF TREASURY UNITS)

SunTrust Bank
as Securities Intermediary
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: _________ Corporate Units of ONEOK, Inc. (the "Company")

     The securities account of ____________________________, as Collateral
Agent, maintained by the Securities Intermediary and designated
"_______________________, as Collateral Agent of ONEOK, Inc., as pledgee of
_______________________, as the Purchase Contract Agent, attorney-in-fact and
trustee for the Holders" (the "Collateral Account")

     Please refer to the Pledge Agreement, dated as of January 28, 2003 (the
"Pledge Agreement"), among the Company, you, as Collateral Agent, as Securities
Intermediary and as Custodial Agent and the undersigned, as Purchase Contract
Agent, attorney-in-fact and trustee for the holders of Corporate Units from time
to time. Capitalized terms used herein but not defined shall have the meaning
set forth in the Pledge Agreement.

     When you have confirmed that $__________ Value of Treasury Securities or
security entitlements thereto has been credited to the Collateral Account by or
for the benefit of _________, as Holder of Corporate Units (the "Holder"), you
are hereby instructed to release from the Collateral Account an equal Value of
Pledged Senior Notes or security entitlements with respect thereto relating to
_____ Corporate Units of the Holder by Transfer to the Purchase Contract Agent.

Dated:
       ---------------

                                            SunTrust Bank, as Collateral Agent

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

<PAGE>

Please print name and address of Holder:

------------------------                    ---------------------------------
Name:                                       Social Security or other Taxpayer
                                            identification Number, if any

------------------------
Address

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

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

<PAGE>

EXHIBIT C

                                   INSTRUCTION
                          FROM PURCHASE CONTRACT AGENT
                               TO COLLATERAL AGENT
                        (RECREATION OF CORPORATE UNITS )

SunTrust Bank
The Purchase Contract Agent
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: ____________ Treasury Units of ONEOK, Inc. (the "Company")

     Please refer to the Pledge Agreement dated as of January 28, 2003 (the
"Pledge Agreement"), among the Company, you, as Collateral Agent, as Securities
Intermediary, as Custodial Agent and the undersigned, as Purchase Contract
Agent, attorney-in-fact and trustee for the holders of Treasury Units from time
to time. Capitalized terms used herein but not defined shall have the meaning
set forth in the Pledge Agreement.

     We hereby notify you in accordance with Section 4.03 of the Pledge
Agreement that the holder of securities named below (the "Holder") has elected
to substitute $_______ Value of Senior Notes or security entitlements with
respect thereto in exchange for $__________ Value of Pledged Treasury Securities
and has delivered to the undersigned a notice stating that the holder has
Transferred such Senior Notes or security entitlements with respect thereto to
the Securities Intermediary, for credit to the Collateral Account.

     We hereby request that you instruct the Securities Intermediary, upon
confirmation that such Senior Notes or security entitlements with respect
thereto have been credited to the Collateral Account, to release to the
undersigned $__________ Value of Treasury Securities or security entitlements
with respect thereto related to _____ Treasury Units of such Holder in
accordance with Section 4.03 of the Pledge Agreement.

Dated:
       ---------------

                                             SunTrust Bank, as Collateral Agent

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

<PAGE>

Please print name and address of Holder electing to substitute Senior Notes or
security entitlements with respect thereto for Pledged Treasury Securities:

-----------------------------                ---------------------------------
Name:                                        Social Security or other Taxpayer
                                             Identification Number, if any

-----------------------------
Address

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

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

<PAGE>

EXHIBIT D

                                   INSTRUCTION
                              FROM COLLATERAL AGENT
                           TO SECURITIES INTERMEDIARY
                         (RECREATION OF CORPORATE UNITS)

SunTrust Bank
as Securities Intermediary
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: ___________ Treasury Units of ONEOK, Inc. (the "Company")

     The securities account of SunTrust Bank, as Collateral Agent, maintained by
the Securities Intermediary and designated "SunTrust Bank, as Collateral Agent
of ONEOK, Inc., as pledgee of SunTrust Bank, as the Purchase Contract Agent,
attorney-in-fact and trustee for the Holders" (the "Collateral Account")

     Please refer to the Pledge Agreement dated as of January 28, 2003 (the
"Pledge Agreement"), among the Company, you, as Securities Intermediary,
Custodial Agent and Collateral Agent and SunTrust Bank, as Purchase Contract
Agent, attorney-in-fact and trustee for the holders of Corporate Units from time
to time, and the undersigned, as Collateral Agent. Capitalized terms used herein
but no defined shall have the meaning set forth in the Pledge Agreement.

     When you have confirmed that $ __________ Value of Senior Notes or security
entitlements with respect thereto has been credited to the Collateral Account by
or for the benefit of ________________, as Holder of Treasury Units (the
"Holder"), you are hereby instructed to release from the Collateral Account $
__________ Value of Treasury Securities or security entitlements thereto by
Transfer to the Purchase Contract Agent.

Dated:
       ---------------

                                             SunTrust Bank, as Collateral Agent

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

<PAGE>

Please print name and address of Holder:

------------------------------               ---------------------------------
Name:                                        Social Security or other Taxpayer
                                             Identification Number, if any

------------------------------
Address

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

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

<PAGE>

EXHIBIT E

                    NOTICE OF CASH SETTLEMENT FROM COLLATERAL
                        AGENT TO PURCHASE CONTRACT AGENT
                            (CASH SETTLEMENT AMOUNTS)

SunTrust Bank
The Purchase Contract Agent
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: __________ Corporate Units of ONEOK, Inc. (the "Company") __________
Treasury Units of the Company

     Please refer to the Pledge Agreement dated as of January 28, 2003 (the
"Pledge Agreement"), by and among you, the Company, and SunTrust Bank, as
Collateral Agent, Custodial Agent and Securities Intermediary. Unless otherwise
defined herein, terms defined in the Pledge Agreement are used herein as defined
therein.

     In accordance with Section 4.05(d) of the Pledge Agreement, we hereby
notify you that as of 11:00 a.m. (New York City time) on the fourth Business Day
immediately preceding February 16, 2006 (the "Purchase Contract Settlement
Date"), we have received (i) $ _______________ in immediately available funds
paid in an aggregate amount equal to the Purchase Price due to the Company on
the Purchase Contract Settlement Date with respect to ________________ Corporate
Units, (ii) $ ___________ in immediately available funds paid in an aggregate
amount equal to the Purchase Price due to the Company on the Purchase Contract
Settlement Date with respect to ______ Treasury Units and (iii) based on the
funds received set forth in clause (i) above, an aggregate principal amount of
$_________ of Pledged Senior Notes are to be tendered for purchase in the Final
Remarketing.

Dated:
       ---------------

                                             SunTrust Bank, as Collateral Agent

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

<PAGE>

EXHIBIT F

              INSTRUCTION TO CUSTODIAL AGENT REGARDING REMARKETING

SunTrust Bank
The Custodial Agent
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: Senior Notes Due February 16, 2008 of ONEOK, Inc. (the "Company")

     The undersigned hereby notifies you in accordance with Section 4.07(c) of
the Pledge Agreement, dated as of January 28, 2003 (the "Pledge Agreement"),
among the Company, you, as Collateral Agent, Custodial Agent and Securities
Intermediary and SunTrust Bank, as the Purchase Contract Agent, attorney-in-fact
and trustee for the holders of Corporate Units from time to time, that the
undersigned elects to deliver $______________ aggregate principal amount of
Separate Senior Notes for delivery to the Remarketing Agent prior to 5:00 p.m.
(New York City time) on the fifth Business Day immediately preceding the
[Initial][Final] Remarketing Date for remarketing pursuant to Section 4.07(c) of
the Pledge Agreement. The undersigned will, upon request of the Remarketing
Agent, execute and deliver any additional documents deemed by the Remarketing
Agent or by the Company to be necessary or desirable to complete the sale,
assignment and transfer of the Separate Senior Notes tendered hereby.
Capitalized terms used herein but not defined shall have the meaning set forth
in the Pledge Agreement.

     The undersigned hereby instructs you, upon receipt of the Proceeds of such
remarketing from the Remarketing Agent, to deliver such Proceeds to the
undersigned in accordance with the instructions indicated herein under "A.
Payment Instructions." The undersigned hereby instructs you, in the event of a
Failed Remarketing, upon receipt of the Separate Senior Notes tendered herewith
from the Remarketing Agent, to deliver such Separate Senior Notes to the
person(s) and the address(es) indicated herein under "B. Delivery Instructions."

     With this notice, the undersigned hereby (i) represents and warrants that
the undersigned has full power and authority to tender, sell, assign and
transfer the Separate Senior Notes tendered hereby and that the undersigned is
the record owner of any Senior Notes tendered herewith in physical form or a
participant in The Depositary Trust Company ("DTC") and the beneficial owner of
any Senior Notes tendered herewith by book-entry transfer to your account at
DTC, (ii) agrees to be bound by the terms and conditions of Section 4.07(c) of
the Pledge Agreement and (iii) acknowledges and agrees that after 5:00 p.m. (New
York City time) on the fifth Business Day immediately preceding the
[Initial][Final] Remarketing Date, such election shall become an irrevocable
election to have such Separate Senior Notes remarketed in the Remarketing, and
that the Separate Senior Notes tendered herewith will only be returned in the
event of a Failed Remarketing.

<PAGE>

Dated:
       ---------------

                                             By:
                                                 -----------------------------
                                             Name:
                                             Title:
                                             Signature Guarantee:
                                                                  --------------

------------------------------          -----------------------------------
Name:                                   Social Security or other Taxpayer
                                        Identification Number, if any

------------------------------
Address

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

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

A.   PAYMENT INSTRUCTIONS

Proceeds of the remarketing should be paid by check in the name of the person(s)
set forth below and mailed to the address set forth below.

Name(s)

(Please Print)
Address

(Please Print)

(Zip Code)

(Tax Identification or Social Security Number)

<PAGE>

B.   DELIVERY INSTRUCTIONS

In the event of a Failed Final Remarketing, Senior Notes which are in physical
form should be delivered to the person(s) set forth below and mailed to the
address set forth below.

Name(s)

(Please Print)
Address

(Please Print)

(Zip Code)

(Tax Identification or Social Security Number)

In the event of a failed final remarketing, Senior Notes which are in book-entry
form should be credited to the account at The Depository Trust Company set forth
below.

------------------
DTC Account Number

Name of Account Party:
                       -------------------------

<PAGE>

EXHIBIT G

                    INSTRUCTION TO CUSTODIAL AGENT REGARDING
                           WITHDRAWAL FROM REMARKETING

SunTrust Bank
The Custodial Agent
25 Park Place
24th Floor
Atlanta, Georgia  30303
Attention: Corporate Trust Administration
Telecopy: (404) 588-7335

     Re: Senior Notes Due February 16, 2008 of ONEOK, Inc. (the "Company")

     The undersigned hereby notifies you in accordance with Section 4.07(c) of
the Pledge Agreement, dated as of January 28, 2003 (the "Pledge Agreement"),
among the Company and you, as Collateral Agent, Custodial Agent and Securities
Intermediary, and SunTrust Bank, as Purchase Contract Agent, attorney-in-fact
and trustee for the holders of Corporate Units from time to time, that the
undersigned elects to withdraw the $_________ aggregate principal amount of
Separate Senior Notes delivered to the Collateral Agent on _________, 200_ for
remarketing pursuant to Section 4.07(c) of the Pledge Agreement. The undersigned
hereby instructs you to return such Senior Notes to the undersigned in
accordance with the undersigned's instructions. With this notice, the
Undersigned hereby agrees to be bound by the terms and conditions of Section
4.07(c) of the Pledge Agreement. Capitalized terms used herein but not defined
shall have the meaning set forth in the Pledge Agreement.

Dated:
       ---------------

                                             By:
                                                 -------------------------------
                                             Name:
                                             Title:
                                             Signature Guarantee:
                                                                  --------------

------------------------------              -----------------------------------
Name:                                       Social Security or other Taxpayer
                                            Identification Number, if any

------------------------------
Address

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

------------------------------<PAGE>

                                                                     EXHIBIT 4.5

                                                                  EXECUTION COPY

                              REMARKETING AGREEMENT

January 28, 2003

UBS Warburg LLC
299 Park Avenue
New York, New York 10171
Attention: General Counsel

Banc of America Securities LLC
9 West 57th Street
New York, New York 10019
Attention: Eric Hambleton

J.P. Morgan Securities Inc.
277 Park Avenue
New York, New York 10172
Attention: Paul A. O'Hern

SunTrust Bank
25 Park Place, 24th Floor
Atlanta, Georgia 30303
Attention: Corporate Trust Division

Ladies and Gentlemen:

     This Agreement is dated as of January 28, 2003 (the "Agreement") by and
among ONEOK, Inc., an Oklahoma corporation (the "Company"), UBS Warburg LLC
("UBS"), Bank of America Securities LLC ("BAS"), J.P. Morgan Securities Inc.
("JPMorgan" and, together with UBS and BAS, the "Remarketing Agent Candidates")
and SunTrust Bank, a Georgia banking corporation, not individually but solely as
Purchase Contract Agent (the "Purchase Contract Agent"), attorney-in-fact and
trustee for the Holders of Purchase Contracts (as defined in the Purchase
Contract Agreement referred to below).

     SECTION 1. DEFINITIONS.

     (a)  Capitalized terms used and not defined in this Agreement shall have
the meanings set forth in the Purchase Contract Agreement, dated as of
January 28, 2003, between the Company and SunTrust Bank, as Purchase Contract
Agent, as amended from time to time (the "Purchase Contract Agreement").

     (b)  As used in this Agreement, the following terms have the following
meanings:

     "Appointment Date" has the meaning set forth in Section 2(a).

<PAGE>

     "Preliminary Prospectus" means any preliminary prospectus relating to the
Remarketed Senior Notes included in the Registration Statement, including the
documents incorporated by reference therein as of the date of such Preliminary
Prospectus; and any reference to any amendment or supplement to such Preliminary
Prospectus shall be deemed to refer to and include any documents filed after the
date of such Preliminary Prospectus, under the Exchange Act, and incorporated by
reference in such Preliminary Prospectus.

     "Prospectus" means the prospectus relating to the Remarketed Senior Notes,
in the form in which first filed, or transmitted for filing, with the Commission
after the effective date of the Registration Statement pursuant to Rule 424(b),
including the documents incorporated by reference therein as of the date of such
Prospectus; and any reference to any amendment or supplement to such Prospectus
shall be deemed to refer to and include any documents filed after the date of
such Prospectus, under the Exchange Act, and incorporated by reference in such
Prospectus.

     "Registration Statement" means a registration statement under the
Securities Act prepared by the Company covering, inter alia, the Remarketing of
the Remarketed Senior Notes pursuant to Section 5(a) hereunder, including all
exhibits thereto and the documents incorporated by reference in the prospectus
contained in such registration statement, and any post-effective amendments
thereto.

     "Remarketed Senior Notes" means the Pledged Senior Notes and the Separate
Senior Notes, if any, subject to Remarketing as identified to the Remarketing
Agent by the Purchase Contract Agent and the Custodial Agent, respectively,
after 11:00 a.m., New York City time, on the Business Day immediately preceding
the applicable Remarketing Date, and shall include: (a) (i) in the case of the
Initial Remarketing, the Pledged Senior Notes and (ii) in the case of the Final
Remarketing, the Senior Notes of the Holders of Corporate Units who have not
notified the Purchase Contract Agent prior to 5:00 p.m. on the fifth Business
Day immediately preceding the Purchase Contract Settlement Date of their
intention to effect a Cash Settlement of the related Purchase Contracts pursuant
to the terms of the Purchase Contract Agreement or who have so notified the
Purchase Contract Agent but failed to make the required cash payment on the
fourth Business Day immediately preceding the Purchase Contract Settlement Date
pursuant to the terms of the Purchase Contract Agreement, and (b) the Separate
Senior Notes of the Holders of Separate Senior Notes, if any, who have elected
to have their Separate Senior Notes be remarketed in such Remarketing pursuant
to the terms of the Purchase Contract Agreement.

     "Remarketing" means the remarketing of the Remarketed Senior Notes pursuant
to this Remarketing Agreement.

     "Remarketing Agent" means any of UBS, BAS or JPMorgan appointed as the
Remarketing Agent by the Company pursuant to Section 2(a) hereof.

     "Remarketing Agent Candidates" has the meaning set forth in the preamble.

     "Remarketing Date" means either the Initial Remarketing Date (as defined
herein) or the Final Remarketing Date (as defined herein), as context requires.

     "Remarketing Fee" has the meaning set forth in Section 4(a).

                                        2

<PAGE>

     "Remarketing Materials" means the Preliminary Prospectus, the Prospectus or
any other information furnished by the Company to the Remarketing Agent for
distribution to investors in connection with the Remarketing.

     "Senior Notes" means the 4.0% Senior Notes due February 16, 2008 of the
Company.

     "Transaction Documents" means this Agreement, the Purchase Contract
Agreement, the Pledge Agreement and the Indenture, in each case as amended or
supplemented from time to time.

     SECTION 2. APPOINTMENT AND OBLIGATIONS OF THE REMARKETING AGENT.

     (a)  On or before the 20th Business Day prior to the Initial Remarketing
Date (the "Appointment Date"), the Company shall send written notice appointing
any of UBS, BAS or JPMorgan as the exclusive Remarketing Agent, for the purpose
of (i) remarketing the Remarketed Senior Notes on behalf of the Holders thereof,
(ii) determining, in consultation with the Company, in the manner provided for
herein and in the Purchase Contract Agreement and the Indenture, the Reset Rate
for the Senior Notes, and (iii) performing such other duties as are assigned to
the Remarketing Agent in the Transaction Documents; provided that if the Company
fails to appoint a Remarketing Agent pursuant to this Section 2(a) by the
Appointment Date, the Company shall be deemed to have appointed UBS as the
Remarketing Agent. Each of UBS, BAS and JPMorgan hereby agree that if the
Company chooses to appoint it as the Remarketing Agent, it shall, subject to the
terms and conditions set forth herein, accept such appointment by the Company as
the exclusive Remarketing Agent.

     (b)  Unless a Special Event Redemption has occurred prior to such date, on
the third Business Day immediately preceding November 16, 2005 (the "Initial
Remarketing Date"), the Remarketing Agent shall use its reasonable efforts to
remarket ("Initial Remarketing") the Remarketed Senior Notes, at a price (the
"Remarketing Price"), based on the Reset Rate, equal to approximately 100.50% of
the sum of the Treasury Portfolio Purchase Price and the Separate Senior Notes
Purchase Price.

     (c)  In the case of a Failed Initial Remarketing and unless a Special Event
Redemption has occurred prior to such date, on the third Business Day
immediately preceding the February 16, 2006 (the "Final Remarketing Date"), the
Remarketing Agent shall use its reasonable efforts to remarket (the "Final
Remarketing") the Remarketed Senior Notes at a price (the "Final Remarketing
Price"), based on the Reset Rate, equal to approximately 100.50% of the
aggregate principal amount of the Remarketed Senior Notes being remarketed in
such Final Remarketing. It is understood and agreed that the Remarketing on any
Remarketing Date will be considered successful and no further attempts will be
made if the resulting proceeds are at least 100.50% of the sum of the Treasury
Portfolio Purchase Price and the Separate Senior Notes Purchase Price, in the
case of an Initial Remarketing 100.50% of the aggregate principal amount of the
Remarketed Senior Notes in the case of the Final Remarketing.

     (d)  In connection with each Remarketing, the Remarketing Agent shall
determine, in consultation with the Company, the rate per annum, rounded to the
nearest one-thousandth

                                        3

<PAGE>

(0.001) of one percent per annum, that the Senior Notes should bear (the "Reset
Rate") in order for the Remarketed Senior Notes to have an aggregate market
value equal to the Remarketing Price or the Final Remarketing Price, as the case
may be, and that in the sole reasonable discretion of the Remarketing Agent will
enable it to remarket all of the Remarketed Senior Notes at the Remarketing
Price or Final Remarketing Price, as the case may be, in such Remarketing,
provided that such rate shall not (i) be less than the Coupon Rate set forth in
the Indenture or (ii) exceed the maximum interest rate permitted by law.

     (e)  In the event of a Failed Remarketing, or if no Senior Notes are
included in Corporate Units and none of the Holders of the Separate Senior Notes
elect to have Senior Notes remarketed in such Remarketing, the applicable
interest rate on the Senior Notes will not be reset and will continue to be the
Coupon Rate set forth in the Indenture.

     (f)  If, by 4:00 p.m., New York City time, on the applicable Remarketing
Date, the Remarketing Agent is unable to remarket all of the Remarketed Senior
Notes at the Remarketing Price or the Final Remarketing Price, as the case may
be, pursuant to the terms and conditions hereof, a Failed Remarketing shall be
deemed to have occurred, and the Remarketing Agent shall advise by telephone the
Depositary, the Purchase Contract Agent and the Company, and return the
Remarketed Senior Notes to the Collateral Agent or the Custodial Agent, as the
case may be. Whether or not there has been a Failed Remarketing will be
determined in the sole reasonable discretion of the Remarketing Agent.

     (g)  In the event of a Successful Remarketing, by approximately 4:30 p.m.,
New York City time, on the applicable Remarketing Date, the Remarketing Agent
shall advise, by telephone:

          (i)    the Depositary, the Purchase Contract Agent and the Company of
     the Reset Rate determined by the Remarketing Agent in such Remarketing and
     the number of Remarketed Senior Notes sold in such Remarketing;

          (ii)   each purchaser (or the Depositary Participant thereof) of
     Remarketed Senior Notes of the Reset Rate and the number of Remarketed
     Senior Notes such purchaser is to purchase; and

          (iii)  each such purchaser to give instructions to its Depositary
     Participant to pay the purchase price on the third business day immediately
     following the date of such Successful Remarketing in same day funds against
     delivery of the Remarketed Senior Notes purchased through the facilities of
     the Depositary.

     The Remarketing Agent shall also, if required by the Securities Act or the
rules and regulations promulgated thereunder, deliver to each purchaser a
Prospectus in connection with the Remarketing.

     (h)  After deducting any fees specified in Section 4 below, the proceeds
from a Successful Remarketing (i) with respect to the Senior Notes that are
components of the Corporate Units, shall be paid to the Collateral Agent in
accordance with Sections 4.07 and 6.03 of the Pledge Agreement, as the case may
be, and Section 5.02 of the Purchase Contract Agreement and (ii) with respect to
the Separate Senior Notes, shall be paid to the Custodial

                                        4

<PAGE>

Agent for payment to the Holders of such Separate Senior Notes in accordance
with Section 5.02 of the Purchase Contract Agreement and Section 6.03 of the
Pledge Agreement.

     (i)  The right of each holder of Separate Senior Notes or Corporate Units
to have Remarketed Senior Notes remarketed and sold on any Remarketing Date
shall be subject to the conditions that (i) the Remarketing Agent conducts an
Initial Remarketing and, in the event of a Failed Initial Remarketing, a Final
Remarketing, each pursuant to the terms of this Agreement, (ii) a Special Event
Redemption has not occurred prior to such Remarketing Date, (iii) the
Remarketing Agent is able to find a purchaser or purchasers for Remarketed
Senior Notes at the Remarketing Price or the Final Remarketing Price, as the
case may be, based on the Reset Rate, and (iv) such purchaser or purchasers
deliver the purchase price therefor to the Remarketing Agent as and when
required.

     (j)  It is understood and agreed that the Remarketing Agent shall not have
any obligation whatsoever to purchase any Remarketed Senior Notes, whether in
the Remarketing or otherwise, and shall in no way be obligated to provide funds
to make payment upon tender of Remarketed Senior Notes for Remarketing or to
otherwise expend or risk its own funds or incur or to be exposed to financial
liability in the performance of its duties under this Agreement, and without
limitation of the foregoing, the Remarketing Agent shall not be deemed an
underwriter of the Remarketed Senior Notes. Neither the Company nor the
Remarketing Agent shall be obligated in any case to provide funds to make
payment upon tender of the Remarketed Senior Notes for Remarketing.

     SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     The Company represents and warrants (i) on and as of the date any
Remarketing Materials are first distributed in connection with the Remarketing
(the "Commencement Date"), (ii) on and as of the applicable Remarketing Date and
(iii) on and as of the settlement date relating to such Remarketing Date, that:

     (a)  Solely for purposes of determining the conditions precedent with
regard to the Remarketing Agent's obligations under Section 6 hereof, each of
the representations and warranties of the Company set forth in Section 3 (except
for paragraphs (a) and (k) of such section) of the Underwriting Agreement, dated
as of January 23, 2003 (the "Underwriting Agreement"), among the Company and the
Underwriters identified in the related Price Determination Agreement, dated as
of January 23, 2003, among the Company, UBS, BAS and JPMorgan, is true and
correct as if made on each of the dates specified above; provided that for
purposes of this Section 3(a), (A) any reference in such sections of the
Underwriting Agreement to (i) the "Registration Statement", the "Prospectus" or
the "Preliminary Prospectus" shall be deemed to refer to such terms as defined
herein and (ii) the "Time of Delivery" shall be deemed to refer to the
applicable Remarketing Date and (B) the term "Significant Subsidiary" as used in
Section 2(e) of the Underwriting Agreement shall be deemed to include any
subsidiaries of the Company that are, on each of the dates specified above,
"significant subsidiaries" of the Company within the meaning of Regulation S-X.

     (b)  The Registration Statement, if any, in the form heretofore delivered
or to be delivered to the Remarketing Agent, has been declared effective by the
Commission in such

                                        5

<PAGE>

form; and no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceeding for that purpose has been initiated
or threatened by the Commission.

     (c)  The documents incorporated by reference in the Prospectus, when they
were filed with the Commission, conformed in all material respects to the
requirements of the Exchange Act and the rules and regulations of the Commission
thereunder, and none of such documents contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; and any further documents so filed and
incorporated by reference in the Prospectus or any further amendment or
supplement thereto, when such documents are filed with the Commission, will
conform in all material respects to the requirements of the Exchange Act and the
rules and regulations of the Commission thereunder, and will not contain an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information relating to
the Remarketing Agent furnished in writing to the Company by the Remarketing
Agent or its counsel expressly for use in the Prospectus.

     (d)  The Registration Statement, if any, conforms (and the Prospectus, if
any, and any further amendments or supplements to the Registration Statement or
the Prospectus, when they become effective or are filed with the Commission, as
the case may be, will conform) in all material respects to the requirements of
the Securities Act and the rules and regulations promulgated thereunder, and the
Registration Statement and the Remarketing Materials (and any amendment or
supplement thereto) as of their respective effective or filing dates and as of
the Commencement Date, applicable Remarketing Date and Purchase Contract
Settlement Date do not and will not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided that no representation
and warranty is made as to any statement of eligibility on Form T-1 filed or
incorporated by reference as part of the Registration Statement, the Prospectus
or the Remarketing Materials, or as to information relating to the Remarketing
Agent contained in or omitted from the Registration Statement, the Prospectus or
the Remarketing Materials in reliance upon and in conformity with written
information furnished to the Company by the Remarketing Agent.

     (e)  This Agreement has been duly authorized, executed and delivered by the
Company.

     SECTION 4. FEES.

     (a)  In the event of a Successful Remarketing of the Remarketed Senior
Notes prior to the Final Remarketing Date, the Remarketing Agent may retain as a
remarketing fee (the "Initial Remarketing Fee") an amount equal to 25 basis
points (0.25%) of the sum of the Treasury Portfolio Purchase Price and the
Separate Senior Note Purchase Price.

                                        6

<PAGE>

     (b)  In the event of a Successful Final Remarketing, the Remarketing Agent
may retain as the Remarketing Fee, an amount equal to 25 basis points (0.25%) of
the principal amount of the Remarketed Senior Notes.

                                        7

<PAGE>

     SECTION 5. COVENANTS OF THE COMPANY.

     The Company covenants and agrees as follows:

     (a)  If and to the extent the Remarketed Senior Notes are required (in the
view of counsel, which need not be in the form of a written opinion, for either
the Remarketing Agent or the Company) to be registered under the Securities Act
as in effect at the time of the Remarketing,

          (i)    to prepare the Registration Statement and the Prospectus, in a
     form approved by the Remarketing Agent, to file any such Prospectus
     pursuant to the Securities Act within the period required by the Securities
     Act and the rules and regulations thereunder and to use commercially
     reasonable efforts to cause the Registration Statement to be declared
     effective by the Commission prior to the second Business Day immediately
     preceding the applicable Remarketing Date;

          (ii)   to file promptly with the Commission any amendment to the
     Registration Statement or the Prospectus or any supplement to the
     Prospectus that may, in the reasonable judgment of the Company or the
     Remarketing Agent, be required by the Securities Act or requested by the
     Commission;

          (iii)  to advise the Remarketing Agent, promptly after it receives
     notice thereof, of the time when any amendment to the Registration
     Statement has been filed or becomes effective or any supplement to the
     Prospectus or any amended Prospectus has been filed and to furnish the
     Remarketing Agent with copies thereof;

          (iv)   to file promptly all reports and any definitive proxy or
     information statements required to be filed by the Company with the
     Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange
     Act subsequent to the date of the Prospectus and for so long as the
     delivery of a Prospectus is required in connection with the offering or
     sale of the Remarketed Senior Notes;

          (v)    to advise the Remarketing Agent, promptly after it receives
     notice thereof, of the issuance by the Commission of any stop order or of
     any order preventing or suspending the use of the Prospectus, of the
     suspension of the qualification of any of the Remarketed Senior Notes for
     offering or sale in any jurisdiction, of the initiation or threatening of
     any proceeding for any such purpose, or of any request by the Commission
     for the amending or supplementing of the Registration Statement or the
     Prospectus or for additional information, and, in the event of the issuance
     of any stop order or of any order preventing or suspending the use of any
     Prospectus or suspending any such qualification, to use promptly its best
     efforts to obtain its withdrawal;

          (vi)   to furnish promptly to the Remarketing Agent such copies of the
     following documents as the Remarketing Agent shall reasonably request:
     (A) conformed copies of the Registration Statement as originally filed with
     the Commission and each amendment thereto (in each case excluding
     exhibits); (B) the Preliminary Prospectus and any amended or supplemented
     Preliminary Prospectus, (C) the Prospectus and any amended or supplemented
     Prospectus; and (D) any document incorporated by reference in the

                                        8

<PAGE>

     Prospectus (excluding exhibits thereto); and, if at any time when delivery
     of a prospectus is required in connection with the Remarketing, any event
     shall have occurred as a result of which the Prospectus as then amended or
     supplemented would include any untrue statement of a material fact or omit
     to state any material fact necessary in order to make the statements
     therein, in the light of the circumstances under which they were made when
     such Prospectus is delivered, not misleading, or if for any other reason it
     shall be necessary during such same period to amend or supplement the
     Prospectus or to file under the Exchange Act any document incorporated by
     reference in the Prospectus in order to comply with the Securities Act or
     the Exchange Act, to notify the Remarketing Agent and, upon its request, to
     file such document and to prepare and furnish without charge to the
     Remarketing Agent and to any dealer in securities as many copies as the
     Remarketing Agent may from time to time reasonably request of an amended or
     supplemented Prospectus that will correct such statement or omission or
     effect such compliance;

          (vii)  prior to filing with the Commission (A) any amendment to the
     Registration Statement or supplement to the Prospectus or (B) any
     Prospectus pursuant to Rule 424 under the Securities Act, to furnish a copy
     thereof to the Remarketing Agent and counsel to the Remarketing Agent; and
     not to file any such amendment or supplement that shall be reasonably
     disapproved by the Remarketing Agent promptly after reasonable notice;

          (viii) as soon as practicable, but in any event not later than
     eighteen months, after the effective date of the Registration Statement, to
     make "generally available to its security holders" an "earnings statement"
     of the Company and its subsidiaries complying with (which need not be
     audited) Section 11 (a) of the Securities Act and the rules and regulations
     thereunder (including, at the option of the Company, Rule 158). The terms
     "generally available to its security holders" and "earnings statement"
     shall have the meanings set forth in Rule 158; and

          (ix)   to take such action as the Remarketing Agent may reasonably
     request in order to qualify the Remarketed Senior Notes for offer and sale
     under the securities or "blue sky" laws of such jurisdictions as the
     Remarketing Agent may reasonably request; provided that in no event shall
     the Company be required to qualify as a foreign corporation or to file a
     general consent to service of process in any jurisdiction.

     (b)  To furnish the Remarketing Agent with such information and documents
as the Remarketing Agent may reasonably request in connection with the
transactions contemplated hereby, and to make reasonably available to the
Remarketing Agent and any accountant, attorney or other advisor retained by the
Remarketing Agent such information that parties would customarily require in
connection with a due diligence investigation conducted in accordance with
applicable securities laws and to cause the Company's officers, directors,
employees and accountants to participate in all such discussions and to supply
all such information reasonably requested by any such Person in connection with
such investigation.

     (c)  To pay: (i) the costs incident to the preparation and printing of the
Registration Statement, if any, any Prospectus and any other Remarketing
Materials and any amendments or

                                        9

<PAGE>

supplements thereto; (ii) the costs of distributing the Registration Statement,
if any, any Prospectus and any other Remarketing Materials and any amendments or
supplements thereto; (iii) any fees and expenses of qualifying the Remarketed
Senior Notes under the securities laws of the several jurisdictions as provided
in Section 5(a)(9) and of preparing, printing and distributing a Blue Sky
Memorandum, if any (including any related fees and expenses of counsel to the
Remarketing Agent); (iv) all other costs and expenses incident to the
performance of the obligations of the Company hereunder and the Remarketing
Agent hereunder; and (v) the reasonable fees and expenses of counsel to the
Remarketing Agent in connection with their duties hereunder.

     SECTION 6. CONDITIONS TO THE REMARKETING AGENT'S OBLIGATIONS.

     The obligations of the Remarketing Agent hereunder shall be subject to the
following conditions:

     (a)  The representations and warranties of the Company contained herein
shall be true and correct in all material respects on and as of the applicable
Remarketing Date and the settlement date for the applicable Remarketing Date,
and the Company, the Purchase Contract Agent and the Collateral Agent shall have
performed in all material respects all covenants and agreements contained herein
or in the Purchase Contract Agreement or Pledge Agreement to be performed on
their part at or prior to such Remarketing Date.

     (b)  (i) Trading generally shall not have been suspended or materially
limited on the New York Stock Exchange or the Nasdaq National Market,
(ii) trading of any securities of the Company shall not have been materially
suspended or limited on the New York Stock Exchange or any other exchange or
over-the-counter market, (iii) a material disruption in securities settlement,
payment or clearance services in the United States shall not have occurred,
(iv) a general moratorium on commercial banking activities shall not have been
declared by either Federal or New York State authorities, or (v) there shall not
have occurred a material adverse change in the financial markets, any outbreak
or escalation of hostilities involving the United States or the declaration by
the United States of a national emergency or war or other calamity or crisis, if
the effect of any such event specified in this clause (v) in the judgment of the
Remarketing Agent makes it impracticable or inadvisable to proceed with the
Remarketing or the delivery of the Remarketed Senior Notes on the terms and in
the manner contemplated in the Transaction Documents.

     (c)  The Prospectus, if any, shall have been timely filed with the
Commission; no stop order suspending the effectiveness of the Registration
Statement, if any, or any part thereof shall have been issued and no proceeding
for that purpose shall have been initiated or threatened by the Commission; and
any request of the Commission for inclusion of additional information in the
Registration Statement or the Prospectus or otherwise shall have been complied
with.

     (d)  The Company shall have furnished to the Remarketing Agent a
certificate, dated the applicable Remarketing Date, of the Chief Financial
Officer satisfactory to the Remarketing Agent stating that: (i) no order
suspending the effectiveness of the Registration Statement, if any, or
prohibiting the sale of the Remarketed Senior Notes is in effect, and no
proceedings for such purpose are pending before or, to the knowledge of such
officers, threatened by the Commission;

                                       10

<PAGE>

(ii) the representations and warranties of the Company in Section 3 are true and
correct on and as of the applicable Remarketing Date and the Company has
performed in all material respects all covenants and agreements contained herein
to be performed on its part at or prior to such Remarketing Date; and (iii) the
Registration Statement, as of its effective date, and the Remarketing Materials,
as of their respective dates, did not contain any untrue statement of a material
fact and did not omit to state any material fact required to be stated therein
or necessary to make the' statements therein not misleading and the Prospectus
did not contain any untrue statement of material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

     (e)  On the applicable Remarketing Date, the Remarketing Agent shall have
received a letter addressed to the Remarketing Agent and dated such date, in
form and substance satisfactory to the Remarketing Agent, of the independent
accountants of the Company, containing statements and information of the type
ordinarily included in accountants' "comfort letters" with respect to certain
financial information contained in the Remarketing Materials, if any.

     (f)  Outside counsels for the Company reasonably acceptable to the
Remarketing Agent shall have furnished to the Remarketing Agent its (or their)
opinion(s), addressed to the Remarketing Agent and dated the applicable
Remarketing Date, in form and substance reasonably satisfactory to the
Remarketing Agent addressing such matters as are set forth in such counsels'
opinion furnished pursuant to Section 5(e) of the Underwriting Agreement,
adapted as necessary to relate to the securities being remarketed hereunder and
to the Remarketing Materials, if any, or to any changed circumstances or events
occurring subsequent to the date of this Agreement, such adaptations being
reasonably acceptable to counsel to the Remarketing Agent.

     (g)  Counsel for the Remarketing Agent, shall have furnished to the
Remarketing Agent its opinion, addressed to the Remarketing Agent and dated the
applicable Remarketing Date, in form and substance satisfactory to the
Remarketing Agent.

     (h)  Subsequent to the execution and delivery of this Agreement and prior
to the applicable Remarketing Date, there shall not have occurred any
downgrading, nor shall any notice have been given of any intended or potential
downgrading or of any review for a possible change that does not indicate an
improvement, in the rating accorded any of the Company's securities by any
"nationally recognized statistical rating organization," as such term is defined
for purposes of Rule 436(g)(2) under the Securities Act.

     (i)  The Senior Notes shall not have been called for redemption following
the occurrence of a Special Event. If any condition specified in this Section 6
is not satisfied when and as required to be satisfied, this Agreement may be
terminated by the Remarketing Agent by notice to the Company at any time on or
prior to the applicable Remarketing Date, which termination shall be without
liability on the part of any party to any other party, except that Sections, 5,
7 and 9 shall at all times be effective and shall survive such termination.

                                       11

<PAGE>

     SECTION 7. INDEMNIFICATION.

     (a)  The Company will indemnify and hold harmless the Remarketing Agent,
its partners, directors and officers, each person, if any, who controls the
Remarketing Agent within the meaning of Section 15 of the Securities Act and
each affiliate of the Remarketing Agent within the meaning of Rule 405 under the
Securities Act as follows:

          (i)    against any and all loss, liability, claim and damage
     (including, without limitation, any legal or other expenses reasonably
     incurred in investigating or defending any such liability or claim)
     whatsoever, as incurred, arising out of any untrue statement or alleged
     untrue statement of a material fact contained in the Registration Statement
     (or any amendment thereto), including the information deemed to be part of
     the Registration Statement pursuant to Rule 430A or Rule 434 under the Act
     (the "Rule 430A/434 Information"), if applicable, or the omission or
     alleged omission therefrom of a material fact required to be stated therein
     or necessary to make the statements therein not misleading or arising out
     of any untrue statement or alleged untrue statement of a material fact
     included in any Preliminary Prospectus or the Prospectus (or any amendment
     or supplement thereto), or the omission or alleged omission therefrom of a
     material fact necessary in order to make the statements therein, in the
     light of the circumstances under which they were made, not misleading;

          (ii)   against any and all loss, liability, claim, damage and expense
     whatsoever, as incurred, to the extent of the aggregate amount paid in
     settlement of any litigation, or any investigation or proceeding by any
     governmental agency or body, commenced or threatened, or of any claim
     whatsoever based upon any such untrue statement or omission, or any such
     alleged untrue statement or omission; provided that (subject to Section
     7(d) below) any such settlement is effected with the written consent of the
     Company; and

          (iii)  against any and all expense whatsoever, as incurred (including
     the fees and disbursement of counsel), reasonably incurred in
     investigating, preparing or defending against any litigation, or any
     investigation or proceeding by any governmental agency or body, commenced
     or threatened, or any claim whatsoever based upon any such true statement
     or omission, or any such alleged untrue statement or omission, to the
     extent that any such expense is not paid under (i) or (ii) above;

provided, however, that the indemnity set forth above shall not apply to any
loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with written information furnished to the
Company by the Remarketing Agent expressly for use in the Registration Statement
(or any amendment thereto), including the Rule 430A/434 Information, if
applicable, or any Preliminary Prospectus or the Prospectus (or any amendment or
supplement thereto); and provided, further, that the foregoing indemnity with
respect to any Preliminary Prospectus shall not inure to the benefit of the
Remarketing Agent from whom the person asserting any such losses, claims,
damages, or liabilities purchased Securities, or any person controlling the
Remarketing Agent, if a copy of the Prospectus (as then amended or supplemented
if the Company shall have furnished any amendments or supplements thereto) was
not sent or given by

                                       12

<PAGE>

or on behalf of the Remarketing Agent to such person, if required by law so to
have been delivered, at or prior to the written confirmation of the sale of the
Remarketed Senior Notes to such person, and if the Prospectus (as so amended or
supplemented) would have cured the defect giving rise to such losses, claims,
damages or liabilities, unless such failure is the result of noncompliance by
the Company with Section 5(a)(vi) hereof.

     (b)  The Remarketing Agent will indemnify and hold harmless the Company,
its directors, each of its officers who signed the Registration Statement, and
each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act against any and all
loss, liability, claim, damage and expense described in the indemnity contained
in subsection (a) of this Section, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the
Registration Statement (or any amendment thereto), including the Rule 430A/434
Information, if applicable, or any Preliminary Prospectus or the Prospectus (or
any amendment or supplement thereto) in reliance upon and in conformity with
written information furnished to the Company by the Remarketing Agent expressly
for use in the Registration Statement (or any amendment thereto) or such
Preliminary Prospectus or the Prospectus (or any amendment or supplement
thereto).

     (c)  Each indemnified party shall give written notice as promptly as
reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it
may have otherwise than on account of this indemnity agreement. The indemnifying
party, upon request of the indemnified party, shall retain counsel reasonably
satisfactory to the indemnified party to represent the indemnified party and any
others the indemnifying party may designate in such proceeding and shall pay the
fees and disbursements of such counsel related to such proceeding. In any such
proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel related to such proceeding
shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of
such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party
and the representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. In no
event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or
separate but similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 7 or Section
8 hereof (whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim.

                                       13

<PAGE>

     (d)  If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 7(a)(ii) effected without its
written consent only if (i) such settlement is entered into more that 45 days
after receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

     SECTION 8. CONTRIBUTION.

     (a)  If the indemnification provided for in Section 7 hereof is for any
reason unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party, in lieu of such indemnification, shall
contribute to the aggregate amount of such losses, liabilities, claims, damages
and expenses incurred by such indemnified party, as incurred, (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the Remarketing Agent on the other from the offering
of the Remarketed Senior Notes or (ii) if the allocation provided by clause (i)
is not permitted by applicable law, in such proportions as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Company on the one hand and the Remarketing Agent on
the other hand in connection with the statements or omissions which resulted in
such losses, liabilities, claims, damages or expenses, as well as any relevant
equitable considerations.

     The relative benefits received by the Company on one hand and the
Remarketing Agent on the other Band in connection with the Remarketing shall be
deemed to be in the same proportions as the aggregate principal amount of the
Remarketed Senior Notes less the fee paid to the Remarketing Agent on the one
hand and the fee paid to the Remarketing Agent on the other hand bear to the
aggregate principal amount of the Remarketed Senior Notes.

     The relative fault of the Company on the one hand and the Remarketing Agent
on the other hand shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company or the Remarketing Agent and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

     The Company and the Remarketing Agent agree that it would not be just and
equitable if contribution pursuant to this Section 8(a) were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section 8(a). The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 8(a) shall be
deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue or alleged untrue statement or
omission or alleged omission.

                                       14

<PAGE>

     Notwithstanding the provisions of this subsection (a), the Remarketing
Agent shall not be required to contribute any amount in excess of the amount by
which the fees received by it under Section 4 exceeds the amount of any damages
which the Remarketing Agent has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.

     No person guilty of fraudulent misrepresentation (within the meaning of
Section 11 (f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.

     (b)  For purposes of this Section 8, each person, if any, who controls the
Remarketing Agent within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act shall have the same rights to contribution as the
Remarketing Agent; each director of the Company, each officer of the Company who
signed the Registration Statement, and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act shall have the same rights to contribution as the Company.

     (c)  The indemnity and contribution provisions contained in Section 7 and
this Section 8 and the representations, warranties and other statements of the
Company contained in this Agreement shall remain in full force and effect,
regardless of any investigation (or any statement as to the results thereof)
made by or on behalf of the Remarketing Agent or any person controlling the
Remarketing Agent, or the Company, its officers or director or any controlling
person of the Company, and the completion of the Remarketing.

     SECTION 9. RESIGNATION AND REMOVAL OF THE REMARKETING AGENT.

     The Remarketing Agent Candidates may resign and be discharged from their
duties and obligations hereunder, and the Company may remove any of the
Remarketing Agent Candidates by giving 30 days' prior written notice, in the
case of a resignation, to the Company and the Depositary and, in the case of a
removal, to the removed Remarketing Agent Candidate and the Depositary;
provided, however, that if only one Remarketing Agent Candidate remains:

     (a)  such Remarketing Agent Candidate may not resign without reasonable
cause; and

     (b)  no such resignation nor any such removal shall become effective until
the Company shall have appointed at least one nationally recognized
broker-dealer as successor Remarketing Agent and such successor Remarketing
Agent shall have entered into a remarketing agreement with the Company, in which
it shall have agreed to conduct the Remarketing in accordance with the
Transaction Documents in all material respects.

     In any such case, the Company will use commercially reasonable efforts to
appoint a successor Remarketing Agent and enter into such a remarketing
agreement with such person as soon as reasonably practicable. The provisions of
Section 7 and Section 8 shall survive the resignation or removal of any
Remarketing Agent pursuant to this Agreement.

                                       15

<PAGE>

     SECTION 10. DEALING IN SECURITIES.

     The Remarketing Agent, when acting as a Remarketing Agent or in its
individual or any other capacity, may, to the extent permitted by law, buy,
sell, hold and deal in any of the Remarketed Senior Notes, Corporate Units,
Treasury Units or any of the securities of the Company (together, the
"Securities"). The Remarketing Agent may exercise any vote or join in any action
which any beneficial owner of such Securities may be entitled to exercise or
take pursuant to the Indenture with like effect as if it did not act in any
capacity hereunder. The Remarketing Agent, in its individual capacity, either as
principal or agent, may also engage in or have an interest in any financial or
other transaction with the Company as freely as if it did not act in any
capacity hereunder.

     SECTION 11. REMARKETING AGENT'S PERFORMANCE; DUTY OF CARE.

     The duties and obligations of the Remarketing Agent shall be determined
solely by the express provisions of this Agreement and the Transaction
Documents. No implied covenants or obligations of or against the Remarketing
Agent shall be read into this Agreement or any of the Transaction Documents. In
the absence of bad faith on the part of the Remarketing Agent, the Remarketing
Agent may conclusively rely upon any document furnished to it, as to the truth
of the statements expressed in any of such documents. The Remarketing Agent
shall be protected in acting upon any document or communication reasonably
believed by it to have been signed, presented or made by the proper party or
parties except as otherwise set forth herein. The Remarketing Agent, acting
under this Agreement, shall incur no liability to the Company or to any holder
of Remarketed Senior Notes in its individual capacity or as Remarketing Agent
for any action or failure to act, on its part in connection with a Remarketing
or otherwise, except if such liability is judicially determined to have resulted
from its failure to comply with the material terms of this Agreement or bad
faith, gross negligence or willful misconduct on its part. The provisions of
this Section 11 shall survive the termination of this Agreement and shall
survive the resignation or removal of any Remarketing Agent pursuant to this
Agreement.

     SECTION 12. TERMINATION.

     This Agreement shall automatically terminate (i) as to the Remarketing
Agent on the effective date of the resignation or removal of the Remarketing
Agent pursuant to Section 9 and (ii) on the earlier of (x) any Special Event
Redemption Date and (y) the Purchase Contract Settlement Date. If this Agreement
is terminated pursuant to any of the other provisions hereof, except as
otherwise provided herein, the Company shall not be under any liability to the
Remarketing, Agent and the Remarketing Agent shall not be under any liability to
the Company, except that if this Agreement is terminated by the Remarketing
Agent because of any failure or refusal on the part of the Company to comply
with the terms or to fulfill any of the conditions of this Agreement, the
Company will reimburse the Remarketing Agent for all of its out-of-pocket
expenses (including the fees and disbursements of its counsel) reasonably
incurred by it. Sections 7, 8 and 11 hereof shall survive the termination of
this Agreement or the resignation or removal of the Remarketing Agent.

                                       16

<PAGE>

     SECTION 13. NOTICES.

     All statements, requests, notices and agreements hereunder shall be in
writing, and:

     (a)  if to UBS, shall be delivered or sent by mail, telex or facsimile
transmission to UBS Warburg LLC, 299 Park Avenue, New York, New York 10171,
Attention: General Counsel (Telecopy: (212) 821-4042);

     (b)  if to BAS, shall be delivered or sent by mail, telex or facsimile
transmission to Banc of America Securities LLC, 9 West 57th Street, New York,
New York 10019, Attention: Eric Hambleton (Telecopy: (212) 847-5124);

     (c)  if to JPMorgan, shall be delivered or sent by mail, telex or facsimile
transmission to J.P. Morgan Securities Inc., 277 Park Avenue, New York, New York
10172, Attention: Paul A. O'Hern (Telecopy: (212) 662-6037);

     (d)  if to the Company, shall be delivered or sent by mail, telex or
facsimile transmission to ONEOK, Inc., 100 West Fifth Street, Tulsa, Oklahoma
74103, Attention: Chief Financial Officer (Telecopy: (918) 588-7971); and

     (e)  if to the Purchase Contract Agent, shall be delivered or sent by mail,
telex or facsimile transmission to SunTrust Bank, 25 Park Place, 24th Floor,
Atlanta, Georgia 30303 Attention: Corporate Trust Division
(Telecopy: (404) 588-7335).

     Any such statements, requests, notices or agreements shall take effect at
the time of receipt thereof.

     SECTION 14. PERSONS ENTITLED TO BENEFIT OF AGREEMENT.

     This Agreement shall inure to the benefit of and be binding upon each party
hereto and its respective successors. This Agreement and the terms and
provisions hereof are for the sole benefit of only those persons, except that
(x) the representations, warranties, indemnities and agreements of the Company
contained in this Agreement shall also be deemed to be for the benefit of the
Remarketing Agent and the person or persons, if any, who control the Remarketing
Agent within the meaning of Section 15 of the Securities Act and (y) the
indemnity agreement of the Remarketing Agent contained in Section 7(b) of this
Agreement shall be deemed to be for the benefit of the Company's directors and
officers who sign the Registration Statement, if any, and any person controlling
the Company within the meaning of Section 15 of the Securities Act. Nothing
contained in this Agreement is intended or shall be construed to give any
person, other than the persons referred to herein, any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provision contained
herein.

     SECTION 15. SURVIVAL.

     The respective indemnities, representations, warranties and agreements of
the Company and the Remarketing Agent contained in this Agreement or made by or
on behalf of them, respectively, pursuant to this Agreement, shall survive any
Remarketing and shall remain in full

                                       17

<PAGE>

force and effect, regardless of any investigation made by or on behalf of any of
them or any person controlling any of them.

     SECTION 16. GOVERNING LAW.

     Agreement shall be governed by, and construed in accordance with, the laws
of New York, without regard to conflicts of laws principles.

     SECTION 17. JUDICIAL PROCEEDINGS.

     (a)  Each party hereto expressly accepts and irrevocably submits to the
non-exclusive jurisdiction of the United States Federal or New York State court
sitting in the Borough of Manhattan, The City of New York, New York, over any
suit, action or proceeding arising out of or relating to this Agreement or the
Remarketed Senior Notes. To the fullest extent it may effectively do so under
applicable law, each party hereto irrevocably waives and agrees not to assert,
by way of motion, as a defense or otherwise, any claim that it is not subject to
the jurisdiction of any such court, any objection that it may now or hereafter
have to the laying of the venue of any such suit, action or proceeding brought
in any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum.

     (b)  Each party hereto agrees, to the fullest extent that it may
effectively do so under applicable law, that a judgment in any suit, action or
proceeding of the nature referred to in Section 17(a) brought in any such court
shall be conclusive and binding upon such party, subject to rights of appeal and
may be enforced in the courts of the United States of America or the State of
New York (or any other court the jurisdiction to which the Company is or may be
subject) by a suit upon such judgment.

     SECTION 18. COUNTERPARTS.

     This Agreement may be executed in one or more counterparts and, if executed
in more than one counterpart, the executed counterparts shall each be deemed to
be an original but all such counterparts shall together constitute one and the
same instrument.

     SECTION 19. HEADINGS.

     The headings herein are inserted for convenience of reference only and are
not intended to be part of, or to affect the meaning or interpretation of, this
Agreement.

     SECTION 20. SEVERABILITY.

     If any provision of this Agreement shall be held or deemed to be or shall,
in fact, be invalid, inoperative or unenforceable as applied in any particular
case in any or all jurisdictions because it conflicts with any provisions of any
constitution, statute, rule or public policy or for any other reason, then, to
the extent permitted by law, such circumstances shall not have the effect of
rendering the provision in question invalid, inoperative or unenforceable in any
other case, circumstance or jurisdiction, or of rendering any other provision or
provisions of this Agreement invalid, inoperative or unenforceable to any extent
whatsoever.

                                       18

<PAGE>

     SECTION 21. AMENDMENTS.

     This Agreement may be amended by an instrument in writing signed by the
parties hereto. Each of the Company and the Purchase Contract Agent agrees that
it will not enter cause or permit any amendment or modification of the
Transaction Documents or any other instruments or agreements relating to the
Senior Notes or the Corporate Units that would in any way adversely affect the
rights, duties and obligations of the Remarketing Agent, without the prior
written consent of the Remarketing Agent.

     SECTION 22. SUCCESSORS AND ASSIGNS.

     The rights and obligations of the Company hereunder may not be assigned or
delegated to any other Person without the prior written consent of the
Remarketing Agent. The rights and obligations of the Remarketing Agent hereunder
may not be assigned or delegated to any other Person (other than an affiliate of
the Remarketing Agent) without the prior written consent of the Company.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       19

<PAGE>

     If the foregoing correctly sets forth the agreement by and between the
Company, UBS, BAS, JPMorgan and the Purchase Contract Agent, please indicate
your acceptance in the space provided for that purpose below.

                                               Very Truly Yours,

                                               ONEOK, Inc.

                                               By: /s/ Jim Kneale
                                                  -----------------------
                                                   Name: Jim Kneale
                                                   Title: Senior Vice President,
                                                          Treasurer and Chief
                                                          Financial Officer

CONFIRMED AND ACCEPTED:

UBS WARBURG LLC

By: /s/ Walter S. Husle, III                   By: /s/ Brian Sivy
   -------------------------                     -----------------------
   Name: Walter S. Husle, III                      Name: Brian Sivy
   Title: Managing Director                        Title: Associate Director

BANC OF AMERICA SECURITIES LLC

By: /s/ Deleil Dillou
   -----------------------
   Name: Deleil Dillou
   Title: Managing Director

J.P. MORGAN SECURITIES INC.

By: /s/ Yaw Asamoah-Duodu
   -----------------------
   Name: Yaw Asamoah-Duodu
   Title: Vice President

                                       20

<PAGE>

SUNTRUST BANK, not individually, but
solely as Purchase Contract Agent, attorney in
fact and trustee for the Holders of the
Purchase Contracts

By: /s/ George Hogan
   -----------------------
   Name: George Hogan
   Title: Vice President

                                       21

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