Document:

<PAGE>
                                                                     EXHIBIT 4.1

================================================================================

                                    EGL, INC.
                                    as Issuer

                                       and

                               JPMorgan Chase Bank
                                   as Trustee

                                   ----------

                                    Indenture

                          Dated as of December 7, 2001

                                   ----------

                          Subordinated Debt Securities

================================================================================

<PAGE>

                                    EGL, INC.

           RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
                   AND INDENTURE, DATED AS OF DECEMBER 7, 2001

                                   ----------

<Table>
<Caption>
       Section of
     Trust Indenture                                                                                 Section(s) of
       Act of 1939                                                                                     Indenture
     ---------------                                                                                 -------------
<S>               <C>                                                                                <C>
Section 310       (a)(1)..........................................................................        7.10
                  (a)(2)..........................................................................        7.10
                  (a)(3)..........................................................................        Not Applicable
                  (a)(4)..........................................................................        Not Applicable
                  (a)(5)..........................................................................        7.10
                  (b).............................................................................        7.08, 7.10
Section 311       (a).............................................................................        7.11
                  (b).............................................................................        7.11
                  (c).............................................................................        Not Applicable
Section 312       (a).............................................................................        2.07
                  (b).............................................................................        11.03
                  (c).............................................................................        11.03
Section 313       (a).............................................................................        7.06
                  (b).............................................................................        7.06
                  (c).............................................................................        7.06
                  (d).............................................................................        7.06
Section 314       (a).............................................................................        4.03, 4.04
                  (b).............................................................................        Not Applicable
                  (c)(1)..........................................................................        11.04
                  (c)(2)..........................................................................        11.04
                  (c)(3)..........................................................................        Not Applicable
                  (d).............................................................................        Not Applicable
                  (e).............................................................................        11.05
Section 315       (a).............................................................................        7.01(b)
                  (b).............................................................................        7.05
                  (c).............................................................................        7.01(a)
                  (d).............................................................................        7.01(c)
                  (d)(1)..........................................................................        7.01(c)(1)
                  (d)(2)..........................................................................        7.01(c)(2)
                  (d)(3)..........................................................................        7.01(c)(3)
                  (e).............................................................................        6.11
Section 316       (a)(1)(A).......................................................................        6.05
                  (a)(1)(B).......................................................................        6.04
                  (a)(2)..........................................................................        Not Applicable
                  (a)(last sentence)..............................................................        2.11
                  (b).............................................................................        6.07
Section 317       (a)(1)..........................................................................        6.08
                  (a)(2)..........................................................................        6.09
                  (b).............................................................................        2.06
Section 318       (a).............................................................................        11.01
</Table>

----------

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

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                               Page
<S>                                                                                                            <C>
ARTICLE I             DEFINITIONS AND INCORPORATION BY REFERENCE..................................................1
   SECTION 1.01       Definitions.................................................................................1
   SECTION 1.02       Other Definitions...........................................................................8
   SECTION 1.03       Incorporation by Reference of Trust Indenture Act...........................................8
   SECTION 1.04       Rules of Construction.......................................................................9

ARTICLE II            THE SECURITIES..............................................................................9
   SECTION 2.01       Amount Unlimited; Issuable in Series........................................................9
   SECTION 2.02       Denominations..............................................................................12
   SECTION 2.03       Forms Generally............................................................................13
   SECTION 2.04       Execution, Authentication, Delivery and Dating.............................................13
   SECTION 2.05       Registrar, Paying Agent and Conversion Agent...............................................15
   SECTION 2.06       Paying Agent to Hold Money in Trust........................................................15
   SECTION 2.07       Holder Lists...............................................................................16
   SECTION 2.08       Transfer and Exchange......................................................................16
   SECTION 2.09       Replacement Securities.....................................................................17
   SECTION 2.10       Outstanding Securities.....................................................................17
   SECTION 2.11       Original Issue Discount, Foreign-Currency Denominated and Treasury Securities..............17
   SECTION 2.12       Temporary Securities.......................................................................18
   SECTION 2.13       Cancellation...............................................................................18
   SECTION 2.14       Payments; Defaulted Interest...............................................................18
   SECTION 2.15       Persons Deemed Owners......................................................................19
   SECTION 2.16       Computation of Interest....................................................................19
   SECTION 2.17       Global Securities; Book-Entry Provisions...................................................19
   SECTION 2.18       Form of Restricted Securities..............................................................21
   SECTION 2.19       Restrictive Legends for Restricted Securities..............................................22
   SECTION 2.20       Special Transfer Provisions of the Restricted Securities...................................24

ARTICLE III           REDEMPTION.................................................................................28
   SECTION 3.01       Applicability of Article...................................................................28
   SECTION 3.02       Notice to the Trustee......................................................................28
   SECTION 3.03       Selection of Securities To Be Redeemed.....................................................28
   SECTION 3.04       Notice of Redemption.......................................................................29
   SECTION 3.05       Effect of Notice of Redemption.............................................................30
   SECTION 3.06       Deposit of Redemption Price................................................................30
   SECTION 3.07       Securities Redeemed or Purchased in Part...................................................30
   SECTION 3.08       Purchase of Securities.....................................................................30
   SECTION 3.09       Mandatory and Optional Sinking Funds.......................................................31
   SECTION 3.10       Satisfaction of Sinking Fund Payments with Securities......................................31
   SECTION 3.11       Redemption of Securities for Sinking Fund..................................................31
</Table>

                                        i
<PAGE>

<Table>
<S>                                                                                                            <C>
ARTICLE IV            COVENANTS..................................................................................32
   SECTION 4.01       Payment of Securities......................................................................32
   SECTION 4.02       Maintenance of Office or Agency............................................................32
   SECTION 4.03       SEC Reports; Financial Statements..........................................................33
   SECTION 4.04       Compliance Certificate.....................................................................33
   SECTION 4.05       Existence..................................................................................34
   SECTION 4.06       Waiver of Stay, Extension or Usury Laws....................................................34
   SECTION 4.07       Additional Amounts.........................................................................34

ARTICLE V             SUCCESSORS.................................................................................35
   SECTION 5.01       Limitations on Mergers, Consolidations and Other Transactions..............................35
   SECTION 5.02       Successor Person Substituted...............................................................35

ARTICLE VI            DEFAULTS AND REMEDIES......................................................................36
   SECTION 6.01       Events of Default..........................................................................36
   SECTION 6.02       Acceleration...............................................................................38
   SECTION 6.03       Other Remedies.............................................................................38
   SECTION 6.04       Waiver of Defaults.........................................................................38
   SECTION 6.05       Control by Majority........................................................................39
   SECTION 6.06       Limitations on Suits.......................................................................39
   SECTION 6.07       Rights of Holders to Receive Payment.......................................................40
   SECTION 6.08       Collection Suit by Trustee.................................................................40
   SECTION 6.09       Trustee May File Proofs of Claim...........................................................40
   SECTION 6.10       Priorities.................................................................................41
   SECTION 6.11       Undertaking for Costs......................................................................41

ARTICLE VII           TRUSTEE....................................................................................42
   SECTION 7.01       Duties of Trustee..........................................................................42
   SECTION 7.02       Rights of Trustee..........................................................................43
   SECTION 7.03       May Hold Securities........................................................................43
   SECTION 7.04       Trustee's Disclaimer.......................................................................43
   SECTION 7.05       Notice of Defaults.........................................................................44
   SECTION 7.06       Reports by Trustee to Holders..............................................................44
   SECTION 7.07       Compensation and Indemnity.................................................................44
   SECTION 7.08       Replacement of Trustee.....................................................................45
   SECTION 7.09       Successor Trustee by Merger, etc...........................................................47
   SECTION 7.10       Eligibility; Disqualification..............................................................47
   SECTION 7.11       Preferential Collection of Claims Against Company..........................................47

ARTICLE VIII          DISCHARGE OF INDENTURE.....................................................................47
   SECTION 8.01       Termination of Company's Obligations.......................................................47
   SECTION 8.02       Application of Trust Money.................................................................51
   SECTION 8.03       Repayment to Company.......................................................................52
   SECTION 8.04       Reinstatement..............................................................................52

ARTICLE IX            SUPPLEMENTAL INDENTURES AND AMENDMENTS.....................................................52
   SECTION 9.01       Without Consent of Holders.................................................................52
</Table>

                                       ii
<PAGE>

<Table>
<S>                                                                                                            <C>
   SECTION 9.02       With Consent of Holders....................................................................53
   SECTION 9.03       Compliance with Trust Indenture Act........................................................55
   SECTION 9.04       Revocation and Effect of Consents..........................................................55
   SECTION 9.05       Notation on or Exchange of Securities......................................................56
   SECTION 9.06       Trustee to Sign Amendments, etc............................................................56

ARTICLE X             SUBORDINATION..............................................................................57
   SECTION 10.01      Securities Subordinated to Senior Indebtedness.............................................57
   SECTION 10.02      No Payment on Securities in Certain Circumstances..........................................57
   SECTION 10.03      Securities Subordinated to Prior Payment of All Senior Indebtedness on Dissolution,
                         Liquidation or Reorganization...........................................................58
   SECTION 10.04      Subrogation to Rights of Holders of Senior Indebtedness....................................59
   SECTION 10.05      Obligations of the Company Unconditional...................................................60
   SECTION 10.06      Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice....................60
   SECTION 10.07      Application by Trustee of Amounts Deposited with It........................................61
   SECTION 10.08      Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior
                         Indebtedness............................................................................61
   SECTION 10.09      Trustee to Effectuate Subordination of Securities..........................................61
   SECTION 10.10      Right of Trustee to Hold Senior Indebtedness...............................................62
   SECTION 10.11      Article X Not to Prevent Events of Default.................................................62
   SECTION 10.12      No Fiduciary Duty of Trustee to Holders of Senior Indebtedness.............................62
   SECTION 10.13      Article Applicable to Paying Agent.........................................................63

ARTICLE XI            MISCELLANEOUS..............................................................................63
   SECTION 11.01      Trust Indenture Act Controls...............................................................63
   SECTION 11.02      Notices....................................................................................63
   SECTION 11.03      Communication by Holders with Other Holders................................................64
   SECTION 11.04      Certificate and Opinion as to Conditions Precedent.........................................64
   SECTION 11.05      Statements Required in Certificate or Opinion..............................................65
   SECTION 11.06      Rules by Trustee and Agents................................................................65
   SECTION 11.07      Legal Holidays.............................................................................65
   SECTION 11.08      No Recourse Against Others.................................................................65
   SECTION 11.09      Governing Law..............................................................................65
   SECTION 11.10      No Adverse Interpretation of Other Agreements..............................................66
   SECTION 11.11      Successors.................................................................................66
   SECTION 11.12      Severability...............................................................................66
   SECTION 11.13      Counterpart Originals......................................................................66
   SECTION 11.14      Table of Contents, Headings, etc...........................................................66
</Table>

                                       iii
<PAGE>

                  INDENTURE dated as of December 7, 2001 between EGL, Inc., a
Texas corporation (the "Company"), and JPMorgan Chase Bank, a New York banking
corporation, as trustee (the "Trustee").

                  Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders of the Company's
unsecured subordinated debentures, notes or other evidences of indebtedness (the
"Securities") to be issued from time to time in one or more series as provided
in this Indenture:

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01 Definitions.

                  "Additional Amounts" means any additional amounts required by
the express terms of a Security or by or pursuant to a Board Resolution, under
circumstances specified therein or pursuant thereto, to be paid by the Company
with respect to certain taxes, assessments or other governmental charges imposed
on certain Holders and that are owing to those Holders.

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

                  "Amended and Restated Credit Agreement" means the Amended and
Restated Credit Agreement, dated as of November 9, 2001, by and among the
Company, the financial institutions named therein from time to time, Southtrust
Bank and the Bank of Tokyo-Mitsubishi, Ltd., as the Co-Agents, and Bank of
America, National Association, as Administrative Agent.

                  "Agent" means any Registrar, Paying Agent or Conversion Agent.

                  "Bankruptcy Law" means Title 11 of the United States Code or
any similar federal, state or foreign law for the relief of debtors.

                  "Board of Directors" means the Board of Directors of the
Company or any committee thereof duly authorized, with respect to any particular
matter, to act by or on behalf of the Board of Directors of the Company.

                  "Board Resolution" means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of that
certification, and delivered to the Trustee.

                  "Business Day" means any day that is not a Legal Holiday.

                  "Capital Stock" means, with respect to any Person, any and all
shares, interests, rights to purchase (other than convertible or exchangeable
Indebtedness), warrants, options,

                                       1
<PAGE>

participations or other equivalents of or interests (however designated) in
stock issued by that Person.

                  "Capitalized Lease Obligation" of any Person means any
obligation of that Person to pay rent or other amounts under a lease of
property, real or personal, that is required to be capitalized for financial
reporting purposes in accordance with GAAP; and the amount of that obligation
shall be the capitalized amount thereof determined in accordance with GAAP.

                  "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean that successor Person; provided, however, that for purposes
of any provision contained herein which is required by the TIA, "Company" shall
also mean each other obligor (if any) on the Securities of a series.

                  "Company Order" and "Company Request" mean, respectively, a
written order or request signed in the name of the Company by two Officers of
the Company, and delivered to the Trustee.

                  "Corporate Trust Office" of the Trustee means the office of
the Trustee located at 600 Travis, 11th Floor, Houston, Texas 77002, and as may
be located at such other address as the Trustee may give notice to the Company.

                  "Default" means any event, act or condition that is, or after
notice or the passage of time or both would be, an Event of Default.

                  "Depositary" means, with respect to the Securities of any
series issuable or issued in whole or in part in global form, the Person
specified pursuant to Section 2.01 hereof as the initial Depositary with respect
to the Securities of that series, until a successor shall have been appointed
and become such pursuant to the applicable provision of this Indenture, and
thereafter "Depositary" shall mean or include that successor.

                  "Designated Senior Indebtedness" means any particular Senior
Indebtedness of the Company in which the instrument creating or evidencing the
same or the assumption or guarantee thereof (or any related agreements or
documents to which the Company is a party) expressly provides that such Senior
Indebtedness shall be "Designated Senior Indebtedness" for purposes of this
Indenture (provided that such instrument, agreement or other document may place
limitations and conditions on the right of such Senior Indebtedness to exercise
the rights of Designated Senior Indebtedness). Notwithstanding the foregoing,
the Senior Indebtedness evidenced by the Amended and Restated Credit Agreement,
the Synthetic Lease Transaction (1997) Documents and the Synthetic Lease
Transaction (1998) Documents shall be deemed to constitute Designated Senior
Indebtedness. If any payment made to any holder of any Designated Senior
Indebtedness or its Representative with respect to such Designated Senior
Indebtedness is rescinded or must otherwise be returned by such holder or
Representative upon the insolvency, bankruptcy or reorganization of the Company
or otherwise, the reinstated Indebtedness of the Company arising as a result of
such rescission or return shall constitute Designated Senior Indebtedness
effective as of the date of such rescission or return.

                                       2
<PAGE>

                  "Disqualified Capital Stock" means, when used with respect to
the Securities of any series, (i) except as set forth in (ii), with respect to
any Person, Capital Stock of that Person that, by its terms or by the terms of
any security into which it is convertible, exercisable or exchangeable, is, or
on the happening of an event or the passage of time would be, required to be
redeemed or repurchased (including at the option of the holder thereof) by that
Person or any Subsidiary of that Person, in whole or in part, on or prior to the
last Stated Maturity of the Securities of that series, and (ii) with respect to
any Subsidiary of that Person (including with respect to any Subsidiary of the
Company), any Capital Stock other than any common stock with no preference,
privileges, or redemption or repayment provisions.

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

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute.

                  "GAAP" means generally accepted accounting principles in the
United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States, as in effect from
time to time.

                  "Global Security" of any series means a Security of that
series that is issued in global form in the name of the Depositary with respect
thereto or its nominee.

                  "Government Obligations" means, with respect to a series of
Securities, direct obligations of the government that issues the currency in
which the Securities of the series are payable for the payment of which the full
faith and credit of that government is pledged, or obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of that
government, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by that government.

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

                  "Indebtedness" means, with respect to any Person, without
duplication, (a) all indebtedness, obligations and other liabilities (contingent
or otherwise) of such Person (i) for borrowed money (including obligations of
such Person in respect of overdrafts, foreign exchange contracts, currency
exchange agreements, interest rate protection agreements, and any loans or
advances from banks, whether or not evidenced by notes or similar instruments)
or (ii) evidenced by credit or loan agreements, bonds, debentures, notes or
similar instruments (whether or not the recourse of the lender is to the whole
of the assets of such Person or to only a portion thereof), other than any
accounts payable or other accrued current liability or obligation incurred in
the ordinary course of business in connection with the obtaining of materials or
services, (b) all reimbursement obligations and other liabilities (contingent or
otherwise) of such Person with respect to letters of credit, bank guarantees or
bankers' acceptances, (c) all obligations and liabilities (contingent or
otherwise) of such Person (i) in respect of leases of such Person

                                       3
<PAGE>

required, in conformity with GAAP, to be accounted for as capitalized lease
obligations on the balance sheet of such Person, or (ii) under any lease or
related document (including a purchase agreement, conditional sale or other
title retention agreement) in connection with the lease of real property or
improvements thereon (or any personal property included as part of any such
lease) which provides that such Person is contractually obligated to purchase or
cause a third party to purchase the leased property or pay an agreed upon
residual value of the leased property, including the Company's obligations under
such lease or related document to purchase or cause a third party to purchase
such leased property or pay an agreed upon residual value of the leased
property, to the lessor (whether or not such lease transaction is characterized
as an operating lease or a capitalized lease in accordance with GAAP), (d) all
obligations (contingent or otherwise) of such Person with respect to any
interest rate or other swap, cap, floor or collar agreement, hedge agreement,
forward contract, or other similar instrument or agreement or foreign currency
hedge, exchange, purchase or similar instrument or agreement, (e) all direct or
indirect guaranties or similar agreements by such Person in respect of, and all
obligations or liabilities of such Person to purchase or otherwise acquire or
otherwise assure a creditor against loss in respect of, indebtedness,
obligations or liabilities of another Person of the kinds described in clauses
(a) through (d), and (f) any and all deferrals, renewals, extensions,
refinancings and refundings of, or amendments, modifications or supplements to,
any indebtedness, obligation or liability of the kinds described in clauses (a)
through (e).

                   "Indenture" means this Indenture as amended or supplemented
from time to time pursuant to the provisions hereof, and includes the terms of a
particular series of Securities established as contemplated by Section 2.01.

                  "interest" means, with respect to an Original Issue Discount
Security that by its terms bears interest only after Maturity, interest payable
after Maturity.

                  "Interest Payment Date," when used with respect to any
Security, shall have the meaning assigned to that term in the Security as
contemplated by Section 2.01.

                  "Issue Date" means, with respect to Securities of a series,
the date on which the Securities of that series are originally issued under this
Indenture.

                  "Junior security" of a Person means, when used with respect to
the Securities of any series, any Qualified Capital Stock of that Person or any
Indebtedness of that Person that is subordinated in right of payment to Senior
Indebtedness of the Company to substantially the same extent as, or to a greater
extent than, the Securities of that series and has no scheduled installment of
principal due, by redemption, sinking fund payment or otherwise, on or prior to
the last Stated Maturity of the Securities of that series.

                  "Legal Holiday" means a Saturday, a Sunday or a day on which
banking institutions in any of The City of New York, New York, Houston, Texas or
a Place of Payment are authorized or obligated by law, regulation or executive
order to remain closed.

                  "Maturity" means, with respect to any Security, the date on
which the principal of that Security or an installment of principal becomes due
and payable as therein or herein

                                       4
<PAGE>

provided, whether at the Stated Maturity thereof, or by declaration of
acceleration, call for redemption or repurchase or otherwise.

                  "Non-U.S. Person" means any Person who is not a "U.S. person"
as such term is defined in Rule 902(k) of Regulation S under the Securities Act.

                  "Officer" means the Chairman of the Board, the President, any
Vice Chairman of the Board, any Vice President, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary or any
Assistant Secretary of a Person.

                  "Officers' Certificate" means a certificate signed by two
Officers of a Person.

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

                  "Original Issue Discount Security" means any Security that
provides for an amount less than the principal amount thereof to be due and
payable on a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02.

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

                  "Place of Payment" means, with respect to the Securities of
any series, the place or places where, subject to the provisions of Section
4.02, the principal of, premium (if any) on and interest on the Securities of
that series are payable as specified in accordance with Section 2.01.

                  "principal" of a Security means the principal of the Security
plus, when appropriate, the premium, if any, on the Security.

                  "Qualified Capital Stock" means any Capital Stock of the
Company that is not Disqualified Capital Stock.

                  "Redemption Date" means, with respect to any Security to be
redeemed, the date fixed for that redemption by or pursuant to this Indenture.

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

                  "Representative" means the (a) indenture trustee or other
trustee, agent or representative for any Senior Indebtedness or (b) with respect
to any Senior Indebtedness that does not have any such trustee, agent or other
representative, (i) in the case of such Senior Indebtedness issued pursuant to
an agreement providing for voting arrangements as among the holders or owners of
such Senior Indebtedness, any holder or owner of such Senior Indebtedness acting
with the consent of the required Persons necessary to bind such holders or
owners of such

                                       5
<PAGE>

Senior Indebtedness and (ii) in the case of all other such Senior Indebtedness,
the holder or owner of such Senior Indebtedness.

                  "Restricted Securities" means Securities of a series
designated pursuant to Section 2.01 as subject to the provisions of Sections
2.18, 2.19 and 2.20.

                  "Rule 144A Securities" means Securities of a series designated
pursuant to Section 2.01 as entitled to the benefits of Section 4.03(b).

                  "SEC" means the Securities and Exchange Commission.

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

                  "Securities Act" means the Securities Act of 1933, as amended,
and any successor statute.

                  "Security Custodian" means, with respect to Securities of a
series issued in global form, the Trustee for Securities of that series, as
custodian with respect to the Securities of that series, or any successor entity
thereto.

                  "Senior Indebtedness" means the principal of, premium, if any,
interest (including all interest accruing subsequent to the commencement of any
bankruptcy or similar proceeding, whether or not a claim for post-petition
interest is allowed as a claim in any such proceeding) and rent payable on or in
connection with, and all fees, costs, expenses and other amounts accrued or due
on or in connection with, Indebtedness of the Company, whether secured or
unsecured, absolute or contingent, due or to become due, outstanding on the date
of this Indenture or thereafter created, incurred, assumed, guaranteed or in
effect guaranteed by the Company (including all deferrals, renewals, extensions
or refundings of, or amendments, modifications or supplements to, the
foregoing), unless in the case of any particular Indebtedness the instrument
creating or evidencing the same or the assumption or guarantee thereof expressly
provides that such Indebtedness shall not be senior in right of payment to the
Securities or expressly provides that such Indebtedness is "pari passu" or
"junior" to the Securities. Notwithstanding the foregoing, the term Senior
Indebtedness shall not include (i) any Indebtedness of the Company to any
Subsidiary of the Company (other than Indebtedness of the Company to such
Subsidiary arising by reason of guarantees by the Company of Indebtedness of
such Subsidiary to a Person that is not a Subsidiary of the Company) or (ii) the
Securities. If any payment made to any holder of any Senior Indebtedness or its
Representative with respect to such Senior Indebtedness is rescinded or must
otherwise be returned by such holder or Representative upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the reinstated
Indebtedness of the Company arising as a result of such rescission or return
shall constitute Senior Indebtedness effective as of the date of such rescission
or return.

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

                                       6
<PAGE>

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

                  "Synthetic Lease Transaction (1997) Documents" means the Lease
and Development Agreement dated as of January 10, 1997 between Asset XI Holdings
Company, L.L.C., as lessor ("1997 Lessor") and the Company, as lessee, Loan
Agreement dated as of January 10, 1997 between 1997 Lessor, as borrower and Bank
One, Texas, N.A. (now known as Bank One, NA), as lender ("Bank One"),
Participation Agreement dated as of January 10, 1997 among 1997 Lessor, the
Company and Bank One and all agreements, instruments and documents executed in
connection therewith (as each of the same has been, from time to time, amended,
modified and supplemented, including, without limitation, the First Amendment to
Participation Agreement, Lease and Development Agreement and Loan Agreement
dated as of May 15, 1998 among 1997 Lessor, the Company and Bank One).

                  "Synthetic Lease Transaction (1998) Documents" means the
Master Lease and Development Agreement dated as of April 3, 1998 between Asset
XVI Holdings Company, L.L.C., as lessor ("1998 Lessor") and the Company, as
lessee ("Lessee"), Loan Agreement dated as of April 3, 1998 between 1998 Lessor,
as borrower, and Bank One, as lender, Master Participation Agreement dated as of
April 3, 1998 among 1998 Lessor, the Company and Bank One and all agreements,
instruments and documents executed in connection therewith (as each of the same
has been, from time to time, amended, modified and supplemented, including,
without limitation, the Amendment to Master Participation Agreement dated as of
April 1, 1999 among 1998 Lessor, the Company and Bank One and Second Amendment
to Participation Agreement, Lease Agreement and Loan Agreement dated as of
October 20, 2000 among 1998 Lessor, the Company and Bank One).

                  "TIA" means the Trust Indenture Act of 1939, as amended (15
U.S.C. Sections 77aaa-77bbbb), as in effect on the date hereof.

                  "Trust Officer" means any officer or assistant officer of the
Trustee assigned by the Trustee to administer its corporate trust matters.

                  "Trustee" means the Person named as such above until a
successor replaces it in accordance with the applicable provisions of this
Indenture, and thereafter "Trustee" means each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, "Trustee" as
used with respect to the Securities of any series means the Trustee with respect
to Securities of that series.

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

                                       7
<PAGE>

                  "United States Alien" means any Person who, for United States
federal income tax purposes, is a foreign corporation, a nonresident alien
individual, a nonresident alien or foreign fiduciary of an estate or trust, or a
foreign partnership.

                  "U.S. Government Obligations" means Government Obligations
with respect to Securities payable in Dollars.

SECTION 1.02 Other Definitions.

<Table>
<Caption>
                                                                                               DEFINED
DEFINED TERM                                                                                   IN SECTION
------------                                                                                   ----------
<S>                                                                                            <C>
"Agent Members".....................................................................                 2.17
"Bankruptcy Custodian"..............................................................                 6.01
"Conversion Event"..................................................................                 6.01
"Conversion Agent"..................................................................                 2.05
"covenant defeasance"...............................................................                 8.01
"Event of Default"..................................................................                 6.01
"Exchange Rate".....................................................................                 2.11
"IAI"...............................................................................                 2.18
"IAI Certificate"...................................................................                 2.20
"Judgment Currency".................................................................                 6.10
"legal defeasance"..................................................................                 8.01
"mandatory sinking fund payment"....................................................                 3.09
"Offshore Certificate"..............................................................                 2.18
"Offshore Global Securities"........................................................                 2.18
"Offshore Physical Securities"......................................................                 2.18
"optional sinking fund payment".....................................................                 3.09
"Paying Agent"......................................................................                 2.05
"Payment Default"...................................................................                10.02
"Payment Blocking Notice"...........................................................                10.02
"Permanent Offshore Global Securities"..............................................                 2.18
"Physical Securities"...............................................................                 2.18
"Private Placement Legend"..........................................................                 2.19
"QIB"...............................................................................                 2.18
"Registrar".........................................................................                 2.05
"Regulation S Certificate"..........................................................                 2.20
"Required Currency".................................................................                 6.10
"Successor".........................................................................                 5.01
"Temporary Offshore Global Securities"..............................................                 2.18
"U.S. Global Securities"............................................................                 2.18
"U.S. Physical Securities"..........................................................                 2.18
</Table>

SECTION 1.03 Incorporation by Reference of Trust Indenture Act.

                  Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture (and
if the Indenture is not

                                       8
<PAGE>

qualified under the TIA at the time, as if it were so qualified unless otherwise
provided). The following TIA terms used in this Indenture have the following
meanings:

                  "Commission" means the SEC.

                  "indenture securities" means the Securities.

                  "indenture security holder" means a Holder.

                  "indenture to be qualified" means this Indenture.

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

                  "obligor" on the indenture securities means the Company or any
other obligor on the Securities.

                  All terms used in this Indenture that are defined by the TIA,
defined by a TIA reference to another statute or defined by an SEC rule under
the TIA have the meanings so assigned to them.

SECTION 1.04 Rules of Construction.

                  Unless the context otherwise requires:

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

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

                  (c) "or" is not exclusive;

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

                  (e) provisions apply to successive events and transactions;

                  (f) the term "merger" includes any statutory exchange of
         shares; and

                  (g) all references in this instrument to Articles and Sections
         are references to the corresponding Articles and Sections in and of
         this instrument.

                                   ARTICLE II
                                 THE SECURITIES

SECTION 2.01 Amount Unlimited; Issuable in Series.

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

                                       9
<PAGE>

                  The Securities may be issued in one or more series. There
shall be established in or pursuant to a Board Resolution, and set forth, or
determined in a manner provided, in an Officers' Certificate or in a Company
Order, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series:

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

                  (b) if there is to be a limit, the limit on the aggregate
         principal amount of the Securities of the series that may be
         authenticated and delivered under this Indenture (except for Securities
         authenticated and delivered on registration of transfer of, or in
         exchange for, or in lieu of, other Securities of the series pursuant to
         Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 and except for any
         Securities that, pursuant to Section 2.04 or 2.17, are deemed never to
         have been authenticated and delivered hereunder); provided, however,
         that unless otherwise provided in the terms of the series, the
         authorized aggregate principal amount of that series may be increased
         before or after the issuance of any Securities of the series by a Board
         Resolution (or action pursuant to a Board Resolution) to that effect;

                  (c) whether any Securities of the series are to be issuable
         initially in temporary global form and whether any Securities of the
         series are to be issuable in permanent global form, as Global
         Securities or otherwise, and, if so, whether beneficial owners of
         interests in any such Global Security may exchange those interests for
         Securities of that series and of like tenor of any authorized form and
         denomination and the circumstances under which those exchanges may
         occur, if other than in the manner provided in Section 2.17, and the
         initial Depositary and Security Custodian, if any, for any Global
         Security or Securities of that series;

                  (d) (i) if other than provided herein, the Person to whom any
         interest on Securities of the series shall be payable, and (ii) the
         manner in which any interest payable on a temporary Global Security on
         any Interest Payment Date will be paid if other than in the manner
         provided in Section 2.14;

                  (e) the date or dates on which the principal of (and premium,
         if any, on) the Securities of the series is payable or the method of
         determination thereof;

                  (f) the rate or rates, or the method of determination thereof,
         at which the Securities of the series shall bear interest, if any,
         whether and under what circumstances Additional Amounts with respect to
         those Securities shall be payable, the date or dates from which that
         interest shall accrue, the Interest Payment Dates on which that
         interest shall be payable and the record date for the interest payable
         on any Securities on any Interest Payment Date;

                  (g) the place or places where, subject to the provisions of
         Section 4.02, the principal of, premium (if any) and interest on and
         any Additional Amounts with respect to the Securities of the series
         shall be payable;

                                       10
<PAGE>

                  (h) the period or periods within which, the price or prices
         (whether denominated in cash, securities or otherwise) at which and the
         terms and conditions on which Securities of the series may be redeemed,
         in whole or in part, at the option of the Company, if the Company is to
         have that option, and the manner in which the Company may exercise any
         such option, if different from those set forth herein;

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

                  (j) if other than denominations of $1,000 and any integral
         multiple thereof, the denomination in which any Securities of that
         series shall be issuable;

                  (k) if other than Dollars, the currency or currencies
         (including composite currencies) or the form, including equity
         securities, other debt securities (including Securities), warrants or
         any other securities or property of the Company or any other Person, in
         which payment of the principal of, premium (if any) and interest on and
         any Additional Amounts with respect to the Securities of the series
         shall be payable;

                  (l) if the principal of, premium (if any) or interest on or
         any Additional Amounts with respect to the Securities of the series are
         to be payable, at the election of the Company or a Holder thereof, in a
         currency or currencies (including composite currencies) other than that
         in which the Securities are stated to be payable, the currency or
         currencies (including composite currencies) in which payment of the
         principal, premium (if any), interest and any Additional Amounts with
         respect to Securities of that series as to which that election is made
         shall be payable, and the periods within which and the terms and
         conditions on which that election is to be made;

                  (m) if the amount of payments of principal, premium (if any),
         interest and any Additional Amounts with respect to the Securities of
         the series may be determined with reference to any commodities,
         currencies or indices, values, rates or prices or any other index or
         formula, the manner in which those amounts shall be determined;

                  (n) if other than the entire principal amount thereof, the
         portion of the principal amount of Securities of the series that shall
         be payable on declaration of acceleration of the Maturity thereof
         pursuant to Section 6.02;

                  (o) any additional means of satisfaction and discharge of this
         Indenture and any additional conditions or limitations to discharge
         with respect to Securities of the series pursuant to Article VIII or
         any modifications of or deletions from those conditions or limitations;

                  (p) any deletions or modifications of or additions to the
         Events of Default set forth in Section 6.01 or covenants of the Company
         set forth in Article IV pertaining to the Securities of the series;

                                       11
<PAGE>

                  (q) any restrictions or other provisions with respect to the
         transfer or exchange of Securities of the series, which may amend,
         supplement, modify or supersede those contained in this Article II;

                  (r) if the Securities of the series are to be convertible into
         or exchangeable for Capital Stock, other debt securities (including
         Securities), warrants, other equity securities or any other securities
         or property of the Company or any other Person, at the option of the
         Company or the Holder or on the occurrence of any condition or event,
         the terms and conditions for that conversion or exchange;

                  (s) whether the Securities of the series are to be entitled to
         the benefit of Section 4.03(b) and accordingly constitute Rule 144A
         Securities for purposes of that Section;

                  (t) whether the Securities of the series are to be subject to
         the provisions of Sections 2.18, 2.19 and 2.20, and if so, any
         deletions or modification of, or additions to, such Sections and the
         forms of the Offshore Certificate, the IAI Certificate and the
         Regulation S Certificate;

                  (u) any modifications to, or qualifications contemplated by,
         the definition of "Designated Senior Indebtedness," any modifications
         to the definition of "Senior Indebtedness" of the Company or any
         modifications to Article X or the other provisions regarding
         subordination with respect to the Securities of that series; and

                  (v) any other terms of the series (which terms shall not be
         prohibited by the provisions of this Indenture).

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

                  If any of the terms of the series are established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of that
action together with that Board Resolution shall be set forth in an Officers'
Certificate or certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the
Officers' Certificate or Company Order setting forth the terms of the series.

                  The Securities shall be subordinated in right of payment to
Senior Indebtedness of the Company as provided in Article X.

SECTION 2.02 Denominations.

                  The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 2.01. In the
absence of any such provisions with respect to the Securities of any series, the
Securities of that series denominated in Dollars shall be issuable in
denominations of $1,000 and any integral multiples thereof.

                                       12
<PAGE>

SECTION 2.03 Forms Generally.

                  The Securities of each series shall be in fully registered
form and in substantially the form or forms (including temporary or permanent
global form) established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto. The Securities may have notations, legends or
endorsements required by law, securities exchange rule, the Company's articles
of incorporation, bylaws or other similar governing documents, agreements to
which the Company is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Company). A copy of the
Board Resolution establishing the form or forms of Securities of any series
shall be delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 2.04 for the authentication and delivery of those
Securities.

                  The definitive Securities of each series shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officers executing those Securities, as
evidenced by their execution thereof.

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

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

                                       JPMorgan Chase Bank, as Trustee

                                       By:
                                          --------------------------------------
                                                  Authorized Officer".

SECTION 2.04 Execution, Authentication, Delivery and Dating.

                  At least one Officer of the Company shall sign the Securities
of each series on behalf of the Company by manual or facsimile signature. The
Company's seal, if any, shall be impressed, affixed, imprinted or reproduced on
the Securities, may be in facsimile form and shall be attested by the manual or
facsimile signature of an Officer of the Company.

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

                  A Security shall not be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of an authorized signatory of the Trustee, which signature
shall be conclusive evidence that the Security has been authenticated under this
Indenture. Notwithstanding the foregoing, if any Security has been authenticated
and delivered hereunder but never issued and sold by the Company, and the
Company delivers that Security to the Trustee for cancellation as provided in
Section 2.13 together with a written statement (which need not comply with
Section 11.05 and need not be accompanied by an Opinion of Counsel) stating that
such Security has never been issued and sold by the Company, for all purposes of
this Indenture that Security shall be deemed never to

                                       13
<PAGE>

have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Indenture.

                  At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, and the Trustee shall
authenticate and deliver those Securities for original issue on a Company Order
for the authentication and delivery of those Securities or pursuant to such
procedures reasonably acceptable to the Trustee as may be specified from time to
time by Company Order. That order shall specify the amount of the Securities to
be authenticated, the date on which the original issue of Securities is to be
authenticated, the name or names of the initial Holder or Holders and any other
terms of the Securities of that series not otherwise determined. If provided for
in those procedures, that Company Order may authorize (1) authentication and
delivery of Securities of that series for original issue from time to time, with
certain terms (including, without limitation, the Maturity date or dates,
original issue date or dates and interest rate or rates) that differ from
Security to Security and (2) may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing.

                  If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Section 2.01, in authenticating those Securities, and accepting the additional
responsibilities under this Indenture in relation to those Securities, the
Trustee shall be entitled to receive (in addition to the Company Order referred
to above and the other documents required by Section 11.04), and (subject to
Section 7.01) shall be fully protected in relying on,

                  (1) an Officers' Certificate setting forth the Board
         Resolution and, if applicable, an appropriate record of any action
         taken pursuant thereto, as contemplated by the last paragraph of
         Section 2.01; and

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

                           (i) if the form of those Securities has been
                  established by or pursuant to Board Resolution, as is
                  permitted by Section 2.01, that such form has been established
                  in conformity with the provisions of this Indenture;

                           (ii) if the terms of those Securities have been
                  established by or pursuant to Board Resolution, as is
                  permitted by Section 2.01, that such terms have been
                  established in conformity with the provisions of this
                  Indenture; and

                           (iii) those Securities, when authenticated and
                  delivered by the Trustee and issued by the Company in the
                  manner and subject to any conditions specified in that Opinion
                  of Counsel, will constitute valid and binding obligations of
                  the Company, enforceable against the Company in accordance
                  with their terms, except as the enforceability thereof may be
                  limited by applicable bankruptcy, insolvency, reorganization,
                  moratorium, fraudulent conveyance or other similar laws in
                  effect from time to time affecting the rights of creditors
                  generally, and the

                                       14
<PAGE>

                  application of general principles of equity (regardless of
                  whether that enforceability is considered in a proceeding in
                  equity or at law).

                  If all the Securities of any series are not to be issued at
one time, it shall not be necessary to deliver an Officers' Certificate and
Opinion of Counsel at the time of issuance of each such Security, but that
Officers' Certificate and Opinion of Counsel shall be delivered at or before the
time of issuance of the first Security of the series to be issued.

                  The Trustee shall not be required to authenticate those
Securities if the issuance of those Securities pursuant to this Indenture would
affect the Trustee's own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner not reasonably acceptable to the
Trustee.

                  The Trustee may appoint an authenticating agent acceptable to
the Company to authenticate Securities. Unless limited by the terms of that
appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by that agent. An authenticating agent has the
same rights as an Agent to deal with the Company or an Affiliate of the Company.

                  Each Security shall be dated the date of its authentication.

SECTION 2.05 Registrar, Paying Agent and Conversion Agent.

                  The Company shall maintain an office or agency for each series
of Securities where Securities of that series may be presented for registration
of transfer or exchange ("Registrar") and an office or agency where Securities
of that series may be presented for (i) payment ("Paying Agent") or (ii) if such
Securities are convertible into Capital Stock of the Company for conversion
("Conversion Agent"). The Registrar shall keep a register of the Securities of
that series and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents or conversion
agents. The term "Registrar" includes any co-registrar, the term "Paying Agent"
includes any additional paying agent and the term "Conversion Agent" includes
any additional conversion agent.

                  The Company shall enter into an appropriate agency agreement
with any Agent not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to that Agent. The Company shall notify
the Trustee of the name and address of any Agent not a party to this Indenture.
The Company may change any Agent without notice to any Holder. If the Company
fails to appoint or maintain another entity as Registrar, Paying Agent or, if
applicable, Conversion Agent, the Trustee shall act as such. The Company or any
of its Subsidiaries may act as Paying Agent, Registrar or, if applicable,
Conversion Agent.

SECTION 2.06 Paying Agent to Hold Money in Trust.

                  With respect to each series of Securities, the Company shall
require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders of Securities of that
series or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, or interest on or any Additional Amounts with
respect to Securities of that series and will notify the Trustee of any default
by the Company in

                                       15
<PAGE>

making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed.
Upon payment over to the Trustee and upon accounting for any funds disbursed,
the Paying Agent (if other than the Company or a Subsidiary of the Company)
shall have no further liability for the money. If the Company or a Subsidiary of
the Company acts as Paying Agent with respect to a series of Securities, it
shall segregate and hold in a separate trust fund for the benefit of the Holders
of Securities of that series all money held by it as Paying Agent. Each Paying
Agent shall otherwise comply with TIA Section 317(b).

SECTION 2.07 Holder Lists.

                  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Holders of each series of Securities and shall otherwise comply
with TIA Section 312(a). If the Trustee is not the Registrar with respect to a
series of Securities, the Company shall furnish to the Trustee at least five
Business Days before each Interest Payment Date with respect to that series of
Securities, and at such other times as the Trustee may request in writing, a
list in such form and as of such date as the Trustee may reasonably require of
the names and addresses of Holders of the Securities of that series, and the
Company shall otherwise comply with TIA Section 312(a).

SECTION 2.08 Transfer and Exchange.

                  Except as set forth in Section 2.17 or as may be provided
pursuant to Section 2.01, when Securities of any series are presented to the
Registrar with the request to register the transfer of those Securities or to
exchange those Securities for an equal principal amount of Securities of the
same series of like tenor and of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its
requirements and the requirements of this Indenture for those transactions are
met; provided, however, that the Securities presented or surrendered for
registration of transfer or exchange shall be duly endorsed or accompanied by a
written instruction of transfer in form reasonably satisfactory to the Registrar
duly executed by the Holder thereof or by his attorney, duly authorized in
writing, on which instruction the Registrar can rely.

                  To permit registrations of transfers and exchanges, the
Company shall execute and the Trustee shall authenticate Securities at the
Registrar's written request and submission of the Securities (other than Global
Securities). No service charge shall be made to a Holder for any registration of
transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than such
transfer tax or similar governmental charge payable on exchanges pursuant to
Section 2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in
accordance with the provisions of Section 2.04. Notwithstanding any other
provisions of this Indenture to the contrary, the Company shall not be required
to register the transfer or exchange of (a) any Security selected for redemption
in whole or in part pursuant to Article III, except the unredeemed portion of
any Security being redeemed in part, or (b) any Security during the period
beginning 15 Business Days before the mailing of notice of any offer to
repurchase Securities of the series required pursuant to the terms thereof or of

                                       16
<PAGE>

redemption of Securities of a series to be redeemed and ending at the close of
business on the date of mailing.

SECTION 2.09 Replacement Securities.

                  If any mutilated Security is surrendered to the Trustee, or if
the Holder of a Security claims that the Security has been destroyed, lost or
stolen and the Company and the Trustee receive evidence to their satisfaction of
the destruction, loss or theft of that Security, the Company shall issue and the
Trustee shall authenticate a replacement Security of the same series if the
Trustee's requirements are met. If any such mutilated, destroyed, lost or stolen
Security has become or is about to become due and payable or is about to be
redeemed by the Company pursuant to Article III, the Company in its discretion
may, instead of issuing a new Security, pay that Security. If required by the
Trustee or the Company, the Holder must furnish an indemnity bond that is
sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee, any Agent or any authenticating agent from any loss that
any of them may suffer if a Security is replaced. The Company and the Trustee
may charge the Holder for their expenses in replacing a Security.

                  Every replacement Security is an additional obligation of the
Company.

SECTION 2.10 Outstanding Securities.

                  The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security
effected by the Trustee hereunder and those described in this Section 2.10 as
not outstanding.

                  If a Security is replaced pursuant to Section 2.09, it ceases
to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

                  If the principal amount of any Security is considered paid
under Section 4.01, it ceases to be outstanding and interest on it ceases to
accrue.

                  A Security does not cease to be outstanding because the
Company or an Affiliate of the Company holds the Security, subject to the
provisions of Section 2.11(c).

SECTION 2.11 Original Issue Discount, Foreign-Currency Denominated and Treasury
     Securities.

                  In determining whether the Holders of the required principal
amount of Securities have concurred in any direction, amendment, supplement,
waiver or consent, (a) the principal amount of an Original Issue Discount
Security shall be the principal amount thereof that would be due and payable as
of the date of that determination upon acceleration of the Maturity thereof
pursuant to Section 6.02, (b) the principal amount of a Security denominated in
a foreign currency shall be the Dollar equivalent, as determined by the Company
by reference to the noon buying rate in The City of New York for cable transfers
for that currency, as that rate is certified for customs purposes by the Federal
Reserve Bank of New York (the "Exchange Rate") on the

                                       17
<PAGE>

date of original issuance of that Security, of the principal amount (or, in the
case of an Original Issue Discount Security, the Dollar equivalent, as
determined by the Company by reference to the Exchange Rate on the date of
original issuance of that Security, of the amount determined as provided in (a)
above), of that Security and (c) Securities owned by the Company or any other
obligor on the Securities or any Affiliate of the Company or of that other
obligor shall be disregarded, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such direction,
amendment, supplement, waiver or consent, only Securities that the Trustee
actually knows are so owned shall be so disregarded.

SECTION 2.12 Temporary Securities.

                  Until definitive Securities of any series are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities. Temporary Securities shall be substantially in the form of
definitive Securities, but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate definitive Securities in
exchange for temporary Securities. Until so exchanged, the temporary Securities
shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities.

SECTION 2.13 Cancellation.

                  The Company at any time may deliver Securities to the Trustee
for cancellation. Each Agent shall forward to the Trustee any Securities
surrendered to it for registration of transfer, exchange, payment, redemption or
conversion or for credit against any sinking fund payment. The Trustee shall
cancel all Securities surrendered for registration of transfer, exchange,
payment, redemption, replacement, cancellation or conversion or for credit
against any sinking fund. Unless the Company shall direct in writing that
canceled Securities be returned to it, after written notice to the Company all
canceled Securities held by the Trustee shall be disposed of in accordance with
the usual disposal procedures of the Trustee, and the Trustee shall maintain a
record of their disposal. The Company may not issue new Securities to replace
Securities that have been paid or that have been delivered to the Trustee for
cancellation.

SECTION 2.14 Payments; Defaulted Interest.

                  Unless otherwise provided as contemplated by Section 2.01 with
respect to the Securities of any series, interest (except defaulted interest) on
any Security that is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Persons who are registered
Holders of that Security at the close of business on the record date next
preceding that Interest Payment Date, even if those Securities are canceled
after that record date and on or before that Interest Payment Date. Unless
otherwise provided with respect to the Securities of any series, the Company
will pay the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities in Dollars. Those amounts shall be
payable at the offices of the Trustee, provided that at the option of the
Company, the Company may pay those amounts (1) by wire transfer with respect to
Global Securities or (2) by check payable in that money mailed to a Holder's
registered address with respect to any Securities.

                                       18
<PAGE>

                  If the Company defaults in a payment of interest on the
Securities of any series, it shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest on the defaulted interest, in each
case at the rate provided in the Securities of that series and in Section 4.01.
The Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date
selected by the Company, the Company (or the Trustee, in the name of and at the
expense of the Company upon 20 days' prior written notice from the Company
setting forth that record date and the interest amount to be paid) shall mail to
Holders of any such series of Securities a notice that states the special record
date, the related payment date and the amount of that interest to be paid.

SECTION 2.15 Persons Deemed Owners.

                  The Company, the Trustee, any Agent and any authenticating
agent may treat the Person in whose name any Security is registered as the owner
of that Security for the purpose of receiving payments of principal of, premium
(if any) or interest on, or any Additional Amounts with respect to that Security
and for all other purposes. None of the Company, the Trustee, any Agent or any
authenticating agent shall be affected by any notice to the contrary.

SECTION 2.16 Computation of Interest.

                  Except as otherwise specified as contemplated by Section 2.01
for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year comprising twelve 30-day months.

SECTION 2.17 Global Securities; Book-Entry Provisions.

                  If Securities of a series are issuable in global form as a
Global Security, as contemplated by Section 2.01, then, notwithstanding clause
(j) of Section 2.01 and the provisions of Section 2.02, any such Global Security
shall represent those of the outstanding Securities of that series as shall be
specified therein and may provide that it shall represent the aggregate amount
of outstanding Securities from time to time endorsed thereon and that the
aggregate amount of outstanding Securities represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges or
redemptions. Any endorsement of a Global Security to reflect the amount, or any
increase or decrease in the amount, of outstanding Securities represented
thereby shall be made by the Trustee (i) in such manner and upon instructions
given by such Person or Persons as shall be specified in that Security or in a
Company Order to be delivered to the Trustee pursuant to Section 2.04 or (ii)
otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for that Security, from that
Depositary or its nominee on behalf of any Person having a beneficial interest
in that Global Security. Subject to the provisions of Section 2.04 and, if
applicable, Section 2.12, the Trustee shall deliver and redeliver any Security
in permanent global form in the manner and upon instructions given by the Person
or Persons specified in that Security or in the applicable Company Order. With
respect to the Securities of any series that are represented by a Global
Security, the Company authorizes the execution and delivery by the Trustee of a
letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depositary appointed with respect to that Global
Security. Any Global Security may be deposited with the Depositary or its
nominee, or may remain in the

                                       19
<PAGE>

custody of the Trustee or the Security Custodian therefor pursuant to a FAST
Balance Certificate Agreement or similar agreement between the Trustee and the
Depositary. If a Company Order has been, or simultaneously is, delivered, any
instructions by the Company with respect to endorsement or delivery or
redelivery of a Security in global form shall be in writing but need not comply
with Section 11.05 and need not be accompanied by an Opinion of Counsel.

                  Members of, or participants in, the Depositary ("Agent
Members") shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary, or the Trustee or the Security
Custodian as its custodian, or under that Global Security, and the Depositary
may be treated by the Company, the Trustee or the Security Custodian and any
agent of the Company, the Trustee or the Security Custodian as the absolute
owner of that Global Security for all purposes whatsoever. Notwithstanding the
foregoing, (i) the registered holder of a Global Security of any series may
grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action that a
Holder of Securities of that series is entitled to take under this Indenture or
the Securities of that series and (ii) nothing herein shall prevent the Company,
the Trustee or the Security Custodian or any agent of the Company, the Trustee,
or the Security Custodian from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or shall impair, as between
the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a beneficial owner of any Security.

                  Notwithstanding Section 2.08, and except as otherwise provided
pursuant to Section 2.01, transfers of a Global Security shall be limited to
transfers of that Global Security in whole, but not in part, to the Depositary,
its successors or their respective nominees. Interests of beneficial owners in a
Global Security may be transferred in accordance with the rules and procedures
of the Depositary. Securities of any series shall be transferred to all
beneficial owners of a Global Security of that series in exchange for their
beneficial interests in that Global Security if, and only if, (1) the Company
notifies the Trustee that the Depositary is unwilling or unable to continue as
Depositary for that Global Security and a successor Depositary is not appointed
by the Company within 90 days of that notice, (2) an Event of Default has
occurred with respect to that series and is continuing and the Registrar has
received a request from the Depositary to issue Securities of that series in
lieu of all or a portion of that Global Security (in which case the Company
shall deliver Securities of that series within 30 days of that request) or (3)
the Company notifies the Trustee that the Company has determined not to have the
Securities of that series represented by a Global Security.

                  In connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to this Section
2.17, the Registrar shall reflect on its books and records the date and a
decrease in the principal amount of the Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee on receipt of a
Company Order for the authentication and delivery of Securities shall
authenticate and deliver, one or more Securities of the same series of like
tenor and amount.

                  In connection with the transfer of all the beneficial
interests in a Global Security of any series to beneficial owners pursuant to
this Section 2.17, the Global Security shall be

                                       20
<PAGE>

deemed to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee shall authenticate and deliver, to each beneficial
owner identified by the Depositary in exchange for its beneficial interest in
the Global Security, an equal aggregate principal amount of Securities of that
series of authorized denominations.

                  Neither the Company nor the Trustee will have any
responsibility or liability for any aspect of the records relating to, or
payments made on account of, Securities by the Depositary, or for maintaining,
supervising or reviewing any records of the Depositary relating to those
Securities. Neither the Company nor the Trustee shall be liable for any delay by
the related Global Security Holder or the Depositary in identifying the
beneficial owners, and each such Person may conclusively rely on, and shall be
protected in relying on, instructions from that Global Security Holder or the
Depositary for all purposes (including with respect to the registration and
delivery, and the respective principal amounts, of the Securities to be issued).

                  The provisions of the last sentence of the third paragraph of
Section 2.04 shall apply to any Global Security if that Global Security was
never issued and sold by the Company and the Company delivers to the Trustee the
Global Security together with written instructions (which need not comply with
Section 11.05 and need not be accompanied by an Opinion of Counsel) with regard
to the cancellation or reduction in the principal amount of Securities
represented thereby, together with the written statement contemplated by the
last sentence of the third paragraph of Section 2.04.

                  Notwithstanding the provisions of Sections 2.03 and 2.14,
unless otherwise specified as contemplated by Section 2.01 with respect to
Securities of any series, payment of principal of and premium (if any) and
interest on and any Additional Amounts with respect to any Global Security shall
be made to the Person or Persons specified therein.

SECTION 2.18 Form of Restricted Securities.

                  Restricted Securities will be resold initially only (A) to
"qualified institutional buyers", as defined in Rule 144A under the Securities
Act ("QIBs"), (B) to a limited number of other institutional "accredited
investors", as defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under
the Securities Act ("IAIs") and (C) in offshore transactions to Non-U.S. Persons
in reliance on Regulation S under the Securities Act. Such Securities may
thereafter be transferred to, among others, QIBs pursuant to Rule 144A, Non-U.S.
Persons in reliance on Regulation S and pursuant to other exemptions from, or in
transactions not subject to, the registration requirements of the Securities
Act, including sales to IAIs that are not QIBs, in accordance with the procedure
described herein.

                  Each Rule 144A Security offered and sold to QIBs will be
issued on the Issue Date in the form of a permanent Global Security, without
interest coupons, substantially in the form specified pursuant to Section 2.01,
including appropriate legends as required by Section 2.19(a) and (b) (the "U.S.
Global Securities"), registered in the name of the nominee of the Depositary,
deposited with the Trustee, as custodian for the Depositary, duly executed by
the Company and authenticated by the Trustee as hereinafter provided. The U.S.
Global Securities may be represented by more than one certificate, if so
required by the Depositary's rules regarding the maximum principal amount to be
represented by a single certificate. The

                                       21
<PAGE>

aggregate principal amount of the U.S. Global Securities may from time to time
be increased or decreased by adjustments made on the records of the Trustee, as
custodian for the Depositary or its nominee, as hereinafter provided.

                  Each series of Securities offered and sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form
of one or more permanent or temporary (the "Temporary Offshore Global
Securities") Global Securities in registered form, without interest coupons,
substantially in the form specified pursuant to Section 2.01, including
appropriate legends as required by Section 2.19(a) and (b), registered in the
name of the nominee of the Depositary, deposited with the Trustee, as custodian
for the Depositary, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The aggregate principal amount of the Offshore
Global Securities (as defined below) may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for
the Depositary or its nominee, as hereinafter provided. In each case in which a
Temporary Offshore Global Security shall have been issued, at any time after the
40th day following the later of commencement of the offering of the Securities
and the Issue Date, upon receipt by the Trustee and the Company of a certificate
(the "Offshore Certificate") substantially in the form specified pursuant to
Section 2.01, one or more permanent Global Securities in registered form
substantially in the form specified pursuant to Section 2.01, including
appropriate legends as required by Section 2.19(b) (the "Permanent Offshore
Global Securities"; and together with the Temporary Offshore Global Securities,
the "Offshore Global Securities") duly executed by the Company and authenticated
by the Trustee as hereinafter provided shall be deposited with the Trustee, as
custodian for the Depositary or its nominee, and the Registrar shall reflect on
its books and records the date and a decrease in the principal amount of the
applicable Temporary Offshore Global Security in an amount equal to the
principal amount of the beneficial interest in the applicable Temporary Offshore
Global Security transferred in exchange for a beneficial interest in the
applicable Permanent Offshore Global Security and a corresponding increase in
the principal amount of the corresponding Permanent Offshore Global Security.

                  Securities offered and sold to IAIs and Securities issued
pursuant to Section 2.17 in exchange for interests in the U.S. Global Securities
may be issued in the form of either Global Securities or permanent certificated
Securities in registered form, without interest coupons, in substantially the
form specified pursuant to Section 2.01, including appropriate legends as
required in Section 2.19(a) (the "U.S. Physical Securities").

                  Securities issued pursuant to Section 2.17 in exchange for
interests in the Permanent Offshore Global Securities shall be in the form of
permanent certificated Securities in registered form substantially in the form
specified pursuant to Section 2.01 (the "Offshore Physical Securities").

                  The Offshore Physical Securities and U.S. Physical Securities
are sometimes collectively herein referred to as the "Physical Securities."

SECTION 2.19 Restrictive Legends for Restricted Securities.

                  Unless and until a Rule 144A Security is sold in connection
with an effective registration statement under the Securities Act or the Company
determines to eliminate the use of

                                       22
<PAGE>

any or all of the legends provided below, (A) the U.S. Global Securities shall
bear the legends set forth in subparagraphs (a) and (b) below on the face
thereof (unless the text thereof shall be varied as contemplated by Section
2.01), (B) the U.S. Physical Securities shall bear the applicable legend set
forth in subparagraph (a) below on the face thereof, and (C) the Temporary
Offshore Global Security shall bear the legends set forth in subparagraphs (a)
and (b) below on the face thereof.

                  (a) THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
         SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN
         THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
         EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION
         HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
         INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
         ACT), (B) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN
         RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT)
         ("INSTITUTIONAL ACCREDITED INVESTOR") OR (C) IT IS NOT A U.S. PERSON
         AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE
         WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES THAT IT WILL
         NOT, PRIOR TO EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF
         THIS SECURITY UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR ANY
         SUCCESSOR PROVISION), RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT
         (A) TO THE COMPANY OR ONE OF ITS SUBSIDIARIES, (B) TO A QUALIFIED
         INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
         ACT, (C) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED
         INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A
         SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
         RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF
         WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE), (D) PURSUANT TO THE
         EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
         ACT (IF AVAILABLE), (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS
         BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT (AND WHICH CONTINUES
         TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER) OR (F) OUTSIDE THE UNITED
         STATES IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT AND (3)
         AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS
         TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
         CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE EXPIRATION
         OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER RULE
         144(k) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THE
         HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
         RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO
         THE TRUSTEE. IF THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED
         INVESTOR OR IS A PURCHASER WHO IS NOT A U.S. PERSON, THE HOLDER MUST,
         PRIOR TO SUCH TRANSFER, FURNISH

                                       23
<PAGE>

         TO THE TRUSTEE SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION
         AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING
         MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
         THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL
         BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT
         TO CLAUSE 2(E) ABOVE OR UPON ANY TRANSFER OF THIS SECURITY UNDER RULE
         144(k) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION). AS USED
         HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S.
         PERSON" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE
         SECURITIES ACT. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY
         EXEMPTION PROVIDED BY RULE 144(k) UNDER THE SECURITIES ACT.

                  (b) Each Global Security shall bear the following legend on
         the face thereof:

         "UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW
YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF."

SECTION 2.20 Special Transfer Provisions of the Restricted Securities.

                  Unless and until a Rule 144A Security is sold in connection
with an effective registration statement under the Securities Act or the Company
determines to terminate the applicability of any of the following provisions,
the following provisions shall apply:

                  (a) Transfers to Non-QIB IAIs. The following provisions shall
         apply with respect to the registration of any proposed transfer of a
         Security or any beneficial interest therein to any IAI which is not a
         QIB (excluding Non-U.S. Persons):

                  (1) The Registrar shall register the transfer of any Security
         or beneficial interest therein, whether or not such Security bears the
         Private Placement Legend, if (x)

                                       24
<PAGE>

         the requested transfer is after the time period referred to in Rule
         144(k) under the Securities Act or (y) the proposed transferee has
         delivered to the Registrar a certificate (the "IAI Certificate")
         substantially in the form specified pursuant to Section 2.01 and an
         opinion of counsel as to compliance with the Securities Act.

                  (2) If the proposed transferor is an Agent Member holding a
         beneficial interest in the U.S. Global Securities, upon receipt by the
         Registrar of (x) the documents, if any, required by paragraph (1) above
         and (y) instructions given in accordance with the Depositary's and the
         Registrar's procedures, the Registrar shall reflect on its books and
         records the date and a decrease in the principal amount of the U.S.
         Global Securities in an amount equal to the principal amount of the
         beneficial interest in the U.S. Global Securities to be transferred,
         and the Company shall execute, and the Trustee shall authenticate and
         deliver, one or more U.S. Physical Securities of like tenor and amount.

                  (b) Transfers to QIBs. The following provisions shall apply
         with respect to the registration of any proposed transfer of a Security
         or beneficial interest therein to a QIB (excluding Non-U.S. Persons):

                  (1) If the Security to be transferred consists of (x) U.S.
         Physical Securities, the Registrar shall register the transfer if such
         transfer is being made by a proposed transferor who has checked the box
         provided for on the form of Security stating, or has otherwise advised
         the Company and the Registrar in writing, that the sale has been made
         in compliance with the provisions of Rule 144A to a transferee who has
         signed the certification provided for on the form of Security stating,
         or has otherwise advised the Company and the Registrar in writing, that
         it is purchasing the Security for its own account or an account with
         respect to which it exercises sole investment discretion and that it
         and any such account is a QIB within the meaning of Rule 144A and is
         aware that the sale to it is being made in reliance on Rule 144A and
         acknowledges that it has received such information regarding the
         Company as it has requested pursuant to Rule 144A or has determined not
         to request such information and that it is aware that the transferor is
         relying upon its foregoing representations in order to claim the
         exemption from registration provided by Rule 144A or (y) an interest in
         the U.S. Global Securities, the transfer of such interest may be
         effected only through the book entry system maintained by the
         Depositary.

                  (2) If the proposed transferee is an Agent Member, and the
         Security to be transferred consists of U.S. Physical Securities, upon
         receipt by the Registrar of the documents referred to in paragraph (1)
         above and instructions given in accordance with the Depositary's and
         the Registrar's procedures, the Registrar shall reflect on its books
         and records the date and an increase in the principal amount of U.S.
         Global Securities in an amount equal to the principal amount of the
         U.S. Physical Securities to be transferred, and the Trustee shall
         cancel the U.S. Physical Securities so transferred.

                  (c) Transfers of Interests in the Temporary Offshore Global
         Securities. The following provisions shall apply with respect to
         registration of any proposed transfer of an interest in a Temporary
         Offshore Global Security:

                                       25
<PAGE>

                  (1) The transfer of such interest may be effected only through
         the book entry system maintained by the appropriate Depositary and only
         if (x) the proposed transferee is a Non-U.S. Person and the proposed
         transferor has delivered to the Registrar a certificate (the
         "Regulation S Certificate") substantially in the form specified
         pursuant to Section 2.01 or (y) the proposed transferee is a QIB and
         the proposed transferor has checked the box provided for on the form of
         Security stating, or has otherwise advised the Company and the
         Registrar in writing, that the sale has been made in compliance with
         the provisions of Rule 144A to a transferee who has signed the
         certification provided for on the form of Security stating, or has
         otherwise advised the Company and the Registrar in writing, that it is
         purchasing the Security for its own account or an account with respect
         to which it exercises sole investment discretion and that it and any
         such account is a QIB within the meaning of Rule 144A, and is aware
         that the sale to it is being made in reliance on Rule 144A and
         acknowledges that it has received such information regarding the
         Company as it has requested pursuant to Rule 144A or has determined not
         to request such information and that it is aware that the transferor is
         relying upon its foregoing representations in order to claim the
         exemption from registration provided by Rule 144A.

                  (2) If the proposed transferee is an Agent Member, upon
         receipt by the Registrar of the documents referred to in clause (1)(y)
         above and instructions given in accordance with the Depositary's and
         the Registrar's procedures, the Registrar shall reflect on its books
         and records the date and an increase in the principal amount of the
         U.S. Global Securities in an amount equal to the principal amount of
         the Temporary Offshore Global Securities to be transferred, and the
         Trustee shall decrease the amount of the Temporary Offshore Global
         Securities.

                  (d) Transfers of Interests in the Permanent Offshore Global
         Securities or Offshore Physical Securities. The following provisions
         shall apply with respect to any transfer of interests in Permanent
         Offshore Global Securities or Offshore Physical Securities. The
         Registrar shall register the transfer of any such Security without
         requiring any additional certification. The transfer of interests in
         the Permanent Offshore Global Securities may be effected only through
         the book entry system maintained by the appropriate Depositary. The
         Registrar shall reflect on its books and records the date and a
         decrease in the principal amount of the Permanent Offshore Global
         Securities in an amount equal to the principal amount of the beneficial
         interest in such Security to be transferred, and, if the proposed
         transferee is an Agent Member that will take delivery in the form of a
         beneficial interest in a Global Security, upon receipt by the Registrar
         of instructions given in accordance with the Depositary's and the
         Registrar's procedures, the Registrar shall reflect on its books and
         records the date and an increase in the principal amount of such new
         Global Securities in an amount equal to the principal amount of the
         applicable Securities to be transferred and will simultaneously cancel
         a like principal amount of physical Securities being surrendered for
         transfer or exchange, or simultaneously record a decrease in like
         principal amount of the Global Security the beneficial interest in
         which is being surrendered for transfer or exchange, as applicable.

                  (e) Transfers to Non-U.S. Persons at Any Time. The following
         provisions shall apply with respect to any transfer of a Security or a
         beneficial interest therein to a Non-U.S. Person:

                                       26
<PAGE>

                  (1) Prior to the 41st day following the later of commencement
         of the offering of the Securities and the Issue Date, the Registrar
         shall register any proposed transfer of a Security to a Non-U.S. Person
         upon receipt of a certificate substantially in the form of the
         Regulation S Certificate from the proposed transferor.

                  (2) On and after the 41st day following the later of
         commencement of the offering of the Securities and the Issue Date, the
         Registrar shall register any proposed transfer to any Non-U.S. Person
         if the Security to be transferred is a U.S. Physical Security or an
         interest in U.S. Global Securities, upon receipt of a certificate
         substantially in the form of the Regulation S Certificate from the
         proposed transferor. If the Security to be transferred is a U.S.
         Physical Security, the Company shall execute, and the Trustee shall
         authenticate and deliver, one or more Offshore Physical Securities of
         like tenor and amount, or, if the proposed transferee is an Agent
         Member, upon receipt by the Registrar of instructions given in
         accordance with the Depositary's and the Registrar's procedures, the
         Registrar shall reflect on its books and records the date and an
         increase in the principal amount of the Offshore Global Securities in
         an amount equal to the principal amount of the U.S. Physical Securities
         to be transferred, and the Trustee shall cancel the U.S. Physical
         Securities so transferred.

                  (3) (a) If the proposed transferor is an Agent Member holding
         a beneficial interest in the U.S. Global Securities, upon receipt by
         the Registrar of (x) the documents, if any, required by paragraph (2)
         and (y) instructions in accordance with the Depositary's and the
         Registrar's procedures, the Registrar shall reflect on its books and
         records the date and a decrease in the principal amount of the U.S.
         Global Securities in an amount equal to the principal amount of the
         beneficial interest in the U.S. Global Securities to be transferred,
         and (b) if the proposed transferee is an Agent Member, upon receipt by
         the Registrar of instructions given in accordance with the Depositary's
         and the Registrar's procedures, the Registrar shall reflect on its
         books and records the date and an increase in the principal amount of
         the Offshore Global Securities in an amount equal to the principal
         amount of the U.S. Global Securities to be transferred, and the Trustee
         shall decrease the principal amount of the U.S. Global Securities.

                  (f) Private Placement Legend. Upon the transfer, exchange or
         replacement of Securities not bearing the Private Placement Legend, the
         Registrar shall deliver Securities that do not bear the Private
         Placement Legend. Upon the transfer, exchange or replacement of
         Securities bearing the Private Placement Legend, the Registrar shall
         deliver only Securities that bear the Private Placement Legend unless
         either (i) the circumstances contemplated by paragraph (a)(1)(x) or
         (e)(2) of this Section 2.20 exist or (ii) there is delivered to the
         Registrar an Opinion of Counsel reasonably satisfactory to the Company
         to the effect that neither such legend nor the related restrictions on
         transfer are required in order to maintain compliance with the
         provisions of the Securities Act.

                  (g) General. By its acceptance of any Security bearing the
         Private Placement Legend, each Holder of such a Security acknowledges
         the restrictions on transfer of such Security set forth in this
         Indenture and in the Private Placement Legend and agrees that it will
         transfer such Security only as provided in this Indenture. The
         Registrar shall be entitled to receive and rely on written instructions
         from the Company verifying that such

                                       27
<PAGE>

         transfer complies with such restrictions on transfer. In connection
         with any transfer of Securities, each Holder agrees by its acceptance
         of the Securities to furnish the Registrar or the Company such
         certifications, legal opinions or other information as either of them
         may reasonably require to confirm that such transfer is being made
         pursuant to an exemption from, or a transaction not subject to, the
         registration requirements of the Securities Act; provided that the
         Registrar shall not be required to determine (but may rely on a
         determination made by the Company with respect to) the sufficiency of
         any such certifications, legal opinions or other information.

                  The Registrar shall retain copies of all letters, notices and
other written communications received pursuant to Section 2.08 or this Section
2.20. The Company shall have the right to inspect and make copies of all such
letters, notices or other written communications at any reasonable time upon the
giving of reasonable written notice to the Registrar.

                                   ARTICLE III
                                   REDEMPTION

SECTION 3.01 Applicability of Article.

                  Securities of any series that are redeemable before their
Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 2.01 for Securities of any
series) in accordance with this Article III.

SECTION 3.02 Notice to the Trustee.

                  If the Company elects to redeem Securities of any series
pursuant to this Indenture, it shall notify the Trustee of the Redemption Date
and principal amount of Securities of that series to be redeemed. The Company
shall so notify the Trustee at least 25 days (or, if earlier, three Business
Days prior to delivery of notice of redemption) before the Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee) by delivering to
the Trustee an Officers' Certificate stating that the redemption will comply
with the provisions of this Indenture and of the Securities of that series. Any
such notice may be canceled at any time prior to the mailing of that notice of
redemption to any Holder of the Securities of that series and shall thereupon be
void and of no effect.

SECTION 3.03 Selection of Securities To Be Redeemed.

                  If less than all the Securities of any series are to be
redeemed (unless all of the Securities of that series of a specified tenor are
to be redeemed), the particular Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the
outstanding Securities of that series (and tenor) not previously called for
redemption, either pro rata, by lot or by such other method as the Trustee shall
deem fair and appropriate. That redemption may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of that series of a denomination larger than the minimum
authorized denomination for Securities of that series or of the principal amount
of Global Securities of that series.

                                       28
<PAGE>

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

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

SECTION 3.04 Notice of Redemption.

                  Notice of redemption shall be given by first-class mail,
postage prepaid, mailed not less than 20 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities of a series to be redeemed, at the
address of that Holder appearing in the register of Securities for that series
maintained by the Registrar.

                  All notices of redemption shall identify the Securities to be
redeemed and shall state:

                  (1) the Redemption Date;

                  (2) the Redemption Price;

                  (3) that, unless the Company defaults in making the redemption
         payment, interest on Securities called for redemption ceases to accrue
         on and after the Redemption Date, and the only remaining right of the
         Holders of those Securities is to receive payment of the Redemption
         Price on surrender to the Paying Agent of the Securities redeemed;

                  (4) if any Security is to be redeemed in part, the portion of
         the principal amount thereof to be redeemed and that on and after the
         Redemption Date, on surrender for cancellation of that Security to the
         Paying Agent, a new Security or Securities in the aggregate principal
         amount equal to the unredeemed portion thereof will be issued without
         charge to the Holder;

                  (5) that Securities called for redemption must be surrendered
         to the Paying Agent to collect the Redemption Price and the name and
         address of the Paying Agent;

                  (6) if the Securities are convertible into Capital Stock of
         the Company, the then conversion price of the Securities, the name and
         address of the Conversion Agent and the date Holders who wish to
         convert Securities must surrender such Securities for conversion;

                  (7) that the redemption is for a sinking or analogous fund, if
         that is the case; and

                  (8) the CUSIP number, if any, relating to those Securities.

                                       29
<PAGE>

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

SECTION 3.05 Effect of Notice of Redemption.

                  Once notice of redemption is mailed, Securities called for
redemption become due and payable on the Redemption Date and at the Redemption
Price. Upon surrender to the Paying Agent, those Securities called for
redemption shall be paid at the Redemption Price, but interest installments
whose maturity is on or prior to that Redemption Date will be payable on the
relevant Interest Payment Dates to the Holders of record at the close of
business on the relevant record dates specified pursuant to Section 2.01.

SECTION 3.06 Deposit of Redemption Price.

                  Prior to 11:00 A.M., New York City time, on any Redemption
Date, the Company shall deposit with the Trustee or the Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 2.06) an amount of money in same day funds sufficient to pay
the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on and any Additional Amounts with respect to,
the Securities or portions thereof which are to be redeemed on that date, other
than Securities or portions thereof called for redemption on that date which
have been delivered by the Company to the Trustee for cancellation.

                  If the Company complies with the preceding paragraph, then,
unless the Company defaults in the payment of that Redemption Price, interest on
the Securities to be redeemed will cease to accrue on and after the applicable
Redemption Date, whether or not those Securities are presented for payment, and
the Holders of those Securities shall have no further rights with respect to
those Securities except for the right to receive the Redemption Price on
surrender of those Securities. If any Security called for redemption shall not
be so paid on surrender thereof for redemption, the principal of and premium, if
any, any Additional Amounts, and, to the extent lawful, accrued interest thereon
shall, until paid, bear interest from the Redemption Date at the rate specified
pursuant to Section 2.01 or provided in the Securities or, in the case of
Original Issue Discount Securities, their initial yield to maturity.

SECTION 3.07 Securities Redeemed or Purchased in Part.

                  Upon surrender to the Paying Agent of a Security to be
redeemed in part, the Company shall execute and the Trustee shall authenticate
and deliver to the Holder of that Security without service charge a new Security
or Securities, of the same series and of any authorized denomination as
requested by that Holder in aggregate principal amount equal to, and in exchange
for, the unredeemed portion of the principal of the Security so surrendered that
is not redeemed.

SECTION 3.08 Purchase of Securities.

                  Unless otherwise specified as contemplated by Section 2.01,
the Company and any Affiliate of the Company may at any time purchase or
otherwise acquire Securities in the

                                       30
<PAGE>

open market or by tender offer at any price or by private agreement. Any such
acquisition shall not operate as or be deemed for any purpose to be a redemption
of the indebtedness represented by those Securities. Any Securities purchased or
acquired by the Company may be delivered to the Trustee for cancellation and, on
that cancellation, the indebtedness represented thereby shall be deemed to be
satisfied. Section 2.13 shall apply to all Securities so delivered.

SECTION 3.09 Mandatory and Optional Sinking Funds.

                  The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment," and any payment in excess of the minimum amount provided
for by the terms of Securities of any series is herein referred to as an
"optional sinking fund payment." Unless otherwise provided by the terms of
Securities of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 3.10. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of that series and by this Article III.

SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities.

                  The Company may deliver outstanding Securities of a series
(other than any previously called for redemption) and may apply as a credit
Securities of a series that have been redeemed either at the election of the
Company pursuant to the terms of those Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of those
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of that series required to be made
pursuant to the terms of that series of Securities; provided that those
Securities have not been previously so credited. Those Securities shall be
received and credited for that purpose by the Trustee at the Redemption Price
specified in those Securities for redemption through operation of the sinking
fund, and the amount of that sinking fund payment shall be reduced accordingly.

SECTION 3.11 Redemption of Securities for Sinking Fund.

                  Not less than 45 days prior (unless a shorter period shall be
satisfactory to the Trustee) to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate of
the Company specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
that is to be satisfied by payment of cash and the portion thereof, if any, that
is to be satisfied by delivery of or by crediting Securities of that series
pursuant to Section 3.10 and will also deliver to the Trustee any Securities to
be so delivered. Failure of the Company to timely deliver that Officers'
Certificate and Securities specified in this paragraph, if any, shall not
constitute a default but shall constitute the election of the Company (i) that
the mandatory sinking fund payment for that series due on the next succeeding
sinking fund payment date shall be paid entirely in cash without the option to
deliver or credit Securities of that series in respect thereof and (ii) that the
Company will make no optional sinking fund payment with respect to that series
as provided in this Section.

                                       31
<PAGE>

                  If the sinking fund payment or payments (mandatory or optional
or both) to be made in cash on the next succeeding sinking fund payment date
plus any unused balance of any preceding sinking fund payments made in cash
shall exceed $100,000 (or the Dollar equivalent thereof based on the applicable
Exchange Rate on the date of original issue of the applicable Securities) or a
lesser sum if the Company shall so request with respect to the Securities of any
particular series, that cash shall be applied on the next succeeding sinking
fund payment date to the redemption of Securities of that series at the sinking
fund redemption price together with accrued interest to the date fixed for
redemption. If that amount shall be $100,000 (or the Dollar equivalent thereof
as aforesaid) or less and the Company makes no such request, then it shall be
carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof
as aforesaid) is available. Not less than 30 days before each such sinking fund
payment date, the Trustee shall select the Securities to be redeemed on that
sinking fund payment date in the manner specified in Section 3.03 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.04. That notice having been
duly given, the redemption of those Securities shall be made on the terms and in
the manner stated in Sections 3.05, 3.06 and 3.07.

                                   ARTICLE IV
                                    COVENANTS

SECTION 4.01 Payment of Securities.

                  The Company shall pay the principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of each
series on the dates and in the manner provided in the Securities of that series
and in this Indenture. Principal, premium (if any), interest and any Additional
Amounts shall be considered paid on the date due if the Paying Agent, other than
the Company or a Subsidiary of the Company, holds by 11:00 a.m., New York City
time, on that date money deposited by the Company designated for and sufficient
to pay all principal, premium (if any), interest and any Additional Amounts then
due.

                  The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal of and
premium (if any) on Securities of any series, at a rate equal to the then
applicable interest rate on the Securities of that series to the extent lawful;
and it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest on and any overdue
payments of Additional Amounts with respect to Securities of that series
(without regard to any applicable grace period) at the same rate to the extent
lawful.

SECTION 4.02 Maintenance of Office or Agency.

                  The Company will maintain in each Place of Payment for any
series of Securities an office or agency (which may be an office of the Trustee,
the Registrar or the Paying Agent) where Securities of that series may be
presented for registration of transfer or exchange, where Securities of that
series may be presented for payment and (if applicable) conversion and where
notices and demands to or on the Company in respect of the Securities of that
series and this Indenture may be served. Unless otherwise designated by the
Company by written notice to the Trustee, that office or agency shall be the
office of the Trustee in Dallas, Texas, which on the

                                       32
<PAGE>

date hereof is located at 2001 Bryan Street, 9th Floor, Dallas, Texas 75201. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of that office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, those presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

                  The Company may also from time to time designate one or more
other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all those purposes and may from time to time
rescind those designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in each Place of Payment for Securities of any series for
those purposes. The Company will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such
other office or agency.

SECTION 4.03 SEC Reports; Financial Statements.

                  (a) If the Company is subject to Section 13 or 15(d) of the
         Exchange Act, the Company shall file with the Trustee, within 15 days
         after it files the same with the SEC, copies of the annual reports and
         the information, documents and other reports (or copies of those
         portions of any of the foregoing as the SEC may by rules and
         regulations prescribe) that the Company is required to file with the
         SEC pursuant to Section 13 or 15(d) of the Exchange Act. If this
         Indenture is qualified under the TIA, but not otherwise, the Company
         shall also comply with the provisions of TIA Section 314(a).

                  (b) If the Company is not subject to the requirements of
         Section 13 or 15(d) of the Exchange Act, the Company shall furnish to
         all Holders of Rule 144A Securities and prospective purchasers of Rule
         144A Securities designated by the Holders of Rule 144A Securities,
         promptly on their request, the information required to be delivered
         pursuant to Rule 144A(d)(4) promulgated under the Securities Act.

SECTION 4.04 Compliance Certificate.

                  (a) The Company shall deliver to the Trustee, within 120 days
         after the end of each fiscal year of the Company, a statement signed by
         an Officer of the Company, which need not constitute an Officers'
         Certificate, complying with TIA Section 314(a)(4) and stating that, in
         the course of performance by the signing Officer of the Company of his
         or her duties as such Officer of the Company, he or she would normally
         obtain knowledge of the keeping, observing, performing and fulfilling
         by the Company of its obligations under this Indenture, and further
         stating that, to the best of his or her knowledge, the Company has
         kept, observed, performed and fulfilled each and every covenant
         contained in this Indenture and is not in default in the performance or
         observance of any of the terms, provisions and conditions hereof (or,
         if a Default or Event of Default shall have occurred, describing all
         such Defaults or Events of Default of which that Officer may have
         knowledge and what action the Company is taking or proposes to take
         with respect thereto).

                                       33
<PAGE>

                  (b) The Company shall, so long as Securities of any series are
         outstanding, deliver to the Trustee, promptly on any Officer of the
         Company becoming aware of any Default or Event of Default under this
         Indenture, an Officers' Certificate specifying that Default or Event of
         Default and what action the Company is taking or proposes to take with
         respect thereto.

SECTION 4.05 Existence.

                  Subject to Article V hereof, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its
existence and the existence of each of its Subsidiaries and all rights (charter
and statutory) of the Company and its Subsidiaries, provided that the Company
shall not be required to preserve the existence of any Subsidiary of the Company
or any such right if the Company shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a whole and that the loss thereof would not have a
material adverse effect on the business, operations, assets or financial
condition of the Company and its Subsidiaries taken as a whole and would not
have any material adverse effect on the payment and performance of the
obligations of the Company under the Securities and this Indenture.

SECTION 4.06 Waiver of Stay, Extension or Usury Laws.

                  The Company covenants (to the extent that it may lawfully do
so) that it will not at any time insist on, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law
or any usury law or other law that would prohibit or forgive the Company from
paying all or any portion of the principal of, premium (if any) or interest on
and any Additional Amounts with respect to the Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may
affect the covenants or the performance of this Indenture; and (to the extent
that it may lawfully do so) the Company hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

SECTION 4.07 Additional Amounts.

                  If the Securities of a series expressly provide for the
payment of Additional Amounts, the Company will pay to the Holder of any
Security of that series Additional Amounts as expressly provided therein.
Whenever in this Indenture there is mentioned, in any context, the payment of
the principal of or any premium or interest on, or in respect of, any Security
of any series or the net proceeds received from the sale or exchange of any
Security of any series, that mention shall be deemed to include mention of the
payment of Additional Amounts provided for in this Section 4.07 to the extent
that, in that context, Additional Amounts are, were or would be payable in
respect thereof pursuant to the provisions of this Section 4.07, and express
mention of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where that express mention is not made.

                                       34
<PAGE>

                  Unless otherwise provided pursuant to Section 2.01 with
respect to Securities of any series, if the Securities of a series provide for
the payment of Additional Amounts, at least ten days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of
that series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least ten days prior to
each date of payment of principal and any premium or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers' Certificate, the Company shall furnish the Trustee and the Company's
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers' Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether that payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
who are United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that
series. If any such withholding shall be required, then that Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on those payments to those Holders of Securities, and the Company will pay to
that Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for and to hold them
harmless against any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers' Certificate
furnished pursuant to this Section 4.07.

                                    ARTICLE V
                                   SUCCESSORS

SECTION 5.01 Limitations on Mergers, Consolidations and Other Transactions.

                  The Company shall not, in any transaction or series of related
transactions, consolidate with or merge or convert into any other Person, or
sell, lease, convey, transfer or otherwise dispose of all or substantially all
of its assets to any other Person, unless:

                  (1) the Person formed by that consolidation or into which the
         Company is merged or converted, or to which that sale, lease,
         conveyance, transfer or other disposition shall be made (collectively,
         the "Successor"), expressly assumes by supplemental indenture the due
         and punctual payment of the principal of (and premium, if any) and
         interest on and Additional Amounts with respect to all the Securities
         and the performance of the Company's covenants and obligations under
         this Indenture and the Securities;

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

                  (3) the Company delivers to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that the
         transaction and that supplemental indenture comply with this Indenture.

SECTION 5.02 Successor Person Substituted.

                  Upon any consolidation, merger or conversion of the Company or
any sale, lease, conveyance, transfer or other disposition of all or
substantially all of the assets of the Company

                                       35
<PAGE>

in accordance with Section 5.01, any Successor formed by that consolidation or
into or with which the Company is merged or converted or to which that sale,
lease, conveyance, transfer or other disposition is made shall succeed to, and
be substituted for, and may exercise every right and power of the Company under
this Indenture and the Securities with the same effect as if that Successor had
been named as the Company herein and the predecessor Company, in the case of a
sale, conveyance, transfer or other disposition except for a lease, shall be
released from all obligations under this Indenture and the Securities.

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

SECTION 6.01 Events of Default.

                  Unless either inapplicable to a particular series or
specifically deleted or modified in or pursuant to the supplemental indenture or
Board Resolution establishing that series of Securities or in the form of
Security for that series, an "Event of Default," wherever used herein with
respect to Securities of any series, occurs if:

                  (1) the Company defaults in the payment of interest on or any
         Additional Amounts with respect to any Security of that series when the
         same becomes due and payable and that default continues for a period of
         30 days;

                  (2) the Company defaults in the payment of (A) the principal
         of any Security of that series at its Maturity or (B) premium (if any)
         on any Security of that series when the same becomes due and payable;

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

                  (4) the Company fails to comply with any of its other
         covenants or agreements in, or provisions of, the Securities of that
         series or this Indenture (other than an agreement, covenant or
         provision that has expressly been included in this Indenture solely for
         the benefit of one or more series of Securities other than that series)
         which shall not have been remedied within the specified period after
         written notice, as specified in the last paragraph of this Section
         6.01;

                  (5) the Company pursuant to or within the meaning of any
         Bankruptcy Law:

                           (A) commences a voluntary case,

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

                           (C) consents to the appointment of a Bankruptcy
                  Custodian of it or for all or substantially all of its
                  property, or

                           (D) makes a general assignment for the benefit of its
                  creditors;

                                       36
<PAGE>

                  (6) a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that remains unstayed and in effect for
         90 days and that:

                           (A) is for relief against the Company as debtor in an
                  involuntary case,

                           (B) appoints a Bankruptcy Custodian of the Company or
                  a Bankruptcy Custodian for all or substantially all of the
                  property of the Company, or

                           (C) orders the liquidation of the Company; or

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

                  The term "Bankruptcy Custodian" means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

                  The Trustee shall not be deemed to know or have notice of a
Default unless a Trust Officer at the Corporate Trust Office of the Trustee
receives written notice at the Corporate Trust Office of the Trustee of that
Default with specific reference to that Default.

                  When a Default is cured, it ceases.

                  Notwithstanding the foregoing provisions of this Section 6.01,
if the principal of, premium (if any) or interest on or Additional Amounts with
respect to any Security is payable in a currency or currencies (including a
composite currency) other than Dollars and such currency or currencies are not
available to the Company for making payment thereof due to the imposition of
exchange controls or other circumstances beyond the control of the Company (a
"Conversion Event"), the Company will be entitled to satisfy its obligations to
Holders of the Securities by making that payment in Dollars in an amount equal
to the Dollar equivalent of the amount payable in such other currency, as
determined by the Company by reference to the Exchange Rate on the date of that
payment, or, if that rate is not then available, on the basis of the most
recently available Exchange Rate. Notwithstanding the foregoing provisions of
this Section 6.01, any payment made under such circumstances in Dollars where
the required payment is in a currency other than Dollars will not constitute an
Event of Default under this Indenture.

                  Promptly after the occurrence of a Conversion Event, the
Company shall give written notice thereof to the Trustee; and the Trustee,
promptly after receipt of that notice, shall give notice thereof in the manner
provided in Section 11.02 to the Holders. Promptly after the making of any
payment in Dollars as a result of a Conversion Event, the Company shall give
notice in the manner provided in Section 11.02 to the Holders, setting forth the
applicable Exchange Rate and describing the calculation of those payments.

                  A Default under clause (4) of this Section 6.01 is not an
Event of Default until the Trustee notifies the Company, or the Holders of at
least 25% in principal amount of the then outstanding Securities of the series
affected by that Default (or, in the case of a Default under clause (4) of this
Section 6.01, if outstanding Securities of other series are affected by that
Default, then at least 25% in principal amount of the then outstanding
Securities so affected) notify the Company and the Trustee, of the Default, and
the Company fails to cure the Default

                                       37
<PAGE>

within 90 days after receipt of the notice. The notice must specify the Default,
demand that it be remedied and state that the notice is a "Notice of Default."

SECTION 6.02 Acceleration.

                  If an Event of Default with respect to any Securities of any
series at the time outstanding (other than an Event of Default specified in
clause (5) or (6) of Section 6.01 hereof) occurs and is continuing, the Trustee
by notice to the Company, or the Holders of at least 25% in principal amount of
the then outstanding Securities of the series affected by that default (or, in
the case of an Event of Default described in clause (4) of Section 6.01, if
outstanding Securities of other series are affected by that Default, then at
least 25% in principal amount of the then outstanding Securities so affected) by
notice to the Company and the Trustee, may declare the principal of (or, if any
of those Securities are Original Issue Discount Securities, that portion of the
principal amount as may be specified in the terms of that series) and all
accrued and unpaid interest on all then outstanding Securities of that series or
of all series, as the case may be, to be due and payable. Upon any such
declaration, the amounts due and payable on those Securities shall be due and
payable immediately. If an Event of Default specified in clause (5) or (6) of
Section 6.01 hereof occurs, those amounts shall ipso facto become and be
immediately due and payable without any declaration, notice or other act on the
part of the Trustee or any Holder. The Holders of a majority in principal amount
of the then outstanding Securities of the series affected by that default or all
series, as the case may be, by written notice to the Trustee may rescind an
acceleration and its consequences (other than nonpayment of principal of or
premium or interest on or any Additional Amounts with respect to the Securities)
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default with respect to Securities of that series (or of all
series, as the case may be) have been cured or waived, except nonpayment of
principal, premium, interest or any Additional Amounts that has become due
solely because of the acceleration.

SECTION 6.03 Other Remedies.

                  If an Event of Default with respect to Securities of any
series occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of, or premium, if any, or interest on the
Securities of that series or to enforce the performance of any provision of the
Securities of that series or this Indenture.

                  The Trustee may maintain a proceeding with respect to
Securities of any series even if it does not possess any of the Securities of
that series or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing
on an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.

SECTION 6.04 Waiver of Defaults.

                  Subject to Sections 6.07 and 9.02, the Holders of a majority
in principal amount of the then outstanding Securities of any series or of all
series (acting as one class) by notice to the Trustee may waive an existing or
past Default or Event of Default with respect to that series

                                       38
<PAGE>

or all series, as the case may be, and its consequences (including waivers
obtained in connection with a tender offer or exchange offer for Securities of
that series or all series or a solicitation of consents in respect of Securities
of that series or all series, provided that in each case that offer or
solicitation is made to all Holders of then outstanding Securities of that
series or all series (but the terms of that offer or solicitation may vary from
series to series)), except (1) a continuing Default or Event of Default in the
payment of the principal of, or premium, if any, or interest on or any
Additional Amounts with respect to any Security or (2) a continued Default in
respect of a provision that under Section 9.02 cannot be amended or supplemented
without the consent of each Holder affected. Upon any such waiver, that Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereon.

SECTION 6.05 Control by Majority.

                  With respect to Securities of any series, the Holders of a
majority in principal amount of the then outstanding Securities of that series
may direct in writing the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on it relating to or arising under an Event of Default described in
clause (1), (2), (3) or (7) of Section 6.01, and with respect to all Securities,
the Holders of a majority in principal amount of all the then outstanding
Securities affected may direct in writing the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on it not relating to or arising under such an
Event of Default. However, the Trustee may refuse to follow any direction that
conflicts with applicable law or this Indenture, that the Trustee determines may
be unduly prejudicial to the rights of other Holders, or that may involve the
Trustee in personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with that
direction. Prior to taking any action hereunder, the Trustee shall be entitled
to indemnification satisfactory to it in its sole discretion from Holders
directing the Trustee against all losses and expenses caused by taking or not
taking that action.

SECTION 6.06 Limitations on Suits.

                  Subject to Section 6.07 hereof, a Holder of a Security of any
series may pursue a remedy with respect to this Indenture or the Securities of
that series only if:

                  (1) the Holder gives to the Trustee written notice of a
         continuing Event of Default with respect to that series;

                  (2) the Holders of at least 25% in principal amount of the
         then outstanding Securities of that series make a written request to
         the Trustee to pursue the remedy;

                  (3) such Holder or Holders offer (and, if accepted, furnish)
         to the Trustee indemnity reasonably satisfactory to the Trustee against
         any loss, liability or expense;

                  (4) the Trustee does not comply with the request within 60
         days after receipt of the request and the offer of indemnity; and

                                       39
<PAGE>

                  (5) during that 60-day period, the Holders of a majority in
         principal amount of the Securities of that series do not give the
         Trustee a direction inconsistent with the request.

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

SECTION 6.07 Rights of Holders to Receive Payment.

                  Notwithstanding any other provision of this Indenture, the
right of any Holder of a Security to receive payment of principal of and
premium, if any, and interest on and any Additional Amounts with respect to that
Security, on or after the respective due dates expressed in that Security, or to
bring suit for the enforcement of any such payment on or after those respective
dates, is absolute and unconditional and shall not be impaired or affected
without the consent of the Holder.

SECTION 6.08 Collection Suit by Trustee.

                  If an Event of Default specified in clause (1) or (2) of
Section 6.01 hereof occurs and is continuing with respect to Securities of any
series, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the amount of principal,
premium (if any), interest and any Additional Amounts remaining unpaid on the
Securities of that series, and interest on overdue principal and premium, if
any, and, to the extent lawful, interest on overdue interest, and such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

SECTION 6.09 Trustee May File Proofs of Claim.

                  The Trustee is authorized to file such proofs of claim and
other papers or documents and to take such actions, including participating as a
member, voting or otherwise, of any committee of creditors, as may be necessary
or advisable to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and the Holders allowed in any judicial proceeding
relative to the Company or its creditors or properties and shall be entitled and
empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any Bankruptcy Custodian in any such
judicial proceeding is hereby authorized by each Holder to make those payments
to the Trustee, and in the event that the Trustee shall consent to the making of
those payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties which the Holders of the Securities may
be entitled to receive in that proceeding whether in liquidation or under any
plan of reorganization or arrangement or otherwise. Nothing

                                       40
<PAGE>

herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

SECTION 6.10 Priorities.

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

                  First: to the Trustee for amounts due under Section 7.07;

                  Second: to Holders for amounts due and unpaid on the
         Securities in respect of which or for the benefit of which that money
         has been collected, for principal, premium (if any), interest and any
         Additional Amounts ratably, without preference or priority of any kind,
         according to the amounts due and payable on those Securities for
         principal, premium (if any), interest and any Additional Amounts,
         respectively; and

                  Third: to the Company.

                  The Trustee, on prior written notice to the Company, may fix
record dates and payment dates for any payment to Holders pursuant to this
Article VI.

                  To the fullest extent allowed under applicable law, if for the
purpose of obtaining a judgment against the Company in any court it is necessary
to convert the sum due in respect of the principal of, premium (if any) or
interest on or Additional Amounts with respect to the Securities of any series
(the "Required Currency") into a currency in which a judgment will be rendered
(the "Judgment Currency"), the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the
Business Day in the City of New York next preceding that on which final judgment
is given. Neither the Company nor the Trustee shall be liable for any shortfall
nor shall it benefit from any windfall in payments to Holders of Securities
under this Section 6.10 caused by a change in exchange rates between the time
the amount of a judgment against it is calculated as above and the time the
Trustee converts the Judgment Currency into the Required Currency to make
payments under this Section to Holders of Securities, but payment of that
judgment shall discharge all amounts owed by the Company on the claim or claims
underlying that judgment.

SECTION 6.11 Undertaking for Costs.

                  In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than
10% in principal amount of the then outstanding Securities of any series.

                                       41
<PAGE>

                                   ARTICLE VII
                                     TRUSTEE

SECTION 7.01 Duties of Trustee.

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

                  (b) Except during the continuance of an Event of Default with
         respect to the Securities of any series:

                  (1) the Trustee need perform only those duties that are
         specifically set forth in this Indenture and no others, and no implied
         covenants or obligations shall be read into this Indenture against the
         Trustee; and

                  (2) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, on certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture. However, the Trustee shall examine those certificates
         and opinions to determine whether, on their face, they appear to
         conform to the requirements of this Indenture.

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

                  (1) this paragraph does not limit the effect of Section
         7.01(b);

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

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

                  (d) Whether or not therein expressly so provided, every
         provision of this Indenture that in any way relates to the Trustee is
         subject to the provisions of this Section 7.01.

                  (e) No provision of this Indenture shall require the Trustee
         to expend or risk its own funds or incur any liability. The Trustee may
         refuse to perform any duty or exercise any right or power unless it
         receives indemnity reasonably satisfactory to it against any loss,
         liability or expense.

                                       42
<PAGE>

                  (f) The Trustee shall not be liable for interest on any money
         received by it except as the Trustee may agree in writing with the
         Company. Money held in trust by the Trustee need not be segregated from
         other funds except to the extent required by law. All money received by
         the Trustee with respect to Securities of any series shall, until
         applied as herein provided, be held in trust for the payment of the
         principal of, premium (if any) and interest on and Additional Amounts
         with respect to the Securities of that series.

SECTION 7.02 Rights of Trustee.

                  (a) The Trustee may rely on any document believed by it to be
         genuine and to have been signed or presented by the proper Person. The
         Trustee need not investigate any fact or matter stated in any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, security or other
         paper or document.

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

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

                  (d) The Trustee shall not be liable for any action it takes or
         omits to take in good faith which it believes to be authorized or
         within its rights or powers conferred on it by this Indenture.

                  (e) Unless otherwise specifically provided in this Indenture,
         any demand, request, direction or notice from the Company shall be
         sufficient if signed by an Officer of the Company.

SECTION 7.03 May Hold Securities.

                  The Trustee in its individual or any other capacity may become
the owner or pledgee of Securities and may otherwise deal with the Company or
any of its Affiliates with the same rights it would have if it were not Trustee.
Any Agent may do the same with like rights and duties. However, the Trustee is
subject to Sections 7.10 and 7.11.

SECTION 7.04 Trustee's Disclaimer.

                  The Trustee makes no representation as to the validity or
adequacy of this Indenture or the Securities; it shall not be accountable for
the Company's use of the proceeds from the Securities or any money paid to the
Company or upon the Company's direction under any provision hereof; it shall not
be responsible for the use or application of any money received

                                       43
<PAGE>

by any Paying Agent other than the Trustee; and it shall not be responsible for
any statement or recital herein or any statement in the Securities other than
its certificate of authentication.

SECTION 7.05 Notice of Defaults.

                  If a Default or Event of Default with respect to the
Securities of any series occurs and is continuing and it is actually known to
the Trustee, the Trustee shall mail to Holders of Securities of that series a
notice of the Default or Event of Default within 90 days after it occurs. Except
in the case of a Default or Event of Default in payment of principal of, premium
(if any) and interest on and Additional Amounts or any sinking fund installment
with respect to the Securities of that series, the Trustee may withhold the
notice if and so long as a committee of its Trust Officers in good faith
determines that withholding the notice is in the interests of Holders of
Securities of that series.

SECTION 7.06 Reports by Trustee to Holders.

                  Within 60 days after each May 15 of each year after the
execution of this Indenture, the Trustee shall mail to Holders of a series and
the Company a brief report dated as of that reporting date that complies with
TIA Section 313(a); provided, however, that if no event described in TIA Section
313(a) has occurred within the twelve months preceding the reporting date with
respect to a series, no report need be transmitted to Holders of that series.
The Trustee also shall comply with TIA Section 313(b). The Trustee shall also
transmit by mail all reports if and as required by TIA Sections 313(c) and
313(d).

                  A copy of each report at the time of its mailing to Holders of
a series of Securities shall be filed by the Company with the SEC and each
securities exchange, if any, on which the Securities of that series are listed.
The Company shall notify the Trustee if and when any series of Securities is
listed on any securities exchange.

SECTION 7.07 Compensation and Indemnity.

                  The Company agrees to pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and services
hereunder. The Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company agrees to reimburse
the Trustee on request for all reasonable disbursements, advances and expenses
incurred by it. Those expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee's agents and counsel.

                  The Company hereby indemnifies the Trustee against any loss,
liability or expense incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, except as set
forth in the next paragraph. The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel, and the Company shall pay the reasonable fees and expenses of that
counsel. The Company need not pay for any settlement made without its consent.

                  The Company shall not be obligated to reimburse any expense or
indemnify against any loss or liability incurred by the Trustee through
negligence or bad faith.

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<PAGE>

                  To secure the payment obligations of the Company in this
Section 7.07, the Trustee shall have a lien prior to the Securities on all money
or property held or collected by the Trustee, except that held in trust to pay
principal of, premium (if any) and interest on and any Additional Amounts with
respect to the Securities of any series. That lien shall survive the
satisfaction and discharge of this Indenture.

                  When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and
the compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

                  Each and every remedy, power, right, claim, demand, cause of
action, and immunity intended by this Indenture to be exercised by or vested in
the Trustee shall be exercisable by and vested in any other role the Trustee may
serve under this Indenture.

SECTION 7.08 Replacement of Trustee.

                  A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only on the successor Trustee's
acceptance of appointment as provided in this Section 7.08.

                  The Trustee may resign and be discharged at any time with
respect to the Securities of one or more series by so notifying the Company. The
Holders of a majority in principal amount of the then outstanding Securities of
any series may remove the Trustee with respect to the Securities of that series
by so notifying the Trustee and the Company. The Company may remove the Trustee
if:

                  (1) the Trustee fails to comply with Section 7.10;

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

                  (3) a Bankruptcy Custodian or public officer takes charge of
         the Trustee or its property; or

                  (4) the Trustee otherwise becomes incapable of acting.

                  If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, with respect to the Securities of one or
more series, the Company shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that
any such successor Trustee may be appointed with respect to the Securities of
one or more or all of those series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series). Within one
year after the successor Trustee with respect to the Securities of any series
takes office, the Holders of a majority in principal amount of the Securities of
that series may appoint a successor Trustee to replace the successor Trustee
appointed by the Company.

                  If a successor Trustee with respect to the Securities of any
series does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the

                                       45
<PAGE>

Company or the Holders of at least 10% in principal amount of the then
outstanding Securities of that series may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of that series.

                  If the Trustee with respect to the Securities of a series
fails to comply with Section 7.10, any Holder of Securities of that series may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee with respect to the Securities of that
series.

                  In case of the appointment of a successor Trustee with respect
to all Securities, each such successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the retiring Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to
the lien provided for in Section 7.07.

                  In case of the appointment of a successor Trustee with respect
to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
(but not all) series shall execute and deliver an indenture supplemental hereto
in which each successor Trustee shall accept that appointment and that (1) shall
confer to each successor Trustee all the rights, powers and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of that successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall confirm that all the
rights, powers and duties of the retiring Trustee with respect to the Securities
of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee and (3) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee.
Nothing herein or in that supplemental indenture shall constitute those Trustees
co-trustees of the same trust, and each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee. Upon the execution and delivery of that
supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, and each such successor Trustee
shall have all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of
that successor Trustee relates. On the request of the Company or any successor
Trustee, that retiring Trustee shall transfer to that successor Trustee all
property held by that retiring Trustee as Trustee with respect to the Securities
of that or those series to which the appointment of that successor Trustee
relates.

                  Notwithstanding replacement of the Trustee or Trustees
pursuant to this Section 7.08, the obligations of the Company under Section 7.07
shall continue for the benefit of the retiring Trustee or Trustees.

                                       46
<PAGE>

SECTION 7.09 Successor Trustee by Merger, etc.

                  Subject to Section 7.10, if the Trustee consolidates, merges
or converts into, or transfers all or substantially all of its corporate trust
business to, another corporation, the successor corporation without any further
act shall be the successor Trustee; provided, however, that in the case of a
transfer of all or substantially all of its corporate trust business to another
corporation, the transferee corporation expressly assumes all of the Trustee's
liabilities hereunder.

                  In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to that authenticating Trustee may adopt that authentication and
deliver the Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee may
authenticate those Securities either in the name of any predecessor hereunder or
in the name of the successor to the Trustee; and in all those cases those
certificates shall have the full force which it is anywhere in the Securities or
in this Indenture provided that the certificate of the Trustee shall have.

SECTION 7.10 Eligibility; Disqualification.

                  There shall at all times be a Trustee hereunder which shall be
a corporation organized and doing business under the laws of the United States,
any State thereof or the District of Columbia and authorized under those laws to
exercise corporate trust power, shall be subject to supervision or examination
by Federal or State (or the District of Columbia) authority and shall have, or
be a Subsidiary of a bank or bank holding company having, a combined capital and
surplus of at least $50 million as set forth in its most recent published annual
report of condition.

                  The Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is
subject to and shall comply with the provisions of TIA Section 310(b) during the
period of time required by this Indenture. Nothing in this Indenture shall
prevent the Trustee from filing with the SEC the application referred to in the
penultimate paragraph of TIA Section 310(b).

SECTION 7.11 Preferential Collection of Claims Against Company.

                  The Trustee is subject to and shall comply with the provisions
of TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). A Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein.

                                  ARTICLE VIII
                             DISCHARGE OF INDENTURE

SECTION 8.01 Termination of Company's Obligations.

                  (a) This Indenture shall cease to be of further effect with
respect to the Securities of a series (except as to any surviving rights of
conversion or of registration of transfer or exchange of Securities expressly
provided for herein and except that the Company's

                                       47
<PAGE>

obligations under Section 7.07, the Trustee's and Paying Agent's obligations
under Section 8.03 and the rights, powers, protections and privileges accorded
the Trustee under Article VII shall survive), and the Trustee, on demand of the
Company, shall execute proper instruments acknowledging the satisfaction and
discharge of this Indenture with respect to the Securities of that series, when:

                  (1) either

                           (A) all outstanding Securities of that series
                  theretofore authenticated and issued (other than destroyed,
                  lost or stolen Securities that have been replaced or paid)
                  have been delivered to the Trustee for cancellation; or

                           (B) all outstanding Securities of that series not
                  theretofore delivered to the Trustee for cancellation:

                           (i) have become due and payable, or

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

                           (iii) are to be called for redemption within one year
                  under arrangements satisfactory to the Trustee for the giving
                  of notice of redemption by the Trustee in the name, and at the
                  expense, of the Company,

                  and, in the case of clause (i), (ii) or (iii) above, the
                  Company has irrevocably deposited or caused to be deposited
                  with the Trustee as funds (immediately available to the
                  Holders in the case of clause (i)) in trust for that purpose
                  (x) cash in an amount, or (y) Government Obligations, maturing
                  as to principal and interest at such times and in such amounts
                  as will ensure the availability of cash in an amount or (z) a
                  combination thereof, which will be sufficient, in the opinion
                  (in the case of clauses (y) and (z)) of a nationally
                  recognized firm of independent public accountants expressed in
                  a written certification thereof delivered to the Trustee, to
                  pay and discharge the entire indebtedness on the Securities of
                  that series for principal and any interest and any Additional
                  Amounts to the date of that deposit (in the case of Securities
                  which have become due and payable) or for principal, premium,
                  if any, interest and any Additional Amounts to the Stated
                  Maturity or Redemption Date, as the case may be; or

                           (C) the Company has properly fulfilled such other
                  means of satisfaction and discharge as is specified, as
                  contemplated by Section 2.01, to be applicable to the
                  Securities of that series;

                  (2) the Company has paid or caused to be paid all other sums
         payable by it hereunder with respect to the Securities of that series;
         and

                  (3) the Company has delivered to the Trustee an Officers'
         Certificate stating that all conditions precedent to satisfaction and
         discharge of this Indenture with respect to

                                       48
<PAGE>

         the Securities of that series have been complied with, together with an
         Opinion of Counsel to the same effect.

                  (b) Unless this Section 8.01(b) is specified as not being
         applicable to Securities of a series as contemplated by Section 2.01,
         the Company may terminate certain of its obligations under this
         Indenture ("covenant defeasance") with respect to the Securities of a
         series if:

                  (1) the Company has irrevocably deposited or caused to be
         irrevocably deposited with the Trustee as trust funds in trust for the
         purpose of making the following payments, specifically pledged as
         security for and dedicated solely to the benefit of the Holders of
         Securities of that series, (i) money in the currency in which payment
         of the Securities of that series is to be made in an amount, or (ii)
         Government Obligations with respect to that series, maturing as to
         principal and interest at such times and in such amounts as will ensure
         the availability of money in the currency in which payment of the
         Securities of that series is to be made in an amount or (iii) a
         combination thereof, that is sufficient, in the opinion (in the case of
         clauses (ii) and (iii)) of a nationally recognized firm of independent
         public accountants expressed in a written certification thereof
         delivered to the Trustee, to pay the principal of and premium (if any)
         and interest on and any Additional Amounts with respect to all
         Securities of that series on each date that such principal, premium (if
         any), interest or Additional Amounts are due and payable and (at the
         Stated Maturity thereof or on redemption as provided in Section
         8.01(e)) to pay all other sums payable by it hereunder; provided that
         the Trustee shall have been irrevocably instructed to apply that money
         and/or the proceeds of those Government Obligations to the payment of
         said principal, premium (if any), interest and Additional Amounts with
         respect to the Securities of that series as the same shall become due;

                  (2) the Company has delivered to the Trustee an Officers'
         Certificate stating that all conditions precedent to satisfaction and
         discharge of this Indenture with respect to the Securities of that
         series have been complied with, and an Opinion of Counsel to the same
         effect;

                  (3) no Default or Event of Default with respect to the
         Securities of that series shall have occurred and be continuing on the
         date of that deposit;

                  (4) the Company shall have delivered to the Trustee an Opinion
         of Counsel from counsel reasonably acceptable to the Trustee or a tax
         ruling to the effect that the Holders of Securities of that series will
         not recognize income, gain or loss for Federal income tax purposes as a
         result of the Company's exercise of its option under this Section
         8.01(b) and will be subject to Federal income tax on the same amount
         and in the same manner and at the same times as would have been the
         case if that option had not been exercised;

                  (5) the Company has complied with any additional conditions
         specified pursuant to Section 2.01 to be applicable to the discharge of
         Securities of that series pursuant to this Section 8.01; and

                                       49
<PAGE>

                  (6) that deposit and discharge shall not cause the Trustee to
         have a conflicting interest as defined in TIA Section 310(b).

                  In that event, this Indenture shall cease to be of further
effect (except as set forth in this paragraph), and the Trustee, on demand of
the Company, shall execute proper instruments acknowledging satisfaction and
discharge under this Indenture. However, the Company's obligations in Sections
2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 5.01, 7.07, 7.08 and 8.04, the
Trustee's and Paying Agent's obligations in Section 8.03, any surviving rights
of conversion and the rights, powers, protections and privileges accorded the
Trustee under Article VII shall survive until all Securities of that series are
no longer outstanding. Thereafter, only the Company's obligations in Section
7.07 and the Trustee's and Paying Agent's obligations in Section 8.03 shall
survive with respect to Securities of that series.

                  After making the irrevocable deposit pursuant to this Section
8.01(b) and following satisfaction of the other conditions set forth herein, the
Trustee on request shall acknowledge in writing the discharge of the Company's
obligations under this Indenture with respect to the Securities of that series,
except for those surviving obligations specified above.

                  In order to have money available on a payment date to pay
principal of or premium (if any) or interest on or any Additional Amounts with
respect to the Securities, the Government Obligations shall be payable as to
principal or interest on or before that payment date in such amounts as will
provide the necessary money. Any such Government Obligations shall not be
callable at the issuer's option.

                  (c) If the Company has previously complied or is concurrently
         complying with Section 8.01(b) (other than any additional conditions
         specified pursuant to Section 2.01 that are expressly applicable only
         to covenant defeasance) with respect to Securities of a series, then,
         unless this Section 8.01(c) is specified as not being applicable to
         Securities of that series as contemplated by Section 2.01, the Company
         may elect to be discharged ("legal defeasance") from its obligations to
         make payments with respect to Securities of that series, if:

                  (1) no Default or Event of Default under clauses (5) and (6)
         of Section 6.01 hereof shall have occurred at any time during the
         period ending on the 91st day after the date of deposit contemplated by
         Section 8.01(b) (it being understood that this condition shall not be
         deemed satisfied until the expiration of that period);

                  (2) unless otherwise specified with respect to Securities of
         that series as contemplated by Section 2.01, the Company has delivered
         to the Trustee an Opinion of Counsel from counsel reasonably acceptable
         to the Trustee to the effect referred to in Section 8.01(b)(4) with
         respect to that legal defeasance, which opinion is based on (i) a
         private ruling of the Internal Revenue Service addressed to the
         Company, (ii) a published ruling of the Internal Revenue Service or
         (iii) a change in the applicable federal income tax law (including
         regulations) after the date of this Indenture;

                                       50
<PAGE>

                  (3) the Company has complied with any other conditions
         specified pursuant to Section 2.01 to be applicable to the legal
         defeasance of Securities of that series pursuant to this Section
         8.01(c); and

                  (4) the Company has delivered to the Trustee a Company Request
         requesting legal defeasance of the Securities of that series and an
         Officers' Certificate stating that all conditions precedent with
         respect to legal defeasance of the Securities of that series have been
         complied with, together with an Opinion of Counsel to the same effect.

                  In that event, the Company will be discharged from its
obligations under this Indenture and the Securities of that series to pay
principal of, premium (if any) and interest on, and any Additional Amounts with
respect to, Securities of that series, the Company's obligations under Sections
4.01, 4.02 and 5.01 shall terminate with respect to those Securities, and the
entire indebtedness of the Company evidenced by those Securities shall be deemed
paid and discharged; provided, however, that if those Securities are convertible
into Capital Stock of the Company, the rights of the Holders to effect
conversion and the related obligations of the Company shall remain in full force
and effect so long as such Securities are outstanding.

                  (d) If and to the extent additional or alternative means of
         satisfaction, discharge or defeasance of Securities of a series are
         specified to be applicable to that series as contemplated by Section
         2.01, the Company may terminate any or all of its obligations under
         this Indenture with respect to Securities of a series and any or all of
         its obligations under the Securities of that series if it fulfills such
         other means of satisfaction and discharge as may be so specified, as
         contemplated by Section 2.01, to be applicable to the Securities of
         that series.

                  (e) If Securities of any series subject to subsections (a),
         (b), (c) or (d) of this Section 8.01 are to be redeemed prior to their
         Stated Maturity, whether pursuant to any optional redemption provisions
         or in accordance with any mandatory or optional sinking fund
         provisions, the terms of the applicable trust arrangement shall provide
         for that redemption, and the Company shall make such arrangements as
         are reasonably satisfactory to the Trustee for the giving of notice of
         redemption by the Trustee in the name, and at the expense, of the
         Company.

SECTION 8.02 Application of Trust Money.

                  The Trustee or a trustee reasonably satisfactory to the
Trustee and the Company shall hold in trust money or Government Obligations
deposited with it pursuant to Section 8.01 hereof. It shall apply the deposited
money and the money from Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal of, premium (if any)
and interest on and any Additional Amounts with respect to the Securities of the
series with respect to which the deposit was made. Money and securities held in
trust are not subject to Article X.

                                       51
<PAGE>

SECTION 8.03 Repayment to Company.

                  The Trustee and the Paying Agent shall promptly pay to the
Company at any time on the written request of the Company any excess money or
Government Obligations (or proceeds therefrom) held by them.

                  Subject to the requirements of any applicable abandoned
property laws, the Trustee and the Paying Agent shall pay to the Company on
written request any money held by them for the payment of principal, premium (if
any), interest or any Additional Amounts that remain unclaimed for two years
after the date on which that payment shall have become due. After payment to the
Company, Holders entitled to the money must look to the Company for payment as
general creditors unless an applicable abandoned property law designates another
Person, and all liability of the Trustee and the Paying Agent with respect to
that money shall cease.

SECTION 8.04 Reinstatement.

                  If the Trustee or the Paying Agent is unable to apply any
money or Government Obligations deposited with respect to Securities of any
series in accordance with Section 8.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting that application, the
obligations of the Company under this Indenture with respect to the Securities
of that series and under the Securities of that series shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.01 until such
time as the Trustee or the Paying Agent is permitted to apply all such money or
Government Obligations in accordance with Section 8.01; provided, however, that
if the Company has made any payment of principal of, premium (if any) or
interest on or any Additional Amounts with respect to any Securities because of
the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of those Securities to receive such payment from the money
or Government Obligations held by the Trustee or the Paying Agent.

                                   ARTICLE IX
                     SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01 Without Consent of Holders.

                  The Company and the Trustee may amend or supplement this
Indenture or the Securities or waive any provision hereof or thereof without the
consent of any Holder:

                  (1) to cure any ambiguity, omission, defect or inconsistency;

                  (2) to comply with Section 5.01;

                  (3) to provide for uncertificated Securities in addition to or
         in place of certificated Securities, or to provide for the issuance of
         bearer Securities (with or without coupons);

                                       52
<PAGE>

                  (4) to provide any security for any series of Securities or to
         add guarantees of any series of Securities;

                  (5) to comply with any requirement in order to effect or
         maintain the qualification of this Indenture under the TIA;

                  (6) to add to the covenants of the Company for the benefit of
         the Holders of all or any series of Securities (and if those covenants
         are to be for the benefit of less than all series of Securities,
         stating that those covenants are expressly being included solely for
         the benefit of that series), or to surrender any right or power herein
         conferred on the Company;

                  (7) to add any additional Events of Default with respect to
         all or any series of the Securities (and, if any such Event of Default
         is applicable to less than all series of Securities, specifying the
         series to which that Event of Default is applicable);

                  (8) to change or eliminate any of the provisions of this
         Indenture; provided that any such change or elimination shall become
         effective only when there is no outstanding Security of any series
         created prior to the execution of that amendment or supplemental
         indenture that is adversely affected in any material respect by that
         change in or elimination of that provision;

                  (9) to establish the form or terms of Securities of any series
         as permitted by Section 2.01;

                  (10) to supplement any of the provisions of this Indenture to
         such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Section 8.01 or to make any other change; provided, however, that any
         such action shall not adversely affect the interest of the Holders of
         Securities of that series or any other series of Securities in any
         material respect; or

                  (11) to evidence and provide for the acceptance of appointment
         hereunder by a successor Trustee with respect to the Securities of one
         or more series and to add to or change any of the provisions of this
         Indenture as shall be necessary to provide for or facilitate the
         administration of the trusts hereunder by more than one Trustee,
         pursuant to the requirements of Section 7.08.

                  Upon the request of the Company, accompanied by a Board
Resolution, and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company
in the execution of any supplemental indenture authorized or permitted by the
terms of this Indenture and make any further appropriate agreements and
stipulations that may be therein contained.

SECTION 9.02 With Consent of Holders.

                  Except as provided below in this Section 9.02, the Company and
the Trustee may amend or supplement this Indenture with the written consent
(including consents obtained in connection with a tender offer or exchange offer
for Securities of any one or more series or all series or a solicitation of
consents in respect of Securities of any one or more series or all

                                       53
<PAGE>

series, provided that in each case that offer or solicitation is made to all
Holders of then outstanding Securities of each such series (but the terms of
that offer or solicitation may vary from series to series)) of the Holders of at
least a majority in principal amount of the then outstanding Securities of all
series affected by that amendment or supplement (acting as one class).

                  Upon the request of the Company, accompanied by a Board
Resolution, and upon the filing with the Trustee of evidence of the consent of
the Holders as aforesaid, and upon receipt by the Trustee of the documents
described in Section 9.06, the Trustee shall, subject to Section 9.06, join with
the Company in the execution of that amendment or supplemental indenture.

                  It shall not be necessary for the consent of the Holders under
this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if that consent approves the
substance thereof.

                  The Holders of a majority in principal amount of the then
outstanding Securities of one or more series or of all series may waive
compliance in a particular instance by the Company with any provision of this
Indenture with respect to Securities of that series (including waivers obtained
in connection with a tender offer or exchange offer for Securities of that
series or a solicitation of consents in respect of Securities of that series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of that series (but the terms of that offer or
solicitation may vary from series to series)).

                  However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not:

                  (1) reduce the amount of Securities whose Holders must consent
         to an amendment, supplement or waiver;

                  (2) reduce the rate of or change the time for payment of
         interest, including default interest, on any Security;

                  (3) reduce the principal of, premium on or any mandatory
         sinking fund payment with respect to, or change the Stated Maturity of,
         any Security or reduce the amount of the principal of an Original Issue
         Discount Security that would be due and payable on a declaration of
         acceleration of the Maturity thereof pursuant to Section 6.02;

                  (4) reduce the premium, if any, payable on the redemption of
         any Security or change the time at which any Security may or shall be
         redeemed;

                  (5) change any obligation of the Company to pay Additional
         Amounts with respect to any Security;

                  (6) change the coin or currency or currencies (including
         composite currencies) in which any Security or any premium, interest or
         Additional Amounts with respect thereto are payable;

                                       54
<PAGE>

                  (7) impair the right to institute suit for the enforcement of
         any payment of principal of, premium (if any) or interest on or any
         Additional Amounts with respect to any Security pursuant to Sections
         6.07 and 6.08, except as limited by Section 6.06;

                  (8) make any change in the percentage of principal amount of
         Securities necessary to waive compliance with certain provisions of
         this Indenture pursuant to Section 6.04 or 6.07 or make any change in
         this sentence of Section 9.02;

                  (9) modify the provisions of this Indenture with respect to
         the subordination of any Security in a manner adverse to the Holder
         thereof; or

                  (10) waive a continuing Default or Event of Default in the
         payment of principal of, premium (if any) or interest on or Additional
         Amounts with respect to the Securities.

                  An amendment under this Section may not make any change that
adversely affects the rights under Article X of any holder of an issue of Senior
Indebtedness of the Company unless the holders of the issue pursuant to its
terms consent to the change.

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

                  The right of any Holder to participate in any consent required
or sought pursuant to any provision of this Indenture (and the obligation of the
Company to obtain any such consent otherwise required from that Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Securities with respect to which that consent is required or sought as of
a date identified by the Company in a notice furnished to Holders in accordance
with the terms of this Indenture.

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

SECTION 9.03 Compliance with Trust Indenture Act.

                  Every amendment or supplement to this Indenture or the
Securities shall comply in form and substance with the TIA as then in effect.

SECTION 9.04 Revocation and Effect of Consents.

                  Until an amendment, supplement or waiver becomes effective, a
consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security, even if notation of the consent is not
made on any Security. However, any such Holder or subsequent

                                       55
<PAGE>

Holder may revoke the consent as to his or her Security or portion of a Security
if the Trustee receives written notice of revocation before the date the
amendment, supplement or waiver becomes effective. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

                  The Company may, but shall not be obligated to, fix a record
date (which need not comply with TIA Section 316(c)) for the purpose of
determining the Holders entitled to consent to any amendment, supplement or
waiver or to take any other action under this Indenture. If a record date is
fixed, then notwithstanding the provisions of the immediately preceding
paragraph, those Persons who were Holders at that record date (or their duly
designated proxies), and only those Persons, shall be entitled to consent to
that amendment, supplement or waiver or to revoke any consent previously given,
whether or not those Persons continue to be Holders after that record date. No
consent shall be valid or effective for more than 90 days after that record date
unless consents from Holders of the principal amount of Securities required
hereunder for that amendment or waiver to be effective shall have also been
given and not revoked within that 90-day period.

                  After an amendment, supplement or waiver becomes effective, it
shall bind every Holder, unless it is of the type described in any of clauses
(1) through (11) of Section 9.02 hereof. In that case, the amendment, supplement
or waiver shall bind each Holder who has consented to it and every subsequent
Holder that evidences the same debt as the consenting Holder's Security.

SECTION 9.05 Notation on or Exchange of Securities.

                  If an amendment or supplement changes the terms of an
outstanding Security, the Company may require the Holder of the Security to
deliver it to the Trustee. The Trustee may place an appropriate notation on the
Security at the request of the Company regarding the changed terms and return it
to the Holder. Alternatively, if the Company so determines, the Company in
exchange for the Security shall issue and the Trustee shall authenticate a new
Security that reflects the changed terms. Failure to make the appropriate
notation or to issue a new Security shall not affect the validity of that
amendment or supplement.

                  Securities of any series authenticated and delivered after the
execution of any amendment or supplement may, and shall if required by the
Company, bear a notation in form approved by the Company as to any matter
provided for in that amendment or supplement.

SECTION 9.06 Trustee to Sign Amendments, etc.

                  The Trustee shall sign any amendment or supplement authorized
pursuant to this Article if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, sign it. In signing or refusing to sign that
amendment or supplement, the Trustee shall be entitled to receive, and, subject
to Section 7.01 hereof, shall be fully protected in relying on, an Opinion of
Counsel provided at the expense of the Company as conclusive evidence that such
amendment or supplement is authorized or permitted by this Indenture, that it is
not inconsistent herewith, and that it will be valid and binding on the Company
in accordance with its terms.

                                       56
<PAGE>

                                    ARTICLE X
                                  SUBORDINATION

SECTION 10.01 Securities Subordinated to Senior Indebtedness.

                  The Company and each Holder of a Security, by his or her
acceptance thereof, agree that (a) the payment of the principal of, premium (if
any) and interest on and any Additional Amounts with respect to each and all the
Securities and (b) any other payment in respect of the Securities, including on
account of the acquisition or redemption of Securities by the Company, is
subordinated, to the extent and in the manner provided in this Article X, to the
prior payment in full of all Senior Indebtedness of the Company, whether
outstanding at the date of this Indenture or thereafter created, incurred,
assumed or guaranteed, and that these subordination provisions are for the
benefit of the holders of Senior Indebtedness of the Company.

                  Each Holder of a Security, by his or her acceptance thereof,
acknowledges and agrees that the provisions of this Article X are, and are
intended to be, an inducement and a consideration to all Persons who, in
reliance on such provisions, become holders of, or continue to hold, Senior
Indebtedness of the Company, and such provisions are made for the benefit of the
holders of Senior Indebtedness of the Company, and those holders are made
obligees hereunder, and any one or more of them may enforce such provisions.

SECTION 10.02 No Payment on Securities in Certain Circumstances.

                  (a) Unless otherwise specified with respect to Securities of a
         series as contemplated by Section 2.01, no payment shall be made by or
         on behalf of the Company on account of the principal of, premium (if
         any) or interest on or any Additional Amounts with respect to the
         Securities of any series or to acquire any of those Securities
         (including any repurchases of those Securities pursuant to the
         provisions thereof at the option of the Holder of those Securities) for
         cash or property (other than Junior securities of the Company), or on
         account of any redemption provisions of those Securities, in the event
         of default in payment of any principal of, premium (if any) or interest
         on any Designated Senior Indebtedness of the Company when the same
         becomes due and payable, whether at maturity or at a date fixed for
         prepayment or by declaration of acceleration or otherwise (a "Payment
         Default"), unless and until that Payment Default has been cured or
         waived or otherwise has ceased to exist.

                  (b) Unless otherwise specified with respect to Securities of a
         series as contemplated by Section 2.01, no payment shall be made by or
         on behalf of the Company on account of the principal of, premium (if
         any) or interest on or any Additional Amounts with respect to the
         Securities of any series or to acquire any of those Securities
         (including any repurchases of those Securities pursuant to the
         provisions thereof at the option of the Holder of those Securities) for
         cash or property (other than Junior securities of the Company), or on
         account of the redemption provisions of those Securities, in the event
         of any event of default (other than a Payment Default) with respect to
         any Designated Senior Indebtedness permitting the holders of that
         Designated Senior Indebtedness (or a trustee or other representative on
         behalf of the holders thereof) to declare that Designated

                                       57
<PAGE>

         Senior Indebtedness due and payable prior to the date on which it would
         otherwise have become due and payable, on written notice thereof to the
         Company and the Trustee by any holders of Designated Senior
         Indebtedness (or a trustee or other representative on behalf of the
         holders thereof) (the "Payment Blocking Notice"), unless and until that
         event of default shall have been cured or waived or otherwise has
         ceased to exist; provided, that such payments may not be prevented
         pursuant to this Section 10.02(b) for more than 179 days after an
         applicable Payment Blocking Notice has been received by the Trustee
         unless the Designated Senior Indebtedness in respect of which that
         event of default exists has been declared due and payable in its
         entirety, in which case no such payment may be made until that
         acceleration has been rescinded or annulled or that Designated Senior
         Indebtedness has been paid in full. Unless otherwise specified with
         respect to Securities of a series as contemplated by Section 2.01, no
         event of default that existed or was continuing on the date of any
         Payment Blocking Notice (whether or not that event of default is on the
         same issue of Designated Senior Indebtedness) may be made the basis for
         the giving of a second Payment Blocking Notice, and only one such
         Payment Blocking Notice may be given in any period of 365 consecutive
         days.

                  (c) In furtherance of the provisions of Section 10.01, in the
         event that, notwithstanding the foregoing provisions of this Section
         10.02, any payment or distribution of assets of the Company (other than
         Junior securities of the Company) shall be received by the Trustee or
         the Holders of the Securities of any series or any Paying Agent with
         respect thereto at a time when that payment or distribution was
         prohibited by the provisions of this Section 10.02, then, unless that
         payment or distribution is no longer prohibited by this Section 10.02,
         that payment or distribution (subject to the provisions of Section
         10.07) shall be received and held in trust by the Trustee or such
         Holders or Paying Agent for the benefit of the holders of Senior
         Indebtedness of the Company, and shall be paid or delivered by the
         Trustee or such Holders or Paying Agent, as the case may be, to the
         holders of Senior Indebtedness of the Company remaining unpaid or
         unprovided for or their representative or representatives, or to the
         trustee or trustees under any indenture pursuant to which any
         instruments evidencing that Senior Indebtedness of the Company may have
         been issued, ratably, according to the aggregate amounts remaining
         unpaid on account of that Senior Indebtedness of the Company held or
         represented by each, for application to the payment of all Senior
         Indebtedness of the Company in full after giving effect to all
         concurrent payments and distributions to or for the holders of that
         Senior Indebtedness.

SECTION 10.03 Securities Subordinated to Prior Payment of All Senior
     Indebtedness on Dissolution, Liquidation or Reorganization.

                  Upon any distribution of assets of the Company or upon any
dissolution, winding up, total or partial liquidation or reorganization of the
Company, whether voluntary or involuntary, in bankruptcy, insolvency,
receivership or similar proceeding or upon assignment for the benefit of
creditors:

                  (a) the holders of all Senior Indebtedness of the Company
         shall first be entitled to receive payments in full before the Holders
         of Securities of any series are entitled to receive any payment (other
         than in the form of Junior securities of the

                                       58
<PAGE>

         Company) on account of the principal of, premium (if any) or interest
         on or any Additional Amounts with respect to those Securities;

                  (b) any payment or distribution of assets of the Company of
         any kind or character, whether in cash, property or securities (other
         than Junior securities of the Company), to which the Holders of
         Securities of any series or the Trustee on behalf of those Holders
         would be entitled, except for the provisions of this Article X, shall
         be paid by the liquidating trustee or agent or other Person making such
         a payment or distribution directly to the holders of that Senior
         Indebtedness or their representative, ratably according to the
         respective amounts of Senior Indebtedness held or represented by each,
         to the extent necessary to make payment in full of all that Senior
         Indebtedness remaining unpaid after giving effect to all concurrent
         payments and distributions to the holders of that Senior Indebtedness;
         and

                  (c) in the event that, notwithstanding the foregoing, any
         payment or distribution of assets of the Company of any kind or
         character, whether in cash, property or securities (other than Junior
         securities of the Company), shall be received by the Trustee or the
         Holders of Securities of any series or any Paying Agent with respect
         thereto (or, if the Company or any Affiliate of the Company is acting
         as its own Paying Agent, money for any such payment or distribution
         shall be segregated or held in trust) on account of the principal of,
         premium (if any) or interest on or any Additional Amounts with respect
         to the Securities of that series before all Senior Indebtedness of the
         Company is paid in full, that payment or distribution (subject to the
         provisions of Section 10.07) shall be received and held in trust by the
         Trustee or such Holder or Paying Agent for the benefit of the holders
         of that Senior Indebtedness, or their respective representatives,
         ratably according to the respective amounts of that Senior Indebtedness
         held or represented by each, to the extent necessary to make payment as
         provided herein of all that Senior Indebtedness remaining unpaid after
         giving effect to all concurrent payments and distributions and all
         provisions therefor to or for the holders of that Senior Indebtedness,
         but only to the extent that as to any holder of that Senior
         Indebtedness, as promptly as practical following notice from the
         Trustee to the holders of that Senior Indebtedness that such prohibited
         payment has been received by the Trustee, Holder(s) or Paying Agent (or
         has been segregated as provided above), that holder (or a
         representative therefor) notifies the Trustee of the amounts then due
         and owing on that Senior Indebtedness, if any, held by that holder, and
         only the amounts specified in those notices to the Trustee shall be
         paid to the holders of that Senior Indebtedness.

SECTION 10.04 Subrogation to Rights of Holders of Senior Indebtedness.

                  Subject to the payment in full of all Senior Indebtedness of
the Company as provided herein, the Holders of the Securities shall be
subrogated (to the extent of the payments or distributions made to the holders
of that Senior Indebtedness pursuant to the provisions of this Article X) to the
rights of the holders of that Senior Indebtedness to receive payments or
distributions of assets of the Company applicable to that Senior Indebtedness
until all amounts owing on the Securities shall be paid in full. For the purpose
of that subrogation, no such payments or distributions to the holders of that
Senior Indebtedness by the Company, or by or on behalf of the Holders of the
Securities by virtue of this Article X, which otherwise would have

                                       59
<PAGE>

been made to those Holders shall, as among the Company, its creditors other than
the holders of Senior Indebtedness of the Company and those Holders, be deemed
to be payment by the Company or on account of that Senior Indebtedness, it being
understood that the provisions of this Article X are and are intended solely for
the purpose of defining the relative rights of the Holders of the Securities, on
the one hand, and the holders of that Senior Indebtedness, on the other hand.

                  If any payment or distribution to which the Holders of the
Securities would otherwise have been entitled but for the provisions of this
Article X shall have been applied, pursuant to the provisions of this Article X,
to the payment of amounts payable under Senior Indebtedness of the Company, then
those Holders shall be entitled to receive from the holders of that Senior
Indebtedness any payments or distributions received by those holders of Senior
Indebtedness of the Company in excess of the amount sufficient to pay all
amounts payable under or in respect of that Senior Indebtedness in full.

SECTION 10.05 Obligations of the Company Unconditional.

                  Nothing contained in this Article X or elsewhere in this
Indenture or in the Securities is intended to or shall impair, as between the
Company and the Holders of the Securities of any series, the obligation of the
Company, which is absolute and unconditional, to pay to those Holders the
principal of, premium (if any) and interest on and any Additional Amounts with
respect to the Securities of that series as and when the same shall become due
and payable in accordance with their terms, or is intended to or shall affect
the relative rights of those Holders and creditors of the Company other than the
holders of Senior Indebtedness of the Company, nor shall anything herein or
therein prevent the Trustee or any Holder from exercising all remedies otherwise
permitted by applicable law on default under this Indenture, subject to the
rights, if any, under this Article X, of the holders of Senior Indebtedness of
the Company in respect of cash, property or securities of the Company received
on the exercise of any such remedy. Notwithstanding anything to the contrary in
this Article X or elsewhere in this Indenture or in the Securities, on any
distribution of assets of the Company referred to in this Article X, the
Trustee, subject to the provisions of Sections 7.01 and 7.02, and the Holders of
the Securities shall be entitled to rely on any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up,
liquidation or reorganization proceedings are pending, or a certificate of the
liquidating trustee or agent or other Person making any distribution to the
Trustee or to those Holders for the purpose of ascertaining the Persons entitled
to participate in that distribution, the holders of Senior Indebtedness of the
Company and other Indebtedness of the Company, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article X so long as that court has been apprised
of the provisions of, or the order, decree or certificate makes reference to,
the provisions of this Article X.

SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence of
     Notice.

                  The Trustee shall not at any time be charged with knowledge of
the existence of any facts that would prohibit the making of any payment to or
by the Trustee unless and until a Responsible Officer of the Trustee or any
Paying Agent shall have received, no later than two Business Days prior to that
payment, written notice thereof from the Company or from one or

                                       60
<PAGE>

more holders of Senior Indebtedness of the Company or from any representative
therefor and, prior to the receipt of any such written notice, the Trustee,
subject to the provisions of Sections 7.01 and 7.02, shall be entitled in all
respects conclusively to assume that no such fact exists.

SECTION 10.07 Application by Trustee of Amounts Deposited with It.

                  Amounts deposited in trust with the Trustee pursuant to and in
accordance with Article VIII shall be for the sole benefit of Holders of the
Securities of the series for the benefit of which those amounts were deposited,
and, to the extent allocated for the payment of Securities of that series, shall
not be subject to the subordination provisions of this Article X. Otherwise, any
deposit of assets with the Trustee or the Paying Agent (whether or not in trust)
for the payment of principal of, premium (if any) or interest on or any
Additional Amounts with respect to any Securities shall be subject to the
provisions of Sections 10.01, 10.02, 10.03 and 10.04; provided that if prior to
two Business Days preceding the date on which by the terms of this Indenture any
such assets may become distributable for any purpose (including, without
limitation, the payment of either principal of, premium (if any) or interest on
or any Additional Amounts with respect to any Security), the Trustee or such
Paying Agent shall not have received with respect to those assets the written
notice provided for in Section 10.06, then the Trustee or such Paying Agent
shall have full power and authority to receive those assets and to apply the
same to the purpose for which they were received, and shall not be affected by
any notice to the contrary that may be received by it on or after that date; and
provided further that nothing contained in this Article X shall prevent the
Company from making, or the Trustee from receiving or applying, any payment in
connection with the redemption of Securities if the first publication of notice
of that redemption (whether by mail or otherwise in accordance with this
Indenture) has been made, and the Trustee has received that payment from the
Company, prior to the occurrence of any of the contingencies specified in
Section 10.02 or 10.03.

SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the
     Company or Holders of Senior Indebtedness.

                  No right of any present or future holders of any Senior
Indebtedness of the Company to enforce the subordination provisions contained in
this Article X shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the
terms of this Indenture, regardless of any knowledge thereof that any such
holder may have or be otherwise charged with. The holders of Senior Indebtedness
of the Company may extend, renew, modify or amend the terms of the Senior
Indebtedness or any security therefor and release, sell or exchange that
security and otherwise deal freely with the Company, all without affecting the
liabilities and obligations of the parties to this Indenture or the Holders of
the Securities.

SECTION 10.09 Trustee to Effectuate Subordination of Securities.

                  Each Holder of a Security by his acceptance thereof authorizes
and expressly directs the Trustee on his behalf to take such action as may be
necessary or appropriate to effectuate the subordination provisions contained in
this Article X and to protect the rights of the Holders of the Securities
pursuant to this Indenture, and appoints the Trustee his attorney-in-fact

                                       61
<PAGE>

for that purpose, including, in the event of any dissolution, winding up,
liquidation or reorganization of the Company (whether in bankruptcy, insolvency
or receivership proceedings or upon an assignment for the benefit of creditors
of the Company), the filing of a claim for the unpaid balance of his Securities
in the form required in said proceedings and cause said claim to be approved. If
the Trustee does not file a proper claim or proof of debt in the form required
in that proceeding prior to 30 days before the expiration of the time to file
such claim or claims, then the holders of Senior Indebtedness of the Company or
their representative is hereby authorized to have the right to file and is
hereby authorized to file an appropriate claim for and on behalf of the Holders
of said Securities. Nothing herein contained shall be deemed to authorize the
Trustee or the holders of Senior Indebtedness of the Company or their
representative to authorize or consent to or accept or adopt on behalf of any
Holder of Securities any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee or the holders of Senior Indebtedness of the Company or
their representative to vote in respect of the claim of any Holder of the
Securities in any such proceeding.

SECTION 10.10 Right of Trustee to Hold Senior Indebtedness.

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

SECTION 10.11 Article X Not to Prevent Events of Default.

                  The failure to make a payment on account of principal of or
premium (if any) or interest on or any Additional Amounts with respect to the
Securities by reason of any provision of this Article X shall not be construed
as preventing the occurrence of a Default or an Event of Default under Section
6.01 or in any way prevent the Holders of the Securities from exercising any
right hereunder other than the right to receive payment on the Securities. The
Company shall promptly notify holders of Senior Indebtedness if payment of the
Securities is accelerated due to an Event of Default, provided that the
Company's failure to provide such notice shall not diminish the rights of
holders of Senior Indebtedness hereunder.

SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Indebtedness.

                  The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Indebtedness of the Company, and shall not be liable to
any of those holders (other than for its willful misconduct or gross negligence)
if it shall in good faith mistakenly pay over or distribute to the Holders of
the Securities or the Company or any other Person, cash, property or securities
to which any holders of Senior Indebtedness of the Company shall be entitled by
virtue of this Article X or otherwise. Nothing in this Section 10.12 shall
affect the obligation of any other such Person to hold that payment for the
benefit of, and to pay that payment over to, the holders of Senior Indebtedness
of the Company or their representative.

                                       62
<PAGE>

SECTION 10.13 Article Applicable to Paying Agent.

                  In case at any time any Paying Agent other than the Trustee
shall have been appointed by the Company and be then acting hereunder, the term
"Trustee" as used in this Article X shall in that case (unless the context shall
otherwise require) be construed as extending to and including that Paying Agent
within its meaning as fully for all intents and purposes as if that Paying Agent
were named in this Article in addition to or in place of the Trustee; provided,
however, that this Section 10.13 shall not apply to the Company or any Affiliate
of the Company if it or that Affiliate acts as Paying Agent.

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.01 Trust Indenture Act Controls.

                  If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by operation of TIA Section 318(c), the
imposed duties shall control.

SECTION 11.02 Notices.

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

                  If to the Company:

                  EGL, Inc.
                  15350 Vickery Drive
                  Houston, Texas 77032
                  Facsimile (281) 618-3423
                  Attention: Chief Financial Officer

                  If to the Trustee:

                  JPMorgan Chase Bank
                  600 Travis, 11th Floor
                  Houston, Texas 77002
                  Facsimile (713) 577-5200
                  Attention: Institutional Trust Services

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

                                       63
<PAGE>

                  All notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if by facsimile; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.

                  Any notice or communication to a Holder shall be mailed by
first-class mail, postage prepaid, to the Holder's address shown on the register
kept by the Registrar. Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other Holders.

                  If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee
receives it, except in the case of notice to the Trustee, it is duly given only
when received.

                  If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

                  All notices or communications, including without limitation
notices to the Trustee or the Company by Holders, shall be in writing, except as
otherwise set forth herein.

                  In case by reason of the suspension of regular mail service,
or by reason of any other cause, it shall be impossible to mail any notice
required by this Indenture, then such method of notification as shall be made
with the approval of the Trustee shall constitute a sufficient mailing of that
notice.

SECTION 11.03 Communication by Holders with Other Holders.

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

SECTION 11.04 Certificate and Opinion as to Conditions Precedent.

                  Upon any request or application by the Company to the Trustee
to take any action under this Indenture, the Company shall, if requested by the
Trustee, furnish to the Trustee at the expense of the Company:

                  (1) an Officers' Certificate (which shall include the
         statements set forth in Section 11.05) stating that, in the opinion of
         the signers, all conditions precedent and covenants, if any, provided
         for in this Indenture relating to the proposed action have been
         complied with; and

                  (2) an Opinion of Counsel (which shall include the statements
         set forth in Section 11.05 hereof) stating that, in the opinion of that
         counsel, all those conditions precedent and covenants have been
         complied with.

                                       64
<PAGE>

SECTION 11.05 Statements Required in Certificate or Opinion.

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

                  (1) a statement that the Person making that certificate or
         opinion has read that covenant or condition;

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

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

                  (4) a statement as to whether or not, in the opinion of that
         Person, that condition or covenant has been complied with.

SECTION 11.06 Rules by Trustee and Agents.

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

SECTION 11.07 Legal Holidays.

                  If a payment date is a Legal Holiday at a Place of Payment,
payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.

SECTION 11.08 No Recourse Against Others.

                  A director, officer, employee, stockholder, partner or other
owner of the Company or the Trustee, as such, shall not have any liability for
any obligations of the Company under the Securities or for any obligations of
the Company or the Trustee under this Indenture or for any claim based on, in
respect of or by reason of those obligations or their creation. Each Holder by
accepting a Security waives and releases all that liability. The waiver and
release shall be part of the consideration for the issue of Securities.

SECTION 11.09 Governing Law.

                  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                       65
<PAGE>

SECTION 11.10 No Adverse Interpretation of Other Agreements.

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

SECTION 11.11 Successors.

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

SECTION 11.12 Severability.

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

SECTION 11.13 Counterpart Originals.

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

SECTION 11.14 Table of Contents, Headings, etc.

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

                                       66
<PAGE>

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

                                     EGL, INC.

                                     By:   /s/ ELIJIO V. SERRANO
                                        ----------------------------------------
                                        Name:  Elijio V. Serrano
                                        Title: Chief Financial Officer

                                     JPMORGAN CHASE BANK
                                     as Trustee

                                     By:   /s/ MAURI J. COWEN
                                        ----------------------------------------
                                        Name:  Mauri J. Cowen
                                        Title: Vice President and Trust Officer

                                       67<PAGE>
                                                                     EXHIBIT 4.2
================================================================================

                          FIRST SUPPLEMENTAL INDENTURE

                                     BETWEEN

                                    EGL, INC.

                                       AND

                              JPMORGAN CHASE BANK,

                                   AS TRUSTEE

                                   ---------

                                DECEMBER 7, 2001

             5% CONVERTIBLE SUBORDINATED NOTES DUE DECEMBER 15, 2006

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<Table>
<S>                                                                        <C>
ARTICLE 1 THE 2006 NOTES ..................................................  2
   SECTION 1.1. Designation of 2006 Notes; Establishment of Form ..........  2
   SECTION 1.2. Amount ....................................................  2
   SECTION 1.3. Interest ..................................................  3
   SECTION 1.4. Denominations .............................................  3
   SECTION 1.5. Method of Payment .........................................  3
   SECTION 1.6. Redemption and Repurchase .................................  3
   SECTION 1.7. Conversion ................................................  4
   SECTION 1.8. Maturity ..................................................  4
   SECTION 1.9. Other Terms of 2006 Notes .................................  4

ARTICLE 2 AMENDMENTS TO THE INDENTURE .....................................  4
   SECTION 2.1. Definitions ...............................................  4
   SECTION 2.2. Consolidation, Merger and Sale ............................  6
   SECTION 2.3. Additional Events of Default ..............................  6
   SECTION 2.4. Rights of Holders to Convert ..............................  6
   SECTION 2.5. Supplemental Indentures Without Consent of Holders ........  7
   SECTION 2.6. Supplemental Indenture with Consent of Holders ............  7
   SECTION 2.7. Additional Interest .......................................  7
   SECTION 2.8. Redemption and Repurchase .................................  7
   SECTION 2.9. Conversion ................................................  13

ARTICLE 3 MISCELLANEOUS PROVISIONS ........................................  26
   SECTION 3.1. Integral Part .............................................  26
   SECTION 3.2. General Definitions .......................................  26
   SECTION 3.3. Adoption, Ratification and Confirmation ...................  26
   SECTION 3.4. Counterparts ..............................................  26
   SECTION 3.5. Governing Law .............................................  26
</Table>

                                       i
<PAGE>

                                    EGL, INC.

                          FIRST SUPPLEMENTAL INDENTURE

         THIS FIRST SUPPLEMENTAL INDENTURE, dated as of December 7, 2001 (the
"First Supplemental Indenture"), between EGL, Inc., a Texas corporation (the
"Company"), and JPMorgan Chase Bank, a New York banking corporation (the
"Trustee").

                                   WITNESSETH

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee an Indenture, dated as of December 7, 2001 (the "Original Indenture"
and, as supplemented by this First Supplemental Indenture, the "Indenture"),
providing for the issuance from time to time of one or more series of the
Company's Securities;

         WHEREAS, Section 9.01(9) of the Indenture provides that the Company and
the Trustee may from time to time enter into one or more indentures supplemental
thereto to establish the form or terms of Securities of a new series;

         WHEREAS, Sections 9.01(6) and 9.01(7) of the Indenture permit the
execution of supplemental indentures without the consent of any Holders to add
to the covenants of the Company for the benefit of, and to add any additional
Events of Default with respect to, all or any series of Securities;

         WHEREAS, Section 9.01(8) of the Indenture permits the execution of
supplemental indentures without the consent of any Holders to change or
eliminate any of the provisions of the Indenture; provided that such change or
elimination does not adversely affect any outstanding Security of any series
created prior to the execution of such supplemental indenture;

         WHEREAS, Section 2.01 of the Indenture provides that the Company may
enter into supplemental indentures to establish the terms and provisions of a
series of Securities issued pursuant to the Indenture;

         WHEREAS, the Company desires to issue 5% Convertible Subordinated Notes
due December 15, 2006 (the "2006 Notes"), a new series of Security the issuance
of which was authorized by or pursuant to resolution of the Board of Directors
of the Company;

         WHEREAS, the Company, pursuant to the foregoing authority, proposes in
and by this First Supplemental Indenture to supplement and amend the Indenture
insofar as it will apply only to the 2006 Notes in certain respects; and

         WHEREAS, all things necessary have been done to make the 2006 Notes,
when executed by the Company and authenticated and delivered hereunder and duly
issued by the Company, the valid obligations of the Company, and to make this
First Supplemental Indenture a valid agreement of the Company, in accordance
with their and its terms.

                                       1
<PAGE>

         NOW THEREFORE:

         In consideration of the premises provided for herein, the Company and
the Trustee mutually covenant and agree for the equal and proportionate benefit
of all Holders of the 2006 Notes as follows:

                                   ARTICLE 1

                                 THE 2006 NOTES

         SECTION 1.1. Designation of 2006 Notes; Establishment of Form.

         There shall be a series of Securities designated "5% Convertible
Subordinated Notes due December 15, 2006" of the Company (the "2006 Notes"), and
the form thereof shall be substantially as set forth in Exhibit A hereto, which
is incorporated into and shall be deemed a part of this First Supplemental
Indenture, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by the
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the officers of the Company executing such 2006 Notes, as
evidenced by their execution of the 2006 Notes.

         The 2006 Notes will initially be issued in permanent global form,
substantially in the form set forth in Exhibit A hereto, as a Global Security.

         The Company initially appoints The Depository Trust Company to act as
Depositary with respect to the Global Security.

         The Company initially appoints the Trustee to act as Paying Agent,
Registrar and Conversion Agent with respect to the 2006 Notes.

         SECTION 1.2. Amount.

                  (a) The Trustee shall authenticate and deliver 2006 Notes for
         original issue in an aggregate principal amount of up to $85,000,000
         upon Company Order for the authentication and delivery of 2006 Notes,
         without any further action by the Company; provided, however, that in
         the event that the Company sells any 2006 Notes pursuant to the
         over-allotment option (the "Option") granted to Credit Suisse First
         Boston Corporation pursuant to Section 3 of the Purchase Agreement
         dated as of December 3, 2001, between the Company and Credit Suisse
         First Boston Corporation then the Trustee shall authenticate and
         deliver 2006 Notes for original issue in an aggregate principal amount
         of up to $85,000,000 plus up to an additional aggregate principal
         amount of up to $15,000,000 of 2006 Notes sold pursuant to the Option
         upon a Company Order. The authorized aggregate principal amount of 2006
         Notes may be increased at any time hereafter in the manner provided in
         Section 2.01(b) of the Original Indenture.

                                       2
<PAGE>

                  (b) The Company may not issue new 2006 Notes to replace 2006
         Notes that it has paid or delivered to the Trustee for cancellation or
         that any Holder has converted pursuant to Article XII of the Indenture.

                  (c) The 2006 Notes shall be (i) Rule 144A Securities entitled
         to the benefits of Section 4.03(b) of the Indenture and (ii) Restricted
         Securities subject to the provisions of Sections 2.18, 2.19 and 2.20 of
         the Indenture.

         SECTION 1.3. Interest.

         The 2006 Notes shall bear interest at the rate set forth in paragraph 1
of the 2006 Notes. Interest on the 2006 Notes shall be payable to the persons in
whose name the 2006 Notes are registered at the close of business on the regular
record date for such interest payment. The Company shall pay interest
semiannually on December 15 and June 15 of each year, commencing June 15, 2002.
Interest on the Notes shall accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from December 7, 2001; provided,
however, that if there is not an existing default in the payment of interest and
if any Note is authenticated between a record date referred to on the face
thereof and the next succeeding interest payment date, interest shall accrue
from such interest payment date.

         SECTION 1.4. Denominations.

         The 2006 Notes shall be in fully registered form without coupons in
denominations of $1,000 of principal amount or any integral multiple thereof.

         SECTION 1.5. Method of Payment.

         The Company shall pay interest on the 2006 Notes (except defaulted
interest) to the person who is the Holder of such 2006 Note at the close of
business on June 1 or December 1, as the case may be, next preceding the related
interest payment date. The Holder must surrender the 2006 Note to a Paying Agent
to collect payment of principal. The Company will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts. The Company may, however, pay principal and
interest in respect of any Physical Security by check or wire payable in such
money; provided, however, that a Holder with an aggregate principal amount in
excess of $2,000,000 will be paid by wire transfer in immediately available
funds at the election of such Holder if such Holder has provided wire transfer
instructions to the Company. The Company may mail an interest check to the
Holder's registered address. Notwithstanding the foregoing, so long as any 2006
Note is registered in the name of a Depositary or its nominee, all payments
thereon shall be made by wire transfer of immediately available funds to the
account of the Depositary or its nominee.

         SECTION 1.6. Redemption and Repurchase.

                  (a) There shall be no sinking fund for the retirement of the
         2006 Notes or other mandatory redemption obligation.

                                       3
<PAGE>

                  (b) The Company, at its option, may redeem the 2006 Notes in
         accordance with the provisions of and at the Redemption Prices set
         forth in paragraphs 5 and 6 the 2006 Notes and in accordance with the
         provisions of the Indenture, including, without limitation, Article
         III.

                  (c) The Company, at the option of the Holders thereof, shall
         repurchase the 2006 Notes in accordance with the provisions of and at
         the Change in Control Purchase Prices set forth in paragraph 7 of the
         2006 Notes and in accordance with the provisions of the Indenture,
         including, without limitation, Article III.

         SECTION 1.7. Conversion.

         The 2006 Notes shall be convertible in accordance with the provisions
and at the Conversion Price set forth in paragraph 8 of the 2006 Notes and in
accordance with the provisions of the Indenture, including, without limitation,
Article XII.

         SECTION 1.8. Maturity.

         The Stated Maturity of the 2006 Notes shall be December 15 , 2006.

         SECTION 1.9. Other Terms of 2006 Notes.

         Without limiting the foregoing provisions of this Article 1, the terms
of the 2006 Notes shall be as set forth in the form of 2006 Notes set forth in
Exhibit A hereto and as provided in the Indenture.

                                    ARTICLE 2

                           AMENDMENTS TO THE INDENTURE

         The amendments contained herein shall apply to 2006 Notes only and not
to any other series of Securities issued under the Indenture and any covenants
provided herein are expressly being included solely for the benefit of the 2006
Notes. These amendments shall be effective for so long as there remains any 2006
Notes outstanding.

         SECTION 2.1. Definitions.

         Section 1.01 of the Original Indenture is amended by inserting or
restating, as the case may be, in their appropriate alphabetical position, the
following definitions:

         "Additional Interest" has the meaning specified in Section 5 of the
Registration Rights Agreement. All references herein to interest accrued or
payable as of any date shall include any Additional Interest accrued or payable
as of such date as provided in the Registration Rights Agreement.

         "Change in Control" has the meaning specified in Section 3.13.

                                       4
<PAGE>

         "Change in Control Purchase Date" has the meaning specified in
Section 3.13.

         "Change in Control Purchase Notice" has the meaning specified in
Section 3.13.

         "Change in Control Purchase Price" has the meaning specified in
Section 3.13.

         "Common Stock" means the common stock of the Company, par value $0.001
per share, as it exists on the date of this First Supplemental Indenture and any
shares of any class or classes of Capital Stock of the Company resulting from
any reclassification or reclassifications thereof and which have no preference
in respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding-up of the Company and which are
not subject to redemption by the Company; provided, however, that if at any time
there shall be more than one such resulting class, the shares of each such class
then so issuable on conversion of 2006 Notes shall be substantially in the
proportion which the total number of shares of such class resulting from all
such reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.

         "Conversion Date" has the meaning specified in Section 12.02.

         "Conversion Price" has the meaning specified in Section 12.06.

         "Registration Rights Agreement" means the Registration Rights Agreement
dated December 7, 2001, between the Company and Credit Suisse First Boston
Corporation.

         "Significant Subsidiary" means, in respect of any Person, a Subsidiary
of such Person that would constitute a "significant subsidiary" as such term is
defined under Rule 1-02 of Regulation S-X under the Securities Act and the
Exchange Act.

         "Trading Day" means a day during which trading in securities generally
occurs on the National Association of Securities Dealers Automated Quotation
System or, if the Common Stock is not quoted on the National Association of
Securities Dealers Automated Quotation System, on the principal other national
or regional securities exchange on which the Common Stock is then listed or, if
the Common Stock is not listed on a national or regional securities exchange, on
the principal other market on which the Common Stock is then traded.

         "2006 Notes" means the 5% Convertible Subordinated Notes due December
15 , 2006 of the Company authorized by or pursuant to resolution of the Board of
Directors.

         "Voting Stock" means any class or classes of Capital Stock pursuant to
which the holders thereof under ordinary circumstances have the power to vote in
the election of the board of directors, managers or trustees of any Person (or
other Persons performing similar functions), irrespective of whether or not, at
the time, Capital Stock of any other class or classes shall have, or might have,
voting power by reason of the happening of any contingency.

                                       5
<PAGE>

         SECTION 2.2. Consolidation, Merger and Sale.

         The Original Indenture shall be amended by inserting (i) "(A) (i) is a
corporation organized and validly existing under the laws of the United States
of America, any State thereof or the District of Columbia or (ii) (a) is a
corporation organized and existing under the laws of the Cayman Islands, Bermuda
or any other jurisdiction where it is exempt from withholding or deducting
amounts for or on the account of any present or future taxes, fees, duties,
assessments or governmental charges of whatever nature with respect to the
payment of interest on the 2006 Notes, (b) its shares of Capital Stock are
listed on a national securities exchange or quoted on an interdealer automated
quotation system and (c) the Company delivers an Officers' Certificate to the
Trustee to the effect that such consolidation, merger, conversion, transfer or
disposal is not reasonably expected to be adverse in any material respect to the
Holders of the 2006 Notes taken as a whole, and (B)" immediately preceding
"expressly assumes" in Section 5.01(i) and (ii) "and provides for conversion
rights in accordance with Section 12.11" at the end of Section 5.01(1).

         SECTION 2.3. Additional Events of Default.

         The following two Events of Default shall be added to Section 6.01 of
the Original Indenture:

         (7) the Company fails to provide a Change in Control Purchase Notice
when required by Section 3.13; or any indebtedness under any bond, debenture,
note or other evidence of indebtedness for money borrowed by the Company or any
Significant Subsidiary (all or substantially all of the outstanding Voting Stock
of which is owned, directly or indirectly, by the Company) or under any
mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any indebtedness for money borrowed by the
Company or any Significant Subsidiary (all or substantially all of the
outstanding Voting Stock of which is owned, directly or indirectly, by the
Company) (an "Instrument") with a principal amount then outstanding in excess of
U.S. $10,000,000, whether such indebtedness now exists or shall hereafter be
created, is not paid at final maturity of the Instrument (either at its stated
maturity or upon acceleration thereof), and such indebtedness is not discharged,
or such acceleration is not rescinded or annulled, within a period of 30 days
after there shall have been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in aggregate principal amount of the outstanding 2006 Notes a written
notice specifying such default and requiring the Company to cause such
indebtedness to be discharged or cause such default to be cured or waived or
such acceleration to be rescinded or annulled and stating that such notice is a
"Notice of Default" hereunder.

         SECTION 2.4. Rights of Holders to Convert.

         The Original Indenture shall be amended by inserting in Section 6.07
the words (i) ", to convert such Security in accordance with Article XII"
immediately before the words "or to bring suit" and (ii) "or the right to
convert" immediately after the words "those respective dates."

                                       6
<PAGE>

         SECTION 2.5. Supplemental Indentures Without Consent of Holders.

         Section 9.01 of the Original Indenture shall be amended by inserting
         the following paragraph:

                  (12) to make provision with respect to the conversion rights,
         if any, to Holders of 2006 Notes pursuant to the requirements of
         Article XII hereof.

         SECTION 2.6. Supplemental Indenture with Consent of Holders.

         The Original Indenture shall be amended by inserting ", or modify the
provisions of the Indenture in a manner that adversely affects in any material
respect the right to convert any 2006 Note as provided in Article XII or to
institute suit to enforce such right" at the end of Section 9.02(4). The
Original Indenture shall be further amended by substituting the following for
Section 9.02(5):

         "(5) change the provisions of Sections 3.13 through 3.16 in a manner
adverse to the Holders of the 2006 Notes in any material respect;".

         SECTION 2.7. Additional Interest.

         Article IV of the Original Indenture shall be amended by inserting the
following Section in its entirety:

         SECTION 4.08 Payment of Additional Interest.

                  If Additional Interest is payable by the Company pursuant to
         the Registration Rights Agreement, the Company shall deliver to the
         Trustee a certificate to that effect stating (i) the amount of such
         Additional Interest that is payable and (ii) the date on which such
         Additional Interest is payable. Unless and until a Trust Officer of the
         Trustee receives such a certificate, the Trustee may assume without
         inquiry that no such Additional Interest is payable. If the Company has
         paid Additional Interest directly to the Persons entitled to it, the
         Company shall deliver to the Trustee a certificate setting forth the
         particulars of such payment.

         SECTION 2.8. Redemption and Repurchase.

         Article III of the Original Indenture shall be amended by inserting the
following paragraph as the final paragraph of Section 3.03:

         "If any Security selected for partial redemption is converted in part
before termination of the conversion right with respect to the portion of the
Security so selected, the converted portion of such Security shall be deemed to
be the portion selected for redemption. Securities which have been converted
during such a selection of Securities to be redeemed shall be treated by the
Trustee as outstanding for the purpose of such selection."

                                       7
<PAGE>

         Article III of the Original Indenture shall be further amended by
inserting the following sections in their entirety:

         SECTION 3.12 Conversion Arrangement on Call for Redemption.

                  In connection with any redemption of 2006 Notes, the Company
         may arrange for the purchase and conversion of any 2006 Notes called
         for redemption by an agreement with one or more investment banks or
         other purchasers to purchase such 2006 Notes by paying to a Paying
         Agent (other than the Company or `any of its Affiliates) in trust for
         the Holders, on or before 11:00 a.m. New York City time on the
         Redemption Date, an amount that, together with any amounts deposited
         with such Paying Agent by the Company for the redemption of such 2006
         Notes, is not less than the Redemption Price, together with interest
         accrued to, but not including, the Redemption Date, of such 2006 Notes.
         Notwithstanding anything to the contrary contained in this Article III,
         the obligation of the Company to pay the Redemption Price of such 2006
         Notes, including all accrued interest, shall be deemed to be satisfied
         and discharged to the extent such amount is so paid by such purchasers;
         provided, however, that nothing in this Section 3.12 shall relieve the
         Company of its obligation to pay the Redemption Price, plus accrued
         interest to but excluding the relevant Redemption Date, on 2006 Notes
         called for redemption. If such an agreement with one or more investment
         banks or other purchasers is entered into, any 2006 Notes called for
         redemption and not surrendered for conversion by the Holders thereof
         prior to the relevant Redemption Date may, at the option of the Company
         upon written notice to the Trustee, be deemed, to the fullest extent
         permitted by law, acquired by such purchasers from such Holders and
         (notwithstanding anything to the contrary contained in Article XII)
         surrendered by such purchasers for conversion, all as of 11:00 a.m. New
         York City time on the Redemption Date, subject to payment of the above
         amount as aforesaid. The Paying Agent shall hold and pay to the Holders
         whose 2006 Notes are selected for redemption any such amount paid to it
         for purchase in the same manner as it would money deposited with it by
         the Company for the redemption of 2006 Notes. Without the Paying
         Agent's prior written consent, no arrangement between the Company and
         such purchasers for the purchase and conversion of any 2006 Notes shall
         increase or otherwise affect any of the powers, duties,
         responsibilities or obligations of the Paying Agent as set forth in
         this Indenture, and the Company agrees to indemnify the Paying Agent
         from, and hold it harmless against, any loss, liability or expense
         arising out of or in connection with any such arrangement for the
         purchase and conversion of any 2006 Notes between the Company and such
         purchasers, including the costs and expenses incurred by the Paying
         Agent in the defense of any claim or liability arising out of or in
         connection with the exercise or performance of any of its powers,
         duties, responsibilities or obligations under this Indenture.

         SECTION 3.13 Purchase of 2006 Notes at Option of the Holder Upon Change
         in Control.

                  (a) If at any time that 2006 Notes remain outstanding there
         shall occur a Change in Control, 2006 Notes shall be purchased by the
         Company at the option of the Holders, as of the date that is 30
         Business Days after the occurrence of the Change in Control (the
         "Change

                                       8
<PAGE>

         in Control Purchase Date") at a purchase price equal to 100% of the
         principal amount of the 2006 Notes, together with accrued and unpaid
         interest to, but excluding, the Change in Control Purchase Date (the
         "Change in Control Purchase Price"), subject to satisfaction by or on
         behalf of any Holder of the requirements set forth in subsection (c) of
         this Section 3.13.

                  A "Change in Control" shall be deemed to have occurred if any
         of the following occurs after the date hereof:

                           (i) any "person" or "group" (as such terms are
                  defined below) is or becomes the "beneficial owner" (as
                  defined below), directly or indirectly, of shares of Voting
                  Stock of the Company representing 50% or more of the total
                  voting power of all outstanding classes of Voting Stock of the
                  Company or has the power, directly or indirectly, to elect a
                  majority of the members of the Board of Directors of the
                  Company; or

                           (ii) the Company consolidates with, or merges with or
                  into, another Person or the Company sells, assigns, conveys,
                  transfers, leases or otherwise disposes of all or
                  substantially all of the assets of the Company, or any Person
                  consolidates with, or merges with or into, the Company, in any
                  such event other than pursuant to a transaction in which the
                  Persons that "beneficially owned" (as defined below), directly
                  or indirectly, shares of Voting Stock of the Company
                  immediately prior to such transaction "beneficially own" (as
                  defined below), directly or indirectly, shares of Voting Stock
                  of the Company representing at least a majority of the total
                  voting power of all outstanding classes of Voting Stock of the
                  surviving or transferee Person; or

                           (iii) the holders of Capital Stock of the Company
                  approve any plan or proposal for the liquidation or
                  dissolution of the Company (whether or not otherwise in
                  compliance with the terms hereof).

                  For the purpose of the definition of "Change in Control", (i)
         "person" and "group" have the meanings given such terms under Section
         13(d) and 14(d) of the Exchange Act or any successor provision to
         either of the foregoing, and the term "group" includes any group acting
         for the purpose of acquiring, holding or disposing of securities within
         the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any
         successor provision thereto), (ii) a "beneficial owner" shall be
         determined in accordance with Rule 13d-3 under the Exchange Act, as in
         effect on the date of this Indenture, except that the number of shares
         of Voting Stock of the Company shall be deemed to include, in addition
         to all outstanding shares of Voting Stock of the Company and Unissued
         Shares deemed to be held by the "person" or "group" (as such terms are
         defined above) or other Person with respect to which the Change in
         Control determination is being made, all Unissued Shares deemed to be
         held by all other Persons, and (iii) the terms "beneficially owned" and
         "beneficially own" shall have meanings correlative to that of
         "beneficial owner". The term "Unissued Shares" means shares of Voting
         Stock not outstanding that are subject to options, warrants, rights to
         purchase or

                                       9
<PAGE>

         conversion privileges exercisable within 60 days of the date of
         determination of a Change in Control.

                  Notwithstanding anything to the contrary set forth in this
         Section 3.13, a Change in Control will not be deemed to have occurred
         if either:

                           (1) the Closing Price (determined in accordance with
                  Section 12.06(e) of this Indenture) of the Common Stock for
                  any five Trading Days during the ten Trading Days immediately
                  preceding the Change in Control is at least equal to 105% of
                  the Conversion Price in effect on such Trading Day; or

                           (2) in the case of a merger or consolidation, all of
                  the consideration (excluding cash payments for fractional
                  shares and cash payments pursuant to dissenters' appraisal
                  rights) in the merger or consolidation constituting the Change
                  in Control consists of common stock traded on a United States
                  national securities exchange or quoted on the Nasdaq National
                  Market (or which will be so traded or quoted when issued or
                  exchanged in connection with such Change in Control) and as a
                  result of such transaction or transactions the 2006 Notes
                  become convertible solely into such common stock.

                  (b) Within 10 Business Days after the occurrence of a Change
         in Control, the Company shall mail a written notice of the Change in
         Control to the Trustee and to each Holder (and to beneficial owners as
         required by applicable law). The notice shall include the form of a
         Change in Control Purchase Notice to be completed by the Holder and
         shall state:

                           (i) the date of such Change in Control and, briefly,
                  the events causing such Change in Control;

                           (ii) the date by which the Change in Control Purchase
                  Notice pursuant to this Section 3.13 must be given;

                           (iii) the Change in Control Purchase Date;

                           (iv) the Change in Control Purchase Price;

                           (v) the Holder's right to require the Company to
                  purchase the 2006 Notes;

                           (vi) briefly, the conversion rights of the 2006
                  Notes;

                           (vii) the name and address of each Paying Agent and
                  Conversion Agent;

                           (viii) the Conversion Price and any adjustments
                  thereto;

                           (ix) that 2006 Notes as to which a Change in Control
                  Purchase Notice has been given may be converted into Common
                  Stock pursuant to Article XII of this

                                       10
<PAGE>

                  Indenture only to the extent that the Change in Control
                  Purchase Notice has been withdrawn in accordance with the
                  terms of this Indenture;

                           (x) the procedures that the Holder must follow to
                  exercise rights under this Section 3.13;

                           (xi) the procedures for withdrawing a Change in
                  Control Purchase Notice, including a form of notice of
                  withdrawal; and

                           (xii) that the Holder must satisfy the requirements
                  set forth in the 2006 Notes in order to convert the 2006
                  Notes.

                  If any of the 2006 Notes is in the form of a Global Security,
         then the Company shall modify such notice to the extent necessary to
         accord with the procedures of the Depositary applicable to the
         repurchase of Global Securities.

                  (c) A Holder may exercise its rights specified in subsection
         (a) of this Section 3.13 upon delivery of a written notice (which shall
         be in substantially the form included in Exhibit A hereto and which may
         be delivered by letter, overnight courier, hand delivery, facsimile
         transmission or in any other written form and, in the case of Global
         Securities, may be delivered electronically or by other means in
         accordance with the Depositary's customary procedures) of the exercise
         of such rights (a "Change in Control Purchase Notice") to any Paying
         Agent at any time prior to the close of business on the Business Day
         next preceding the Change in Control Purchase Date.

                  The delivery of such 2006 Note to any Paying Agent (together
         with all necessary endorsements) at the office of such Paying Agent
         shall be a condition to the receipt by the Holder of the Change in
         Control Purchase Price therefor.

                  The Company shall purchase from the Holder thereof, pursuant
         to this Section 3.13, a portion of a 2006 Note if the principal amount
         of such portion is $1,000 or an integral multiple of $1,000. Provisions
         of the Indenture that apply to the purchase of all of a 2006 Note
         pursuant to Sections 3.13 through 3.17 also apply to the purchase of
         such portion of such 2006 Note.

                  Notwithstanding anything herein to the contrary, any Holder
         delivering to a Paying Agent the Change in Control Purchase Notice
         contemplated by this subsection (c) shall have the right to withdraw
         such Change in Control Purchase Notice in whole or in a portion thereof
         that is a principal amount of $1,000 or in an integral multiple thereof
         at any time prior to the close of business on the Business Day next
         preceding the Change in Control Purchase Date by delivery of a written
         notice of withdrawal to the Paying Agent in accordance with Section
         3.14.

                  A Paying Agent shall promptly notify the Company of the
         receipt by it of any Change in Control Purchase Notice or written
         withdrawal thereof.

                                       11
<PAGE>

                  Anything herein to the contrary notwithstanding, in the case
         of Global Securities, any Change in Control Purchase Notice may be
         delivered or withdrawn and such 2006 Notes may be surrendered or
         delivered for purchase in accordance with the applicable procedures of
         the Depositary as in effect from time to time.

         SECTION 3.14 Effect of Change in Control Purchase Notice.

                  Upon receipt by any Paying Agent of the Change in Control
         Purchase Notice specified in Section 3.13(c), the Holder of the 2006
         Note in respect of which such Change in Control Purchase Notice was
         given shall (unless such Change in Control Purchase Notice is withdrawn
         as specified below) thereafter be entitled to receive the Change in
         Control Purchase Price with respect to such 2006 Note. Such Change in
         Control Purchase Price shall be paid to such Holder promptly following
         the later of (a) the Change in Control Purchase Date with respect to
         such 2006 Note (provided the conditions in Section 3.13(c) have been
         satisfied) and (b) the time of delivery of such 2006 Note to a Paying
         Agent by the Holder thereof in the manner required by Section 3.13(c).
         2006 Notes in respect of which a Change in Control Purchase Notice has
         been given by the Holder thereof may not be converted into shares of
         Common Stock pursuant to Article XII on or after the date of the
         delivery of such Change in Control Purchase Notice unless such Change
         in Control Purchase Notice has first been validly withdrawn.

                  A Change in Control Purchase Notice may be withdrawn by means
         of a written notice (which may be delivered by mail, overnight courier,
         hand delivery, facsimile transmission or in any other written form and,
         in the case of Global Securities, may be delivered electronically or by
         other means in accordance with the Depositary's customary procedures)
         of withdrawal delivered by the Holder to a Paying Agent at any time
         prior to the close of business on the Business Day immediately
         preceding the Change in Control Purchase Date, specifying the principal
         amount of the 2006 Note or portion thereof (which must be a principal
         amount of $1,000 or an integral multiple of $1,000 in excess thereof)
         with respect to which such notice of withdrawal is being submitted.

         SECTION 3.15 Deposit of Change in Control Purchase Price.

                  On or before 11:00 a.m. New York City time on the Change in
         Control Purchase Date, the Company shall deposit with the Trustee or
         with a Paying Agent (other than the Company or an Affiliate of the
         Company) an amount of money (in immediately available funds if
         deposited on such Change in Control Purchase Date) sufficient to pay
         the aggregate Change in Control Purchase Price of all the 2006 Notes or
         portions thereof that are to be purchased as of such Change in Control
         Purchase Date. The manner in which the deposit required by this Section
         3.15 is made by the Company shall be at the option of the Company,
         provided that such deposit shall be made in a manner such that the
         Trustee or a Paying Agent shall have immediately available funds on or
         before 11:00 a.m. New York City time on the Change in Control Purchase
         Date.

                                       12
<PAGE>

                  If a Paying Agent holds, in accordance with the terms hereof,
         money sufficient to pay the Change in Control Purchase Price of any
         2006 Note for which a Change in Control Purchase Notice has been
         tendered and not withdrawn in accordance with this Indenture then, on
         the Change in Control Purchase Date, such 2006 Note will cease to be
         outstanding and the rights of the Holder in respect thereof shall
         terminate (other than the right to receive the Change in Control
         Purchase Price as aforesaid). The Company shall publicly announce the
         principal amount of 2006 Notes purchased as a result of such Change in
         Control on or as soon as practicable after the Change in Control
         Purchase Date.

         SECTION 3.16 Compliance with Securities Laws Upon Purchase of 2006
         Notes.

                  In connection with any offer to purchase or purchase of 2006
         Notes under Section 3.13, the Company shall (a) comply with Rule 13e-4
         and Rule 14e-1 (or any successor to either such Rule), if applicable,
         under the Exchange Act, (b) file the related Schedule TO (or any
         successor or similar schedule, form or report) if required under the
         Exchange Act, and (c) otherwise comply with all federal and state
         securities laws in connection with such offer to purchase or purchase
         of 2006 Notes, all so as to permit the rights of the Holders and
         obligations of the Company under Sections 3.13 through 3.15 to be
         exercised in the time and in the manner specified therein.

         SECTION 3.17 Repayment to the Company.

                  To the extent that the aggregate amount of cash deposited by
         the Company pursuant to Section 3.15 exceeds the aggregate Change in
         Control Purchase Price together with interest, if any, thereon of the
         2006 Notes or portions thereof that the Company is obligated to
         purchase, then promptly after the Change in Control Purchase Date the
         Trustee or a Paying Agent, as the case may be, shall return any such
         excess cash to the Company.

         SECTION 2.9. Conversion.

                  The Indenture is amended by adding the following Articles XII
         to the Original Indenture:

                                   ARTICLE XII

         SECTION 12.01 Conversion Privilege.

                  Subject to the further provisions of this Article XII and
         paragraph 8 of the 2006 Notes, a Holder of a 2006 Note may convert the
         principal amount of such 2006 Notes (or any portion thereof equal to
         $1,000 or any integral multiple of $1,000 in excess thereof) into
         Common Stock at any time prior to the close of business on the fourth
         Trading Day prior to the final maturity date, at the Conversion Price
         then in effect; provided, however, that, if such 2006 Note is called
         for redemption or submitted or presented for purchase pursuant to
         Article III, such conversion right shall terminate at the close of
         business on the Business Day immediately preceding the Redemption Date
         or Change in Control Purchase Date, as the case

                                       13
<PAGE>

         may be, for such 2006 Note or such earlier date as the Holder presents
         such 2006 Note for redemption or for purchase (unless the Company shall
         default in making the redemption payment or Change in Control Purchase
         Price payment when due, in which case the conversion right shall
         terminate at the close of business on the date such default is cured
         and such 2006 Note is redeemed or purchased, as the case may be). The
         number of shares of Common Stock issuable upon conversion of a 2006
         Note shall be determined by dividing the principal amount of the 2006
         Note or portion thereof surrendered for conversion by the Conversion
         Price in effect on the Conversion Date. The initial Conversion Price is
         set forth in paragraph 8 of the 2006 Notes and is subject to adjustment
         as provided in this Article XII.

                  Provisions of this Indenture that apply to conversion of all
         of a 2006 Note also apply to conversion of a portion of a 2006 Note.

                  A 2006 Note in respect of which a Holder has delivered a
         Change in Control Purchase Notice pursuant to Section 3.13(c)
         exercising the option of such Holder to require the Company to purchase
         such 2006 Note may be converted only if such Change in Control Purchase
         Notice is withdrawn by a written notice of withdrawal delivered to a
         Paying Agent prior to the close of business on the Business Day
         immediately preceding the Change in Control Purchase Date in accordance
         with Section 3.14.

                  A Holder of 2006 Notes is not entitled to any rights of a
         holder of Common Stock until such Holder has converted its 2006 Notes
         to Common Stock, and only to the extent such 2006 Notes are deemed to
         have been converted into Common Stock pursuant to this Article XII.

         SECTION 12.02 Conversion Procedure.

                  To convert a 2006 Note, a Holder must (a) complete and
         manually sign the conversion notice on the back of the 2006 Note and
         deliver such notice to a Conversion Agent, (b) surrender the 2006 Note
         to a Conversion Agent, (c) furnish appropriate endorsements and
         transfer documents if required by a Registrar or a Conversion Agent,
         and (d) pay any transfer or similar tax, if required. The date on which
         the Holder satisfies all of those requirements is the "Conversion
         Date." As soon as practicable after the Conversion Date, the Company
         shall deliver to the Holder through a Conversion Agent a certificate
         for the number of whole shares of Common Stock issuable upon the
         conversion and cash in lieu of any fractional shares pursuant to
         Section 12.03. Anything herein to the contrary notwithstanding, in the
         case of Global Securities, conversion notices may be delivered and such
         2006 Notes may be surrendered for conversion in accordance with the
         applicable procedures of the Depositary as in effect from time to time.

                  The Person in whose name the Common Stock certificate is
         registered shall be deemed to be a stockholder of record on the
         Conversion Date; provided, however, that no surrender of a 2006 Note on
         any date when the stock transfer books of the Company shall be closed
         shall be effective to constitute the Person or Persons entitled to
         receive the shares of Common Stock upon such conversion as the record
         holder or holders of such shares of

                                       14
<PAGE>

         Common Stock on such date, but such surrender shall be effective to
         constitute the Person or Persons entitled to receive such shares of
         Common Stock as the record holder or holders thereof for all purposes
         at the close of business on the next succeeding day on which such stock
         transfer books are open; provided, further, that such conversion shall
         be at the Conversion Price in effect on the Conversion Date as if the
         stock transfer books of the Company had not been closed. Upon
         conversion of a 2006 Note, such Person shall no longer be a Holder of
         such 2006 Note. No payment or adjustment will be made for dividends or
         distributions on shares of Common Stock issued upon conversion of a
         2006 Note.

                  2006 Notes so surrendered for conversion (in whole or in part)
         during the period from the close of business on any regular record date
         to the opening of business on the next succeeding interest payment date
         (excluding 2006 Notes or portions thereof called for redemption or
         presented for purchase upon a Change in Control on a Redemption Date or
         Change in Control Purchase Date, as the case may be, during the period
         beginning at the close of business on a regular record date and ending
         at the opening of business on the first Business Day after the next
         succeeding interest payment date, or if such interest payment date is
         not a Business Day, the second such Business Day) shall also be
         accompanied by payment in funds acceptable to the Company of an amount
         equal to the interest payable on such interest payment date on the
         principal amount of such 2006 Note then being converted, and such
         interest shall be payable to such registered Holder notwithstanding the
         conversion of such 2006 Note, subject to the provisions of this
         Indenture relating to the payment of defaulted interest by the Company.
         Except as otherwise provided in this Section 12.02, no payment or
         adjustment will be made for accrued interest on a converted 2006 Note.
         If the Company defaults in the payment of interest payable on such
         interest payment date, the Company shall promptly repay such funds to
         such Holder.

                  Nothing in this Section shall affect the right of a Holder in
         whose name any 2006 Note is registered at the close of business on a
         record date to receive the interest payable on such 2006 Note on the
         related interest payment date in accordance with the terms of this
         Indenture and the 2006 Notes. If a Holder converts more than one 2006
         Note at the same time, the number of shares of Common Stock issuable
         upon the conversion shall be based on the aggregate principal amount of
         2006 Notes converted.

                  Upon surrender of a 2006 Note that is converted in part, the
         Company shall execute, and the Trustee shall authenticate and deliver
         to the Holder, a new 2006 Note equal in principal amount to the
         unconverted portion of the 2006 Note surrendered.

         SECTION 12.03 Fractional Shares.

                  The Company will not issue fractional shares of Common Stock
         upon conversion of 2006 Notes. In lieu thereof, the Company will pay an
         amount in cash for the current market value of the fractional shares.
         The current market value of a fractional share shall be determined
         (calculated to the nearest 1/1000th of a share) by multiplying the
         Closing Price (determined as set forth in Section 12.06(e)) of the
         Common Stock on the Trading Day

                                       15
<PAGE>

         immediately prior to the Conversion Date by such fractional share and
         rounding the product to the nearest whole cent.

         SECTION 12.04 Taxes on Conversion.

                  If a Holder converts a 2006 Note, the Company shall pay any
         documentary, stamp or similar issue or transfer tax due on the issue of
         shares of Common Stock upon such conversion. However, the Holder shall
         pay any such tax which is due because the Holder requests the shares to
         be issued in a name other than the Holder's name. The Conversion Agent
         may refuse to deliver the certificate representing the Common Stock
         being issued in a name other than the Holder's name until the
         Conversion Agent receives a sum sufficient to pay any tax which will be
         due because the shares are to be issued in a name other than the
         Holder's name. Nothing herein shall preclude any tax withholding
         required by law or regulation.

         SECTION 12.05 Company To Provide Stock.

                  The Company shall, prior to issuance of any 2006 Notes
         hereunder, and from time to time as may be necessary, reserve, out of
         its authorized but unissued Common Stock, a sufficient number of shares
         of Common Stock to permit the conversion of all outstanding 2006 Notes
         into shares of Common Stock.

                  All shares of Common Stock delivered upon conversion of the
         2006 Notes shall be newly issued shares, shall be duly authorized,
         validly issued, fully paid and nonassessable and shall be free from
         preemptive rights and free of any lien or adverse claim.

                  The Company will endeavor promptly to comply with all federal
         and state securities laws regulating the offer and delivery of shares
         of Common Stock upon conversion of 2006 Notes, if any, and will list or
         cause to have quoted such shares of Common Stock on each national
         securities exchange or on the Nasdaq National Market or other
         over-the-counter market or such other market on which the Common Stock
         is then listed or quoted; provided, however, that if rules of such
         automated quotation system or exchange permit the Company to defer the
         listing of such Common Stock until the first conversion of the 2006
         Notes into Common Stock in accordance with the provisions of this
         Indenture, the Company covenants to list such Common Stock issuable
         upon conversion of the 2006 Notes in accordance with the requirements
         of such automated quotation system or exchange at such time. Any Common
         Stock issued upon conversion of a 2006 Note hereunder which at the time
         of conversion was a Restricted Security will also be a Restricted
         Security.

         SECTION 12.06 Adjustment of Conversion Price.

                  The conversion price as stated in paragraph 8 of the 2006
         Notes (the "Conversion Price") shall be adjusted from time to time by
         the Company as follows:

                                       16
<PAGE>

                           (a) In case the Company shall (i) pay a dividend on
                  its Common Stock in shares of Common Stock, (ii) make a
                  distribution on its Common Stock in shares of Common Stock,
                  (iii) subdivide its outstanding Common Stock into a greater
                  number of shares, or (iv) combine its outstanding Common Stock
                  into a smaller number of shares, the Conversion Price in
                  effect immediately prior thereto shall be adjusted so that the
                  Holder of any 2006 Note thereafter surrendered for conversion
                  shall be entitled to receive that number of shares of Common
                  Stock which it would have owned had such 2006 Note been
                  converted immediately prior to the happening of such event. An
                  adjustment made pursuant to this subsection (a) shall become
                  effective immediately after the record date in the case of a
                  dividend or distribution and shall become effective
                  immediately after the effective date in the case of
                  subdivision or combination.

                           (b) In case the Company shall issue rights or
                  warrants to all or substantially all holders of its Common
                  Stock entitling them (for a period commencing no earlier than
                  the record date described below and expiring not more than 60
                  days after such record date) to subscribe for or purchase
                  shares of Common Stock at a price per share less than the
                  Current Market Price per share of Common Stock (as determined
                  in accordance with subsection (e) of this Section 12.06) on
                  the record date for the determination of stockholders entitled
                  to receive such rights or warrants, the Conversion Price in
                  effect immediately prior thereto shall be adjusted so that the
                  same shall equal the price determined by multiplying the
                  Conversion Price in effect immediately prior to such record
                  date by a fraction of which the numerator shall be the number
                  of shares of Common Stock outstanding on such record date plus
                  the number of shares which the aggregate offering price of the
                  total number of shares of Common Stock so offered would
                  purchase at the Current Market Price per share (as defined in
                  subsection (e) of this Section 12.06) of Common Stock on such
                  record date, and of which the denominator shall be the number
                  of shares of Common Stock outstanding on such record date plus
                  the number of additional shares of Common Stock offered. Such
                  adjustment shall be made successively whenever any such rights
                  or warrants are issued, and shall become effective immediately
                  after such record date. If at the end of the period during
                  which such rights or warrants are exercisable not all rights
                  or warrants shall have been exercised, the adjusted Conversion
                  Price shall be immediately readjusted to what it would have
                  been based upon the number of additional shares of Common
                  Stock actually issued.

                           (c) In case the Company shall distribute to all or
                  substantially all holders of its Common Stock any shares of
                  Capital Stock of the Company (other than Common Stock),
                  evidences of indebtedness or other securities or non-cash
                  assets (including securities of any Person other than the
                  Company but excluding (1) dividends or distributions paid
                  exclusively in cash or (2) dividends or distributions referred
                  to in subsection (a) of this Section 12.06), or shall
                  distribute to all or substantially all holders of its Common
                  Stock rights or warrants to subscribe for or purchase any of
                  its securities (excluding those rights and warrants referred
                  to in

                                       17
<PAGE>

                  subsection (b) of this Section 4.6 and also excluding the
                  distribution of rights to all holders of Common Stock pursuant
                  to the adoption of a stockholder rights plan or the detachment
                  of such rights under the terms of such stockholder rights
                  plan), then in each such case the Conversion Price shall be
                  adjusted so that the same shall equal the price determined by
                  multiplying the current Conversion Price by a fraction of
                  which the numerator shall be the Current Market Price per
                  share (as defined in subsection (e) of this Section 12.06) of
                  the Common Stock on the record date mentioned below less the
                  fair market value on such record date (as determined by the
                  Board of Directors, whose determination shall be conclusive
                  evidence of such fair market value and which shall be
                  evidenced by an Officers' Certificate delivered to the
                  Trustee) of the portion of the Capital Stock, evidences of
                  indebtedness or other securities or non-cash assets so
                  distributed or of such rights or warrants applicable to one
                  share of Common Stock (determined on the basis of the number
                  of shares of Common Stock outstanding on the record date), and
                  of which the denominator shall be the Current Market Price per
                  share (as defined in subsection (e) of this Section 12.06) of
                  the Common Stock on such record date. Such adjustment shall be
                  made successively whenever any such distribution is made and
                  shall become effective immediately after the record date for
                  the determination of shareholders entitled to receive such
                  distribution.

                           In the event the then fair market value (as so
                  determined) of the portion of the Capital Stock, evidences of
                  indebtedness or other securities or non-cash assets so
                  distributed or of such rights or warrants applicable to one
                  share of Common Stock is equal to or greater than the Current
                  Market Price per share of the Common Stock on such record
                  date, in lieu of the foregoing adjustment, adequate provision
                  shall be made so that each Holder of a 2006 Note shall have
                  the right to receive upon conversion the amount of Capital
                  Stock, evidences of indebtedness or other securities or
                  non-cash assets so distributed or of such rights or warrants
                  such holder would have received had such Holder converted each
                  2006 Note on such record date. In the event that such dividend
                  or distribution is not so paid or made, the Conversion Price
                  shall again be adjusted to be the Conversion Price which would
                  then be in effect if such dividend or distribution had not
                  been declared. If the Board of Directors determines the fair
                  market value of any distribution for purposes of this Section
                  12.06(c) by reference to the actual or when issued trading
                  market for any securities, it must in doing so consider the
                  prices in such market over the same period used in computing
                  the Current Market Price of the Common Stock.

                           Upon conversion of the 2006 Notes into Common Stock,
                  to the extent that Company's current or any subsequent
                  preferred shares rights plan ("Rights Plan") is still in
                  effect upon such conversion, the Holders of 2006 Notes will
                  receive, in addition to the Common Stock, the rights described
                  therein (whether or not the rights have separated from the
                  Common Stock at the time of conversion), subject to the
                  limitations set forth in the Rights Plan. Any distribution of
                  rights or warrants pursuant to a Rights Plan complying with
                  the requirements set forth in the

                                       18
<PAGE>

                  immediately preceding sentence of this paragraph shall not
                  constitute a distribution of rights or warrants pursuant to
                  this Section 12.06(c).

                           Rights or warrants distributed by the Company to all
                  holders of Common Stock entitling the holders thereof to
                  subscribe for or purchase shares of the Company's Capital
                  Stock (either initially or under certain circumstances), which
                  rights or warrants, until the occurrence of a specified event
                  or events ("Trigger Event"): (i) are deemed to be transferred
                  with such shares of Common Stock; (ii) are not exercisable;
                  and (iii) are also issued in respect of future issuances of
                  Common Stock, shall be deemed not to have been distributed for
                  purposes of this Section 12.06 (and no adjustment to the
                  Conversion Price under this Section 12.06 will be required)
                  until the occurrence of the earliest Trigger Event, whereupon
                  such rights and warrants shall be deemed to have been
                  distributed and an appropriate adjustment (if any is required)
                  to the Conversion Price shall be made under this Section
                  12.06(c). If any such right or warrant, including any such
                  existing rights or warrants distributed prior to the date of
                  this Indenture, are subject to events, upon the occurrence of
                  which such rights or warrants become exercisable to purchase
                  different securities, evidences of indebtedness or other
                  assets, then the date of the occurrence of any and each such
                  event shall be deemed to be the date of distribution and
                  record date with respect to new rights or warrants with such
                  rights (and a termination or expiration of the existing rights
                  or warrants without exercise by any of the holders thereof).
                  In addition, in the event of any distribution (or deemed
                  distribution) of rights or warrants, or any Trigger Event or
                  other event (of the type described in the preceding sentence)
                  with respect thereto that was counted for purposes of
                  calculating a distribution amount for which an adjustment to
                  the Conversion Price under this Section 12.06 was made, (1) in
                  the case of any such rights or warrants which shall all have
                  been redeemed or repurchased without exercise by any holders
                  thereof, the Conversion Price shall be readjusted upon such
                  final redemption or repurchase to give effect to such
                  distribution or Trigger Event, as the case may be, as though
                  it were a cash distribution, equal to the per share redemption
                  or repurchase price received by a holder or holders of Common
                  Stock with respect to such rights or warrants (assuming such
                  holder had retained such rights or warrants), made to all
                  holders of Common Stock as of the date of such redemption or
                  repurchase, and (2) in the case of such rights or warrants
                  which shall have expired or been terminated without exercise
                  by any holders thereof, the Conversion Price shall be
                  readjusted as if such rights and warrants had not been issued.

                           (d) (i) In case the Company shall, by dividend or
                  otherwise, at any time distribute (a "Triggering
                  Distribution") to all or substantially all holders of its
                  Common Stock cash in an aggregate amount that, together with
                  the aggregate amount of (A) any cash and the fair market value
                  (as determined by the Board of Directors, whose determination
                  shall be conclusive evidence thereof and which shall be
                  evidenced by an Officers' Certificate delivered to the
                  Trustee) of any other consideration payable in respect of any
                  tender offer by the Company or a Subsidiary

                                       19
<PAGE>

                  of the Company for Common Stock consummated within the 12
                  months preceding the date of payment of the Triggering
                  Distribution and in respect of which no Conversion Price
                  adjustment pursuant to this Section 12.06 has been made and
                  (B) all other cash distributions to all or substantially all
                  holders of its Common Stock made within the 12 months
                  preceding the date of payment of the Triggering Distribution
                  and in respect of which no Conversion Price adjustment
                  pursuant to this Section 12.06 has been made, exceeds an
                  amount equal to 10.0% of the product of the Current Market
                  Price per share of Common Stock (as determined in accordance
                  with subsection (e) of this Section 12.06) on the Business Day
                  (the "Determination Date") immediately preceding the day on
                  which such Triggering Distribution is declared by the Company
                  multiplied by the number of shares of Common Stock outstanding
                  on the Determination Date (excluding shares held in the
                  treasury of the Company), the Conversion Price shall be
                  reduced so that the same shall equal the price determined by
                  multiplying such Conversion Price in effect immediately prior
                  to the Determination Date by a fraction of which the numerator
                  shall be the Current Market Price per share of the Common
                  Stock (as determined in accordance with subsection (e) of this
                  Section 12.06) on the Determination Date less the sum of the
                  aggregate amount of cash and the aggregate fair market value
                  (determined as aforesaid in this Section 12.06(c)(1)) of any
                  such other consideration so distributed, paid or payable (in
                  the case of amounts paid in any tender offer, including only
                  that portion of the aggregate amount paid in the tender offer
                  that was in excess of the aggregate value of the shares
                  purchased in the tender offer (based on the Current Market
                  Price per share of Common Stock as determined in accordance
                  with subsection (e) of this Section 12.06 on the day the
                  tender offer expired)) within such 12 months (including,
                  without limitation, the Triggering Distribution) applicable to
                  one share of Common Stock (determined on the basis of the
                  number of shares of Common Stock outstanding on the
                  Determination Date) and the denominator shall be such Current
                  Market Price per share of the Common Stock (as determined in
                  accordance with subsection (e) of this Section 12.06) on the
                  Determination Date, such reduction to become effective
                  immediately prior to the opening of business on the day
                  following the date on which the Triggering Distribution is
                  paid.

                           (ii) In case any tender offer made by the Company or
                  any of its Subsidiaries for Common Stock shall expire and such
                  tender offer (as amended upon the expiration thereof) shall
                  involve the payment of aggregate consideration in an amount
                  (determined as the sum of the aggregate amount of cash
                  consideration and the aggregate fair market value (as
                  determined by the Board of Directors, whose determination
                  shall be conclusive evidence thereof and which shall be
                  evidenced by an Officers' Certificate delivered to the Trustee
                  thereof) of any other consideration) that, together with the
                  aggregate amount of (A) any cash and the fair market value (as
                  determined by the Board of Directors, whose determination
                  shall be conclusive evidence thereof and which shall be
                  evidenced by an Officers' Certificate delivered to the
                  Trustee) of any other consideration payable in respect of any
                  other tender offers

                                       20
<PAGE>

                  by the Company or any Subsidiary of the Company for Common
                  Stock consummated within the 12 months preceding the date of
                  the Expiration Date (as defined below) and in respect of which
                  no Conversion Price adjustment pursuant to this Section 12.06
                  has been made and (B) all cash distributions to all or
                  substantially all holders of its Common Stock made within the
                  12 months preceding the Expiration Date and in respect of
                  which no Conversion Price adjustment pursuant to this Section
                  12.06 has been made, exceeds an amount equal to 10.0% of the
                  product of the Current Market Price per share of Common Stock
                  (as determined in accordance with subsection (e) of this
                  Section 12.06) as of the last date (the "Expiration Date")
                  tenders could have been made pursuant to such tender offer (as
                  it may be amended) (the last time at which such tenders could
                  have been made on the Expiration Date is hereinafter sometimes
                  called the "Expiration Time") multiplied by the number of
                  shares of Common Stock outstanding (including tendered shares
                  but excluding any shares held in the treasury of the Company)
                  at the Expiration Time, then, immediately prior to the opening
                  of business on the day after the Expiration Date, the
                  Conversion Price shall be reduced so that the same shall equal
                  the price determined by multiplying the Conversion Price in
                  effect immediately prior to the close of business on the
                  Expiration Date by a fraction of which the numerator shall be
                  (x) the product of the number of shares of Common Stock
                  outstanding (including tendered shares but excluding any
                  shares held in the treasury of the Company) at the Expiration
                  Time multiplied by the Current Market Price per share of the
                  Common Stock (as determined in accordance with subsection (e)
                  of this Section 12.06) on the Expiration Date minus (y) the
                  aggregate consideration (determined as aforesaid) payable to
                  stockholders based on the acceptance (up to any maximum
                  specified in the terms of the tender offer) of all shares
                  validly tendered and not withdrawn as of the Expiration Time
                  (the shares deemed so accepted, up to any such maximum, being
                  referred to as the "Purchased Shares") and the denominator
                  shall be the product of the number of shares of Common Stock
                  outstanding (less any Purchased Shares and excluding any
                  shares held in the treasury of the Company) at the Expiration
                  Time and the Current Market Price per share of Common Stock
                  (as determined in accordance with subsection (e) of this
                  Section 12.06) on the Expiration Date, such reduction to
                  become effective immediately prior to the opening of business
                  on the day following the Expiration Date. In the event that
                  the Company is obligated to purchase shares pursuant to any
                  such tender offer, but the Company is permanently prevented by
                  applicable law from effecting any or all such purchases or any
                  or all such purchases are rescinded, the Conversion Price
                  shall again be adjusted to be the Conversion Price which would
                  have been in effect based upon the number of shares actually
                  purchased. If the application of this Section 12.06(c)(2) to
                  any tender offer would result in an increase in the Conversion
                  Price, no adjustment shall be made for such tender offer under
                  this Section 12.06(c)(2).

                           (iii) For purposes of this Section 12.06(c), the term
                  "tender offer" shall mean and include both tender offers and
                  exchange offers, all references to "purchases" of shares in
                  tender offers (and all similar references) shall mean and

                                       21
<PAGE>

                  include both the purchase of shares in tender offers and the
                  acquisition of shares pursuant to exchange offers, and all
                  references to "tendered shares" (and all similar references)
                  shall mean and include shares tendered in both tender offers
                  and exchange offers.

                  (e) For the purpose of any computation under subsections (b),
         (c) and (d) of this Section 12.06, the current market price (the
         "Current Market Price") per share of Common Stock on any date shall be
         deemed to be the average of the daily closing prices for a period
         selected by the Company of either 5 consecutive Trading Days or 30
         consecutive Trading Days commencing not more than 45 Trading Days
         before and ending no later than (A) the Determination Date or the
         Expiration Date, as the case may be, with respect to distributions or
         tender offers under subsection (c) or (d) of this Section 12.06 or (B)
         the record date with respect to distributions, issuances or other
         events requiring such computation under subsection (b) or (c) of this
         Section 12.06. The closing price (the "Closing Price") for each day
         shall be the last reported sales price or, in case no such reported
         sale takes place on such date, the average of the reported closing bid
         and asked prices in either case on the Nasdaq National Market (the
         "NNM") or, if the Common Stock is not listed or admitted to trading on
         the NNM, on the principal national securities exchange on which the
         Common Stock is listed or admitted to trading or, if not listed or
         admitted to trading on the NNM or any national securities exchange, the
         last reported sales price of the Common Stock as quoted on NASDAQ or,
         in case no reported sales takes place, the average of the closing bid
         and asked prices as quoted on NASDAQ or any comparable system or, if
         the Common Stock is not quoted on NASDAQ or any comparable system, the
         closing sales price or, in case no reported sale takes place, the
         average of the closing bid and asked prices, as furnished by any two
         members of the National Association of Securities Dealers, Inc.
         selected from time to time by the Company for that purpose. If no such
         prices are available, the Current Market Price per share shall be the
         fair value of a share of Common Stock as determined by the Board of
         Directors (which shall be evidenced by an Officers' Certificate
         delivered to the Trustee).

                  (f) In any case in which this Section 12.06 shall require that
         an adjustment be made following a record date or a Determination Date
         or Expiration Date, as the case may be, established for purposes of
         this Section 12.06, the Company may elect to defer (but only until five
         Business Days following the filing by the Company with the Trustee of
         the certificate described in Section 12.09) issuing to the Holder of
         any 2006 Note converted after such record date or Determination Date or
         Expiration Date the shares of Common Stock and other capital stock of
         the Company issuable upon such conversion over and above the shares of
         Common Stock and other capital stock of the Company issuable upon such
         conversion only on the basis of the Conversion Price prior to
         adjustment; and, in lieu of the shares the issuance of which is so
         deferred, the Company shall issue or cause its transfer agents to issue
         due bills or other appropriate evidence prepared by the Company of the
         right to receive such shares. If any distribution in respect of which
         an adjustment to the Conversion Price is required to be made as of the
         record date or Determination Date or Expiration Date therefor is not
         thereafter made or paid by the Company for any reason, the Conversion
         Price shall be

                                       22
<PAGE>

         readjusted to the Conversion Price which would then be in effect if
         such record date had not been fixed or such effective date or
         Determination Date or Expiration Date had not occurred.

         SECTION 12.07 No Adjustment.

                  No adjustment in the Conversion Price shall be required unless
         the adjustment would require an increase or decrease of at least 1% in
         the Conversion Price as last adjusted; provided, however, that any
         adjustments which by reason of this Section 12.07 are not required to
         be made shall be carried forward and taken into account in any
         subsequent adjustment. All calculations under this Article XII shall be
         made to the nearest cent or to the nearest one-hundredth of a share, as
         the case may be.

                  No adjustment need be made for issuances of Common Stock
         pursuant to a Company plan for reinvestment of dividends or interest or
         for a change in the par value or a change to no par value of the Common
         Stock.

                  To the extent that the 2006 Notes become convertible into the
         right to receive cash, no adjustment need be made thereafter as to the
         cash. Interest will not accrue on the cash.

         SECTION 12.08 Adjustment for Tax Purposes.

                  The Company shall be entitled to make such reductions in the
         Conversion Price, in addition to those required by Section 12.06, as it
         in its discretion shall determine to be advisable in order that any
         stock dividends, subdivisions of shares, distributions of rights to
         purchase stock or securities or distributions of securities convertible
         into or exchangeable for stock hereafter made by the Company to its
         stockholders shall not be taxable.

         SECTION 12.09 Notice of Adjustment.

                  Whenever the Conversion Price or conversion privilege is
         adjusted, the Company shall promptly mail to Holders a notice of the
         adjustment and file with the Trustee an Officers' Certificate briefly
         stating the facts requiring the adjustment and the manner of computing
         it. Unless and until the Trustee shall receive an Officers' Certificate
         setting forth an adjustment of the Conversion Price, the Trustee may
         assume without inquiry that the Conversion Price has not been adjusted
         and that the last Conversion Price of which it has knowledge remains in
         effect.

         SECTION 12.10 Notice of Certain Transactions.

                  In the event that:

                           (i) the Company takes any action which would require
                  an adjustment in the Conversion Price;

                                       23
<PAGE>

                           (ii) the Company consolidates or merges with or
                  converts into, or transfers all or substantially all of its
                  property and assets to, another Person and shareholders of the
                  Company must approve the transaction; or

                           (iii) there is a dissolution or liquidation of the
                  Company,

         the Company shall mail to Holders and file with the Trustee a notice
         stating the proposed record or effective date, as the case may be. The
         Company shall mail the notice at least ten days before such date.
         Failure to mail such notice or any defect therein shall not affect the
         validity of any transaction referred to in clause (i), (ii) or (iii) of
         this Section 12.10.

         SECTION 12.11 Effect of Reclassification, Consolidation, Merger or Sale
         on Conversion Privilege.

                  If any of the following shall occur, namely: (a) any
         reclassification or change of shares of Common Stock issuable upon
         conversion of the 2006 Notes (other than a change in par value, or from
         par value to no par value, or from no par value to par value, or as a
         result of a subdivision or combination, or any other change for which
         an adjustment is provided in Section 12.06); (b) any consolidation or
         merger or conversion to which the Company is a party other than a
         merger in which the Company is the continuing corporation and which
         does not result in any reclassification of, or change (other than in
         par value, or from par value to no par value, or from no par value to
         par value, or as a result of a subdivision or combination) in,
         outstanding shares of Common Stock; or (c) any sale or conveyance of
         all or substantially all of the property and assets of the Company,
         directly or indirectly, to any Person, then the Company, or such
         successor, purchasing or transferee corporation, as the case may be,
         shall, as a condition precedent to such reclassification, change,
         consolidation, merger, conversion, sale or conveyance, execute and
         deliver to the Trustee a supplemental indenture providing that the
         Holder of each 2006 Note then outstanding shall have the right to
         convert such 2006 Note into the kind and amount of shares of stock and
         other securities and property (including cash) receivable upon such
         reclassification, change, consolidation, merger, conversion, sale or
         conveyance by a holder of the number of shares of Common Stock
         deliverable upon conversion of such 2006 Note immediately prior to such
         reclassification, change, consolidation, merger, conversion, sale or
         conveyance assuming such holder of Common Stock (i) is not a Person
         party to such transaction and (ii) failed to exercise his rights of an
         election, if any, as to the kind or amount of stock and other
         securities and property (including cash) receivable upon such
         reclassification, change, consolidation, merger, conversion, sale or
         conveyance (provided, however, that if the kind or amount of stock and
         other securities and property (including cash) receivable upon such
         reclassification, change, consolidation, merger, conversion, sale or
         conveyance is not the same for each share of Common Stock held
         immediately prior to such reclassification, change, consolidation,
         merger, conversion, sale or conveyance in respect of which such rights
         of election shall not have been exercised ("non-electing share"), then
         for the purpose of this Section 12.11 the kind and amount of stock and
         other securities and property (including cash) receivable upon such
         reclassification, change, consolidation, merger, conversion, sale or
         conveyance by each

                                       24
<PAGE>

         non-electing share shall be deemed to be the kind and amount so
         receivable per share by a plurality of the non-electing shares). Such
         supplemental indenture shall provide for adjustments of the Conversion
         Price which shall be as nearly equivalent as may be practicable to the
         adjustments of the Conversion Price provided for in this Article XII.
         If, in the case of any such consolidation, merger, conversion, sale or
         conveyance, the stock or other securities and property (including cash)
         receivable thereupon by a holder of Common Stock include shares of
         stock or other securities and property of a Person other than the
         successor, purchasing or transferee Person, as the case may be, in such
         consolidation, merger, conversion, sale or conveyance, then such
         supplemental indenture shall also be executed by such other Person and
         shall contain such additional provisions to protect the interests of
         the Holders of the 2006 Notes as the Board of Directors shall
         reasonably consider necessary by reason of the foregoing. The
         provisions of this Section 12.11 shall similarly apply to successive
         reclassifications, changes, consolidations, mergers, conversions, sales
         or conveyances.

                  In the event the Company shall execute a supplemental
         indenture pursuant to this Section 12.11, the Company shall promptly
         file with the Trustee (x) an Officers' Certificate briefly stating the
         reasons therefor, the kind or amount of shares of stock or other
         securities or property (including cash) receivable by Holders of the
         2006 Notes upon the conversion of their 2006 Notes after any such
         reclassification, change, consolidation, merger, conversion, sale or
         conveyance, any adjustment to be made with respect thereto and that all
         conditions precedent have been complied with and (y) an Opinion of
         Counsel that all conditions precedent have been complied with, and
         shall promptly mail notice thereof to all Holders.

         SECTION 12.12 Trustee's Disclaimer.

                  The Trustee shall have no duty to determine when an adjustment
         under this Article XII should be made, how it should be made or what
         such adjustment should be, but may accept as conclusive evidence of
         that fact or the correctness of any such adjustment, and shall be
         protected in relying upon, an Officers' Certificate including the
         Officers' Certificate with respect thereto which the Company is
         obligated to file with the Trustee pursuant to Section 12.09. The
         Trustee makes no representation as to the validity or value of any
         securities or assets issued upon conversion of 2006 Notes, and the
         Trustee shall not be responsible for the Company's failure to comply
         with any provisions of this Article XII.

                  The Trustee shall not be under any responsibility to determine
         the correctness of any provisions contained in any supplemental
         indenture executed pursuant to Section 12.11, but may accept as
         conclusive evidence of the correctness thereof, and shall be fully
         protected in relying upon, the Officers' Certificate with respect
         thereto which the Company is obligated to file with the Trustee
         pursuant to Section 12.11.

         SECTION 12.13 Voluntary Reduction.

                  The Company from time to time may reduce the Conversion Price
         by any amount for any period of time if the period is at least 20 days
         and if the reduction is irrevocable during

                                       25
<PAGE>

         the period if the Company's Board of Directors determines that such
         reduction would be in the best interest of the Company or to avoid or
         diminish income tax to holders of shares of the Company's Common Stock
         in connection with a dividend or distribution of stock or similar
         event, and the Company provides 15 days prior notice of any reduction
         in the Conversion Price; provided, however, that in no event may the
         Company reduce the Conversion Price to be less than the par value of a
         share of Common Stock.

                                   ARTICLE 3

                            MISCELLANEOUS PROVISIONS

         SECTION 3.1. Integral Part.

         This First Supplemental Indenture constitutes an integral part of the
Indenture.

         SECTION 3.2. General Definitions.

         For all purposes of this First Supplemental Indenture:

                  (a) capitalized terms used herein without definition shall
         have the meanings specified in the Original Indenture; and

                  (b) the terms "herein", "hereof", "hereunder" and other words
         of similar import refer to this Fourth Supplemental Indenture.

         SECTION 3.3. Adoption, Ratification and Confirmation.

         The Original Indenture, as supplemented and amended by this First
Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed.

         SECTION 3.4. Counterparts.

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

         SECTION 3.5. Governing Law.

         THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                       26
<PAGE>

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

                                     EGL, INC.

                                     By:    /s/ ELIJIO V. SERRANO
                                         ---------------------------------------
                                         Name:  Elijio V. Serrano
                                                --------------------------------
                                         Title: Chief Financial Officer
                                                --------------------------------

                                      JPMORGAN CHASE BANK, as Trustee

                                     By:    /s/ MAURI J. COWEN
                                         ---------------------------------------
                                         Name:  Mauri J. Cowen
                                                --------------------------------
                                         Title: Vice President and Trust Officer
                                                --------------------------------

                                       27
<PAGE>

                                    EXHIBIT A
                           [FORM OF FACE OF SECURITY]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.](1)

[THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
"SECURITIES ACT"), AND THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE
UPON CONVERSION THEREOF MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.](2)

[THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS
SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION THEREOF MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES
TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT,

---------
(1) These paragraphs should be included only if the Security is a Global
    Security.

(2) These paragraphs to be included only if the Security is a Restricted
    Security.

                                      A-1
<PAGE>

(III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH
(IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.](2)

[THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION
RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF) AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO
COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.](2)

---------
(2) These paragraphs to be included only if the Security is a Restricted
    Security.

                                      A-2
<PAGE>

                                    EGL, INC.

CUSIP:                                                                R-
      -----------                                                       ------

             5% CONVERTIBLE SUBORDINATED NOTE DUE DECEMBER 15, 2006

EGL, Inc., a Texas corporation (the "Company", which term shall include any
successor corporation under the Indenture referred to on the reverse hereof),
promises to pay to___________ _________________, or registered assigns, the
principal sum of _____________________________ Dollars ($__________) on December
15, 2006 [or such greater or lesser amount as is indicated on the Schedule of
Exchanges of Notes on the other side of this Note].(3)

Interest Payment Dates: December 15 and June 15

Record Dates: December 1 and June 1

This Note is convertible as specified on the other side of this Note. Additional
provisions of this Note are set forth on the other side of this Note.

                             SIGNATURE PAGE FOLLOWS

---------
(3) This phrase should be included only if the Security is a Global Security.

                                      A-3
<PAGE>

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal.

                                              EGL, INC.

[CORPORATE SEAL]                              By:
                                                  -----------------------------
                                              Name:
                                              Title:

Attest:

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

Dated:

Trustee's Certificate of Authentication:  This is one of the
Securities of the series designated therein referred to in the
within-mentioned Indenture.

JPMorgan Chase Bank,
as Trustee

By:
   -----------------------------
   Authorized Officer

                                      A-4

<PAGE>

                       [FORM OF REVERSE SIDE OF SECURITY]

                                    EGL, INC.

             5% CONVERTIBLE SUBORDINATED NOTE DUE DECEMBER 15, 2006

1.       INTEREST

         EGL, Inc., a Texas corporation (the "Company", which term shall include
any successor corporation under the Indenture hereinafter referred to), promises
to pay interest on the principal amount of this Note at the rate of 5% per
annum. The Company shall pay interest semiannually on December 15 and June 15 of
each year, commencing June 15, 2002. Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from December 7, 2001; provided, however, that if there is not an existing
default in the payment of interest and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding interest
payment date, interest shall accrue from such interest payment date. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. Any
reference herein to interest accrued or payable as of any date shall include any
Additional Interest accrued or payable on such date as provided in the
Registration Rights Agreement.

2.       METHOD OF PAYMENT

         The Company shall pay interest on this Note (except defaulted interest)
to the person who is the Holder of this Note at the close of business on
December 1 or June 1, as the case may be, next preceding the related interest
payment date. The Holder must surrender this Note to a Paying Agent to collect
payment of principal. The Company will pay principal and interest in money of
the United States that at the time of payment is legal tender for payment of
public and private debts. The Company may, however, pay principal and interest
in respect of any Physical Security by check or wire payable in such money;
provided, however, that a Holder with an aggregate principal amount in excess of
$2,000,000 will be paid by wire transfer in immediately available funds at the
election of such Holder if such Holder has provided wire transfer instructions
to the Company at least 10 Business Days prior to the payment date. The Company
may mail an interest check to the Holder's registered address. Notwithstanding
the foregoing, so long as this Note is registered in the name of a Depositary or
its nominee, all payments hereon shall be made by wire transfer of immediately
available funds to the account of the Depositary or its nominee.

3.       PAYING AGENT, REGISTRAR AND CONVERSION AGENT

         Initially, JPMorgan Chase Bank (the "Trustee", which term shall include
any successor trustee under the Indenture hereinafter referred to) will act as
Paying Agent, Registrar and Conversion Agent. The Company may change any Paying
Agent, Registrar or Conversion Agent without notice to the Holder. The Company
or any of its Subsidiaries may, subject to certain limitations set forth in the
Indenture, act as Paying Agent, Registrar or Conversion Agent.

                                      A-5
<PAGE>

4.       INDENTURE, LIMITATIONS

         This Note is one of a duly authorized issue of Securities of the
Company designated as its 5% Convertible Subordinated Notes due December 15,
2006 (the "Notes"), issued under an Indenture dated as of December 7, 2001, as
amended by the First Supplemental Indenture thereto dated as of December 7, 2001
(together with any additional supplemental indentures thereto, the "Indenture"),
between the Company and the Trustee. The terms of this Note include those stated
in the Indenture and those required by or made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended, as in effect on the
date of the Indenture. This Note is subject to all such terms, and the Holder of
this Note is referred to the Indenture and said Act for a statement of them.

         The Notes are subordinated unsecured obligations of the Company,
initially limited to $85,000,000 aggregate principal amount (or up to
$100,000,000 aggregate principal amount if the over allotment option granted to
the initial purchaser of the Notes is exercised in full) but subject to future
increase as provided in the Indenture. The Indenture does not limit other debt
of the Company, secured or unsecured, including Senior Indebtedness.

5.       OPTIONAL REDEMPTION

         The Notes are subject to redemption, at any time on or after December
20, 2004, as a whole or from time to time in part, at the election of the
Company. The Redemption Prices (expressed as percentages of the principal
amount) are as follows for Notes redeemed during the periods set forth below:

<Table>
<Caption>
                      PERIOD                                   REDEMPTION PRICE
                      ------                                   ----------------
<S>                                                            <C>
Beginning on December  20, 2004 through December 14, 2005           101.25%
Beginning on December 15, 2005 and thereafter                       100.00%
</Table>

in each case together with accrued interest up to but not including the
Redemption Date; provided that if the Redemption Date falls after an interest
payment record date and on or before an interest payment date, then the interest
will be payable to the Holders in whose names the Notes are registered at the
close of business on the relevant interest payment record dates.

         No sinking fund or other mandatory redemption obligation is provided
for the Notes.

6.       NOTICE OF REDEMPTION

         Notice of redemption will be mailed by first-class mail at least 20
days but not more than 60 days before the Redemption Date to each Holder of
Notes to be redeemed at its registered address. Notes in denominations larger
than $1,000 may be redeemed in part, but only in whole multiples of $1,000. On
and after the Redemption Date, subject to the deposit with the Paying Agent of
funds sufficient to pay the Redemption Price plus accrued interest, if any,
accrued to, but excluding, the Redemption Date, interest shall cease to accrue
on Notes or portions of them called for redemption.

                                      A-6
<PAGE>

7.       PURCHASE OF NOTES AT OPTION OF HOLDER UPON A CHANGE IN CONTROL

         At the option of the Holder and subject to the terms and conditions of
the Indenture, the Company shall become obligated to purchase all or any part
specified by the Holder (so long as the principal amount of such part is $1,000
or an integral multiple of $1,000 in excess thereof) of the Notes held by such
Holder on the date that is 30 Business Days after the occurrence of a Change in
Control, at a purchase price equal to 100% of the principal amount thereof
together with accrued interest up to, but excluding, the Change in Control
Purchase Date. The Holder shall have the right to withdraw any Change in Control
Purchase Notice (in whole or in a portion thereof that is $1,000 or an integral
multiple of $1,000 in excess thereof) at any time prior to the close of business
on the Business Day next preceding the Change in Control Purchase Date by
delivering a written notice of withdrawal to the Paying Agent in accordance with
the terms of the Indenture.

8.       CONVERSION

         A Holder of a Note may convert the principal amount of such Note (or
any portion thereof equal to $1,000 or any integral multiple of $1,000 in excess
thereof) into shares of Common Stock at any time prior to the close of business
on the fourth Trading Day preceding December 15, 2006; provided, however, that
if the Note is called for redemption or subject to purchase upon a Change in
Control, the conversion right will terminate at the close of business on the
Business Day immediately preceding the Redemption Date or the Change in Control
Purchase Date, as the case may be, for such Note or such earlier date as the
Holder presents such Note for redemption or purchase (unless the Company shall
default in making the redemption payment or Change in Control Purchase Price, as
the case may be, when due, in which case the conversion right shall terminate at
the close of business on the date such default is cured and such Note is
redeemed or purchased).

         The initial Conversion Price is $17.4335 per share, subject to
adjustment under certain circumstances as provided in the Indenture. The number
of shares of Common Stock issuable upon conversion of a Note is determined by
dividing the principal amount of the Note or portion thereof converted by the
Conversion Price in effect on the Conversion Date. No fractional shares will be
issued upon conversion; in lieu thereof, an amount will be paid in cash based
upon the Closing Price (as defined in the Indenture) of the Common Stock on the
Trading Day immediately prior to the Conversion Date.

         To convert a Note, a Holder must (a) complete and manually sign the
conversion notice set forth below and deliver such notice to a Conversion Agent,
(b) surrender the Note to a Conversion Agent, (c) furnish appropriate
endorsements and transfer documents if required by a Registrar or a Conversion
Agent, and (d) pay any transfer or similar tax, if required. Notes so
surrendered for conversion (in whole or in part) during the period from the
close of business on any regular record date to the opening of business on the
next succeeding interest payment date (excluding Notes or portions thereof
called for redemption or subject to purchase upon a Change in Control on a
Redemption Date or Change in Control Purchase Date, as the case may be, during
the period beginning at the close of business on a regular record date and
ending at the opening of business on the first Business Day after the next
succeeding interest payment date, or if such interest payment date is not a
Business Day, the second such Business Day) shall also be accompanied by payment
in

                                      A-7
<PAGE>

funds acceptable to the Company of an amount equal to the interest payable on
such interest payment date on the principal amount of such Note then being
converted, and such interest shall be payable to such registered Holder
notwithstanding the conversion of such Note, subject to the provisions of the
Indenture relating to the payment of defaulted interest by the Company. If the
Company defaults in the payment of interest payable on such interest payment
date, the Company shall promptly repay such funds to such Holder. A Holder may
convert a portion of a Note equal to $1,000 or any integral multiple thereof.

         A Note in respect of which a Holder had delivered a Change in Control
Purchase Notice exercising the option of such Holder to require the Company to
purchase such Note may be converted only if the Change in Control Purchase
Notice is withdrawn in accordance with the terms of the Indenture.

9.       CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION

         Any Notes called for redemption, unless surrendered for conversion
before the close of business on the Business Day immediately preceding the
Redemption Date, may be deemed to be purchased from the Holders of such Notes at
an amount not less than the Redemption Price, together with accrued interest, if
any, to, but not including, the Redemption Date, by one or more investment
bankers or other purchasers who may agree with the Company to purchase such
Notes from the Holders, to convert them into Common Stock of the Company and to
make payment for such Notes to the Paying Agent in trust for such Holders.

10.      SUBORDINATION

         The indebtedness evidenced by the Notes is, to the extent and in the
manner provided in the Indenture, subordinate and junior in right of payment to
the prior payment in full of all Senior Indebtedness of the Company. Any Holder
by accepting this Note agrees to and shall be bound by such subordination
provisions and authorizes the Trustee to give them effect. In addition to all
other rights of Senior Indebtedness described in the Indenture, the Senior
Indebtedness shall continue to be Senior Indebtedness and entitled to the
benefits of the subordination provisions irrespective of any amendment,
modification or waiver of any terms of any instrument relating to the Senior
Indebtedness or any extension or renewal of the Senior Indebtedness.

11.      DENOMINATIONS, TRANSFER, EXCHANGE

         The Notes are in registered form, without coupons, in denominations of
$1,000 and integral multiples of $1,000. A Holder may register the transfer of
or exchange Notes in accordance with the Indenture. The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any transfer taxes or similar governmental charges that may
be imposed in relation thereto by law or permitted by the Indenture.

12.      PERSONS DEEMED OWNERS

         The Holder of a Note may be treated as the owner of it for all
purposes.

                                      A-8
<PAGE>

13.      UNCLAIMED MONEY

         If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent will pay the money back to the Company at
its written request, subject to applicable unclaimed property law. After that,
Holders entitled to money must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person.

14.      AMENDMENT, SUPPLEMENT AND WAIVER

         Subject to certain exceptions, the Indenture or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of the Notes then outstanding, and an existing
default or Event of Default and its consequence or compliance with any provision
of the Indenture or the Notes may be waived in a particular instance with the
consent of the Holders of a majority in aggregate principal amount of the Notes
then outstanding. Without the consent of or notice to any Holder, the Company
and the Trustee may amend or supplement the Indenture or the Notes to, among
other things, cure any ambiguity, defect or inconsistency or make any other
change that does not adversely affect the rights of any Holder in any material
respect.

15.      SUCCESSOR ENTITY

         When a successor corporation assumes all the obligations of its
predecessor under the Notes and the Indenture in accordance with the terms and
conditions of the Indenture, the predecessor corporation (except in certain
circumstances specified in the Indenture) be released from those obligations.

16.      DEFAULTS AND REMEDIES

         Under the Indenture, an Event of Default includes: (i) default for 30
days in payment of any interest or Additional Interest on any Notes; (ii)
default in payment of any principal (including, without limitation, any premium,
if any) on the Notes when due; (iii) failure by the Company to provide timely
notice of a Change in Control; (iv) failure by the Company for 90 days after
notice to it to comply with any of its other agreements contained in the
Indenture or the Notes; (v) default in the payment of certain indebtedness of
the Company or a Significant Subsidiary; and (vi) certain events of bankruptcy,
insolvency or reorganization of the Company or any Significant Subsidiary. If an
Event of Default (other than as a result of certain events of bankruptcy,
insolvency or reorganization of the Company) occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding may declare all unpaid principal to the date of
acceleration on the Notes then outstanding to be due and payable immediately,
all as and to the extent provided in the Indenture. If an Event of Default
occurs as a result of certain events of bankruptcy, insolvency or reorganization
of the Company, unpaid principal of the Notes then outstanding shall become due
and payable immediately without any declaration or other act on the part of the
Trustee or any Holder, all as and to the extent provided in the Indenture.
Holders may not enforce the Indenture or the Notes except as provided in the
Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Notes. Subject to certain

                                      A-9
<PAGE>

limitations, Holders of a majority in aggregate principal amount of the Notes
then outstanding may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders notice of any continuing default (except a
default in payment of principal or interest) if it determines that withholding
notice is in their interests. The Company is required to file periodic reports
with the Trustee as to the absence of default.

17.      TRUSTEE DEALINGS WITH THE COMPANY

         JPMorgan Chase Bank, the Trustee under the Indenture, in its individual
or any other capacity, may make loans to, accept deposits from and perform
services for the Company or an Affiliate of the Company, and may otherwise deal
with the Company or an Affiliate of the Company, as if it were not the Trustee.

18.      NO RECOURSE AGAINST OTHERS

         A director, officer, employee or shareholder, as such, of the Company
shall not have any liability for any obligations of the Company under the Notes
or the Indenture nor for any claim based on, in respect of or by reason of such
obligations or their creation. The Holder of this Note by accepting this Note
waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of this Note.

19.      AUTHENTICATION

         This Note shall not be valid until the Trustee or an authenticating
agent manually signs the certificate of authentication on the other side of this
Note.

20.      ABBREVIATIONS AND DEFINITIONS

         Customary abbreviations may be used in the name of the Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and UGMA (= Uniform Gifts to Minors Act).

         All terms defined in the Indenture and used in this Note but not
specifically defined herein are defined in the Indenture and are used herein as
so defined.

21.      INDENTURE TO CONTROL; GOVERNING LAW

         In the case of any conflict between the provisions of this Note and the
Indenture, the provisions of the Indenture shall control. This Note shall be
governed by, and construed in accordance with, the laws of the State of New
York.

         The Company will furnish to any Holder, upon written request and
without charge, a copy of the Indenture. Requests may be made to: EGL, Inc.,
15350 Vickery Drive, Houston, Texas 77032, Attention: Investor Relations.

                                      A-10

<PAGE>

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:
I or we assign and transfer this Note to

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. no.)

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

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

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

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

and irrevocably appoint

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

agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him or her.

                                      Your Signature:

Date:
     ------------------------------   ------------------------------------------
                                      (Sign exactly as your name appears on the
                                      other side of this Note)

*Signature guaranteed by:

By:
   --------------------------------
         *       The signature must be guaranteed by an institution which is a
         member of one of the following recognized signature guaranty programs:
         (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the
         New York Stock Exchange Medallion Program (MSP); (iii) the Stock
         Exchange Medallion Program (SEMP); or (iv) such other guaranty program
         acceptable to the Trustee.

                                      A-11
<PAGE>

                                CONVERSION NOTICE

To convert this Note into Common Stock of the Company, check the box: [ ]

To convert only part of this Note, state the principal amount to be converted
(must be $1,000 or a integral multiple of $1,000): $____________.

If you want the stock certificate made out in another person's name, fill in the
form below:

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. no.)

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

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

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

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

                                      Your Signature:

Date:
     ------------------------------   ------------------------------------------
                                      (Sign exactly as your name appears on the
                                      other side of this Note)

*Signature guaranteed by:

By:
   --------------------------------
         *        The signature must be guaranteed by an institution which is a
         member of one of the following recognized signature guaranty programs:
         (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the
         New York Stock Exchange Medallion Program (MSP); (iii) the Stock
         Exchange Medallion Program (SEMP); or (iv) such other guaranty program
         acceptable to the Trustee.

                                      A-12
<PAGE>

                           OPTION TO ELECT REPURCHASE

                            UPON A CHANGE OF CONTROL

To:      EGL, Inc.

         The undersigned registered owner of this Security hereby irrevocably
acknowledges receipt of a notice from EGL, Inc. (the "Company") as to the
occurrence of a Change in Control with respect to the Company and requests and
instructs the Company to repurchase the entire principal amount of this
Security, or the portion thereof (which is $1,000 or an integral multiple
thereof) below designated, in accordance with the terms of the Indenture
referred to in this Security at the Change in Control Purchase Price, together
with accrued interest to, but excluding, such date, to the registered Holder
hereof.

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

                                     ------------------------------------------
                                     Signature(s)

                                     Signature(s) must be guaranteed by a
                                     qualified guarantor institution with
                                     membership in an approved signature
                                     guarantee program pursuant to Rule 17Ad-15
                                     under the Securities Exchange Act of 1934.

                                     ------------------------------------------
                                     Signature Guaranty

Principal amount to be redeemed
(in an integral multiple of $1,000, if less than all):

-------------------------------------
NOTICE: The signature to the foregoing election must correspond to the name as
written upon the face of this Security in every particular, without alteration
or any change whatsoever.

                                      A-13
<PAGE>

                       SCHEDULE OF EXCHANGES OF NOTES(4)

The following exchanges, redemptions, repurchases or conversions of a part of
this global Note have been made:

<Table>
<Caption>
     PRINCIPAL AMOUNT
    OF THIS GLOBAL NOTE           AUTHORIZED                                          AMOUNT OF
      FOLLOWING SUCH             SIGNATORY OF         AMOUNT OF DECREASE IN          INCREASE IN
      DECREASE DATE           TRUSTEE OR SECURITY       PRINCIPAL AMOUNT           PRINCIPAL AMOUNT
OF EXCHANGE (OR INCREASE)         CUSTODIAN            OF THIS GLOBAL NOTE       OF THIS GLOBAL NOTE
-------------------------     -------------------     ----------------------     -------------------
<S>                           <C>                     <C>                        <C>
</Table>

---------
(4) This schedule should be included only if the Security is a Global Security.

                                      A-14
<PAGE>

            CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION
                 OF TRANSFER OF TRANSFER RESTRICTED SECURITIES(5)

Re:      5% Convertible Subordinated Notes due December 15, 2006 (the "Notes")
         of EGL, Inc.

This certificate relates to $_______ principal amount of Notes owned in (check
applicable box)
[ ] book-entry or   [ ] definitive form by ___________________ (the
"Transferor").

The Transferor has requested a Registrar or the Trustee to exchange or register
the transfer of such Notes.

In connection with such request and in respect of each such Note, the Transferor
does hereby certify that the Transferor is familiar with transfer restrictions
relating to the Notes as provided in Section 2.20 of the Indenture dated as of
December 7, 2001 between EGL, Inc. and JPMorgan Chase Bank, as trustee (the
"Indenture"), and the transfer of such Note is being made pursuant to an
effective registration statement under the Securities Act of 1933, as amended
(the "Securities Act") (check applicable box) or the transfer or exchange, as
the case may be, of such Note does not require registration under the Securities
Act because (check applicable box):

         [ ]      Such Note is being transferred pursuant to an effective
                  registration statement under the Securities Act.

         [ ]      Such Note is being acquired for the Transferor's own account,
                  without transfer.

         [ ]      Such Note is being transferred to the Company or a Subsidiary
                  (as defined in the Indenture) of the Company.

         [ ]      Such Note is being transferred to a person the Transferor
                  reasonably believes is a "qualified institutional buyer" (as
                  defined in Rule 144A or any successor provision thereto ("Rule
                  144A") under the Securities Act) that is purchasing for its
                  own account or for the account of a "qualified institutional
                  buyer", in each case to whom notice has been given that the
                  transfer is being made in reliance on such Rule 144A, and in
                  each case in reliance on Rule 144A.

         [ ]      Such Note is being transferred pursuant to and in compliance
                  with an exemption from the registration requirements under the
                  Securities Act in accordance with Rule 144 (or any successor
                  thereto) ("Rule 144") under the Securities Act.

         [ ]      Such Note is being transferred pursuant to and in compliance
                  with an exemption from the registration requirements of the
                  Securities Act (other than an exemption referred to above) and
                  as a result of which such Note will, upon such transfer, cease
                  to be a "restricted security" within the meaning of Rule 144
                  under the Securities Act.

The Transferor acknowledges and agrees that, if the transferee will hold any
such Notes in the form of beneficial interests in a global Note which is a
"restricted security" within the meaning of Rule 144 under the Securities Act,
then such transfer can only be made pursuant to Rule 144A

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(5) This certificate should only be included if this Security is a Transfer
    Restricted Security.

                                      A-15
<PAGE>

under the Securities Act and such transferee must be a "qualified institutional
buyer" (as defined in Rule 144A).

Date:
     -----------------------------          -----------------------------------
                                            (Insert Name of Transferor)

                                      A-16

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