Document:

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                                                           Seller Loan Agreement

                                         Perpetual Trustees Consolidated Limited
                                                                       (Trustee)

                                                          St.George Bank Limited
                                                               (Approved Seller)

                                                      Crusade Management Limited
                                                                       (Manager)

                                              Crusade Global Trust No. 1 of 2004

                                                               The Chifley Tower
                                                                2 Chifley Square
                                                               Sydney  NSW  2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2004

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Seller Loan Agreement                                     Allens Arthur Robinson
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Table of Contents

1.  Definitions and Interpretation                                             1
    1.1  Definitions                                                           1
    1.2  Master Trust Deed definitions                                         2
    1.3  Interpretation                                                        2
    1.4  Determination, statement and certificate sufficient evidence          3
    1.5  Transaction Document                                                  3
    1.6  Limited to Trust                                                      3
    1.7  Trustee as trustee                                                    3
    1.8  Knowledge of Trustee                                                  3
    1.9  Unsecured loan                                                        3

2.  Purpose                                                                    3

3.  Drawings                                                                   3
    3.1  Advance                                                               3
    3.2  Making of Advance                                                     4

4.  Interest and Fees                                                          4

5.  Repayment                                                                  4

6.  Payments                                                                   4
    6.1  Manner                                                                4
    6.2  Payment to be made on Business Day                                    4

7.  Conditions Precedent                                                       5

8.  Representations and Warranties                                             5
    8.1  Representations and warranties                                        5
    8.2  Reliance on representations and warranties                            6

9.  Undertakings                                                               6
    9.1  General undertakings                                                  6
    9.2  Undertakings relating to Trust                                        7
    9.3  Term of undertakings                                                  7

10. Control Accounts                                                           7

11. Waivers, Remedies Cumulative                                               7

12. Severability of Provisions                                                 7

13. Survival of Representations                                                8

14. Indemnity and Reimbursement Obligation                                     8

15. Moratorium Legislation                                                     8

16. Consents and Opinions                                                      8

17. Assignments                                                                8

18. Notices                                                                    8

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                                                                        Page (i)
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Seller Loan Agreement                                     Allens Arthur Robinson
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19. Authorised Signatories                                                     9

20. Governing Law and Jurisdiction                                             9

21. Counterparts                                                               9

22. Acknowledgement by Trustee                                                 9

23. Limited Recourse                                                          10
    23.1 General                                                              10
    23.2 Liability of Trustee limited to its right to indemnity               10
    23.3 Unrestricted remedies                                                11
    23.4 Restricted remedies                                                  11

24. Approved Seller's Obligations                                             11

25. Successor Trustee                                                         11

Annexure A                                                                    14
       Drawdown Notice                                                        14

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                                                                       Page (ii)
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Seller Loan Agreement                                     Allens Arthur Robinson
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Date                                                    2004
----------

Parties
----------

      1.    Perpetual Trustees Consolidated Limited (ABN 81 004 029 841) of
            Level 7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its
            capacity as trustee of the Crusade Global Trust No. 1 of 2004 (the
            Trustee);

      2.    St.George Bank Limited (ABN 92 055 513 070) incorporated in
            Australia and registered in New South Wales of 4-16 Montgomery
            Street, Kogarah, New South Wales 2217 (the Approved Seller); and

      3.    Crusade Management Limited (ABN 90 072 715 916) incorporated in
            Australia and registered in New South Wales of 4-16 Montgomery
            Street, Kogarah, New South Wales 2217 (the Manager).

Recitals
----------

      A     The Trustee is the trustee of the Crusade Global Trust No. 1 of 2004
            and proposes to issue Notes pursuant to the Master Trust Deed and
            the Supplementary Terms Notice.

      B     The Manager has arranged for the Approved Seller to provide the
            Trustee with a loan of A$[*] for the purchase of Receivables by the
            Trustee.

      C     The Approved Seller has agreed to provide the loan to the Trustee on
            the terms and conditions contained in this agreement.

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IT IS AGREED as follows.

1.    Definitions and Interpretation

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1.1   Definitions

      In this agreement the following definitions apply unless the context
      requires otherwise, or unless otherwise defined.

      Advance means the advance made or to be made under this agreement.

      Drawdown Notice means a notice under clause 3.1.

      Limit means A$[*] or such greater amount as may be agreed by the Trustee,
      Approved Seller and Manager.

      Master Trust Deed means the deed entitled "Master Trust Deed" between,
      among others, the Trustee and the Manager dated 14 March 1998.

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      Notice of Creation of Trust means the Notice of Creation of Trust dated 31
      December 2003 issued under the Master Trust Deed in relation to the Trust.

      Principal Outstanding means, at any time, the total principal amount of
      the Advance at that time.

      Secured Moneys has the meaning given in the Security Trust Deed.

      Security Trust Deed means the Security Trust Deed dated 31 December 2003
      between, among others, the Trustee, the Manager and P.T. Limited.

      Supplementary Terms Notice means the Supplementary Terms Notice issued by
      the Manager on or about the date of this agreement under the Master Trust
      Deed.

      Trust means the Crusade Global Trust No. 1 of 2004 constituted under the
      Master Trust Deed and the terms of the Supplementary Terms Notice.

      Trust Document means:

      (a)   this agreement;

      (b)   the Master Trust Deed;

      (c)   the Notice of Creation of Trust;

      (d)   the Supplementary Terms Notice;

      (e)   the Redraw Facility Agreement;

      (f)   the Deed of Indemnity to the extent it relates to the Trust;

      (g)   the Custodian Agreement;

      (h)   the Security Trust Deed to the extent it relates to the Trust;

      (i)   the Servicing Agreement;

      (j)   the Note Trust Deed;

      (k)   the Dealer Agreement;

      (l)   the Agency Agreement;

      (m)   each Note; and

      (n)   the Support Facilities.

      Trustee means the trustee of the Trust at the date of this agreement or
      any person which becomes a successor trustee under clause 20 of the Master
      Trust Deed.

1.2   Master Trust Deed definitions

      Words and expressions which are defined in the Master Trust Deed (as
      amended by the Supplementary Terms Notice) and the Supplementary Terms
      Notice (including in each case by reference to another agreement) have the
      same meanings when used in this agreement, unless the context otherwise
      requires or unless otherwise defined in this agreement.

1.3   Interpretation

      Clause 1.2 of the Master Trust Deed applies to this agreement as if set
      out in full, except that references to this Deed are references to this
      agreement.

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Seller Loan Agreement                                     Allens Arthur Robinson
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1.4   Determination, statement and certificate sufficient evidence

      Except where otherwise provided in this agreement any determination,
      statement or certificate by the Approved Seller or an Authorised Signatory
      of the Approved Seller provided for in this agreement is sufficient
      evidence unless proven wrong.

1.5   Transaction Document

      This agreement is a Transaction Document for the purposes of the Master
      Trust Deed.

1.6   Limited to Trust

      The rights and obligations of the parties under this agreement relate only
      to the Trust, and do not relate to any other Trust (as defined in the
      Master Trust Deed). Without limitation, the Approved Seller has no
      obligation under this agreement to provide financial accommodation to the
      Trustee as trustee of any other such Trust.

1.7   Trustee as trustee

      In this agreement, except where provided to the contrary;

      (a)   a reference to the Trustee is a reference to the Trustee in its
            capacity as trustee of the Trust and in no other capacity; and

      (b)   a reference to the undertaking, property, assets, business or money
            of the Trustee is a reference to the undertaking, property, assets,
            business or money of the Trustee in its capacity referred to in
            paragraph (a).

1.8   Knowledge of Trustee

      In relation to the Trust, the Trustee will only be considered to have
      knowledge or notice of or be aware of any matter or thing if the Trustee
      has knowledge, notice or awareness of that matter or thing by virtue of
      the actual notice or awareness of the officers or employees of the Trustee
      who have day to day responsibility for the administration of the Trust.

1.9   Unsecured loan

      The Approved Seller acknowledges that the Advance is an unsecured loan,
      and does not have the benefit of any Security Interest under the Security
      Trust Deed.

2.    Purpose

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      The Manager directs the Trustee to, and the Trustee shall, apply the
      proceeds of the Advance to purchase Receivables specified in any Sale
      Notice and for no other purpose.

3.    Drawings

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3.1   Advance

      (a)   Subject to this agreement, the Manager may direct the Trustee to
            request the Advance by giving to the Trustee a duly completed but
            unsigned Drawdown Notice by no later than 10.00 am on the Closing
            Date (Sydney time).

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Seller Loan Agreement                                     Allens Arthur Robinson
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      (b)   The Drawdown Notice delivered by the Trustee to the Approved Seller
            must be:

            (i)   in writing;

            (ii)  in or substantially in the form of Annexure A; and

            (iii) signed by the Trustee.

            The Trustee must sign, at the direction of the Manager, and return
            the Drawdown Notice to the Manager by no later than 2.00 pm on the
            Closing Date (Sydney time).

      (c)   The amount requested in a Drawdown Notice must not exceed the Limit.

3.2   Making of Advance

      (a)   Subject to the terms of this agreement, the Advance shall be made
            available by the Approved Seller applying that amount to the
            purchase price for Receivables under a Sale Notice.

4.    Interest and Fees

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      No interest or fees are payable by the Trustee in relation to the Advance
      or this agreement.

5.    Repayment

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      The Trustee shall, at the direction of the Manager, repay the Principal
      Outstanding on the Business Day immediately following the date on which
      the Secured Moneys are fully and finally repaid, but only to the extent
      that amounts are available for that purpose under clause 5.7 of the
      Supplementary Terms Notice. That payment shall be in full and final
      settlement of the obligations of the Trustee under this agreement.

6.    Payments

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6.1   Manner

      The Trustee shall make all payments under this agreement:

      (a)   by cheque, electronic funds transfer or other agreed methods,
            provided to the Approved Seller at its address for service of
            notices or by transfer of immediately available funds to the account
            specified by the Approved Seller;

      (b)   without set-off, counterclaim or other deduction, except any
            compulsory deduction for Tax; and

      (c)   in accordance with, and only at the directions of the Manager, the
            Master Trust Deed, the Security Trust Deed and the Supplementary
            Terms Notice.

6.2   Payment to be made on Business Day

      If any payment is due on a day which is not a Business Day, the due date
      will be the next Business Day.

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Seller Loan Agreement                                     Allens Arthur Robinson
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7.    Conditions Precedent

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      (a)   The right of the Trustee to give the initial Drawdown Notice and the
            obligations of the Approved Seller under this agreement are subject
            to the condition precedent that the Approved Seller receives all of
            the following in form and substance satisfactory to the Approved
            Seller:

            (i)   (Trust Documents) from the Manager a certified copy of each
                  duly executed and (where relevant) stamped Trust Document;

            (ii)  (Master Trust Deed conditions precedent) from the Manager
                  evidence that the conditions precedent referred to in clause 6
                  of the Master Trust Deed have been satisfied; and

            (iii) (Notes) evidence that the Notes have been issued.

      (b)   The obligations of the Approved Seller to make available the Advance
            is subject to the further conditions precedent that:

            (i)   (representations true) the representations and warranties by
                  the Trustee in clause 8 are true as at the date of the
                  Drawdown Notice and the date of the Advance as though they had
                  been made at that date in respect of the facts and
                  circumstances then subsisting; and

            (ii)  (no default) no Event of Default is subsisting at the date of
                  the Drawdown Notice or of the Advance or will result from the
                  provision of the Advance.

8.    Representations and Warranties

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8.1   Representations and warranties

      The Trustee (in its capacity as trustee of the Trust) makes the following
      representations and warranties (so far as they relate to the Trust).

      (a)   (Documents binding) This agreement constitutes (or will, when
            executed and delivered, constitute) its legal, valid and binding
            obligations (subject to laws generally affecting creditors' rights
            and to general principles of equity).

      (b)   (Transactions permitted) The execution of this agreement did not and
            will not contravene any applicable law or authorisation which
            affects the Trustee in its capacity as trustee of the Trust.

      (c)   (Other default) It has no actual knowledge of any default by it or
            the Manager under either:

            (i)   the Master Trust Deed; or

            (ii)  any law, authorisation, agreement or obligation applicable to
                  the Assets of the Trust, which has not been remedied or waived
                  in writing.

      (d)   (Trust) The Trust has been validly created and is in existence at
            the date of this agreement.

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Seller Loan Agreement                                     Allens Arthur Robinson
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      (e)   (Sole Trustee) It is the sole trustee of the Trust at the date of
            this agreement.

      (f)   (Removal) No notice has been given to it and to its knowledge no
            resolution has been passed or direction or notice has been given,
            removing it as trustee of the Trust.

8.2   Reliance on representations and warranties

      The Trustee acknowledges that the Approved Seller has entered into the
      Trust Documents in reliance on the representations and warranties in this
      clause.

9.    Undertakings

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9.1   General undertakings

      Each of the Trustee and the Manager severally undertake to the Approved
      Seller as follows in relation to the Trust, except to the extent that the
      Approved Seller consents.

      (a)   (Authorisations) It will ensure that each Authorisation (which, in
            the case of the Trustee, is limited to any Authorisation relating to
            the Trustee in its capacity as trustee of the Trust and not to the
            Trust generally) required for:

            (i)   the execution, delivery and performance by it of the Trust
                  Documents to which it is expressed to be a party and the
                  transactions contemplated by those documents;

            (ii)  the validity and enforceability of those documents; and

            (iii) the carrying on by it of its business as now conducted or
                  contemplated,

            is obtained and promptly renewed and maintained in full force and
            effect. It will pay all applicable fees for them. It will provide
            copies promptly to the Approved Seller when they are obtained or
            renewed.

      (b)   (Negative pledge) It will not create or allow to exist a Security
            Interest over the Assets of the Trust other than:

            (i)   under the Trust Documents; or

            (ii)  a lien arising by operation of law in the ordinary course of
                  day-to-day trading and not securing indebtedness in respect of
                  financial accommodation where it duly pays the indebtedness
                  secured by that lien other than indebtedness contested in good
                  faith.

      (c)   (Comply with obligations) It will duly and punctually comply with
            its obligations under the Trust Documents.

      (d)   (Notice to Approved Seller) It will notify the Approved Seller as
            soon as it becomes actually aware of any proposal by a Government
            Agency to acquire compulsorily any Assets of the Trust.

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Seller Loan Agreement                                     Allens Arthur Robinson
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9.2   Undertakings relating to Trust

      Each of the Trustee, as trustee of the Trust, and the Manager severally
      undertakes to the Approved Seller as follows, except to the extent that
      the Approved Seller consents.

      (a)   (Amendment to Master Trust Deed) It will not consent to any
            amendment to the Master Trust Deed, the Supplementary Terms Notice
            or any other Trust Document which would change:

            (i)   the basis upon which the amount of the Advance to be made is
                  calculated;

            (ii)  Clause 5.7 of the Supplementary Terms Notice; or

            (iii) the basis of calculation or order of application of any amount
                  to be paid or applied under clause 5 of the Supplementary
                  Terms Notice unless the change would not be adverse to the
                  Approved Seller in respect of the Advance.

      (b)   (Resettlement) It will not take any action that will result in a
            resettlement, setting aside or transfer of any asset of the Trust
            other than a transfer which complies with the Master Trust Deed, the
            Supplementary Terms Notice and the other Trust Documents.

      (c)   (No additional trustee) It will act continuously as trustee or
            manager (as the case may be) of the Trust in accordance with the
            Master Trust Deed until the Trust has been terminated or until it
            has retired or been removed in accordance with the Master Trust
            Deed.

9.3   Term of undertakings

      Each undertaking in this clause continues from the date of this agreement
      until all moneys actually or contingently owing under this agreement are
      fully and finally repaid or cease to be outstanding.

10.   Control Accounts

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      The accounts kept by the Approved Seller constitute sufficient evidence,
      unless proven wrong, of the amount at any time due from the Trustee under
      this agreement.

11.   Waivers, Remedies Cumulative

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      (a)   No failure to exercise and no delay in exercising any right, power
            or remedy under this agreement operates as a waiver. Nor does any
            single or partial exercise of any right, power or remedy preclude
            any other or further exercise of that or any other right, power or
            remedy.

      (b)   The rights, powers and remedies provided to the Approved Seller in
            this agreement are in addition to, and do not exclude or limit, any
            right, power or remedy provided by law.

12.   Severability of Provisions

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      Any provision of this agreement which is prohibited or unenforceable in
      any jurisdiction is ineffective as to that jurisdiction to the extent of
      the prohibition or unenforceability. That does not invalidate the
      remaining provisions of this agreement nor affect the validity or
      enforceability of that provision in any other jurisdiction.

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Seller Loan Agreement                                     Allens Arthur Robinson
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13.   Survival of Representations

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      All representations and warranties in this agreement survive the execution
      and delivery of this agreement and the provision of advances and
      accommodation.

14.   Indemnity and Reimbursement Obligation

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      Unless stated otherwise, each indemnity, reimbursement or similar
      obligation in this agreement:

      (a)   is a continuing obligation;

      (b)   is a separate and independent obligation;

      (c)   is payable on demand; and

      (d)   survives termination or discharge of this agreement. 15. Moratorium
            Legislation

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      To the full extent permitted by law all legislation which at any time
      directly or indirectly:

      (a)   lessens, varies or affects in favour of the Trustee any obligation
            under a Trust Document; or

      (b)   delays, prevents or prejudicially affects the exercise by the
            Approved Seller of any right, power or remedy conferred by this
            agreement, is excluded from this agreement.

16.   Consents and Opinions

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      Except where expressly stated the Approved Seller may give or withhold, or
      give conditionally, approvals and consents, may be satisfied or
      unsatisfied, may form opinions, and may exercise its rights, powers and
      remedies, at its absolute discretion.

17.   Assignments

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      Neither party may assign or transfer any of its rights or obligations
      under this agreement without the prior written consent of the other party
      or if the rating of the Notes would be withdrawn or reduced as a result of
      the assignment, except for the creation of a charge by the Trustee under
      the Security Trust Deed.

18.   Notices

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      All notices, requests, demands, consents, approvals, agreements or other
      communications to or by a party to this agreement:

      (a)   must be in writing;

      (b)   must be signed by an Authorised Signatory of the sender; and

      (c)   will be taken to be duly given or made:

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Seller Loan Agreement                                     Allens Arthur Robinson
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            (i)   (in the case of delivery in person or by post) when delivered,
                  received or left at the address of the recipient shown in this
                  agreement or to any other address which it may have notified
                  the sender;

            (ii)  (in the case of facsimile transmission) on receipt of a
                  transmission report confirming successful transmission; and

            (iii) (in the case of a telex) on receipt by the sender of the
                  answerback code of the recipient at the end of transmission,

            but if delivery or receipt is on a day on which business is not
            generally carried on in the place to which the communication is sent
            or is later than 4.00 pm (local time), it will be taken to have been
            duly given or made at the commencement of business on the next day
            on which business is generally carried on in that place.

19.   Authorised Signatories

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      The Trustee irrevocably authorises the Approved Seller to rely on a
      certificate by persons purporting to be its directors and/or secretaries
      as to the identity and signatures of its Authorised Signatories. The
      Trustee warrants that those persons have been authorised to give notices
      and communications under or in connection with this agreement.

20.   Governing Law and Jurisdiction

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      This agreement is governed by the laws of New South Wales. The Trustee
      submits to the non-exclusive jurisdiction of courts exercising
      jurisdiction there.

21.   Counterparts

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      This agreement may be executed in any number of counterparts. All
      counterparts together will be taken to constitute one instrument.

22.   Acknowledgement by Trustee

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      The Trustee confirms that:

      (a)   it has not entered into this agreement in reliance on, or as a
            result of, any statement or conduct of any kind of or on behalf of
            the Approved Seller (including any advice, warranty, representation
            or undertaking); and

      (b)   the Approved Seller is not obliged to do anything (including
            disclose anything or give advice),

      except as expressly set out in this agreement.

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Seller Loan Agreement                                     Allens Arthur Robinson
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23.   Limited Recourse

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23.1  General

      Clause 30 of the Master Trust Deed applies to the obligations and
      liabilities of the Trustee and the Manager under this agreement.

23.2  Liability of Trustee limited to its right to indemnity

      (a)   The Trustee enters into this agreement only in its capacity as
            trustee of the Trust and in no other capacity (except where the
            Transaction Documents provide otherwise). Subject to paragraph (c)
            below, a liability arising under or in connection with this
            agreement or the Trust can be enforced against the Trustee only to
            the extent to which it can be satisfied out of the assets and
            property of the Trust which are available to satisfy the right of
            the Trustee to be exonerated or indemnified for the liability. This
            limitation of the Trustee's liability applies despite any other
            provision of this agreement and extends to all liabilities and
            obligations of the Trustee in any way connected with any
            representation, warranty, conduct, omission, agreement or
            transaction related to this agreement or the Trust.

      (b)   Subject to paragraph (c) below, no person (including any Relevant
            Party) may take action against the Trustee in any capacity other
            than as trustee of the Trust or seek the appointment of a receiver
            (except under the Security Trust Deed), or a liquidator, an
            administrator or any similar person to the Trustee or prove in any
            liquidation, administration or arrangements of or affecting the
            Trustee.

      (c)   The provisions of this clause 23.2 shall not apply to any obligation
            or liability of the Trustee to the extent that it is not satisfied
            because under a Transaction Document or by operation of law there is
            a reduction in the extent of the Trustee's indemnification or
            exoneration out of the Assets of the Trust as a result of the
            Trustee's fraud, negligence, or Default.

      (d)   It is acknowledged that the Relevant Parties are responsible under
            this agreement or the other Transaction Documents for performing a
            variety of obligations relating to the Trust. No act or omission of
            the Trustee (including any related failure to satisfy its
            obligations under this agreement) will be considered fraud,
            negligence or Default of the Trustee for the purpose of paragraph
            (c) above to the extent to which the act or omission was caused or
            contributed to by any failure by any Relevant Party or any person
            who has been delegated or appointed by the Trustee in accordance
            with the Transaction Documents to fulfil its obligations relating to
            the Trust or by any other act or omission of a Relevant Party or any
            such person.

      (e)   In exercising their powers under the Transaction Documents, each of
            the Trustee, the Security Trustee and the Noteholders must ensure
            that no attorney, agent, delegate, receiver or receiver and manager
            appointed by it in accordance with this agreement or any other
            Transaction Documents has authority to act on behalf of the Trustee
            in a way which exposes the Trustee to any personal liability and no
            act or omission of any such person will be considered fraud,
            negligence, or Default of the Trustee for the purpose of paragraph
            (c) above.

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      (f)   In this clause, Relevant Parties means each of the Manager, the
            Servicer, the Custodian, the Calculation Agent, each Paying Agent,
            the Note Trustee and any Support Facility Provider (including the
            Approved Seller).

      (g)   Nothing in this clause limits the obligations expressly imposed on
            the Trustee under the Transaction Documents.

23.3  Unrestricted remedies

      Nothing in clause 23.2 limits the Approved Seller in:

      (a)   obtaining an injunction or other order to restrain any breach of
            this agreement by any party;

      (b)   obtaining declaratory relief; or

      (c)   in relation to its rights under the Security Trust Deed.

23.4  Restricted remedies

      Except as provided in clause 23.3, the Approved Seller shall not:

      (a)   (judgment) obtain a judgment for the payment of money or damages by
            the Trustee;

      (b)   (statutory demand) issue any demand under section 459E(1) of the
            Corporations Act 2001 (Cth) (or any analogous provision under any
            other law) against the Trustee;

      (c)   (winding up) apply for the winding up or dissolution of the Trustee;

      (d)   (execution) levy or enforce any distress or other execution to, on,
            or against any assets of the Trustee;

      (e)   (court appointed receiver) apply for the appointment by a court of a
            receiver to any of the assets of the Trustee;

      (f)   (set-off or counterclaim) exercise or seek to exercise any set-off
            or counterclaim against the Trustee; or

      (g)   (administrator) appoint, or agree to the appointment, of any
            administrator to the Trustee,

      or take proceedings for any of the above and the Approved Seller waives
      its rights to make those applications and take those proceedings.

24.   Approved Seller's Obligations

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      The Trustee shall have no recourse to the Approved Seller in relation to
      this agreement beyond its terms, and the Approved Seller's obligations
      under this agreement are separate from, and independent of, any
      obligations the Approved Seller may have to the Trustee for any other
      reason (including under any other Trust Document).

25.   Successor Trustee

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      The Approved Seller shall do all things reasonably necessary to enable any
      successor Trustee appointed under clause 20 of the Master Trust Deed to
      become the Trustee under this agreement.

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Seller Loan Agreement                                     Allens Arthur Robinson
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EXECUTED in Sydney.

Each attorney executing this agreement states that he or she has no notice of
revocation or suspension of his or her power of attorney.

TRUSTEE

SIGNED by                                        )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED          )
                                                 )
by its attorney under the Power of Attorney dated)
                                                 )
the presence of:                                 )
                                                     ---------------------------
                                                     Signature

--------------------------------------------------   ---------------------------
Witness                                              Print name

--------------------------------------------------
Print name

APPROVED SELLER

SIGNED on behalf of                              )
ST.GEORGE BANK LIMITED                           )
by its attorney under the Power of               )
Attorney dated                                   )
in the presence of:                              )
                                                     ---------------------------
                                                     Signature

--------------------------------------------------   ---------------------------
Witness                                              Print name

--------------------------------------------------
Print name

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Seller Loan Agreement                                     Allens Arthur Robinson
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MANAGER

SIGNED on behalf of                     )
CRUSADE MANAGEMENT LIMITED              )
                                        )
by its attorney under the Power of      )
Attorney dated                          )
in the presence of:                     )
                                            ------------------------------------
                                            Signature

-----------------------------------------   ------------------------------------
Witness                                     Print name

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Print name

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Seller Loan Agreement                                     Allens Arthur Robinson
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Annexure A

Drawdown Notice

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To:      St.George Bank Limited

                 SELLER LOAN AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Seller Loan Agreement dated on or about [*] 2004 (the Facility
Agreement).

Under clause 3.1 of the Facility Agreement we give you irrevocable notice as
follows:

(1)   we wish to draw on the Closing Date;

(2)   the principal amount of the Advance is A$[*]; [NOTE: Amount to comply with
      the limits in clause 3.]

(3)   we request that the proceeds be remitted to account number [*] at [*];

(4)   to the best of our knowledge and, relying on the information provided by
      the Manager, the proceeds of the advance will be used for the purposes
      contemplated in the Facility Agreement;

(5)   all representations and warranties under clause 8 of the Facility
      Agreement are true as though they had been made at the date of this
      Drawdown Notice and the Drawdown Date specified above in respect of the
      facts and circumstances then subsisting.

Definitions in the Facility Agreement apply in this Drawdown Notice.

Perpetual Trustees Consolidated Limited

By:               [Authorised Signatory]

DATED

Verified by Crusade Management Limited

By:                        [Authorised Signatory]

Dated

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                                                                         Page 14<PAGE>

                                   EXHIBIT 4.1

                            PROASSURANCE CORPORATION

                             SENIOR DEBT SECURITIES

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

                                    INDENTURE

                          Dated as of
                                      ----------------

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

                                       [ ]
                                     Trustee

                                       1
<PAGE>

                              CROSS REFERENCE TABLE

         Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture

<TABLE>
<CAPTION>
     Trust Indenture Act Section                                      Indenture Section
     ---------------------------                                      -----------------
     <S>                                                              <C>
     ss. 310(a)(1)                                                    6.7(a)
     (a)(2)                                                           6.7(a)
     (b)                                                              6.8(b)
     ss. 312(c)                                                       7.1
     ss. 314(a)                                                       7.3
     (a)(4)                                                           10.5
     (c)(1)                                                           1.2
     (c)(2)                                                           1.2(a)
     (e)                                                              1.2(b)
     ss. 315(b)                                                       6.1
     ss. 316(a) (last sentence)                                       1.1
     (a)(1)(A)                                                        5.12
     (a)(1)(B)                                                        5.13
     (b)                                                              5.8
     ss. 317(a)(1)                                                    5.3
     (a)(2)                                                           5.4
     ss. 318(a)                                                       1.11
     (c)                                                              9.4, 9.5, 1.11
</TABLE>

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

NOTE:    This cross-reference table shall not, for any purpose, be deemed to be
         a part of the Indenture.

                                       2
<PAGE>

                                TABLE OF CONTENTS

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

<TABLE>
<S>                                                                                                              <C>
   SECTION 1.1            DEFINITIONS.............................................................................1

   SECTION 1.2.           COMPLIANCE CERTIFICATES AND OPINIONS....................................................7

   SECTION 1.3            FORM OF DOCUMENTS DELIVERED TO TRUSTEE..................................................7

   SECTION 1.4            ACTS OF HOLDERS.........................................................................8

   SECTION 1.5            NOTICES, ETC., TO TRUSTEE AND COMPANY...................................................8

   SECTION 1.6            NOTICE TO HOLDERS; WAIVER...............................................................9

   SECTION 1.7            EFFECT OF HEADINGS AND TABLE OF CONTENTS................................................9

   SECTION 1.8            SUCCESSORS AND ASSIGNS..................................................................9

   SECTION 1.9            SEPARABILITY CLAUSE....................................................................10

   SECTION 1.10           BENEFITS OF INDENTURE..................................................................10

   SECTION 1.11           GOVERNING LAW..........................................................................10

   SECTION 1.12           LEGAL HOLIDAYS.........................................................................10

                                   ARTICLE TWO

                                SECURITIES FORMS

   SECTION 2.1           FORMS OF SECURITIES.....................................................................10

   SECTION 2.2           FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.........................................11

   SECTION 2.3           SECURITIES ISSUABLE IN GLOBAL FORM......................................................11

                                  ARTICLE THREE

                                 THE SECURITIES

   SECTION 3.1           AMOUNT UNLIMITED; ISSUABLE IN SERIES....................................................12

   SECTION 3.2           DENOMINATIONS...........................................................................15

   SECTION 3.3           EXECUTION, AUTHENTICATION, DELIVERY AND DATING..........................................15

   SECTION 3.4           TEMPORARY SECURITIES....................................................................16

   SECTION 3.5           REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.....................................16

   SECTION 3.6           MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES........................................18

   SECTION 3.7           PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED; OPTIONAL INTEREST RESET.................19
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                              <C>
   SECTION 3.8           OPTIONAL EXTENSION OF MATURITY..........................................................21

   SECTION 3.9           PERSONS DEEMED OWNERS...................................................................22

   SECTION 3.10          CANCELLATION............................................................................22

   SECTION 3.11          COMPUTATION OF INTEREST.................................................................22

   SECTION 3.12          CURRENCY AND MANNER OF PAYMENTS IN RESPECT OF SECURITIES................................23

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

   SECTION 4.1           SATISFACTION AND DISCHARGE OF INDENTURE.................................................23

   SECTION 4.2           APPLICATION OF TRUST FUNDS..............................................................24

                                  ARTICLE FIVE

                                    REMEDIES

   SECTION 5.1           EVENTS OF DEFAULT.......................................................................24

   SECTION 5.2           ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT......................................25

   SECTION 5.3           COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.........................26

   SECTION 5.4           TRUSTEE MAY FILE PROOFS OF CLAIM........................................................27

   SECTION 5.5           TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.............................27

   SECTION 5.6           APPLICATION OF MONEY COLLECTED..........................................................28

   SECTION 5.7           LIMITATION ON SUITS.....................................................................28

   SECTION 5.8           UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST...............28

   SECTION 5.9           RESTORATION OF RIGHTS AND REMEDIES......................................................29

   SECTION 5.10          RIGHTS AND REMEDIES CUMULATIVE..........................................................29

   SECTION 5.11          DELAY OR OMISSION NOT WAIVER............................................................29

   SECTION 5.12          CONTROL BY HOLDERS OF SECURITIES........................................................29

   SECTION 5.13          WAIVER OF PAST DEFAULTS.................................................................29

   SECTION 5.14          WAIVER OF STAY OR EXTENSION LAWS........................................................30

   SECTION 6.1           NOTICE OF DEFAULTS......................................................................30

   SECTION 6.2           CERTAIN RIGHTS OF TRUSTEE...............................................................30

   SECTION 6.3           NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES..................................31

   SECTION 6.4           MAY HOLD SECURITIES.....................................................................32
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                              <C>
   SECTION 6.5           MONEY HELD IN TRUST.....................................................................32

   SECTION 6.6           COMPENSATION AND REIMBURSEMENT. THE COMPANY AGREES:.....................................32

   SECTION 6.7           CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.................................................32

   SECTION 6.8           RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.......................................33

   SECTION 6.9           ACCEPTANCE OF APPOINTMENT BY SUCCESSOR..................................................34

   SECTION 6.10          MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.............................35

   SECTION 6.11          APPOINTMENT OF AUTHENTICATING AGENT.....................................................35

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

   SECTION 7.1           DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS............................................37

   SECTION 7.2           REPORTS BY TRUSTEE......................................................................37

   SECTION 7.3           REPORTS BY COMPANY......................................................................37

   SECTION 7.4           CALCULATION OF ORIGINAL ISSUE DISCOUNT..................................................37

                                  ARTICLE EIGHT

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

   SECTION 8.1           COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS....................................38

   SECTION 8.2           SUCCESSOR PERSON SUBSTITUTED............................................................38

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

   SECTION 9.1           SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS......................................39

   SECTION 9.2           SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.........................................40

   SECTION 9.3           EXECUTION OF SUPPLEMENTAL INDENTURES....................................................41

   SECTION 9.4           EFFECT OF SUPPLEMENTAL INDENTURES.......................................................41

   SECTION 9.5           CONFORMITY WITH TRUST INDENTURE ACT.....................................................41

   SECTION 9.6           REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES......................................41

                                   ARTICLE TEN

                                    COVENANTS

   SECTION 10.1          PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST..............................................41

   SECTION 10.3          MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.......................................42
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                                                                                                              <C>
   SECTION 10.4          ADDITIONAL AMOUNTS......................................................................43

   SECTION 10.5          STATEMENT AS TO COMPLIANCE..............................................................44

   SECTION 10.6          WAIVER OF CERTAIN COVENANTS.............................................................44

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

   SECTION 11.1          APPLICABILITY OF ARTICLE................................................................44

   SECTION 11.2          ELECTION TO REDEEM; NOTICE TO TRUSTEE...................................................44

   SECTION 11.3          SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.......................................44

   SECTION 11.4          NOTICE OF REDEMPTION....................................................................45

   SECTION 11.5          DEPOSIT OF REDEMPTION PRICE.............................................................46

   SECTION 11.6          SECURITIES PAYABLE ON REDEMPTION DATE...................................................46

   SECTION 11.7          SECURITIES REDEEMED IN PART.............................................................46

                                 ARTICLE TWELVE

                                  SINKING FUNDS

   SECTION 12.1          APPLICABILITY OF ARTICLE................................................................46

   SECTION 12.2          SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES...................................47

   SECTION 12.3          REDEMPTION OF SECURITIES FOR SINKING FUND...............................................47

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

   SECTION 13.1          APPLICABILITY OF ARTICLE................................................................47

   SECTION 13.2          REPAYMENT OF SECURITIES.................................................................47

   SECTION 13.3          EXERCISE OF OPTION......................................................................48

   SECTION 13.4          WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME DUE AND PAYABLE..........................48

   SECTION 13.5          SECURITIES REPAID IN PART...............................................................49

                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

   SECTION 14.1          APPLICABILITY OF ARTICLE; COMPANY'S OPTION TO EFFECT DEFEASANCE OR COVENANT
                         DEFEASANCE..............................................................................49

   SECTION 14.2          DEFEASANCE AND DISCHARGE................................................................49

   SECTION 14.3          COVENANT DEFEASANCE.....................................................................49
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                                              <C>
   SECTION 14.4          CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.........................................50

   SECTION 14.5          DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS
                         PROVISIONS..............................................................................51

   SECTION 14.6.         REINSTATEMENT...........................................................................52
</TABLE>

                                       v

<PAGE>

         INDENTURE, dated as of [ ], [ ], between ProAssurance Corporation, a
Delaware corporation (the "Company"), having its principal office at 100
Brookwood Place, Birmingham, Alabama 35209, and [ ], a [ ] corporation (the
"Trustee"), having its Corporate Trust Office at [ ].

                             RECITALS OF THE COMPANY

         WHEREAS, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its senior debt
securities (the "Securities"), issuable as provided in this Indenture, and all
things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done; and

         WHEREAS, this Indenture will be subject to, and governed by, the
provisions of the Trust Indenture Act of 1939, as amended (the "TIA"), that are
required to be part of this Indenture and shall, to the extent applicable, be
governed by such provisions.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

         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 Securities:

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         SECTION 1.1 DEFINITIONS. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

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

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

         (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles;

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

         (5) certain terms, used principally in Article Three, Article Five,
Article Six and Article Ten, are defined in those Articles.

         "ACT," when used with respect to any Holder, has the meaning specified
in Section 1.4.

                                       1
<PAGE>

         "ADDITIONAL AMOUNTS" means any additional amounts which are required by
a Security or by or pursuant to a Board Resolution, under circumstances
specified therein, to be paid by the Company in respect of certain taxes imposed
on certain Holders and which are owing to such 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 such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "AUTHENTICATING AGENT" means any authenticating agent appointed by the
Trustee pursuant to Section 6.11.

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

         "BOARD OF DIRECTORS" means the board of directors of the Company or any
committee of that board duly authorized to act hereunder.

         "BOARD RESOLUTION" means a copy of a resolution that is delivered to
the Trustee, 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 such certification.

         "BUSINESS DAY" when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.1, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a
day on which banking institutions in that Place of Payment or particular
location are authorized or obligated by law or executive order to close.

         "CAPITAL STOCK" means, with respect to any corporation, any and all
shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) stock issued by that
corporation.

         "COMMISSION" means the U.S. Securities and Exchange Commission.

         "COMPANY" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor replaces it pursuant to the
applicable provisions of this Indenture and, thereafter, "Company" shall mean
such successor or successors. The foregoing sentence shall likewise apply to any
subsequent such successor or successors.

         "COMPANY REQUEST" and "COMPANY ORDER" means a written request or order
signed in the name of the Company by any two Officers.

                                       2
<PAGE>

         "CORPORATE TRUST OFFICE" means the principal office of the Trustee at
which at any time its corporate trust business shall be administered, which
office at the date hereof is located at [ ], Attention: [ ], or such other
address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as a successor Trustee may designate from time to
time by notice to the Holders and the Company).

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

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

         "DEFAULTED INTEREST" has the meaning specified in Section 3.7(a).

         "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 debts.

         "EVENT OF DEFAULT" has the meaning specified in Article Five.

         "GOVERNMENT OBLIGATIONS" means securities which are (i) direct
obligations of the United States, for the payment of which its full faith and
credit is pledged, or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States, which are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such Government Obligation or a
specific payment of interest on or principal of any such Government Obligation
held by such custodian for the account of the holder of a depository receipt;
provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on or principal of the Government
Obligation evidenced by such depository receipt.

         "HOLDER" means, the Person in whose name a Security is registered in
the Security Register.

         "INDENTURE" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of particular series of Securities established as
contemplated by Section 3.1 and the provisions of the Trust Indenture Act that
are deemed to be a part hereof.

         "INDEXED SECURITY" means a Security as to which all or certain interest
payments and/or the principal amount payable at Maturity are determined by
reference to prices, changes in prices, or differences between prices, of
securities, intangibles, goods, articles or commodities or by such other
objective price, economic or other measures as are specified pursuant to Section
3.1 hereof.

         "INTEREST," when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, shall mean
interest payable after Maturity, and,

                                       3
<PAGE>

when used with respect to a Security which provides for the payment of
Additional Amounts pursuant to Section 10.4, includes such Additional Amounts.

         "INTEREST PAYMENT DATE," when used with respect to any Security, means
the Stated Maturity of an installment of interest on such Security.

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

         "OFFICER" means the Chairman of the Board, the Vice Chairman, the Chief
Executive Officer, the President, any Executive Vice President, any Senior Vice
President, any Vice President, the Treasurer or the Secretary or any Assistant
Treasurer or Assistant Secretary of the Company.

         "OFFICERS' CERTIFICATE" means a written certificate signed in the name
of the Company by any two Officers, and delivered to the Trustee.

         "OPINION OF COUNSEL" means a written opinion of legal counsel, who may
be an employee of, or counsel to, the Company or the Trustee.

         "ORIGINAL ISSUE DISCOUNT SECURITY" means any Security which provides
for an amount less than the principal amount due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2.

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

         (i) Securities cancelled by the Trustee or delivered to the Trustee for
cancellation pursuant to the terms of this Indenture;

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

         (iii) Securities, except to the extent provided in Sections 14.2 and
14.3, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Fourteen; and

         (iv) Securities which have been paid pursuant to Section 3.6, or
Securities which have been exchanged for other Securities which have been
authenticated and delivered pursuant to this Indenture, other than any such
Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a protected purchaser
(as defined in the Uniform Commercial Code) in whose hands such Securities are
valid obligations of the Company; provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have
given any request, demand,

                                       4
<PAGE>

authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for such
purpose shall be equal to the amount of principal thereof that would be (or
shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.2, (ii) the principal amount of any Indexed Security that
may be counted in making such determination or calculation and that shall be
deemed outstanding for such purpose shall be equal to the principal face amount
of such Indexed Security at original issuance, unless otherwise provided with
respect to such Security pursuant to Section 3.1, and (iii) Securities owned by
the Company, or any other obligor upon the Securities, or any Affiliate of the
Company or of such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

         "PAYING AGENT" means any Person authorized by the Company to pay the
principal of (or premium, if any) or interest, if any, on any Securities or
coupons on behalf of the Company.

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

         "PLACE OF PAYMENT," when used with respect to the Securities of any
series, means the place or places where the principal of (and premium, if any)
and interest, if any, on such Securities are payable as specified and as
contemplated by or pursuant to Sections 3.1 and 10.2.

         "PREDECESSOR SECURITY," when used with respect to any particular
Security, means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of
this definition, any Security authenticated and delivered under Section 3.6 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security,
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security.

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

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

         "REGULAR RECORD DATE" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 3.1, whether or not a Business Day.

                                       5
<PAGE>

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

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

         "RESPONSIBLE OFFICER," when used with respect to the Trustee, means any
officer of the Trustee with direct responsibility for the administration of this
Indenture and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject.

         "SECURITY" or "SECURITIES" has the meaning stated in the recitals of
this Indenture and, more particularly, means any Security or Securities of any
series authenticated and delivered under this Indenture.

         "SECURITY REGISTER" and "SECURITY REGISTRAR" have the respective
meanings specified in Section 3.5.

         "SPECIAL RECORD DATE" for the payment of any Defaulted Interest on the
Securities of any series means a date fixed by the Trustee pursuant to Section
3.7.

         "STATED MATURITY," when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security or a coupon representing such installment of interest as the
fixed date on which the principal of such Security or such installment of
principal or interest thereon is due and payable, as such date may be extended
pursuant to the provisions of Section 3.8.

         "TRUST INDENTURE ACT" or "TIA" means the Trust Indenture Act of 1939 as
in force at the date as of which this Indenture was executed, except as provided
in Section 9.5; provided, however, that in the event the Trust Indenture Act is
amended after such date, "Trust Indenture Act" or "TIA" means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

         "TRUSTEE" means the Person named as the "Trustee" in the first
paragraph of this Indenture until a successor replaces it pursuant to the
applicable provisions of this Indenture and, thereafter, shall mean such
successor. The foregoing sentence shall likewise apply to any subsequent such
successor or successors.

         "UNITED STATES" means, unless otherwise specified with respect to any
Securities pursuant to Section 3.1, the United States of America (including the
states and the District of Columbia), its territories, its possessions and other
areas subject to its jurisdiction.

         "UNITED STATES PERSON" means, unless otherwise specified with respect
to any Securities pursuant to Section 3.1, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or an estate or
trust the income of which is subject to United States federal income taxation
regardless of its source.

         "YIELD TO MATURITY" means the yield to maturity, computed at the time
of issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such

                                       6
<PAGE>

Security) and as set forth in such Security in accordance with generally
accepted United States bond yield computation principles.

         SECTION 1.2. COMPLIANCE CERTIFICATES AND OPINIONS.

                   (a) Upon any application or request by the Company to the
Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee an Officers' Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel such action is authorized or permitted by this
Indenture and that all such conditions precedent, if any, have been complied
with; and, except in the case of any such application or request as to which the
furnishing of documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

                   (b) Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant
to Section 10.5) shall include:

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

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

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

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

         SECTION 1.3 FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

                   (a) In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion as to some matters
and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents.

                   (b) Any certificate or opinion of an officer of the Company
may be based, insofar as it relates to legal matters, upon an Opinion of
Counsel, or a certificate or representations by counsel. Any such Opinion of
Counsel or certificate or representations may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information as to such
factual matters is in the possession of the Company.

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

                                       7

<PAGE>

         SECTION 1.4 ACTS OF HOLDERS.

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

                   (b) The fact and date of the execution of any such instrument
or writing, or the authority of the Person executing the same, may be proved in
any manner that the Trustee deems reasonably sufficient.

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

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

                   (e) Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee, any
Security Registrar, any Paying Agent, any Authenticating Agent or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

         SECTION 1.5 NOTICES, ETC., TO TRUSTEE AND COMPANY.

                                       8
<PAGE>

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

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

                   or

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

         SECTION 1.6 NOTICE TO HOLDERS; WAIVER.

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

                   (b) If by reason of the suspension of or irregularities in
regular mail service or by reason of any other cause it shall be impracticable
to give such notice by mail, then such notification to Holders of Securities as
shall be made in a manner approved by the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.

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

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

         SECTION 1.7 EFFECT OF HEADINGS AND TABLE OF CONTENTS.

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

         SECTION 1.8 SUCCESSORS AND ASSIGNS.

                                       9
<PAGE>

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

         SECTION 1.9 SEPARABILITY CLAUSE.

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

         SECTION 1.10 BENEFITS OF INDENTURE.

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

         SECTION 1.11 GOVERNING LAW.

         This Indenture and the Securities shall be governed by and construed in
accordance with the law of the State of [ ], without regard to principles of
conflicts of laws. This Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of this Indenture and shall, to the
extent applicable, be governed by such provisions. If any provision of this
Indenture expressly modifies or excludes any provision of the TIA that may be so
modified or excluded, the Indenture provision so modifying or excluding such
provision of the TIA shall be deemed to apply.

         SECTION 1.12 LEGAL HOLIDAYS.

         In any case where any Interest Payment Date, Redemption Date, Repayment
Date, sinking fund payment date, Stated Maturity or Maturity of any Security
shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or any Security, other than a provision in the
Securities of any series established pursuant to Section 3.1 hereof which
specifically states that such provision shall apply in lieu of this Section),
payment of principal (or premium, if any) or interest, if any, need not be made
at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund
payment date, or at the Stated Maturity or Maturity; provided that no interest
shall accrue on the amount so paid for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated
Maturity or Maturity, as the case may be.

                                   ARTICLE TWO

                                SECURITIES FORMS

         SECTION 2.1 FORMS OF SECURITIES. The Securities of each series
shall be in substantially the forms as shall be established in one or more
indentures supplemental hereto or approved from time to time by or pursuant to a
Board Resolution in accordance with Section 3.1, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification or designation and such
legends or endorsements

                                       10
<PAGE>

placed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Indenture, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Securities may be listed, or to
conform to usage.

         The definitive Securities shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or steel
engraved borders, or may be produced in any other manner, all as determined by
the Officers executing such Securities, as evidenced by their execution of such
Securities.

         Any form of Security approved by or pursuant to a Board Resolution must
be acceptable as to form to the Trustee, such acceptance to be evidenced by the
Trustee's authentication of Securities in that form or a certificate signed by a
Responsible Officer of the Trustee and delivered to the Company.

         SECTION 2.2 FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. Subject to
Section 6.11, the Trustee's certificate of authentication shall be in
substantially the following form:

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

                             [  ],
                                as Trustee

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

         SECTION 2.3 SECURITIES ISSUABLE IN GLOBAL FORM. If Securities of a
series are issuable in global form, as specified and contemplated by Section
3.1, then, notwithstanding clause (8) of Section 3.1 and the provisions of
Section 3.2, any such Security in global form shall represent the Outstanding
Securities of such series as shall be specified in such Security, and may
provide that it shall represent the aggregate amount of Outstanding Securities
of such series from time to time endorsed thereon, and that the aggregate amount
of Outstanding Securities of such series represented by such Security in global
form may from time to time be increased or decreased to reflect exchanges. Any
endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the amount, of Outstanding Securities represented thereby shall
be made by the Trustee in such manner and upon instructions given by such Person
or Persons as shall be specified therein or in the Company Order to be delivered
to the Trustee pursuant to Section 3.3 or 3.4. Subject to the provisions of
Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and
redeliver any Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 3.3 or 3.4 has
been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement, delivery or redelivery of a Security in global form
shall be in writing but need not comply with Section 1.2 and need not be
accompanied by an Opinion of Counsel.

         The provisions of the last sentence of Section 3.3 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 1.2 and need not be accompanied by an Opinion of

                                       11
<PAGE>

Counsel) with regard to the reduction in the principal amount of Securities
represented thereby, together with the written statement contemplated by the
last sentence of Section 3.3.

         Notwithstanding the provisions of Section 3.7, unless otherwise
specified as contemplated by Section 3.1, payment of principal of (and premium,
if any) and interest, if any, on any Security in permanent global form shall be
made to the Person or Persons specified in such Security in global form.

         Notwithstanding the provisions of Section 3.9 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a permanent global Security the Person in
whose name such Security is registered in the Security Register.

                                  ARTICLE THREE

                                 THE SECURITIES

         SECTION 3.1 AMOUNT UNLIMITED; ISSUABLE IN SERIES. The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited. All Securities of any one series need not be issued
at the same time and, unless otherwise provided, a series may be reopened,
without the consent of the Holders, for issuances of additional Securities of
such series.

         There shall be established in one or more Board Resolutions or pursuant
to authority granted by one or more Board Resolutions and, subject to Section
3.3, set forth, or determined in the manner provided, in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following, as
applicable (each of which (except for the matters set forth in clauses (1), (2)
and (15) below), if so provided, may be determined from time to time by the
Company with respect to unissued Securities of the series when issued from time
to time):

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

                   (2) any limit upon the aggregate principal amount of the
Securities of the series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the
series pursuant to Section 3.4, 3.5, 3.6, 9.6, 11.7 or 13.5);

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

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

                                       12
<PAGE>

                   (5) the place or places, if any, other than or in addition to
[ ], where the principal of (and premium, if any) and interest, if any, on
Securities of the series shall be payable, any Securities of the series may be
surrendered for registration of transfer, Securities of the series may be
surrendered for exchange, where Securities of that series that are convertible
or exchangeable may be surrendered for conversion or exchange, as applicable,
and where notices or demands to or upon the Company in respect of the Securities
of the series and this Indenture may be served;

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

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

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

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

                   (10) if other than the principal amount thereof, the portion
of the principal amount of Securities of the series that shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or
the method by which such portion shall be determined;

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

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

                   (13) any deletions from, modifications of or additions to the
Events of Default or covenants (including any deletions from, modifications of
or additions to any of the provisions of Section 10.6) of the Company with
respect to Securities of the series, whether or not such Events of Default or
covenants are consistent with the Events of Default or covenants set forth
herein;

                   (14) 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 and, if so, whether beneficial owners of
interests in any such permanent global Security may exchange such interests for
Securities of such series in certificated form and of like tenor of any
authorized form and denomination and the circumstances under which any such

                                       13
<PAGE>

exchanges may occur, if other than in the manner provided in Section 3.5, and
the identity of the depository for such series;

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

                   (16) the Person to whom any interest on any Security of the
series shall be payable, if other than the Person in whose name such Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, and the extent to which, or the
manner in which, any interest payable on a temporary global Security on an
Interest Payment Date will be paid if other than in the manner provided in
Section 3.4;

                   (17) the applicability, if any, of Sections 14.2 and/or 14.3
to the Securities of the series and any provisions in modification of, in
addition to or in lieu of any of the provisions of Article Fourteen;

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

                   (19) whether, and under what circumstances the Company will
pay Additional Amounts as contemplated by Section 10.4 on the Securities of the
series to any Holder who is not a United States person (including any
modification to the definition of such term) in respect of any tax, assessment
or governmental charge and, if so, whether the Company will have the option to
redeem such Securities rather than pay such Additional Amounts (and the terms of
any such option);

                   (20) if the Securities of the series may be converted into or
exercised or exchanged for common stock, preferred stock or any other securities
of any Person (including the Company), the terms on which conversion, exercise
or exchange may occur, including whether conversion, exercise or exchange is
mandatory, at the option of the holder or at the option of the Company or any
other Person, the date on or the period during which conversion, exercise or
exchange may occur, the initial conversion, exercise or exchange price or rate
and the circumstances or manner in which the amount of common stock or preferred
stock or other securities issuable upon conversion, exercise or exchange may be
adjusted;

                   (21) whether the Securities of the series are subject to
mandatory or optional remarketing or other mandatory or optional resale
provisions, and, if applicable, the date or period during which such resale may
occur, any conditions to such resale and any right of a Holder thereof to
substitute securities for the securities subject to resale; and

                   (22) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture or the requirements of the
Trust Indenture Act);

         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 such Board Resolution (subject to Section 3.3) and set forth in such
Officers' Certificate or in any such indenture supplemental hereto.

                                       14
<PAGE>

         SECTION 3.2 DENOMINATIONS. The Securities of each series shall be
issuable in such denominations as shall be specified as contemplated by or
pursuant to Section 3.1 and in the absence of any provisions to the contrary,
with respect to the Securities of any series, the Securities of such series,
other than Securities issued in global form (which may be of any denomination)
shall be issuable in denominations of $1,000 and any integral multiple thereof.

         SECTION 3.3 EXECUTION, AUTHENTICATION, DELIVERY AND DATING. The
Securities shall be executed on behalf of the Company by any Officer. The
signature of any Officer on the Securities and coupons may be manual or
facsimile signatures of the present or any future such authorized Officer and
may be imprinted or otherwise reproduced on the Securities.

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

         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, together with a Company Order
for the authentication and delivery of such Securities, and the Trustee in
accordance with the Company Order shall authenticate and deliver such
Securities. If all the Securities of any series are not to be issued at one time
and if the Board Resolution or supplemental indenture establishing such series
shall so permit, such Company Order may set forth procedures acceptable to the
Trustee for the issuance of such Securities and determining the terms of
particular Securities of such series, such an interest rate, maturity date, date
of issuance and date from which interest shall accrue. In authenticating such
Securities, and accepting the additional responsibilities under this indenture
in relation to such Securities, the Trustee shall be entitle to receive, and
(subject to TIA Section 315(a) through 315(d)) shall be fully protected in
relying upon:

                   (i) an Opinion of Counsel stating:

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

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

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

                  (ii) an Officers' Certificate stating, to the best of the
knowledge of the signers of such certificate, that no Event of Default with
respect to any of the Securities shall have occurred and be continuing.

                                       15
<PAGE>

         Notwithstanding the provisions of Section 3.1 and of this Section 3.3,
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 otherwise required pursuant
to Section 3.1 or the Company Order, Opinion of Counsel or Officers' Certificate
otherwise required pursuant to the preceding paragraph at the time of issuance
of each Security of such series, but such order, opinion and certificates, with
appropriate modifications to cover such future issuances, shall be delivered at
or before the time of issuance of the first Security of such series.

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein duly
executed by the Trustee by manual signature of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 3.10 together
with a written statement (which need not comply with Section 1.2 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.

         SECTION 3.4 TEMPORARY SECURITIES.

                   (a) Pending the preparation of definitive Securities of any
series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. In the case of
Securities of any series, such temporary Securities may be in global form.

         Except as otherwise provided by Board Resolution if temporary
Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office or agency of
the Company in a Place of Payment for that series, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Securities of any
series the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefore a like principal amount of definitive Securities of the
same series of authorized denominations. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

         SECTION 3.5 REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. The
Company shall cause to be kept at the Corporate Trust Office of the Trustee or
in any office or agency of the Company in a Place of Payment a register for each
series of Securities (the registers

                                       16
<PAGE>

maintained in such office or in any such office or agency of the Company in a
Place of Payment being herein sometimes referred to collectively as the
"Security Register") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Security Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. The Trustee, at its Corporate Trust Office, is hereby initially appointed
"Security Registrar" for the purpose of registering Securities and transfers of
Securities on such Security Register as herein provided. In the event that the
Trustee shall cease to be Security Registrar, it shall have the right to examine
the Security Register at all reasonable times.

         Upon surrender for registration of transfer of any Security of any
series at any office or agency of the Company in a Place of Payment for that
series, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount, bearing a number not contemporaneously outstanding
and containing identical terms and provisions.

         At the option of the Holder, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denomination or
denominations and of a like aggregate principal amount, containing identical
terms and provisions, upon surrender of the Securities to be exchanged at any
such office or agency. Whenever any Securities are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

         Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 3.1, any permanent global Security shall be exchangeable
only as provided in this paragraph. If any beneficial owner of an interest in a
permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form
and denomination, as specified as contemplated by Section 3.1 and provided that
any applicable notice provided in the permanent global Security shall have been
given, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner's interest in such permanent
global Security, executed by the Company. On or after the earliest date on which
such interests may be so exchanged, such permanent global Security shall be
surrendered by the Common Depositary or such other depositary as shall be
specified in the Company Order with respect thereto to the Trustee, as the
Company's agent for such purpose, to be exchanged, in whole or from time to time
in part, for definitive Securities without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of such
permanent global Security to be exchanged; provided, however, that no such
exchanges may occur during a period beginning at the opening of business 15 days
before any selection of Securities to be redeemed and ending on the relevant
Redemption Date if the Security for which exchange is requested may be among
those selected for redemption. If a Security is issued in exchange for any
portion of a permanent global Security after the close of business at the office
or agency where such exchange occurs on (i) any Regular Record Date and before
the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted
Interest,

                                       17
<PAGE>

interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of such Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Person to whom
interest in respect of such portion of such permanent global Security is payable
in accordance with the provisions of this Indenture.

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

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.4, 9.6, 11.7 or 13.5 not involving any transfer.

         The Company shall not be required (i) to issue, register the transfer
of or exchange any Security if such Security may be among those selected for
redemption during a period beginning at the opening of business 15 days before
selection of the Securities to be redeemed under Section 11.3 and ending at the
close of business on the day of the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except, in the case of any Security
to be redeemed in part, the portion thereof not to be redeemed, or (iii) to
issue, register the transfer of or exchange any Security which has been
surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be so repaid.

         SECTION 3.6 MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES. If any
mutilated Security is surrendered to the Trustee or the Company, together with,
in proper cases, such security or indemnity as may be required by the Company or
the Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefore a new Security of the same series and principal amount, containing
identical terms and provisions and bearing a number not contemporaneously
outstanding.

              If there shall be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any
Security, and (ii) such security or indemnity as may be required by them to save
each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a
protected purchaser (as defined in the Uniform Commercial Code), the Company
shall execute and upon its request the Trustee shall authenticate and deliver,
in lieu of any such destroyed, lost or stolen Security, a new Security of the
same series and principal amount, containing identical terms and provisions and
bearing a number not contemporaneously outstanding.

                                       18
<PAGE>

           Notwithstanding the provisions of the previous two paragraphs, in
case any such mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security.

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

           Every new Security of any series issued pursuant to this Section in
lieu of any destroyed, lost or stolen Security, or shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that
series duly issued hereunder.

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

         SECTION 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED; OPTIONAL
INTEREST RESET.

                   (a) Except as otherwise specified with respect to a series of
Securities in accordance with the provisions of Section 3.1, interest, if any,
on any Security that is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest at the office or agency of
the Company maintained for such purpose pursuant to Section 10.2; provided,
however, that each installment of interest, if any, on any Security may at the
Company's option be paid by (i) mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 3.9,
to the address of such Person as it appears on the Security Register or (ii)
transfer to an account maintained by the payee inside the United States.

         Except as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 3.1, any interest on any Security of
any series that is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date (herein called "Defaulted Interest") shall forthwith
cease to be payable to the registered Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in clause
(1) or (2) below:

                   (1) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Security of such
series and the date of the proposed payment (which shall not be less than 20
days after such notice is received by the Trustee), and at the same time the
Company shall deposit with the Trustee an amount of money (except as otherwise
specified pursuant to Section 3.1 for the Securities of such series) equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit

                                       19
<PAGE>

on or prior to the date of the proposed payment, such money when deposited to be
held in trust for the benefit of the Persons entitled to such Defaulted Interest
as in this clause provided. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be not more than 15
days and not less than 10 days prior to the date of the proposed payment and not
less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date
therefore to be mailed, first-class postage prepaid, to each Holder of
Securities of such series at his address as it appears in the Security Register
not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefore having
been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following clause (2).

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

                   (b) The provisions of this Section 3.7(b) may be made
applicable to any series of Securities pursuant to Section 3.1 (with such
modifications, additions or substitutions as may be specified pursuant to such
Section 3.1). The interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) on any Security of such series may
be reset by the Company on the date or dates specified on the face of such
Security (each an "Optional Reset Date"). The Company may exercise such option
with respect to such Security by notifying the Trustee of such exercise at least
45 but not more than 60 days prior to an Optional Reset Date for such Security.
Not later than 40 days prior to each Optional Reset Date, the Trustee shall
transmit, in the manner provided for in Section 1.6, to the Holder of any such
Security a notice (the "Reset Notice") indicating whether the Company has
elected to reset the interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable), and if so (i) such new interest
rate (or such new spread or spread multiplier, if applicable) and (ii) the
provisions, if any, for redemption during the period from such Optional Reset
Date to the next Optional Reset Date or if there is no such next Optional Reset
Date, to the Stated Maturity Date of such Security (each such period a
"Subsequent Interest Period"), including the date or dates on which or the
period or periods during which and the price or prices at which such redemption
may occur during the Subsequent Interest Period.

         Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if
applicable) provided for in the Reset Notice and establish an interest rate (or
a spread or spread multiplier used to calculate such interest rate, if
applicable) that is higher than the interest rate (or the spread or spread
multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
Interest Period by causing the Trustee to transmit, in the manner provided for
in Section 1.6, notice of such higher interest rate (or such higher spread or
spread multiplier, if applicable) to the Holder of such Security. Such notice
shall be irrevocable. All Securities with respect to which the interest rate (or
the spread or spread multiplier used to

                                       20
<PAGE>

calculate such interest rate, if applicable) is reset on an Optional Reset Date,
and with respect to which the Holders of such Securities have not tendered such
Securities for repayment (or have validly revoked any such tender) pursuant to
the next succeeding paragraph, will bear such higher interest rate (or such
higher spread or spread multiplier, if applicable).

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

         Subject to the foregoing provisions of this Section and Section 3.5,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

         SECTION 3.8 OPTIONAL EXTENSION OF MATURITY. The provisions of this
Section 3.8 may be made applicable to any series of Securities pursuant to
Section 3.1 (with such modifications, additions or substitutions as may be
specified pursuant to such Section 3.1). The Stated Maturity of any Security of
such series may be extended at the option of the Company for the period or
periods specified on the face of such Security (each an "Extension Period") up
to but not beyond the date (the "Final Maturity") set forth on the face of such
Security. The Company may exercise such option with respect to any Security by
notifying the Trustee of such exercise at least 45 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise of
such option (the "Original Stated Maturity"). If the Company exercises such
option, the Trustee shall transmit, in the manner provided for in Section 1.6,
to the Holder of such Security not later than 40 days prior to the Original
Stated Maturity a notice (the "Extension Notice") indicating (i) the election of
the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii)
the interest rate, if any, applicable to the Extension Period and (iv) the
provisions, if any, for redemption during such Extension Period. Upon the
Trustee's transmittal of the Extension Notice, the Stated Maturity of such
Security shall be extended automatically and, except as modified by the
Extension Notice and as described in the next paragraph, such Security will have
the same terms as prior to the transmittal of such Extension Notice.

         Notwithstanding the foregoing, not later than 20 days before the
Original Stated Maturity of such Security, the Company may, at its option,
revoke the interest rate provided for in the Extension Notice and establish a
higher interest rate for the Extension Period by causing the Trustee to
transmit, in the manner provided for in Section 1.6, notice of such higher
interest rate to the Holder of such Security. Such notice shall be irrevocable.
All Securities with respect to which the Stated Maturity is extended will bear
such higher interest rate.

         If the Company extends the Stated Maturity of any Security, the Holder
will have the option to elect repayment of such Security by the Company on the
Original Stated Maturity at a price equal to the principal amount thereof, plus
interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Stated Maturity thereof, the
Holder must follow the procedures set forth in Article Thirteen for repayment at
the

                                       21
<PAGE>

option of Holders, except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to the Original
Stated Maturity and except that, if the Holder has tendered any Security for
repayment pursuant to an Extension Notice, the Holder may by written notice to
the Trustee revoke such tender for repayment until the close of business on the
tenth day before the Original Stated Maturity.

         SECTION 3.9 PERSONS DEEMED OWNERS. Prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Sections 3.5 and 3.7)
interest, if any, on such Security and for all other purposes whatsoever,
whether or not such Security be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

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

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

         SECTION 3.10 CANCELLATION. All Securities surrendered for payment,
redemption, repayment at the option of the Holder, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee, and any such
Securities and Securities surrendered directly to the Trustee for any such
purpose shall be promptly cancelled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. If the Company shall so
acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are surrendered to the Trustee for cancellation. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this
Indenture. Cancelled Securities held by the Trustee shall be disposed of by the
Trustee in accordance with its customary procedures and the Trustee shall
deliver a certificate of stating that such cancelled securities have been
disposed of, unless by a Company Order the Company directs their return to it.

         SECTION 3.11 COMPUTATION OF INTEREST. Except as otherwise specified as
contemplated by Section 3.1 with respect to Securities of any series, interest,
if any, on the Securities of each series shall be computed on the basis of a
360-day year consisting of twelve 30-day months.

                                       22
<PAGE>

         SECTION 3.12 CURRENCY AND MANNER OF PAYMENTS IN RESPECT OF SECURITIES.

                   Payment of the principal of (and premium, if any) and
interest, if any, on any Security of such series will be made in Dollars.

         SECTION 3.14 CUSIP NUMBERS. The Company in issuing the Securities may
use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall
indicate the "CUSIP" numbers of the Securities in notices of redemption as a
convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of redemption and that reliance
may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company shall promptly notify the Trustee of any
change in "CUSIP" numbers.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall upon Company Request cease to be of further effect with respect to any
series of Securities specified in such Company Request (except as to any
surviving rights of registration of transfer or exchange of Securities of such
series expressly provided for herein or pursuant hereto and any right to receive
Additional Amounts, as provided in Section 10.4), and the Trustee, upon receipt
of a Company Order, and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series when:

                   (1) either:

                             (A) all Securities of such series theretofore
authenticated and delivered (other than (i) Securities of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided
in Section 3.6, and (ii) Securities of such series for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 10.3) have been delivered to the Trustee for cancellation;
or

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

                                       (i) have become due and payable, or

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

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

                                       23
<PAGE>

such deposit (in the case of Securities which have become due and payable) or to
the Stated Maturity or Redemption Date, as the case may be;

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

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 6.6, the obligations of the Company to any Authenticating Agent under
Section 6.11 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the Trustee
under Section 4.2 and the last paragraph of Section 10.3 shall survive.

         SECTION 4.2 APPLICATION OF TRUST FUNDS. Subject to the provisions of
the last paragraph of Section 10.3, all money deposited with the Trustee
pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) and interest, if any, for whose payment such
money has been deposited with or received by the Trustee, but such money need
not be segregated from other funds except to the extent required by law.

                                  ARTICLE FIVE

                                    REMEDIES

         SECTION 5.1 EVENTS OF DEFAULT. "Event of Default," wherever used herein
with respect to any particular series of Securities, unless otherwise specified
with respect to a series of Securities pursuant to Section 3.1, means any one of
the following events (whatever the reason for such Event of Default and whether
or not it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

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

                   (2) default in the payment of the principal of (or premium,
if any, on) any Security of that series when it becomes due and payable at its
Maturity; or

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

                   (4) default in the performance, or breach, of any covenant or
agreement of the Company in this Indenture with respect to any Security of that
series (other than a covenant or agreement a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the

                                       24
<PAGE>

Company and the Trustee by the Holders of at least 25% in principal amount of
the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a "Notice of Default" hereunder; or

                   (5) the 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 Custodian of
it or for all or substantially all of its property, or

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

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

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

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

                             (C) orders the liquidation of the Company, and the
order or decree remains unstayed and in effect for 90 days; or

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

         The term "Bankruptcy Law" means title 11, U.S. Code or any similar
Federal or State law for the relief of debtors. The term "Custodian" means any
receiver, trustee, assignee, liquidator or other similar official under any
Bankruptcy Law.

         SECTION 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal (or, if any Securities are
Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be specified in the terms thereof) of all the Securities of
that series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal or specified portion thereof shall become immediately
due and payable.

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

                                       25
<PAGE>

                   (1) the Company has paid or deposited with the Trustee a sum
sufficient to pay in Dollars:

                             (A) all overdue installments of interest, if any,
on all Outstanding Securities of that series,

                             (B) the principal of (and premium, if any, on) all
Outstanding Securities of that series which have become due otherwise than by
such declaration of acceleration and interest thereon at the rate or rates borne
by or provided for in such Securities,

                             (C) to the extent that payment of such interest is
lawful, interest upon overdue installments of interest at the rate or rates
borne by or provided for in such Securities, and

                             (D) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due to the Trustee
under Section 6.6; and

                   (2) all Events of Default with respect to Securities of that
series, other than the nonpayment of the principal of (or premium, if any) or
interest on Securities of that series which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section
5.13. No such rescission shall affect any subsequent default or impair any right
consequent thereon.

         SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. The Company covenants that if:

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

                   (2) default is made in the payment of the principal of (or
premium, if any, on) any Security of any series at its Maturity, then the
Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of
the Holders of Securities of such series, the whole amount then due and payable
on such Securities for principal (and premium, if any) and interest, if any,
with interest upon any overdue principal (and premium, if any) and, to the
extent that payment of such interest shall be legally enforceable, upon any
overdue installments of interest, if any, at the rate or rates borne by or
provided for in such Securities, and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due to the Trustee under
Section 6.6.

                   (3) default is made in the deposit of any sinking fund
payment, when and as due by the terms of any Security of any series.

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

                                       26
<PAGE>

out of the property of the Company or any other obligor upon Securities of such
series, wherever situated.

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

         SECTION 5.4 TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities of any series shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment of
any overdue principal, premium or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

                   (i) to file and prove a claim for the whole amount of
principal (or in the case of Original Issue Discount Securities or Indexed
Securities, such portion of the principal as may be provided in the terms
thereof) (and premium, if any) and interest, if any, owing and unpaid in respect
of the Securities and to file such other papers or documents as may be necessary
or advisable in order to 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 any other amounts due to the Trustee under
Section 6.6) and of the Holders allowed in such judicial proceeding, and

                   (ii) to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) in any such judicial proceeding is hereby authorized by each
Holder of Securities of such series to make such payments to the Trustee, and in
the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee and any
predecessor Trustee, their agents and counsel, and any other amounts due the
Trustee or any predecessor Trustee under Section 6.6.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Security
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 of a Security in any such proceeding.

         SECTION 5.5 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES. All rights of action and claims under this Indenture or any of the
Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses,
disbursements and

                                       27
<PAGE>

advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

         SECTION 5.6 APPLICATION OF MONEY COLLECTED. Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any) or interest, if any, upon
presentation of the Securities, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

                   FIRST: To the payment of all amounts due the Trustee and any
predecessor Trustee under Section 6.6;

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

                   THIRD: To the payment of the remainder, if any, to the
Company or any other Person or Persons entitled thereto.

         SECTION 5.7 LIMITATION ON SUITS. No Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

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

                   (2) the Holders of not less than 25% in principal amount of
the Outstanding Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder;

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

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

                   (5) no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of majority
in principal amount of the Outstanding Securities of that series; it being
understood and intended that no one or more of such Holders shall have any right
in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all such
Holders.

         SECTION 5.8 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,
PREMIUM AND INTEREST. Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right which is absolute and unconditional
to receive payment of the principal of (and premium, if any) and (subject to
Sections 3.5 and 3.7) interest, if any, on such Security on the

                                       28
<PAGE>

respective due dates expressed in such Security (or, in the case of redemption,
on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder.

         SECTION 5.9 RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or any
Holder of a Security has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case the Company, the Trustee and the
Holders of Securities shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

         SECTION 5.10 RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.6, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders of
Securities is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

         SECTION 5.11 DELAY OR OMISSION NOT WAIVER. No delay or omission of the
Trustee or of any Holder of any Security to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders of Securities, as the case may be.

         SECTION 5.12 CONTROL BY HOLDERS OF SECURITIES. The Holders of a
majority in principal amount of the Outstanding Securities of any series shall
have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to the Securities of such series, provided
that

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

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

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

         SECTION 5.13 WAIVER OF PAST DEFAULTS. Subject to Section 5.2, the
Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series waive any past default hereunder with respect to such series and its
consequences, except a default

                                       29
<PAGE>

                   (1) in the payment of the principal of (or premium, if any)
or interest, if any, on any Security of such series, or

                   (2) in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of the Holder of
each Outstanding Security of such series affected. Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

         SECTION 5.14 WAIVER OF STAY OR EXTENSION LAWS. The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                                   ARTICLE SIX

                                   THE TRUSTEE

         SECTION 6.1 NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any Default hereunder with respect to the Securities of any series, the Trustee
shall transmit in the manner and to the extent provided in TIA Section 313(c),
notice of such Default hereunder known to the Trustee, unless such Default shall
have been cured or waived; provided, however, that, except in the case of a
Default in the payment of the principal of (or premium, if any) or interest, if
any, on any Security of such series, or in the payment of any sinking or
purchase fund installment with respect to the Securities of such series, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the Securities
of such series; and provided further that in the case of any Default or breach
of the character specified in Section 5.1(4) with respect to the Securities of
such series, no such notice to Holders shall be given until at least 60 days
after the occurrence thereof.

         SECTION 6.2 CERTAIN RIGHTS OF TRUSTEE. Subject to the provisions of TIA
Section 315(a) through 315(d):

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

                   (2) Any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order (other
than delivery of any Security, to the Trustee for authentication and delivery
pursuant to Section 3.3 which shall be sufficiently evidenced as provided
therein) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution.

                                       30
<PAGE>

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

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

                   (5) The Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities of any series pursuant to this
Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

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

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

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

                   (9) The Trustee shall not be charged with knowledge of any
Default or Event of Default with respect to the Securities of any series unless
either (1) such Default or Event of Default is known, or ought reasonably to
have been known, by a Responsible Officer of the Trustee, or (2) written notice
of such Default of Event of Default shall have been given to the Trustee by the
Company or any other obligor on the Securities of any series or by any Holder of
the Securities of any series.

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

         SECTION 6.3 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES. The
recitals contained herein and in the Securities, except the Trustee's
certificate of authentication shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities, except that the Trustee
represents

                                       31
<PAGE>

that it is duly authorized to execute and deliver this Indenture, authenticate
the Securities and perform its obligations hereunder and that the statements
made by it in a Statement of Eligibility on Form T-1 supplied to the Company are
true and accurate, subject to the qualifications set forth therein. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.

         SECTION 6.4 MAY HOLD SECURITIES. The Trustee, any Paying Agent,
Security Registrar, Authenticating Agent or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to TIA Sections 310(b) and 311, may otherwise deal with
the Company with the same rights it would have if it were not Trustee, Paying
Agent, Security Registrar, Authenticating Agent or such other agent.

         SECTION 6.5 MONEY HELD IN TRUST. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

         SECTION 6.6 COMPENSATION AND REIMBURSEMENT. The Company agrees:

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

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

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

         As security for the performance of the obligations of the Company under
this Section, the Trustee for the Securities of any series shall have a claim
prior to the Securities of such series upon all property and funds held or
collected by the Trustee as such, except funds held in trust for the payment of
principal of (or premium, if any) or interest, if any, on Securities of such
series.

         The provisions of this Section 6.6 shall survive the resignation or
removal of the Trustee and the termination of this Indenture.

         SECTION 6.7 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall at all
times be a Trustee hereunder which shall be eligible to act as Trustee under TIA
Section 310(a)(1) and shall have a combined capital and surplus of at least
$50,000,000. If such corporation publishes reports of condition at least
annually, pursuant to law or the requirements of Federal, State, Territorial or
District of Columbia supervising or examining authority, then for the purposes
of

                                       32
<PAGE>

this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

         SECTION 6.8 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

                   (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 6.9.

                   (b) The Trustee may resign at any time with respect to the
Securities of one or more series by giving 30 days' prior written notice thereof
to the Company.

                   (c) The Trustee may be removed at any time with respect to
the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee and
to the Company.

                   (d) If at any time:

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

                             (2) the Trustee shall cease to be eligible under
Section 6.7 and shall fail to resign after written request therefore by the
Company or by any Holder of a Security who has been a bona fide Holder of a
Security for at least six months, or

                             (3) the Trustee shall become incapable of acting or
shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation then, in any such case, (i) the Company by or
pursuant to a Board Resolution may remove the Trustee and appoint a successor
Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e),
any Holder of a Security who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with
respect to all Securities and the appointment of a successor Trustee or
Trustees.

                   (e) If an instrument of acceptance by a successor Trustee
shall not have been delivered to the Trustee within 30 days after the giving of
a notice of resignation or the delivery of an Act of removal, the Trustee
resigning or being removed may petition any court of competent jurisdiction for
the appointment of a successor Trustee.

                   (f) If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause with respect to the Securities of one or more series, the Company, by
or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the 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 such series and that at any time there shall
be only one Trustee with respect

                                       33
<PAGE>

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

                   (g) The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any
series in the manner provided for notices to the Holders of Securities in
Section 1.6. Each notice shall include the name of the successor Trustee with
respect to the Securities of such series and the address of its Corporate Trust
Office.

         SECTION 6.9 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

                   (a) In case of the appointment hereunder of a successor
Trustee with respect to all Securities, every such successor Trustee shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 6.6.

                   (b) In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment
and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture

                                       34
<PAGE>

the resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

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

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

         SECTION 6.10 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities. In
case any Securities shall not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such
Securities, in either its own name or that of its predecessor Trustee, with the
full force and effect which this Indenture provides for the certificate of
authentication of the Trustee.

         SECTION 6.11 APPOINTMENT OF AUTHENTICATING AGENT. At any time when any
of the Securities remain Outstanding, the Trustee may appoint an Authenticating
Agent or Authenticating Agents with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, registration of transfer or
partial redemption thereof, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer
of the Trustee, a copy of which instrument shall be promptly furnished to the
Company. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Company and, except as may
otherwise be provided pursuant to Section 3.1, shall at all times be a bank or
trust company or corporation organized and doing business and in good standing
under the laws of the United States, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$1,500,000 and subject to supervision or examination by Federal or State
authorities. If such Authenticating Agent publishes reports of

                                       35
<PAGE>

condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

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

         An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Company. The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth in
Section 1.6. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent herein. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

         The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation including reimbursement of its reasonable expenses
for its services under this Section.

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

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

                                      [ ],

                                   as Trustee

                      By:
                         ---------------------------------
                             as Authenticating Agent

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

                                       36
<PAGE>

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 7.1 DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS. Every Holder
of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any Authenticating
Agent nor any Paying Agent nor any Security Registrar shall be held accountable
by reason of the disclosure of any information as to the names and addresses of
the Holders of Securities in accordance with TIA Section 312, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request made
under TIA Section 312(b).

         SECTION 7.2 REPORTS BY TRUSTEE. Within 60 days after May 15 of each
year commencing with the first May 15 after the first issuance of Securities
pursuant to this Indenture, the Trustee shall transmit by mail to all Holders of
Securities as provided in TIA Section 313(c) a brief report dated as of such May
15 if required by TIA Section 313(a).

         A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange, if any, upon which
the Securities are listed, with the Commission and with the Company. The Company
will promptly notify the Trustee of the listing of the Securities on any stock
exchange.

         SECTION 7.3 REPORTS BY COMPANY. The Company will:

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

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

                   (3) comply with all other provisions of TIA Section 314(a).

         SECTION 7.4 CALCULATION OF ORIGINAL ISSUE DISCOUNT. With respect to any
Original Issue Discount Security issued pursuant to Section 3.1, if any, upon
request of the Trustee, the

                                       37
<PAGE>

Company shall file with the Trustee promptly at the end of each calendar year a
written notice specifying the amount of original issue discount (including daily
rates and accrual periods), if any, accrued on Outstanding Securities as of the
end of such year.

                                  ARTICLE EIGHT

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

         SECTION 8.1 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS. The
Company shall not consolidate with or merge with or into any other Person or
convey or transfer its properties and assets substantially as an entirety to any
Person, unless:

                   (1) either the Company shall be the continuing corporation,
or the Person (if other than the Company) formed by such consolidation or into
which the Company is merged or the Person which acquires by conveyance or
transfer the properties and assets of the Company substantially as an entirety
shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee, the due and
punctual payment of the principal of (and premium, if any) and interest, if any,
on all the Securities and the performance of every covenant of this Indenture on
the part of the Company to be performed or observed;

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

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

         SECTION 8.2 SUCCESSOR PERSON SUBSTITUTED. Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of the
Company substantially as an entirety in accordance with Section 8.1, the
successor Person formed by such consolidation or into which the Company is
merged or the successor Person to which such conveyance or transfer is made
shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor
had been named as the Company herein; and in the event of any such conveyance or
transfer, the Company shall be discharged from all obligations and covenants
under this Indenture and the Securities and may be dissolved and liquidated.

                                       38
<PAGE>

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. Without
the consent of any Holders of Securities, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

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

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

                   (3) to add any additional Events of Default for the benefit
of the Holders of all or any series of Securities (and if such Events of Default
are to be for the benefit of less than all series of Securities, stating that
such Events of Default are expressly being included solely for the benefit of
such series); provided, however, that in respect of any such additional Events
of Default such supplemental indenture may provide for a particular period of
grace after default (which period may be shorter or longer than that allowed in
the case of other defaults) or may provide for an immediate enforcement upon
such default or may limit the remedies available to the Trustee upon such
default or may limit the right of the Holders of a majority in aggregate
principal amount of that or those series of Securities to which such additional
Events of Default apply to waive such default; or

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

                   (5) to establish the form or terms of Securities of any
series as permitted by Sections 2.1 and 3.1, including the provisions and
procedures relating to Securities convertible into or exchangeable for any
securities of any Person (including the Company); or

                   (6) 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; or

                   (7) to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under
this Indenture; provided that any such action shall not, as evidenced by an
Opinion of Counsel delivered to the Trustee, adversely affect the interests of
the Holders of Securities of any series in any material respect; or

                                       39
<PAGE>

                   (8) to supplement any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Sections 4.1, 14.2 and 14.3;
provided that any such action shall not, as evidenced by an Opinion of Counsel
delivered to the Trustee, adversely affect the interests of the Holders of
Securities of such series or any other series of Securities in any material
respect.

         SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. With the
consent of the Holders of not less than a majority in principal amount of all
Outstanding Securities affected by such supplemental indenture, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized
by or pursuant to a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby:

                   (1) change the Stated Maturity of the principal of (or
premium, if any, on) or any installment of principal of or interest on, any
Security; or reduce the principal amount thereof or the rate of interest
thereon, or any premium payable upon the redemption thereof, or change any
obligation of the Company to pay Additional Amounts pursuant to Section 10.4
(except as contemplated by Section 8.1(1) and permitted by Section 9.1(1)), or
reduce the portion of the principal of an Original Issue Discount Security or
Indexed Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 5.2 or the amount
thereof provable in bankruptcy pursuant to Section 5.4, or adversely affect any
right of repayment at the option of the Holder of any Security, or change any
Place of Payment where, any Security or any premium or interest thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption
or repayment at the option of the Holder, on or after the Redemption Date or the
Repayment Date, as the case may be), or adversely affect any right to convert or
exchange any Security as may be provided pursuant to Section 3.1 herein; or (2)
reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver with
respect to such series (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this
Indenture; or (3) modify any of the provisions of this Section, Section 5.13 or
Section 10.6, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Security affected thereby.

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

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

         The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Persons entitled to consent to any indenture
supplemental hereto. If a record date

                                       40
<PAGE>

is fixed, the Holders on such record date, or their duly designated proxies, and
only such Persons, shall be entitled to consent to such supplemental indenture,
whether or not such Holders remain Holders after such record date; provided that
unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect.

         SECTION 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modification thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, in addition to any
documents required by Section 1.2, and shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

         SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of
any supplemental indenture under this Article, this Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

         SECTION 9.5 CONFORMITY WITH TRUST INDENTURE ACT. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act as then in effect.

         SECTION 9.6 REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall, if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

                                   ARTICLE TEN

                                    COVENANTS

         SECTION 10.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. The Company
covenants and agrees for the benefit of the Holders of each series of Securities
that it will duly and punctually pay the principal of (and premium, if any) and
interest, if any, on the Securities of that series in accordance with the terms
of such series of Securities and this Indenture. Unless otherwise specified with
respect to Securities of any series pursuant to Section 3.1, at the option of
the Company, all payments of principal may be paid by check to the registered
Holder of the Security or other person entitled thereto against surrender of
such Security.

         SECTION 10.2 MAINTENANCE OF OFFICE OR AGENCY. The Company shall
maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered

                                       41
<PAGE>

for registration of transfer or exchange, where Securities of that series that
are convertible or exchangeable may be surrendered for conversion or exchange,
as applicable, and where notices and demands to or upon the Company in respect
of the Securities of that series and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of each such office or agency. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee its agent to receive all such
presentations, surrenders, notices and demands.

         The Company may 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 of such purposes, and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in accordance with the requirements set forth above for Securities of
any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other office or agency. Unless otherwise specified with respect to
any Securities pursuant to Section 3.1 with respect to a series of Securities,
the Company hereby designates as Places of Payment for each series of Securities
the office or agency of the Company in [ ], and initially appoints the Trustee
at its Corporate Trust Office as Paying Agent in such city and as its agent to
receive all such presentations, surrenders, notices and demands.

         SECTION 10.3 MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. If the
Company shall at any time act as its own Paying Agent with respect to any series
of any Securities it will, on or before each due date of the principal of (or
premium, if any) or interest, if any, on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.1 for the Securities of such series sufficient
to pay the principal of (and premium, if any) and interest, if any, on
Securities of such series so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will promptly notify
the Trustee of its action or failure so to act.

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

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

         Except as otherwise provided in the Securities of any series, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the

                                       42
<PAGE>

principal of (or premium, if any) or interest, if any, on any Security of any
series and remaining unclaimed for two years after such principal, premium or
interest has become due and payable shall be paid to the Company upon Company
Request or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment of such principal, premium or
interest on any Security, without interest thereon, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Company.

         SECTION 10.4 ADDITIONAL AMOUNTS. If the Securities of a series provide
for the payment of Additional Amounts, the Company will pay to the Holder of a
Security of such series Additional Amounts as may be specified as contemplated
by Section 3.1. Whenever in this Indenture there is mentioned, in any context,
the payment of the principal of (or premium, if any) or interest, if any, on any
Security of any series or the net proceeds received on the sale or exchange of
any Security of any series, such mention shall be deemed to include mention of
the payment of Additional Amounts provided by the terms of such series
established pursuant to Section 3.1 to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
such terms and express mention of the payment of Additional Amounts (if
applicable) in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not
made.

         Except as otherwise specified as contemplated by Section 3.1, if the
Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to that series of
Securities (or if the Securities of that series will not bear interest prior to
Maturity, the first day on which a payment of principal and any premium is
made), and at least 10 days prior to each date of payment of principal, premium
or interest if there has been any change with respect to the matters set forth
in the below-mentioned Officers' Certificate, the Company will furnish the
Trustee and the Company's principal Paying Agent or Paying Agents, if other than
the Trustee, with an Officers' Certificate instructing the Trustee and such
Paying Agent or Paying Agents whether such payment of principal, premium or
interest on the Securities of that series shall be made to Holders of Securities
of that series who are not United States persons without withholding for or on
account of any tax, assessment or other governmental charge described in the
Securities of the series. If any such withholding shall be required, then such
Officers' Certificate shall specify by country the amount, if any, required to
be withheld on such payments to such Holders of Securities of that series and
the Company will pay to the Trustee or such Paying Agent the Additional Amounts
required by the terms of such Securities. In the event that the Trustee or any
Paying Agent, as the case may be, shall not so receive the above-mentioned
certificate, then the Trustee or such Paying Agent shall be entitled (i) to
assume that no such withholding or deduction is required with respect to any
payment of principal or interest with respect to any Securities of a series
until it shall have received a certificate advising otherwise and (ii) to make
all payments of principal and interest with respect to the Securities of a
series without withholding or deductions until otherwise advised. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in

                                       43
<PAGE>

reliance on any Officers' Certificate furnished pursuant to this Section or in
reliance on the Company's not furnishing such an Officers' Certificate.

         SECTION 10.5 STATEMENT AS TO COMPLIANCE. The Company will deliver to
the Trustee, within 120 days after the end of each fiscal year (beginning with
the fiscal year ending on [ ] ), an Officers' Certificate, stating whether or
not to the best knowledge of the signers thereof the Company is in default in
the performance and observance of any of the terms, provisions and conditions of
this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all such
defaults and the nature and status thereof of which they may have knowledge.

         SECTION 10.6 WAIVER OF CERTAIN COVENANTS. The Company may omit in any
particular instance to comply with any term, provision or condition as specified
pursuant to Section 3.1(15) for Securities of any series, in any covenants of
the Company added to Article Ten pursuant to Section 3.1(14) or Section 3.1(15)
in connection with Securities of a series, if before or after the time for such
compliance the Holders of at least a majority in principal amount of all
outstanding Securities, by Act of such Holders, waive such compliance in such
instance or generally waive compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

         SECTION 11.1 APPLICABILITY OF ARTICLE. Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with their terms and (except as otherwise specified as contemplated by Section
3.1 for Securities of any series) in accordance with this Article.

         SECTION 11.2 ELECTION TO REDEEM; NOTICE TO TRUSTEE. The election of the
Company to redeem any Securities shall be evidenced by or pursuant to a Board
Resolution. In case of any redemption at the election of the Company of less
than all of the Securities of any series, the Company shall, at least 60 days
prior to the Redemption Date fixed by the Company (unless a shorter notice shall
be satisfactory to the Trustee), notify the Trustee in writing of such
Redemption Date and of the principal amount of Securities of such series to be
redeemed. In the case of any redemption of Securities prior to the expiration of
any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction.

         SECTION 11.3 SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. If less
than all the Securities of any series issued on the same day with the same terms
are to be redeemed, the particular Securities to be redeemed shall be selected
not more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series issued on such date with the same terms
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of
portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized denomination
for Securities of that series.

                                       44
<PAGE>

         The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption,
the principal amount thereof to be redeemed.

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

         SECTION 11.4 NOTICE OF REDEMPTION. Notice of redemption shall be given
in the manner provided in Section 1.6, not less than 30 days nor more than 60
days prior to the Redemption Date, unless a shorter period is specified by the
terms of such series established pursuant to Section 3.1, to each Holder of
Securities to be redeemed, but failure to give such notice in the manner herein
provided to the Holder of any Security designated for redemption as a whole or
in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other such Security or
portion thereof.

         Any notice that is mailed to the Holders of Securities in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the Holder receives the notice.

         All notices of redemption shall state:

                   (1) the Redemption Date,

                   (2) the Redemption Price and accrued interest, if any, to the
Redemption Date payable as provided in Section 11.6,

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

                   (4) in case any Security is to be redeemed in part only, the
notice which relates to such Security shall state that on and after the
Redemption Date, upon surrender of such Security, the Holder will receive,
without a charge, a new Security or Securities of authorized denominations for
the principal amount thereof remaining unredeemed,

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

                   (6) the Place or Places of Payment where such Securities are
to be surrendered for payment of the Redemption Price and accrued interest, if
any,

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

                   (8) the CUSIP number of such Security, if any.

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

                                       45
<PAGE>

         SECTION 11.5 DEPOSIT OF REDEMPTION PRICE. On or prior to 10:00 a.m.,
[  ] time, on any Redemption Date, the Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent, which
it may not do in the case of a sinking fund payment under Article Twelve,
segregate and hold in trust as provided in Section 10.3) an amount of money in
Dollars (except as otherwise specified pursuant to Section 3.1 for the
Securities of such series) sufficient to pay on the Redemption Date the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Securities or portions thereof which
are to be redeemed on that date.

         SECTION 11.6 SECURITIES PAYABLE ON REDEMPTION DATE. Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified (except as otherwise specified pursuant to Section 3.1 for the
Securities of such series) together with accrued interest, if any, to the
Redemption Date, and from and after such date (unless the Company shall default
in the payment of the Redemption Price and accrued interest, if any) such
Securities shall if the same were interest-bearing cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together
with accrued interest, if any, to the Redemption Date; provided, however, that
installments of interest on Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on
the relevant Record Dates according to their terms and the provisions of Section
3.7.

                   If any Security called for redemption shall not be so paid
upon surrender thereof for redemption, the Redemption Price shall, until paid,
bear interest from the Redemption Date at the rate of interest set forth in such
Security or, in the case of an Original Issue Discount Security, at the Yield to
Maturity of such Security.

         SECTION 11.7 SECURITIES REDEEMED IN PART. Any Security which is to be
redeemed only in part (pursuant to the provisions of this Article or of Article
Twelve) shall be surrendered at a Place of Payment therefore (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney duly authorized in writing) and the
Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge a new Security or Securities of
the same series, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered. However, if less than all the
Securities of any series with differing issue dates, interest rates and stated
maturities are to be redeemed, the Company in its sole discretion shall select
the particular Securities to be redeemed and shall notify the Trustee in writing
thereof at least 45 days prior to the relevant redemption date.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

         SECTION 12.1      APPLICABILITY OF ARTICLE. The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities
of a series except as otherwise specified as contemplated by Section 3.1 for
Securities of such series.

                                       46
<PAGE>

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of such Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the terms of any Securities of any
series, the cash amount of any mandatory sinking fund payment may be subject to
reduction as provided in Section 12.2. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

         SECTION 12.2 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. The
Company may, in satisfaction of all or any part of any mandatory sinking fund
payment with respect to the Securities of a series, (1) deliver Outstanding
Securities of such series (other than any previously called for redemption), and
(2) apply as a credit Securities of such series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or
through the application of permitted optional sinking fund payments pursuant to
the terms of such Securities, as provided for by the terms of such Securities;
provided that such Securities so delivered or applied as a credit have not been
previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the applicable Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such mandatory sinking fund payment shall be reduced accordingly.

         SECTION 12.3 REDEMPTION OF SECURITIES FOR SINKING FUND. Not less than
60 days prior to each sinking fund payment date for Securities of any series,
the Company will deliver to the Trustee an Officers' Certificate specifying the
amount of the next ensuing mandatory sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash (except as otherwise specified pursuant to
Section 3.1 for the Securities of such series) and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the
Trustee any Securities to be so delivered and credited. If such Officers'
Certificate shall specify an optional amount to be added in cash to the next
ensuing mandatory sinking fund payment, the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 11.3 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 11.6 and 11.7.

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

         SECTION 13.1 APPLICABILITY OF ARTICLE. Repayment of Securities of any
series before their Stated Maturity at the option of Holders thereof shall be
made in accordance with the terms of such Securities and (except as otherwise
specified by the terms of such series established pursuant to Section 3.1) in
accordance with this Article.

         SECTION 13.2 REPAYMENT OF SECURITIES. Securities of any series subject
to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms

                                       47
<PAGE>

of such Securities, be repaid at the Repayment Price thereof, together with
interest, if any, thereon accrued to the Repayment Date specified in or pursuant
to the terms of such Securities. The Company covenants that on or before the
Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money (except as otherwise specified
pursuant to Section 3.1 for the Securities of such series) sufficient to pay the
Repayment Price of, and (except if the Repayment Date shall be an Interest
Payment Date) accrued interest on, all the Securities or portions thereof, as
the case may be, to be repaid on such date.

         SECTION 13.3 EXERCISE OF OPTION. Securities of any series subject to
repayment at the option of the Holders thereof will contain an "Option to Elect
Repayment" form on the reverse of such Securities. To be repaid at the option of
the Holder, any Security so providing for such repayment, with the "Option to
Elect Repayment" form on the reverse of such Security duly completed by the
Holder (or by the Holder's attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefore specified in the terms
of such Security (or at such other place or places of which the Company shall
from time to time notify the Holders of such Securities) not earlier than 45
days nor later than 30 days prior to the Repayment Date. If less than the entire
Repayment Price of such Security is to be repaid in accordance with the terms of
such Security, the portion of the Repayment Price of such Security to be repaid,
in increments of the minimum denomination for Securities of such series, and the
denomination or denominations of the Security or Securities to be issued to the
Holder for the portion of such Security surrendered that is not to be repaid,
must be specified. Any Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to be
repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the
Company.

         SECTION 13.4 WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME DUE AND
PAYABLE. If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and
as provided by or pursuant to the terms of such Securities, such Securities or
the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein
specified, and on and after such Repayment Date (unless the Company shall
default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest.
Upon surrender of any such Security for repayment in accordance with such
provisions, the Repayment Price of such Security so to be repaid shall be paid
by the Company, together with accrued interest, if any, to the Repayment Date;
provided, however, that installments of interest, if any, whose Stated Maturity
is on or prior to the Repayment Date shall be payable (but without interest
thereon, unless the Company shall default in the payment thereof) to the Holders
of such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section 3.7.

         If any Security surrendered for repayment shall not be so repaid upon
surrender thereof, the Repayment Price shall, until paid, bear interest from the
Repayment Date at the rate of interest set forth in such Security or, in the
case of an Original Issue Discount Security, at the Yield to Maturity of such
Security.

                                       48
<PAGE>

         SECTION 13.5 SECURITIES REPAID IN PART. Upon surrender of any Security
which is to be repaid in part only, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security, without service
charge and at the expense of the Company, a new Security or Securities of the
same series, of any authorized denomination specified by the Holder, in an
aggregate principal amount equal to and in exchange for the portion of the
principal of such Security so surrendered which is not to be repaid.

                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

         SECTION 14.1 APPLICABILITY OF ARTICLE; COMPANY'S OPTION TO EFFECT
DEFEASANCE OR COVENANT DEFEASANCE. If pursuant to Section 3.1 provision is made
for either or both of (a) defeasance of the Securities of a series under Section
14.2, or (b) covenant defeasance of the Securities of a series under Section
14.3, then the provisions of such Section or Sections, as the case may be,
together with the other provisions of this Article (with such modifications
thereto as may be specified pursuant to Section 3.1 with respect to any
Securities), shall be applicable to such Securities and the Company may at its
option by Board Resolution, at any time, with respect to such Securities elect
to have Section 14.2 (if applicable) or Section 14.3 (if applicable) be applied
to such Outstanding Securities thereto upon compliance with the conditions set
forth below in this Article.

         SECTION 14.2 DEFEASANCE AND DISCHARGE. Upon the Company's exercise of
the above option applicable to this Section with respect to any Securities of a
series, the Company shall be deemed to have been discharged from its obligations
with respect to such Outstanding Securities on the date the conditions set forth
in Section 14.4 are satisfied (hereinafter, "defeasance"). For this purpose,
such defeasance means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by such Outstanding Securities
which shall thereafter be deemed to be "Outstanding" only for the purposes of
Section 14.5 and the other Sections of this Indenture referred to in clauses (A)
and (B) of this Section, and to have satisfied all its other obligations under
such Securities and this Indenture insofar as such Securities are concerned (and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Outstanding Securities to receive, solely from the trust fund described in
Section 14.4 and as more fully set forth in such Section, payments in respect of
the principal of (and premium, if any) and interest, if any, on such Securities
when such payments are due, (B) the Company's obligations with respect to such
Securities under Sections 3.5, 3.6, 10.2 and 10.3 and with respect to the
payment of Additional Amounts, if any, on such Securities as contemplated by
Section 10.4, (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and (D) this Article. Subject to compliance with this Article
Fourteen, the Company may exercise its option under this Section notwithstanding
the prior exercise of its option under Section 14.3 with respect to such
Securities.

         SECTION 14.3 COVENANT DEFEASANCE. Upon the Company's exercise of the
above option applicable to this Section, the Company shall be released from its
obligations under any covenant specified with respect to any Outstanding
Securities of any series of Securities established pursuant to Section 3.1 on
and after the date the conditions set forth in Section 14.4 are satisfied
(hereinafter, "covenant defeasance"), and such Securities shall thereafter be
deemed to be not "Outstanding" for the purposes of any direction, waiver,
consent or declaration or Act of Holders

                                       49
<PAGE>

(and the consequences of any thereof) in connection with any such covenant, but
shall continue to be deemed "Outstanding" for all other purposes hereunder. For
this purpose, such covenant defeasance means that, with respect to such
Outstanding Securities, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such Section or such other covenant or by
reason of reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 5.1(4) or 5.1(7) or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities shall be unaffected thereby.

         SECTION 14.4 CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The
following shall be the conditions to application of Section 14.2 or Section 14.3
to any Outstanding Securities of a series:

                   (a) The Company shall irrevocably have deposited or caused to
be deposited with the Trustee (or another trustee satisfying the requirements of
Section 6.7 who shall agree to comply with the provisions of this Article
Fourteen applicable to it) 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 such Securities, (1) an amount of money, or
(2) Government Obligations applicable to such Securities which through the
scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any
payment of principal of (and premium, if any) and interest, if any, on such
Securities money in an amount, or (3) a combination thereof in an amount,
sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee (or
other qualifying trustee) to pay and discharge, (i) the principal of (and
premium, if any) and interest, if any, on such Outstanding Securities on the
Stated Maturity of such principal or installment of principal or interest, and
(ii) any mandatory sinking fund payments or analogous payments applicable to
such Outstanding Securities on the day on which such payments are due and
payable in accordance with the terms of this Indenture and of such Securities.

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

                   (c) No Default or Event of Default with respect to such
Securities shall have occurred and be continuing on the date of such deposit or,
insofar as Sections 5.1(5) and 5.1(6) are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until the
expiration of such period).

                   (d) In the case of an election under Section 14.2, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (ii) since the date of execution of this Indenture,
there has been a change in the applicable Federal income tax law, in either case
to the effect that, and based thereon such opinion shall confirm that, the
Holders of such Outstanding Securities will not recognize income, gain or loss
for Federal income tax purposes as a result of such defeasance and will be
subject to Federal income tax on the same

                                       50
<PAGE>

amounts, in the same manner and at the same times as would have been the case if
such defeasance had not occurred.

                   (e) In the case of an election under Section 14.3, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Outstanding Securities will not recognize income, gain
or loss for Federal income tax purposes as a result of such covenant defeasance
and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant
defeasance had not occurred.

                   (f) The Company shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance under Section 14.2 or the covenant
defeasance under Section 14.3 (as the case may be) have been complied with and
an Opinion of Counsel to the effect that either (i) as a result of a deposit
pursuant to subsection (a) above and the related exercise of the Company's
option under Section 14.2 or Section 14.3 (as the case may be), registration is
not required under the Investment Company Act of 1940, as amended, by the
Company, with respect to the trust funds representing such deposit or by the
trustee for such trust funds or (ii) all necessary registrations under said Act
have been effected.

                   (g) Notwithstanding any other provisions of this Section,
such defeasance or covenant defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed
on the Company in connection therewith pursuant to Section 3.1.

         SECTION 14.5 DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS. Subject to the provisions of the last
paragraph of Section 10.3, all money and Government Obligations (or other
property as may be provided pursuant to Section 3.1) (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 14.5, the "Trustee") pursuant to Section 14.4 in
respect of any Outstanding Securities of any series shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Securities of all sums due and to become due
thereon in respect of principal (and premium, if any) and interest, if any, but
such money need not be segregated from other funds except to the extent required
by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the Government Obligations deposited
pursuant to Section 14.4 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities.

         Anything in this Article to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money or Government Obligations (or other property and any proceeds therefrom)
held by it as provided in Section 14.4 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect a defeasance or
covenant defeasance, as applicable, in accordance with this Article.

                                       51
<PAGE>

         SECTION 14.6 REINSTATEMENT.

                   (a) If the Trustee or Paying Agent is unable to apply any
money or Government Obligations in accordance with Section 14.5 by reason of any
legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company's obligations under this Indenture and the Securities
of the applicable series issued hereunder shall be revived and reinstated as
though no deposit has occurred pursuant to this Article Fourteen until such time
as the Trustee or Paying Agent is permitted to apply all such money or
Government Obligations in accordance with Section 14.5.

                   (b) If the Company's obligations under this Indenture and the
Securities of the applicable series issued hereunder shall be revived and
reinstated in accordance with this Section 14.6, the Company shall be permitted,
at its discretion to withdraw all or a portion of the deposits made by the
Company pursuant to this Article Fourteen.

                   (c) If the Company elects not to withdraw any of the deposits
made by the Company pursuant to this Article Fourteen, if and when the Trustee
or Paying Agent is later permitted to apply all such money or Government
Obligations in accordance with Section 14.5, the rights of the Company shall be
subrogated to the rights of the Holders of the Securities of the applicable
series to receive payments from the money or Government Obligations deposited by
the Company pursuant to Article Fourteen and held by the Trustee or Paying
Agent; provided that if the Company shall have made any payment of principal or
interest on the Securities of any series because of the revival and
reinstatement of its obligations, which payment is not sourced from any amounts
deposited by the Company pursuant to Article Fourteen (such amount, in the
aggregate, being referred to as the "Company Paid Amount"), the Company shall be
permitted, at its discretion, to withdraw all or a portion of the deposits made
by the Company pursuant to this Article Fourteen up to the Company Paid Amount.

                                       52
<PAGE>

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

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

                                       PROASSURANCE CORPORATION.

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

                                       [    ],
                                       as Trustee

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

                                       53

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