Document:

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                                                                     EXHIBIT 4.1

                           MAVERICK TUBE CORPORATION,
                                     ISSUER

                                       AND

                              THE BANK OF NEW YORK,
                                     TRUSTEE

                                    INDENTURE

                          DATED AS OF DECEMBER 30, 2004

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

            2004 4.00% CONVERTIBLE SENIOR SUBORDINATED NOTES DUE 2033

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

<PAGE>

          RECONCILIATION AND TIE BETWEEN SECTIONS 3.10 THROUGH 3.18(a),
                  INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939
                         AND SECTIONS OF THIS INDENTURE:

<TABLE>
<CAPTION>
    Section of
  Trust Indenture                                   Sections of
    Act of 1939                                      Indenture
    -----------                                      ---------
<S>                                               <C>
Section 3.10 (a)(1)                               10.09
             (a)(2)                               10.09
             (a)(3)                               Not Applicable
             (a)(4)                               Not Applicable
             (a)(5)                               10.09
             (b)                                  10.08, 10.10
Section 3.11 (a)                                  10.13
             (b)                                  10.13
             (c)                                  Not Applicable
Section 3.12 (a)                                  11.01, 11.02
             (b)                                  11.02
             (c)                                  11.02
Section 3.13 (a)                                  11.03
             (b)                                  11.03
             (c)                                  11.03
             (d)                                  11.03
Section 3.14 (a)                                  11.04
             (a)(4)                               1.01, 14.04
             (b)                                  Not Applicable
             (c)(1)                               1.02
             (c)(2)                               1.02
             (c)(3)                               Not Applicable
             (d)                                  Not Applicable
             (e)                                  1.02
Section 3.15 (a)                                  10.01, 10.03
             (b)                                  10.02
             (c)                                  10.01
             (d)(1)                               10.01
             (d)(2)                               10.01, 10.03
             (d)(3)                               11.01, 10.03
             (e)                                  9.14
Section 3.16 (a)(1)(A)                            9.02, 9.12
             (a)(1)(B)                            10.13
             (a)(2)                               Not Applicable
             (a) (last sentence)                  1.01
             (b)                                  9.08
             (c)                                  1.04
Section 3.17 (a)(1)                               9.03
             (a)(2)                               9.04
             (b)                                  14.03
Section 3.18 (a)                                  1.07
</TABLE>

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

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                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                        Page
                                                                                                        ----
<S>                                                                                                     <C>
ARTICLE I      DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION................................    1

    SECTION 1.01          Definitions.................................................................    1
    SECTION 1.02          Compliance Certificates and Opinions........................................   13
    SECTION 1.03          Form of Documents Delivered to Trustee......................................   14
    SECTION 1.04          Acts of Holders; Record Dates...............................................   14
    SECTION 1.05          Notices, Etc., to Trustee and Company.......................................   15
    SECTION 1.06          Notice to Holders; Waiver of Notice.........................................   16
    SECTION 1.07          Conflict With Trust Indenture Act...........................................   16
    SECTION 1.08          Effect of Headings and Table of Contents....................................   16
    SECTION 1.09          Successors and Assigns......................................................   16
    SECTION 1.10          Separability Clause.........................................................   16
    SECTION 1.11          Benefits of Indenture; No Recourse Against Others...........................   17
    SECTION 1.12          Governing Law...............................................................   17
    SECTION 1.13          Legal Holidays..............................................................   17

ARTICLE II     THE NOTES..............................................................................   17

    SECTION 2.01          Title of the Notes..........................................................   17
    SECTION 2.02          [Percentage of Principal Amount.............................................   17
    SECTION 2.03          Limitation on Aggregate Principal Amount....................................   17
    SECTION 2.04          Stated Maturity.............................................................   18
    SECTION 2.05          Interest and Interest Rates.................................................   18
    SECTION 2.06          Note Registrar; Paying Agent and Conversion Agent; Bid Solicitation
                          Agent; Place of Payment.....................................................   20
    SECTION 2.07          Execution and Authentication................................................   20
    SECTION 2.08          Place of Registration or Exchange; Notices and Demands With Respect to
                          the Notes...................................................................   21
    SECTION 2.09          Registration of Transfer and Exchange.......................................   21
    SECTION 2.10          Global Notes................................................................   22
    SECTION 2.11          Sinking Fund Obligations....................................................   23
    SECTION 2.12          Tax Treatment of Notes......................................................   23
    SECTION 2.13          Temporary Notes.............................................................   24
    SECTION 2.14          Mutilated, Destroyed, Lost and Stolen Notes.................................   25
    SECTION 2.15          Cancellation................................................................   25

ARTICLE III    REDEMPTION.............................................................................   26

    SECTION 3.01          Right to Redeem.............................................................   26
    SECTION 3.02          Fewer Than All Outstanding Notes to Be Redeemed.............................   26
    SECTION 3.03          Selection of Notes to Be Redeemed...........................................   27
    SECTION 3.04          Notice of Redemption........................................................   27
    SECTION 3.05          Effect of Notice of Redemption..............................................   28
    SECTION 3.06          Deposit of Redemption Price.................................................   28
</TABLE>
                                       ii

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<TABLE>
<S>                                                                                                     <C>
ARTICLE IV     PURCHASE UPON A FUNDAMENTAL CHANGE.....................................................   28

    SECTION 4.01          Purchase at the Option of the Holder Upon a Fundamental Change..............   28
    SECTION 4.02          Notice of a Fundamental Change..............................................   29
    SECTION 4.03          Exercise of Option..........................................................   29
    SECTION 4.04          Procedures..................................................................   29

ARTICLE V      PURCHASE AT THE OPTION OF THE HOLDER...................................................   30

    SECTION 5.01          Purchase of Notes by the Company at the Option of the Holder................   30

ARTICLE VI     CONDITIONS AND PROCEDURES FOR PURCHASES AT OPTION OF HOLDERS...........................   32

    SECTION 6.01          Purchase Date or Fundamental Change.........................................   32
    SECTION 6.02          Effect of Purchase Notice or Fundamental Change Purchase Notice; Effect
                          of Event of Default.........................................................   33
    SECTION 6.03          Notes Purchased in Part.....................................................   34
    SECTION 6.04          Covenant to Comply with Securities Laws Upon Purchase of Notes..............   35
    SECTION 6.05          Repayment to the Company....................................................   35
    SECTION 6.06          Officers' Certificate.......................................................   35

ARTICLE VII    CONVERSION OF NOTES....................................................................   36

    SECTION 7.01          Right to Convert; Conversion Value; Method of Payment.......................   36
    SECTION 7.02          Conversion Procedures.......................................................   37
    SECTION 7.03          Cash Payments in Lieu of Fractional Shares..................................   38
    SECTION 7.04          Taxes on Conversion.........................................................   38
    SECTION 7.05          Covenants of the Company....................................................   38
    SECTION 7.06          Adjustments to Conversion Rate..............................................   39
    SECTION 7.07          Calculation Methodology.....................................................   45
    SECTION 7.08          When No Adjustment Required.................................................   45
    SECTION 7.09          Notice of Adjustment........................................................   45
    SECTION 7.10          Voluntary Increase..........................................................   45
    SECTION 7.11          Notice to Holders Prior to Certain Actions..................................   46
    SECTION 7.12          Effect of Reclassification, Consolidation, Merger, Binding Share Exchange
                          or Sale.....................................................................   47
    SECTION 7.13          Responsibility of Trustee and Conversion Agent..............................   49
    SECTION 7.14          Simultaneous Adjustments....................................................   50
    SECTION 7.15          Successive Adjustments......................................................   50
    SECTION 7.16          General Considerations......................................................   50

ARTICLE VIII   TRANSFER AND EXCHANGE..................................................................   50

    SECTION 8.01          Transfer and Exchange of the Notes..........................................   50
    SECTION 8.02          Legends.....................................................................   50

ARTICLE IX     REMEDIES...............................................................................   51

    SECTION 9.01          Events of Default...........................................................   51
    SECTION 9.02          Acceleration of Maturity; Rescission and Annulment..........................   54
</TABLE>

                                      iii
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<TABLE>
<S>                                                                                                     <C>
    SECTION 9.03          Collection of Indebtedness and Suits for Enforcement by Trustee.............   54
    SECTION 9.04          Trustee May File Proofs of Claim............................................   55
    SECTION 9.05          Trustee May Enforce Claims Without Possession of Notes......................   55
    SECTION 9.06          Application of Money Collected..............................................   56
    SECTION 9.07          Limitation on Suits.........................................................   56
    SECTION 9.08          Unconditional Right of Holders to Receive Principal, Premium and Interest...   57
    SECTION 9.09          Restoration of Rights and Remedies..........................................   57
    SECTION 9.10          Rights and Remedies Cumulative..............................................   57
    SECTION 9.11          Delay or Omission Not Waiver................................................   57
    SECTION 9.12          Control by Holders..........................................................   57
    SECTION 9.13          Waiver of Past Defaults.....................................................   58
    SECTION 9.14          Undertaking for Costs.......................................................   58
    SECTION 9.15          Waiver of Usury, Stay or Extension Laws.....................................   58

ARTICLE X      THE TRUSTEE............................................................................   58

    SECTION 10.01         Certain Duties and Responsibilities.........................................   58
    SECTION 10.02         Notice of Defaults..........................................................   59
    SECTION 10.03         Certain Rights of Trustee...................................................   59
    SECTION 10.04         Not Responsible for Recitals or Issuance of Notes...........................   60
    SECTION 10.05         May Hold Notes..............................................................   60
    SECTION 10.06         Money Held in Trust.........................................................   60
    SECTION 10.07         Compensation, Reimbursement and Indemnification.............................   61
    SECTION 10.08         Conflicting Interests.......................................................   61
    SECTION 10.09         Corporate Trustee Required; Eligibility.....................................   62
    SECTION 10.10         Resignation and Removal; Appointment of Successor...........................   62
    SECTION 10.11         Acceptance of Appointment by Successor......................................   63
    SECTION 10.12         Merger, Conversion, Consolidation or Succession to Business.................   64
    SECTION 10.13         Preferential Collection of Claims Against Company...........................   64
    SECTION 10.14         Appointment of Authenticating Agent.........................................   64

ARTICLE XI     HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY......................................   66

    SECTION 11.01         Company to Furnish Trustee Names and Addresses of Holders...................   66
    SECTION 11.02         Preservation of Information; Communications to Holders......................   67
    SECTION 11.03         Reports by Trustee..........................................................   67
    SECTION 11.04         Reports by Company..........................................................   67

ARTICLE XII    CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE...................................   67

    SECTION 12.01         Company May Consolidate, Etc., Only on Certain Terms........................   67
    SECTION 12.02         Successor Substituted.......................................................   68
    SECTION 12.03         Trustee Entitled to Opinion.................................................   69

ARTICLE XIII   SUPPLEMENTAL INDENTURES................................................................   69

    SECTION 13.01         Supplemental Indentures Without Consent of Holders..........................   69
    SECTION 13.02         Supplemental Indentures With Consent of Holders.............................   70
    SECTION 13.03         Execution of Supplemental Indentures........................................   71
</TABLE>

                                       iv
<PAGE>

<TABLE>
<S>                                                                                                     <C>
    SECTION 13.04         Effect of Supplemental Indentures...........................................   71
    SECTION 13.05         Conformity With Trust Indenture Act.........................................   72
    SECTION 13.06         Reference in Notes to Supplemental Indentures...............................   72

ARTICLE XIV    COVENANTS..............................................................................   72

    SECTION 14.01         Payment of Principal and Interest...........................................   72
    SECTION 14.02         Maintenance of Office or Agency.............................................   72
    SECTION 14.03         Money for Notes Payments to be Held in Trust................................   72
    SECTION 14.04         Statement by Officers as to Default.........................................   73
    SECTION 14.05         Waiver of Certain Covenants.................................................   73

ARTICLE XV     SUBORDINATION..........................................................................   74

    SECTION 15.01         Notes Subordinate to Senior Indebtedness....................................   74
    SECTION 15.02         No Payment on Notes in Certain Circumstances................................   74
    SECTION 15.03         Notes Subordinated to Prior Payment of All Senior Indebtedness on
                          Dissolution, Liquidation or Reorganization..................................   76
    SECTION 15.04         Subrogation to Rights of Holders of Senior Indebtedness.....................   77
    SECTION 15.05         Obligations of the Company Unconditional....................................   77
    SECTION 15.06         Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice.....   78
    SECTION 15.07         Application by Trustee of Amounts Deposited with It.........................   78
    SECTION 15.08         Subordination Rights Not Impaired by Acts or Omissions of the Company or
                          Holders of Senior Indebtedness..............................................   78
    SECTION 15.09         Trustee to Effectuate Subordination of Notes................................   79
    SECTION 15.10         Right of Trustee to Hold Senior Indebtedness................................   79
    SECTION 15.11         Article XVI Not to Prevent Events of Default................................   79
    SECTION 15.12         No Fiduciary Duty of Trustee to Holders of Senior Indebtedness..............   79
    SECTION 15.13         Article Applicable to Paying Agent..........................................   80
    SECTION 15.14         Notes Pari Passu with Prior Notes...........................................   80
</TABLE>

                                        v

<PAGE>

      INDENTURE, dated as of December 30, 2004, between MAVERICK TUBE
CORPORATION, a corporation duly organized and existing under the laws of the
State of Delaware (herein called the "Company"), having its principal office at
16401 Swingley Ridge Road, Suite 700, Chesterfield, Missouri 63017, and THE BANK
OF NEW YORK, a corporation duly organized and existing under the laws of the
State of New York, as Trustee (herein called the "Trustee").

                             RECITALS OF THE COMPANY

      The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance of its 2004 4.00% Convertible Senior
Subordinated Notes due 2033 (herein called the "Notes") as in this Indenture
provided.

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                    ARTICLE I
                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

      SECTION 1.01. Definitions. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

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

            (b)   all other terms used herein which are defined in the Trust
                  Indenture Act, either directly or by reference therein, have
                  the meanings assigned to them therein;

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

            (d)   unless the context otherwise requires, any reference to an
                  "Article" or a "Section" refers to an Article or a Section, as
                  the case may be, of this Indenture; and

                                       1
<PAGE>

            (e)   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 of
                  this Indenture.

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

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

      "Authenticating Agent" means any Person authorized by the Trustee pursuant
to Section 10.14 to act on behalf of the Trustee to authenticate the Notes.

      "Bid Solicitation Agent" has the meaning specified in Section 2.06(c).

      "Beneficial Owner" or "Beneficial Ownership" shall be determined in
accordance with Rule 13d-3 promulgated by the Commission under the Exchange Act.

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

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

      "Business Day," when used with respect to any Place of Payment or place of
conversion or exchange, means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in that Place of Payment
or place of conversion or exchange are authorized or obligated by law or
executive order to remain closed.

      "Capital Lease" means a lease that, in accordance with accounting
principles generally accepted in the United States of America, would be recorded
as a capital lease on the balance sheet of the lessee.

      "Capital Stock" of any Person means any and all shares (including ordinary
shares or American depositary shares), interests, participations or other
equivalents however designated of corporate stock or other equity
participations, including partnership interests, whether general or limited, of
such Person and any rights (other than debt securities convertible or
exchangeable into an equity interest), warrants or options to acquire an equity
interest in such Person.

      "Cash" or "cash" means U.S. legal tender.

      "Commission" means the Securities and Exchange Commission.

                                       2
<PAGE>

      "Common Equity" of any Person means capital stock of such Person that is
generally entitled to (1) vote in the election of directors of such Person or
(2) if such Person is not a corporation, vote or otherwise participate in the
selection of the governing body, partners, managers or others that will control
the management or policies of such Person.

      "Common Stock" means the common stock, par value $.01 per share, of the
Company.

      "Company" means Maverick Tube Corporation until a successor corporation
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter "Company" shall mean that successor corporation.

      "Company Notice" has the meaning specified in Section 6.01.

      "Company Notice Date" has the meaning specified in Section 6.01.

      "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its Chairman of the Board, its Chief
Executive Officer, its President, its Chief Operating Officer, its Chief
Financial Officer or any of its Vice Presidents, and by its Treasurer, any of
its Assistant Treasurers, its Secretary or any of its Assistant Secretaries, and
delivered to the Trustee.

      "Contingent Interest" has the meaning specified in Section 2.05(a).

      "Continuing Director" means a director who either was a member of the
Board of Directors on June 9, 2003 or who becomes a member of the Board of
Directors subsequent to that date and whose appointment, election or nomination
for election by the Company's shareholders is duly approved by a majority of the
Continuing Directors on the Board of Directors at the time of such approval,
either by a specific vote or by approval of the proxy statement issued by the
Company on behalf of the Board of Directors in which such individual is named as
nominee for director.

      "Conversion Agent" means the office or agency designated by the Company
where Notes may be presented for conversion.

      "Conversion Date" has the meaning specified in Section 7.02.

      "Conversion Price" means $1,000 divided by the Conversion Rate, rounded to
the nearest whole cent.

      "Conversion Rate" has the meaning specified in Section 7.01(a).

      "Conversion Value" has the meaning specified in Section 7.01(b).

      "Corporate Trust Office" means, except as provided in the following
sentence, the office of the Trustee at which at any particular time its
corporate trust business hereunder shall be administered, which at the date of
original execution of this Indenture is located at The Bank of New York, 2 N.
LaSalle Street, Suite 1020, Chicago, Illinois 60602, Attn: Corporate Trust
Administration. For purposes of making payments on the Notes and tendering the
Notes for

                                       3
<PAGE>

conversion, exchange or redemption, "Corporate Trust Office" means the office of
the Trustee which at any particular time is designated as the office for such
activities, which at the date of original execution of this Indenture is located
at The Bank of New York, 101 Barclay Street, New York, New York 10286,
Attention: Corporate Trust Administration.

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

      "CPDI Regulations" has the meaning specified in Section 2.12.

      "Credit Facility" means the Amended and Restated Credit Agreement dated as
of December 31, 2002 by and among the Company and certain of its Subsidiaries,
on the one hand, and JPMorgan Chase Bank, N.A., CIT Business Credit Canada Inc.,
General Electric Capital Corporation and the other financial lenders party
thereto, on the other hand, as amended, and any credit agreement, loan agreement
or other financing arrangement which, by its terms, supersedes or replaces in
whole or in part such amended and restated credit agreement.

      "Defaulted Interest" has the meaning specified in Section 2.05(c).

      "Depositary" means a clearing agency registered under the Exchange Act
that is designated to act as Depositary for the Notes as contemplated by Section
2.10.

      "Designated Senior Indebtedness" means (i) any liabilities of the Company
for principal, interest (including all interest accruing subsequent to the
commencement of any bankruptcy or similar proceeding, whether or not a claim for
post-petition interest is allowed as a claim in any such proceeding), all letter
of credit obligations, fees, indemnification, reimbursement, damages or other
obligations of the Company (including fees, costs, expenses and other amounts
accruing after the commencement of any bankruptcy or similar proceeding, whether
or not a claim for post-petition fees, costs, expenses and other amounts is
allowed as a claim in the proceeding) under the Credit Facility, and (ii) any
other Senior Indebtedness as to which the principal amount is $25.0 million or
more and the instrument creating or evidencing the same (or any related
agreements or documents to which the Company is a party) expressly provides that
such Senior Indebtedness shall be "Designated Senior Indebtedness" for purposes
of this Indenture (provided that such instrument, agreement or other document
may place limitations and conditions on the right of such Senior Indebtedness to
exercise the rights of Designated Senior Indebtedness). If any payment made to
any holder of any Designated Senior Indebtedness or its Representative with
respect to such Designated Senior Indebtedness is rescinded or must otherwise be
returned by such holder or Representative upon the insolvency, bankruptcy or
reorganization of the Company or otherwise, the reinstated Indebtedness of the
Company arising as a result of such rescission or return shall constitute
Designated Senior Indebtedness effective as of the date of such rescission or
return.

      "Determination Date" has the meaning specified in Section 7.01(e).

      "Disqualified Capital Stock" means (i) except as set forth in (ii), with
respect to any Person, Capital Stock of that Person that, by its terms or by the
terms of any security into which it is convertible, exercisable or exchangeable,
is, or on the happening of an event or the passage of time would be, required to
be redeemed or repurchased (including at the option of the holder

                                       4
<PAGE>

thereof) by that Person or any Subsidiary of that Person, in whole or in part,
on or prior to the Stated Maturity, and (ii) with respect to any Subsidiary of
that Person (including with respect to any Subsidiary of the Company), any
Capital Stock other than any common stock with no preference, privileges, or
redemption or repayment provisions.

      "Distributed Assets or Securities" has the meaning specified in Section
7.06(c).

      "Equity Interest" means any capital stock, partnership, joint venture,
member or limited liability or unlimited liability company interest, beneficial
interest in a trust or similar entity or other equity interest or investment of
whatever nature.

      "Event of Default" has the meaning specified in Section 9.01.

      "ex date" when used with respect to any issuance or distribution of or
with respect to any security, means the first date on which the security trades
regular way on the New York Stock Exchange or such other national regional
exchange or market in which the security trades without the right to receive
such issuance or distribution.

      "Exchange Act" means the Securities Exchange Act of 1934 and any statute
successor thereto, in each case as amended from time to time.

      "Exchange Property" has the meaning specified in Section 7.12(b).

      "Exchange Property Average Price" has the meaning specified in Section
7.12(c).

      "Exchange Property Value" has the meaning specified in Section 7.12(c).

      "Fair Market Value" means the amount which a willing buyer would pay a
willing seller in an arm's-length transaction.

      "Fundamental Change" shall be deemed to have occurred at such time after
the original issuance of the Notes as any of the following occurs: (a) the
Common Stock or other common stock into which the Notes are convertible is
neither listed for trading on a United States national securities exchange nor
approved for trading on the Nasdaq National Market or another established
automated over-the-counter trading market in the United States; (b) a "person"
or "group" within the meaning of Section 13(d) of the Exchange Act, other than
the Company, any Subsidiary of the Company or any employee benefit plan of the
Company or any such Subsidiary, files a Schedule TO (or any other schedule, form
or report under the Exchange Act) disclosing that such person or group has
become the direct or indirect ultimate Beneficial Owner of Common Equity of the
Company representing more than 50% of the voting power of the Company's Common
Equity; (c) consummation of any share exchange, consolidation or merger of the
Company pursuant to which the Common Stock will be converted into cash,
securities or other property or any sale, lease or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the consolidated assets of the Company and its Subsidiaries, taken as a whole,
to any Person (other than the Company or one or more of the Company's
Subsidiaries); provided, however, that a transaction where the holders of the
Company's Common Equity immediately prior to such transaction own, directly or
indirectly, more than 50% of the aggregate voting power of all classes of Common
Equity of the continuing or surviving corporation or

                                       5
<PAGE>

transferee immediately after such event shall not be a Fundamental Change; (d)
Continuing Directors cease to constitute at least a majority of the Board of
Directors; provided, however, that a Fundamental Change shall not be deemed to
have occurred in respect of any of the foregoing clauses (a) through (d) if
either (i) the Last Reported Sale Price of Common Stock for any five Trading
Days within the period of 10 consecutive Trading Days ending immediately before
the later of the Fundamental Change or the public announcement thereof shall
equal or exceed 105% of the Conversion Price of the Notes in effect immediately
before the Fundamental Change or the public announcement thereof; or (ii) at
least 90% of the consideration (excluding cash payments for fractional shares)
in the transaction or transactions constituting the Fundamental Change consists
of shares of Capital Stock traded on a national securities exchange or quoted on
the Nasdaq National Market (or which shall be so traded or quoted when issued or
exchanged in connection with such Fundamental Change) (such securities being
referred to as "Publicly Traded Securities") and, as a result of such
transaction or transactions, the Notes become convertible into such Publicly
Traded Securities (excluding cash payments for fractional shares).

      "Fundamental Change Purchase Date" has the meaning specified in Section
4.01.

      "Fundamental Change Purchase Notice" has the meaning specified in
Section 4.03.

      "Fundamental Change Purchase Price" has the meaning specified in Section
4.01.

      "Global Notes" has the meaning specified in Section 2.10(a).

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

      "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto in accordance with the provisions hereof.

      "Indebtedness," as applied to any Person, means (i) obligations,
contingent or otherwise, for money borrowed (other than unamortized debt
discount or premium); (ii) reimbursement and other obligations pertaining to
letters of credit issued for the account of such Person; (iii) obligations under
any swap, cap, collar, forward purchase contract, derivatives contract or other
similar agreement pursuant to which such Person hedges risks related to interest
rates, currency exchange rates, commodity prices, financial market conditions or
other risks incurred by such Person in the operation of its business; (iv)
obligations evidenced by bonds, debentures, promissory notes or other
instruments or arrangements; (v) obligations as lessee under a Capital Lease;
and (vi) obligations of such Person under any amendments, renewals, extensions,
modifications and refundings of any such indebtedness or obligations listed in
clause (i), (ii), (iii), (iv) or (v) above. All indebtedness of any type
described in the immediately preceding sentence which is secured by a lien upon
property owned by such Person, although such Person has not assumed or become
liable for the payment of such indebtedness, shall for all purposes be deemed to
be Indebtedness of such Person. All indebtedness for borrowed money incurred by
any other Persons which is directly guaranteed as to payment of principal by
such Person shall for all purposes be deemed to be Indebtedness of such Person,
but no other contingent obligation

                                       6
<PAGE>

of such Person in respect of indebtedness incurred by any other Persons shall
for any purpose be deemed to be indebtedness of such Person.

      "Interest Payment Date" has the meaning specified in Section 2.05(a).

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

      "Last Reported Sale Price" means, with respect to Common Stock or any
other Equity Interest, on any date, the closing sale price per share or other
applicable unit (or, if no closing sale price is reported, the average of the
bid and ask prices per share or other applicable unit or, if more than one in
either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the principal U.S. securities
exchange on which the Common Stock or such Equity Interest is traded (which,
with respect to the Common Stock as of the date hereof, is the New York Stock
Exchange under the symbol "MVK") or, if the Common Stock or such Equity Interest
is not listed on a U.S. national or regional securities exchange, as reported by
the Nasdaq National Market; provided, however, if the Common Stock or such
Equity Interest is not listed for trading on a U.S. national or regional
securities exchange and not reported by the Nasdaq National Market on the
relevant date, the Last Reported Sale Price with respect thereto shall be the
last quoted bid price per share for the Common Stock or per share or other
applicable unit of such Equity Interest, respectively, in the over-the-counter
market on the relevant date as reported by the National Quotation Bureau or
similar organization; provided, further, if the Common Stock or such Equity
Interest is not so quoted, the Last Reported Sale Price with respect thereto
shall be the average of the mid-point of the last bid and ask prices per share
for the Common Stock or per share or other applicable unit of such Equity
Interest, respectively, on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the
Company for this purpose.

      "Market Price per share of Common Stock" means the average of the Last
Reported Sale Prices of Common Stock for the 20 Trading Day period ending on the
applicable date of determination (if the applicable date of determination is a
Trading Day or, if not, then on the last Trading Day prior to such applicable
date of determination), appropriately adjusted to take into account the
occurrence, during the period commencing on the first of the Trading Days during
such 20 Trading Day period and ending on the applicable date of determination,
of any event that would result in an adjustment of the Conversion Rate under
this Indenture.

      "Maturity" means the date on which the principal of the Notes becomes due
and payable as herein provided, whether at the Stated Maturity or by declaration
of acceleration, call for redemption or otherwise.

      "Net Exchange Property Amount" has the meaning specified in Section
7.12(d).

      "Net Share Amount" has the meaning provided in Section 7.01(c).

      "Net Shares" has the meaning provided in Section 7.01(c).

                                       7
<PAGE>

      "98% Trading Exception" has the meaning provided in paragraph 10 of the
Notes.

      "non-electing share" has the meaning specified in Section 7.12(b).

      "Non-Stock Change of Control" means any consolidation, merger, share
exchange, sale, lease or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the Company's assets or
other similar transaction, in each case pursuant to which 10% or more of the
consideration for (or the consideration included in any related liquidating or
other distributions made to the holders of) the outstanding Common Stock (other
than cash payments for fractional shares and cash payments made in respect of
dissenters' appraisal rights) in connection with such transaction consists of
consideration other than common stock that is traded or quoted or scheduled to
be traded or quoted upon or immediately following the effectiveness of such
transaction on a United States national securities exchange or The Nasdaq
National Market.

      "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.06(a).

      "Notes" has the meaning stated in the first recital of this Indenture.

      "Notice of Default" means a written notice of the kind specified in
Section 9.01(c).

      "Officers' Certificate" means a certificate signed by the Chairman of the
Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer or any Vice President, and by the Treasurer, any
Assistant Treasurer, the Secretary or any Assistant Secretary, of the Company
and delivered to the Trustee. One of the officers signing an Officers'
Certificate given pursuant to Section 14.04 shall be the principal executive,
financial or accounting officer of the Company.

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

      "Optional Redemption" has the meaning specified in Section 3.01(b).

      "Optional Redemption Date" means the date specified in the Optional
Redemption Notice as the date for Optional Redemption of the Notes, in
accordance with the terms of the Notes and this Indenture.

      "Optional Redemption Notice" has the meaning specified in Section 3.04.

      "Optional Redemption Price" has the meaning specified in Section 3.01(b).

      "Original Issue Date" means the first date as of which any Notes are
issued under this Indenture.

      "Outstanding" means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture, except:

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

                                       8
<PAGE>

            (ii)  Notes for whose payment or redemption 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 Notes;
                  provided that, if such Notes are to be redeemed, notice of
                  such redemption has been duly given pursuant to this Indenture
                  or provision therefor satisfactory to the Trustee has been
                  made; and

            (iii) Notes which have been paid pursuant to Section 2.14 or issued
                  in exchange for or in lieu of which other Notes have been
                  authenticated and delivered pursuant to this Indenture, other
                  than any such Notes in respect of which there shall have been
                  presented to the Trustee proof satisfactory to it that such
                  Notes are held by a bona fide purchaser in whose hands such
                  Notes are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Notes have given, made or taken any request,
demand, authorization, direction, notice, consent, waiver or other action
hereunder as of any date, Notes owned by the Company or any other obligor upon
the Notes 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 relying upon any such request, demand,
authorization, direction, notice, consent, waiver or other action, only Notes
which a Responsible Officer of the Trustee knows to be so owned shall be so
disregarded, and provided that Notes 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
Notes and that the pledgee is not the Company or any other obligor upon the
Notes or any Affiliate of the Company or of such other obligor.

      "Paying Agent" means the Company or any Person authorized by the Company
to pay the principal of or interest on the Notes on behalf of the Company.

      "Payment Blockage Notice" has the meaning specified in Section 15.02(b)

      "Payment Default" has the meaning specified in Section 15.02(a).

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

      "Place of Payment" means the place or places where the principal of or
interest on the Notes are payable as specified in this Indenture.

      "Predecessor Note" of any particular Note means every previous Note
evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purposes of this definition, any Note
authenticated and delivered under Section 2.14 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Note.

                                       9
<PAGE>

      "Principal Return" has the meaning provided in Section 7.01(c).

      "Prior Notes" means the 4.00% Convertible Senior Subordinated Notes due
2033 issued by Maverick Tube Corporation pursuant to the Indenture dated as of
June 9, 2003 between Maverick Tube Corporation and The Bank of New York, as
trustee.

      "Provisional Redemption" has the meaning specified in Section 3.01(a).

      "Provisional Redemption Date" means the date specified in the Provisional
Redemption Notice as the date for Provisional Redemption of the Notes, in
accordance with the terms of the Notes and this Indenture.

      "Provisional Redemption Notice" has the meaning specified in Section 3.04.

      "Provisional Redemption Price" has the meaning specified in Section
3.01(a).

      "Public Acquirer" means a Person who (i) acquires the Company or all or
substantially all of the Company's assets in a consolidation, merger, share
exchange, sale of all or substantially all of the Company's assets or other
similar transaction and (ii) has a class of common stock traded on a United
States national securities exchange or quoted on The Nasdaq National Market or
which will be so traded or quoted when issued or exchanged in connection with
such transaction ("Public Acquirer Common Stock"); provided, however, that if
the acquirer in any transaction described in clause (i) above does not itself
have a class of common stock satisfying the foregoing requirement, such Person
will be deemed to be a "Public Acquirer," if either (a) a direct or indirect
majority owned subsidiary of such Person or (b) a corporation that directly or
indirectly owns at least a majority of such Person has a class of common stock
satisfying the foregoing requirement (in which case, all references herein to
"Public Acquirer Common Stock" will be deemed to refer to such class of common
stock). For purposes of this definition, majority ownership means having
Beneficial Ownership of more than 50% of the total voting power of all shares of
the respective entity's capital stock or other Equity Interests that are
entitled to vote generally in the election of members of such entity's board of
directors or similar governing body.

      "Public Acquirer Change of Control" means any Non-Stock Change of Control
involving a Public Acquirer.

      "Public Acquirer Common Stock" has the meaning specified in the definition
of Public Acquirer.

      "Publicly Traded Securities" has the meaning specified in the definition
of "Fundamental Change."

      "Purchase Date" has the meaning specified in Section 5.01(a).

      "Purchase Notice" has the meaning specified in Section 5.01(a)(i).

      "Purchase Price" has the meaning provided in paragraph 8 of the Notes.

                                       10
<PAGE>

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

      "Redemption Date" means the date specified for redemption of the Notes in
accordance with the terms of the Notes and this Indenture. In the case of a
Provisional Redemption pursuant to Section 3.01(a), the Redemption Date shall
mean the Provisional Redemption Date, and, in the case of an Optional Redemption
pursuant to Section 3.01(b), the Redemption Date shall mean the Optional
Redemption Date.

      "Redemption Price" when used with respect to any security to be redeemed,
means the price at which such security is to be redeemed (including accrued and
unpaid interest, if any) pursuant to the terms of this Indenture. In the case of
a Provisional Redemption pursuant to Section 3.01(a), the Redemption Price shall
mean the Provisional Redemption Price, and, in the case of an Optional
Redemption pursuant to Section 3.01(b), the Redemption Price shall mean the
Optional Redemption Price.

      "Regular Record Date" has the meaning specified in Section 2.05(a).

      "Responsible Officer," when used with respect to the Trustee, means an
officer in the Corporate Trust Department of the Trustee having direct
responsibility for administration of this Indenture.

      "Representative" means the indenture trustee or other trustee, agent or
representative for any Senior Indebtedness.

      "Rights Plan" means that certain Amended and Restated Shareholder Rights
Agreement dated September 22, 2000 between the Company and Harris Trust &
Savings Bank, as rights agent, as amended from time to time.

      "Sale Price" means, with respect to any Public Acquirer Common Stock, on
any date, the closing sale price per share (or, if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either
case, the average of the average bid and average ask prices) on such date as
reported in the composite transactions for the principal United States national
or regional securities exchange on which such Public Acquirer Common Stock is
traded or, if such Public Acquirer Common Stock is not listed on a United States
national or regional securities exchange, as reported by The Nasdaq National
Market.

      "Securities Act" means the Securities Act of 1933 and any statute
successor thereto, in each case as amended from time to time.

      "Senior Indebtedness" means the principal of, premium, if any, interest
(including all interest accruing subsequent to the commencement of any
bankruptcy or similar proceeding, whether or not a claim for post-petition
interest is allowed as a claim in any such proceeding), all letter of credit
obligations, obligations under any arrangement described in clause (iii) of the
definition of Indebtedness and Capital Lease payments payable on or in
connection with, and all fees, costs, expenses and other amounts (including
fees, costs, expenses and other amounts accruing after the commencement of any
bankruptcy or similar proceeding, whether or not a claim for post-petition fees,
costs, expenses and other amounts is allowed as a claim in the

                                       11
<PAGE>

proceeding) accrued or due on or in connection with, Indebtedness of the
Company, whether secured or unsecured, absolute or contingent, due or to become
due, outstanding on the date of this Indenture or thereafter created, incurred,
assumed, guaranteed or in effect guaranteed by the Company (including all
deferrals, renewals, extensions or refundings of, or amendments, modifications
or supplements to, the foregoing), unless in the case of any particular
Indebtedness the instrument creating or evidencing the same or the assumption or
guarantee thereof expressly provides that such Indebtedness shall not be senior
in right of payment to the Notes or expressly provides that such Indebtedness is
"pari passu" or "junior" to the Notes. Notwithstanding the foregoing, the term
Senior Indebtedness shall not include the Notes or the Prior Notes. If any
payment made to any holder of any Senior Indebtedness or its Representative with
respect to such Senior Indebtedness is rescinded or must otherwise be returned
by such holder or Representative upon the insolvency, bankruptcy or
reorganization of the Company or otherwise, the reinstated Indebtedness of the
Company arising as a result of such rescission or return shall constitute Senior
Indebtedness effective as of the date of such rescission or return.

      "Significant Subsidiary" means any other Subsidiary which, at the time of
the creation of a pledge, mortgage, security interest or other lien upon any
Equity Interests of such Subsidiary, has consolidated gross assets (having
regard to the Company's beneficial interest in the shares, or the like, of that
Subsidiary) that represents at least 10% of the Company's consolidated gross
assets appearing in the Company's most recent audited consolidated financial
statements.

      "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 2.05(c).

      "Spin-off Market Price" per share of Common Stock or per share or other
applicable unit of Equity Interests in a subsidiary or other business unit of
the Company on any day means the average of the Last Reported Sale Price with
respect thereto for each of the 10 consecutive Trading Days commencing on and
including the fifth Trading Day after the "ex date" with respect to the issuance
or distribution requiring such computations; provided, however, if no trading
market develops for such Equity Interests prior to the date for determination of
the Spin-off Market Price thereof pursuant to the foregoing provisions, the
value of the distributed Equity Interests will be determined by two nationally
recognized investment banks appointed by the Company.

      "Stated Maturity" means June 15, 2033.

      "Subsidiary" means a corporation more than 50% of the outstanding Voting
Stock of which is owned, directly or indirectly, by the Company or by one or
more other Subsidiaries, or by the Company and one or more other Subsidiaries.

      "Ten-Day Average Price" has the meaning specified in Section 7.01(b).

      "Trading Day" means (a) if the applicable security is listed, admitted for
trading or quoted on the New York Stock Exchange, the Nasdaq National Market or
another national security exchange, a day on which the New York Stock Exchange,
the Nasdaq National Market or such other national security exchange, as the case
may be, is open for trading or (b) if the applicable security is not so listed,
admitted for trading or quoted, any day other than a Saturday

                                       12
<PAGE>

or Sunday or a day on which banking institutions in the State of New York are
authorized or obligated by law, regulation or executive order to remain closed.

      "Trading Price" of the Notes on any date of determination means the
average of the secondary market bid quotations per $1,000 principal amount of
Notes obtained by the Bid Solicitation Agent for $2 million principal amount of
Notes at approximately 4:00 p.m., New York City time, on such determination date
from three unaffiliated, nationally recognized securities dealers the Company
selects, provided that if: (i) at least three such bids are not obtained by the
Bid Solicitation Agent, or (ii) in the Company's reasonable judgment, the bid
quotations are not indicative of the secondary market value of the Notes, then
the Trading Price of the Notes will equal (a) the then applicable Conversion
Rate of the Notes multiplied by (b) the average of the Last Reported Sale Price
of Common Stock for each of the five Trading Days ending on such determination
date, appropriately adjusted to take into account the occurrence, during the
period commencing on the first of such Trading Days during such five Trading Day
period and ending on such determination date, of any event described in Section
7.06 of this Indenture.

      "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force at
the date as of which this instrument was executed; provided, however, that in
the event the Trust Indenture Act of 1939 is amended after such date, "Trust
Indenture Act" 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 instrument until a successor Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Trustee" shall mean
or include each Person who is then a Trustee hereunder.

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

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

      "Voting Power" means the total voting power represented by all outstanding
shares of all classes of Voting Stock.

      "Voting Stock" means a corporation's stock of any class or classes
(however designated), including membership interests, membership shares or other
similar equity interests, having ordinary Voting Power for the election of the
directors of such corporation, other than stock having such power only by reason
of the happening of a contingency.

      SECTION 1.02 Compliance Certificates and Opinions. Upon any application or
request by the Company to the Trustee to take any action under any provision of
this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate
or opinion shall be given in the form of an

                                       13
<PAGE>

Officers' Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

      Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (except for certificates provided for
in Section 14.04) shall include,

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

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

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

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

      SECTION 1.03 Form of Documents Delivered to Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

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

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

      SECTION 1.04 Acts of Holders; Record Dates. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be given, made or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in

                                       14
<PAGE>

writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee and, where it is herein expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 10.01) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section.

      The fact and date of the execution by any Person of any such instrument or
writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any
other manner which the Trustee deems sufficient.

      The ownership of Notes shall be proved by the Note Register.

      Any request, demand, authorization, direction, notice, consent, waiver or
other Act of the Holder of any Note shall bind every future Holder of the same
Note and the Holder of every Note 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 or the Company in reliance
thereon, whether or not notation of such action is made upon such Note.

      The Company may, in the circumstances permitted by the Trust Indenture
Act, be entitled to set any day as the record date for determining the Holders
of Outstanding Notes entitled to give or take any direction, notice, consent,
waiver or other action under the Indenture. If not set by the Company prior to
the first solicitation of a Holder of Notes made by any Person in respect of any
such action, or, in the case of any such vote, prior to such vote, the record
date for any such action or vote shall be the 30th day (or, if later, the date
of the most recent list of Holders required to be provided) prior to such first
solicitation or vote, as the case may be. In limited circumstances permitted by
the Trust Indenture Act, the Trustee may set a record date for action by Holders
of Outstanding Notes. With regard to any record date, only the Holders of Notes
on such date (or their duly designated proxies) shall be entitled to give or
take, or vote on, the relevant action. If a record date is set for any action to
be taken by Holders, the action may be taken only by persons who are Holders of
Outstanding Notes on the record date. To be effective, the action must be taken
by Holders of the requisite principal amount of Notes within 180 days or such
shorter period as the Company may specify, or the Trustee may specify, if it set
the record date. This period may be shortened or lengthened by not more than 180
days.

      SECTION 1.05 Notices, Etc., to Trustee and Company. 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,

                                       15
<PAGE>

            (a)   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 and received by the
                  Trustee at its Corporate Trust Office, or

            (b)   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: the
                  address last furnished in writing to the Trustee by the
                  Company, or, if no such address has been furnished, Chief
                  Financial Officer, Maverick Tube Corporation, 16401 Swingley
                  Ridge Road, Seventh Floor, Chesterfield, Missouri 63017.

      SECTION 1.06 Notice to Holders; Waiver of Notice. Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at the
address as it appears in the Note Register, not later than the latest date (if
any), and not earlier than the earliest date (if any), prescribed for the giving
of such notice. In any case where notice to Holders 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. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

      In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.

      SECTION 1.07 Conflict With Trust Indenture Act. If any provision limits,
qualifies or conflicts with a provision of the Trust Indenture Act which is
required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act which may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified
or to be excluded, as the case may be.

      SECTION 1.08 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 1.09 Successors and Assigns. All covenants and agreements in this
Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

      SECTION 1.10 Separability Clause. In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

                                       16
<PAGE>

      SECTION 1.11 Benefits of Indenture; No Recourse Against Others. Nothing in
this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of
Senior Indebtedness and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture. A director, officer, employee,
stockholder, partner or other owner of the Company or the Trustee, as such,
shall not have any liability for any obligations of the Company under the Notes
or for any obligations of the Company or the Trustee under this Indenture or for
any claim based on, in respect of or by reason of those obligations or their
creation. Each Holder by accepting a Note waives and releases all that
liability. This waiver and release shall be part of the consideration for the
issue of the Notes.

SECTION 1.12 Governing Law. This Indenture and the Notes shall be governed by
and construed in accordance with the law of the State of New York, without
giving effect to any principles of conflicts of laws thereunder to the extent
the application of the laws of another jurisdiction would be required thereby.

SECTION 1.13 Legal Holidays. In any case where any Interest Payment Date,
Redemption Date, Fundamental Change Purchase Date or Stated Maturity shall not
be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Notes) payment of interest or principal
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 or Fundamental
Change Purchase Date, or at the Stated Maturity.

                                   ARTICLE II
                                    THE NOTES

      SECTION 2.01 Title of the Notes. The Notes shall be designated as the
"2004 4.00% Convertible Senior Subordinated Notes due 2033."

      SECTION 2.02 [Percentage of Principal Amount. The Notes shall be initially
issued at 100% of their principal amount plus an amount equal to the accrued and
unpaid interest on the Prior Notes acquired by the Company on the Original Issue
Date in exchange for the issuance of the Notes, if any, from December 15, 2004.]

      SECTION 2.03 Limitation on Aggregate Principal Amount.

            (a)   The Trustee shall authenticate and deliver Notes for original
                  issue on the Original Issue Date in the aggregate principal
                  amount of up to $120,000,000 upon a Company Order for the
                  authentication and delivery thereof. Such order shall specify
                  the amount of the Notes to be authenticated, the date on which
                  the original issue of Notes is to be authenticated and the
                  name or names of the initial Holder or Holders.

            (b)   The aggregate principal amount of Notes that may be
                  outstanding shall not exceed $120,000,000. The Notes shall be
                  treated for all purposes as a single class or series and shall
                  be issuable in denominations of $1,000 and any integral
                  multiple thereof.

                                       17
<PAGE>

      SECTION 2.04 Stated Maturity. The principal amount of the Notes shall be
payable on the Stated Maturity unless the Notes are earlier redeemed or
converted in accordance with the terms of this Indenture and the Notes.

      SECTION 2.05 Interest and Interest Rates.

            (a)   The Notes shall bear interest at a rate of 4.00% per year,
                  from December 15, 2004 or from the most recent Interest
                  Payment Date (as defined below) to which payment has been made
                  or duly provided for, payable semiannually in arrears on June
                  15 and December 15 of each year, beginning June 15, 2005 (each
                  an "Interest Payment Date") to the persons in whose names the
                  Notes are registered at the close of business on June 1 and
                  December 1 (each a "Regular Record Date") (whether or not a
                  Business Day), as the case may be, immediately preceding such
                  Interest Payment Date. The Notes shall also provide for
                  payment of contingent interest ("Contingent Interest") in
                  certain circumstances as specified in paragraph 5 of the
                  Notes.

            (b)   Holders of Notes at the close of business on a Regular Record
                  Date will receive payment of interest, including Contingent
                  Interest, if any, payable on the corresponding Interest
                  Payment Date notwithstanding the conversion of such Notes at
                  any time after the close of business on such Regular Record
                  Date. Notes surrendered for conversion by a Holder during the
                  period from the close of business on any Regular Record Date
                  to the opening of business on the immediately following
                  Interest Payment Date must be accompanied by payment of
                  immediately available funds (or a certified check) of an
                  amount equal to the interest, including Contingent Interest,
                  if any, that the Holder is to receive on the Notes; provided,
                  however, that no such payment need be made if (i) the Company
                  has specified a Redemption Date that is after a Regular Record
                  Date and on or prior to the immediately following Interest
                  Payment Date, (ii) the Company has specified a Purchase Date
                  following a Fundamental Change that is during such period or
                  (iii) any overdue interest (including overdue Contingent
                  Interest, if any) exists at the time of conversion with
                  respect to such Notes to the extent of such overdue interest.

            (c)   Any such interest not so punctually paid or duly provided for
                  on any Interest Payment Date ("Defaulted Interest") shall
                  forthwith cease to be payable to the Holder on such Regular
                  Record Date and shall either:

                  (i)   be paid to the Person in whose name such Note (or one or
                        more Predecessor Notes) is registered at the close of
                        business on the Special Record Date for the payment of
                        such Defaulted Interest to be fixed by the Trustee,
                        notice whereof shall be given to Holders of the Notes
                        not less than 10 days prior to such Special Record Date,
                        or

                  (ii)  be paid at any time in any other lawful manner not
                        inconsistent with the requirements of any securities
                        exchange or automated quotation system on which the
                        Notes may be listed or traded, and upon such notice as
                        may be

                                       18
<PAGE>

                        required by such exchange or automated quotation system,
                        all as more fully provided in this Indenture.

      A Special Record Date for the payment of such Defaulted Interest 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 Note and the
date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money 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 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 the Trustee,
in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor
to be given to each Holder of Notes in the manner set forth in Section 1.06, not
less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose
names the Notes (or their respective Predecessor Notes) are registered at the
close of business on such Special Record Date and shall no longer be payable
pursuant to the preceding clause (ii).

      Whenever in this Indenture or in any Note there is mentioned, in any
context, the payment of interest on, or in respect of, any Note, such mention
shall be deemed to include mention of the payment of Defaulted Interest to the
extent that, in such context, Defaulted Interest is, was or would be payable in
respect thereof pursuant to the provisions hereof and express mention of the
payment of Defaulted Interest (if applicable) in any provisions shall not be
construed as excluding Defaulted Interest in those provisions where such express
mention is not made.

            (d)   The amount of interest, including Contingent Interest, if any,
                  payable for any period shall be computed on the basis of a
                  360-day year of twelve 30-day months. The amount of interest,
                  including Contingent Interest, if any, payable for any partial
                  period shall be computed on the basis of a 360-day year of
                  twelve 30-day months and the days elapsed in any partial
                  month. In the event that any date on which interest is payable
                  on a Note is not a Business Day, then a payment of the
                  interest, including Contingent Interest, if any, payable on
                  such date will be made on the next succeeding day which is a
                  Business Day (and without any interest or other payment in
                  respect of any such delay) with the same force and effect as
                  if made on the date the payment was originally payable.

            (e)   If any principal of the Notes or any portion of such principal
                  is not paid when due (whether upon acceleration, upon the date
                  set for payment of the Redemption Price pursuant to paragraph
                  6 of the Notes, upon the date set for payment of a Purchase
                  Price or Fundamental Change Purchase Price pursuant

                                       19
<PAGE>

                  to paragraph 8 of the Notes or upon the Stated Maturity) or if
                  interest (including Contingent Interest, if any) due hereon or
                  any portion of such interest is not paid when due in
                  accordance with paragraph 1 or paragraph 5 or 11 of the Note,
                  then in each such case the overdue amount shall bear interest
                  at the rate of 4.00% per annum, compounded semiannually (to
                  the extent that the payment of such interest shall be legally
                  enforceable), which interest shall accrue from the date such
                  overdue amount was due to the date payment of such amount,
                  including interest thereon, has been made or duly provided
                  for. All such interest shall be payable on demand.

      SECTION 2.06 Note Registrar; Paying Agent and Conversion Agent; Bid
Solicitation Agent; Place of Payment.

            (a)   The Company shall cause to be kept in an office or agency of
                  the Company in a Place of Payment a register (the register
                  maintained in any such office or agency of the Company in a
                  Place of Payment being herein sometimes collectively referred
                  to as the "Note Register") in which, subject to such
                  reasonable regulations as it may prescribe, the Company shall
                  provide for the registration of Notes and of transfers of
                  Notes. The Trustee, or any other party serving in such
                  capacity with the Trustee's consent, is hereby appointed "Note
                  Registrar" for the purpose of registering Notes and transfers
                  of Notes as herein provided.

            (b)   The Trustee shall initially serve as the Paying Agent and
                  Conversion Agent for the Notes. The Company may appoint and
                  change any Paying Agent or Conversion Agent or approve a
                  change in the office through which any Paying Agent acts
                  without notice, other than notice to the Trustee. The Company
                  or any of its Subsidiaries or any of their Affiliates may act
                  as Paying Agent or Conversion Agent.

            (c)   The Trustee shall initially serve as the bid solicitation
                  agent (the "Bid Solicitation Agent") for purposes of obtaining
                  secondary market bid quotations for determining Trading
                  Prices. The Company may change the Bid Solicitation Agent at
                  any time; provided, however, the Bid Solicitation Agent shall
                  not be the Company or an Affiliate of the Company. The Bid
                  Solicitation Agent shall solicit bids from nationally
                  recognized securities dealers that are believed by the Company
                  to be willing to bid for the Notes.

            (d)   The Place of Payment where the Notes may be presented or
                  surrendered for payment shall be the Corporate Trust Office of
                  the Trustee.

      SECTION 2.07 Execution and Authentication.

            (a)   The Notes shall be executed on behalf of the Company by its
                  Chairman of the Board, any Vice Chairman of the Board, its
                  President or one of its Vice Presidents, under its corporate
                  seal reproduced thereon and attested by its Treasurer or an
                  Assistant Treasurer or its Secretary or one of its Assistant

                                       20
<PAGE>

                  Secretaries. The signature of any of these officers on the
                  Notes may be manual or facsimile. The seal of the Company may
                  be in the form of a facsimile thereof and may be impressed,
                  affixed, imprinted or otherwise reproduced on the Note.

            (b)   Notes 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 Notes or did
                  not hold such offices at the date of such Notes.

            (c)   No Note shall be entitled to any benefit under this Indenture
                  or be valid or obligatory for any purpose unless there appears
                  on such Note a certificate of authentication in substantially
                  the following form:

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

                                                     THE BANK OF NEW YORK,
                                                     As Trustee

                                                     By:_______________________
                                                     Authorized Signatory

      SECTION 2.08 Place of Registration or Exchange; Notices and Demands With
Respect to the Notes. The place where the Holders of the Notes may present the
Notes for registration of transfer or exchange and may make notices and demands
to or upon the Company in respect of the Notes shall be the Corporate Trust
Office of the Trustee.

      SECTION 2.09 Registration of Transfer and Exchange.

            (a)   Subject to the provisions of Section 2.10, upon surrender for
                  registration of transfer of any Note at the office or agency
                  of the Company in a Place of Payment, the Company shall
                  execute, and the Trustee shall authenticate and deliver, in
                  the name of the designated transferee or transferees, one or
                  more new Notes, of any authorized denominations and of like
                  tenor and aggregate principal amount.

            (b)   At the option of the Holder, Notes may be exchanged for other
                  Notes, of any authorized denominations and of like tenor and
                  aggregate principal amount, upon surrender of the Notes to be
                  exchanged at such office or agency. Whenever any Notes are so
                  surrendered for exchange, the Company shall execute, and the
                  Trustee shall authenticate and deliver, the Notes which the
                  Holder making the exchange is entitled to receive.

            (c)   All Notes issued upon any registration of transfer or exchange
                  of Notes shall be the valid obligations of the Company,
                  evidencing the same debt, and entitled to

                                       21
<PAGE>

                  the same benefits under this Indenture, as the Notes
                  surrendered upon such registration of transfer or exchange.

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

            (e)   No service charge shall be made for any registration of
                  transfer or exchange of Notes, 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 Notes, other than
                  exchanges pursuant to Section 2.13, 3.02 or 13.06 not
                  involving any transfer.

            (f)   If the Notes are to be redeemed in part, the Company shall not
                  be required (i) to issue, register the transfer of or exchange
                  any Notes during a period beginning at the opening of business
                  15 days before the day of the mailing of a notice of
                  redemption of any such Notes selected for redemption under
                  Section 3.03 and ending at the close of business on the day of
                  such mailing, or (ii) to register the transfer of or exchange
                  any Note so selected for redemption in whole or in part,
                  except the unredeemed portion of any Note being redeemed in
                  part.

            (g)   No Note Registrar shall be required to make registrations of
                  transfer or exchange of Notes during any periods designated in
                  the text of the Notes or in this Indenture as periods during
                  which such registration of transfers and exchanges need not be
                  made.

      SECTION 2.10 Global Notes.

            (a)   The Notes shall be issued initially in the form of one or more
                  permanent Global Notes in definitive, fully registered,
                  book-entry form, without interest coupons (collectively, the
                  "Global Notes"). The Global Notes shall be substantially in
                  the form attached as Exhibit A hereto.

            (b)   Each of the Global Notes shall represent such of the Notes as
                  shall be specified therein and shall each provide that it
                  shall represent the aggregate principal amount of Notes from
                  time to time endorsed thereon and that the aggregate principal
                  amount of Notes represented thereby may from time to time be
                  reduced or increased, as appropriate, to reflect exchanges,
                  redemptions or conversions. Any endorsement of a Global Note
                  to reflect the aggregate principal amount, or any increase or
                  decrease in the aggregate principal amount, of Notes
                  represented thereby shall be reflected by the Trustee on
                  Schedule A attached to the Note and made by the Trustee in
                  accordance with written instructions or such other written
                  form of instructions as is customary for the Depositary, from
                  the Depositary or its nominee on behalf of any Person having a
                  beneficial interest in the Global Note.

                                       22
<PAGE>

            (c)   The Depository Trust Company shall initially serve as
                  Depositary with respect to the Global Notes. Such Global Notes
                  shall bear the legends set forth in the form of Note attached
                  as Exhibit A hereto.

            (d)   Each Global Note authenticated under this Indenture shall be
                  registered in the name of the Depositary or a nominee thereof
                  and delivered to such Depositary or a nominee thereof or
                  custodian therefor, and each such Global Note shall constitute
                  a single Note for all purposes of this Indenture.

            (e)   Notwithstanding any other provision in this Indenture, no
                  Global Note may be exchanged in whole or in part for Notes
                  registered, and no transfer of a Global Note in whole or in
                  part may be registered, in the name of any Person other than
                  the Depositary for such Global Note or a nominee thereof
                  unless:

                  (i)   such Depositary has notified the Company that

                        (A)   such Depositary is unwilling, unable or no longer
                              qualified to continue as Depositary for such
                              Global Note or

                        (B)   such Depositary has ceased to be a clearing agency
                              registered under the Exchange Act at a time when
                              it is required to be so registered,

                  and the Company does not appoint a successor Depositary within
                  90 days of that notice; or

                  (ii)  there shall have occurred and be continuing an Event of
                        Default with respect to such Global Note, and the
                        Depositary requests the issuance of certificated Notes.

            (f)   Subject to Section 2.10(e) above, any exchange of a Global
                  Note for other Notes may be made in whole or in part, and all
                  Notes issued in exchange for a Global Note or any portion
                  thereof shall be registered in such names as the Depositary
                  for such Global Note shall direct.

            (g)   Every Note authenticated and delivered upon registration of
                  transfer of, or in exchange for or in lieu of, a Global Note
                  or any portion thereof, whether pursuant to this Section,
                  Section 2.13, 2.14, 3.02 or 13.06 or otherwise, shall be
                  authenticated and delivered in the form of, and shall be, a
                  Global Note, unless such Note is registered in the name of a
                  Person other than the Depositary for such Global Note or a
                  nominee thereof.

      SECTION 2.11 Sinking Fund Obligations. The Company shall have no
obligation to redeem or purchase any Notes pursuant to any sinking fund or
analogous requirement.

      SECTION 2.12 Tax Treatment of Notes. The Company agrees, and by accepting
a beneficial ownership interest in the Notes each Holder, and any Person that
acquires a direct or indirect beneficial interest in the Notes, will be deemed
to have agreed, unless otherwise required

                                       23
<PAGE>

by applicable law, (a) for United States federal income tax purposes to treat
the Notes as Indebtedness of the Company that is subject to the Contingent
Payment Debt Instrument regulations under Treas. Reg. Sec. 1.1275-4 (the "CPDI
Regulations"), (b) for all tax purposes to treat the Notes as Indebtedness of
the Company, (c) for purposes of the CPDI Regulations, to treat the fair market
value of any stock beneficially received by a beneficial holder upon any
conversion of the Notes as a contingent payment, (d) to be bound by the
Company's determination that the Notes are contingent payment debt instruments
subject to the "noncontingent bond method" of accruing original issue discount
within the meaning of the CPDI Regulations with respect to the Notes, (e) to
accrue original issue discount at the comparable yield as determined by the
Company and (f) to be bound by the Company's projected payment schedule with
respect to the Notes. In addition, unless otherwise required by applicable law,
the Company will treat the exchange of Prior Notes for Notes as not constituting
a significant modification for United States federal income tax purposes. The
provisions of this Indenture shall be interpreted to further this intention and
agreement of the parties. The comparable yield and the schedule of projected
payments are not determined for any purpose other than for the determination of
interest accruals and adjustment thereof in respect of the Notes for United
States federal income tax purposes. Consistent with the Company's treatment of
the exchange of Prior Notes for Notes, as described above, the comparable yield
and schedule of projected payments governing the Notes is identical to the
comparable yield and schedule of projected payments that governed the Prior
Notes. The comparable yield and the schedule of projected payments do not
constitute a projection or representation regarding the future stock price or
the amounts payable on the Notes. For purposes of the foregoing, the Company's
determination of the "comparable yield" is 8.48% per annum, compounded
semiannually. A Holder of Notes may obtain the amount of original issue
discount, issue date, comparable yield and projected payment schedule by
telephoning the Company's Finance Department at (636) 733-1600 or submitting a
written request for such information to: Maverick Tube Corporation, 16401
Swingley Ridge Road, Seventh Floor, Chesterfield, Missouri 63017, Attention:
Chief Financial Officer. The schedule of projected payments is set forth on
Exhibit B.

      SECTION 2.13 Temporary Notes. Pending the preparation of definitive Notes,
the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Notes which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Notes in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Notes may determine, as evidenced by
their execution of such Notes.

      If temporary Notes are issued, the Company will cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of the Company in a
Place of Payment, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Notes, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor one or more definitive
Notes, of any authorized denominations and of like tenor and aggregate principal
amount. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as definitive Notes.

                                       24
<PAGE>

      SECTION 2.14 Mutilated, Destroyed, Lost and Stolen Notes. If any mutilated
Note is surrendered to the Trustee, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a new Note of like tenor and
principal amount and bearing a number not contemporaneously outstanding.

      If there shall be delivered to the Company and the Trustee (a) evidence to
their satisfaction of the destruction, loss or theft of any Note and (b) 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 Note has been acquired by a bona fide purchaser, the
Company shall execute and the Trustee shall authenticate and deliver, in lieu of
any such destroyed, lost or stolen Note, a new Note of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

      In case any such mutilated, destroyed, lost or stolen Note has become or
is about to become due and payable, the Company in its discretion may, instead
of issuing a new Note, pay such Note.

      Upon the issuance of any new Note 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 Note issued pursuant to this Section in lieu of any destroyed,
lost or stolen Note shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note
shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other
Notes 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 Notes.

      SECTION 2.15 Cancellation. All Notes surrendered for payment, redemption,
conversion, exchange or registration of transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Notes 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 Notes previously authenticated hereunder which the Company has
not issued and sold, and all Notes so delivered shall be promptly cancelled by
the Trustee. No Notes shall be authenticated in lieu of or in exchange for any
Notes cancelled as provided in this Section, except as expressly permitted by
this Indenture. Until directed otherwise by a Company Order, all cancelled Notes
held by the Trustee shall be conspicuously marked as such and thereafter treated
in accordance with the Trustee's document retention policies; provided, however,
if any cancelled Note is destroyed by the Trustee, the Trustee shall deliver to
the Company a certificate with respect to such destruction.

                                       25
<PAGE>

                                   ARTICLE III
                                   REDEMPTION

      SECTION 3.01 Right to Redeem.

            (a)   Any time after June 15, 2008 and prior to June 15, 2011, the
                  Company may, at its option, redeem (such redemption being
                  hereinafter referred to as the "Provisional Redemption") the
                  Notes, in whole at any time or in part from time to time, upon
                  notice given in accordance with Section 3.04, at a redemption
                  price equal to $1,000 per $1,000 principal amount of the Notes
                  to be redeemed, plus accrued and unpaid interest, including
                  Contingent Interest, if any, to but excluding the Provisional
                  Redemption Date (such amount being the "Provisional Redemption
                  Price"), if the Last Reported Sale Price of Common Stock has
                  exceeded 130% of the Conversion Price then in effect for at
                  least 20 Trading Days within a period of 30 consecutive
                  Trading Days ending on the Trading Day prior to the date on
                  which the Company mails the Provisional Redemption Notice
                  pursuant to Section 3.04. If a Provisional Redemption Date is
                  an Interest Payment Date, the semiannual interest on the Notes
                  payable on such Interest Payment Date will be payable to the
                  Holder of record as of the relevant Regular Record Date, and
                  the Provisional Redemption Price will not include such
                  interest payment.

            (b)   Except as set forth in Section 3.01(a), the Notes may not be
                  redeemed at the option of the Company prior to June 15, 2011.
                  On and after June 15, 2011, the Company may, at its option,
                  redeem (such redemption being hereinafter referred to as the
                  "Optional Redemption") the Notes, in whole at any time or in
                  part from time to time, on any date prior to the Stated
                  Maturity, upon notice given in accordance with Section 3.04,
                  at a redemption price equal to 100% of the principal amount of
                  the Notes to be redeemed, plus accrued and unpaid interest,
                  including Contingent Interest, if any, to but excluding
                  Optional Redemption Date (such amount being the "Optional
                  Redemption Price").

            (c)   The election of the Company to redeem any Notes shall be
                  evidenced by a Board Resolution, a copy of which shall be
                  provided to the Trustee and upon which the Trustee may
                  conclusively rely.

      SECTION 3.02 Fewer Than All Outstanding Notes to Be Redeemed. If fewer
than all of the outstanding Notes are to be redeemed, the Trustee shall select
the Notes to be redeemed in principal amounts of $1,000 or integral multiples
thereof. In the case that the Trustee shall select the Notes to be redeemed, the
Trustee may effectuate such selection by lot, pro rata, or by any other method
that the Trustee considers fair and appropriate. The Trustee will make such
selection promptly following receipt of the notice of redemption from the
Company, or the written request by the Company to provide such notice, provided
pursuant to Section 3.04. Any Note which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and
the

                                       26
<PAGE>

Trustee shall authenticate and deliver to the Holder of such Note without
service charge, a new Note or Notes, 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 Note so surrendered.

      SECTION 3.03 Selection of Notes to Be Redeemed. If any Notes selected for
partial redemption are thereafter surrendered for conversion in part before
termination of the conversion right with respect to the portion of the Notes so
selected, the converted portion of such Notes shall be deemed (so far as may
be), solely for purposes of determining the aggregate principal amount of Notes
to be redeemed by the Company, to be the portion selected for redemption. Notes
which have been converted during a selection of Notes to be redeemed may be
treated by the Trustee as outstanding for the purpose of such selection. Nothing
in this Section 3.03 shall affect the right of any Holder to convert any Notes
pursuant to Article VII before the termination of the conversion right with
respect thereto.

      SECTION 3.04 Notice of Redemption. Notice of redemption shall be given by
first-class mail, postage prepaid, to the Trustee and the Paying Agent and to
each Holder of Notes to be redeemed, at his address appearing in the Note
Register. Such notice shall be given not less than 20 nor more than 60 days
prior to the Provisional Redemption Date pursuant to Section 3.01(a) (such
notice being the "Provisional Redemption Notice") or the Optional Redemption
Date pursuant to Section 3.01(b) (such notice being the "Optional Redemption
Notice").

      All notices of redemption shall state:

            (a)   title of the Notes, including applicable CUSIP numbers;

            (b)   the then current Conversion Rate;

            (c)   the name and address of the Paying Agent and the Conversion
                  Agent;

            (d)   that the Notes called for redemption may be converted at any
                  time before the close of business on the Business Day
                  immediately preceding the Redemption Date;

            (e)   that Holders who wish to convert Notes must comply with the
                  procedures in paragraph 10 of the Notes;

            (f)   the Redemption Date;

            (g)   the Redemption Price;

            (h)   if less than all the Outstanding Notes consisting of more than
                  a single Note are to be redeemed, the identification (and, in
                  the case of partial redemption of any such Notes, the
                  principal amounts) of the particular Notes to be redeemed and,
                  if less than all the Outstanding Notes consisting of a single
                  Note are to be redeemed, the principal amount of the
                  particular Note to be redeemed;

                                       27
<PAGE>

            (i)   that on the Redemption Date the Redemption Price will become
                  due and payable upon each such Note to be redeemed and, if
                  applicable, that interest thereon will cease to accrue on and
                  after said date; and

            (j)   the place or places where each such Note is to be surrendered
                  for payment of the Redemption Price.

      Notice of redemption of Notes to be redeemed at the election of the
Company shall be given by the Company or, at the Company's written request, by
the Trustee in the name and at the expense of the Company (provided that such
written request from the Company to the Trustee shall be given not less than 45
nor more than 60 days prior to the Provisional Redemption Date) and shall be
irrevocable.

      SECTION 3.05 Effect of Notice of Redemption. Once notice of redemption is
mailed, Notes called for redemption become due and payable on the Redemption
Date and at the Redemption Price, except for Notes that are converted in
accordance with the provisions of Article VII and paragraph 10 of the Notes.
Upon presentation and surrender to the Paying Agent, Notes called for redemption
shall be paid at the Redemption Price as defined in paragraph 6 of the Notes.

      SECTION 3.06 Deposit of Redemption Price. On or before 10:00 a.m. (New
York City time) on the Redemption Date, the Company shall deposit with the
Paying Agent (or if the Company or an Affiliate of the Company is acting as the
Paying Agent, shall segregate and hold in trust) an amount of money sufficient
to pay the aggregate Redemption Price of all the Notes to be redeemed on that
date other than the Notes or portions thereof called for redemption which on or
prior thereto have been delivered by the Company to the Note Registrar for
cancellation or have been converted. The Trustee and Paying Agent shall, as
promptly as practicable, return to the Company any money not required for that
purpose because of conversion of the Notes in accordance with the provisions of
Article VII. If such money is then held by the Company or a Subsidiary in trust
and is not required for such purpose, it shall be discharged from such trust.

                                   ARTICLE IV
                       PURCHASE UPON A FUNDAMENTAL CHANGE

      SECTION 4.01 Purchase at the Option of the Holder Upon a Fundamental
Change. Subject to the provisions of Article XV, if a Fundamental Change shall
occur at any time prior to June 15, 2011, each Holder shall have the right, at
such Holder's option, to require the Company to purchase any or all of such
Holder's Notes, or any portion of the principal amount thereof, for cash on the
date that is no later than 35 Business Days after the date of the Company Notice
of the occurrence of such Fundamental Change (subject to extension to comply
with applicable law) (the "Fundamental Change Purchase Date"). The Notes shall
be purchased in integral multiples of $1,000 of the principal amount. The
Company shall purchase such Notes at a price (the "Fundamental Change Purchase
Price") equal to 100% of the principal amount of the Notes to be purchased plus
accrued and unpaid interest, including Contingent Interest, if any, to the
Fundamental Change Purchase Date.

                                       28
<PAGE>

      SECTION 4.02 Notice of a Fundamental Change. The Company, or at its
written request (which must be received by the Trustee at least three Business
Days (or such lesser period as agreed to by the Trustee) prior to the date the
Trustee is requested to give such notice as described below), the Trustee, in
the name of and at the expense of the Company, shall mail notices to the Holders
at their addresses shown in the Note Register maintained by the Note Registrar,
a Company Notice of the occurrence of a Fundamental Change and of the purchase
right arising as a result thereof, including the information required by Section
6.01, on or before the 30th day after the occurrence of such Fundamental Change.

      SECTION 4.03 Exercise of Option. For a Note to be so purchased at the
option of the Holder, the Paying Agent must receive such Note duly endorsed for
transfer, together with a written notice of purchase (a "Fundamental Change
Purchase Notice") in the form entitled "Form of Fundamental Change Purchase
Notice" on the reverse thereof duly completed, on or before the 35th day after
the date of the Company Notice of the occurrence of such Fundamental Change,
subject to extension to comply with applicable law. The Fundamental Change
Purchase Notice shall state:

            (a)   if certificated, the certificate numbers of the Notes which
                  the Holder shall deliver to be purchased, together with the
                  name, address and taxpayer identification number of the
                  Holder, or, if not certificated, the Fundamental Change
                  Purchase Notice must comply with applicable Depositary
                  procedures;

            (b)   the portion of the principal amount of the Notes which the
                  Holder will deliver to be purchased, which portion must be
                  $1,000 in principal amount or an integral multiple thereof;
                  and

            (c)   that such Notes shall be purchased as of the Fundamental
                  Change Purchase Date pursuant to the terms and conditions
                  specified in paragraph 8 of the Notes and in this Indenture.

      SECTION 4.04 Procedures. The Company shall purchase from a Holder,
pursuant to Article IV, Notes if the principal amount of such Notes is $1,000 or
an integral multiple of $1,000 if so requested by such Holder.

      Any purchase by the Company contemplated pursuant to the provisions of
Article IV shall be consummated by the delivery of the Fundamental Change
Purchase Price to be received by the Holder promptly following the later of the
Fundamental Change Purchase Date or the time of book-entry transfer or delivery
of the Notes.

      Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent the Fundamental Change Purchase Notice contemplated by Section
4.02 shall have the right at any time prior to the close of business on the
Business Day prior to the Fundamental Change Purchase Date to withdraw such
Fundamental Change Purchase Notice (in whole or in part) by delivery of a
written notice of withdrawal to the Paying Agent in accordance with Section
6.02.

      The Paying Agent shall promptly notify the Company of the receipt by it of
any Fundamental Change Purchase Notice or written notice of withdrawal thereof.

                                       29
<PAGE>

      On or before 10:00 a.m. (New York City time) on the Fundamental Change
Purchase Date, the Company shall deposit with the Paying Agent (or if the
Company or an Affiliate of the Company is acting as the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the aggregate Fundamental
Change Purchase Price of the Notes to be purchased pursuant to Article IV.
Payment by the Paying Agent of the Fundamental Change Purchase Price for such
Notes shall be made promptly following the later of the Fundamental Change
Purchase Date or the time of book-entry transfer or delivery of such Notes. If
the Paying Agent holds, in accordance with the terms of this Indenture, money
sufficient to pay the Fundamental Change Purchase Price of such Notes on the
Business Day following the Fundamental Change Purchase Date, then, on and after
such date, such Notes shall cease to be outstanding and interest (including
Contingent Interest, if any) on such Notes shall cease to accrue, whether or not
book-entry transfer of such Notes is made or such Notes are delivered to the
Paying Agent, and all other rights of the Holder shall terminate (other than the
right to receive the Fundamental Change Purchase Price upon delivery or transfer
of the Notes). Nothing herein shall preclude any withholding tax required by
law.

      The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of the
Fundamental Change Purchase Price and shall notify the Trustee of any default by
the Company in making any such payment. If the Company or an Affiliate of the
Company acts as Paying Agent, it shall segregate the money held by it as Paying
Agent and hold it as a separate trust fund. The Company at any time may require
a Paying Agent to deliver all money held by it to the Trustee and to account for
any funds disbursed by the Paying Agent. Upon doing so, the Paying Agent shall
have no further liability for the cash delivered to the Trustee.

      All questions as to the validity, eligibility (including time of receipt)
and acceptance of any Notes for redemption shall be determined by the Company,
whose determination shall be final and binding and conclusive as to the Trustee
and Paying Agent.

                                    ARTICLE V
                      PURCHASE AT THE OPTION OF THE HOLDER

      SECTION 5.01 Purchase of Notes by the Company at the Option of the Holder.

            (a)   Subject to the provisions of Article XV, on each of June 15,
                  2011, June 15, 2013, June 15, 2018, June 15, 2023 and June 15,
                  2028 (each, a "Purchase Date"), Holders shall have the option
                  to require the Company to purchase in cash any Outstanding
                  Notes at the Purchase Price specified in paragraph 8 of the
                  Notes, upon:

                  (i)   delivery to the Paying Agent by the Holder of a written
                        notice of purchase (a "Purchase Notice") in the form
                        previously delivered to the Paying Agent pursuant to
                        Section 6.01 (with the blanks appropriately filled) at
                        any time from the opening of business on the date that
                        is 20 Business Days prior to a relevant Purchase Date
                        until the close of business on the fifth Business Day
                        prior to such Purchase Date, stating:

                                       30
<PAGE>

                        (A)   if certificated, the certificate numbers of the
                              Notes which the Holder will deliver to be
                              purchased, or, if not certificated, the Purchase
                              Notice must comply with applicable Depositary
                              procedures;

                        (B)   the portion of the principal amount of the Notes
                              which the Holder will deliver to be purchased,
                              which portion must be $1,000 in principal amount
                              or an integral multiple thereof; and

                        (C)   that such Notes shall be purchased as of the
                              Purchase Date pursuant to the terms and conditions
                              specified in paragraph 8 of the Notes and in this
                              Indenture; and

                  (ii)  delivery or book-entry transfer of such Notes to the
                        Paying Agent prior to, on or after the Purchase Date
                        (together with all necessary endorsements) at the
                        offices of the Paying Agent, such delivery or transfer
                        being a condition to receipt by the Holder of the
                        Purchase Price therefor; provided, however, that such
                        Purchase Price shall be so paid pursuant to this Section
                        5.01 only if the Notes so delivered or transferred to
                        the Paying Agent shall conform in all respects to the
                        description thereof in the related Purchase Notice.

            (b)   The Company shall purchase from a Holder, pursuant to the
                  terms of this Section 5.01, Notes if the principal amount of
                  such Notes is $1,000 or an integral multiple of $1,000 if so
                  requested by such Holder.

            (c)   Any purchase by the Company contemplated pursuant to the
                  provisions of this Section 5.01 shall be consummated by the
                  delivery of the Purchase Price to be received by the Holder
                  promptly following the later of the Purchase Date or the time
                  of book-entry transfer or delivery of the Notes.

            (d)   Notwithstanding anything herein to the contrary, any Holder
                  delivering to the Paying Agent the Purchase Notice
                  contemplated by this Section 5.01 shall have the right at any
                  time prior to the close of business on the Business Day prior
                  to the Purchase Date to withdraw such Purchase Notice (in
                  whole or in part) by delivery of a written notice of
                  withdrawal to the Paying Agent in accordance with Section
                  6.02.

            (e)   The Paying Agent shall promptly notify the Company of the
                  receipt by it of any Purchase Notice or written notice of
                  withdrawal thereof.

            (f)   On or before 10:00 a.m. (New York City time) on the Purchase
                  Date, the Company shall deposit with the Paying Agent (or if
                  the Company or an Affiliate of the Company is acting as the
                  Paying Agent, shall segregate and hold in trust) money
                  sufficient to pay the aggregate Purchase Price of the Notes to
                  be purchased pursuant to this Section 5.01. Payment by the
                  Paying Agent of the Purchase Price for such Notes shall be
                  made promptly following the later of the Purchase Date or the
                  time of book-entry transfer or delivery of such Notes. If the
                  Paying Agent holds, in accordance with the terms of this
                  Indenture,

                                       31
<PAGE>

                  money sufficient to pay the Purchase Price of such Notes on
                  the Business Day following the Purchase Date, then, on and
                  after such date, such Notes shall cease to be outstanding and
                  interest (including Contingent Interest) on such Notes shall
                  cease to accrue, whether or not book-entry transfer of such
                  Notes is made or such Notes are delivered to the Paying Agent,
                  and all other rights of the Holder shall terminate (other than
                  the right to receive the Purchase Price upon delivery or
                  transfer of the Notes). Nothing herein shall preclude any
                  withholding tax required by law.

            (g)   The Company shall require each Paying Agent (other than the
                  Trustee) to agree in writing that the Paying Agent shall hold
                  in trust for the benefit of Holders or the Trustee all money
                  held by the Paying Agent for the payment of the Purchase Price
                  and shall notify the Trustee of any default by the Company in
                  making any such payment. If the Company or an Affiliate of the
                  Company acts as Paying Agent, it shall segregate the money
                  held by it as Paying Agent and hold it as a separate trust
                  fund. The Company at any time may require a Paying Agent to
                  deliver all money held by it to the Trustee and to account for
                  any funds disbursed by the Paying Agent. Upon doing so, the
                  Paying Agent shall have no further liability for the cash
                  delivered to the Trustee.

                                   ARTICLE VI
          CONDITIONS AND PROCEDURES FOR PURCHASES AT OPTION OF HOLDERS

      SECTION 6.01 Purchase Date or Fundamental Change. The Company, or at its
written request (which must be received by the Trustee at least three Business
Days (or such lesser period as agreed to by the Trustee) prior to the date the
Trustee is requested to give such notice as described below), the Trustee, in
the name of and at the expense of the Company, shall mail notices (each a
"Company Notice") to the Holders, at their addresses shown in the Note Register
maintained by the Note Registrar, and delivered to the Trustee and the Paying
Agent, not less than 20 Business Days prior to each Purchase Date, or on or
before the 30th day after the occurrence of the Fundamental Change, as the case
may be (each such date of delivery, a "Company Notice Date"). Each Company
Notice shall include a form of Purchase Notice or Fundamental Change Purchase
Notice to be completed by a Holder and shall state:

            (a)   the applicable Purchase Price or Fundamental Change Purchase
                  Price, excluding accrued and unpaid interest, Conversion Rate
                  at the time of such notice (and any adjustments to the
                  Conversion Rate) and, to the extent known at the time of such
                  notice, the amount of interest (including Contingent
                  Interest), if any, that will be payable with respect to the
                  Notes on the applicable Purchase Date or Fundamental Change
                  Purchase Date;

            (b)   if the notice relates to a Fundamental Change, the events
                  causing the Fundamental Change and the date of the Fundamental
                  Change;

            (c)   the Purchase Date or Fundamental Change Purchase Date;

            (d)   the last date on which a Holder may exercise its purchase
                  right;

                                       32
<PAGE>

            (e)   the name and address of the Paying Agent and the Conversion
                  Agent;

            (f)   that Notes must be surrendered to the Paying Agent to collect
                  payment of the Purchase Price or Fundamental Change Purchase
                  Price;

            (g)   briefly, the conversion rights of the Notes;

            (h)   that Notes as to which a Purchase Notice or Fundamental Change
                  Purchase Notice has been given may be converted only if the
                  applicable Purchase Notice or Fundamental Change Purchase
                  Notice has been withdrawn in accordance with the terms of this
                  Indenture;

            (i)   that the Purchase Price or Fundamental Change Purchase Price
                  for any Notes as to which a Purchase Notice or a Fundamental
                  Change Purchase Notice, as applicable, has been given and not
                  withdrawn shall be paid by the Paying Agent promptly following
                  the later of the Purchase Date or Fundamental Change Purchase
                  Date, as applicable;

            (j)   the procedures the Holder must follow under Article IV or V,
                  as applicable, and this Article VI;

            (k)   that, unless the Company defaults in making payment of such
                  Purchase Price or Fundamental Change Purchase Price on Notes
                  covered by any Purchase Notice or Fundamental Change Purchase
                  Notice, as applicable, interest (including Contingent
                  Interest, if any) will cease to accrue on and after the
                  Purchase Date or Fundamental Change Purchase Date, as
                  applicable;

            (l)   the CUSIP or ISIN number of the Notes; and

            (m)   the procedures for withdrawing a Purchase Notice or
                  Fundamental Change Purchase Notice.

      In connection with providing such Company Notice, the Company will issue a
press release and publish a notice containing the information in such Company
Notice in a newspaper of general circulation in The City of New York or publish
such information on the Company's then existing Web site or through such other
public medium as the Company may use at the time.

      At the Company's written request, made at least five Business Days prior
to the date upon which such notice is to be mailed, and at the Company's
expense, the Paying Agent shall give the Company Notice in the Company's name;
provided, however, that, in all cases, the text of the Company Notice shall be
prepared by the Company.

      SECTION 6.02 Effect of Purchase Notice or Fundamental Change Purchase
Notice; Effect of Event of Default. Upon receipt by the Company of the Purchase
Notice or Fundamental Change Purchase Notice specified in Section 5.01 or
Section 4.03, as applicable, the Holder of the Notes in respect of which such
Purchase Notice or Fundamental Change Purchase Notice, as the case may be, was
given shall (unless such Purchase Notice or Fundamental Change Purchase Notice
is withdrawn in accordance with the two immediately following paragraphs)
thereafter be

                                       33
<PAGE>

entitled to receive solely the Purchase Price or Fundamental Change Purchase
Price with respect to such Notes. Such Purchase Price or Fundamental Change
Purchase Price shall be paid by the Paying Agent from available funds to such
Holder promptly following the Purchase Date or the Fundamental Change Purchase
Date, as the case may be, with respect to such Notes (provided the conditions in
Section 5.01 or Section 4.03, as applicable, have been satisfied). Notes in
respect of which a Purchase Notice or Fundamental Change Purchase Notice, as the
case may be, has been given by the Holder thereof may not be converted into
shares of Common Stock on or after the date of the delivery of such Purchase
Notice or Fundamental Change Purchase Notice, as the case may be, unless such
Purchase Notice or Fundamental Change Purchase Notice, as the case may be, has
first been validly withdrawn in accordance with the two immediately following
paragraphs.

      A Purchase Notice or Fundamental Change Purchase Notice, as the case may
be, may be withdrawn by a Holder by means of a written notice of withdrawal
delivered to the office of the Paying Agent at any time prior to 5:00 p.m. New
York City time on the Business Day prior to the Purchase Date or the Fundamental
Change Purchase Date, as the case may be, to which it relates specifying:

            (a)   if certificated, the certificate number of the Notes in
                  respect of which such notice of withdrawal is being submitted,
                  or, if not certificated, the written notice of withdrawal must
                  comply with applicable Depositary procedures;

            (b)   the principal amount of the Notes with respect to which such
                  notice of withdrawal is being submitted; and

            (c)   the principal amount, if any, of such Notes which remains
                  subject to the original Purchase Notice or Fundamental Change
                  Purchase Notice, as the case may be, and which has been or
                  shall be delivered for purchase by the Company.

      There shall be no purchase of any Notes pursuant to Article IV or Article
V if an Event of Default has occurred and is continuing (other than a default
that is cured by the payment of the Purchase Price or Fundamental Change
Purchase Price, as the case may be). The Paying Agent shall promptly return to
the respective Holders thereof any Notes (x) with respect to which a Purchase
Notice or Fundamental Change Purchase Notice, as the case may be, has been
withdrawn in compliance with this Section 6.02, or (y) held by it during the
continuance of an Event of Default (other than a default that is cured by the
payment of the Purchase Price or Fundamental Change Purchase Price, as the case
may be) in which case, upon such return, the Purchase Notice or Fundamental
Change Purchase Notice with respect thereto shall be deemed to have been
withdrawn.

      SECTION 6.03 Notes Purchased in Part. Any Notes that are to be purchased
only in part shall be surrendered at the office of the Paying Agent (with, if
the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or such Holder's attorney duly authorized in
writing) and the Company shall execute and the Trustee or the Authenticating
Agent shall authenticate and deliver to the Holder of such Notes, without
service charge, a new Note or Notes, of any authorized denomination as requested
by such Holder in aggregate

                                       34
<PAGE>

principal amount equal to, and in exchange for, the portion of the principal
amount of the Notes so surrendered which is not purchased or redeemed.

      SECTION 6.04 Covenant to Comply with Securities Laws Upon Purchase of
Notes. In connection with the notice and after obligations of the Company under
Article IV or Article V, the Company shall, to the extent applicable: (a) comply
with Rules 13e-4 and 14e-1 (and any successor provisions thereto) under the
Exchange Act, if applicable; (b) file the related Schedule TO (or any successor
schedule, form or report) under the Exchange Act, if applicable; and (c)
otherwise comply with all applicable federal and state securities laws so as to
permit the rights and obligations under Article IV or Article V to be exercised
or satisfied in the time and in the manner specified in Article IV or Article V.

      SECTION 6.05 Repayment to the Company. The Trustee and the Paying Agent
shall, after payment of all of the Trustee's and Paying Agent's fees and
expenses hereunder, return to the Company any cash or property that remains
unclaimed as provided in paragraph 14 of the Notes held by them for the payment
of a Purchase Price or Fundamental Change Purchase Price, as the case may be;
provided, however, that to the extent that the aggregate amount of cash or
property deposited by the Company pursuant to Section 5.01(f) or 4.04, as
applicable, exceeds the aggregate Purchase Price or Fundamental Change Purchase
Price, as the case may be, of the Notes or portions thereof which the Company is
obligated to purchase as of the Purchase Date or Fundamental Change Purchase
Date, as the case may be, then promptly on and after the Business Day following
the Purchase Date or Fundamental Change Purchase Date, as the case may be, the
Trustee and the Paying Agent shall return any such excess to the Company.

      SECTION 6.06 Officers' Certificate. At least five Business Days before the
Company Notice Date, the Company shall deliver an Officers' Certificate to the
Paying Agent (provided, that at the Company's option, the matters to be
addressed in such Officers' Certificate may be divided among two such
certificates) specifying:

            (a)   the manner of payment selected by the Company; and

            (b)   whether the Company desires the Paying Agent to give the
                  Company Notice required by Section 6.01 herein and, if so, the
                  information necessary for the Paying Agent to prepare such
                  notice.

                                       35
<PAGE>

                                   ARTICLE VII
                               CONVERSION OF NOTES

      SECTION 7.01 Right to Convert; Conversion Value; Method of Payment.

            (a)   Subject to and in accordance with the provisions of this
                  Indenture, a Holder may convert its Notes at any time during
                  which any condition stated in paragraph 10 of the Notes is met
                  into Cash and, if applicable, shares of Common Stock at a rate
                  per $1,000 principal amount of Notes equivalent to 34.2583
                  shares of Common Stock, subject to adjustment as herein set
                  forth (the "Conversion Rate"). A Holder may convert a portion
                  of the principal amount of Notes if the portion is $1,000 or
                  an integral multiple of $1,000.

            (b)   Once Notes are tendered for conversion, subject to this
                  Section 7.01 and to Section 7.06, Holders tendering the Notes
                  will be entitled to receive, per $1,000 principal amount of
                  Notes, Cash and, if applicable, shares of Common Stock, the
                  aggregate value of which per $1,000 principal amount of Notes
                  (the "Conversion Value") will be equal to the product of (i)
                  the Conversion Rate in effect on the Conversion Date, and (ii)
                  the average of the Last Reported Sale Price of Common Stock
                  for each of the ten consecutive Trading Days (appropriately
                  adjusted to take into account the occurrence during such
                  period of stock splits and similar events) beginning on the
                  second Trading Day immediately following the day the Notes are
                  tendered for conversion (the "Ten-Day Average Price").

            (c)   The Company will deliver the Conversion Value of the Notes
                  surrendered for conversion to a converting Holder as follows:

                  (a)   an amount in Cash (in the case of each such conversion,
                        the "Principal Return") equal to the lesser of (A) the
                        aggregate Conversion Value of those Notes and (B) the
                        aggregate principal amount of those Notes;

                  (b)   if the aggregate Conversion Value of those Notes is
                        greater than the Principal Return, a number of shares of
                        Common Stock (in the case of each such conversion, the
                        "Net Shares"), determined as set forth in clause (d)
                        below, having a value equal to such aggregate Conversion
                        Value less the Principal Return (in the case of each
                        such conversion, the "Net Share Amount"); provided,
                        however, that Net Shares will be issued in whole shares
                        only and, in lieu of any fractional Net Share to which a
                        Holder may be entitled, the Company will deliver an
                        amount in Cash, determined pursuant to Section 7.03.

            (d)   Subject to the provisions of clause (c)(2) above with respect
                  to fractional shares, the number of Net Shares to be issued
                  will be determined by dividing the Net Share Amount by the
                  Ten-Day Average Price.

            (e)   The Conversion Value, Principal Return, Net Share Amount and
                  the number of Net Shares with respect to any Notes tendered by
                  a Holder for conversion will

                                       36
<PAGE>

                  be determined by the Company at the end of the ten consecutive
                  Trading Day period beginning on the second Trading Day
                  immediately following the day such Notes are tendered for
                  conversion (in the case of each such conversion, the
                  "Determination Date"). The Company will pay the Principal
                  Return and deliver the Net Shares, if any (and any cash in
                  lieu of any fractional Net Share), with respect to such Notes
                  as contemplated by Section 7.02.

      If upon conversion of Notes by any holder, the Company is not permitted to
pay the Principal Return in cash due to the limitations imposed by the
provisions of any agreement or other instrument relating to any Senior
Indebtedness, the Company shall, within three Business Days of the relevant
Conversion Date, provide notice to such converting Holder and the Trustee that
the Company is not permitted to pay such Principal Return due to the limitations
imposed by such provisions, and such Holder shall have the option to revoke its
notice of conversion during the three Business Day period following delivery of
such notice.

      Notwithstanding anything to the contrary in this Section 7.01, if an event
of bankruptcy, insolvency, receivership or similar proceeding involving the
Company has occurred and is continuing, in lieu of delivering the Principal
Return in Cash and any Net Share Amount in shares of Common Stock, the Company
shall have the right to deliver the Conversion Value to a Holder in Cash, shares
of Common Stock or a combination of Cash and shares of Common Stock, at the
Company's option.

      SECTION 7.02 Conversion Procedures. To convert Notes, a Holder must
satisfy the requirements in this Section 7.02 and in paragraph 10 of the Notes.
The later of (a) the date on which the Holder satisfies all those requirements
with respect to any Notes held by such Holder and (b) the Determination Date
with respect to such conversion is referred to herein as the "Conversion Date."
As soon as practicable, but in no event later than the fifth Business Day
following the Conversion Date, the Company shall deliver to such Holder, through
the Conversion Agent, the Principal Return, a certificate for (or a book-entry
transfer through the Depositary of) the number of Net Shares issuable upon the
conversion, and cash in lieu of any fractional Net Share, determined pursuant to
Section 7.03. The Person in whose name any such shares of Common Stock are
registered shall be treated as a stockholder of record on and after the
Conversion Date; provided, however, that no surrender of Notes on any date when
the stock transfer books of the Company shall be closed shall be effective to
constitute the Person or Persons entitled to receive any shares of Common Stock
upon such conversion as the record holder or holders of such shares of Common
Stock on such date, but such surrender shall be effective to constitute the
Person or Persons entitled to receive such shares of Common Stock as the record
holder or holders thereof for all purposes at the close of business on the next
succeeding day on which such stock transfer books are open; such conversion
shall be at the Conversion Rate in effect on the Conversion Date, as if the
stock transfer books of the Company had not been closed. Upon conversion of
Notes by a Holder, such Person shall no longer be a Holder of such Notes.

      No payment or adjustment shall be made for dividends on, or other
distributions with respect to, any Common Stock, except as provided in Section
7.06 or as otherwise provided in this Indenture.

                                       37
<PAGE>

      On conversion of Notes, that portion of accrued interest, including
accrued Contingent Interest, if any, with respect to the converted Notes shall
not be canceled, extinguished or forfeited but rather shall be deemed to be paid
in full to the Holder thereof through delivery of the Principal Return and the
Net Shares, if any (together with the cash payment, if any, in lieu of any
fractional Net Shares), with respect to such Notes in exchange for the Notes
being converted pursuant to the provisions hereof, and the Fair Market Value of
any Net Shares (together with any such cash payment in lieu of any fractional
Net Share) shall be treated as issued, to the extent thereof, first in exchange
for interest accrued and unpaid through the Conversion Date and accrued and
unpaid Contingent Interest, [and the balance, if any, of such Fair Market Value
of such Net Shares (and any such cash payment) shall be treated as issued in
exchange for the principal amount of the Notes being converted pursuant to the
provisions hereof].

      If a Holder converts more than one Note at the same time, the Principal
Return and the number of Net Shares issuable upon the conversion shall be based
on the total principal amount of the Notes converted.

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

      If the last day on which Notes may be converted is a legal holiday in a
place where a Conversion Agent is located, the Notes may be surrendered to that
Conversion Agent on the next succeeding day that it is not a legal holiday.

      SECTION 7.03 Cash Payments in Lieu of Fractional Shares. The Company shall
not issue a fractional share of Common Stock upon conversion of Notes. Instead
the Company shall deliver Cash for the current market value of the fractional
share. The current market value of a fractional share shall be determined to the
nearest 1/10,000th of a share by multiplying the Ten-Day Average Price of a full
share of Common Stock by the fractional amount and rounding the product to the
nearest whole cent, such current market value to be calculated by the Company.

      SECTION 7.04 Taxes on Conversion. If a Holder converts Notes, the Company
shall pay any documentary, stamp or similar issue or transfer tax due on the
issue of shares of Common Stock upon the conversion. However, the Holder shall
pay any such tax which is due because the Holder requests the shares to be
issued in a name other than the Holder's name or delivered to a Person other
than the Holder. The Conversion Agent may refuse to deliver the certificates
representing (or to effect a book-entry transfer of) any shares of Common Stock
being issued in a name other than the Holder's name until the Conversion Agent
receives a sum sufficient to pay any tax which shall be due because the shares
are to be issued in a name other than the Holder's name or delivered to a Person
other than the Holder. Nothing herein shall preclude any withholding tax
required by law.

      SECTION 7.05 Covenants of the Company. The Company shall, prior to
issuance of any Notes hereunder, and from time to time as may be necessary,
reserve out of its authorized but unissued Common Stock a sufficient number of
shares of Common Stock to permit the conversion of the Notes.

                                       38
<PAGE>

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

      The Company shall endeavor promptly to comply with all federal and state
securities laws regulating the order and delivery of shares of Common Stock upon
the conversion of Notes, if any, and shall cause to have listed or quoted all
such shares of Common Stock on each United States national securities exchange
or over-the-counter or other domestic market on which the Common Stock is then
listed or quoted.

      SECTION 7.06 Adjustments to Conversion Rate. The Conversion Rate shall be
adjusted from time to time, without duplication, as follows:

            (a)   In case the Company shall (i) pay a dividend, or make a
                  distribution, on its outstanding Common Stock exclusively in
                  shares of Common Stock; (ii) subdivide its outstanding Common
                  Stock into a greater number of shares; (iii) combine its
                  outstanding Common Stock into a smaller number of shares; or
                  (iv) reclassify its Common Stock, the Conversion Rate shall be
                  adjusted so that the same shall equal the rate determined by
                  multiplying the Conversion Rate in effect immediately prior to
                  the opening of business on the day immediately following (A)
                  the applicable record date, in the case of any such dividend
                  or other distribution or (B) the applicable effective date, in
                  the case of any such subdivision, combination or
                  reclassification, by a fraction, of which:

                  (1)   the numerator shall be the sum of:

                        (a)   the number of shares of Common Stock outstanding
                              at the close of business on (I) the record date
                              fixed for the determination of stockholders
                              entitled to receive such dividend or other
                              distribution or (II) on the day immediately
                              preceding the effective date of such subdivision,
                              combination or reclassification, as applicable,

                        (b)   plus (i) the total number of shares of Common
                              Stock constituting such dividend or other
                              distribution or (ii) the increase in the number of
                              shares of Common Stock (or minus the decrease in
                              the number of shares of Common Stock) to be
                              effected by such subdivision, combination or
                              reclassification; and

                  (2)   the denominator shall be the number of shares of Common
                        Stock outstanding at the close of business on (a) such
                        record date, in the case of any such dividend or other
                        distribution or (b) the day immediately preceding the
                        effective date of such subdivision, combination or
                        reclassification, in the case of any such subdivision,
                        combination or reclassification.

                  An adjustment made pursuant to this Section 7.06(a) shall
                  become effective immediately after the open of business on the
                  day immediately following the applicable record date, in the
                  case of any such dividend or distribution, or

                                       39
<PAGE>

                  immediately after the applicable effective date of any such
                  subdivision, combination or reclassification of Common Stock.
                  If any dividend or distribution of the type described in
                  clause (i) of the first sentence of this Section 7.06(a) is
                  not so paid or made, the Conversion Rate shall again be
                  adjusted to the Conversion Rate which would then be in effect
                  if such dividend or distribution had not been declared.

            (b)   In case the Company shall issue rights or warrants to all
                  holders of the Common Stock entitling them (for a period
                  expiring within 60 days after the date of issuance of such
                  rights or warrants) to subscribe for or purchase Common Stock
                  at a price per share less than the Market Price per share of
                  Common Stock on the record date fixed for determination of
                  shareholders entitled to receive such rights or warrants, the
                  Conversion Rate shall be adjusted so that the same shall equal
                  the rate determined by multiplying the Conversion Rate in
                  effect immediately prior to the open of business on the day
                  immediately following such record date by a fraction of which
                  (i) the numerator shall be the number of shares of Common
                  Stock outstanding at the close of business on such record date
                  plus the number of additional shares of Common Stock offered
                  for subscription or purchase, and (ii) the denominator shall
                  be the number of shares of Common Stock outstanding at the
                  close of business on such record date plus the number of
                  shares which the aggregate offering price of the total number
                  of shares so offered would purchase at the Market Price per
                  share of Common Stock on the earlier of such record date or
                  the Trading Day immediately preceding the ex date for such
                  issuance of rights or warrants. Such adjustment shall be made
                  successively whenever any such rights or warrants are issued
                  and shall become effective immediately after the opening of
                  business on the day immediately following the record date for
                  the determination of shareholders entitled to receive such
                  rights or warrants. To the extent that shares of Common Stock
                  are not delivered after the expiration of such rights or
                  warrants, the Conversion Rate shall be readjusted to the
                  Conversion Rate which would then be in effect had the
                  adjustments made upon the issuance of such rights or warrants
                  been made on the basis of delivery of only the number of
                  shares of Common Stock actually delivered. If such rights or
                  warrants are not so issued, the Conversion Rate shall again be
                  adjusted to be the Conversion Rate which would then be in
                  effect if such record date for the determination of
                  shareholders entitled to receive such rights or warrants had
                  not been fixed. In determining whether any rights or warrants
                  entitle the holders to subscribe for or purchase shares of
                  Common Stock at less than such Market Price, and in
                  determining the aggregate offering price of such shares of
                  Common Stock, there shall be taken into account any
                  consideration received by the Company for such rights or
                  warrants, the value of such consideration, if other than cash,
                  to be determined by the Board of Directors.

            (c)   In case the Company shall, by dividend or otherwise,
                  distribute to all holders of Common Stock any assets,
                  securities or rights or warrants to purchase any of its
                  securities (excluding (i) any dividend, distribution or
                  issuance covered by those referred to in Section 7.06(a) or
                  7.06(b), and (ii) any dividend or distribution paid
                  exclusively in cash) (any of the foregoing hereinafter in this
                  Section 7.06(c) called

                                       40
<PAGE>

                  the "Distributed Assets or Securities") in an aggregate amount
                  per share of Common Stock that, combined together with the
                  aggregate amount per share of Common Stock of any other such
                  distributions to all holders of its Common Stock made within
                  the 12 months preceding the date of payment of such
                  distribution, and in respect of which no adjustment pursuant
                  to this Section 7.06(c) has been made, exceeds 10% of the
                  Market Price per share of Common Stock on the Trading Day
                  immediately preceding the declaration of such distribution,
                  then, the Conversion Rate shall be adjusted so that the same
                  shall equal the rate determined by multiplying the Conversion
                  Rate in effect immediately prior to the open of business on
                  the day immediately following the record date mentioned below
                  by a fraction of which (i) the numerator shall be the Market
                  Price per share of Common Stock on the earlier of such record
                  date or the Trading Day immediately preceding the ex date for
                  such dividend or distribution, and (ii) the denominator shall
                  be (A) the Market Price per share of Common Stock on the
                  earlier of such record date or the Trading Day immediately
                  preceding the ex date for such dividend or distribution less
                  (B) the Fair Market Value on the earlier of such record date
                  or the Trading Day immediately preceding the ex date for such
                  dividend or distribution (as determined by the Board of
                  Directors, whose determination shall be conclusive, and
                  described in a certificate filed with the Trustee and the
                  Paying Agent) of the Distributed Assets or Securities so
                  distributed applicable to one share of Common Stock. Such
                  adjustment shall become effective immediately after the open
                  of business on the day immediately following the record date
                  for the determination of shareholders entitled to receive such
                  dividend or distribution; provided, however, that, if (i) the
                  Fair Market Value of the portion of the Distributed Assets or
                  Securities so distributed applicable to one share of Common
                  Stock is equal to or greater than the Market Price per share
                  of Common Stock on the record date for the determination of
                  shareholders entitled to receive such distribution or (ii) the
                  Market Price per share of Common Stock on the record date for
                  the determination of shareholders entitled to receive such
                  distribution is greater than the Fair Market Value per share
                  of such Distributed Assets or Securities by less than $1.00,
                  then, in lieu of the foregoing adjustment, upon any conversion
                  of the Notes thereafter, the provisions of Section 7.12 shall
                  apply to such conversion mutatis mutandis; provided, further,
                  that for purposes of such application, any reference in such
                  provisions to the "Exchange Property" shall be deemed to refer
                  to a unit composed of (A) the number of shares of Common Stock
                  equal to the Conversion Rate in effect immediately prior to
                  such distribution and (B) the amount of Distributed Assets or
                  Securities that a holder of shares of Common Stock would have
                  received had such holder held a number of shares of Common
                  Stock equal to the Conversion Rate in effect immediately prior
                  to such distribution. In the event that such dividend or
                  distribution is not so paid or made, the Conversion Rate shall
                  again be adjusted to the Conversion Rate which would then be
                  in effect if such dividend or distribution had not been
                  declared.

            (d)   In case the Company shall make any distributions, by dividend
                  or otherwise, consisting exclusively of cash to all holders of
                  outstanding shares of Common Stock in an aggregate amount
                  that, together with (i) all other all-cash distributions

                                       41
<PAGE>

                  made to all holders of outstanding shares of Common Stock
                  during the twelve months immediately preceding the date of
                  such dividend or distribution and (ii) any cash and the Fair
                  Market Value, as of the expiration of any tender or exchange
                  offer (other than consideration payable in respect of any
                  odd-lot tender offer) of consideration payable in respect of
                  any tender or exchange offer by the Company or any of the
                  Company's Subsidiaries for all or any portion of shares of
                  Common Stock concluded during the twelve months immediately
                  preceding the date of such dividend or distribution, exceeds
                  10% of the product of the Market Price per share of Common
                  Stock on the record date with respect to such dividend or
                  distribution times the number of shares of Common Stock
                  outstanding on such date, then, and in each such case, the
                  Conversion Rate shall be adjusted so that the same shall equal
                  the rate determined by multiplying the Conversion Rate in
                  effect immediately prior to the open of business on the day
                  immediately following the record date fixed for the
                  determination of holders of Common Stock entitled to receive
                  such dividend or distribution by a fraction of which (A) the
                  numerator shall be the Market Price per share of Common Stock
                  on the earlier of such record date or the Trading Day
                  immediately preceding the ex date for such dividend or
                  distribution and (B) the denominator shall be (1) the Market
                  Price per share of Common Stock on the earlier of such record
                  date or the Trading Day immediately preceding the ex date for
                  such dividend or distribution less (2) an amount equal to the
                  quotient of (x) the combined amount distributed or payable in
                  the transactions described in clauses (i), (ii) and (iii)
                  above during such 12-month period and (y) the number of shares
                  of Common Stock outstanding on such record date, such
                  adjustment to become effective immediately after open of
                  business on the day immediately following the record date for
                  the determination of shareholders entitled to receive such
                  dividend or distribution; provided, however, that if the
                  portion of the cash so distributed applicable to one share of
                  Common Stock is equal to or greater than the Market Price per
                  share of Common Stock on the record date with respect to such
                  dividend or distribution, in lieu of the foregoing adjustment,
                  upon any conversion of the Notes thereafter, the provisions of
                  Section 7.12 shall apply to such conversion mutatis mutandis;
                  provided, further, that for purposes of such application, any
                  reference in such provisions to the "Exchange Property" shall
                  be deemed to refer to a unit composed of (a) the number of
                  shares of Common Stock equal to the Conversion Rate in effect
                  immediately prior to such dividend or distribution and (b) the
                  amount of cash that a holder of shares of Common Stock would
                  have received had such holder held a number of shares of
                  Common Stock equal to the Conversion Rate in effect
                  immediately prior to such dividend or distribution. In the
                  event that such dividend or distribution is not so paid or
                  made, the Conversion Rate shall again be adjusted to be the
                  Conversion Rate which would then be in effect if such dividend
                  or distribution had not been declared.

            (e)   With respect to Section 7.06(c) above, in the event that the
                  Company makes any distribution to all holders of Common Stock
                  consisting of Equity Interests in a Subsidiary or other
                  business unit of the Company, then, notwithstanding the
                  provisions of Section 7.06(c), the Conversion Rate shall be
                  adjusted so that the same shall equal the rate determined by
                  multiplying the Conversion Rate in effect

                                       42
<PAGE>

                  immediately prior to the open of business on the day
                  immediately following the record date fixed for the
                  determination of holders of Common Stock entitled to receive
                  such distribution by a fraction of which (i) the numerator
                  shall be (A) the Spin-off Market Price per share of Common
                  Stock on such record date plus (B) the Spin-off Market Price
                  per share or other applicable unit of Equity Interest of the
                  Subsidiary or other business unit of the Company on such
                  record date and (ii) the denominator shall be the Spin-off
                  Market Price per share of Common Stock on such record date,
                  such adjustment to become effective 10 Trading Days after the
                  effective date of such distribution of Equity Interests in a
                  Subsidiary or other business unit of the Company.

            (f)   Following the effectiveness of any transaction that
                  constitutes a Public Acquirer Change of Control, if a Holder
                  elects to convert any Notes pursuant to the provisions of
                  paragraph 10 of the Notes that permit conversion of Notes
                  following the occurrence of a Public Acquirer Change of
                  Control (as specified in a notice of conversion delivered by
                  such Holder as contemplated by the provisions of paragraph 10
                  of the Notes), such Holder's right to convert such Notes into
                  Cash and, if applicable, Common Stock will be changed into a
                  right to convert such Notes into Cash and, if applicable,
                  Public Acquirer Common Stock, and the provisions of Section
                  7.12 shall not be applicable to those Notes. In connection
                  with any such conversion, the Conversion Rate will be deemed
                  to have been adjusted, effective as of the effectiveness of
                  the transaction that constituted the Public Acquirer Change of
                  Control, so that the same shall be deemed to equal the rate
                  determined by multiplying the Conversion Rate in effect
                  immediately prior to the effectiveness of such transaction by
                  a fraction, of which:

                  (i)   the numerator will be (A) in the case of a Public
                        Acquirer Change of Control consisting of a share
                        exchange, consolidation or merger, the average value of
                        all Cash and any other consideration (as determined by
                        the Company's Board of Directors) paid or payable per
                        share of Common Stock or (B) in the case of any other
                        Public Acquirer Change of Control, the average of the
                        Last Reported Sale Price of Common Stock for each of the
                        five consecutive Trading Days prior to but excluding the
                        date of effectiveness of such Public Acquirer Change of
                        Control transaction, and

                  (ii)  the denominator will be the average of the Sale Prices
                        of the Public Acquirer Common Stock for each of the five
                        consecutive Trading Days commencing on the Trading Day
                        next succeeding the Effective Date of such Public
                        Acquirer Change of Control.

                        After giving effect to the calculation set forth
                  above, the Conversion Value of the Notes being converted in
                  accordance with the provisions of this Section 7.06(f) shall
                  be subject to the provisions of Section 7.01 regarding
                  delivery of such Conversion Value; provided, that for purposes
                  of computing the method of delivery of the Conversion Value in
                  Section 7.01(c), all references to Common Stock in Section
                  7.01(c) shall be deemed to refer to the Public Acquirer Common

                                       43
<PAGE>

                  Stock; provided, further, that in the case of any transaction
                  constituting a Public Acquirer Change of Control which is
                  approved by a majority of the members of the Board of
                  Directors prior to the effectiveness thereof, in the event
                  legal, regulatory or other restrictions in effect at the time
                  of any conversion of Notes in accordance with this Section
                  7.06(f) prohibit or restrict the delivery of shares of the
                  Public Acquirer Common Stock pursuant to Section 7.01(c)
                  (including, without limitation, any such restriction that
                  would require the registration of the delivery of those shares
                  or public resales of those shares), the Net Share Amount may,
                  at the Company's option, instead be settled by the delivery of
                  cash to the converting Holder in an amount equal to the Net
                  Share Amount.

                        In accordance with the provisions of Section 7.15,
                  after any deemed adjustment of the Conversion Rate in
                  connection with a Public Acquirer Change of Control pursuant
                  to the foregoing provisions of this Section 7.06(f), the
                  Conversion Rate will be subject to further adjustments if,
                  following the effectiveness of the transaction constituting
                  such Public Acquirer Change of Control, any one or more of the
                  events described in any Sections 7.06(a) through 7.06(e)
                  thereafter occur with respect to the Public Acquirer or the
                  Public Acquirer Common Stock, as applicable, or one or more
                  additional change of control transactions (of the kind
                  referred to in the definition of Public Acquirer Change of
                  Control) thereafter occur with respect to the Public Acquirer
                  and/or any successive acquirers of such Public Acquirer, with
                  the amount of any such adjustment to be the amount determined
                  by the Board of Directors in good faith to be fair and
                  equitable to give effect to those provisions as if they were
                  expressly applicable to the Public Acquirer, the Public
                  Acquirer Common Stock or successive Public Acquirer Change of
                  Control transactions, as the case may be.

            (g)   Upon conversion of the Notes, the Holders shall receive, in
                  addition to any shares of Common Stock issuable upon such
                  conversion, the associated rights issued under the Rights Plan
                  or under any future shareholder rights plan the Company adopts
                  (notwithstanding the occurrence of an event causing such
                  rights to separate from the Common Stock at or prior to the
                  time of conversion) unless, prior to conversion, the rights
                  have expired, terminated or been redeemed or exchanged in
                  accordance with the Rights Plan. If, and only if, the Holders
                  of Notes receive rights under such shareholder rights plans as
                  described in the preceding sentence upon conversion of their
                  Notes, then no other adjustment pursuant to this Section 7.06
                  shall be made in connection with such shareholder rights
                  plans.

            (h)   For purposes of this Section 7.06, the number of shares of
                  Common Stock at any time outstanding shall not include shares
                  held in the treasury of the Company but shall include shares
                  issuable in respect of scrip certificates issued in lieu of
                  fractions of shares of Common Stock. The Company shall not pay
                  any dividend or make any distribution on shares of Common
                  Stock held in the treasury of the Company.

                                       44
<PAGE>

      SECTION 7.07 Calculation Methodology. No adjustment in the Conversion
Price need be made unless the adjustment would require an increase or decrease
of at least 1% in the Conversion Price then in effect, provided that any
adjustment that would otherwise be required to be made shall be carried forward
and taken into account in any subsequent adjustment. Except as stated in this
Article VII, the Conversion Rate will not be adjusted for the issuance of Common
Stock or any securities convertible into or exchangeable for Common Stock or
carrying the right to purchase any of the foregoing. Any adjustments that are
made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under Article VI, Section 7.06 and this Section
7.07 shall be made to the nearest cent or to the nearest 1/10,000th of a share,
as the case may be.

      SECTION 7.08 When No Adjustment Required. No adjustment to the Conversion
Rate need be made:

            (a)   upon the issuance of any shares of Common Stock pursuant to
                  any present or future plan providing for the reinvestment of
                  dividends or interest payable on securities of the Company and
                  the investment of additional optional amounts in shares of
                  Common Stock under any plan;

            (b)   upon the issuance of any shares of Common Stock or options or
                  rights to purchase those shares pursuant to any present or
                  future employee, director or consultant benefit plan or
                  program of or assumed by the Company or any of its
                  Subsidiaries;

            (c)   upon the issuance of any shares of Common Stock pursuant to
                  any option, warrant, right, or exercisable, exchangeable or
                  convertible security not described in paragraph (b) above and
                  outstanding as of December 30, 2004;

            (d)   for a change in the par value or no par value of the Common
                  Stock; or

            (e)   for accrued and unpaid interest (including Contingent
                  Interest, if any).

      SECTION 7.09 Notice of Adjustment. Whenever the Conversion Rate is
adjusted (or, following the occurrence of a Public Acquirer Change of Control,
may be deemed to be adjusted, as provided in Section 7.06(f)), the Company shall
promptly mail to Holders a notice of the adjustment. The Company shall also file
with the Trustee and the Conversion Agent such notice and an Officer's
Certificate certifying as to the adjustment to be made. The Officer's
Certificate shall, absent manifest error, be conclusive evidence that the
adjustment is correct. Neither the Trustee nor any Conversion Agent shall be
under any duty or responsibility with respect to any such Officer's Certificate
except to exhibit the same to any Holder desiring inspection thereof.

      SECTION 7.10 Voluntary Increase. The Company may make such increases in
the Conversion Rate, in addition to those required by Section 7.06, as the Board
of Directors considers to be advisable to avoid or diminish any income tax to
holders of Common Stock or rights to purchase Common Stock resulting from any
dividend or distribution of stock (or rights to acquire stock) or from any event
treated as such for income tax purposes. To the extent permitted by applicable
law, the Company may from time to time increase the Conversion Rate by any
amount for any period of time if the period is at least 20 days, the increase is
irrevocable

                                       45
<PAGE>

during the period and the Board of Directors shall have made a determination
that such increase would be in the best interests of the Company, which
determination shall be conclusive. Whenever the Conversion Rate is so increased,
the Company shall mail to Holders and file with the Trustee and the Conversion
Agent a notice of such increase. Neither the Trustee nor any Conversion Agent
shall be under any duty or responsibility with respect to any such notice except
to exhibit the same to any Holder desiring inspection thereof. The Company shall
mail the notice at least 15 days before the date the increased Conversion Rate
takes affect. The notice shall state the increased Conversion Rate and the
period it shall be in effect.

      SECTION 7.11 Notice to Holders Prior to Certain Actions. In case:

            (a)   the Company shall declare a dividend (or any other
                  distribution) on its Common Stock that would require an
                  adjustment in the Conversion Rate pursuant to Section 7.06;

            (b)   the Company shall authorize the granting to all or
                  substantially all the holders of its Common Stock of rights or
                  warrants to subscribe for or purchase any share of any class
                  or any other rights or warrants;

            (c)   of any reclassification or reorganization of the Common Stock
                  of the Company (other than a subdivision or combination of its
                  outstanding Common Stock, or a change in par value, or from
                  par value to no par value, or from no par value to par value),
                  or of any consolidation or merger to which the Company is a
                  party and for which approval of any stockholders of the
                  Company is required, or of the sale or transfer of all or
                  substantially all of the assets of the Company;

            (d)   of any Public Change of Control; or

            (e)   of the voluntary or involuntary dissolution, liquidation or
                  winding-up of the Company;

then, the Company shall cause to be filed with the Trustee and to be mailed to
each Holder at its address appearing on the Note Register, as promptly as
possible but in any event at least 15 days prior to the applicable date
hereinafter specified, a notice stating (a) the date on which a record is to be
taken for the purpose of such dividend, distribution or rights or warrants, or,
if a record is not to be taken, the date as of which the holders of Common Stock
of record to be entitled to such dividend, distribution, or rights or warrants
are to be determined or (b) the date on which such reclassification,
reorganization, consolidation, merger, sale, transfer, Public Acquirer Change of
Control, dissolution, liquidation or winding-up is expected to become effective
or occur, and the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their Common Stock for securities or
other property deliverable upon such reclassification, reorganization,
consolidation, merger, sale, transfer, Public Acquirer Change of Control,
dissolution, liquidation or winding-up. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, reorganization, consolidation, merger, sale,
transfer, Public Acquirer Change of Control, dissolution, liquidation or
winding-up.

                                       46
<PAGE>

      SECTION 7.12 Effect of Reclassification, Consolidation, Merger, Binding
Share Exchange or Sale.

            (a)   If any of the following events occurs:

                  (i)   any reclassification or change of outstanding shares of
                        Common Stock (other than a change in par value, or from
                        par value to no par value, or from no par value to par
                        value, or as a result of a subdivision or combination);

                  (ii)  any consolidation, merger, combination or binding share
                        exchange of the Company with another corporation as a
                        result of which holders of Common Stock shall be
                        entitled to receive stock, other securities or other
                        property or assets (including cash) with respect to or
                        in exchange for such Common Stock; or

                  (iii) any sale or conveyance of the properties and assets of
                        the Company as, or substantially as, an entirety to any
                        other corporation as a result of which holders of Common
                        Stock shall be entitled to receive stock, other
                        securities or other property or assets (including cash)
                        with respect to or in exchange for such Common Stock;

            then the Company or the successor or purchasing corporation, as the
            case may be, shall execute with the Trustee an indenture
            supplemental thereto, providing for the conversion and settlement of
            the Notes as set forth in this Indenture. Such supplemental
            indenture shall provide for adjustments which shall be as nearly
            equivalent as may be practicable to the adjustments provided for in
            this Section 7.12. If, in the case of any such reclassification,
            change, consolidation, merger, binding share exchange, sale or
            conveyance, the Exchange Property includes shares of stock, other
            securities, property or assets of a Person other than the successor
            or purchasing Person, as the case may be, in such reclassification,
            change, consolidation, merger, binding share exchange, sale or
            conveyance, then such supplemental indenture shall also be executed
            by such other Person and shall contain such additional provisions to
            protect the interests of the holders of the Notes as the Board of
            Directors shall reasonably consider necessary by reason of the
            foregoing, including to the extent required by the Board of
            Directors and practicable the provisions providing for the purchase
            rights set forth in Article IV herein.

            (b)   Notwithstanding the provisions of Section 7.01(b), the
                  Conversion Value with respect to each $1,000 principal amount
                  of Notes converted following the effective date of any such
                  transaction referred to in Section 7.12(a) shall be calculated
                  (as provided in clause (c) below) based on the kind and amount
                  of stock, securities, other property, assets or cash received
                  upon such reclassification, change, consolidation, merger,
                  binding share exchange, sale or conveyance by a holder of
                  Common Stock holding, immediately prior to the transaction, a
                  number of shares of Common Stock equal to the Conversion Rate

                                       47
<PAGE>

                  immediately prior to such transaction (the "Exchange
                  Property"), assuming such holder of Common Stock did not
                  exercise any rights of election as to the kind or amount of
                  stock, securities, other property, assets or cash receivable
                  upon such consolidation, merger, binding share exchange, sale
                  or conveyance (provided that, if the kind or amount of stock,
                  securities, other property, assets or cash receivable upon
                  such consolidation, merger, binding share exchange, sale or
                  conveyance is not the same for each share of Common Stock in
                  respect of which such rights of election shall not have been
                  exercised ("non-electing share"), then for the purposes of
                  this Section 7.12 the kind and amount of stock, securities,
                  other property, assets or cash receivable upon such
                  consolidation, merger, binding share exchange, sale or
                  conveyance for each non-electing share shall be deemed to be
                  the kind and amount so receivable per share by a plurality of
                  the non-electing shares).

            (c)   The Conversion Value in respect of any Notes converted
                  following the effective date of any such transaction shall be
                  equal to the average of the daily values of the Exchange
                  Property pertaining to such Notes as determined in the next
                  sentence (the "Exchange Property Value") for each of the 10
                  consecutive Trading Days (appropriately adjusted to take into
                  account the occurrence during such period of stock splits and
                  similar events) beginning on the later of (i) the second
                  Trading Day immediately following the day the Notes are
                  tendered for conversion and (ii) the effective date of such
                  transaction (the "Exchange Property Average Price"). For the
                  purpose of determining the value of any Exchange Property:

                        (A)   any shares of common stock of the successor or
                              purchasing Person or any other Person that are
                              included in the Exchange Property shall be valued
                              as set forth in Section 7.02 as if such shares
                              were "Common Stock" using the procedures set forth
                              in the definition of "Sale Price" in Section 1.01;
                              and

                        (B)   any other securities, property or assets (other
                              than cash) included in the Exchange Property shall
                              be valued in good faith by the Board of Directors
                              or by a New York Stock Exchange member firm
                              selected by the Board of Directors.

            (d)   The Company shall deliver such Conversion Value to holders of
                  Notes so converted as follows:

                  (i)   An amount in Cash equal to the Principal Return with
                        respect to those Notes, determined as set forth in
                        Section 7.01(c)(i); and

                  (ii)  If the Conversion Value of those Notes is greater than
                        the Principal Return, an amount of Exchange Property,
                        determined as set forth below, equal to such aggregate
                        Conversion Value less the Principal Return (the "Net
                        Exchange Property Amount").

                                       48
<PAGE>

                  The amount of Exchange Property to be delivered shall be
                  determined by dividing the Net Exchange Property Amount by the
                  Exchange Property Average Price. If the Exchange Property
                  includes more than one kind of property, the amount of
                  Exchange Property of each kind to be delivered shall be in the
                  proportion that the Exchange Property Value of such kind of
                  Exchange Property bears to the Exchange Property Value of all
                  the Exchange Property. If the foregoing calculations would
                  require the Company to deliver a fractional share or unit of
                  Exchange Property to a holder of Notes being converted, the
                  Company shall deliver cash in lieu of such fractional share or
                  unit based on its Exchange Property Average Price.

            (e)   The Company shall cause notice of the execution of such
                  supplemental indenture to be mailed to each Holder, at its
                  address appearing on the Note Register, within 20 days after
                  execution of such supplemental indenture. Failure to deliver
                  such notice shall not affect the legality or validity of such
                  supplemental indenture.

            (f)   The above provisions of this Section 7.12 shall similarly
                  apply to successive reclassifications, changes,
                  consolidations, mergers, combinations, binding share
                  exchanges, sales and conveyances.

            (g)   Except as set forth in Section 7.06(f), if this Section 7.12
                  applies to any event or occurrence, Section 7.06 shall not
                  apply with respect to such event or occurrence.
                  Notwithstanding this Section 7.12, if a Public Acquirer Change
                  of Control occurs and a Holder thereafter elects to convert
                  any Notes pursuant to the provisions of paragraph 10 of the
                  Notes that permit conversion of Notes following the occurrence
                  of a Public Acquirer Change of Control (as specified in a
                  notice of conversion delivered by such Holder as contemplated
                  by the provisions of paragraph 10 of the Notes), the
                  adjustment to the Conversion Rate and the consideration to be
                  delivered in satisfaction of the Conversion Value shall be
                  governed by the provisions of Section 7.06(f) and the
                  provisions of this Section 7.12 shall not be applicable with
                  respect thereto (except to the extent contemplated by the last
                  paragraph of Section 7.06(f)).

      SECTION 7.13 Responsibility of Trustee and Conversion Agent.
Notwithstanding anything herein to the contrary, the Trustee and any other
Conversion Agent shall not at any time be under any duty or responsibility to
any Holder to either calculate the Conversion Rate or determine whether any
facts exist which may require any adjustment of the Conversion Rate, or with
respect to the nature or extent or calculation of any such adjustment when made,
or with respect to the method employed, or herein or in any supplemental
indenture provided to be employed, in making the same and shall be protected in
relying upon an Officers' Certificate with respect to the same. The Trustee and
any other Conversion Agent shall not be accountable with respect to the validity
or value (or the kind or amount) of any shares of Common Stock, or of any other
securities or property, which may at any time be issued or delivered upon the
conversion of any Notes or with respect to the fairness of the conversion
formulae set forth in this Article VII, and the Trustee and any other Conversion
Agent make no representations with respect thereto. Subject to the provisions of
Article IX, neither the Trustee nor any Conversion

                                       49
<PAGE>

Agent shall be responsible for any failure of the Company to issue, transfer or
deliver any Cash or shares of Common Stock or stock certificates or other
securities or property upon the surrender of any Notes for the purpose of
conversion or to comply with any of the duties, responsibilities or covenants of
the Company contained in this Section. Without limiting the generality of the
foregoing, neither the Trustee nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Article VII relating either to
the kind or amount of shares of stock or securities or property (including cash)
receivable by Holders upon the conversion of their Notes after any event
referred to in such Section 7.12 or to any adjustment to be made with respect
thereto, but, subject to the provisions of Article IX, may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in
relying upon, the Officers' Certificate (which the Company shall be obligated to
file with the Trustee prior to the execution of any such supplemental indenture)
with respect thereto.

      SECTION 7.14 Simultaneous Adjustments. In the event that Section 7.06
requires adjustments to the Conversion Rate under more than one of Sections
7.06(a), (b), (c) or (d), and the record dates for the distributions giving rise
to such adjustments shall occur on the same date, then such adjustments shall be
made by applying, first, the provisions of Section 7.06(c), second, the
provisions of Section 7.06(a) and third, the provisions of Section 7.06(b).

      SECTION 7.15 Successive Adjustments. After an adjustment to the Conversion
Rate under Section 7.06, any subsequent event requiring an adjustment under
Section 7.06 shall cause an adjustment to the Conversion Rate as so adjusted.

      SECTION 7.16 General Considerations. Whenever successive adjustments to
the Conversion Rate are called for pursuant to this Article VII, such
adjustments shall be made to the Market Price per share of Common Stock as may
be necessary or appropriate to effectuate the intent of this Article VII and to
avoid unjust or inequitable results as determined in good faith by the Board of
Directors.

                                  ARTICLE VIII
                              TRANSFER AND EXCHANGE

      SECTION 8.01 Transfer and Exchange of the Notes. The transfer and exchange
of Global Notes or beneficial interests therein shall be effected through the
Depositary, in accordance with Section 2.09 and this Article VIII (including the
restrictions on transfer set forth therein and herein) and the rules and
procedures of the Depositary therefor, which shall include restrictions on
transfer comparable to those set forth therein and herein to the extent required
by the Securities Act. The transfer and exchange of Global Notes or beneficial
interests therein for certificated notes (or vice versa) shall be effected
through the Trustee and the Depositary, as the case may be, in accordance with
Section 2.09 and this Article VIII and the rules and procedures of the
Depositary therefor.

      SECTION 8.02 Legends. Except as permitted by Section 8.02(b), each
certificate evidencing the Global Notes or certificated notes in definitive form
(and all Notes issued in exchange therefor or substitution thereof) shall bear a
legend in substantially the following form:

                                       50
<PAGE>

THE HOLDER OF THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY IS
SUBJECT TO, AND ENTITLED TO THE BENEFITS OF, A RIGHTS AGREEMENT, DATED AS OF
JULY 24, 1998, AS AMENDED AND RESTATED AS OF SEPTEMBER 22, 2000, BETWEEN THE
COMPANY AND HARRIS TRUST AND SAVINGS BANK, AS RIGHTS AGENT.

      FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THIS
SECURITY IS A CONTINGENT PAYMENT DEBT INSTRUMENT AND WILL ACCRUE ORIGINAL ISSUE
DISCOUNT AT THE ISSUER'S "COMPARABLE YIELD" FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES. PURSUANT TO SECTION 2.12 OF THE INDENTURE, THE COMPANY AGREES, AND BY
ACCEPTANCE OF A BENEFICIAL OWNERSHIP INTEREST IN THE SECURITY, EACH BENEFICIAL
HOLDER OF THE SECURITIES WILL BE DEEMED TO HAVE AGREED, UNLESS OTHERWISE
REQUIRED BY APPLICABLE LAW, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, (I)
TO TREAT THE SECURITIES AS INDEBTEDNESS THAT IS SUBJECT TO THE CONTINGENT
PAYMENT DEBT INSTRUMENT REGULATIONS UNDER SECTION 1.1275-4 OF THE UNITED STATES
TREASURY REGULATIONS (THE "CPDI REGULATIONS"), AND, FOR PURPOSES OF THE CPDI
REGULATIONS, TO TREAT THE FAIR MARKET VALUE OF COMMON STOCK RECEIVED BY A
BENEFICIAL HOLDER UPON ANY CONVERSION OF THE NOTES AS A CONTINGENT PAYMENT AND
(II) TO BE BOUND BY THE COMPANY'S DETERMINATION OF THE "COMPARABLE YIELD" AND
"PROJECTED PAYMENT SCHEDULE," WITHIN THE MEANING OF THE CPDI REGULATIONS, WITH
RESPECT TO THE NOTES AND TO ACCRUE ORIGINAL ISSUE DISCOUNT AT THE COMPARABLE
YIELD AS DETERMINED BY THE COMPANY. THE COMPANY'S DETERMINATION OF THE
"COMPARABLE YIELD" IS 8.48% PER ANNUM, COMPOUNDED SEMIANNUALLY. THE PROJECTED
PAYMENT SCHEDULE, DETERMINED BY THE COMPANY, IS ATTACHED TO THE INDENTURE AS
EXHIBIT B. YOU MAY OBTAIN THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE,
COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE FOR THE SECURITY BY TELEPHONING
THE COMPANY'S TREASURY DEPARTMENT AT (636) 733-1600 OR SUBMITTING A WRITTEN
REQUEST FOR SUCH INFORMATION TO: MAVERICK TUBE CORPORATION, 16401 SWINGLEY RIDGE
ROAD, SUITE 700, CHESTERFIELD, MISSOURI 63017, ATTENTION: CHIEF FINANCIAL
OFFICER.

Each certificate evidencing the Global Notes also shall bear the legend
specified for Global Notes in the form of Note attached hereto as Exhibit A.

                                   ARTICLE IX
                                    REMEDIES

      SECTION 9.01 Events of Default. "Event of Default" means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be occasioned by the provisions of Article XV or be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                                       51
<PAGE>

            (a)   default in the payment of the principal of on any Note when it
                  becomes due and payable; or

            (b)   default in the payment of any interest, including Contingent
                  Interest, if any, upon any Note when it becomes due and
                  payable, and continuance of such default for a period of 30
                  days; or

            (c)   default in the performance, or breach, in any material
                  respect, of any other covenant or warranty of the Company in
                  this Indenture (other than a covenant or warranty a default in
                  whose performance or whose breach is elsewhere in this Section
                  specifically dealt), and continuance of such default or breach
                  for a period of 90 days after there has been given, by
                  registered or certified mail, to the Company by the Trustee or
                  to the Company and the Trustee by the Holders of at least 25%
                  in principal amount of the Outstanding Notes 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

            (d)   the default by the Company or any Subsidiary in a scheduled
                  payment at maturity, upon redemption or otherwise, in the
                  aggregate principal amount of $15 million or more, after the
                  expiration of any applicable grace period, of any Indebtedness
                  or the acceleration of any Indebtedness of the Company or any
                  Subsidiary of the Company in such aggregate principal amount,
                  so that it becomes due and payable prior to the date on which
                  it would otherwise have become due and payable and such
                  payment default is not cured or such acceleration is not
                  rescinded within 30 days after notice to the Company or any
                  subsidiary in accordance with the terms of the Indebtedness;
                  or

            (e)   the entry by a court having jurisdiction in the premises of a
                  decree or order

                  (i)   for relief in respect of the Company or any Significant
                        Subsidiary in an involuntary case or proceeding under
                        any applicable federal or state bankruptcy, insolvency,
                        reorganization or other similar law;

                  (ii)  adjudging the Company or any Significant Subsidiary
                        bankrupt or insolvent or approving as properly filed a
                        petition seeking reorganization, arrangement, adjustment
                        or composition of or in respect of the Company or any
                        Significant Subsidiary under any applicable federal or
                        state bankruptcy, insolvency, reorganization or other
                        similar law;

                  (iii) appointing a custodian, receiver, liquidator, assignee,
                        trustee, sequestrator or other similar official of the
                        Company or any Significant Subsidiary or of any
                        substantial part of the property of the Company or of
                        any Significant Subsidiary; or

                  (iv)  ordering the winding up or liquidation of the affairs of
                        the Company or any Significant Subsidiary, and the
                        continuance of any such decree or order for relief or
                        any such other decree or order unstayed and in effect
                        for a period of 60 consecutive days; or

                                       52
<PAGE>

            (f)   the occurrence of any of the following:

                  (i)   the commencement by the Company or any Significant
                        Subsidiary of a voluntary case or proceeding under any
                        applicable federal or state bankruptcy, insolvency,
                        reorganization or other similar law to be adjudicated a
                        bankrupt or insolvent;

                  (ii)  the consent by the Company or any Significant Subsidiary
                        to the entry of a decree or order for relief in respect
                        of it in an involuntary case or proceeding under any
                        applicable federal or state bankruptcy, insolvency,
                        reorganization or other similar law or the consent by
                        the Company or any Significant Subsidiary to the
                        commencement of any bankruptcy or insolvency case or
                        proceeding against it;

                  (iii) the filing by the Company or any Significant Subsidiary
                        of a petition or answer or consent seeking
                        reorganization or relief under any applicable federal or
                        state bankruptcy, insolvency, reorganization or other
                        similar law, or the consent by the Company or any
                        Significant Subsidiary to the filing of such petition;

                  (iv)  the consent by the Company or any Significant Subsidiary
                        to the appointment of or taking possession by a
                        custodian, receiver, liquidator, assignee, trustee,
                        sequestrator or other similar official of the Company or
                        any Significant Subsidiary or of any substantial part of
                        the property of the Company or any Significant
                        Subsidiary;

                  (v)   the making by the Company or any Significant Subsidiary
                        of an assignment for the benefit of creditors;

                  (vi)  the admission by the Company or any Significant
                        Subsidiary in writing of its inability to pay its debts
                        generally as they become due; or

                  (vii) the taking of corporate action by the Company or any
                        Significant Subsidiary in furtherance of any such
                        action; or

            (g)   default in the obligation of the Company to redeem the Notes
                  after exercising its redemption option pursuant to Article
                  III; or

            (h)   defaults in the obligation of the Company to convert the Notes
                  upon exercise of a Holder's conversion right in accordance
                  with the terms of the Notes and Article VII; or

            (i)   default in the obligation of the Company to purchase Notes
                  upon the occurrence of a Fundamental Change or the exercise by
                  a Holder of its option to require the Company to repurchase
                  such Holder's Notes in accordance with the terms of Article IV
                  or Article V, as applicable.

                                       53
<PAGE>

      SECTION 9.02 Acceleration of Maturity; Rescission and Annulment. If an
Event of Default (other than an Event of Default specified in Section 9.01(e) or
9.01(f)) occurs and is continuing, then in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Notes may
declare the principal amount of all the Notes to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration, such principal amount (or specified amount) shall
become immediately due and payable in cash. If an Event of Default specified in
Section 9.01(e) or 9.01(f) occurs with respect to the Notes at the time
Outstanding, the principal amount of all the Notes shall automatically, and
without any declaration or other action on the part of the Trustee or any
Holder, become immediately due and payable.

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

      (a)   the Company has paid or deposited with the Trustee a sum sufficient
            to pay

            (i)   all overdue interest on all Notes, including Contingent
                  Interest, if any,

            (ii)  the principal of the Notes which have become due otherwise
                  than by such declaration of acceleration and any interest
                  thereon at the rate or rates prescribed therefor,

            (iii) to the extent that payment of such interest is lawful,
                  interest upon overdue interest at the rate or rates prescribed
                  therefor, and

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

                  and

      (b)   all Events of Default with respect to the Notes, other than the
            non-payment of the principal of the Notes which have become due
            solely by such declaration of acceleration, have been cured or
            waived as provided in Section 9.13.

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

      SECTION 9.03 Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if

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

                                       54
<PAGE>

      (b)   default is made in the payment of the principal of any Note at the
            Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Notes, the whole amount then due and payable on such Notes for
principal and interest (including Contingent Interest, if any) and, to the
extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and interest, at the rate or rates prescribed therefor in
such Notes, 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, except as a result of the Trustee's gross negligence or willful
misconduct.

      If an Event of Default occurs and is continuing, the Trustee may proceed
to protect and enforce its rights and the rights of the Holders of Notes 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 9.04 Trustee May File Proofs of Claim. In case of any judicial
proceeding relative to the Company, its property or its creditors, the Trustee
shall be entitled and empowered, by intervention in such proceeding or
otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 10.07 except as a result of its gross negligence or willful misconduct.

      No provision of this Indenture shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding; provided, however, that the
Trustee may, on behalf of the Holders, vote for the election of a trustee in
bankruptcy or similar official and be a member of a creditors' or other similar
committee.

      SECTION 9.05 Trustee May Enforce Claims Without Possession of Notes. All
rights of action and claims under this Indenture or the Notes may be prosecuted
and enforced by the Trustee without the possession of any of the Notes or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel (except no such provision shall be made
respecting compensation, expenses, disbursements and advances made as a result
of Trustee's gross negligence), be for the

                                       55
<PAGE>

ratable benefit of the Holders of the Notes in respect of which such judgment
has been recovered.

      SECTION 9.06 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 interest, upon presentation of the Notes and
the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

            FIRST: To the payment of costs and expenses of collection,
      reasonable compensation to the Trustee, its agents, attorneys and counsel,
      and all other expenses and liabilities incurred, and all advances made, by
      the Trustee except as a result of its gross negligence or willful
      misconduct.

            SECOND: Subject to Article XV, in case the principal of the
      outstanding Notes shall not have become due, to the payment of interest on
      the Notes, in the order of maturity of the installments of such interest,
      such payments to be made ratably to the persons entitled thereto, without
      discrimination or preference.

            THIRD: Subject to Article XV, in case the principal of the
      outstanding Notes shall have become due, by declaration, or otherwise, to
      the payment of the whole amount then owing and unpaid upon the Notes for
      principal and interest; and in case such moneys shall be insufficient to
      pay in full the whole amount so due and unpaid upon the Notes, then to the
      payment of such principal and interest ratably to the aggregate of such
      principal and accrued and unpaid interest.

      SECTION 9.07 Limitation on Suits. No Holder of any Note 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:

      (a)   such Holder has previously given written notice to the Trustee of a
            continuing Event of Default;

      (b)   the Holders of not less than 25% in principal amount of the
            Outstanding Notes 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;

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

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

      (e)   no direction inconsistent with such written request has been given
            to the Trustee during such 60-day period by the Holders of a
            majority in principal amount of the Outstanding Notes;

                                       56
<PAGE>

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 of such
Holders.

      SECTION 9.08 Unconditional Right of Holders to Receive Principal, Premium
and Interest. Notwithstanding any other provision in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest (including Contingent Interest,
if any) on such Note on the Stated Maturity (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 9.09 Restoration of Rights and Remedies. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

      SECTION 9.10 Rights and Remedies Cumulative. Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Notes in the last paragraph of Section 2.14, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders 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 9.11 Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder of any Notes to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

      SECTION 9.12 Control by Holders. The Holders of a majority in principal
amount of the Outstanding Notes 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, provided that:

      (a)   such direction shall not be in conflict with any rule of law or with
            this Indenture; and

                                       57
<PAGE>

      (b)   the Trustee may take any other action deemed proper by the Trustee
            which is not inconsistent with such direction.

      SECTION 9.13 Waiver of Past Defaults. The Holders of not less than a
majority in principal amount of the Outstanding Notes may, on behalf of the
Holders of all the Notes, waive any past default hereunder and its consequences,
except a default:

      (a)   in the payment of the principal of or interest on any Note;

      (b)   by the Company in any payment of the Redemption Price, Purchase
            Price or Fundamental Change Purchase Price with respect to any Note;

      (c)   which constitutes a failure to convert any Note in accordance with
            its terms and the terms of this Indenture; or

      (d)   in respect of a covenant or provision which under Article XIII
            cannot be modified or amended without the consent of the Holder of
            each Outstanding Note 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 impair any right consequent thereon.

      SECTION 9.14 Undertaking for Costs. In any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, a court may require any
party litigant in such suit to file an undertaking to pay the costs of such
suit, and may assess costs against any such party litigant, in the manner and to
the extent provided in the Trust Indenture Act; provided that neither this
Section nor the Trust Indenture Act shall be deemed to authorize any court to
require such an undertaking or to make such an assessment in any suit instituted
by the Company or the Trustee.

      SECTION 9.15 Waiver of Usury, 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 usury, 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 X
                                  THE TRUSTEE

      SECTION 10.01 Certain Duties and Responsibilities. The duties and
responsibilities of the Trustee shall be as provided by the Trust Indenture Act.
Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee 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.

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Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this Section.

      SECTION 10.02 Notice of Defaults. If a default occurs hereunder with
respect to Notes, the Trustee shall give the Holders of Notes notice of such
default as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any default of the character specified in Section
9.01(c) with respect to the Notes, no such notice to Holders shall be given
until at least 60 days after the occurrence thereof. For the purpose of this
Section, the term "default" means any event or events, as the case may be,
specified in Section 9.01, not including periods of grace, if any, provided for
therein.

      SECTION 10.03 Certain Rights of Trustee. Subject to the provisions of
Section 10.01:

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

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

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

      (d)   the Trustee may consult with counsel of its choice, 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;

      (e)   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 pursuant to this Indenture, unless
            such Holders shall have offered to the Trustee security or indemnity
            reasonably satisfactory to it against the costs, expenses and
            liabilities which might be incurred by it in compliance with such
            request or direction;

      (f)   the Trustee shall not be bound to make any investigation into the
            facts or matters stated in any resolution, action, certificate,
            statement, instrument, opinion, report, notice, request, direction,
            consent, order, bond, debenture, note, other evidence of
            indebtedness or other paper or document, but the Trustee, in its
            discretion, may make such further inquiry or investigation into such
            facts or matters as it may see fit, and, if the Trustee shall
            determine to make such further inquiry or

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            investigation, it shall be entitled to examine the books, records
            and premises of the Company, personally or by agent or attorney;

      (g)   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;

      (h)   the Trustee shall not be liable for any action taken 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;

      (i)   the Trustee is not required to take notice or deemed to have notice
            of any default or Event of Default hereunder, except any Event of
            Default under Section 9.01(a) or (b), unless a Responsible Officer
            of the Trustee has actual knowledge thereof or the Trustee has
            received notice (at the Corporate Trust Office of the Trustee) in
            writing of such default or Event of Default from the Company or the
            Holders of at least 25% in aggregate principal amount of the
            Outstanding Notes and such notice references the Notes and this
            Indenture, and, in the absence of any such notice, the Trustee may
            conclusively assume that no such default or Event of Default exists;
            and

      (j)   the Trustee's immunities and protections from liability and its
            right to indemnification in connection with the performance of its
            duties under this Indenture shall extend to, and be enforceable by,
            the Trustee in each of its capacities hereunder and each officer,
            director, agent, attorney, employee or other Person employed to act
            hereunder.

      SECTION 10.04 Not Responsible for Recitals or Issuance of Notes. The
recitals contained herein and in the Notes, except the Trustee's certificates 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 Notes. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Notes or the proceeds thereof.

      SECTION 10.05 May Hold Notes. The Trustee, any Authenticating Agent, any
Paying Agent, any Note Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Notes and,
subject to Sections 10.08 and 10.13, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Note Registrar or such other agent.

      SECTION 10.06 Money Held in Trust. Money held by the Trustee, or any
Paying Agent, in trust hereunder need not be segregated from other funds except
to the extent required by law. Neither the Trustee nor any Paying Agent shall be
under any liability for interest on any money received by it hereunder except as
otherwise agreed in writing with the Company.

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      SECTION 10.07 Compensation, Reimbursement and Indemnification. The Company
agrees:

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

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

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

      In the event any action, suit or proceeding is brought against any Trustee
in connection with any claim for which it is entitled to indemnity hereunder, it
shall promptly (but no later than 10 days following service) notify the Company
in writing, enclosing a copy of all papers served. All counsel employed to
defend the Trustee against any such claim shall be retained directly by the
Trustee, subject to the approval of the Company, which approval shall not be
unreasonably withheld. The Company shall not be required to pay the fees and
expenses of more than one law firm in connection with its obligations hereunder.
The Trustee, either directly or through its counsel, shall inform the Company on
a timely basis as to the progress of any claim for which the Trustee is entitled
to indemnification hereunder. Notwithstanding any other provision of this
Indenture, the Company shall not be liable to pay any settlement agreed to
without its written consent, which consent shall not be unreasonably withheld.

      In the event the Trustee incurs expenses or renders services in any
proceedings which result from the occurrence or continuance of an Event of
Default under Section 9.01(e) or 9.01(f), or from the occurrence of any event
which, solely by virtue of the passage of time, would become such an Event of
Default, the expenses so incurred and compensation for services so rendered are
intended to constitute expenses of administration under the United States
Bankruptcy Code or equivalent law.

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

      SECTION 10.08 Conflicting Interests. If the Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee
shall either eliminate such

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interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.

      SECTION 10.09 Corporate Trustee Required; Eligibility. There shall at all
times be one (and only one) Trustee hereunder with respect to the Notes. The
Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act
to act as such and has a combined capital and surplus of at least $50,000,000.
If any such Person publishes reports of condition at least annually, pursuant to
law or to the requirements of its supervising or examining authority, then for
the purposes of this Section and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person 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 10.10 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 10.11.

      (b)   The Trustee may resign at any time by giving written notice thereof
            to the Company. If the instrument of acceptance by a successor
            Trustee required by Section 10.11 shall not have been delivered to
            the Trustee within 30 days after the giving of such notice of
            resignation, the resigning Trustee may petition any court of
            competent jurisdiction at the expense of the Company for the
            appointment of a successor Trustee.

      (c)   The Trustee may be removed at any time by Act of the Holders of a
            majority in principal amount of the Outstanding Notes, delivered to
            the Trustee and to the Company. If the instrument of acceptance by a
            successor Trustee required by Section 10.11 shall not have been
            delivered to the Trustee within 30 days after the giving of such
            notice of removal, the Trustee being removed may petition any court
            of competent jurisdiction (at the expense of the Company) for the
            appointment of a successor Trustee.

      (d)   If, at any time,

            (1)   the Trustee shall fail to comply with Section 10.08 after
                  written request therefor by the Company or by any Holder who
                  has been a bona fide Holder of a Note for at least six months,
                  or

            (2)   the Trustee shall cease to be eligible under Section 10.09 and
                  shall fail to resign after written request therefor by the
                  Company or by any such Holder, 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

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                  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,

                  (A)   the Company by a Board Resolution may remove the
                        Trustee, or

                  (B)   subject to Section 9.14, any Holder who has been a bona
                        fide Holder of a Note 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 and the appointment of a
                        successor Trustee or Trustees.

      (e)   If the Trustee shall resign, be removed or become incapable of
            acting, or if a vacancy shall occur in the office of Trustee for any
            cause, the Company, by a Board Resolution, shall promptly appoint a
            successor Trustee and shall comply with the applicable requirements
            of Section 10.11. If, within one year after such resignation,
            removal or incapability, or the occurrence of such vacancy, a
            successor Trustee shall be appointed by Act of the Holders of a
            majority in principal amount of the Outstanding Notes delivered to
            the Company and the retiring Trustee, the successor Trustee so
            appointed shall, forthwith upon its acceptance of such appointment
            in accordance with the applicable requirements of Section 10.11,
            become the successor Trustee and to that extent supersede the
            successor Trustee appointed by the Company. If no successor Trustee
            shall have been so appointed by the Company or the Holders and
            accepted appointment in the manner required by Section 10.11, any
            Holder who has been a bona fide Holder of a Note 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.

      (f)   The Company shall give notice of each resignation and each removal
            of the Trustee and each appointment of a successor Trustee to all
            Holders of Notes in the manner provided in Section 1.06. Each notice
            shall include the name of the successor Trustee and the address of
            its Corporate Trust Office.

      SECTION 10.11 Acceptance of Appointment by Successor. In case of the
appointment hereunder of a successor Trustee, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of all amounts due it hereunder, 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.

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      In case of the appointment hereunder of a successor Trustee, the Company,
the retiring Trustee and each successor Trustee shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which 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 and, upon the
execution and delivery of such supplemental indenture, the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein 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 with respect to the Notes; but, on request of the Company or
the 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 Notes.

      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 the
first or second preceding paragraph, as the case may be.

      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 10.12 Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Notes 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 Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes.

      SECTION 10.13 Preferential Collection of Claims Against Company. If and
when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Notes), the Trustee shall be subject to the provisions of the
Trust Indenture Act regarding the collection of claims against the Company (or
any such other obligor).

      SECTION 10.14 Appointment of Authenticating Agent. The Trustee may appoint
an Authenticating Agent or Agents which shall be authorized to act on behalf of
the Trustee to authenticate Notes issued upon original issue and upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section
2.14, and Notes 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. Wherever reference is made in this Indenture to the
authentication and delivery of Notes 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 must be acceptable to the Company and

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shall at all times be a corporation organized and doing business under the laws
of the United States of America, any state thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and subject to supervision or
examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
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 all or substantially all of
the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be
otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating Agent.

      In case at the time such successor to any Authenticating Agent shall
succeed to such Authenticating Agent, any of the Notes shall have been
authenticated but not delivered, any such successor to such Authenticating Agent
may adopt the certificate of authentication of any predecessor Authenticating
Agent and deliver such Notes so authenticated; and in case at that time any of
the Notes shall not have been authenticated, any successor to any Authenticating
Agent may authenticate such Notes either in the name of any predecessor
hereunder or in the name of successor Authenticating Agent; and in all such
cases such certificate shall have the full force which it is anywhere in the
Notes or in this Indenture provided that the certificate of the predecessor
Authenticating Agent shall have; provided, however, that the right to adopt the
certificate of authentication of any predecessor Authenticating Agent or to
authenticate Notes in the name of any predecessor Authenticating Agent shall
apply only to its successor or successors by merger, conversion or
consolidation.

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

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      Any Authenticating Agent by the acceptance of its appointment shall be
deemed to have agreed with the Trustee that: it will perform and carry out the
duties of an Authenticating Agent as herein set forth; it will keep and maintain
and furnish to the Trustee from time to time as requested by the Trustee
appropriate records of all transactions carried out by it as Authenticating
Agent and will furnish the Trustee such other information and reports as the
Trustee may reasonably require; it is eligible for appointment as Authenticating
Agent under this Section 10.14 and will notify the Trustee promptly if it shall
cease to be so qualified; and it will indemnify the Trustee against any loss,
liability or expense incurred by the Trustee and will defend any claim asserted
against the Trustee by reason of acts or failures to act of the Authenticating
Agent but it shall have no liability for any action taken by it at the specific
written direction of the Trustee.

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

      If an appointment is made pursuant to this Section, the Notes may have
endorsed thereon, in addition to the Trustee's certificate of authentication, an
alternative certificate of authentication in the following form:

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

                                                THE BANK OF NEW YORK,

                                                As Trustee

                                        By

                                                As Authenticating Agent

                                        By

                                                Authorized Officer

                                   ARTICLE XI
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

      SECTION 11.01 Company to Furnish Trustee Names and Addresses of Holders.
The Company will furnish or cause to be furnished to the Trustee:

      (a)   semiannually, not later than June 30 and December 31 in each year, a
            list, in such form as the Trustee may reasonably require, of the
            names and addresses of the Holders as of a date no more than 15 days
            prior to the date such list is furnished; and

      (b)   at such other times as the Trustee may request in writing, within 30
            days after the receipt by the Company of any such request, a list of
            similar form and content as of a date not more than 15 days prior to
            the time such list is furnished;

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      excluding from any such list names and addresses received by the Trustee
in its capacity as Note Registrar.

      SECTION 11.02 Preservation of Information; Communications to Holders. The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided in Section 11.01 and the names and addresses of Holders
received by the Trustee, or its designee, in its capacity as Note Registrar. The
Trustee may destroy any list furnished to it as provided in Section 11.01 upon
receipt of a new list so furnished.

      The rights of Holders to communicate with other Holders with respect to
their rights under this Indenture or under the Notes, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust
Indenture Act.

      Every Holder, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as
to names and addresses of Holders made pursuant to the Trust Indenture Act.

      SECTION 11.03 Reports by Trustee. The Trustee shall transmit to Holders
such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto.

      Reports so required to be transmitted at stated intervals of not more than
12 months shall be transmitted no later than sixty days after each May 15
following the date of first issuance.

      A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange upon which any Notes
are listed, with the Commission and with the Company. (The Company will notify
the Trustee when any Notes are listed on any stock exchange pursuant to Section
11.04.)

      SECTION 11.04 Reports by Company. The Company shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant to such
Act; provided that any such information, documents or reports required to be
filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
shall be filed with the Trustee within 15 days after the same is so required to
be filed with the Commission.

      The Company shall notify in writing the Trustee when any Notes are listed
on any stock exchange.

                                  ARTICLE XII
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

      SECTION 12.01 Company May Consolidate, Etc., Only on Certain Terms. The
Company covenants that it will not merge or consolidate with any other Person or
convey, transfer or lease all or substantially all of its assets or properties
to any Person (in one transaction

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or a series of related transactions), except that the Company may merge or
consolidate with, or convey, transfer or lease all or substantially all of its
assets or properties to, any other corporation, provided that:

            (a)   (i) the Company shall be the continuing corporation; or

                  (ii)  (A)   the successor corporation (if other than the
                              Company) shall be a corporation organized and
                              validly existing under the laws of the United
                              States of America or a state thereof or the
                              District of Columbia; and

                        (B)   such corporation shall expressly assume the due
                              and punctual payment of the principal of and
                              interest on all the Notes and the due and punctual
                              performance and observance of all of the covenants
                              and conditions of this Indenture to be performed
                              by the Company, including, without limitation, the
                              payment of principal and interest, including
                              Contingent Interest, if any;

                  and

            (b)   the Company or such successor corporation, as the case may be,
                  shall not, immediately after such merger or consolidation, or
                  such sale or conveyance, be in default in the performance of
                  any such covenant or condition and no event which with the
                  lapse of time, the giving of notice or both would constitute
                  an Event of Default shall have occurred and be continuing.

      For purposes of this Section 12.01, "substantially all of its assets"
shall mean, at any date, a portion of the non-current assets reflected in the
Company's consolidated balance sheet as of the end of the most recent quarterly
period that represents at least 66 2/3% of the total reported value of such
assets.

      SECTION 12.02 Successor Substituted. In case of any such consolidation,
merger, conveyance, transfer or lease and upon the assumption by the successor
corporation of the obligations under this Indenture and the Notes in accordance
with Section 12.01, such successor corporation shall succeed to and be
substituted for the Company, with the same effect as if it had been named herein
as a party hereto, and the Company shall thereupon be relieved of any further
obligations or liabilities hereunder and upon the Notes and the Company as the
predecessor corporation may thereupon or at any time thereafter be dissolved,
wound-up or liquidated. Such successor corporation thereupon may cause to be
signed, and may issue either in its own name or in the name of the predecessor
corporation, any or all of the Notes issuable hereunder which theretofore shall
not have been signed by the Company and delivered to the Trustee and, upon the
order of such successor corporation, instead of the Company, and subject to all
the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver any Notes which previously shall have been
signed and delivered by the officers of the Company to the Trustee for
authentication and any Notes which such successor corporation

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thereafter shall cause to be signed and delivered to the Trustee for that
purpose. All the Notes so issued shall in all respects have the same legal rank
and benefit under this Indenture as the Notes theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Notes had
been issued at the date of the execution hereof.

      In case of any such consolidation, merger, sale or conveyance, such
changes in phraseology and form (but not in substance) may be made in the Notes
thereafter to be issued as may be appropriate.

      SECTION 12.03 Trustee Entitled to Opinion. The Trustee, subject to the
provisions of Sections 10.01 and 10.03, may receive an Opinion of Counsel, at
the expense of the Company, as conclusive evidence that any such consolidation,
merger, conveyance, transfer or lease and any such assumption, complies with the
provisions of this Article XII.

                                  ARTICLE XIII
                             SUPPLEMENTAL INDENTURES

      SECTION 13.01 Supplemental Indentures Without Consent of Holders. Without
the consent of any Holders, the Company, when authorized by its Board of
Directors, 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 one or more of the following purposes:

      (a)   to evidence the succession of another Person to the Company, or
            successive successions, and the assumption by any such successor
            corporation of the covenants, agreements and obligations of the
            Company herein and in the Notes; or

      (b)   to add to the covenants of the Company for the benefit of the
            Holders of the Notes or to surrender any right or power of the
            Company; or

      (c)   to add any Events of Default; or

      (d)   to add to or change any of the provisions of this Indenture to such
            extent as shall be necessary to permit or facilitate the issuance of
            Notes in bearer form, registrable or not registrable as to
            principal, and with or without interest coupons, or to permit or
            facilitate the issuance of Notes in uncertificated form; or

      (e)   to convey, transfer, assign, mortgage or pledge any property to or
            with the Trustee or to surrender any right or power herein conferred
            upon the Company by this Indenture; or

      (f)   to provide for uncertificated securities in addition to certificated
            securities; or

      (g)   to evidence and provide for the acceptance of appointment hereunder
            of a successor Trustee pursuant to the requirements of Section
            10.11; or

      (h)   to cure any ambiguity, to correct or supplement any provision herein
            which may be defective or inconsistent with any other

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            provision herein, or to make any other provisions with respect to
            matters or questions arising under this Indenture, provided that
            such action pursuant to this clause (8) shall not adversely affect
            the interests of the Holders of Notes; or

      (i)   to comply with the rules or regulations of any securities exchange
            or automated quotation system on which any of the Notes may be
            listed or traded; or

      (j)   to add to, change or eliminate any of the provisions of this
            Indenture as shall be necessary or desirable in accordance with any
            amendments to the Trust Indenture Act, provided that such action
            does not adversely affect the rights or interests of any Holder of
            Notes.

      SECTION 13.02 Supplemental Indentures With Consent of Holders. With the
consent of the Holders of not less than a majority in principal amount of the
Outstanding Notes affected by such supplemental indenture, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized
by its Board of Directors, 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
modifying in any manner the rights of the Holders of Notes under this Indenture;
provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby:

      (a)   change the Stated Maturity of the principal of, or any installment
            of principal of or interest (including Contingent Interest, if any)
            on, any Note, or reduce the principal amount thereof or the rate of
            interest (including Contingent Interest, if any) thereon or any
            premium payable upon the redemption thereof, or reduce the amount of
            the principal of any other Note which would be due and payable upon
            a declaration of acceleration of the Maturity thereof pursuant to
            Section 9.02;

      (b)   change any place of payment where, or the coin or currency in which,
            any Note or interest (including Contingent Interest, if any) thereon
            is payable;

      (c)   impair the right to institute suit for the enforcement of any
            payment on any Note;

      (d)   change the terms and conditions of the Notes in a manner adverse to
            the Holder of any Note, including any adverse change in the right to
            require the Company to repurchase any Note or the subordination of
            the Notes;

      (e)   reduce the Redemption Price, Purchase Price or Fundamental Change
            Purchase Price of the Notes;

      (f)   change the terms applicable to redemption or purchase of the Notes
            in a manner adverse to the Holder;

      (g)   alter the manner of calculation or rate of Contingent Interest
            payable on any Note or extend the time for payment of any such
            amount;

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      (h)   reduce the percentage in principal amount of the Outstanding Notes,
            the consent of whose Holders is required for any such supplemental
            indenture, or the consent of whose Holders is required for any
            waiver (of compliance with certain provisions of this Indenture or
            certain defaults hereunder and their consequences) provided for in
            this Indenture or for any modification or amendment of this
            Indenture;

      (i)   modify any of the provisions of this Section, Section 9.13, Section
            14.07 or Section 15.04, except to increase any percentage set forth
            in such Sections or to provide that certain other provisions of this
            Indenture cannot be modified or waived without the consent of the
            Holder of each Outstanding Note affected thereby; provided, however,
            that this clause shall not be deemed to require the consent of any
            Holder with respect to changes in the references to "the Trustee"
            and concomitant changes in this Section, Section 14.07 and Section
            15.04, or the deletion of this proviso, in accordance with the
            requirements of Sections 10.11 and 13.01(7); or

      (j)   make any change that adversely affects the right to convert or
            exchange any Note (except as permitted by Section 13.01) or decrease
            the Conversion Rate or increase the Conversion Price of any such
            Note.

      No amendment or modification of this Indenture under this Section may
amend or modify, or otherwise adversely affect the rights the holders of Senior
Indebtedness or Designated Senior Indebtedness described in Article XV without
the prior written consent of the holders of a majority of the Designated Senior
Indebtedness (or such larger percentage of the holders of the Designated Senior
Indebtedness as are required to approve such amendment or modification under the
terms of the instruments pursuant to which such Designated Senior Indebtedness
has been incurred) and at least a majority of all outstanding Senior
Indebtedness.

      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.

      SECTION 13.03 Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section
10.01) shall be fully protected in relying upon, an Officer's Certificate and 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 13.04 Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

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      SECTION 13.05 Conformity With Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act.

      SECTION 13.06 Reference in Notes to Supplemental Indentures. Notes
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 Notes 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 at the
Company's expense and authenticated and delivered by the Trustee in exchange for
Outstanding Notes.

                                  ARTICLE XIV
                                    COVENANTS

      SECTION 14.01 Payment of Principal and Interest. The Company covenants and
agrees that it will duly and punctually pay or cause to be paid the principal of
and interest (including Contingent Interest, if any) on the Notes at the Place
of Payment, at the times and in the manner provided in the Notes and this
Indenture.

      SECTION 14.02 Maintenance of Office or Agency. The Company will maintain
in the Borough of Manhattan, The City of New York, and in each other Place of
Payment an office or agency where Notes may be presented or surrendered for
payment, where Notes may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Company in respect of the Notes and
this Indenture may be served. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, or an affiliate of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

      The Company may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency in the Borough of Manhattan,
The City of New York, and in each other Place of Payment 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.

      SECTION 14.03 Money for Notes Payments to be Held in Trust. If the Company
shall at any time act as its own Paying Agent, it will, on or before each due
date of the principal of or interest on any of the Notes, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum sufficient to pay
the principal and interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act.

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      Whenever the Company shall have one or more Paying Agents, it will, prior
to each due date of the principal of or interest on the Notes, deposit with a
Paying Agent a sum sufficient to pay such amount, such sum to be held as
provided by the Trust Indenture Act, 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 will cause each Paying Agent, other than the Trustee or the
Company, to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section, that such Paying Agent will (a) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (b) during the continuance
of any default by the Company in the making of any payment, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by
such Paying Agent for payment in respect of the Notes. Each of the Company and
the Trustee, having agreed to the foregoing on its behalf as a Paying Agent by
its execution and delivery of this instrument, has hereby satisfied the
provisions of this paragraph with respect to itself as a Paying Agent.

      The Company may at any time 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 money.

      Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of or interest on any
Note and remaining unclaimed for two years after such principal or interest has
become due and payable shall be paid to the Company on Company Request, or (if
then held by the Company) shall be discharged from such trust; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in New York, New York, 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 free of the trust formerly impressed upon it.

      SECTION 14.04 Statement by Officers as to Default. The Company will
deliver to the Trustee, within 120 days after the end of each fiscal year of the
Company ending after the date hereof, an Officers' Certificate, stating whether
or not to the 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 14.05 Waiver of Certain Covenants. The Company may omit in any
particular instance to comply with any term, provision or condition set forth in
any covenant

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provided pursuant to Section 13.01(b) for the benefit of the Holders if before
the time for such compliance the Holders of at least a majority in principal
amount of the Outstanding Notes shall, by Act of such Holders, either 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 XV
                                 SUBORDINATION

      SECTION 15.01 Notes Subordinate to Senior Indebtedness. The Company and
each Holder of a Note, by his or her acceptance thereof, agree that (a) the
payment of the principal of and interest (including Contingent Interest, if any)
on each and all the Notes and (b) any other payment in respect of the Notes,
including the payment of any Principal Return in Cash upon conversion or any
payment on account of the acquisition or redemption of Notes by the Company, is
subordinated, to the extent and in the manner provided in this Article XV, to
the prior payment in full of all Senior Indebtedness (in each case, such payment
to be made in cash or in such other form of payment as shall be satisfactory to
the holder or holders of such Senior Indebtedness or a trustee or other
representative duly acting on behalf of such holder or holders), whether
outstanding at the date of this Indenture or thereafter created, incurred,
assumed or guaranteed, and that these subordination provisions are for the
benefit of the holders of Senior Indebtedness.

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

      SECTION 15.02 No Payment on Notes in Certain Circumstances.

            (a)   No payment shall be made by or on behalf of the Company on
                  account of the principal of or interest (including Contingent
                  Interest, if any) on or with respect to the Notes, an account
                  of any Principal Return applicable to any of the Notes upon
                  conversion or to acquire any of the Notes (including any
                  purchases of the Notes pursuant to Article IV and Article V)
                  for Cash or property (other than Junior securities of the
                  Company), or on account of any redemption provisions of the
                  Notes, in the event of default in payment of any principal of,
                  premium (if any) or interest on any Designated Senior
                  Indebtedness when the same becomes due and payable, whether at
                  maturity or at a date fixed for prepayment or by declaration
                  of acceleration or otherwise, beyond any applicable period of
                  grace specified in the instrument or instruments pursuant to
                  which such Designated Senior Indebtedness was incurred (a
                  "Payment Default"), unless and until that Payment Default has
                  been cured or waived or otherwise has ceased to exist.

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<PAGE>

            (b)   No payment shall be made by or on behalf of the Company on
                  account of the principal of or interest on the Notes, an
                  account of any Principal Return applicable to any of the Notes
                  upon conversion or to acquire any of the Notes (including any
                  repurchases of the Notes pursuant to the provisions thereof at
                  the option of the Holder of the Notes) for Cash or property
                  (other than Junior securities of the Company), or on account
                  of the redemption provisions of the Notes, in the event of any
                  default (other than a Payment Default) with respect to any
                  Designated Senior Indebtedness permitting the holders of that
                  Designated Senior Indebtedness (or a trustee or other
                  representative on behalf of the holders thereof) to declare
                  that Designated Senior Indebtedness due and payable prior to
                  the date on which it would otherwise have become due and
                  payable, on written notice thereof to the Company and the
                  Trustee by any holders of Designated Senior Indebtedness (or a
                  trustee or other representative on behalf of the holders
                  thereof) (a "Payment Blockage Notice"), unless and until that
                  default shall have been cured or waived or otherwise has
                  ceased to exist; provided, that such payments may not be
                  prevented pursuant to this Section 15.02(b) for more than 179
                  days after an applicable Payment Blockage Notice has been
                  received by the Trustee unless the Designated Senior
                  Indebtedness in respect of which that default exists has been
                  declared due and payable in its entirety, in which case no
                  such payment may be made until that acceleration has been
                  rescinded or annulled or that Designated Senior Indebtedness
                  has been paid in full. No default (other than a Payment
                  Default) that existed or was continuing on the date of any
                  Payment Blockage Notice (whether or not that default is on the
                  same issue of Designated Senior Indebtedness) may be made the
                  basis for the giving of a second Payment Blockage Notice,
                  unless such default was cured during the interim period, and
                  only one such Payment Blockage Notice may be given in any
                  period of 365 consecutive days.

            (c)   In furtherance of the provisions of Section 15.01, in the
                  event that, notwithstanding the foregoing provisions of this
                  Section 15.02, any payment or distribution of assets of the
                  Company (other than Junior securities of the Company) shall be
                  received by the Trustee or the Holders of the Notes or any
                  Paying Agent with respect thereto at a time when that payment
                  or distribution was prohibited by the provisions of this
                  Section 15.02, then, unless that payment or distribution is no
                  longer prohibited by this Section 15.02, that payment or
                  distribution (subject to the provisions of Section 15.07)
                  shall be received and held in trust by the Trustee or such
                  Holders or Paying Agent for the benefit of the holders of
                  Senior Indebtedness, and shall be paid or delivered by the
                  Trustee or such Holders or Paying Agent, as the case may be,
                  to the holders of Senior Indebtedness remaining unpaid or
                  unprovided for or their representative or representatives, or
                  to the trustee or trustees under any indenture pursuant to
                  which any instruments evidencing that Senior Indebtedness may
                  have been issued, ratably, according to the aggregate amounts
                  remaining unpaid on account of that Senior Indebtedness held
                  or represented by each, for application to the payment of all
                  Senior Indebtedness

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<PAGE>

                  in full after giving effect to all concurrent payments and
                  distributions to or for the holders of that Senior
                  Indebtedness.

      SECTION 15.03 Notes Subordinated to Prior Payment of All Senior
Indebtedness on Dissolution, Liquidation or Reorganization. Upon any
distribution of assets of the Company or upon any dissolution, winding up, total
or partial liquidation or reorganization of the Company, whether voluntary or
involuntary, in bankruptcy, insolvency, receivership or similar proceeding or
upon assignment for the benefit of creditors:

            (a)   the holders of all Senior Indebtedness shall first be entitled
                  to receive payments in full (in each case, such payment to be
                  made in Cash or in such other form of payment as shall be
                  satisfactory to the holder or holders of such Senior
                  Indebtedness or a trustee or other representative duly acting
                  on behalf of such holder or holders), before the Holders of
                  Notes are entitled to receive any payment (other than in the
                  form of Junior securities of the Company) on account of the
                  principal of or interest (including Contingent Interest, if
                  any) on, or an account of any Principal Return applicable to,
                  those Notes;

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

            (c)   in the event that, notwithstanding the foregoing, any payment
                  or distribution of assets of the Company of any kind or
                  character, whether in cash, property or securities (other than
                  Junior securities of the Company), shall be received by the
                  Trustee or the Holders of Notes or any Paying Agent with
                  respect thereto (or, if the Company or any Affiliate of the
                  Company is acting as its own Paying Agent, money for any such
                  payment or distribution shall be segregated or held in trust)
                  on account of the principal of or interest on, or on account
                  of any Principal Return applicable to, the Notes before all
                  Senior Indebtedness is paid in full, that payment or
                  distribution (subject to the provisions of Section 15.07)
                  shall be received and held in trust by the Trustee or such
                  Holder or Paying Agent for the benefit of the holders of that
                  Senior Indebtedness, or their respective representatives,
                  ratably according to the respective amounts of that Senior
                  Indebtedness held or represented by each, to the extent
                  necessary to make payment as provided herein of all that
                  Senior Indebtedness remaining unpaid after giving effect to
                  all concurrent payments and distributions and all provisions
                  therefor to or for the holders of that Senior Indebtedness,
                  but only to the extent that as to any holder of that Senior
                  Indebtedness, as promptly as

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                  practical following notice from the Trustee to the holders of
                  that Senior Indebtedness that such prohibited payment has been
                  received by the Trustee, Holder(s) or Paying Agent (or has
                  been segregated as provided above), that holder (or a
                  representative therefor) notifies the Trustee of the amounts
                  then due and owing on that Senior Indebtedness, if any, held
                  by that holder, and only the amounts specified in those
                  notices to the Trustee shall be paid to the holders of that
                  Senior Indebtedness.

      SECTION 15.04 Subrogation to Rights of Holders of Senior Indebtedness.
Subject to the payment in full of all Senior Indebtedness as provided herein,
the Holders of the Notes shall be subrogated (to the extent of the payments or
distributions made to the holders of that Senior Indebtedness pursuant to the
provisions of this Article XV to the rights of the holders of that Senior
Indebtedness to receive payments or distributions of assets of the Company
applicable to that Senior Indebtedness until all amounts owing on, or with
respect to, the Notes shall be paid in full. For the purpose of that
subrogation, no such payments or distributions to the holders of that Senior
Indebtedness by the Company, or by or on behalf of the Holders of the Notes by
virtue of this Article XV, which otherwise would have been made to those Holders
shall, as among the Company, its creditors other than the holders of Senior
Indebtedness and those Holders, be deemed to be payment by the Company or on
account of that Senior Indebtedness, it being understood that the provisions of
this Article XV are and are intended solely for the purpose of defining the
relative rights of the Holders of the Notes, on the one hand, and the holders of
that Senior Indebtedness, on the other hand.

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

      SECTION 15.05 Obligations of the Company Unconditional. Nothing contained
in this Article XV or elsewhere in this Indenture or in the Notes is intended to
or shall impair, as between the Company and the Holders of the Notes, the
obligation of the Company, which is absolute and unconditional, to pay to those
Holders the principal of and interest (including Contingent Interest, if any) on
the Notes, or the Principal Return with respect to the Notes upon conversion of
the Notes, as and when the same shall become due and payable in accordance with
the terms of the Notes and this Indenture, or is intended to or shall affect the
relative rights of those Holders and creditors of the Company other than the
holders of Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or any Holder from exercising all remedies otherwise permitted by
applicable law on default under this Indenture, subject to the rights, if any,
under this Article XV, of the holders of Senior Indebtedness in respect of cash,
property or securities of the Company received on the exercise of any such
remedy. Notwithstanding anything to the contrary in this Article XV or elsewhere
in this Indenture or in the Notes, on any distribution of assets of the Company
referred to in this Article XV, the Trustee, subject to the provisions of
Sections 10.01 and 10.03, and the Holders of the Notes shall be entitled to rely
on any order or decree made by any court of competent jurisdiction in which such
dissolution,

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<PAGE>

winding up, liquidation or reorganization proceedings are pending, or a
certificate of the liquidating trustee or agent or other Person making any
distribution to the Trustee or to those Holders for the purpose of ascertaining
the Persons entitled to participate in that distribution, the holders of Senior
Indebtedness and other Indebtedness of the Company, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article XV so long as that court has been
apprised of the provisions of, or the order, decree or certificate makes
reference to, the provisions of this Article XV.

      SECTION 15.06 Trustee Entitled to Assume Payments Not Prohibited in
Absence of Notice. The Trustee shall not at any time be charged with knowledge
of the existence of any facts that would prohibit the making of any payment to
or by the Trustee unless and until a Responsible Officer of the Trustee or any
Paying Agent shall have received, no later than two Business Days prior to that
payment, written notice thereof from the Company or from one or more holders of
Senior Indebtedness or from any representative therefor and, prior to the
receipt of any such written notice, the Trustee, subject to the provisions of
Sections 10.01 and 10.03, shall be entitled in all respects conclusively to
assume that no such fact exists.

      SECTION 15.07 Application by Trustee of Amounts Deposited with It. Any
deposit of assets with the Trustee or the Paying Agent (whether or not in trust)
for the payment of principal of or interest on (or any Principal Return with
respect to) any Notes shall be subject to the provisions of Sections 15.01,
15.02, 15.03 and 15.04; provided that if prior to two Business Days preceding
the date on which by the terms of this Indenture any such assets may become
distributable for any purpose (including, without limitation, the payment of
either principal of or interest on (or any Principal Return with respect to) any
Note, the Trustee or such Paying Agent shall not have received with respect to
those assets the written notice provided for in Section 15.06, then the Trustee
or such Paying Agent shall have full power and authority to receive those assets
and to apply the same to the purpose for which they were received, and shall not
be affected by any notice to the contrary that may be received by it on or after
that date; and provided further that nothing contained in this Article XV shall
prevent the Company from making, or the Trustee from receiving or applying, any
payment in connection with the redemption of Notes if the first publication of
notice of that redemption (whether by mail or otherwise in accordance with this
Indenture) has been made, and the Trustee has received that payment from the
Company, prior to the occurrence of any of the contingencies specified in
Section 15.02 or 15.03.

      SECTION 15.08 Subordination Rights Not Impaired by Acts or Omissions of
the Company or Holders of Senior Indebtedness. No right of any present or future
holders of any Senior Indebtedness to enforce the subordination provisions
contained in this Article XV shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or failure to act, in good faith, by any such holder, or by any noncompliance by
the Company with the terms of this Indenture, regardless of any knowledge
thereof that any such holder may have or be otherwise charged with. The holders
of Senior Indebtedness may extend, renew, modify or amend the terms of the
Senior Indebtedness or any security therefor and release, sell or exchange that
security and otherwise deal freely with the Company, all without affecting the
liabilities and obligations of the parties to this Indenture or the Holders of
the Notes.

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<PAGE>

      SECTION 15.09 Trustee to Effectuate Subordination of Notes. Each Holder of
a Note by his acceptance thereof authorizes and expressly directs the Trustee on
his behalf to take such action as may be necessary or appropriate to effectuate
the subordination provisions contained in this Article XV and to protect the
rights of the Holders of the Notes pursuant to this Indenture, and appoints the
Trustee such Holder's attorney-in-fact for that purpose, including, in the event
of any dissolution, winding up, liquidation or reorganization of the Company
(whether in bankruptcy, insolvency or receivership proceedings or upon an
assignment for the benefit of creditors of the Company), the filing of a claim
for the unpaid balance of his Notes in the form required in said proceedings and
cause said claim to be approved. If the Trustee does not file a proper claim or
proof of debt in the form required in that proceeding prior to 30 days before
the expiration of the time to file such claim or claims, then the holders of
Senior Indebtedness or their representative is hereby authorized to have the
right to file and is hereby authorized to file an appropriate claim for and on
behalf of the Holders of said Notes. Nothing herein contained shall be deemed to
authorize the Trustee or the holders of Senior Indebtedness or their
representative to authorize or consent to or accept or adopt on behalf of any
Holder of Notes any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee or the holders of Senior Indebtedness or their
representative to vote in respect of the claim of any Holder of the Notes in any
such proceeding.

      SECTION 15.10 Right of Trustee to Hold Senior Indebtedness. The Trustee in
its individual capacity shall be entitled to all of the rights set forth in this
Article XV in respect of any Senior Indebtedness at any time held by it to the
same extent as any other holder of Senior Indebtedness, and nothing in this
Indenture shall be construed to deprive the Trustee of any of its rights as such
holder.

      SECTION 15.11 Article XV Not to Prevent Events of Default. The failure to
make a payment on account of principal of or interest (including Contingent
Interest, if any) on any of (or on account of any Principal Return with respect
to any of) the Notes by reason of any provision of this Article XV shall not be
construed as preventing the occurrence of a Default or an Event of Default under
Section 9.01 or in any way prevent the Holders of the Notes from exercising any
right hereunder other than the right to receive payment on or with respect to
the Notes. The Company shall promptly notify holders of Senior Indebtedness if
payment of the Notes is accelerated due to an Event of Default or if the Company
is required to purchase any Notes upon a Fundamental Change, provided that the
Company's failure to provide such notice shall not diminish the rights of
holders of Senior Indebtedness hereunder.

      SECTION 15.12 No Fiduciary Duty of Trustee to Holders of Senior
Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness, and shall not be liable to any of those holders
(other than for its willful misconduct or gross negligence) if it shall in good
faith mistakenly pay over or distribute to the Holders of the Notes or the
Company or any other Person, cash, property or securities to which any holders
of Senior Indebtedness shall be entitled by virtue of this Article XV or
otherwise. Nothing in this Section 15.12 shall affect the obligation of any
other such Person to hold that payment for the benefit of, and to pay that
payment over to, the holders of Senior Indebtedness or their representative.

                                       79
<PAGE>

      SECTION 15.13 Article Applicable to Paying Agent. In case at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and
be then acting hereunder, the term "Trustee" as used in this Article XV shall in
that case (unless the context shall otherwise require) be construed as extending
to and including that Paying Agent within its meaning as fully for all intents
and purposes as if that Paying Agent were named in this Article XV in addition
to or in place of the Trustee; provided, however, that this Section 15.13 shall
not apply to the Company or any Affiliate of the Company if it or that Affiliate
acts as Paying Agent.

      SECTION 15.14 Notes Pari Passu with Prior Notes. The payment of principal
and interest (including Contingent Interest, if any) on each and all of the
Notes and all other payments with respect to the Notes shall rank pari passu
with the payment rights under the Prior Notes.

                                       80
<PAGE>

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

      MAVERICK TUBE CORPORATION

By:

           Pamela G. Boone

           Vice President - Finance and Administration, Treasurer, Secretary and
           Chief Financial Officer

                                      THE BANK OF NEW YORK

                                      By:

                                      Name:

                                      Title:

                                       81
<PAGE>

STATE OF MISSOURI        Section
                         Section
COUNTY OF __________     section

      On the ______ day of December, 2004, before me personally came Pamela G.
Boone, to me known, who, being by me duly sworn, did depose and say that she is
the Vice President - Finance and Administration, Treasurer, Secretary and Chief
Financial Officer of Maverick Tube Corporation, one of the corporations
described in and which executed the foregoing instrument; that she knows the
seal of said corporation; that the seal affixed to said instrument is such
corporate seal; that it was so affixed by authority of the Board of Directors of
said corporation; and that she signed her name thereto by like authority.

                                  Notary Public

      [NOTARIAL SEAL]

STATE OF____________     Section
                         Section
COUNTY OF __________     Section

      On the ______ day of December, 2004, before me personally came
__________________, to me known, who, being by me duly sworn, did depose and say
that he is a __________________ of The Bank of New York, one of the corporations
described in and which executed the foregoing instrument; that he knows the seal
of said corporation; that the seal affixed to said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

                                  Notary Public

      [NOTARIAL SEAL]

                                       82
<PAGE>

                                    Exhibit A

                             [FORM OF FACE OF NOTE]

                                                                   [Global Note]

                                                             [Certificated Note]

      [IF THIS SECURITY IS TO BE A GLOBAL NOTE -] THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY.

      [For as long as this Global Security is deposited with or on behalf of The
Depository Trust Company it shall bear the following legend.] Unless this
certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation ("DTC"), to Maverick Tube Corporation or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

      MAVERICK TUBE CORPORATION

2004 4.00% Convertible Senior Subordinated Notes due 2033

      No.___                                                       $__________ *

                                                             CUSIP No. 577914ABO

      MAVERICK TUBE CORPORATION, a corporation duly organized and existing under
the laws of the State of Delaware (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to _______________, or registered
assigns, the principal sum of

      * REFERENCE IS MADE TO SCHEDULE A ATTACHED HERETO WITH RESPECT TO
DECREASES AND INCREASES IN THE AGGREGATE PRINCIPAL AMOUNT OF NOTES EVIDENCED BY
THIS CERTIFICATE.

                                      A-1
<PAGE>
____________________ Dollars on June 15, 2033. This Note shall bear interest as
specified on the reverse side of this Note. This Note is convertible and is
subject to redemption at the option of the Company and to purchase by the
Company at the option of the Holder as specified on the other side of this Note.

      Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

                  THE HOLDER OF THE COMMON STOCK ISSUABLE UPON CONVERSION OF
            THIS SECURITY IS SUBJECT TO, AND ENTITLED TO THE BENEFITS OF, A
            RIGHTS AGREEMENT, DATED AS OF JULY 24, 1998, AS AMENDED AND RESTATED
            AS OF SEPTEMBER 22, 2000, BETWEEN THE COMPANY AND HARRIS TRUST AND
            SAVINGS BANK, AS RIGHTS AGENT.

                  FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE INTERNAL REVENUE
            CODE, THIS SECURITY IS A CONTINGENT PAYMENT DEBT INSTRUMENT AND WILL
            ACCRUE ORIGINAL ISSUE DISCOUNT AT THE ISSUER'S "COMPARABLE YIELD"
            FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. PURSUANT TO SECTION
            2.12 OF THE INDENTURE, THE COMPANY AGREES, AND BY ACCEPTANCE OF A
            BENEFICIAL OWNERSHIP INTEREST IN THE SECURITY, EACH BENEFICIAL
            HOLDER OF THE SECURITIES WILL BE DEEMED TO HAVE AGREED, UNLESS
            OTHERWISE REQUIRED BY APPLICABLE LAW, FOR UNITED STATES FEDERAL
            INCOME TAX PURPOSES, (I) TO TREAT THE SECURITIES AS INDEBTEDNESS
            THAT IS SUBJECT TO THE CONTINGENT PAYMENT DEBT INSTRUMENT
            REGULATIONS UNDER SECTION 1.1275-4 OF THE UNITED STATES TREASURY
            REGULATIONS (THE "CPDI REGULATIONS"), AND, FOR PURPOSES OF THE CPDI
            REGULATIONS, TO TREAT THE FAIR MARKET VALUE OF COMMON STOCK RECEIVED
            BY A BENEFICIAL HOLDER UPON ANY CONVERSION OF THE NOTES AS A
            CONTINGENT PAYMENT AND (II) TO BE BOUND BY THE COMPANY'S
            DETERMINATION OF THE "COMPARABLE YIELD" AND "PROJECTED PAYMENT
            SCHEDULE," WITHIN THE MEANING OF THE CPDI REGULATIONS, WITH RESPECT
            TO THE NOTES AND TO ACCRUE ORIGINAL ISSUE DISCOUNT AT THE COMPARABLE
            YIELD AS DETERMINED BY THE COMPANY.

                  THE COMPANY'S DETERMINATION OF THE "COMPARABLE YIELD" IS 8.48%
            PER ANNUM, COMPOUNDED SEMIANNUALLY. THE PROJECTED PAYMENT SCHEDULE,
            DETERMINED BY THE COMPANY, IS ATTACHED TO THE

                                      A-2
<PAGE>

            INDENTURE AS EXHIBIT B. YOU MAY OBTAIN THE AMOUNT OF ORIGINAL ISSUE
            DISCOUNT, ISSUE DATE, COMPARABLE YIELD AND PROJECTED PAYMENT
            SCHEDULE FOR THE SECURITY BY TELEPHONING THE COMPANY'S TREASURY
            DEPARTMENT AT (636) 733-1600 OR SUBMITTING A WRITTEN REQUEST FOR
            SUCH INFORMATION TO: MAVERICK TUBE CORPORATION, 16401 SWINGLEY RIDGE
            ROAD, SUITE 700, CHESTERFIELD, MISSOURI 63017, ATTENTION: CHIEF
            FINANCIAL OFFICER.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse by manual signature, this Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

                                      A-3
<PAGE>

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

      Dated:                                     MAVERICK TUBE CORPORATION

                                                 By:
                                                 Name:
      (SEAL)                                     Title:

      Attest:

Name:
Title:

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

                                                 THE BANK OF NEW YORK,
                                                 As Trustee

      Date of Authentication:
                                                 By:
                                                 Authorized Signatory

                                      A-4
<PAGE>

      [FORM OF REVERSE SIDE OF NOTE]

      MAVERICK TUBE CORPORATION

2004 4.00% CONVERTIBLE SENIOR SUBORDINATED NOTES DUE 2033

      1.    INTEREST

      This Note shall bear interest at a rate of 4.00% per year on the principal
hereof, from December 15, 2004 or from the most recent Interest Payment Date (as
defined below) to which payment has been made or duly provided for, payable
semiannually in arrears on June 15 and December 15 of each year, beginning June
15, 2005 (each an "Interest Payment Date") to the persons in whose names the
Notes are registered at the close of business on June 1 and December 1 (each a
"Regular Record Date") (whether or not a Business Day), as the case may be,
immediately preceding the applicable Interest Payment Date. This Note shall also
bear Contingent Interest in certain circumstances as specified in paragraph 5
below. The amount of interest payable for any period shall be computed on the
basis of a 360-day year of twelve 30-day months. The amount of interest payable
for any partial period shall be computed on the basis of a 360-day year of
twelve 30-day months and the days elapsed in any partial month.

      Holders of Notes at the close of business on a Regular Record Date will
receive payment of interest, including Contingent Interest, if any, payable on
the corresponding Interest Payment Date notwithstanding the conversion of such
Notes at any time after the close of business on such Regular Record Date,
except in circumstances as specified in paragraph 8 below.

      If the principal or any portion of such principal is not paid when due
(whether upon acceleration, upon the date set for payment of the Redemption
Price pursuant to paragraph 6, upon the date set for payment of a Purchase Price
or Fundamental Change Purchase Price pursuant to paragraph 8 or upon the Stated
Maturity of this Note) or if interest (including Contingent Interest, if any)
due hereon or any portion of such interest is not paid when due in accordance
with this paragraph or paragraph 5 or 11, then in each such case the overdue
amount shall bear interest at the rate of 4.00% per annum, compounded
semiannually (to the extent that the payment of such interest shall be legally
enforceable), which interest shall accrue from the date such overdue amount was
due to the date payment of such amount, including interest thereon, has been
made or duly provided for. All such interest shall be payable on demand.

      2.    METHOD OF PAYMENT

      Payments of principal on this Note and interest payable on this Note at
the Stated Maturity or upon redemption of this Note shall be made in immediately
available funds in such currency of the United States of America as at the time
of payment shall be legal tender for the payment of public and private debts, at
the request of the Holder upon presentation and surrender of this Note, at the
office or agency of the Paying Agent in New York, New York or any other duly
appointed Paying Agent, provided that this Note is presented to the paying agent
in time for the Paying Agent to make payments in immediately available funds in
accordance with its normal procedures. So long as any Notes are represented by a
Global Note, interest (other than

                                      A-5
<PAGE>

interest payable at Maturity or upon redemption) shall be paid in immediately
available funds by wire transfer to the Depositary for such Notes, on the
written order of the Depositary.

      Payment of interest (other than interest payable in accordance with the
provisions of the immediately preceding paragraph) will, subject to certain
exceptions provided in the Indenture referred to herein, be made by check mailed
to the address of the Person entitled thereto as such address shall appear in
the security register as of the applicable Regular Record Date or, at the option
of the Company, by wire transfer to an account maintained by such Person with a
bank located in the United States.

      3.    PAYING AGENT, CONVERSION AGENT AND NOTE REGISTRAR

      Initially, the Trustee, shall act as Paying Agent, Conversion Agent and
Note Registrar. The Company may appoint and change any Paying Agent, Conversion
Agent, Note Registrar or co-registrar or approve a change in the office through
which any Paying Agent acts without notice, other than notice to the Trustee.
The Company or any of its Subsidiaries or any of their Affiliates may act as
Paying Agent, Conversion Agent, Note Registrar or co-registrar.

      4.    INDENTURE

      This Note is one of a duly authorized issue of securities of the Company,
issued and to be issued in one or more series under an Indenture, dated as of
December 30, 2004 (as amended or supplemented from time to time, the
"Indenture"), between the Company and the Trustee. Capitalized terms used herein
or in any Annex hereto and not defined herein or therein have the meanings
ascribed thereto in the Indenture. Reference is hereby made to the Indenture for
a statement of the respective rights thereunder of the Company, the Trustee and
the Holders and the terms upon which the Notes are to be authenticated and
delivered. The terms, conditions and provisions of the Notes are those stated in
the Indenture, those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended, and those set forth in the Notes. If a
conflict or inconsistency exists between the Indenture and this Note, the
Indenture shall control.

      The Notes are general unsecured obligations of the Company limited to
$120,000,000 aggregate principal amount.

      5.    CONTINGENT INTEREST

      The Company will pay Contingent Interest to the Holders of the Notes
during any six-month interest period from June 15 to December 14 or from
December 15 to June 14 commencing on or after June 15, 2008 for which the
average Trading Price of a Note for the applicable five Trading Day reference
period, as defined below, equals or exceeds 130% of the principal amount of the
Notes as of the day immediately preceding the first day of the applicable
six-month interest period. The "five Trading Day reference period" means the
five Trading Days ending on the second Trading Day immediately preceding the
relevant six-month interest period. During any period when Contingent Interest
is payable, the Contingent Interest payable per Note in respect of any six-month
period will equal 0.25% of the average Trading Price of the Note for the
applicable five Trading Day reference period.

                                      A-6
<PAGE>

      The record date and payment date for Contingent Interest, if any, will be
the same as the Regular Record Date and Interest Payment Dates for the
semiannual interest payments on the Notes.

      Upon a determination that Holders will be entitled to receive Contingent
Interest during a six-month interest period, the Company shall notify the
Holders. In connection with providing such notice, the Company shall issue a
press release by the first day of the applicable six-month interest period and
publish a notice containing information regarding the Contingent Interest
determination in a newspaper of general circulation in The City of New York or
publish such information on the Company's then existing website or through such
other public medium as the Company may use at that time.

      6.    REDEMPTION AT THE OPTION OF THE COMPANY

      No sinking fund is provided for the Notes.

      Any time after June 15, 2008 and prior to June 15, 2011, the Company may,
at its option, redeem the Notes, in whole at any time or in part from time to
time, upon notice given in accordance with Section 3.04 of the Indenture, at a
redemption price equal to $1,000 per $1,000 principal amount of the Notes to be
redeemed, plus accrued and unpaid interest, including Contingent Interest, if
any, to but excluding the Provisional Redemption Date, if the Last Reported Sale
Price of Common Stock has exceeded 130% of the Conversion Price then in effect
for at least 20 Trading Days within a period of 30 consecutive Trading Days
ending on the Trading Day prior to the date on which the Company mails the
Provisional Redemption Notice pursuant to Section 3.04 of the Indenture.

      Except as set forth above, the Notes may not be redeemed at the option of
the Company prior to June 15, 2011. On and after June 15, 2011, the Company may,
at its option, redeem the Notes, in whole at any time or in part from time to
time, on any date prior to the Stated Maturity, upon notice given in accordance
with Section 3.04 of the Indenture, at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest,
including Contingent Interest, if any, to but excluding Optional Redemption
Date.

      7.    NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY

      Notice of redemption at the option of the Company shall be mailed at least
20 days but not more than 60 days before a Redemption Date to the Trustee, the
Paying Agent and each Holder of Notes to be redeemed at the Holder's address
appearing in the Note Register. If money sufficient to pay the Redemption Price
of all Notes (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Paying Agent prior to or on the Redemption Date, on and after
the Redemption Date interest (including Contingent Interest, if any), if any,
shall cease to accrue on such Notes or portions thereof. Notes in denominations
larger than $1,000 principal amount may be redeemed in part but only in integral
multiples of $1,000 principal amount.

                                      A-7
<PAGE>

      8. PURCHASE BY THE COMPANY AT THE OPTION OF THE HOLDER; PURCHASE AT THE
OPTION OF THE HOLDER UPON A FUNDAMENTAL CHANGE.

      Subject to the terms and conditions of the Indenture, a Holder shall have
the option to require the Company to purchase the Notes held by such Holder on
June 15, 2011, June 15, 2013, June 15, 2018, June 15, 2023 and June 15, 2028
(each, a "Purchase Date") at a purchase price (the "Purchase Price") equal to
100% of the principal amount of the Notes to be purchased plus any accrued and
unpaid interest (including Contingent Interest, if any) to such Purchase Date,
upon delivery of a Purchase Notice containing the information required pursuant
to Section 5.01(a) of the Indenture, from the opening of business on the date
that is 20 Business Days prior to such Purchase Date until the close of business
on the fifth Business Day prior to such Purchase Date and upon delivery of the
Notes to the Paying Agent by the Holder as set forth in the Indenture. The
Company will pay the Purchase Price in cash.

      Notes in denominations larger than $1,000 principal amount may be
purchased in part, but only in integral multiples of $1,000 principal amount.

      If a Fundamental Change shall occur at any time prior to June 15, 2011,
each Holder shall have the right, at such Holder's option and subject to the
terms and conditions of the Indenture, to require the Company to purchase any or
all of such Holder's Notes or any portion of the principal amount thereof that
is equal to $1,000 or an integral multiple of $1,000 on the day that is 35 days
after the date of the Company Notice of the occurrence of the Fundamental Change
(subject to extension to comply with applicable law) for a Fundamental Change
Purchase Price equal to 100% of the principal amount of Notes purchased plus
accrued and unpaid interest (including Contingent Interest, if any) to the
Fundamental Change Purchase Date, which Fundamental Change Purchase Price shall
be paid by the Company in cash, as set forth in the Indenture.

      For a Note to be so purchased at the option of the Holder, the Paying
Agent must receive such Note duly endorsed for transfer, together with a duly
completed Fundamental Change Purchase Notice substantially in the form of Annex
A to this Note or a duly completed Purchase Notice substantially in the form of
Annex B to this Note.

      Holders have the right to withdraw, in whole or in part, any Purchase
Notice or Fundamental Change Purchase Notice, as the case may be, by delivery to
the Paying Agent of a written notice of withdrawal in accordance with the
provisions of Section 6.02 of the Indenture.

         If cash sufficient to pay a Fundamental Change Purchase Price or
Purchase Price, as the case may be, of all Notes or portions thereof to be
purchased as of the Purchase Date or the Fundamental Change Purchase Date, as
the case may be, is deposited with the Paying Agent on the Business Day
following the Purchase Date or the Fundamental Change Purchase Date, as the case
may be, the Notes will cease to be outstanding and interest (including
Contingent Interest, if any) shall cease to accrue on such Notes (or portions
thereof) on and after such date (whether or not book-entry transfer of the Notes
is made or whether or not the Note is delivered to the Paying Agent), and the
Holder thereof shall have no other rights as such (other than the right to
receive the Purchase Price or Fundamental Change Purchase Price, as the case may
be, upon delivery or transfer of such Note).

                                      A-8
<PAGE>

      9.    SUBORDINATION; PARI PASSU WITH CERTAIN NOTES

      The payment of the principal of and interest (including Contingent
Interest, if any) on each and all the Notes and any other payment in respect of
the Notes, including the payment of any Principal Return in Cash upon conversion
or any payment on account of the acquisition or redemption of Notes by the
Company: (a) is subordinated, to the extent and in the manner provided in
Article XV of the Indenture, to the prior payment in full of all Senior
Indebtedness, whether outstanding at the date of the Indenture or thereafter
created, incurred, assumed or guaranteed and (b) shall rank pari passu with the
respect to payment under the Prior Notes. The subordination provisions of the
Indenture are for the benefit of the holders of Senior Indebtedness.

      10.   CONVERSION

      Subject to the procedures set forth in the Indenture, a Holder may convert
Notes into cash and, if applicable, shares of Common Stock (in accordance with
the provisions of Section 7.01 of the Indenture) at any time prior to the close
of business on June 15, 2033 during the periods and upon satisfaction of at
least one of the conditions set forth below:

      (a)   in any calendar quarter (and only during such calendar quarter) if
            the Last Reported Sale Price for Common Stock for at least 20
            Trading Days during the period of 30 consecutive Trading Days ending
            on the last Trading Day of the previous calendar quarter is greater
            than or equal to 120% of the Conversion Price on such last Trading
            Day (for purposes of any determination hereunder, a calendar quarter
            will be considered any period between (and including) June 15 and
            September 14, September 15 and December 14, December 15 and March 14
            and March 15 and June 14 of each year);

      (b)   during the five Business Day period immediately after any five
            consecutive Trading Day period in which the Trading Price per $1,000
            principal amount of Notes, as determined following a request by a
            Holder according to the procedures described below, for each day of
            such five Trading Day period was less than 98% of the product of the
            Last Reported Sale Price of Common Stock and the Conversion Rate as
            of such Trading Day (the "98% Trading Exception"); provided however,
            that if, on any Conversion Date pursuant to this clause (b), the
            Last Reported Sale Price of Common Stock is greater than the
            Conversion Price, the Notes will have a Conversion Value equal to
            the principal amount of such Notes, plus accrued and unpaid interest
            (including Contingent Interest, if any) as of the Conversion Date,
            subject to the 98% Trading Exception;

      (c)   in the event that the Company calls the Notes for redemption, at any
            time prior to the close of business on the second Business Day
            immediately preceding the Redemption Date, even if the Notes are not
            otherwise convertible at such time;

      (d)   during any period in which the Notes are rated by either or both of
            Moody's Investors Service, Inc. or Standard & Poor's Rating Services
            and the credit rating assigned to the Notes by either such rating
            agency has been reduced by two or

                                      A-9
<PAGE>

            more rating levels from the level initially assigned to the Notes;
            provided, however, that the Company is under no obligation to have
            the Notes rated;

      (e)   the Company elects to (i) distribute to all holders of Common Stock
            rights entitling them to purchase, for a period expiring within 60
            days after the date of such distribution, shares of Common Stock at
            less than the Last Reported Sale Price of Common Stock on the
            Trading Day immediately preceding the declaration date of the
            distribution, or (ii) distribute to all holders of Common Stock
            assets, debt securities or rights to purchase securities of the
            Company, which distribution has a per share value as determined by
            the Board of Directors exceeding 10% of the Last Reported Sale Price
            of Common Stock on the Trading Day immediately preceding the
            declaration date for such distribution; provided that, in the case
            of the foregoing clauses (i) and (ii), the Company must notify the
            Holders at least 20 Business Days immediately prior to the
            ex-dividend date for such distribution, and once the Company has
            given such notice, Holders may surrender their Notes for conversion
            at any time until the earlier of the close of business on the
            Business Day immediately prior to the ex-dividend date or the
            Company's announcement that such distribution will not take place,
            even if the Notes are not otherwise convertible at such time;
            provided, however, that a Holder may not exercise this right to
            convert if the Holder may participate in the distribution without
            conversion (as used herein, the term "ex-dividend date," when used
            with respect to any issuance or distribution, shall mean the first
            date on which a sale of the Common Stock does not automatically
            transfer the right to receive the relevant dividend from the seller
            of the Common Stock to its buyer); provided, further, if Holders do
            not surrender their Notes for conversion at that time, the Company
            will make approximate adjustments to the original conversion ratio
            to reflect any distributions, as specified in (i) and (ii) above;

      (f)   the Company becomes a party to a consolidation, merger or binding
            share exchange, in each case pursuant to which the Common Stock
            would be converted into cash or property other than securities, in
            which case a Holder may surrender Notes for conversion at any time
            from and after the date which is 15 days prior to the anticipated
            effective date for the transaction until 15 days after the actual
            effective date of such transaction; or

      (g)   at any time after the occurrence of a Public Acquirer Change of
            Control.

      Following the effective date of any transaction described in clause (f) or
(g) of the immediately preceding paragraph, the right to convert the Notes at
the Conversion Rate, and the consideration to be received upon settlement
thereof, shall be modified as set forth under Section 7.06 of the Indenture.

      Notes in respect of which a Holder has delivered a notice of exercise of
the option to require the Company to purchase such Notes pursuant to Article IV
or V of the Indenture may be converted only if the notice of exercise is
withdrawn in accordance with the terms of the Indenture.

                                      A-10
<PAGE>

      The initial Conversion Rate is 34.2583. The Conversion Rate is subject to
adjustment in certain events described in the Indenture.

      Notes surrendered for conversion by a Holder during the period from the
close of business on any Regular Record Date to the opening of business on the
immediately following Interest Payment Date must be accompanied by payment of an
amount equal to the interest, including Contingent Interest, if any, that the
Holder is to receive on the Notes; provided, however, that no such payment need
be made if (a) the Company has specified a Redemption Date that is after a
Regular Record Date and on or prior to the immediately following Interest
Payment Date, (b) the Company has specified a Purchase Date following a
Fundamental Change that is during such period, or (c) any overdue interest
(including overdue Contingent Interest, if any) exists at the time of conversion
with respect to such Notes to the extent of such overdue interest.

      To convert the Notes a Holder must (a) complete and manually sign the
irrevocable conversion notice substantially in the form of Annex C to this Note
(or complete and manually sign a facsimile of such notice), together, if the
Notes are in certificated form, with the certificated security, and deliver such
notice to the Conversion Agent at the office maintained by the Conversion Agent
for such purpose, (b) surrender the Notes to the Conversion Agent, (c) furnish
appropriate endorsements and transfer documents if required by the Conversion
Agent, the Company or the Trustee and (d) pay all transfer or similar taxes, if
any. If a Holder is electing to convert Notes pursuant to the provisions hereof
which permit conversion of Notes following the occurrence of a Public Acquirer
Change of Control, such conversion notice must clearly so indicate.

      A Holder may convert fewer than all of such Holder's Notes only if the
principal amount of such Notes converted are in integral multiples of $1,000
principal amount. No payment or adjustment shall be made for dividends on or
other distributions with respect to any Common Stock except as provided in the
Indenture. On conversion of the Notes, that portion of accrued and unpaid
interest attributable to any period prior to and including the Conversion Date
and accrued and unpaid Contingent Interest with respect to the converted portion
of the Notes shall not be canceled, extinguished or forfeited, but rather shall
be deemed to be paid in full to the Holder thereof through the delivery of the
Cash and, if applicable, shares of Common Stock deliverable upon conversion in
exchange for the portion of the Notes being converted pursuant to the terms
hereof; and the Fair Market Value (as determined by the Company or its designee)
of any such shares of Common Stock (together with any such cash payment in lieu
of fractional shares) shall be treated as issued, to the extent thereof, first
in exchange for interest accrued and unpaid through the Conversion Date and
accrued and unpaid Contingent Interest, [and the balance, if any, of such Fair
Market Value of such Common Stock (and any such cash payment) shall be treated
as issued in exchange for the principal amount of the Notes being converted
pursuant to the provisions hereof].

      In connection with any conversion upon satisfaction of the 98% Trading
Exception, the Trustee shall have no obligation to determine the Trading Price
of the Notes unless the Company has requested such determination; and the
Company shall have no obligation to make such request unless a Holder provides
the Company on or prior to 12:00 noon (New York time) on any Trading Day with
reasonable evidence that the Trading Price per $1,000 principal amount of

                                      A-11
<PAGE>

Notes would be less than 98% of the product of (a) the Last Reported Sale Price
of Common Stock and (b) the Conversion Rate then in effect. At the time of any
such determination, the Company shall instruct the Trustee to determine the
Trading Price of the Notes beginning on the next Trading Day and on each
successive Trading Day until the Trading Price per $1,000 principal amount of
Notes is greater than or equal to 98% of the product of (a) the Last Reported
Sale Price of Common Stock and (b) the Conversion Rate then in effect.

      Notwithstanding anything herein to the contrary, the Trustee and any
Conversion Agent shall not at any time be under any duty or responsibility to
any Holder to either calculate the Conversion Rate or determine whether any
facts exist which may require any adjustment of the Conversion Rate, as more
specifically set forth in Section 7.13 of the Indenture.

      11.   DEFAULTED INTEREST

      Except as otherwise specified with respect to the Notes, any Defaulted
Interest on any Note 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 as provided for
in Section 2.05(c) of the Indenture.

      12.   DENOMINATIONS; TRANSFER; EXCHANGE

      The Notes are in registered form, without coupons, in denominations of
$1,000 principal amount and integral multiples of $1,000. A Holder may transfer
or convert Notes in accordance with the provisions of the Indenture. The Note
Registrar may require a Holder, among other things, to (a) furnish appropriate
endorsements and transfer documents, including an Assignment Notice
substantially in the form of Annex D to this Note, and (b) pay any taxes and
fees required by law or permitted by the Indenture. In the event of any
redemption or purchase in part, the Note Registrar need not register the
transfer of or exchange any Notes selected for redemption or any Notes in
respect of which a Purchase Notice or Fundamental Change Purchase Notice has
been given and not withdrawn for a period of 15 days before the mailing of a
Redemption Notice, Purchase Notice or Fundamental Change Purchase Notice.

      13.   PERSONS DEEMED OWNERS

      The registered Holder of this Note may be treated as the owner of this
Note for all purposes.

      14.   UNCLAIMED MONEY OR PROPERTY

      The Trustee and the Paying Agent shall, after payment of all of the
Trustee's and Paying Agent's fees and expenses under the Indenture, return to
the Company upon written request any money or property held by them for the
payment of any amount with respect to the Notes that remains unclaimed for two
years; provided, however, that the Trustee or such Paying Agent, before being
required to make any such return, may at the expense of the Company cause to be
published once in a newspaper of general circulation in The City of New York
notice that such money or property 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 money or property then remaining shall be returned to
the Company. After return to the Company, Holders entitled to

                                      A-12
<PAGE>

the money or property must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another Person.

      15. AMENDMENT; WAIVER

      Subject to certain exceptions set forth in the Indenture, (a) the
Indenture or the Notes may be amended with the written consent of the Holders of
at least a majority in aggregate principal amount of the Notes at the time
Outstanding and (b) certain defaults or noncompliance with certain provisions
may be waived with the written consent of the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding. The Indenture or the
Notes may be amended without the consent of any Holders under circumstances set
forth in Section 13.01 of the Indenture. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of
transfer or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note.

      16. DEFAULTS AND REMEDIES

      If an Event of Default occurs and is continuing, either the Trustee or the
Holders of at least 25% in principal amount of the Notes at the time outstanding
may declare the principal amount and any accrued and unpaid interest (including
Contingent Interest, if any), of all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default
which shall result in the Notes being declared due and payable immediately upon
the occurrence of such Events of Default.

      Events of Default in respect of the Notes are set forth in Section 9.01 of
the Indenture. Holders may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives reasonable indemnity or security. Subject to
certain limitations, conditions and exceptions, Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding may direct the
Trustee in its exercise of any trust or power, including the annulment of a
declaration of acceleration. The Trustee may withhold from Holders notice of any
continuing default (except a default in payment on any Notes) if it determines
that withholding notice is in their interests.

      17. CONSOLIDATION, MERGER AND SALE OF ASSETS

      In the event of a consolidation, merger, or sale of assets to convey,
transfer or lease of all or substantially all of Company's property or assets as
described in Article XII of the Indenture, the successor corporation to the
Company shall succeed to and be substituted for the Company, and may exercise
the Company's rights and powers under this Indenture, and thereafter, the
Company shall be relieved of all obligations and covenants under the Indenture
and the Notes.

      18. TRUSTEE AND AGENT DEALINGS WITH THE COMPANY

      The Trustee, Paying Agent, Conversion Agent and Note Registrar under the
Indenture, each in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Company or its Affiliates and may

                                     A-13
<PAGE>

otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee, Paying Agent, Conversion Agent or Note Registrar.

      19. CALCULATIONS IN RESPECT OF THE NOTES

      The Company shall be responsible for making all calculations called for
under the Notes. These calculations shall include, without limitation,
determination of the Last Reported Sale Price of Common Stock, the Market Price
per share of Common Stock, the Sale Price of any Public Acquirer Common Stock,
the Ten-Day Average Price for Common Stock, accrued interest payable on the
Notes and the Conversion Price. The Company shall make such calculations in good
faith and, absent manifest error, such calculations will be final and binding on
the Holders and the Trustee, Paying Agent and Conversion Agent may conclusively
rely on such calculations. The Company shall provide to each of the Trustee and
the Conversion Agent a schedule of its calculations and each of the Trustee and
the Conversion Agent shall be entitled to rely upon the accuracy of such
calculations without independent verification. The Trustee shall forward the
Company's calculations to any Holder upon the request of such Holder.

      20. NO RECOURSE AGAINST OTHERS

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

      21. AUTHENTICATION

      This Note shall not be valid until an authorized officer of the Trustee or
Authenticating Agent manually signs the Trustee's Certificate of Authentication
on the other side of this Note.

      22. ABBREVIATIONS

      Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

      23. GOVERNING LAW

      The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York without regard to the
conflicts of law rules of said state.

                                      A-14
<PAGE>

                                                                      Schedule A

                             SCHEDULE OF ADJUSTMENTS

            The initial aggregate principal amount of Securities evidenced by
the Certificate to which this Schedule is attached is $_________________. The
notations on the following table evidence decreases and increases in the
aggregate principal amount of Securities evidenced by such Certificate.

<TABLE>
<CAPTION>
                                                                       Aggregate Principal
                 Decrease in Aggregate     Increase in Aggregate       Amount of Securities
 Date of          Principal Amount of       Principal Amount of        Remaining After Such     Notation by Note
Adjustment             Securities                Securities            Decrease or Increase        Registrar
<S>              <C>                       <C>                         <C>                      <C>
</TABLE>

                                      A-15
<PAGE>

                                                                         Annex A

      FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE

      To: Maverick Tube Corporation

      The undersigned registered holder of this Note hereby acknowledges receipt
of a notice from Maverick Tube Corporation (the "Company") as to the occurrence
of a Fundamental Change with respect to the Company and requests and instructs
the Company to repurchase this Note, or the portion (which is $1,000 principal
amount or an integral multiple thereof) designated below, in accordance with the
terms of the Note and the Indenture referred to in this Note and directs that
the check of the Company, in payment for this Note or the portion thereof and
any Notes representing any unrepurchased principal amount hereof, be issued and
delivered to the registered holder unless a different name has been indicated
below. If any portion of this Note not repurchased is to be issued in the name
of a Person other than the undersigned, the undersigned shall pay all transfer
taxes payable with respect thereto. The Notes to be repurchased shall be
purchased as of the Fundamental Change Purchase Date pursuant to the terms and
conditions specified in paragraph 8 of this Note and in the Indenture.

Dated:

                                                  Signature(s)

                                           Signature(s) must be guaranteed by a
                                           commercial bank or trust company or a
                                           member firm of a major stock exchange
                                           if Notes are to be delivered, other
                                           than to or in the name of the
                                           registered holder.

                                                  Signature Guarantee

      Fill in for registration of Notes if to be issued other than to and in the
name of registered holder:

(Name)

(Street Address)

(City, state and zip code)
Please print name and address

                                      A-16
<PAGE>

                                       Principal Amount to be purchased (if less
                                       than all):  $__________,000

                                       Social Security or Other Taxpayer Number

                                       Certificate Number*:  ____________

* For certificated notes only.

                                      A-17
<PAGE>

                                                                         Annex B

FORM OF PURCHASE NOTICE

To:  Maverick Tube Corporation

      The undersigned registered holder of this Note hereby acknowledges receipt
of a notice from Maverick Tube Corporation (the "Company") as to the holder's
option to require the Company to repurchase this Note and requests and instructs
the Company to repurchase this Note, or the portion (which is $1,000 principal
amount or an integral multiple thereof) designated below, in accordance with the
terms of the Note and the Indenture referred to in this Note and directs that
the check of the Company in payment for this Note or the portion thereof and any
Notes representing any unrepurchased principal amount hereof, be issued and
delivered to the registered holder unless a different name has been indicated
below. If any portion of this Note not repurchased is to be issued in the name
of a Person other than the undersigned, the undersigned shall pay all transfer
taxes payable with respect thereto. The Notes to be repurchased shall be
purchased as of the Purchase Date pursuant to the terms and conditions specified
in paragraph 8 of this Note and in the Indenture.

Dated:

                                       Signature(s)

                        Signature(s) must be guaranteed by a commercial bank or
                        trust company or a member firm of a major stock exchange
                        if Notes are to be delivered, other than to or in the
                        name of the registered holder.

                                       Signature Guarantee

      Fill in for registration of Notes if to be issued other than to and in the
name of registered holder:

(Name)

(Street Address)

(City, state and zip code)
Please print name and address

                                      A-18
<PAGE>

                                  Principal Amount to be purchased (if less
                                  than all):  $__________,000

                                  Social Security or Other Taxpayer Number

                                  Certificate Number*: ____________

*  For certificated notes only.

                                      A-19
<PAGE>

                                                                         Annex C

FORM OF CONVERSION NOTICE

To: Maverick Tube Corporation

      The undersigned registered holder of this Note hereby exercises the option
to convert this Note, or portion (which is $1,000 principal amount or an
integral multiple thereof) designated below, for shares of Common Stock of
Maverick Tube Corporation in accordance with the terms of the Indenture referred
to in this Note, and directs that the shares, if any, issuable and deliverable
upon such conversion, together with any check for cash deliverable upon such
conversion, and any Notes representing any unconverted principal amount hereof,
be issued and delivered to the registered holder unless a different name has
been indicated below. If shares or any portion of this Note not converted are to
be issued in the name of a Person other than the undersigned, the undersigned
shall pay all transfer taxes payable with respect thereto.

      This notice shall be deemed to be an irrevocable exercise of the option to
convert this Note.

      [ ] If applicable, check box if the undersigned elects to convert in
accordance with the Public Acquirer Change of Control provisions of the
Indenture governing this Note.

Dated:

                                                 Signature(s)

                                           Signature(s) must be guaranteed by a
                                           commercial bank or trust company or a
                                           member firm of a major stock exchange
                                           if shares of Common Stock are to be
                                           issued, or Notes to be delivered,
                                           other than to or in the name of the
                                           registered holder.

                                                 Signature Guarantee

                                      A-20
<PAGE>

Fill in for registration of shares if to be
delivered, and Notes if to be issued other
than to and in the name of registered
holder:

                                      Principal Amount to be purchased (if less
(Name)                                than all):

(Street Address)                      $___________,000

(City, state and zip code)            Social Security or Other Taxpayer
Please print name and address         Number

                                      A-21
<PAGE>

                                                                         Annex D

ASSIGNMENT FORM

      For value received ___________________________ hereby sell(s), assign(s)
and transfer(s) unto _____________________ (Please insert social security or
other Taxpayer Identification Number of assignee) the within Note, and hereby
irrevocably constitutes and appoints __________ attorney to transfer the said
Note on the books of the Company, with full power of substitution in the
premises.

Dated:

                                                 Signature(s)

                                           Signature(s) must be guaranteed by a
                                           commercial bank or trust company or a
                                           member firm of a major stock exchange
                                           if shares of Common Stock are to be
                                           issued, or Notes to be delivered,
                                           other than to or in the name of the
                                           registered holder.

                                                  Signature Guarantee

      NOTICE: The above signatures of the holder(s) must correspond with the
name as written upon the face of the Note in every particular without alteration
or enlargement or any change whatever.

                                      A-22
<PAGE>

                                    Exhibit B

                           PROJECTED PAYMENT SCHEDULE

Maverick Tube Corporation

<TABLE>
<C>                                                             <C>
$120,000,000 Convertible Senior Subordinated Notes due 2033     Comparable Yield: 8.48%
</TABLE>

<TABLE>
<CAPTION>
 SEMIANNUAL       NONCONTINGENT   CONTINGENT        TOTAL         ADJUSTED
PERIOD ENDING       PAYMENTS       PAYMENTS       PAYMENTS       ISSUE PRICE         OID
<S>               <C>             <C>             <C>            <C>              <C>
 12/15/2003          $20.67       $    0.00       $   20.67       $1,000.00       $   43.84
  6/15/2004          $20.00       $    0.00       $   20.00       $1,023.18       $   43.38
 12/15/2004          $20.00       $    0.00       $   20.00       $1,046.56       $   44.37
  6/15/2005          $20.00       $    0.00       $   20.00       $1,070.93       $   45.41
 12/15/2005          $20.00       $    0.00       $   20.00       $1,096.34       $   46.48
  6/15/2006          $20.00       $    0.00       $   20.00       $1,122.83       $   47.61
 12/15/2006          $20.00       $    0.00       $   20.00       $1,150.43       $   48.78
  6/15/2007          $20.00       $    0.00       $   20.00       $1,179.21       $   50.00
 12/15/2007          $20.00       $    0.00       $   20.00       $1,209.21       $   51.27
  6/15/2008          $20.00       $    0.00       $   20.00       $1,240.48       $   52.60
 12/15/2008          $20.00       $    0.00       $   20.00       $1,273.08       $   53.98
  6/15/2009          $20.00       $    0.00       $   20.00       $1,307.06       $   55.42
 12/15/2009          $20.00       $    0.00       $   20.00       $1,342.48       $   56.92
  6/15/2010          $20.00       $    0.00       $   20.00       $1,379.40       $   58.49
 12/15/2010          $20.00       $    0.00       $   20.00       $1,417.88       $   60.12
  6/15/2011          $20.00       $    0.00       $   20.00       $1,458.00       $   61.82
 12/15/2011          $20.00       $    0.00       $   20.00       $1,499.82       $   63.59
  6/15/2012          $20.00       $    0.00       $   20.00       $1,543.41       $   65.44
 12/15/2012          $20.00       $    3.25       $   23.25       $1,588.85       $   67.37
  6/15/2013          $20.00       $    3.37       $   23.37       $1,632.97       $   69.24
 12/15/2013          $20.00       $    3.50       $   23.50       $1,678.84       $   71.18
  6/15/2014          $20.00       $    3.63       $   23.63       $1,726.52       $   73.20
 12/15/2014          $20.00       $    3.77       $   23.77       $1,776.09       $   75.31
  6/15/2015          $20.00       $    3.91       $   23.91       $1,827.63       $   77.49
 12/15/2015          $20.00       $    4.06       $   24.06       $1,881.20       $   79.76
  6/15/2016          $20.00       $    4.21       $   24.21       $1,936.91       $   82.12
 12/15/2016          $20.00       $    4.37       $   24.37       $1,994.82       $   84.58
  6/15/2017          $20.00       $    4.54       $   24.54       $2,055.02       $   87.13
 12/15/2017          $20.00       $    4.71       $   24.71       $2,117.62       $   89.79
  6/15/2018          $20.00       $    4.89       $   24.89       $2,182.69       $   92.55
 12/15/2018          $20.00       $    5.07       $   25.07       $2,250.35       $   95.41
  6/15/2019          $20.00       $    5.27       $   25.27       $2,320.69       $   98.40
 12/15/2019          $20.00       $    5.46       $   25.46       $2,393.83       $  101.50
  6/15/2020          $20.00       $    5.67       $   25.67       $2,469.86       $  104.72
 12/15/2020          $20.00       $    5.89       $   25.89       $2,548.91       $  108.07
  6/15/2021          $20.00       $    6.11       $   26.11       $2,631.10       $  111.56
 12/15/2021          $20.00       $    6.34       $   26.34       $2,716.55       $  115.18
  6/15/2022          $20.00       $    6.58       $   26.58       $2,805.39       $  118.95
 12/15/2022          $20.00       $    6.83       $   26.83       $2,897.77       $  122.87
  6/15/2023          $20.00       $    7.08       $   27.08       $2,993.80       $  126.94
 12/15/2023          $20.00       $    7.35       $   27.35       $3,093.66       $  131.17
  6/15/2024          $20.00       $    7.63       $   27.63       $3,197.47       $  135.57
 12/15/2024          $20.00       $    7.92       $   27.92       $3,305.42       $  140.15
  6/15/2025          $20.00       $    8.22       $   28.22       $3,417.65       $  144.91
 12/15/2025          $20.00       $    8.53       $   28.53       $3,534.34       $  149.86
</TABLE>

                                       B-1
<PAGE>

<TABLE>
<CAPTION>
 SEMIANNUAL       NONCONTINGENT   CONTINGENT        TOTAL         ADJUSTED
PERIOD ENDING       PAYMENTS       PAYMENTS       PAYMENTS       ISSUE PRICE         OID
<S>               <C>             <C>             <C>            <C>              <C>
  6/15/2026          $20.00       $    8.85       $   28.85       $3,655.66       $  155.00
 12/15/2026          $20.00       $    9.19       $   29.19       $3,781.81       $  160.35
  6/15/2027          $20.00       $    9.53       $   29.53       $3,912.98       $  165.91
 12/15/2027          $20.00       $    9.89       $   29.89       $4,049.35       $  171.69
  6/15/2028          $20.00       $   10.27       $   30.27       $4,191.15       $  177.70
 12/15/2028          $20.00       $   10.66       $   30.66       $4,338.59       $  183.96
  6/15/2029          $20.00       $   11.06       $   31.06       $4,491.89       $  190.46
 12/15/2029          $20.00       $   11.48       $   31.48       $4,651.29       $  197.21
  6/15/2030          $20.00       $   11.91       $   31.91       $4,817.02       $  204.24
 12/15/2030          $20.00       $   12.36       $   32.36       $4,989.36       $  211.55
  6/15/2031          $20.00       $   12.83       $   32.83       $5,168.54       $  219.15
 12/15/2031          $20.00       $   13.31       $   33.31       $5,354.86       $  227.05
  6/15/2032          $20.00       $   13.82       $   33.82       $5,548.59       $  235.26
 12/15/2032          $20.00       $   14.34       $   34.34       $5,750.04       $  243.80
  6/15/2033          $20.00       $6,192.18       $6,212.18       $5,959.50       $  252.68
</TABLE>

THE COMPARABLE YIELD AND THE SCHEDULE OF PROJECTED PAYMENTS ARE NOT DETERMINED
FOR ANY PURPOSE OTHER THAN FOR THE DETERMINATION OF A U.S. HOLDER'S INTEREST
ACCRUALS AND ADJUSTMENTS THEREOF IN RESPECT OF THE NOTES FOR UNITED STATES
FEDERAL INCOME TAX PURPOSES AND DO NOT CONSTITUTE A PROJECTION OR REPRESENTATION
REGARDING THE ACTUAL AMOUNTS PAYABLE ON THE NOTES.

CONSISTENT WITH SECTION 2.12 OF THE INDENTURE, THE COMPARABLE YIELD AND SCHEDULE
OF PROJECTED PAYMENTS GOVERNING THE NOTES IS IDENTICAL TO THE COMPARABLE YIELD
AND SCHEDULE OF PROJECTED PAYMENTS THAT GOVERNED THE PRIOR NOTES.

                                      B-2<PAGE>

                                                                     EXHIBIT 4.1

                           WEST POINTE BANCORP, INC.,
                                    AS ISSUER

                                    INDENTURE

                          DATED AS OF DECEMBER 15, 2004

                            WILMINGTON TRUST COMPANY,
                                   AS TRUSTEE

        FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

                                    DUE 2034

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   Page
                                                                                                                   ----
<S>                                                                                                                <C>
ARTICLE I. DEFINITIONS...........................................................................................    1

         Section 1.1.      Definitions...........................................................................    1

ARTICLE II. DEBENTURES...........................................................................................    8

         Section 2.1.      Authentication and Dating.............................................................    8
         Section 2.2.      Form of Trustee's Certificate of Authentication.......................................    8
         Section 2.3.      Form and Denomination of Debentures...................................................    9
         Section 2.4.      Execution of Debentures...............................................................    9
         Section 2.5.      Exchange and Registration of Transfer of Debentures...................................    9
         Section 2.6.      Mutilated, Destroyed, Lost or Stolen Debentures.......................................   11
         Section 2.7.      Temporary Debentures..................................................................   12
         Section 2.8.      Payment of Interest and Additional Interest...........................................   12
         Section 2.9.      Cancellation of Debentures Paid, etc..................................................   13
         Section 2.10.     Computation of Interest...............................................................   14
         Section 2.11.     Extension of Interest Payment Period..................................................   15
         Section 2.12.     CUSIP Numbers.........................................................................   16

ARTICLE III. PARTICULAR COVENANTS OF THE COMPANY.................................................................   16

         Section 3.1.      Payment of Principal,  Premium and Interest;  Agreed  Treatment of the
                           Debentures............................................................................   16
         Section 3.2.      Offices for Notices and Payments, etc.................................................   17
         Section 3.3.      Appointments to Fill Vacancies in Trustee's Office....................................   17
         Section 3.4.      Provision as to Paying Agent..........................................................   17
         Section 3.5.      Certificate to Trustee................................................................   18
         Section 3.6.      Additional Sums.......................................................................   18
         Section 3.7.      Compliance with Consolidation Provisions..............................................   19
         Section 3.8.      Limitation on Dividends...............................................................   19
         Section 3.9.      Covenants as to the Trust.............................................................   19
         Section 3.10.     Additional Junior Indebtedness........................................................   20

ARTICLE IV. SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE....................................   20

         Section 4.1.      Securityholders' Lists................................................................   20
         Section 4.2.      Preservation and Disclosure of Lists..................................................   20

ARTICLE V. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT..................................   21

         Section 5.1.      Events of Default.....................................................................   21
         Section 5.2.      Payment of Debentures on Default; Suit Therefor.......................................   23
         Section 5.3.      Application of Moneys Collected by Trustee............................................   24
         Section 5.4.      Proceedings by Securityholders........................................................   24
         Section 5.5.      Proceedings by Trustee................................................................   25
         Section 5.6.      Remedies Cumulative and Continuing; Delay or Omission Not a Waiver....................   25
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                                 <C>
         Section 5.7.      Direction  of  Proceedings  and  Waiver of  Defaults  by  Majority  of
                           Securityholders.......................................................................   25
         Section 5.8.      Notice of Defaults....................................................................   26
         Section 5.9.      Undertaking to Pay Costs..............................................................   26

ARTICLE VI. CONCERNING THE TRUSTEE...............................................................................   26

         Section 6.1.      Duties and Responsibilities of Trustee................................................   26
         Section 6.2.      Reliance on Documents, Opinions, etc..................................................   27
         Section 6.3.      No Responsibility for Recitals, etc...................................................   28
         Section 6.4.      Trustee,  Authenticating  Agent,  Paying  Agents,  Transfer  Agents or
                           Registrar May Own Debentures..........................................................   28
         Section 6.5.      Moneys to be Held in Trust............................................................   29
         Section 6.6.      Compensation and Expenses of Trustee..................................................   29
         Section 6.7.      Officers' Certificate as Evidence.....................................................   29
         Section 6.8.      Eligibility of Trustee................................................................   30
         Section 6.9.      Resignation or Removal of Trustee.....................................................   30
         Section 6.10.     Acceptance by Successor Trustee.......................................................   31
         Section 6.11.     Succession by Merger, etc.............................................................   32
         Section 6.12.     Authenticating Agents.................................................................   32

ARTICLE VII. CONCERNING THE SECURITYHOLDERS......................................................................   33

         Section 7.1.      Action by Securityholders.............................................................   33
         Section 7.2.      Proof of Execution by Securityholders.................................................   33
         Section 7.3.      Who Are Deemed Absolute Owners........................................................   34
         Section 7.4.      Debentures Owned by Company Deemed Not Outstanding....................................   34
         Section 7.5.      Revocation of Consents; Future Holders Bound..........................................   34

ARTICLE VIII. SECURITYHOLDERS' MEETINGS..........................................................................   34

         Section 8.1.      Purposes of Meetings..................................................................   34
         Section 8.2.      Call of Meetings by Trustee...........................................................   35
         Section 8.3.      Call of Meetings by Company or Securityholders........................................   35
         Section 8.4.      Qualifications for Voting.............................................................   35
         Section 8.5.      Regulations...........................................................................   35
         Section 8.6.      Voting................................................................................   36
         Section 8.7.      Quorum; Actions.......................................................................   36

ARTICLE IX. SUPPLEMENTAL INDENTURES..............................................................................   37

         Section 9.1.      Supplemental Indentures without Consent of Securityholders............................   37
         Section 9.2.      Supplemental Indentures with Consent of Securityholders...............................   38
         Section 9.3.      Effect of Supplemental Indentures.....................................................   39
         Section 9.4.      Notation on Debentures................................................................   39
         Section 9.5.      Evidence of  Compliance of  Supplemental  Indenture to be Furnished to
                           Trustee...............................................................................   39

ARTICLE X. REDEMPTION OF SECURITIES..............................................................................   39

         Section 10.1.     Optional Redemption...................................................................   39
         Section 10.2.     Special Event Redemption..............................................................   39
         Section 10.3.     Notice of Redemption; Selection of Debentures.........................................   40
         Section 10.4.     Payment of Debentures Called for Redemption...........................................   40
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                                 <C>
ARTICLE XI. CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE....................................................   40

         Section 11.1.     Company May Consolidate, etc., on Certain Terms.......................................   41
         Section 11.2.     Successor Entity to be Substituted....................................................   41
         Section 11.3.     Opinion of Counsel to be Given to Trustee.............................................   41

ARTICLE XII. SATISFACTION AND DISCHARGE OF INDENTURE.............................................................   41

         Section 12.1.     Discharge of Indenture................................................................   41
         Section 12.2.     Deposited Moneys to be Held in Trust by Trustee.......................................   42
         Section 12.3.     Paying Agent to Repay Moneys Held.....................................................   42
         Section 12.4.     Return of Unclaimed Moneys............................................................   42

ARTICLE XIII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS....................................   43

         Section 13.1.     Indenture and Debentures Solely Corporate Obligations.................................   43

ARTICLE XIV. MISCELLANEOUS PROVISIONS............................................................................   43

         Section 14.1.     Successors............................................................................   43
         Section 14.2.     Official Acts by Successor Entity.....................................................   43
         Section 14.3.     Surrender of Company Powers...........................................................   43
         Section 14.4.     Addresses for Notices, etc............................................................   43
         Section 14.5.     Governing Law.........................................................................   43
         Section 14.6.     Evidence of Compliance with Conditions Precedent......................................   44
         Section 14.7.     Table of Contents, Headings, etc......................................................   44
         Section 14.8.     Execution in Counterparts.............................................................   44
         Section 14.9.     Separability..........................................................................   44
         Section 14.10.    Assignment............................................................................   44
         Section 14.11.    Acknowledgment of Rights..............................................................   44

ARTICLE XV. SUBORDINATION OF DEBENTURES..........................................................................   45

         Section 15.1.     Agreement to Subordinate..............................................................   45
         Section 15.2.     Default on Senior Indebtedness........................................................   45
         Section 15.3.     Liquidation, Dissolution, Bankruptcy..................................................   45
         Section 15.4.     Subrogation...........................................................................   46
         Section 15.5.     Trustee to Effectuate Subordination...................................................   47
         Section 15.6.     Notice by the Company.................................................................   47
         Section 15.7.     Rights of the Trustee; Holders of Senior Indebtedness.................................   48
         Section 15.8.     Subordination May Not Be Impaired.....................................................   48

Exhibit A         Form of Floating Rate Junior Subordinated Deferrable Interest Debenture
</TABLE>

                                       iii
<PAGE>

      THIS INDENTURE, dated as of December 15, 2004, between West Pointe
Bancorp, Inc., an Illinois corporation (the "Company"), and Wilmington Trust
Company, a Delaware banking corporation, as debenture trustee (the "Trustee").

                                   WITNESSETH:

      WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the issuance of its Floating Rate Junior Subordinated Deferrable
Interest Debentures due 2034 (the "Debentures") under this Indenture to provide,
among other things, for the execution and authentication, delivery and
administration thereof, and the Company has duly authorized the execution of
this Indenture; and

      WHEREAS, all acts and things necessary to make this Indenture a valid
agreement according to its terms, have been done and performed;

      NOW, THEREFORE, This Indenture Witnesseth:

      In consideration of the premises, and the purchase of the Debentures by
the holders thereof, the Company covenants and agrees with the Trustee for the
equal and proportionate benefit of the respective holders from time to time of
the Debentures as follows:

                                   ARTICLE I.
                                   DEFINITIONS

      SECTION 1.1. DEFINITIONS. The terms defined in this Section 1.1 (except as
herein otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto
shall have the respective meanings specified in this Section 1.1. All accounting
terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles and the
term "generally accepted accounting principles" means such accounting principles
as are generally accepted in the United States at the time of any computation.
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.

      "Additional Interest" has the meaning set forth in Section 2.11.

      "Additional Junior Indebtedness" means, without duplication and other than
the Debentures, any indebtedness, liabilities or obligations of the Company, or
any Subsidiary of the Company, under debt securities (or guarantees in respect
of debt securities) initially issued after the date of this Indenture to any
trust, or a trustee of a trust, partnership or other entity affiliated with the
Company that is, directly or indirectly, a finance subsidiary (as such term is
defined in Rule 3a-5 under the Investment Company Act of 1940) or other
financing vehicle of the Company or any Subsidiary of the Company in connection
with the issuance by that entity of preferred securities or other securities
that are eligible to qualify for Tier 1 capital treatment (or its then
equivalent) for purposes of the capital adequacy guidelines of the Federal
Reserve, as then in effect and applicable to the Company (or, if the Company is
not a bank holding company, such guidelines applied to the Company as if the
Company were subject to such guidelines); provided, however, that the inability
of the Company to treat all or any portion of the Additional Junior Indebtedness
as Tier 1 capital shall not disqualify it as Additional Junior Indebtedness if
such inability results from the Company having cumulative preferred stock,
minority interests in consolidated subsidiaries, or any other class of security
or interest which the Federal Reserve now or may hereafter accord Tier 1 capital
treatment (including the Debentures) in excess of the amount which may qualify
for treatment as Tier 1 capital under applicable capital adequacy guidelines.

      "Additional Sums" has the meaning set forth in Section 3.6.

                                       1
<PAGE>

      "Affiliate" has the same meaning as given to that term in Rule 405 of the
Securities Act or any successor rule thereunder.

      "Authenticating Agent" means any agent or agents of the Trustee which at
the time shall be appointed and acting pursuant to Section 6.12.

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

      "Board of Directors" means the board of directors or the executive
committee or any other duly authorized designated officers of the Company.

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

      "Business Day" means any day other than a Saturday, Sunday or any other
day on which banking institutions in New York City or Wilmington, Delaware are
permitted or required by any applicable law or executive order to close.

      "Capital Securities" means undivided beneficial interests in the assets of
the Trust which rank pari passu with Common Securities issued by the Trust;
provided, however, that upon the occurrence and during the continuation of an
Event of Default (as defined in the Declaration), the rights of holders of such
Common Securities to payment in respect of distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of holders
of such Capital Securities.

      "Capital Securities Guarantee" means the guarantee agreement that the
Company enters into with Wilmington Trust Company, as guarantee trustee, or
other Persons that operates directly or indirectly for the benefit of holders of
Capital Securities of the Trust.

      "Capital Treatment Event" means the receipt by the Company and the Trust
of an opinion of counsel experienced in such matters to the effect that, as a
result of the occurrence of any amendment to, or change (including any announced
prospective change) in, the laws, rules or regulations of the United States or
any political subdivision thereof or therein, or as the result of any official
or administrative pronouncement or action or decision interpreting or applying
such laws, rules or regulations, which amendment or change is effective or which
pronouncement, action or decision is announced on or after the date of original
issuance of the Debentures, there is more than an insubstantial risk that the
Company will not, within 90 days of the date of such opinion, be entitled to
treat an amount equal to the aggregate liquidation amount of the Capital
Securities as "Tier 1 Capital" (or its then equivalent) for purposes of the
capital adequacy guidelines of the Federal Reserve, as then in effect and
applicable to the Company (or if the Company is not a bank holding company, such
guidelines applied to the Company as if the Company were subject to such
guidelines); provided, however, that the inability of the Company to treat all
or any portion of the liquidation amount of the Capital Securities as Tier l
Capital shall not constitute the basis for a Capital Treatment Event, if such
inability results from the Company having cumulative preferred stock, minority
interests in consolidated subsidiaries, or any other class of security or
interest which the Federal Reserve or OTS, as applicable, may now or hereafter
accord Tier 1 Capital treatment in excess of the amount which may now or
hereafter qualify for treatment as Tier 1 Capital under applicable capital
adequacy guidelines; provided further, however, that the distribution of
Debentures in connection with the liquidation of the Trust shall not in and of
itself constitute a Capital Treatment Event unless such liquidation shall have
occurred in connection with a Tax Event or an Investment Company Event.

                                       2
<PAGE>

      "Certificate" means a certificate signed by any one of the principal
executive officer, the principal financial officer or the principal accounting
officer of the Company.

      "Common Securities" means undivided beneficial interests in the assets of
the Trust which rank pari passu with Capital Securities issued by the Trust;
provided, however, that upon the occurrence and during the continuation of an
Event of Default (as defined in the Declaration), the rights of holders of such
Common Securities to payment in respect of distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of holders
of such Capital Securities.

      "Company" means West Pointe Bancorp, Inc., an Illinois corporation, and,
subject to the provisions of Article XI, shall include its successors and
assigns.

      "Coupon Rate" has the meaning set forth in Section 2.8.

      "Debenture" or "Debentures" has the meaning stated in the first recital of
this Indenture.

      "Debenture Register" has the meaning specified in Section 2.5.

      "Declaration" means the Amended and Restated Declaration of Trust of the
Trust, as amended or supplemented from time to time.

      "Default" means any event, act or condition that with notice or lapse of
time, or both, would constitute an Event of Default.

      "Defaulted Interest" has the meaning set forth in Section 2.8.

      "Determination Date" has the meaning set forth in Section 2.10.

      "Distribution Period" means (i) with respect to interest paid on the first
Interest Payment Date, the period beginning on (and including) the date of
original issuance and ending on (but excluding) the Interest Payment Date in
March 2005 and (ii) thereafter, with respect to interest paid on each successive
Interest Payment Date, the period beginning on (and including) the preceding
Interest Payment Date and ending on (but excluding) such current Interest
Payment Date.

      "Event of Default" means any event specified in Section 5.1, continued for
the period of time, if any, and after the giving of the notice, if any, therein
designated.

      "Extension Event of Default" means an Event of Default under Section
5.1(a), (d) or (e), whatever the reason for such Extension Event of Default and
whether 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.

      "Extension Period" has the meaning set forth in Section 2.11.

      "Federal Reserve" means the Board of Governors of the Federal Reserve
System, or its designated district bank, as applicable, and any successor
federal agency that is primarily responsible for regulating the activities of
bank holding companies.

      "Indenture" means this instrument as originally executed or, if amended or
supplemented as herein provided, as so amended or supplemented, or both.

      "Institutional Trustee" has the meaning set forth in the Declaration.

                                       3
<PAGE>

      "Interest Payment Date" means March 15, June 15, September 15 and December
15 of each year during the term of this Indenture, or if such day is not a
Business Day, then the next succeeding Business Day, commencing in March 2005.

      "Interest Rate" means for the Distribution Period beginning on (and
including) the date of original issuance and ending on (but excluding) the
Interest Payment Date in March 2005 the rate per annum of 4.70%, and for each
Distribution Period beginning on or after the Interest Payment Date in March
2005, the Coupon Rate for such Distribution Period.

      "Investment Company Event" means the receipt by the Company and the Trust
of an opinion of counsel experienced in such matters to the effect that, as a
result of the occurrence of a change in law or regulation or written change
(including any announced prospective change) in interpretation or application of
law or regulation by any legislative body, court, governmental agency or
regulatory authority, there is more than an insubstantial risk that the Trust is
or, within 90 days of the date of such opinion will be considered an "investment
company" that is required to be registered under the Investment Company Act of
1940, as amended which change or prospective change becomes effective or would
become effective, as the case may be, on or after the date of the issuance of
the Debentures.

      "Liquidation Amount" means the stated amount of $1,000.00 per Trust
Security.

      "Maturity Date" means December 15, 2034.

      "Officers' Certificate" means a certificate signed by the Chairman of the
Board, the Chief Executive Officer, the Vice Chairman, the President, any
Managing Director or any Vice President, and by the Treasurer, an Assistant
Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or an
Assistant Secretary of the Company, and delivered to the Trustee. Each such
certificate shall include the statements provided for in Section 14.6 if and to
the extent required by the provisions of such Section.

      "Opinion of Counsel" means an opinion in writing signed by legal counsel,
who may be an employee of or counsel to the Company, or may be other counsel
reasonably satisfactory to the Trustee. Each such opinion shall include the
statements provided for in Section 14.6 if and to the extent required by the
provisions of such Section.

      "OTS" means the Office of Thrift Supervision and any successor federal
agency that is primarily responsible for regulating the activities of savings
and loan holding companies.

      The term "outstanding," when used with reference to Debentures, means,
subject to the provisions of Section 7.4, as of any particular time, all
Debentures authenticated and delivered by the Trustee or the Authenticating
Agent under this Indenture, except:

      (a) Debentures theretofore canceled by the Trustee or the Authenticating
Agent or delivered to the Trustee for cancellation;

      (b) Debentures, or portions thereof, for the payment or redemption of
which moneys in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Company) or shall have been set
aside and segregated in trust by the Company (if the Company shall act as its
own paying agent); provided, however, that, if such Debentures, or portions
thereof, are to be redeemed prior to maturity thereof, notice of such redemption
shall have been given as provided in Section 10.3 or provision satisfactory to
the Trustee shall have been made for giving such notice; and

      (c) Debentures paid pursuant to Section 2.6 or in lieu of or in
substitution for which other Debentures shall have been authenticated and
delivered pursuant to the terms of Section 2.6 unless proof

                                       4
<PAGE>

satisfactory to the Company and the Trustee is presented that any such
Debentures are held by bona fide holders in due course.

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

      "Predecessor Security" of any particular Debenture means every previous
Debenture evidencing all or a portion of the same debt as that evidenced by such
particular Debenture; and, for purposes of this definition, any Debenture
authenticated and delivered under Section 2.6 in lieu of a lost, destroyed or
stolen Debenture shall be deemed to evidence the same debt as the lost,
destroyed or stolen Debenture.

      "Principal Office of the Trustee," or other similar term, means the office
of the Trustee, at which at any particular time its corporate trust business
shall be principally administered, which at the time of the execution of this
Indenture shall be Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890-1600, Attention: Corporate Trust Administration.

      "Redemption Date" has the meaning set forth in Section 10.1.

      "Redemption Price" means 100% of the principal amount of the Debentures
being redeemed, plus accrued and unpaid interest (including any Additional
Interest) on such Debentures to the Redemption Date.

      "Responsible Officer" means, with respect to the Trustee, any officer
within the Principal Office of the Trustee, including any vice-president, any
assistant vice-president, any secretary, any assistant secretary, the treasurer,
any assistant treasurer, any trust officer or other officer of the Principal
Trust Office of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer's knowledge of and familiarity with the
particular subject.

      "Securities Act" means the Securities Act of 1933, as amended from time to
time or any successor legislation.

      "Securityholder," "holder of Debentures," or other similar terms, means
any Person in whose name at the time a particular Debenture is registered on the
register kept by the Company or the Trustee for that purpose in accordance with
the terms hereof.

      "Senior Indebtedness" means, with respect to the Company, (i) the
principal, premium, if any, and interest in respect of (A) indebtedness of the
Company for all borrowed and purchased money and (B) indebtedness evidenced by
securities, debentures, notes, bonds or other similar instruments issued by the
Company; (ii) all capital lease obligations of the Company; (iii) all
obligations of the Company issued or assumed as the deferred purchase price of
property, all conditional sale obligations of the Company and all obligations of
the Company under any title retention agreement; (iv) all obligations of the
Company for the reimbursement of any letter of credit, any banker's acceptance,
any security purchase facility, any repurchase agreement or similar arrangement,
any interest rate swap, any other hedging arrangement, any obligation under
options or any similar credit or other transaction; (v) all obligations of the
Company associated with derivative products such as interest and foreign
exchange rate contracts, commodity contracts, and similar arrangements; (vi) all
obligations of the type referred to in clauses (i) through (v) above of other
Persons for the payment of which the Company is responsible or liable as
obligor, guarantor or otherwise including, without limitation, similar
obligations arising from off-balance sheet guarantees and direct credit
substitutes; and (vii) all obligations of the type referred to in clauses (i)

                                       5
<PAGE>

through (vi) above of other Persons secured by any lien on any property or asset
of the Company (whether or not such obligation is assumed by the Company),
whether incurred on or prior to the date of this Indenture or thereafter
incurred. Notwithstanding the foregoing, "Senior Indebtedness" shall not include
(1) any Additional Junior Indebtedness, (2) Debentures issued pursuant to this
Indenture and guarantees in respect of such Debentures, (3) trade accounts
payable of the Company arising in the ordinary course of business (such trade
accounts payable being pari passu in right of payment to the Debentures), or (4)
obligations with respect to which (a) in the instrument creating or evidencing
the same or pursuant to which the same is outstanding, it is provided that such
obligations are pari passu, junior or otherwise not superior in right of payment
to the Debentures and (b) the Company, prior to the issuance thereof, has
notified (and, if then required under the applicable guidelines of the
regulating entity, has received approval from) the Federal Reserve (if the
Company is a bank holding company) or the OTS (if the Company is a savings and
loan holding company). Senior Indebtedness shall continue to be Senior
Indebtedness and be entitled to the subordination provisions irrespective of any
amendment, modification or waiver of any term of such Senior Indebtedness.

      "Special Event" means any of a Capital Treatment Event, an Investment
Company Event or a Tax Event.

      "Special Redemption Date" has the meaning set forth in Section 10.2.

      "Special Redemption Price" means the price set forth in the following
table for any Special Redemption Date that occurs on the date indicated below
(or if such day is not a Business Day, then the next succeeding Business Day),
expressed as the percentage of the principal amount of the Debentures being
redeemed:

<TABLE>
<CAPTION>
   MONTH IN WHICH SPECIAL
   REDEMPTION DATE OCCURS          SPECIAL REDEMPTION PRICE
----------------------------       ------------------------
<S>                                <C>
         March 2005                         104.625%
         June 2005                          104.300%
       September 2005                       104.000%
       December 2005                        103.650%
         March 2006                         103.350%
         June 2006                          103.000%
       September 2006                       102.700%
       December 2006                        102.350%
         March 2007                         102.050%
         June 2007                          101.700%
       September 2007                       101.400%
       December 2007                        101.050%
</TABLE>

                                       6
<PAGE>

<TABLE>
<S>                                         <C>
         March 2008                         100.750%
         June 2008                          100.450%
       September 2008                       100.200%
December 2008 and thereafter                100.000%
</TABLE>

plus, in each case, accrued and unpaid interest (including any Additional
Interest) on such Debentures to the Special Redemption Date.

      "Subsidiary" means with respect to any Person, (i) any corporation at
least a majority of the outstanding voting stock of which is owned, directly or
indirectly, by such Person or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries, (ii) any general partnership, joint
venture or similar entity, at least a majority of the outstanding partnership or
similar interests of which shall at the time be owned by such Person, or by one
or more of its Subsidiaries, or by such Person and one or more of its
Subsidiaries and (iii) any limited partnership of which such Person or any of
its Subsidiaries is a general partner. For the purposes of this definition,
"voting stock" means shares, interests, participations or other equivalents in
the equity interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents
having such power only by reason of the occurrence of a contingency.

      "Tax Event" means the receipt by the Company and the Trust of an opinion
of counsel experienced in such matters to the effect that, as a result of any
amendment to or change (including any announced prospective change) in the laws
or any regulations thereunder of the United States or any political subdivision
or taxing authority thereof or therein, or as a result of any official
administrative pronouncement (including any private letter ruling, technical
advice memorandum, field service advice, regulatory procedure, notice or
announcement, including any notice or announcement of intent to adopt such
procedures or regulations) (an "Administrative Action") or judicial decision
interpreting or applying such laws or regulations, regardless of whether such
Administrative Action or judicial decision is issued to or in connection with a
proceeding involving the Company or the Trust and whether or not subject to
review or appeal, which amendment, clarification, change, Administrative Action
or decision is enacted, promulgated or announced, in each case on or after the
date of original issuance of the Debentures, there is more than an insubstantial
risk that: (i) the Trust is, or will be within 90 days of the date of such
opinion, subject to United States federal income tax with respect to income
received or accrued on the Debentures; (ii) interest payable by the Company on
the Debentures is not, or within 90 days of the date of such opinion, will not
be, deductible by the Company, in whole or in part, for United States federal
income tax purposes; or (iii) the Trust is, or will be within 90 days of the
date of such opinion, subject to more than a de minimis amount of other taxes,
duties or other governmental charges.

      "Telerate Page 3750" has the meaning set forth in Section 2.10.

      "3-Month LIBOR" has the meaning set forth in Section 2.10.

      "Trust" shall mean West Pointe Statutory Trust I, a Delaware statutory
trust, or any other similar trust created for the purpose of issuing Capital
Securities in connection with the issuance of Debentures under this Indenture,
of which the Company is the sponsor.

                                       7
<PAGE>

      "Trustee" means Wilmington Trust Company, and, subject to the provisions
of Article VI hereof, shall also include its successors and assigns as Trustee
hereunder.

      "Trust Securities" means Common Securities and Capital Securities of the
Trust.

                                   ARTICLE II.
                                   DEBENTURES

      SECTION 2.1. AUTHENTICATION AND DATING. Upon the execution and delivery of
this Indenture, or from time to time thereafter, Debentures in an aggregate
principal amount not in excess of $10,310,000.00 may be executed and delivered
by the Company to the Trustee for authentication, and the Trustee, upon receipt
of a written authentication order from the Company, shall thereupon authenticate
and make available for delivery said Debentures to or upon the written order of
the Company, signed by its Chairman of the Board of Directors, Chief Executive
Officer, Vice Chairman, the President, one of its Managing Directors or one of
its Vice Presidents without any further action by the Company hereunder.
Notwithstanding anything to the contrary contained herein, the Trustee shall be
fully protected in relying upon the aforementioned authentication order and
written order in authenticating and delivering said Debentures. In
authenticating such Debentures, and accepting the additional responsibilities
under this Indenture in relation to such Debentures, the Trustee shall be
entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon:

      (a)   a copy of any Board Resolution or Board Resolutions relating thereto
and, if applicable, an appropriate record of any action taken pursuant to such
resolution, in each case certified by the Secretary or an Assistant Secretary of
the Company, as the case may be; and

      (b)   an Opinion of Counsel prepared in accordance with Section 14.6 which
shall also state:

                  (1) that such Debentures, when authenticated and delivered by
            the Trustee and issued by the Company in each case in the manner and
            subject to any conditions specified in such Opinion of Counsel, will
            constitute valid and legally binding obligations of the Company,
            subject to or limited by applicable bankruptcy, insolvency,
            reorganization, conservatorship, receivership, moratorium and other
            statutory or decisional laws relating to or affecting creditors'
            rights or the reorganization of financial institutions (including,
            without limitation, preference and fraudulent conveyance or transfer
            laws), heretofore or hereafter enacted or in effect, affecting the
            rights of creditors generally; and

                  (2) that all laws and requirements in respect of the execution
            and delivery by the Company of the Debentures have been complied
            with and that authentication and delivery of the Debentures by the
            Trustee will not violate the terms of this Indenture.

      The Trustee shall have the right to decline to authenticate and deliver
any Debentures under this Section if the Trustee, being advised in writing by
counsel, determines that such action may not lawfully be taken or if a
Responsible Officer of the Trustee in good faith shall determine that such
action would expose the Trustee to personal liability to existing holders.

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

      SECTION 2.2. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. The
Trustee's certificate of authentication on all Debentures shall be in
substantially the following form:

                                       8
<PAGE>

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

      WILMINGTON TRUST COMPANY, as Trustee

      By__________________________________________
      Authorized Signer

      SECTION 2.3. FORM AND DENOMINATION OF DEBENTURES. The Debentures shall be
substantially in the form of Exhibit A attached hereto. The Debentures shall be
in registered, certificated form without coupons and in minimum denominations of
$100,000.00 and any multiple of $1,000.00 in excess thereof. Any attempted
transfer of the Debentures in a block having an aggregate principal amount of
less than $100,000.00 shall be deemed to be void and of no legal effect
whatsoever. Any such purported transferee shall be deemed not to be a holder of
such Debentures for any purpose, including, but not limited to the receipt of
payments on such Debentures, and such purported transferee shall be deemed to
have no interest whatsoever in such Debentures. The Debentures shall be
numbered, lettered, or otherwise distinguished in such manner or in accordance
with such plans as the officers executing the same may determine with the
approval of the Trustee as evidenced by the execution and authentication
thereof.

      SECTION 2.4. EXECUTION OF DEBENTURES. The Debentures shall be signed in
the name and on behalf of the Company by the manual or facsimile signature of
its Chairman of the Board of Directors, Chief Executive Officer, Vice Chairman,
President, one of its Managing Directors or one of its Executive Vice
Presidents, Senior Vice Presidents or Vice Presidents. Only such Debentures as
shall bear thereon a certificate of authentication substantially in the form
herein before recited, executed by the Trustee or the Authenticating Agent by
the manual signature of an authorized signer, shall be entitled to the benefits
of this Indenture or be valid or obligatory for any purpose. Such certificate by
the Trustee or the Authenticating Agent upon any Debenture executed by the
Company shall be conclusive evidence that the Debenture so authenticated has
been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.

      In case any officer of the Company who shall have signed any of the
Debentures shall cease to be such officer before the Debentures so signed shall
have been authenticated and delivered by the Trustee or the Authenticating
Agent, or disposed of by the Company, such Debentures nevertheless may be
authenticated and delivered or disposed of as though the Person who signed such
Debentures had not ceased to be such officer of the Company; and any Debenture
may be signed on behalf of the Company by such Persons as, at the actual date of
the execution of such Debenture, shall be the proper officers of the Company,
although at the date of the execution of this Indenture any such person was not
such an officer.

      Every Debenture shall be dated the date of its authentication.

      SECTION 2.5. EXCHANGE AND REGISTRATION OF TRANSFER OF DEBENTURES. The
Company shall cause to be kept, at the office or agency maintained for the
purpose of registration of transfer and for exchange as provided in Section 3.2,
a register (the "Debenture Register") for the Debentures issued hereunder in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration and transfer of all Debentures as in this
Article II provided. The Debenture Register shall be in written form or in any
other form capable of being converted into written form within a reasonable
time.

      Debentures to be exchanged may be surrendered at the Principal Office of
the Trustee or at any office or agency to be maintained by the Company for such
purpose as provided in Section 3.2, and the Company shall execute, the Company
or the Trustee shall register and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in exchange therefor the Debenture
or

                                       9
<PAGE>

Debentures which the Securityholder making the exchange shall be entitled to
receive. Upon due presentment for registration of transfer of any Debenture at
the Principal Office of the Trustee or at any office or agency of the Company
maintained for such purpose as provided in Section 3.2, the Company shall
execute, the Company or the Trustee shall register and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in the
name of the transferee or transferees a new Debenture for a like aggregate
principal amount. Registration or registration of transfer of any Debenture by
the Trustee or by any agent of the Company appointed pursuant to Section 3.2,
and delivery of such Debenture, shall be deemed to complete the registration or
registration of transfer of such Debenture.

      All Debentures presented for registration of transfer or for exchange or
payment shall (if so required by the Company or the Trustee or the
Authenticating Agent) be duly endorsed by, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and
the Trustee or the Authenticating Agent duly executed by the holder or his
attorney duly authorized in writing.

      No service charge shall be made for any exchange or registration of
transfer of Debentures, but the Company or the Trustee may require payment of a
sum sufficient to cover any tax, fee or other governmental charge that may be
imposed in connection therewith.

      The Company or the Trustee shall not be required to exchange or register a
transfer of any Debenture for a period of 15 days next preceding the date of
selection of Debentures for redemption.

      Notwithstanding anything herein to the contrary, Debentures may not be
transferred except in compliance with the restricted securities legend set forth
below, unless otherwise determined by the Company, upon the advice of counsel
expert in securities law, in accordance with applicable law:

      THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY
THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE
FEDERAL DEPOSIT INSURANCE CORPORATION.

      THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), ANY STATE SECURITIES LAWS OR ANY OTHER
APPLICABLE SECURITIES LAW. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN ACCORDANCE
WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING
OF SUBPARAGRAPH (A) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR
OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE

                                       10
<PAGE>

REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S RIGHT
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN
ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY.

      THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES,
REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") (EACH
A "PLAN"), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON
OF ANY PLAN'S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING "PLAN ASSETS" OF
ANY PLAN MAY ACQUIRE OR HOLD THE SECURITIES OR ANY INTEREST THEREIN, UNLESS SUCH
PURCHASER OR HOLDER IS ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38,
90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF
THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THE
SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN
WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF
THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN
EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF
ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH
PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR
ADMINISTRATIVE EXEMPTION.

      THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING
AN AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000.00 AND MULTIPLES OF
$1,000.00 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK
HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000.00 SHALL BE DEEMED TO
BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

      THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

      SECTION 2.6. MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES. In case any
Debenture shall become mutilated or be destroyed, lost or stolen, the Company
shall execute, and upon its written request the Trustee shall authenticate and
deliver, a new Debenture bearing a number not contemporaneously outstanding, in
exchange and substitution for the mutilated Debenture, or in lieu of and in
substitution for the Debenture so destroyed, lost or stolen. In every case the
applicant for a substituted Debenture shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to save each of
them harmless, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company and the Trustee evidence to their satisfaction
of the destruction, loss or theft of such Debenture and of the ownership
thereof.

      The Trustee may authenticate any such substituted Debenture and deliver
the same upon the written request or authorization of any officer of the
Company. Upon the issuance of any substituted

                                       11
<PAGE>

Debenture, 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 connected therewith. In case any Debenture which has matured or
is about to mature or has been called for redemption in full shall become
mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a
substitute Debenture, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debenture) if the applicant
for such payment shall furnish to the Company and the Trustee such security or
indemnity as may be required by them to save each of them harmless and, in case
of destruction, loss or theft, evidence satisfactory to the Company and to the
Trustee of the destruction, loss or theft of such Debenture and of the ownership
thereof.

      Every substituted Debenture issued pursuant to the provisions of this
Section 2.6 by virtue of the fact that any such Debenture is destroyed, lost or
stolen shall constitute an additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Debenture shall be found at any
time, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debentures duly issued hereunder. All
Debentures shall be held and owned upon the express condition that, to the
extent permitted by applicable law, the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Debentures and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other
securities without their surrender.

      SECTION 2.7. TEMPORARY DEBENTURES. Pending the preparation of definitive
Debentures, the Company may execute and the Trustee shall authenticate and make
available for delivery temporary Debentures that are typed, printed or
lithographed. Temporary Debentures shall be issuable in any authorized
denomination, and substantially in the form of the definitive Debentures in lieu
of which they are issued but with such omissions, insertions and variations as
may be appropriate for temporary Debentures, all as may be determined by the
Company. Every such temporary Debenture shall be executed by the Company and be
authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with the same effect, as the definitive Debentures. Without
unreasonable delay the Company will execute and deliver to the Trustee or the
Authenticating Agent definitive Debentures and thereupon any or all temporary
Debentures may be surrendered in exchange therefor, at the principal corporate
trust office of the Trustee or at any office or agency maintained by the Company
for such purpose as provided in Section 3.2, and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in
exchange for such temporary Debentures a like aggregate principal amount of such
definitive Debentures. Such exchange shall be made by the Company at its own
expense and without any charge therefor except that in case of any such exchange
involving a registration of transfer the Company may require payment of a sum
sufficient to cover any tax, fee or other governmental charge that may be
imposed in relation thereto. Until so exchanged, the temporary Debentures shall
in all respects be entitled to the same benefits under this Indenture as
definitive Debentures authenticated and delivered hereunder.

      SECTION 2.8. PAYMENT OF INTEREST AND ADDITIONAL INTEREST. Interest at the
Interest Rate and any Additional Interest on any Debenture that is payable, and
is punctually paid or duly provided for, on any Interest Payment Date for
Debentures shall be paid to the Person in whose name said Debenture (or one or
more Predecessor Securities) is registered at the close of business on the
regular record date for such interest installment except that interest and any
Additional Interest payable on the Maturity Date shall be paid to the Person to
whom principal is paid.

      Each Debenture shall bear interest for the period beginning on (and
including) the date of original issuance and ending on (but excluding) the
Interest Payment Date in March 2005 at a rate per annum of 4.70%, and shall bear
interest for each successive Distribution Period beginning on or after the
Interest

                                       12
<PAGE>

Payment Date in March 2005 at a rate per annum equal to the 3-Month LIBOR,
determined as described in Section 2.10, plus 2.25% (the "Coupon Rate"), applied
to the principal amount thereof, until the principal thereof becomes due and
payable, and on any overdue principal and to the extent that payment of such
interest is enforceable under applicable law (without duplication) on any
overdue installment of interest (including Additional Interest) at the Interest
Rate in effect for each applicable period compounded quarterly. Interest shall
be payable (subject to any relevant Extension Period) quarterly in arrears on
each Interest Payment Date with the first installment of interest to be paid on
the Interest Payment Date in March 2005.

      Any interest on any Debenture, including Additional Interest, 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 on the relevant regular record date by virtue
of having been such holder; and such Defaulted Interest shall be paid by the
Company to the Persons in whose names such Debentures (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 at least
25 days prior to the date of the proposed payment of the amount of Defaulted
Interest proposed to be paid on each such Debenture and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an
amount of money 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 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 not
be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such special
record date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder
at its address as it appears in the Debenture 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 therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Debentures (or their respective Predecessor Securities) are registered on
such special record date and shall be no longer payable.

      The Company may make payment of any Defaulted Interest on any Debentures
in any other lawful manner after notice given by the Company to the Trustee of
the proposed payment method; provided, however, the Trustee in its sole
discretion deems such payment method to be practical.

      Any interest (including Additional Interest) scheduled to become payable
on an Interest Payment Date occurring during an Extension Period shall not be
Defaulted Interest and shall be payable on such other date as may be specified
in the terms of such Debentures.

      The term "regular record date" as used in this Section shall mean the
close of business on the 5th Business Day preceding the applicable Interest
Payment Date.

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

      SECTION 2.9. CANCELLATION OF DEBENTURES PAID, ETC. All Debentures
surrendered for the purpose of payment, redemption, exchange or registration of
transfer, shall, if surrendered to the Company or any paying agent, be
surrendered to the Trustee and promptly canceled by it, or, if surrendered to
the Trustee or any Authenticating Agent, shall be promptly canceled by it, and
no

                                       13
<PAGE>

Debentures shall be issued in lieu thereof except as expressly permitted by any
of the provisions of this Indenture. All Debentures canceled by any
Authenticating Agent shall be delivered to the Trustee. The Trustee shall
destroy all canceled Debentures unless the Company otherwise directs the Trustee
in writing. If the Company shall acquire any of the Debentures, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debentures unless and until the same are
surrendered to the Trustee for cancellation.

      SECTION 2.10. COMPUTATION OF INTEREST. The amount of interest payable for
each Distribution Period will be calculated by applying the Interest Rate to the
principal amount outstanding at the commencement of the Distribution Period on
the basis of the actual number of days in the Distribution Period concerned
divided by 360. All percentages resulting from any calculations on the
Debentures will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655),
and all dollar amounts used in or resulting from such calculation will be
rounded to the nearest cent (with one-half cent being rounded upward)).

      (a) "3-Month LIBOR" means the London interbank offered interest rate for
three-month, U.S. dollar deposits determined by the Trustee in the following
order of priority:

            (1) the rate (expressed as a percentage per annum) for U.S. dollar
      deposits having a three-month maturity that appears on Telerate Page 3750
      as of 11:00 a.m. (London time) on the related Determination Date (as
      defined below). "Telerate Page 3750" means the display designated as "Page
      3750" on the Dow Jones Telerate Service or such other page as may replace
      Page 3750 on that service or such other service or services as may be
      nominated by the British Bankers' Association as the information vendor
      for the purpose of displaying London interbank offered rates for U.S.
      dollar deposits;

            (2) if such rate cannot be identified on the related Determination
      Date, the Trustee will request the principal London offices of four
      leading banks in the London interbank market to provide such banks'
      offered quotations (expressed as percentages per annum) to prime banks in
      the London interbank market for U.S. dollar deposits having a three-month
      maturity as of 11:00 a.m. (London time) on such Determination Date. If at
      least two quotations are provided, 3-Month LIBOR will be the arithmetic
      mean of such quotations;

            (3) if fewer than two such quotations are provided as requested in
      clause (2) above, the Trustee will request four major New York City banks
      to provide such banks' offered quotations (expressed as percentages per
      annum) to leading European banks for loans in U.S. dollars as of 11:00
      a.m. (London time) on such Determination Date. If at least two such
      quotations are provided, 3-Month LIBOR will be the arithmetic mean of such
      quotations; and

            (4) if fewer than two such quotations are provided as requested in
      clause (3) above, 3-Month LIBOR will be a 3-Month LIBOR determined with
      respect to the Distribution Period immediately preceding such current
      Distribution Period.

      If the rate for U.S. dollar deposits having a three-month maturity that
initially appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the
related Determination Date is superseded on the Telerate Page 3750 by a
corrected rate by 12:00 noon (London time) on such Determination Date, then the
corrected rate as so substituted on the applicable page will be the applicable
3-Month LIBOR for such Determination Date.

      (b) The Interest Rate for any Distribution Period will at no time be
higher than the maximum rate then permitted by New York law as the same may be
modified by United States law.

                                       14
<PAGE>

      (c) "Determination Date" means the date that is two London Banking Days
(i.e., a business day in which dealings in deposits in U.S. dollars are
transacted in the London interbank market) preceding the particular Distribution
Period for which a Coupon Rate is being determined.

      (d) The Trustee shall notify the Company, the Institutional Trustee and
any securities exchange or interdealer quotation system on which the Capital
Securities are listed, of the Coupon Rate and the Determination Date for each
Distribution Period, in each case as soon as practicable after the determination
thereof but in no event later than the thirtieth (30th) day of the relevant
Distribution Period. Failure to notify the Company, the Institutional Trustee or
any securities exchange or interdealer quotation system, or any defect in said
notice, shall not affect the obligation of the Company to make payment on the
Debentures at the applicable Coupon Rate. Any error in the calculation of the
Coupon Rate by the Trustee may be corrected at any time by notice delivered as
above provided. Upon the request of a holder of a Debenture, the Trustee shall
provide the Coupon Rate then in effect and, if determined, the Coupon Rate for
the next Distribution Period.

      (e) Subject to the corrective rights set forth above, all certificates,
communications, opinions, determinations, calculations, quotations and decisions
given, expressed, made or obtained for the purposes of the provisions relating
to the payment and calculation of interest on the Debentures and distributions
on the Capital Securities by the Trustee or the Institutional Trustee will (in
the absence of willful default, bad faith and manifest error) be final,
conclusive and binding on the Trust, the Company and all of the holders of the
Debentures and the Capital Securities, and no liability shall (in the absence of
willful default, bad faith or manifest error) attach to the Trustee or the
Institutional Trustee in connection with the exercise or non-exercise by either
of them or their respective powers, duties and discretion.

      SECTION 2.11. EXTENSION OF INTEREST PAYMENT PERIOD. So long as no
Extension Event of Default has occurred and is continuing, the Company shall
have the right, from time to time, and without causing an Event of Default, to
defer payments of interest on the Debentures by extending the interest payment
period on the Debentures at any time and from time to time during the term of
the Debentures, for up to 20 consecutive quarterly periods (each such extended
interest payment period, an "Extension Period"), during which Extension Period
no interest (including Additional Interest) shall be due and payable (except any
Additional Sums that may be due and payable). No Extension Period may end on a
date other than an Interest Payment Date. During an Extension Period, interest
will continue to accrue on the Debentures, and interest on such accrued interest
will accrue at an annual rate equal to the Interest Rate in effect for such
Extension Period, compounded quarterly from the date such interest would have
been payable were it not for the Extension Period, to the extent permitted by
law (such interest referred to herein as "Additional Interest"). At the end of
any such Extension Period the Company shall pay all interest then accrued and
unpaid on the Debentures (together with Additional Interest thereon); provided,
however, that no Extension Period may extend beyond the Maturity Date; provided
further, however, that during any such Extension Period, the Company shall not
and shall not permit any Affiliate to (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company's or such Affiliate's capital stock (other
than payments of dividends or distributions to the Company) or make any
guarantee payments with respect to the foregoing or (ii) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company or any Affiliate that rank pari passu in all
respects with or junior in interest to the Debentures (other than, with respect
to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions
of shares of capital stock of the Company in connection with any employment
contract, benefit plan or other similar arrangement with or for the benefit of
one or more employees, officers, directors or consultants, in connection with a
dividend reinvestment or stockholder stock purchase plan or in connection with
the issuance of capital stock of the Company (or securities convertible into or
exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as a
result of any exchange or conversion of any

                                       15
<PAGE>

class or series of the Company's capital stock (or any capital stock of a
subsidiary of the Company) for any class or series of the Company's capital
stock or of any class or series of the Company's indebtedness for any class or
series of the Company's capital stock, (c) the purchase of fractional interests
in shares of the Company's capital stock pursuant to the conversion or exchange
provisions of such capital stock or the security being converted or exchanged,
(d) any declaration of a dividend in connection with any stockholders' rights
plan, or the issuance of rights, stock or other property under any stockholders'
rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock and any cash payments in lieu of
fractional shares issued in connection therewith, or (f) payments under the
Capital Securities Guarantee). Prior to the termination of any Extension Period,
the Company may further extend such period, provided that such period together
with all such previous and further consecutive extensions thereof shall not
exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date.
Upon the termination of any Extension Period and upon the payment of all accrued
and unpaid interest and Additional Interest, the Company may commence a new
Extension Period, subject to the foregoing requirements. No interest or
Additional Interest shall be due and payable during an Extension Period, except
at the end thereof, but each installment of interest that would otherwise have
been due and payable during such Extension Period shall bear Additional Interest
to the extent permitted by applicable law. The Company must give the Trustee
notice of its election to begin or extend an Extension Period by the close of
business at least 5 Business Days prior to the Interest Payment Date with
respect to which interest on the Debentures would have been payable except for
the election to begin or extend such Extension Period. The Trustee shall give
notice of the Company's election to begin a new Extension Period to the
Securityholders.

      SECTION 2.12. CUSIP NUMBERS. The Company in issuing the Debentures may use
"CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use
CUSIP numbers in notices of redemption as a convenience to Securityholders;
provided, however, that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Debentures or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Debentures, and any such
redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee in writing of any change in the
CUSIP numbers.

                                  ARTICLE III.
                       PARTICULAR COVENANTS OF THE COMPANY

      SECTION 3.1. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST; AGREED TREATMENT
OF THE DEBENTURES.

      (a) The Company covenants and agrees that it will duly and punctually pay
or cause to be paid the principal of and premium, if any, and interest and any
Additional Interest and other payments on the Debentures at the place, at the
respective times and in the manner provided in this Indenture and the
Debentures. Each installment of interest on the Debentures may be paid (i) by
mailing checks for such interest payable to the order of the holders of
Debentures entitled thereto as they appear on the registry books of the Company
if a request for a wire transfer has not been received by the Company or (ii) by
wire transfer to any account with a banking institution located in the United
States designated in writing by such Person to the paying agent no later than
the related record date. Notwithstanding the foregoing, so long as the holder of
this Debenture is the Institutional Trustee, the payment of the principal of and
interest on this Debenture will be made in immediately available funds at such
place and to such account as may be designated by the Institutional Trustee.

                                       16
<PAGE>

      (b) The Company will treat the Debentures as indebtedness, and the amounts
payable in respect of the principal amount of such Debentures as interest, for
all United States federal income tax purposes. All payments in respect of such
Debentures will be made free and clear of United States withholding tax to any
beneficial owner thereof that has provided an Internal Revenue Service Form W8
BEN (or any substitute or successor form) establishing its non-United States
status for United States federal income tax purposes.

      (c) As of the date of this Indenture, the Company has no present intention
to exercise its right under Section 2.11 to defer payments of interest on the
Debentures by commencing an Extension Period.

      (d) As of the date of this Indenture, the Company believes that the
likelihood that it would exercise its right under Section 2.11 to defer payments
of interest on the Debentures by commencing an Extension Period at any time
during which the Debentures are outstanding is remote because of the
restrictions that would be imposed on the Company's ability to declare or pay
dividends or distributions on, or to redeem, purchase or make a liquidation
payment with respect to, any of its outstanding equity and on the Company's
ability to make any payments of principal of or interest on, or repurchase or
redeem, any of its debt securities that rank pari passu in all respects with (or
junior in interest to) the Debentures.

      SECTION 3.2. OFFICES FOR NOTICES AND PAYMENTS, ETC. So long as any of the
Debentures remain outstanding, the Company will maintain in Wilmington,
Delaware, an office or agency where the Debentures may be presented for payment,
an office or agency where the Debentures may be presented for registration of
transfer and for exchange as in this Indenture provided and an office or agency
where notices and demands to or upon the Company in respect of the Debentures or
of this Indenture may be served. The Company will give to the Trustee written
notice of the location of any such office or agency and of any change of
location thereof. Until otherwise designated from time to time by the Company in
a notice to the Trustee, or specified as contemplated by Section 2.5, such
office or agency for all of the above purposes shall be the office or agency of
the Trustee. In case the Company shall fail to maintain any such office or
agency in Wilmington, Delaware, or shall fail to give such notice of the
location or of any change in the location thereof, presentations and demands may
be made and notices may be served at the Principal Office of the Trustee.

      In addition to any such office or agency, the Company may from time to
time designate one or more offices or agencies outside Wilmington, Delaware,
where the Debentures may be presented for registration of transfer and for
exchange in the manner provided in this Indenture, and the Company may from time
to time rescind such designation, as the Company may deem desirable or
expedient; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain any such office or
agency in Wilmington, Delaware, for the purposes above mentioned. The Company
will give to the Trustee prompt written notice of any such designation or
rescission thereof.

      SECTION 3.3. APPOINTMENTS TO FILL VACANCIES IN TRUSTEE'S OFFICE. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section 6.9, a Trustee, so that there
shall at all times be a Trustee hereunder.

      SECTION 3.4. PROVISION AS TO PAYING AGENT.

      (a) If the Company shall appoint a paying agent other than the Trustee, it
will cause such paying agent to execute and deliver to the Trustee an instrument
in which such agent shall agree with the Trustee, subject to the provision of
this Section 3.4,

            (1) that it will hold all sums held by it as such agent for the
            payment of the principal of and premium, if any, or interest, if
            any, on the Debentures (whether such sums have

                                       17
<PAGE>

            been paid to it by the Company or by any other obligor on the
            Debentures) in trust for the benefit of the holders of the
            Debentures;

            (2) that it will give the Trustee prompt written notice of any
            failure by the Company (or by any other obligor on the Debentures)
            to make any payment of the principal of and premium, if any, or
            interest, if any, on the Debentures when the same shall be due and
            payable; and

            (3) that it will, at any time during the continuance of any Event of
            Default, upon the written request of the Trustee, forthwith pay to
            the Trustee all sums so held in trust by such paying agent.

      (b) If the Company shall act as its own paying agent, it will, on or
before each due date of the principal of and premium, if any, or interest or
other payments, if any, on the Debentures, set aside, segregate and hold in
trust for the benefit of the holders of the Debentures a sum sufficient to pay
such principal, premium, interest or other payments so becoming due and will
notify the Trustee in writing of any failure to take such action and of any
failure by the Company (or by any other obligor under the Debentures) to make
any payment of the principal of and premium, if any, or interest or other
payments, if any, on the Debentures when the same shall become due and payable.

      Whenever the Company shall have one or more paying agents for the
Debentures, it will, on or prior to each due date of the principal of and
premium, if any, or interest, if any, on the Debentures, deposit with a paying
agent a sum sufficient to pay the principal, premium, interest or other payments
so becoming due, such sum to be held in trust for the benefit of the Persons
entitled thereto and (unless such paying agent is the Trustee) the Company shall
promptly notify the Trustee in writing of its action or failure to act.

      (c) Anything in this Section 3.4 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to the Debentures, or for any other reason, pay, or
direct any paying agent to pay to the Trustee all sums held in trust by the
Company or any such paying agent, such sums to be held by the Trustee upon the
trusts herein contained.

      (d) Anything in this Section 3.4 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 3.4 is subject to
Sections 12.3 and 12.4.

      SECTION 3.5. CERTIFICATE TO TRUSTEE. The Company will deliver to the
Trustee on or before 120 days after the end of each fiscal year, so long as
Debentures are outstanding hereunder, a Certificate stating that in the course
of the performance by the signers of their duties as officers of the Company
they would normally have knowledge of any Default during such fiscal year by the
Company in the performance of any covenants contained herein, stating whether or
not they have knowledge of any such Default and, if so, specifying each such
Default of which the signers have knowledge and the nature and status thereof.

      SECTION 3.6. ADDITIONAL SUMS. If and for so long as the Trust is the
holder of all Debentures and the Trust is required to pay any additional taxes
(including withholding taxes), duties, assessments or other governmental charges
as a result of a Tax Event, the Company will pay such additional amounts
("Additional Sums") on the Debentures as shall be required so that the net
amounts received and retained by the Trust after paying taxes (including
withholding taxes), duties, assessments or other governmental charges will be
equal to the amounts the Trust would have received if no such taxes, duties,
assessments or other governmental charges had been imposed. Whenever in this
Indenture or the Debentures there is a reference in any context to the payment
of principal of or interest on the Debentures, such mention shall be deemed to
include mention of payments of the Additional Sums provided for in this
paragraph to the

                                       18
<PAGE>

extent that, in such context, Additional Sums are, were or would be payable in
respect thereof pursuant to the provisions of this paragraph and express mention
of the payment of Additional Sums (if applicable) in any provisions hereof shall
not be construed as excluding Additional Sums in those provisions hereof where
such express mention is not made; provided, however, that the deferral of the
payment of interest during an Extension Period pursuant to Section 2.11 shall
not defer the payment of any Additional Sums that may be due and payable.

      SECTION 3.7. COMPLIANCE WITH CONSOLIDATION PROVISIONS. The Company will
not, while any of the Debentures remain outstanding, consolidate with, or merge
into, or merge into itself, or sell or convey all or substantially all of its
property to any other Person unless the provisions of Article XI hereof are
complied with.

      SECTION 3.8. LIMITATION ON DIVIDENDS. If Debentures are initially issued
to the Trust or a trustee of such Trust in connection with the issuance of Trust
Securities by the Trust (regardless of whether Debentures continue to be held by
such Trust) and (i) there shall have occurred and be continuing an Event of
Default, (ii) the Company shall be in default with respect to its payment of any
obligations under the Capital Securities Guarantee, or (iii) the Company shall
have given notice of its election to defer payments of interest on the
Debentures by extending the interest payment period as provided herein and such
period, or any extension thereof, shall be continuing, then the Company shall
not, and shall not allow any Affiliate of the Company to, (x) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company's capital stock or its
Affiliates' capital stock (other than payments of dividends or distributions to
the Company) or make any guarantee payments with respect to the foregoing or (y)
make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Company or any Affiliate that
rank pari passu in all respects with or junior in interest to the Debentures
(other than, with respect to clauses (x) and (y) above, (1) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company in
connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, if any, (2) as a result of any exchange or
conversion of any class or series of the Company's capital stock (or any capital
stock of a subsidiary of the Company) for any class or series of the Company's
capital stock or of any class or series of the Company's indebtedness for any
class or series of the Company's capital stock, (3) the purchase of fractional
interests in shares of the Company's capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged, (4) any declaration of a dividend in connection with any
stockholders' rights plan, or the issuance of rights, stock or other property
under any stockholders' rights plan, or the redemption or repurchase of rights
pursuant thereto, (5) any dividend in the form of stock, warrants, options or
other rights where the dividend stock or the stock issuable upon exercise of
such warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks pari passu with or junior to such stock and any
cash payments in lieu of fractional shares issued in connection therewith, or
(6) payments under the Capital Securities Guarantee).

      SECTION 3.9. COVENANTS AS TO THE TRUST. For so long as the Trust
Securities remain outstanding, the Company shall maintain 100% ownership of the
Common Securities; provided, however, that any permitted successor of the
Company under this Indenture may succeed to the Company's ownership of such
Common Securities. The Company, as owner of the Common Securities, shall, except
in connection with a distribution of Debentures to the holders of Trust
Securities in liquidation of the Trust, the redemption of all of the Trust
Securities or certain mergers, consolidations or amalgamations, each as
permitted by the Declaration, cause the Trust (a) to remain a statutory trust,
(b) to otherwise

                                       19
<PAGE>

continue to be classified as a grantor trust for United States federal income
tax purposes, and (c) to cause each holder of Trust Securities to be treated as
owning an undivided beneficial interest in the Debentures.

      SECTION 3.10. ADDITIONAL JUNIOR INDEBTEDNESS. The Company shall not, and
it shall not cause or permit any Subsidiary of the Company to, incur, issue or
be obligated on any Additional Junior Indebtedness, either directly or
indirectly, by way of guarantee, suretyship or otherwise, other than Additional
Junior Indebtedness (i) that, by its terms, is expressly stated to be either
junior and subordinate or pari passu in all respects to the Debentures, and (ii)
of which the Company has notified (and, if then required under the applicable
guidelines of the regulating entity, has received approval from) the Federal
Reserve, if the Company is a bank holding company, or the OTS, if the Company is
a savings and loan holding company.

                                   ARTICLE IV.
                       SECURITYHOLDERS' LISTS AND REPORTS
                         BY THE COMPANY AND THE TRUSTEE

      SECTION 4.1. SECURITYHOLDERS' LISTS. The Company covenants and agrees that
it will furnish or cause to be furnished to the Trustee:

      (a) on each regular record date for the Debentures, a list, in such form
as the Trustee may reasonably require, of the names and addresses of the
Securityholders of the Debentures as of such record date; and

      (b) at such other times as the Trustee may request in writing, within 30
days after the receipt by the Company of any such request, a list of similar
form and content as of a date not more than 15 days prior to the time such list
is furnished;

except that no such lists need be furnished under this Section 4.1 so long as
the Trustee is in possession thereof by reason of its acting as Debenture
registrar.

      SECTION 4.2. PRESERVATION AND DISCLOSURE OF LISTS.

      (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of
Debentures (1) contained in the most recent list furnished to it as provided in
Section 4.1 or (2) received by it in the capacity of Debentures registrar (if so
acting) hereunder. The Trustee may destroy any list furnished to it as provided
in Section 4.1 upon receipt of a new list so furnished.

      (b) In case three or more holders of Debentures (hereinafter referred to
as "applicants") apply in writing to the Trustee and furnish to the Trustee
reasonable proof that each such applicant has owned a Debenture for a period of
at least 6 months preceding the date of such application, and such application
states that the applicants desire to communicate with other holders of
Debentures with respect to their rights under this Indenture or under such
Debentures and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee shall
within 5 Business Days after the receipt of such application, at its election,
either:

            (1) afford such applicants access to the information preserved at
            the time by the Trustee in accordance with the provisions of
            subsection (a) of this Section 4.2, or

            (2) inform such applicants as to the approximate number of holders
            of Debentures whose names and addresses appear in the information
            preserved at the time by the Trustee in accordance with the
            provisions of subsection (a) of this Section 4.2, and as to

                                       20
<PAGE>

            the approximate cost of mailing to such Securityholders the form of
            proxy or other communication, if any, specified in such application.

      If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Securityholder whose name and address appear in the information
preserved at the time by the Trustee in accordance with the provisions of
subsection (a) of this Section 4.2 a copy of the form of proxy or other
communication which is specified in such request with reasonable promptness
after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within
five days after such tender, the Trustee shall mail to such applicants and file
with the Securities and Exchange Commission, if permitted or required by
applicable law, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interests of the holders of all Debentures, as the case
may be, or would be in violation of applicable law. Such written statement shall
specify the basis of such opinion. If said Commission, as permitted or required
by applicable law, after opportunity for a hearing upon the objections specified
in the written statement so filed, shall enter an order refusing to sustain any
of such objections or if, after the entry of an order sustaining one or more of
such objections, said Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Securityholders with reasonable promptness after the entry of such order and the
renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.

      (c) Each and every holder of Debentures, by receiving and holding the
same, agrees with Company and the Trustee that neither the Company nor the
Trustee nor any paying agent shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the holders
of Debentures in accordance with the provisions of subsection (b) of this
Section 4.2, 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 said subsection (b).

                                   ARTICLE V.
                   REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                            UPON AN EVENT OF DEFAULT

      SECTION 5.1. EVENTS OF DEFAULT. "Event of Default," wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether 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):

      (a) the Company defaults in the payment of any interest upon any
Debenture, including any Additional Interest in respect thereof, following the
nonpayment of any such interest for twenty or more consecutive Distribution
Periods; or

      (b) the Company defaults in the payment of all or any part of the
principal of (or premium, if any, on) any Debentures as and when the same shall
become due and payable either at maturity, upon redemption, by declaration of
acceleration or otherwise; or

      (c) the Company defaults in the performance of, or breaches, any of its
covenants or agreements in this Indenture or in the terms of the Debentures
established as contemplated in this Indenture (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 Company and the Trustee by the holders
of at least 25% in aggregate principal amount of the

                                       21
<PAGE>

outstanding Debentures, 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

      (d) a court of competent jurisdiction shall enter a decree or order for
relief in respect of the Company in an involuntary case under any applicable
bankruptcy, insolvency, reorganization or other similar law now or hereafter in
effect, or shall appoint a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Company or for any substantial part of
its property, or shall order the winding-up or liquidation of its affairs and
such decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

      (e) the Company shall commence a voluntary case under any applicable
bankruptcy, insolvency, reorganization or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary case
under any such law, or shall consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of the Company or of any substantial part of its property, or
shall make any general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due; or

      (f) the Trust shall have voluntarily or involuntarily liquidated,
dissolved, wound-up its business or otherwise terminated its existence except in
connection with (i) the distribution of the Debentures to holders of such Trust
Securities in liquidation of their interests in the Trust, (ii) the redemption
of all of the outstanding Trust Securities or (iii) certain mergers,
consolidations or amalgamations, each as permitted by the Declaration.

      If an Event of Default under Section 5.1(a), (d) or (e) occurs and is
continuing with respect to the Debentures, then, and in each and every such
case, unless the principal of the Debentures shall have already become due and
payable, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Debentures then outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by Securityholders), may
declare the entire principal of the Debentures and the interest accrued thereon,
if any, to be due and payable immediately, and upon any such declaration the
same shall become immediately due and payable. If an Event of Default under
Section 5.1(b), (c) or (f) occurs and is continuing with respect to the
Debentures, then, and in each and every such case, unless the principal of the
Debentures shall have already become due and payable, either the Trustee or the
holders of not less than 25% in aggregate principal amount of the Debentures
then outstanding hereunder, by notice in writing to the Company (and to the
Trustee if given by Securityholders), may proceed to remedy the default or
breach thereunder by such appropriate judicial proceedings as the Trustee or
such holders shall deem most effectual to remedy the defaulted covenant or
enforce the provisions of this Indenture so breached, either by suit in equity
or by action at law, for damages or otherwise.

      The foregoing provisions, however, are subject to the condition that if,
at any time after the principal of the Debentures shall have been so declared
due and payable, and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, (i) the Company
shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Debentures and the principal of and
premium, if any, on the Debentures which shall have become due otherwise than by
acceleration (with interest upon such principal and premium, if any, and
Additional Interest) and such amount as shall be sufficient to cover reasonable
compensation to the Trustee and each predecessor Trustee, their respective
agents, attorneys and counsel, and all other amounts due to the Trustee pursuant
to Section 6.6, if any, and (ii) all Events of Default under this Indenture,
other than the non-payment of the principal of or premium, if any, on Debentures
which shall have become due by acceleration, shall have been cured, waived or
otherwise remedied as provided herein -- then and in every such case the holders
of a majority in aggregate principal amount of the Debentures then outstanding,
by written notice to the Company and to the Trustee, may

                                       22
<PAGE>

waive all defaults and rescind and annul such declaration and its consequences,
but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent default or shall impair any right consequent thereon.

      In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned because
of such rescission or annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case the Company,
the Trustee and the holders of the Debentures shall be restored respectively to
their several positions and rights hereunder, and all rights, remedies and
powers of the Company, the Trustee and the holders of the Debentures shall
continue as though no such proceeding had been taken.

      SECTION 5.2. PAYMENT OF DEBENTURES ON DEFAULT; SUIT THEREFOR. The Company
covenants that upon the occurrence of an Event of Default pursuant to Section
5.1(a) or (b) then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the holders of the Debentures the whole amount that
then shall have become due and payable on all Debentures for principal and
premium, if any, or interest, or both, as the case may be, with Additional
Interest accrued on the Debentures (to the extent that payment of such interest
is enforceable under applicable law and, if the Debentures are held by the Trust
or a trustee of such Trust, without duplication of any other amounts paid by the
Trust or a trustee in respect thereof); and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including a reasonable compensation to the Trustee, its agents, attorneys and
counsel, and any other amounts due to the Trustee under Section 6.6. In case the
Company shall fail forthwith to pay such amounts upon such demand, the Trustee,
in its own name and as trustee of an express trust, shall be entitled and
empowered to institute any actions or proceedings at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor on such Debentures and
collect in the manner provided by law out of the property of the Company or any
other obligor on such Debentures wherever situated the moneys adjudged or
decreed to be payable.

      In case there shall be pending proceedings for the bankruptcy or for the
reorganization of the Company or any other obligor on the Debentures under
Bankruptcy Law, or in case a receiver or trustee shall have been appointed for
the property of the Company or such other obligor, or in the case of any other
similar judicial proceedings relative to the Company or other obligor upon the
Debentures, or to the creditors or property of the Company or such other
obligor, the Trustee, irrespective of whether the principal of the Debentures
shall then be due and payable as therein expressed or by declaration of
acceleration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 5.2, shall be
entitled and empowered, by intervention in such proceedings or otherwise,

      (i)   to file and prove a claim or claims for the whole amount of
            principal and interest owing and unpaid in respect of the
            Debentures,

      (ii)  in case of any judicial proceedings, to file such proofs of claim
            and other papers or documents as may be necessary or advisable in
            order to have the claims of the Trustee (including any claim for
            reasonable compensation to the Trustee and each predecessor Trustee,
            and their respective agents, attorneys and counsel, and for
            reimbursement of all other amounts due to the Trustee under Section
            6.6), and of the Securityholders allowed in such judicial
            proceedings relative to the Company or any other obligor on the
            Debentures, or to the creditors or property of the Company or such
            other obligor, unless prohibited by applicable law and regulations,
            to vote on behalf of the holders of the Debentures in any election
            of a trustee or a standby trustee in arrangement,

                                       23
<PAGE>

            reorganization, liquidation or other bankruptcy or insolvency
            proceedings or Person performing similar functions in comparable
            proceedings,

      (iii) to collect and receive any moneys or other property payable or
            deliverable on any such claims, and

      (iv)  to distribute the same after the deduction of its charges and
            expenses.

Any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the Securityholders 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 Securityholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other
amounts due to the Trustee under Section 6.6.

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

      All rights of action and of asserting claims under this Indenture, or
under any of the Debentures, may be enforced by the Trustee without the
possession of any of the Debentures, or the production thereof at any trial or
other proceeding relative thereto, and any such suit or proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall be for the ratable benefit of the holders of the
Debentures.

      In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party), the Trustee shall be held to represent all the
holders of the Debentures, and it shall not be necessary to make any holders of
the Debentures parties to any such proceedings.

      SECTION 5.3. APPLICATION OF MONEYS COLLECTED BY TRUSTEE. Any moneys
collected by the Trustee pursuant to this Article V shall be applied in the
following order, at the date or dates fixed by the Trustee for the distribution
of such moneys, upon presentation of the several Debentures in respect of which
moneys have been collected, and stamping thereon the payment, if only partially
paid, and upon surrender thereof if fully paid:

      First: To the payment of costs and expenses incurred by, and reasonable
fees of, the Trustee, its agents, attorneys and counsel, and of all other
amounts due to the Trustee under Section 6.6;

      Second: To the payment of all Senior Indebtedness of the Company if and to
the extent required by Article XV;

      Third: To the payment of the amounts then due and unpaid upon Debentures
for principal (and premium, if any), and interest on the Debentures, in respect
of which or for the benefit of which money has been collected, ratably, without
preference or priority of any kind, according to the amounts due on such
Debentures (including Additional Interest); and

      Fourth: The balance, if any, to the Company.

      SECTION 5.4. PROCEEDINGS BY SECURITYHOLDERS. No holder of any Debenture
shall have any right to institute any suit, action or proceeding for any remedy
hereunder, unless such holder previously shall have given to the Trustee written
notice of an Event of Default with respect to the Debentures and

                                       24
<PAGE>

unless the holders of not less than 25% in aggregate principal amount of the
Debentures then outstanding shall have given the Trustee a written request to
institute such action, suit or proceeding and shall have offered to the Trustee
such reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred thereby, and the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to
institute any such action, suit or proceeding.

      Notwithstanding any other provisions in this Indenture, however, the right
of any holder of any Debenture to receive payment of the principal of, premium,
if any, and interest, on such Debenture when due, or to institute suit for the
enforcement of any such payment, shall not be impaired or affected without the
consent of such holder and by accepting a Debenture hereunder it is expressly
understood, intended and covenanted by the taker and holder of every Debenture
with every other such taker and holder and the Trustee, that no one or more
holders of Debentures shall have any right in any manner whatsoever by virtue or
by availing itself of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other Debentures, or to obtain or
seek to obtain priority over or preference to any other such holder, or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal, ratable and common benefit of all holders of Debentures. For the
protection and enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

      SECTION 5.5. PROCEEDINGS BY TRUSTEE. In case of an Event of Default
hereunder the Trustee may in its discretion proceed to protect and enforce the
rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such
rights, either by suit in equity or by action at law or by proceeding in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

      SECTION 5.6. REMEDIES CUMULATIVE AND CONTINUING; DELAY OR OMISSION NOT A
WAIVER. Except as otherwise provided in Section 2.6, all powers and remedies
given by this Article V to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other
powers and remedies available to the Trustee or the holders of the Debentures,
by judicial proceedings or otherwise, to enforce the performance or observance
of the covenants and agreements contained in this Indenture or otherwise
established with respect to the Debentures, and no delay or omission of the
Trustee or of any holder of any of the Debentures to exercise any right, remedy
or power accruing upon any Event of Default occurring and continuing as
aforesaid shall impair any such right, remedy or power, or shall be construed to
be a waiver of any such default or an acquiescence therein; and, subject to the
provisions of Section 5.4, every power and remedy given by this Article V or by
law to the Trustee or to the Securityholders may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee (in accordance with
its duties under Section 6.1) or by the Securityholders.

      SECTION 5.7. DIRECTION OF PROCEEDINGS AND WAIVER OF DEFAULTS BY MAJORITY
OF SECURITYHOLDERS. The holders of a majority in aggregate principal amount of
the Debentures affected (voting as one class) at the time outstanding 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 such Debentures; provided, however, that (subject
to the provisions of Section 6.1) the Trustee shall have the right to decline to
follow any such direction if the Trustee shall determine that the action so
directed would be unjustly prejudicial to the holders not taking part in such
direction or if the Trustee being advised by counsel determines that the action
or proceeding so directed may not lawfully be taken or if a Responsible Officer
of the Trustee shall determine that the action or proceedings so directed would
involve the Trustee in personal liability.

                                       25
<PAGE>

      The holders of a majority in aggregate principal amount of the Debentures
at the time outstanding may on behalf of the holders of all of the Debentures
waive (or modify any previously granted waiver of) any past default or Event of
Default, and its consequences, except a default (a) in the payment of principal
of, premium, if any, or interest on any of the Debentures, (b) in respect of
covenants or provisions hereof which cannot be modified or amended without the
consent of the holder of each Debenture affected, or (c) in respect of the
covenants contained in Section 3.9; provided, however, that if the Debentures
are held by the Trust or a trustee of such trust, such waiver or modification to
such waiver shall not be effective until the holders of a majority in
Liquidation Amount of Trust Securities of the Trust shall have consented to such
waiver or modification to such waiver, provided, further, that if the consent of
the holder of each outstanding Debenture is required, such waiver shall not be
effective until each holder of the Trust Securities of the Trust shall have
consented to such waiver. Upon any such waiver, the default covered thereby
shall be deemed to be cured for all purposes of this Indenture and the Company,
the Trustee and the holders of the Debentures shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other default or Event of Default or impair any right
consequent thereon. Whenever any default or Event of Default hereunder shall
have been waived as permitted by this Section, said default or Event of Default
shall for all purposes of the Debentures and this Indenture be deemed to have
been cured and to be not continuing.

      SECTION 5.8. NOTICE OF DEFAULTS. The Trustee shall, within 90 days after
the actual knowledge by a Responsible Officer of the Trustee of the occurrence
of a default with respect to the Debentures, mail to all Securityholders, as the
names and addresses of such holders appear upon the Debenture Register, notice
of all defaults with respect to the Debentures known to the Trustee, unless such
defaults shall have been cured before the giving of such notice (the term
"defaults" for the purpose of this Section 5.8 being hereby defined to be the
events specified in clauses (a), (b), (c), (d), (e) and (f) of Section 5.1, not
including periods of grace, if any, provided for therein); provided, however,
that, except in the case of default in the payment of the principal of, premium,
if any, or interest on any of the Debentures, the Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Trustee
in good faith determines that the withholding of such notice is in the interests
of the Securityholders.

      SECTION 5.9. UNDERTAKING TO PAY COSTS. All parties to this Indenture
agree, and each holder of any Debenture by his acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; provided, however, that the provisions of
this Section 5.9 shall not apply to any suit instituted by the Trustee, to any
suit instituted by any Securityholder, or group of Securityholders, holding in
the aggregate more than 10% in principal amount of the Debentures outstanding,
or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Debenture
against the Company on or after the same shall have become due and payable.

                                   ARTICLE VI.
                             CONCERNING THE TRUSTEE

      SECTION 6.1. DUTIES AND RESPONSIBILITIES OF TRUSTEE. With respect to the
holders of Debentures issued hereunder, the Trustee, prior to the occurrence of
an Event of Default with respect to the Debentures and after the curing or
waiving of all Events of Default which may have occurred, with respect to the
Debentures, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In

                                       26
<PAGE>

case an Event of Default with respect to the Debentures has occurred (which has
not been cured or waived), the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

      No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct, except that:

      (a) prior to the occurrence of an Event of Default with respect to
Debentures and after the curing or waiving of all Events of Default which may
have occurred

            (1) the duties and obligations of the Trustee with respect to
            Debentures shall be determined solely by the express provisions of
            this Indenture, and the Trustee shall not be liable except for the
            performance of such duties and obligations with respect to the
            Debentures as are specifically set forth in this Indenture, and no
            implied covenants or obligations shall be read into this Indenture
            against the Trustee, and

            (2) in the absence of bad faith on the part of the Trustee, the
            Trustee may conclusively rely, as to the truth of the statements and
            the correctness of the opinions expressed therein, upon any
            certificates or opinions furnished to the Trustee and conforming to
            the requirements of this Indenture; but, in the case of any such
            certificates or opinions which by any provision hereof are
            specifically required to be furnished to the Trustee, the Trustee
            shall be under a duty to examine the same to determine whether or
            not they conform to the requirements of this Indenture;

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

      (c) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith, in accordance with the direction of the
Securityholders pursuant to Section 5.7, relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture.

      None of the provisions contained in this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of
its rights or powers, if there is ground for believing that the repayment of
such funds or liability is not assured to it under the terms of this Indenture
or indemnity satisfactory to the Trustee against such risk is not reasonably
assured to it.

      SECTION 6.2. RELIANCE ON DOCUMENTS, OPINIONS, ETC. Except as otherwise
provided in Section 6.1:

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

      (b) any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officers' Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the
Secretary or an Assistant Secretary of the Company;

                                       27
<PAGE>

      (c) the Trustee may consult with counsel of its selection and any advice
or 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 accordance with such advice or Opinion of Counsel;

      (d) the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request, order or direction of
any of the Securityholders, pursuant to the provisions of this Indenture, unless
such Securityholders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;

      (e) the Trustee shall not be liable for any action taken 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; nothing contained herein
shall, however, relieve the Trustee of the obligation, upon the occurrence of an
Event of Default with respect to the Debentures (that has not been cured or
waived) to exercise with respect to Debentures such of the rights and powers
vested in it by this Indenture, and to use the same degree of care and skill in
their exercise, as a prudent man would exercise or use under the circumstances
in the conduct of his own affairs;

      (f) 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, consent, order, approval, bond, debenture,
coupon or other paper or document, unless requested in writing to do so by the
holders of not less than a majority in aggregate principal amount of the
outstanding Debentures affected thereby; provided, however, that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security
afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expense or liability as a condition to so
proceeding;

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

      (h) with the exceptions of defaults under Sections 5.1(a) or (b), the
Trustee shall not be charged with knowledge of any Default or Event of Default
with respect to the Debentures unless a written notice of such Default or Event
of Default shall have been given to the Trustee by the Company or any other
obligor on the Debentures or by any holder of the Debentures.

      SECTION 6.3. NO RESPONSIBILITY FOR RECITALS, ETC. The recitals contained
herein and in the Debentures (except in the certificate of authentication of the
Trustee or the Authenticating Agent) shall be taken as the statements of the
Company, and the Trustee and the Authenticating Agent assume no responsibility
for the correctness of the same. The Trustee and the Authenticating Agent make
no representations as to the validity or sufficiency of this Indenture or of the
Debentures. The Trustee and the Authenticating Agent shall not be accountable
for the use or application by the Company of any Debentures or the proceeds of
any Debentures authenticated and delivered by the Trustee or the Authenticating
Agent in conformity with the provisions of this Indenture.

      SECTION 6.4. TRUSTEE, AUTHENTICATING AGENT, PAYING AGENTS, TRANSFER AGENTS
OR REGISTRAR MAY OWN DEBENTURES. The Trustee or any Authenticating Agent or any
paying agent or any transfer agent or any Debenture registrar, in its individual
or any other capacity, may become the owner or pledgee of Debentures with the
same rights it would have if it were not Trustee, Authenticating Agent, paying
agent, transfer agent or Debenture registrar.

                                       28
<PAGE>

      SECTION 6.5. MONEYS TO BE HELD IN TRUST. Subject to the provisions of
Section 12.4, all moneys received by the Trustee or any paying agent shall,
until used or applied as herein provided, be held in trust for the purpose for
which they were received, but need not be segregated from other funds except to
the extent required by law. The Trustee and any paying agent shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company. So long as no Event of Default shall have
occurred and be continuing, all interest allowed on any such moneys shall be
paid from time to time upon the written order of the Company, signed by the
Chairman of the Board of Directors, the Chief Executive Officer, the President,
a Managing Director, a Vice President, the Treasurer or an Assistant Treasurer
of the Company.

      SECTION 6.6. COMPENSATION AND EXPENSES OF TRUSTEE. The Company covenants
and agrees to pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all Persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence or willful misconduct. For purposes
of clarification, this Section 6.6 does not contemplate the payment by the
Company of acceptance or annual administration fees owing to the Trustee
pursuant to the services to be provided by the Trustee under this Indenture or
the fees and expenses of the Trustee's counsel in connection with the closing of
the transactions contemplated by this Indenture. The Company also covenants to
indemnify each of the Trustee or any predecessor Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any and
all loss, damage, claim, liability or expense including taxes (other than taxes
based on the income of the Trustee) incurred without negligence or willful
misconduct on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim of liability. The obligations of the
Company under this Section 6.6 to compensate and indemnify the Trustee and to
pay or reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder. Such additional indebtedness shall
be secured by a lien prior to that of the Debentures upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the
benefit of the holders of particular Debentures.

      Without prejudice to any other rights available to the Trustee under
applicable law, when the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 5.1(d), (e) or (f), the
expenses (including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or
other similar law.

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

      Notwithstanding anything in this Indenture or any Debenture to the
contrary, the Trustee shall have no obligation whatsoever to advance funds to
pay any principal of or interest on or other amounts with respect to the
Debentures or otherwise advance funds to or on behalf of the Company.

      SECTION 6.7. OFFICERS' CERTIFICATE AS EVIDENCE. Except as otherwise
provided in Sections 6.1 and 6.2, whenever in the administration of the
provisions of this Indenture the Trustee shall deem it necessary or desirable
that a matter be proved or established prior to taking or omitting any action
hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence or willful misconduct
on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers' Certificate delivered to the Trustee, and such certificate, in
the absence of negligence or willful misconduct on the part of the Trustee,
shall be full warrant to the Trustee for any action taken or omitted by it under
the provisions of this Indenture upon the faith thereof.

                                       29
<PAGE>

      SECTION 6.8. ELIGIBILITY OF TRUSTEE. The Trustee hereunder shall at all
times be a corporation organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of
Columbia or a corporation or other Person authorized under such laws to exercise
corporate trust powers, having (or whose obligations under this Indenture are
guaranteed by an affiliate having) a combined capital and surplus of at least 50
million U.S. dollars ($50,000,000.00) and subject to supervision or examination
by federal, state, territorial, or District of Columbia authority. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 6.8 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 records of condition so published.

      The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Company, serve as
Trustee.

      In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section 6.8, the Trustee shall resign immediately in
the manner and with the effect specified in Section 6.9.

      If the Trustee has or shall acquire any "conflicting interest" within the
meaning of Section 310(b) of the Trust Indenture Act of 1939, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner
described by this Indenture.

      SECTION 6.9. RESIGNATION OR REMOVAL OF TRUSTEE

      (a) The Trustee, or any trustee or trustees hereafter appointed, may at
any time resign by giving written notice of such resignation to the Company and
by mailing notice thereof, at the Company's expense, to the holders of the
Debentures at their addresses as they shall appear on the Debenture Register.
Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee or trustees by written instrument, in duplicate, executed by
order of its Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor Trustee. If no successor
Trustee shall have been so appointed and have accepted appointment within 30
days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee, or any Securityholder
who has been a bona fide holder of a Debenture or Debentures for at least six
months may, subject to the provisions of Section 5.9, on behalf of himself and
all others similarly situated, petition any such court for the appointment of a
successor Trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, appoint a successor Trustee.

      (b) In case at any time any of the following shall occur --

            (1) the Trustee shall fail to comply with the provisions of Section
            6.8 after written request therefor by the Company or by any
            Securityholder who has been a bona fide holder of a Debenture or
            Debentures for at least 6 months, or

            (2) the Trustee shall cease to be eligible in accordance with the
            provisions of Section 6.8 and shall fail to resign after written
            request therefor by the Company or by any such Securityholder, or

            (3) the Trustee shall become incapable of acting, or shall be
            adjudged as 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,

                                       30
<PAGE>

then, in any such case, the Company may remove the Trustee and appoint a
successor Trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor Trustee, or, subject to the
provisions of Section 5.9, any Securityholder who has been a bona fide holder of
a Debenture or Debentures for at least 6 months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee. Such
court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint successor Trustee.

      (c) Upon prior written notice to the Company and the Trustee, the holders
of a majority in aggregate principal amount of the Debentures at the time
outstanding may at any time remove the Trustee and nominate a successor Trustee,
which shall be deemed appointed as successor Trustee unless within 10 Business
Days after such nomination the Company objects thereto, in which case, or in the
case of a failure by such holders to nominate a successor Trustee, the Trustee
so removed or any Securityholder, upon the terms and conditions and otherwise as
in subsection (a) of this Section 6.9 provided, may petition any court of
competent jurisdiction for an appointment of a successor.

      (d) Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor Trustee as provided in
Section 6.10.

      SECTION 6.10. ACCEPTANCE BY SUCCESSOR TRUSTEE. Any successor Trustee
appointed as provided in Section 6.9 shall execute, acknowledge and deliver to
the Company and to its predecessor Trustee an instrument accepting such
appointment hereunder, 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, duties
and obligations with respect to the Debentures of its predecessor hereunder,
with like effect as if originally named as Trustee herein; but, nevertheless, on
the written request of the Company or of the successor Trustee, the Trustee
ceasing to act shall, upon payment of any amounts then due it pursuant to the
provisions of Section 6.6, execute and deliver an instrument transferring to
such successor Trustee all the rights and powers of the Trustee so ceasing to
act and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee thereunder. Upon request of any
such successor Trustee, the Company shall execute any and all instruments in
writing for more fully and certainly vesting in and confirming to such successor
Trustee all such rights and powers. Any Trustee ceasing to act shall,
nevertheless, retain a lien upon all property or funds held or collected by such
Trustee to secure any amounts then due it pursuant to the provisions of Section
6.6.

      If a successor Trustee is appointed, the Company, the retiring Trustee and
the successor Trustee shall execute and deliver an indenture supplemental hereto
which 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 Debentures as to which the predecessor Trustee is not
retiring shall continue to be vested in the predecessor Trustee, and 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 Trust 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.

      No successor Trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor Trustee shall be eligible
under the provisions of Section 6.8.

      In no event shall a retiring Trustee be liable for the acts or omissions
of any successor Trustee hereunder.

                                       31
<PAGE>

      Upon acceptance of appointment by a successor Trustee as provided in this
Section 6.10, the Company shall mail notice of the succession of such Trustee
hereunder to the holders of Debentures at their addresses as they shall appear
on the Debenture Register. If the Company fails to mail such notice within 10
Business Days after the acceptance of appointment by the successor Trustee, the
successor Trustee shall cause such notice to be mailed at the expense of the
Company.

      SECTION 6.11. SUCCESSION BY MERGER, ETC. 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 without the execution or filing of any paper or any
further act on the part of any of the parties hereto; provided such corporation
shall be otherwise eligible and qualified under this Article.

      In case at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture any of the Debentures shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the
certificate of authentication of any predecessor Trustee, and deliver such
Debentures so authenticated; and in case at that time any of the Debentures
shall not have been authenticated, any successor to the Trustee may authenticate
such Debentures either in the name of any predecessor hereunder or in the name
of the successor Trustee; and in all such cases such certificates shall have the
full force which it is anywhere in the Debentures or in this Indenture provided
that the certificate of the Trustee shall have; provided, however, that the
right to adopt the certificate of authentication of any predecessor Trustee or
authenticate Debentures in the name of any predecessor Trustee shall apply only
to its successor or successors by merger, conversion or consolidation.

      SECTION 6.12. AUTHENTICATING AGENTS. There may be one or more
Authenticating Agents appointed by the Trustee upon the request of the Company
with power to act on its behalf and subject to its direction in the
authentication and delivery of Debentures issued upon exchange or registration
of transfer thereof as fully to all intents and purposes as though any such
Authenticating Agent had been expressly authorized to authenticate and deliver
Debentures; provided, however, that the Trustee shall have no liability to the
Company for any acts or omissions of the Authenticating Agent with respect to
the authentication and delivery of Debentures. Any such Authenticating Agent
shall at all times be a corporation organized and doing business under the laws
of the United States or of any state or territory thereof or of the District of
Columbia authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of at least $50,000,000.00 and being subject to
supervision or examination by federal, state, territorial or District of
Columbia authority. If such corporation publishes reports of condition at least
annually pursuant to law or the requirements of such authority, then for the
purposes of this Section 6.12 the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect herein specified in this Section.

      Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, if such successor corporation is
otherwise eligible under this Section 6.12 without the execution or filing of
any paper or any further act on the part of the parties hereto or such
Authenticating Agent.

      Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Trustee and to the Company. The Trustee may at any time
terminate the agency of any Authenticating

                                       32
<PAGE>

Agent with respect to the Debentures 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 any
Authenticating Agent shall cease to be eligible under this Section 6.12, the
Trustee may, and upon the request of the Company shall, promptly appoint a
successor Authenticating Agent eligible under this Section 6.12, shall give
written notice of such appointment to the Company and shall mail notice of such
appointment to all holders of Debentures as the names and addresses of such
holders appear on the Debenture Register. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all
rights, powers, duties and responsibilities with respect to the Debentures of
its predecessor hereunder, with like effect as if originally named as
Authenticating Agent herein.

      The Company agrees to pay to any Authenticating Agent from time to time
reasonable compensation for its services. Any Authenticating Agent shall have no
responsibility or liability for any action taken by it as such in accordance
with the directions of the Trustee.

                                  ARTICLE VII.
                         CONCERNING THE SECURITYHOLDERS

      SECTION 7.1. ACTION BY SECURITYHOLDERS. Whenever in this Indenture it is
provided that the holders of a specified percentage in aggregate principal
amount of the Debentures may take any action (including the making of any demand
or request, the giving of any notice, consent or waiver or the taking of any
other action) the fact that at the time of taking any such action the holders of
such specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by such
Securityholders in person or by agent or proxy appointed in writing, or (b) by
the record of such holders of Debentures voting in favor thereof at any meeting
of such Securityholders duly called and held in accordance with the provisions
of Article VIII, or (c) by a combination of such instrument or instruments and
any such record of such a meeting of such Securityholders or (d) by any other
method the Trustee deems satisfactory.

      If the Company shall solicit from the Securityholders any request, demand,
authorization, direction, notice, consent, waiver or other action or revocation
of the same, the Company may, at its option, as evidenced by an Officers'
Certificate, fix in advance a record date for such Debentures for the
determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action or revocation
of the same, but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other action or revocation of the same may be given before or after
the record date, but only the Securityholders of record at the close of business
on the record date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of outstanding
Debentures have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action or revocation
of the same, and for that purpose the outstanding Debentures shall be computed
as of the record date; provided, however, that no such authorization, agreement
or consent by such Securityholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture
not later than 6 months after the record date.

      SECTION 7.2. PROOF OF EXECUTION BY SECURITYHOLDERS. Subject to the
provisions of Section 6.1, 6.2 and 8.5, proof of the execution of any instrument
by a Securityholder or his agent or proxy shall be sufficient if made in
accordance with such reasonable rules and regulations as may be prescribed by
the Trustee or in such manner as shall be satisfactory to the Trustee. The
ownership of Debentures shall be proved by the Debenture Register or by a
certificate of the Debenture registrar. The Trustee may require such additional
proof of any matter referred to in this Section as it shall deem necessary.

                                       33
<PAGE>

      The record of any Securityholders' meeting shall be proved in the manner
provided in Section 8.6.

      SECTION 7.3. WHO ARE DEEMED ABSOLUTE OWNERS. Prior to due presentment for
registration of transfer of any Debenture, the Company, the Trustee, any
Authenticating Agent, any paying agent, any transfer agent and any Debenture
registrar may deem the Person in whose name such Debenture shall be registered
upon the Debenture Register to be, and may treat him as, the absolute owner of
such Debenture (whether or not such Debenture shall be overdue) for the purpose
of receiving payment of or on account of the principal of, premium, if any, and
interest on such Debenture and for all other purposes; and neither the Company
nor the Trustee nor any Authenticating Agent nor any paying agent nor any
transfer agent nor any Debenture registrar shall be affected by any notice to
the contrary. All such payments so made to any holder for the time being or upon
his order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any
such Debenture.

      SECTION 7.4. DEBENTURES OWNED BY COMPANY DEEMED NOT OUTSTANDING. In
determining whether the holders of the requisite aggregate principal amount of
Debentures have concurred in any direction, consent or waiver under this
Indenture, Debentures which are owned by the Company or any other obligor on the
Debentures or by any Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Company or any other obligor
on the Debentures shall be disregarded and deemed not to be outstanding for the
purpose of any such determination; provided, however, that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver, only Debentures which a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded. Debentures so owned
which have been pledged in good faith may be regarded as outstanding for the
purposes of this Section 7.4 if the pledgee shall establish to the satisfaction
of the Trustee the pledgee's right to vote such Debentures and that the pledgee
is not the Company or any such other obligor or Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Company or any such other obligor. In the case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee.

      SECTION 7.5. REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND. At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section
7.1, of the taking of any action by the holders of the percentage in aggregate
principal amount of the Debentures specified in this Indenture in connection
with such action, any holder (in cases where no record date has been set
pursuant to Section 7.1) or any holder as of an applicable record date (in cases
where a record date has been set pursuant to Section 7.1) of a Debenture (or any
Debenture issued in whole or in part in exchange or substitution therefor) the
serial number of which is shown by the evidence to be included in the Debentures
the holders of which have consented to such action may, by filing written notice
with the Trustee at the Principal Office of the Trustee and upon proof of
holding as provided in Section 7.2, revoke such action so far as concerns such
Debenture (or so far as concerns the principal amount represented by any
exchanged or substituted Debenture). Except as aforesaid any such action taken
by the holder of any Debenture shall be conclusive and binding upon such holder
and upon all future holders and owners of such Debenture, and of any Debenture
issued in exchange or substitution therefor or on registration of transfer
thereof, irrespective of whether or not any notation in regard thereto is made
upon such Debenture or any Debenture issued in exchange or substitution
therefor.

                                  ARTICLE VIII.
                            SECURITYHOLDERS' MEETINGS

      SECTION 8.1. PURPOSES OF MEETINGS. A meeting of Securityholders may be
called at any time and from time to time pursuant to the provisions of this
Article VIII for any of the following purposes:

                                       34
<PAGE>

      (a) to give any notice to the Company or to the Trustee, or to give any
directions to the Trustee, or to consent to the waiving of any default hereunder
and its consequences, or to take any other action authorized to be taken by
Securityholders pursuant to any of the provisions of Article V;

      (b) to remove the Trustee and nominate a successor trustee pursuant to the
provisions of Article VI;

      (c) to consent to the execution of an indenture or indentures supplemental
hereto pursuant to the provisions of Section 9.2; or

      (d) to take any other action authorized to be taken by or on behalf of the
holders of any specified aggregate principal amount of such Debentures under any
other provision of this Indenture or under applicable law.

      SECTION 8.2. CALL OF MEETINGS BY TRUSTEE. The Trustee may at any time call
a meeting of Securityholders to take any action specified in Section 8.1, to be
held at such time and at such place as the Trustee shall determine. Notice of
every meeting of the Securityholders, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such
meeting, shall be mailed to holders of Debentures affected at their addresses as
they shall appear on the Debentures Register and, if the Company is not a holder
of Debentures, to the Company. Such notice shall be mailed not less than 20 nor
more than 180 days prior to the date fixed for the meeting.

      SECTION 8.3. CALL OF MEETINGS BY COMPANY OR SECURITYHOLDERS. In case at
any time the Company pursuant to a Board Resolution, or the holders of at least
10% in aggregate principal amount of the Debentures, as the case may be, then
outstanding, shall have requested the Trustee to call a meeting of
Securityholders, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within 20 days after receipt of such request,
then the Company or such Securityholders may determine the time and the place
for such meeting and may call such meeting to take any action authorized in
Section 8.1, by mailing notice thereof as provided in Section 8.2.

      SECTION 8.4. QUALIFICATIONS FOR VOTING. To be entitled to vote at any
meeting of Securityholders a Person shall be (a) a holder of one or more
Debentures with respect to which the meeting is being held or (b) a Person
appointed by an instrument in writing as proxy by a holder of one or more such
Debentures. The only Persons who shall be entitled to be present or to speak at
any meeting of Securityholders shall be the Persons entitled to vote at such
meeting and their counsel and any representatives of the Trustee and its counsel
and any representatives of the Company and its counsel.

      SECTION 8.5. REGULATIONS. Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders, in regard to proof of the holding
of Debentures and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall think fit.

      The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Securityholders as provided in Section 8.3, in which case the
Company or the Securityholders calling the meeting, as the case may be, shall in
like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

                                       35
<PAGE>

      Subject to the provisions of Section 7.4, at any meeting each holder of
Debentures with respect to which such meeting is being held or proxy therefor
shall be entitled to one vote for each $1,000.00 principal amount of Debentures
held or represented by him; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Debenture challenged as not outstanding
and ruled by the chairman of the meeting to be not outstanding. The chairman of
the meeting shall have no right to vote other than by virtue of Debentures held
by him or instruments in writing as aforesaid duly designating him as the Person
to vote on behalf of other Securityholders. Any meeting of Securityholders duly
called pursuant to the provisions of Section 8.2 or 8.3 may be adjourned from
time to time by a majority of those present, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice.

      SECTION 8.6. VOTING. The vote upon any resolution submitted to any meeting
of holders of Debentures with respect to which such meeting is being held shall
be by written ballots on which shall be subscribed the signatures of such
holders or of their representatives by proxy and the serial number or numbers of
the Debentures held or represented by them. The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in triplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Securityholders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more Persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was mailed as provided in Section 8.2. The record
shall show the serial numbers of the Debentures voting in favor of or against
any resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Company and the other to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting.

      Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

      SECTION 8.7. QUORUM; ACTIONS. The Persons entitled to vote a majority in
aggregate principal amount of the Debentures then outstanding shall constitute a
quorum for a meeting of Securityholders; provided, however, that if any action
is to be taken at such meeting with respect to a consent, waiver, request,
demand, notice, authorization, direction or other action which may be given by
the holders of not less than a specified percentage in aggregate principal
amount of the Debentures then outstanding, the Persons holding or representing
such specified percentage in principal amount of the Debentures then outstanding
will constitute a quorum. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall, if convened at the
request of Securityholders, be dissolved. In any other case the meeting may be
adjourned for a period of not less than 10 days as determined by the permanent
chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than 10 days as determined by the permanent
chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 8.2, except that such notice need be given only once not less than 5
days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of an adjourned meeting shall state expressly the
percentage, as provided above, of the principal amount of the Debentures then
outstanding which shall constitute a quorum.

      Except as limited by the provisos in the first paragraph of Section 9.2,
any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted by the affirmative vote of
the holders of a majority in aggregate principal amount of the Debentures then
outstanding; provided, however, that, except as limited by the provisos in the
first

                                       36
<PAGE>

paragraph of Section 9.2, any resolution with respect to any consent, waiver,
request, demand, notice, authorization, direction or other action which this
Indenture expressly provides may be given by the holders of not less than a
specified percentage in aggregate principal amount of the Debentures then
outstanding may be adopted at a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid only by the affirmative vote of
the holders of a not less than such specified percentage in principal amount of
the Debentures then outstanding.

      Any resolution passed or decision taken at any meeting of holders of
Debentures duly held in accordance with this Section shall be binding on all the
Securityholders, whether or not present or represented at the meeting.

                                   ARTICLE IX.
                             SUPPLEMENTAL INDENTURES

      SECTION 9.1. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF SECURITYHOLDERS.
The Company, when authorized by a Board Resolution, and the Trustee may from
time to time and at any time enter into an indenture or indentures supplemental
hereto, without the consent of the Securityholders, for one or more of the
following purposes:

      (a) to evidence the succession of another Person to the Company, or
successive successions, and the assumption by the successor Person of the
covenants, agreements and obligations of the Company, pursuant to Article XI
hereof;

      (b) to add to the covenants of the Company such further covenants,
restrictions or conditions for the protection of the holders of Debentures as
the Board of Directors shall consider to be for the protection of the holders of
such Debentures, and to make the occurrence, or the occurrence and continuance,
of a default in any of such additional covenants, restrictions or conditions a
default or an Event of Default permitting the enforcement of all or any of the
several remedies provided in this Indenture as herein set forth; provided,
however, that in respect of any such additional covenant restriction or
condition 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;

      (c) to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental
indenture, or to make such other provisions in regard to matters or questions
arising under this Indenture; provided that any such action shall not materially
adversely affect the interests of the holders of the Debentures;

      (d) to add to, delete from, or revise the terms of Debentures, including,
without limitation, any terms relating to the issuance, exchange, registration
or transfer of Debentures, including to provide for transfer procedures and
restrictions substantially similar to those applicable to the Capital Securities
as required by Section 2.5 (for purposes of assuring that no registration of
Debentures is required under the Securities Act); provided, however, that any
such action shall not adversely affect the interests of the holders of the
Debentures then outstanding (it being understood, for purposes of this proviso,
that transfer restrictions on Debentures substantially similar to those that
were applicable to Capital Securities shall not be deemed to materially
adversely affect the holders of the Debentures);

      (e) to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Debentures and to add to or change any
of the provisions of this Indenture as

                                       37
<PAGE>

shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee;

      (f) to make any change (other than as elsewhere provided in this
paragraph) that does not adversely affect the rights of any Securityholder in
any material respect; or

      (g) to provide for the issuance of and establish the form and terms and
conditions of the Debentures, to establish the form of any certifications
required to be furnished pursuant to the terms of this Indenture or the
Debentures, or to add to the rights of the holders of Debentures.

      The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be
obligated to, but may in its discretion, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

      Any supplemental indenture authorized by the provisions of this Section
9.1 may be executed by the Company and the Trustee without the consent of the
holders of any of the Debentures at the time outstanding, notwithstanding any of
the provisions of Section 9.2.

      SECTION 9.2. SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS. With
the consent (evidenced as provided in Section 7.1) of the holders of not less
than a majority in aggregate principal amount of the Debentures at the time
outstanding affected by such supplemental indenture (voting as a class), the
Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time 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 any supplemental
indenture or of modifying in any manner the rights of the holders of the
Debentures; provided, however, that no such supplemental indenture shall without
the consent of the holders of each Debenture then outstanding and affected
thereby (i) change the fixed maturity of any Debenture, or reduce the principal
amount thereof or any premium thereon, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption thereof
or make the principal thereof or any interest or premium thereon payable in any
coin or currency other than that provided in the Debentures, or impair or affect
the right of any Securityholder to institute suit for payment thereof or impair
the right of repayment, if any, at the option of the holder, or (ii) reduce the
aforesaid percentage of Debentures the holders of which are required to consent
to any such supplemental indenture; provided further, however, that if the
Debentures are held by a trust or a trustee of such trust, such supplemental
indenture shall not be effective until the holders of a majority in Liquidation
Amount of Trust Securities shall have consented to such supplemental indenture;
provided further, however, that if the consent of the Securityholder of each
outstanding Debenture is required, such supplemental indenture shall not be
effective until each holder of the Trust Securities shall have consented to such
supplemental indenture.

      Upon the request of the Company accompanied by a Board Resolution
authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee's
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture.

      Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice, prepared by the
Company, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders as their names and addresses appear upon the
Debenture Register. Any

                                       38
<PAGE>

failure of the Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

      It shall not be necessary for the consent of the Securityholders under
this Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

      SECTION 9.3. EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article IX, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the holders
of Debentures shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

      SECTION 9.4. NOTATION ON DEBENTURES. Debentures authenticated and
delivered after the execution of any supplemental indenture pursuant to the
provisions of this Article IX may bear a notation as to any matter provided for
in such supplemental indenture. If the Company or the Trustee shall so
determine, new Debentures so modified as to conform, in the opinion of the Board
of Directors of the Company, to any modification of this Indenture contained in
any such supplemental indenture may be prepared and executed by the Company,
authenticated by the Trustee or the Authenticating Agent and delivered in
exchange for the Debentures then outstanding.

      SECTION 9.5. EVIDENCE OF COMPLIANCE OF SUPPLEMENTAL INDENTURE TO BE
FURNISHED TO TRUSTEE. The Trustee, subject to the provisions of Sections 6.1 and
6.2, shall, in addition to the documents required by Section 14.6, receive an
Officers' Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant hereto complies with the requirements
of this Article IX. The Trustee shall receive an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this
Article IX is authorized or permitted by, and conforms to, the terms of this
Article IX and that it is proper for the Trustee under the provisions of this
Article IX to join in the execution thereof.

                                   ARTICLE X.
                            REDEMPTION OF SECURITIES

      SECTION 10.1. OPTIONAL REDEMPTION. The Company shall have the right
(subject to the receipt by the Company of prior approval (i) if the Company is a
bank holding company, from the Federal Reserve, if then required under
applicable capital guidelines or policies of the Federal Reserve or (ii) if the
Company is a savings and loan holding company, from the OTS, if then required
under applicable capital guidelines or policies of the OTS) to redeem the
Debentures, in whole or in part, but in all cases in a principal amount with
integral multiples of $1,000.00, on any Interest Payment Date on or after the
Interest Payment Date in December 2009 (the "Redemption Date"), at the
Redemption Price.

      SECTION 10.2. SPECIAL EVENT REDEMPTION. If a Special Event shall occur and
be continuing, the Company shall have the right (subject to the receipt by the
Company of prior approval (i) if the Company is a bank holding company, from the
Federal Reserve, if then required under applicable capital guidelines or
policies of the Federal Reserve or (ii) if the Company is a savings and loan
holding company, from the OTS, if then required under applicable capital
guidelines or policies of the OTS) to redeem the Debentures in whole, but not in
part, at any Interest Payment Date, within 120 days following the occurrence of
such Special Event (the "Special Redemption Date") at the Special Redemption
Price.

                                       39
<PAGE>

      SECTION 10.3. NOTICE OF REDEMPTION; SELECTION OF DEBENTURES. In case the
Company shall desire to exercise the right to redeem all, or, as the case may
be, any part of the Debentures, it shall cause to be mailed a notice of such
redemption at least 30 and not more than 60 days prior to the Redemption Date or
the Special Redemption Date to the holders of Debentures so to be redeemed as a
whole or in part at their last addresses as the same appear on the Debenture
Register. Such mailing shall be by first class mail. The notice if mailed in the
manner herein provided shall be conclusively presumed to have been duly given,
whether or not the holder receives such notice. In any case, failure to give
such notice by mail or any defect in the notice to the holder of any Debenture
designated for redemption as a whole or in part shall not affect the validity of
the proceedings for the redemption of any other Debenture.

      Each such notice of redemption shall specify the CUSIP number, if any, of
the Debentures to be redeemed, the Redemption Date or the Special Redemption
Date, as applicable, the Redemption Price or the Special Redemption Price, as
applicable, at which Debentures are to be redeemed, the place or places of
payment, that payment will be made upon presentation and surrender of such
Debentures, that interest accrued to the date fixed for redemption will be paid
as specified in said notice, and that on and after said date interest thereon or
on the portions thereof to be redeemed will cease to accrue. If less than all
the Debentures are to be redeemed the notice of redemption shall specify the
numbers of the Debentures to be redeemed. In case the Debentures are to be
redeemed in part only, the notice of redemption shall state the portion of the
principal amount thereof to be redeemed and shall state that on and after the
date fixed for redemption, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof will be
issued.

      Prior to 10:00 a.m. New York City time on the Redemption Date or Special
Redemption Date, as applicable, the Company will deposit with the Trustee or
with one or more paying agents an amount of money sufficient to redeem on the
Redemption Date or the Special Redemption Date, as applicable, all the
Debentures so called for redemption at the appropriate Redemption Price or
Special Redemption Price.

      If all, or less than all, the Debentures are to be redeemed, the Company
will give the Trustee notice not less than 45 nor more than 60 days,
respectively, prior to the Redemption Date or Special Redemption Date, as
applicable, as to the aggregate principal amount of Debentures to be redeemed
and the Trustee shall select, in such manner as in its sole discretion it shall
deem appropriate and fair, the Debentures or portions thereof (in integral
multiples of $1,000.00) to be redeemed.

      SECTION 10.4. PAYMENT OF DEBENTURES CALLED FOR REDEMPTION. If notice of
redemption has been given as provided in Section 10.3, the Debentures or
portions of Debentures with respect to which such notice has been given shall
become due and payable on the Redemption Date or Special Redemption Date, as
applicable, and at the place or places stated in such notice at the applicable
Redemption Price or Special Redemption Price and on and after said date (unless
the Company shall default in the payment of such Debentures at the Redemption
Price or Special Redemption Price, as applicable) interest on the Debentures or
portions of Debentures so called for redemption shall cease to accrue. On
presentation and surrender of such Debentures at a place of payment specified in
said notice, such Debentures or the specified portions thereof shall be paid and
redeemed by the Company at the applicable Redemption Price or Special Redemption
Price.

      Upon presentation of any Debenture redeemed in part only, the Company
shall execute and the Trustee shall authenticate and make available for delivery
to the holder thereof, at the expense of the Company, a new Debenture or
Debentures of authorized denominations, in principal amount equal to the
unredeemed portion of the Debenture so presented.

                                   ARTICLE XI.
                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

                                       40
<PAGE>

      SECTION 11.1. COMPANY MAY CONSOLIDATE, ETC., ON CERTAIN TERMS. Nothing
contained in this Indenture or in the Debentures shall prevent any consolidation
or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which
the Company or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance, transfer or other disposition of the property of
the Company or its successor or successors as an entirety, or substantially as
an entirety, to any other Person (whether or not affiliated with the Company, or
its successor or successors) authorized to acquire and operate the same;
provided, however, that the Company hereby covenants and agrees that, upon any
such consolidation, merger (where the Company is not the surviving corporation),
sale, conveyance, transfer or other disposition, the due and punctual payment of
the principal of (and premium, if any) and interest on all of the Debentures in
accordance with their terms, according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of this Indenture
to be kept or performed by the Company, shall be expressly assumed by
supplemental indenture satisfactory in form to the Trustee executed and
delivered to the Trustee by the entity formed by such consolidation, or into
which the Company shall have been merged, or by the entity which shall have
acquired such property.

      SECTION 11.2. SUCCESSOR ENTITY TO BE SUBSTITUTED. In case of any such
consolidation, merger, sale, conveyance, transfer or other disposition and upon
the assumption by the successor entity, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the due and
punctual payment of the principal of and premium, if any, and interest on all of
the Debentures and the due and punctual performance and observance of all of the
covenants and conditions of this Indenture to be performed or observed by the
Company, such successor entity shall succeed to and be substituted for the
Company, with the same effect as if it had been named herein as the Company, and
thereupon the predecessor entity shall be relieved of any further liability or
obligation hereunder or upon the Debentures. Such successor entity thereupon may
cause to be signed, and may issue in its own name, any or all of the Debentures
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee or the Authenticating Agent; and, upon the order of
such successor entity instead of the Company and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee or the
Authenticating Agent shall authenticate and deliver any Debentures which
previously shall have been signed and delivered by the officers of the Company,
to the Trustee or the Authenticating Agent for authentication, and any
Debentures which such successor entity thereafter shall cause to be signed and
delivered to the Trustee or the Authenticating Agent for that purpose. All the
Debentures so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Debentures theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Debentures had
been issued at the date of the execution hereof.

      SECTION 11.3. OPINION OF COUNSEL TO BE GIVEN TO TRUSTEE. The Trustee,
subject to the provisions of Sections 6.1 and 6.2, shall receive, in addition to
the Opinion of Counsel required by Section 9.5, an Opinion of Counsel as
conclusive evidence that any consolidation, merger, sale, conveyance, transfer
or other disposition, and any assumption, permitted or required by the terms of
this Article XI complies with the provisions of this Article XI.

                                  ARTICLE XII.
                     SATISFACTION AND DISCHARGE OF INDENTURE

      SECTION 12.1. DISCHARGE OF INDENTURE. When

      (a)   the Company shall deliver to the Trustee for cancellation all
            Debentures theretofore authenticated (other than any Debentures
            which shall have been destroyed, lost or stolen and which shall have
            been replaced or paid as provided in Section 2.6) and not
            theretofore canceled, or

                                       41
<PAGE>

      (b)   all the Debentures not theretofore canceled or delivered to the
            Trustee for cancellation shall have become due and payable, or are
            by their terms to become due and payable within 1 year or are to be
            called for redemption within 1 year under arrangements satisfactory
            to the Trustee for the giving of notice of redemption, and the
            Company shall deposit with the Trustee, in trust, funds, which shall
            be immediately due and payable, sufficient to pay at maturity or
            upon redemption all of the Debentures (other than any Debentures
            which shall have been destroyed, lost or stolen and which shall have
            been replaced or paid as provided in Section 2.6) not theretofore
            canceled or delivered to the Trustee for cancellation, including
            principal and premium, if any, and interest due or to become due to
            such date of maturity or redemption date, as the case may be, but
            excluding, however, the amount of any moneys for the payment of
            principal of, and premium, if any, or interest on the Debentures (1)
            theretofore repaid to the Company in accordance with the provisions
            of Section 12.4, or (2) paid to any state or to the District of
            Columbia pursuant to its unclaimed property or similar laws,

and if in the case of either clause (a) or clause (b) the Company shall also pay
or cause to be paid all other sums payable hereunder by the Company, then this
Indenture shall cease to be of further effect except for the provisions of
Sections 2.5, 2.6, 2.8, 3.1, 3.2, 3.4, 6.6, 6.8, 6.9 and 12.4 hereof shall
survive until such Debentures shall mature and be paid. Thereafter, Sections 6.6
and 12.4 shall survive, and the Trustee, on demand of the Company accompanied by
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 have been complied with, and at the cost and expense
of the Company, shall execute proper instruments acknowledging satisfaction of
and discharging this Indenture. The Company agrees to reimburse the Trustee for
any costs or expenses thereafter reasonably and properly incurred by the Trustee
in connection with this Indenture or the Debentures.

      SECTION 12.2. DEPOSITED MONEYS TO BE HELD IN TRUST BY TRUSTEE. Subject to
the provisions of Section 12.4, all moneys deposited with the Trustee pursuant
to Section 12.1 shall be held in trust in a non-interest bearing account and
applied by it to the payment, either directly or through any paying agent
(including the Company if acting as its own paying agent), to the holders of the
particular Debentures for the payment of which such moneys have been deposited
with the Trustee, of all sums due and to become due thereon for principal, and
premium, if any, and interest.

      SECTION 12.3. PAYING AGENT TO REPAY MONEYS HELD. Upon the satisfaction and
discharge of this Indenture all moneys then held by any paying agent of the
Debentures (other than the Trustee) shall, upon demand of the Company, be repaid
to it or paid to the Trustee, and thereupon such paying agent shall be released
from all further liability with respect to such moneys.

      SECTION 12.4. RETURN OF UNCLAIMED MONEYS. Any moneys deposited with or
paid to the Trustee or any paying agent for payment of the principal of, and
premium, if any, or interest on Debentures and not applied but remaining
unclaimed by the holders of Debentures for 2 years after the date upon which the
principal of, and premium, if any, or interest on such Debentures, as the case
may be, shall have become due and payable, shall, subject to applicable
escheatment laws, be repaid to the Company by the Trustee or such paying agent
on written demand; and the holder of any of the Debentures shall thereafter look
only to the Company for any payment which such holder may be entitled to
collect, and all liability of the Trustee or such paying agent with respect to
such moneys shall thereupon cease.

                                       42
<PAGE>

                                  ARTICLE XIII.
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

      SECTION 13.1. INDENTURE AND DEBENTURES SOLELY CORPORATE OBLIGATIONS. No
recourse for the payment of the principal of or premium, if any, or interest on
any Debenture, or for any claim based thereon or otherwise in respect thereof,
and no recourse under or upon any obligation, covenant or agreement of the
Company in this Indenture or in any supplemental indenture, or in any such
Debenture, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, employee, officer or
director, as such, past, present or future, of the Company or of any successor
Person of the Company, either directly or through the Company or any successor
Person of the Company, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise, it being
expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issue of the Debentures.

                                  ARTICLE XIV.
                            MISCELLANEOUS PROVISIONS

      SECTION 14.1. SUCCESSORS. All the covenants, stipulations, promises and
agreements of the Company in this Indenture shall bind its successors and
assigns whether so expressed or not.

      SECTION 14.2. OFFICIAL ACTS BY SUCCESSOR ENTITY. Any act or proceeding by
any provision of this Indenture authorized or required to be done or performed
by any board, committee or officer of the Company shall and may be done and
performed with like force and effect by the like board, committee, officer or
other authorized Person of any entity that shall at the time be the lawful
successor of the Company.

      SECTION 14.3. SURRENDER OF COMPANY POWERS. The Company by instrument in
writing executed by authority of at least 2/3 (two-thirds) of its Board of
Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company and thereupon such power so surrendered shall terminate both as
to the Company, and as to any permitted successor.

      SECTION 14.4. ADDRESSES FOR NOTICES, ETC. Any notice, consent, direction,
request, authorization, waiver or demand which by any provision of this
Indenture is required or permitted to be given, made, furnished or served by the
Trustee or by the Securityholders on or to the Company may be given or served in
writing by being deposited postage prepaid by registered or certified mail in a
post office letter box addressed (until another address is filed by the Company,
with the Trustee for the purpose) to the Company, 5701 West Main Street,
Belleville, Illinois 62226, Attention: Bruce A. Bone. Any notice, consent,
direction, request, authorization, waiver or demand by any Securityholder or the
Company to or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or made in writing at the office of the
Trustee, addressed to the Trustee, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-1600, Attention: Corporate Trust
Administration. Any notice, consent, direction, request, authorization, waiver
or demand on or to any Securityholder shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the address set
forth in the Debenture Register.

      SECTION 14.5. GOVERNING LAW. This Indenture and each Debenture shall be
deemed to be a contract made under the law of the State of New York, and for all
purposes shall be governed by and construed in accordance with the law of said
State, without regard to conflict of laws principles thereof.

                                       43
<PAGE>

      SECTION 14.6. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. Upon any
application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that in the opinion of the signers 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, all such conditions precedent have been complied with.

      Each certificate or opinion provided for in this Indenture and delivered
to the Trustee with respect to compliance with a condition or covenant provided
for in this Indenture shall include (1) a statement that the person making such
certificate or opinion has read such covenant or condition; (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 such person, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not in the opinion of such
person, such condition or covenant has been complied with.

      SECTION 14.7. TABLE OF CONTENTS, HEADINGS, ETC. The table of contents and
the titles and headings of the articles and sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part
hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

      SECTION 14.8. EXECUTION IN COUNTERPARTS. This Indenture may be executed in
any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

      SECTION 14.9. SEPARABILITY. In case any one or more of the provisions
contained in this Indenture or in the Debentures shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provisions of this Indenture or
of such Debentures, but this Indenture and such Debentures shall be construed as
if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

      SECTION 14.10. ASSIGNMENT. The Company will have the right at all times to
assign any of its rights or obligations under this Indenture to a direct or
indirect wholly owned Subsidiary of the Company, provided that, in the event of
any such assignment, the Company will remain liable for all such obligations.
Subject to the foregoing, this Indenture is binding upon and inures to the
benefit of the parties hereto and their respective successors and assigns. This
Indenture may not otherwise be assigned by the parties hereto.

      SECTION 14.11. ACKNOWLEDGMENT OF RIGHTS. The Company agrees that, with
respect to any Debentures held by the Trust or the Institutional Trustee of the
Trust, if the Institutional Trustee of the Trust fails to enforce its rights
under this Indenture as the holder of Debentures held as the assets of such
Trust after the holders of a majority in Liquidation Amount of the Capital
Securities of such Trust have so directed such Institutional Trustee, a holder
of record of such Capital Securities may, to the fullest extent permitted by
law, institute legal proceedings directly against the Company to enforce such
Institutional Trustee's rights under this Indenture without first instituting
any legal proceedings against such trustee or any other Person. Notwithstanding
the foregoing, if an Event of Default has occurred and is continuing and such
event is attributable to the failure of the Company to pay interest (or premium,
if any) or principal on the Debentures on the date such interest (or premium, if
any) or principal is otherwise payable (or in the case of redemption, on the
redemption date), the Company agrees that a holder of record of Capital
Securities of the Trust may directly institute a proceeding against the Company
for enforcement of payment to such holder directly of the principal of (or
premium, if any) or interest on the

                                       44
<PAGE>

Debentures having an aggregate principal amount equal to the aggregate
Liquidation Amount of the Capital Securities of such holder on or after the
respective due date specified in the Debentures.

                                   ARTICLE XV.
                           SUBORDINATION OF DEBENTURES

      SECTION 15.1. AGREEMENT TO SUBORDINATE. The Company covenants and agrees,
and each holder of Debentures by such Securityholder's acceptance thereof
likewise covenants and agrees, that all Debentures shall be issued subject to
the provisions of this Article XV; and each holder of a Debenture, whether upon
original issue or upon transfer or assignment thereof, accepts and agrees to be
bound by such provisions.

      The payment by the Company of the principal of, and premium, if any, and
interest on all Debentures shall, to the extent and in the manner hereinafter
set forth, be subordinated and junior in right of payment to the prior payment
in full of all Senior Indebtedness of the Company, whether outstanding at the
date of this Indenture or thereafter incurred.

      No provision of this Article XV shall prevent the occurrence of any
default or Event of Default hereunder.

      SECTION 15.2. DEFAULT ON SENIOR INDEBTEDNESS. In the event and during the
continuation of any default by the Company in the payment of principal, premium,
interest or any other payment due on any Senior Indebtedness of the Company
following any grace period, or in the event that the maturity of any Senior
Indebtedness of the Company has been accelerated because of a default and such
acceleration has not been rescinded or canceled and such Senior Indebtedness has
not been paid in full, then, in either case, no payment shall be made by the
Company with respect to the principal (including redemption) of, or premium, if
any, or interest on the Debentures.

      In the event that, notwithstanding the foregoing, any payment shall be
received by the Trustee when such payment is prohibited by the preceding
paragraph of this Section 15.2, such payment shall, subject to Section 15.7, be
held in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Indebtedness or their respective representatives, or to the
trustee or trustees under any indenture pursuant to which any of such Senior
Indebtedness may have been issued, as their respective interests may appear, but
only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing
within 90 days of such payment of the amounts then due and owing on the Senior
Indebtedness and only the amounts specified in such notice to the Trustee shall
be paid to the holders of Senior Indebtedness.

      SECTION 15.3. LIQUIDATION, DISSOLUTION, BANKRUPTCY. Upon any payment by
the Company or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceedings, all
amounts due upon all Senior Indebtedness of the Company shall first be paid in
full, or payment thereof provided for in money in accordance with its terms,
before any payment is made by the Company, on account of the principal (and
premium, if any) or interest on the Debentures. Upon any such dissolution or
winding-up or liquidation or reorganization, any payment by the Company, or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to which the Securityholders or the Trustee would be
entitled to receive from the Company, except for the provisions of this Article
XV, shall be paid by the Company, or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution,
or by the Securityholders or by the Trustee under this Indenture if received by
them or it, directly to the holders of Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by
such holders, as calculated

                                       45
<PAGE>

by the Company) or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, as their respective interests may
appear, to the extent necessary to pay such Senior Indebtedness in full, in
money or money's worth, after giving effect to any concurrent payment or
distribution to or for the holders of such Senior Indebtedness, before any
payment or distribution is made to the Securityholders or to the Trustee.

      In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee before all Senior Indebtedness is paid in full, or provision is made for
such payment in money in accordance with its terms, such payment or distribution
shall be held in trust for the benefit of and shall be paid over or delivered to
the holders of such Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued,
as their respective interests may appear, as calculated by the Company, for
application to the payment of all Senior Indebtedness, remaining unpaid to the
extent necessary to pay such Senior Indebtedness in full in money in accordance
with its terms, after giving effect to any concurrent payment or distribution to
or for the benefit of the holders of such Senior Indebtedness.

      For purposes of this Article XV, the words "cash, property or securities"
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article XV with respect to
the Debentures to the payment of all Senior Indebtedness, that may at the time
be outstanding, provided that (i) such Senior Indebtedness is assumed by the new
corporation, if any, resulting from any such reorganization or readjustment, and
(ii) the rights of the holders of such Senior Indebtedness are not, without the
consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Company with, or the merger of the Company into, another
corporation or the liquidation or dissolution of the Company following the
conveyance or transfer of its property as an entirety, or substantially as an
entirety, to another corporation upon the terms and conditions provided for in
Article XI of this Indenture shall not be deemed a dissolution, winding-up,
liquidation or reorganization for the purposes of this Section if such other
corporation shall, as a part of such consolidation, merger, conveyance or
transfer, comply with the conditions stated in Article XI of this Indenture.
Nothing in Section 15.2 or in this Section shall apply to claims of, or payments
to, the Trustee under or pursuant to Section 6.6 of this Indenture.

      SECTION 15.4. SUBROGATION. Subject to the payment in full of all Senior
Indebtedness, the Securityholders shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company, applicable to such Senior
Indebtedness until the principal of (and premium, if any) and interest on the
Debentures shall be paid in full. For the purposes of such subrogation, no
payments or distributions to the holders of such Senior Indebtedness of any
cash, property or securities to which the Securityholders or the Trustee would
be entitled except for the provisions of this Article XV, and no payment over
pursuant to the provisions of this Article XV to or for the benefit of the
holders of such Senior Indebtedness by Securityholders or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Indebtedness of
the Company, and the holders of the Debentures be deemed to be a payment or
distribution by the Company to or on account of such Senior Indebtedness. It is
understood that the provisions of this Article XV are and are intended solely
for the purposes of defining the relative rights of the holders of the
Securities, on the one hand, and the holders of such Senior Indebtedness, on the
other hand.

      Nothing contained in this Article XV or elsewhere in this Indenture or in
the Debentures is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior

                                       46
<PAGE>

Indebtedness, and the holders of the Debentures, the obligation of the Company,
which is absolute and unconditional, to pay to the holders of the Debentures the
principal of (and premium, if any) and interest on the Debentures as and when
the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the holders of the Debentures
and creditors of the Company, other than the holders of Senior Indebtedness, nor
shall anything herein or therein prevent the Trustee or the holder of any
Debenture from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this
Article XV of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company, received upon the exercise of any such
remedy.

      Upon any payment or distribution of assets of the Company referred to in
this Article XV, the Trustee, subject to the provisions of Article VI of this
Indenture, and the Securityholders shall be entitled to conclusively rely upon
any order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the Securityholders, for the purposes of ascertaining the Persons
entitled to participate in such distribution, the holders of Senior Indebtedness
and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article XV.

      SECTION 15.5. TRUSTEE TO EFFECTUATE SUBORDINATION. Each Securityholder by
such Securityholder's acceptance thereof authorizes and directs the Trustee on
such Securityholder's behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article XV and
appoints the Trustee such Securityholder's attorney-in-fact for any and all such
purposes.

      SECTION 15.6. NOTICE BY THE COMPANY. The Company shall give prompt written
notice to a Responsible Officer of the Trustee at the Principal Office of the
Trustee of any fact known to the Company that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Debentures pursuant to
the provisions of this Article XV. Notwithstanding the provisions of this
Article XV or any other provision of this Indenture, the Trustee shall not be
charged with knowledge of the existence of any facts that would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Debentures pursuant to the provisions of this Article XV, unless and until a
Responsible Officer of the Trustee at the Principal Office of the Trustee shall
have received written notice thereof from the Company or a holder or holders of
Senior Indebtedness or from any trustee therefor; and before the receipt of any
such written notice, the Trustee, subject to the provisions of Article VI of
this Indenture, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have received the notice
provided for in this Section at least 2 Business Days prior to the date upon
which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal of (or premium, if
any) or interest on any Debenture), then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to
receive such money and to apply the same to the purposes for which they were
received, and shall not be affected by any notice to the contrary that may be
received by it within 2 Business Days prior to such date.

      The Trustee, subject to the provisions of Article VI of this Indenture,
shall be entitled to conclusively rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Senior Indebtedness (or a
trustee or representative on behalf of such holder), to establish that such
notice has been given by a holder of such Senior Indebtedness or a trustee or
representative on behalf of any such holder or holders. In the event that the
Trustee determines in good faith that further evidence is required with respect
to the right of any Person as a holder of such Senior Indebtedness to
participate in any payment or distribution pursuant to this Article XV, the
Trustee may request such Person to furnish

                                       47
<PAGE>

evidence to the reasonable satisfaction of the Trustee as to the amount of such
Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article XV, and, if such
evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

      SECTION 15.7. RIGHTS OF THE TRUSTEE; HOLDERS OF SENIOR INDEBTEDNESS. The
Trustee in its individual capacity shall be entitled to all the rights set forth
in this Article XV in respect of any Senior Indebtedness at any time held by it,
to the same extent as any other holder of Senior Indebtedness, and nothing in
this Indenture shall deprive the Trustee of any of its rights as such holder.

      With respect to the holders of Senior Indebtedness, the Trustee undertakes
to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article XV, and no implied covenants or
obligations with respect to the holders of such Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of such Senior Indebtedness and, subject
to the provisions of Article VI of this Indenture, the Trustee shall not be
liable to any holder of such Senior Indebtedness if it shall pay over or deliver
to Securityholders, the Company or any other Person money or assets to which any
holder of such Senior Indebtedness shall be entitled by virtue of this Article
XV or otherwise.

      Nothing in this Article XV shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.6.

      SECTION 15.8. SUBORDINATION MAY NOT BE IMPAIRED. No right of any present
or future holder of any Senior Indebtedness to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company, or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company, with the
terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof that any such holder may have or otherwise be charged with.

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

                     Signatures appear on the following page

                                       48
<PAGE>

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

                                 WEST POINTE BANCORP, INC.

                                 By  /s/ Bruce A. Bone
                                   ---------------------------------------------
                                    Name:  Bruce A. Bone
                                    Title:  Executive Vice President & CFO

                                 WILMINGTON TRUST COMPANY, as Trustee

                                 By  /s/ Christopher J. Monigle
                                   ---------------------------------------------
                                     Name:  Christopher J. Monigle
                                     Title:  Assistant Vice President

                                       49
<PAGE>

                                    EXHIBIT A

          FORM OF FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST
                                    DEBENTURE

                           [FORM OF FACE OF SECURITY]

      THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY
THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE
FEDERAL DEPOSIT INSURANCE CORPORATION.

      THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), ANY STATE SECURITIES LAWS OR ANY OTHER
APPLICABLE SECURITIES LAW. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN ACCORDANCE
WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING
OF SUBPARAGRAPH (A) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR
OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S RIGHT
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN
ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY.

      THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES,
REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") (EACH
A "PLAN"), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON
OF ANY PLAN'S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING "PLAN ASSETS" OF
ANY PLAN MAY ACQUIRE OR HOLD THE SECURITIES OR ANY INTEREST THEREIN, UNLESS SUCH
PURCHASER OR HOLDER IS ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38,
90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF
THIS SECURITY IS NOT PROHIBITED BY

                                     A-1-1
<PAGE>

SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE
OR HOLDING. ANY PURCHASER OR HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN
WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT
EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3)
OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE
OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY
OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO
FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH
THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

      THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING
AN AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000.00 AND MULTIPLES OF
$1,000.00 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK
HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000.00 SHALL BE DEEMED TO
BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

      THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

      IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY
THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.

         Floating Rate Junior Subordinated Deferrable Interest Debenture

                                       of

                            West Pointe Bancorp, Inc.

                                December 15, 2004

      West Pointe Bancorp, Inc., an Illinois corporation (the "Company" which
term includes any successor Person under the Indenture hereinafter referred to),
for value received promises to pay to Wilmington Trust Company, not in its
individual capacity but solely as Institutional Trustee for West Pointe
Statutory Trust I (the "Holder") or registered assigns, the principal sum of ten
million three hundred ten thousand dollars ($10,310,000.00) on December 15,
2034, and to pay interest on said principal sum from December 15, 2004, or from
the most recent Interest Payment Date (as defined below) to which interest has
been paid or duly provided for, quarterly (subject to deferral as set forth
herein) in arrears on March 15, June 15, September 15 and December 15 of each
year or if such day is not a Business Day, then the next succeeding Business Day
(each such date, an "Interest Payment Date") (it being understood that interest
accrues for any such non-Business Day), commencing on the Interest Payment Date
in March 2005, at an annual rate equal to 4.70% beginning on (and including) the
date of original issuance and ending on (but excluding) the Interest Payment
Date in March 2005 and at an annual rate for each successive period beginning on
(and including) the Interest Payment Date in March 2005, and each succeeding
Interest Payment Date, and ending on (but excluding) the next succeeding
Interest Payment Date (each a "Distribution Period"), equal to 3-Month LIBOR,
determined as described below, plus 2.25% (the "Coupon Rate"), applied to the
principal amount hereof, until the principal hereof is paid or duly provided for
or made available for payment, and on any overdue principal and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any

                                     A-1-2
<PAGE>

overdue installment of interest (including Additional Interest) at the Interest
Rate in effect for each applicable period, compounded quarterly, from the dates
such amounts are due until they are paid or made available for payment. The
amount of interest payable for any period will be computed on the basis of the
actual number of days in the Distribution Period concerned divided by 360. The
interest installment so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Debenture (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for such interest
installment, which shall be five Business Days prior to the day on which the
relevant Interest Payment Date occurs. Any such interest installment not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such regular record date and may be paid to the Person in whose name
this Debenture (or one or more Predecessor Securities) is registered at the
close of business on a special record date.

      "3-Month LIBOR" as used herein, means the London interbank offered
interest rate for three-month U.S. dollar deposits determined by the Trustee in
the following order of priority: (i) the rate (expressed as a percentage per
annum) for U.S. dollar deposits having a three-month maturity that appears on
Telerate Page 3750 as of 11:00 a.m. (London time) on the related Determination
Date ("Telerate Page 3750" means the display designated as "Page 3750" on the
Dow Jones Telerate Service or such other page as may replace Page 3750 on that
service or such other service or services as may be nominated by the British
Bankers' Association as the information vendor for the purpose of displaying
London interbank offered rates for U.S. dollar deposits); (ii) if such rate
cannot be identified on the related Determination Date, the Trustee will request
the principal London offices of four leading banks in the London interbank
market to provide such banks' offered quotations (expressed as percentages per
annum) to prime banks in the London interbank market for U.S. dollar deposits
having a three-month maturity as of 11:00 a.m. (London time) on such
Determination Date. If at least two quotations are provided, 3-Month LIBOR will
be the arithmetic mean of such quotations; (iii) if fewer than two such
quotations are provided as requested in clause (ii) above, the Trustee will
request four major New York City banks to provide such banks' offered quotations
(expressed as percentages per annum) to leading European banks for loans in U.S.
dollars as of 11:00 a.m. (London time) on such Determination Date. If at least
two such quotations are provided, 3-Month LIBOR will be the arithmetic mean of
such quotations; and (iv) if fewer than two such quotations are provided as
requested in clause (iii) above, 3-Month LIBOR will be a 3-Month LIBOR
determined with respect to the Distribution Period immediately preceding such
current Distribution Period. If the rate for U.S. dollar deposits having a
three-month maturity that initially appears on Telerate Page 3750 as of 11:00
a.m. (London time) on the related Determination Date is superseded on the
Telerate Page 3750 by a corrected rate by 12:00 noon (London time) on such
Determination Date, then the corrected rate as so substituted on the applicable
page will be the applicable 3-Month LIBOR for such Determination Date. As used
herein, "Determination Date" means the date that is two London Banking Days
(i.e., a business day in which dealings in deposits in U.S. dollars are
transacted in the London interbank market) preceding the commencement of the
relevant Distribution Period.

      The Interest Rate for any Distribution Period will at no time be higher
than the maximum rate then permitted by New York law as the same may be modified
by United States law.

      All percentages resulting from any calculations on the Debentures will be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655), and all dollar
amounts used in or resulting from such calculation will be rounded to the
nearest cent (with one-half cent being rounded upward)).

      The principal of and interest on this Debenture shall be payable at the
office or agency of the Trustee (or other paying agent appointed by the Company)
maintained for that purpose in any coin or

                                     A-1-3
<PAGE>

currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts; provided, however, that payment
of interest may be made by check mailed to the registered holder at such address
as shall appear in the Debenture Register if a request for a wire transfer by
such holder has not been received by the Company or by wire transfer to an
account appropriately designated by the holder hereof. Notwithstanding the
foregoing, so long as the holder of this Debenture is the Institutional Trustee,
the payment of the principal of and interest on this Debenture will be made in
immediately available funds at such place and to such account as may be
designated by the Trustee.

      So long as no Extension Event of Default has occurred and is continuing,
the Company shall have the right, from time to time, and without causing an
Event of Default, to defer payments of interest on the Debentures by extending
the interest payment period on the Debentures at any time and from time to time
during the term of the Debentures, for up to 20 consecutive quarterly periods
(each such extended interest payment period, an "Extension Period"), during
which Extension Period no interest (including Additional Interest) shall be due
and payable (except any Additional Sums that may be due and payable). No
Extension Period may end on a date other than an Interest Payment Date. During
an Extension Period, interest will continue to accrue on the Debentures, and
interest on such accrued interest will accrue at an annual rate equal to the
Interest Rate in effect for such Extension Period, compounded quarterly from the
date such interest would have been payable were it not for the Extension Period,
to the extent permitted by law (such interest referred to herein as "Additional
Interest"). At the end of any such Extension Period the Company shall pay all
interest then accrued and unpaid on the Debentures (together with Additional
Interest thereon); provided, however, that no Extension Period may extend beyond
the Maturity Date; provided further, however, that during any such Extension
Period, the Company shall not and shall not permit any Affiliate to engage in
any of the activities or transactions described on the reverse side hereof and
in the Indenture. Prior to the termination of any Extension Period, the Company
may further extend such period, provided that such period together with all such
previous and further consecutive extensions thereof shall not exceed 20
consecutive quarterly periods, or extend beyond the Maturity Date. Upon the
termination of any Extension Period and upon the payment of all accrued and
unpaid interest and Additional Interest, the Company may commence a new
Extension Period, subject to the foregoing requirements. No interest or
Additional Interest shall be due and payable during an Extension Period, except
at the end thereof, but each installment of interest that would otherwise have
been due and payable during such Extension Period shall bear Additional
Interest. The Company must give the Trustee notice of its election to begin or
extend an Extension Period by the close of business at least 5 Business Days
prior to the Interest Payment Date with respect to which interest on the
Debentures would have been payable except for the election to begin or extend
such Extension Period.

      The indebtedness evidenced by this Debenture is, to the extent provided in
the Indenture, subordinate and junior in right of payment to the prior payment
in full of all Senior Indebtedness, and this Debenture is issued subject to the
provisions of the Indenture with respect thereto. Each holder of this Debenture,
by accepting the same, (a) agrees to and shall be bound by such provisions, (b)
authorizes and directs the Trustee on his or her behalf to take such action as
may be necessary or appropriate to acknowledge or effectuate the subordination
so provided and (c) appoints the Trustee his or her attorney-in-fact for any and
all such purposes. Each holder hereof, by his or her acceptance hereof, hereby
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Indebtedness, whether now
outstanding or hereafter incurred, and waives reliance by each such holder upon
said provisions.

      This Debenture shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by or on behalf of
the Trustee.

                                     A-1-4
<PAGE>

      The provisions of this Debenture are continued on the reverse side hereof
and such provisions shall for all purposes have the same effect as though fully
set forth at this place.

                                     A-1-5
<PAGE>

      IN WITNESS WHEREOF, the Company has duly executed this certificate.

                                           WEST POINTE BANCORP, INC.

                                           By___________________________________
                                              Name:
                                              Title:

                          CERTIFICATE OF AUTHENTICATION

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

                                           WILMINGTON TRUST COMPANY, as Trustee

                                           By:__________________________________
                                               Authorized Officer

                                     A-1-6
<PAGE>

                         [FORM OF REVERSE OF DEBENTURE]

      This Debenture is one of the floating rate junior subordinated deferrable
interest debentures of the Company, all issued or to be issued under and
pursuant to the Indenture dated as of December 15, 2004 (the "Indenture"), duly
executed and delivered between the Company and the Trustee, to which Indenture
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the holders of the Debentures. The Debentures are limited in aggregate principal
amount as specified in the Indenture.

      Upon the occurrence and continuation of a Special Event prior to the
Interest Payment Date in December 2009, the Company shall have the right to
redeem the Debentures in whole, but not in part, at any Interest Payment Date,
within 120 days following the occurrence of such Special Event, at the Special
Redemption Price.

      In addition, the Company shall have the right to redeem the Debentures, in
whole or in part, but in all cases in a principal amount with integral multiples
of $1,000.00, on any Interest Payment Date on or after the Interest Payment Date
in December 2009, at the Redemption Price.

      Prior to 10:00 a.m. New York City time on the Redemption Date or Special
Redemption Date, as applicable, the Company will deposit with the Trustee or
with one or more paying agents an amount of money sufficient to redeem on the
Redemption Date or the Special Redemption Date, as applicable, all the
Debentures so called for redemption at the appropriate Redemption Price or
Special Redemption Price.

      If all, or less than all, the Debentures are to be redeemed, the Company
will give the Trustee notice not less than 45 nor more than 60 days,
respectively, prior to the Redemption Date or Special Redemption Date, as
applicable, as to the aggregate principal amount of Debentures to be redeemed
and the Trustee shall select, in such manner as in its sole discretion it shall
deem appropriate and fair, the Debentures or portions thereof (in integral
multiples of $1,000.00) to be redeemed.

      Notwithstanding the foregoing, any redemption of Debentures by the Company
shall be subject to the receipt of any and all required regulatory approvals.

      In case an Event of Default described in Section 5.1(a), (d) or (e) of the
Indenture shall have occurred and be continuing, upon demand of the Trustee, the
principal of all of the Debentures shall become due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

      The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the holders of not less than a majority in aggregate
principal amount of the Debentures at the time outstanding, to execute
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders
of the Debentures; provided, however, that no such supplemental indenture shall
without the consent of the holders of each Debenture then outstanding and
affected thereby (i) change the fixed maturity of any Debenture, or reduce the
principal amount thereof or any premium thereon, or reduce the rate or extend
the time of payment of interest thereon, or reduce any amount payable on
redemption thereof or make the principal thereof or any interest or premium
thereon payable in any coin or currency other than that provided in the
Debentures, or impair or affect the right of any Securityholder to institute
suit for payment thereof or impair the right of repayment, if any, at the option
of the holder, or (ii) reduce the aforesaid percentage of Debentures the holders
of which are required to consent to any such supplemental indenture.

                                     A-1-7
<PAGE>

      The Indenture also contains provisions permitting the holders of a
majority in aggregate principal amount of the Debentures at the time outstanding
on behalf of the holders of all of the Debentures to waive (or modify any
previously granted waiver of) any past default or Event of Default, and its
consequences, except a default (a) in the payment of principal of, premium, if
any, or interest on any of the Debentures, (b) in respect of covenants or
provisions hereof or of the Indenture which cannot be modified or amended
without the consent of the holder of each Debenture affected, or (c) in respect
of the covenants contained in Section 3.9 of the Indenture; provided, however,
that if the Debentures are held by the Trust or a trustee of such trust, such
waiver or modification to such waiver shall not be effective until the holders
of a majority in Liquidation Amount of Trust Securities of the Trust shall have
consented to such waiver or modification to such waiver, provided, further, that
if the consent of the holder of each outstanding Debenture is required, such
waiver shall not be effective until each holder of the Trust Securities of the
Trust shall have consented to such waiver. Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of the Indenture
and the Company, the Trustee and the holders of the Debentures shall be restored
to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or Event of Default or impair
any right consequent thereon. Whenever any default or Event of Default hereunder
shall have been waived as permitted by the Indenture, said default or Event of
Default shall for all purposes of the Debentures and the Indenture be deemed to
have been cured and to be not continuing.

      No reference herein to the Indenture and no provision of this Debenture or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest, including Additional Interest, on this Debenture at the time and place
and at the rate and in the money herein prescribed.

      The Company has agreed that if Debentures are initially issued to the
Trust or a trustee of such Trust in connection with the issuance of Trust
Securities by the Trust (regardless of whether Debentures continue to be held by
such Trust) and (i) there shall have occurred and be continuing an Event of
Default, (ii) the Company shall be in default with respect to its payment of any
obligations under the Capital Securities Guarantee, or (iii) the Company shall
have given notice of its election to defer payments of interest on the
Debentures by extending the interest payment period as provided herein and such
Extension Period, or any extension thereof, shall be continuing, then the
Company shall not, and shall not allow any Affiliate of the Company to, (x)
declare or pay any dividends or distributions on, or redeem, purchase, acquire,
or make a liquidation payment with respect to, any of the Company's capital
stock or its Affiliates' capital stock (other than payments of dividends or
distributions to the Company) or make any guarantee payments with respect to the
foregoing or (y) make any payment of principal of or interest or premium, if
any, on or repay, repurchase or redeem any debt securities of the Company or any
Affiliate that rank pari passu in all respects with or junior in interest to the
Debentures (other than, with respect to clauses (x) and (y) above, (1)
repurchases, redemptions or other acquisitions of shares of capital stock of the
Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, if any, (2) as a result of any exchange or
conversion of any class or series of the Company's capital stock (or any capital
stock of a subsidiary of the Company) for any class or series of the Company's
capital stock or of any class or series of the Company's indebtedness for any
class or series of the Company's capital stock, (3) the purchase of fractional
interests in shares of the Company's capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged, (4) any declaration of a dividend in connection with any
stockholders' rights plan, or the issuance of rights, stock or other property
under any stockholders' rights plan, or the redemption or repurchase of rights
pursuant thereto, (5) any dividend in the form of stock, warrants, options or
other rights where the

                                     A-1-8
<PAGE>

dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock and any cash payments in lieu of
fractional shares issued in connection therewith, or (6) payments under the
Capital Securities Guarantee).

      The Debentures are issuable only in registered, certificated form without
coupons and in minimum denominations of $100,000.00 and any multiple of
$1,000.00 in excess thereof. As provided in the Indenture and subject to the
transfer restrictions and limitations as may be contained herein and therein
from time to time, this Debenture is transferable by the holder hereof on the
Debenture Register of the Company. Upon due presentment for registration of
transfer of any Debenture at the Principal Office of the Trustee or at any
office or agency of the Company maintained for such purpose as provided in
Section 3.2 of the Indenture, the Company shall execute, the Company or the
Trustee shall register and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in the name of the transferee or
transferees a new Debenture for a like aggregate principal amount. All
Debentures presented for registration of transfer or for exchange or payment
shall (if so required by the Company or the Trustee or the Authenticating Agent)
be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to, the Company and the Trustee or the
Authenticating Agent duly executed by the holder or his attorney duly authorized
in writing. No service charge shall be made for any exchange or registration of
transfer of Debentures, but the Company or the Trustee may require payment of a
sum sufficient to cover any tax, fee or other governmental charge that may be
imposed in connection therewith.

      Prior to due presentment for registration of transfer of any Debenture,
the Company, the Trustee, any Authenticating Agent, any paying agent, any
transfer agent and any Debenture registrar may deem the Person in whose name
such Debenture shall be registered upon the Debenture Register to be, and may
treat him as, the absolute owner of such Debenture (whether or not such
Debenture shall be overdue) for the purpose of receiving payment of or on
account of the principal of, premium, if any, and interest on such Debenture and
for all other purposes; and neither the Company nor the Trustee nor any
Authenticating Agent nor any paying agent nor any transfer agent nor any
Debenture registrar shall be affected by any notice to the contrary. All such
payments so made to any holder for the time being or upon his order shall be
valid, and, to the extent of the sum or sums so paid, effectual to satisfy and
discharge the liability for moneys payable upon any such Debenture.

      No recourse for the payment of the principal of or premium, if any, or
interest on any Debenture, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or in any supplemental indenture, or
in any such Debenture, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder,
employee, officer or director, as such, past, present or future, of the Company
or of any successor Person of the Company, either directly or through the
Company or any successor Person of the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration
for, the execution of the Indenture and the issue of the Debentures.

      Capitalized terms used and not defined in this Debenture shall have the
meanings assigned in the Indenture dated as of the date of original issuance of
this Debenture between the Trustee and the Company.

      THE INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES THEREOF.

                                     A-1-9

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