Document:

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                                                                     EXHIBIT 4.5

                           ILLINOIS POWER FINANCING II

                                     FORM OF

                        AMENDED AND RESTATED DECLARATION
                                    OF TRUST

                           DATED AS OF _________, ____

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                                TABLE OF CONTENTS

<Table>
<S>                   <C>                                                                                        <C>
ARTICLE I DEFINITIONS AND INTERPRETATION..........................................................................1

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

ARTICLE II TRUST INDENTURE ACT....................................................................................6

    Section 2.1       Trust Indenture Act; Application............................................................6
    Section 2.2       Lists of Holders of Securities..............................................................7
    Section 2.3       Reports by the Property Trustee.............................................................7
    Section 2.4       Periodic Reports to Property Trustee........................................................7
    Section 2.5       Evidence of Compliance with Conditions Precedent............................................8
    Section 2.6       Events of Default; Waiver...................................................................8
    Section 2.7       Event of Default; Notice....................................................................9

ARTICLE III ORGANIZATION.........................................................................................10

    Section 3.1       Name.......................................................................................10
    Section 3.2       Office.....................................................................................10
    Section 3.3       Purpose....................................................................................10
    Section 3.4       Authority..................................................................................10
    Section 3.5       Title to Property of the Trust.............................................................11
    Section 3.6       Powers and Duties of the Administrative Trustees...........................................11
    Section 3.7       Prohibition of Actions by the Trust and the Trustees.......................................13
    Section 3.8       Powers and Duties of the Property Trustee..................................................15
    Section 3.9       Certain Duties and Responsibilities of the Property Trustee................................16
    Section 3.10      Certain Rights of Property Trustee.........................................................18
    Section 3.11      Delaware Trustee...........................................................................20
    Section 3.12      Execution of Documents.....................................................................20
    Section 3.13      Not Responsible for Recitals or Issuance of Securities.....................................20
    Section 3.14      Duration of Trust..........................................................................20
    Section 3.15      Mergers....................................................................................21
    Section 3.16      Property Trustee May File Proofs of Claim..................................................22

ARTICLE IV SPONSOR...............................................................................................23

    Section 4.1       Sponsor's Purchase of Common Securities....................................................23
    Section 4.2       Responsibilities of the Sponsor............................................................23
    Section 4.3       Right to Proceed...........................................................................24

ARTICLE V TRUSTEES...............................................................................................24

    Section 5.1       Number of Trustees: Appointment of Co-Trustee..............................................24
    Section 5.2       Delaware Trustee...........................................................................25
    Section 5.3       Property Trustee; Eligibility..............................................................25

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    Section 5.4       Certain Qualifications of Administrative Trustees and Delaware Trustee Generally...........26
    Section 5.5       Administrative Trustees....................................................................26
    Section 5.6       Delaware Trustee...........................................................................26
    Section 5.7       Appointment, Removal and Resignation of Trustees...........................................27
    Section 5.8       Vacancies Among Trustees...................................................................28
    Section 5.9       Effect of Vacancies........................................................................28
    Section 5.10      Meetings...................................................................................28
    Section 5.11      Delegation of Power........................................................................29
    Section 5.12      Merger, Conversion, Consolidation or Succession to Business................................29

ARTICLE VI DISTRIBUTIONS.........................................................................................29

    Section 6.1       Distributions..............................................................................29

ARTICLE VII ISSUANCE OF SECURITIES...............................................................................30

    Section 7.1       General Provisions Regarding Securities....................................................30
    Section 7.2       Execution and Authentication...............................................................30
    Section 7.3       Form and Dating............................................................................31
    Section 7.4       Registrar and Paying Agent.................................................................32
    Section 7.5       Paying Agent to Hold Money in Trust........................................................33
    Section 7.6       Replacement Securities.....................................................................33
    Section 7.7       Outstanding Preferred Securities...........................................................33
    Section 7.8       Preferred Securities in Treasury...........................................................33
    Section 7.9       Temporary Securities.......................................................................34
    Section 7.10      Exchange...................................................................................35
    Section 7.11      Cancellation...............................................................................35
    Section 7.12      CUSIP Numbers..............................................................................35

ARTICLE VIII DISSOLUTION OF TRUST................................................................................36

    Section 8.1       Dissolution of Trust.......................................................................36

ARTICLE IX TRANSFER OF INTERESTS.................................................................................36

    Section 9.1       Transfer of Securities.....................................................................37
    Section 9.2       Transfer Procedures and Restrictions.......................................................37
    Section 9.3       Deemed Security Holders....................................................................41
    Section 9.4       Book Entry Interests.......................................................................41
    Section 9.5       Notices to Clearing Agency.................................................................42
    Section 9.6       Appointment of Successor Clearing Agency...................................................42

ARTICLE X LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS...................................42

    Section 10.1      Liability..................................................................................42
    Section 10.2      Exculpation................................................................................43

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    Section 10.3      Fiduciary Duty.............................................................................43
    Section 10.4      Indemnification............................................................................44
    Section 10.5      Outside Businesses.........................................................................47
    Section 10.6      Compensation; Fees.........................................................................47

ARTICLE XI ACCOUNTING............................................................................................48

    Section 11.1      Fiscal Year................................................................................48
    Section 11.2      Certain Accounting Matters.................................................................48
    Section 11.3      Banking....................................................................................48
    Section 11.4      Withholding................................................................................48

ARTICLE XII AMENDMENTS AND MEETINGS..............................................................................49

    Section 12.1      Amendments.................................................................................49
    Section 12.2      Meetings of the Holders; Action by Written Consent.........................................50

ARTICLE XIII REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE............................................51

    Section 13.1      Representations and Warranties of Property Trustee.........................................52
    Section 13.2      Representations and Warranties of Delaware Trustee.........................................52

ARTICLE XIV MISCELLANEOUS........................................................................................53

    Section 14.1      Notices....................................................................................53
    Section 14.2      GOVERNING LAW..............................................................................54
    Section 14.3      Intention of the Parties...................................................................54
    Section 14.4      Headings...................................................................................54
    Section 14.5      Successors and Assigns.....................................................................54
    Section 14.6      Partial Enforceability.....................................................................54
    Section 14.7      Counterparts...............................................................................55
    Section 14.8      No Recourse................................................................................55
</Table>

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                     SECTION OF TRUST INDENTURE ACT OF 1939
                                   AS AMENDED

<Table>
<S>                                                              <C>
310(a).....................................................................5.3
310(b)..........................................................5.3(c), 5.3(d)
311(a)..................................................................2.2(b)
311(b)..................................................................2.2(b)
312(a)..................................................................2.2(a)
312(b)..................................................................2.2(b)
313........................................................................2.3
314(a).............................................................2.4; 3.6(j)
314(c).....................................................................2.5
315(a).....................................................................3.9
315(b)..................................................................2.7(a)
315(c)..................................................................3.9(a)
315(d)..................................................................3.9(b)
316(a).....................................................................2.6
316(c)..................................................................3.6(e)
317(a)..........................................................3.8(e); 3.8(h)
317(b)............................................................ 3.8(i); 7.5
</Table>

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

*This Cross-Reference Table does not constitute part of the Declaration and
shall not affect the interpretation of any of its terms or provisions.

                                      iv

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                          FORM OF AMENDED AND RESTATED
                              DECLARATION OF TRUST
                                       OF
                           ILLINOIS POWER FINANCING II

      AMENDED AND RESTATED DECLARATION OF TRUST (this "DECLARATION") dated
and effective as of _______, ____, by the Trustees (as defined herein), the
Sponsor (as defined herein) and by the holders, from time to time, of
undivided beneficial interests in the Trust to be issued pursuant to this
Declaration;

      WHEREAS, certain of the Trustees and the Sponsor established Illinois
Power Financing II (the "TRUST"), a trust created under the Delaware Business
Trust Act pursuant to a Declaration of Trust dated as of March ___, 2002 (the
"ORIGINAL DECLARATION") and a Certificate of Trust filed with the Secretary
of State of the State of Delaware on March ___, 2002, for the sole purpose of
issuing and selling certain securities representing undivided beneficial
interests in the assets of the Trust and investing the proceeds thereof in
certain Debentures of the Debenture Issuer (each as hereinafter defined), and
engaging in only those other activities necessary, advisable or incidental
thereto; and

      WHEREAS, the parties hereto, by this Declaration, amend and restate
each and every term and provision of the Original Declaration;

      NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory business trust under the Business Trust Act
and that this Declaration constitute the governing instrument of such
business trust, the Trustees declare that all assets contributed to the Trust
will be held in trust for the benefit of the holders, from time to time, of
the securities representing undivided beneficial interests in the assets of
the Trust issued hereunder, subject to the provisions of this Declaration,
and the parties hereto hereby amend and restate each and every term and
provision of the original Declaration as follows:

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

Section 1.1 Definitions.

      Unless the context otherwise requires:

      (a) capitalized terms used in this Declaration but not defined in the
preamble above have the respective meanings assigned to them in this
SECTION 1.1;

      (b) a term defined anywhere in this Declaration has the same meaning
throughout;

      (c) all references to "the Declaration" or "this Declaration" are to
this Declaration as modified, supplemented or amended from time to time;

      (d) all references in this Declaration to Articles and Sections and
Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits
to this Declaration unless otherwise specified;

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      (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Declaration unless otherwise defined in this Declaration or
unless the context otherwise requires; and

      (f) a reference to the singular includes the plural and vice versa.

      "ADMINISTRATIVE TRUSTEE" has the meaning set forth in SECTION 5.1(b).

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

      "AGENT" means any Paying Agent or Registrar.

      "AUTHORIZED OFFICER" of a Person means any other Person that is
authorized to legally bind such former Person.

      "BOOK ENTRY INTEREST" means a beneficial interest in a Global
Certificate registered in the name of a Clearing Agency or its nominee,
ownership and transfers of which shall be maintained and made through book
entries by a Clearing Agency as described in SECTION 9.4.

      "BUSINESS DAY" means any day other than a Saturday or a Sunday or a day
on which banking institutions in Chicago, Illinois or Houston, Texas are
authorized or required by law or executive order to close.

      "BUSINESS TRUST ACT" means Chapter 38 of Title 12 of the Delaware Code,
12 Del. Codess.3801 et seq., as it may be amended from time to time, or any
successor legislation.

      "CLEARING AGENCY" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as
depositary for the Preferred Securities and in whose name or in the name of a
nominee of that organization shall be registered a Global Certificate and
which shall undertake to effect book entry transfers and pledges of the
Preferred Securities.

      "CLEARING AGENCY PARTICIPANT" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing
Agency effects book entry transfers and pledges of securities deposited with
the Clearing Agency.

      "CODE" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor legislation.

      "COMMISSION" means the United States Securities and Exchange Commission
as from time to time constituted, or if any time after the execution of this
Declaration such Commission is not existing and performing the duties now
assigned to it under applicable federal securities laws, then the body
performing such duties at such time.

      "COMMON SECURITIES" has the meaning specified in SECTION 7.1(a).

                                      2

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      "COMMON SECURITIES GUARANTEE" means the guarantee agreement dated as of
______, ____ of the Sponsor in respect of the Common Securities.

      "COMMON SECURITIES SUBSCRIPTION AGREEMENT" means the subscription
agreement dated as of _____, ___ of the Sponsor in respect of the Common
Securities .

      "COMPANY INDEMNIFIED PERSON" means (a) any Administrative Trustee; (b)
any Affiliate of any Administrative Trustee; (c) any officers, directors,
shareholders, members, partners, employees, representatives or agents of any
Administrative Trustee; or (d) any officer, employee or agent of the Trust or
its Affiliates.

      "CORPORATE TRUST OFFICE" means the office of the Property Trustee at
which the corporate trust business of the Property Trustee shall, at any
particular time, be principally administered, which office at the date of
execution of this Declaration is located at 2 N. LaSalle Street, Suite 1020,
Chicago, IL 60602.

      "COVERED PERSON" means: (a) any officer, director, shareholder,
partner, member, representative, employee or agent of (i) the Trust or (ii)
the Trust's Affiliates; and (b) any Holder of Securities.

      "DEBENTURE ISSUER" means Illinois Power Company, an Illinois
corporation, or any successor entity resulting from any consolidation,
amalgamation, merger or other business combination, in its capacity as issuer
of the Debentures under the Indenture.

      "DEBENTURE SUBSCRIPTION AGREEMENT" means the subscription agreement
dated as of _______, __ of the Trust in respect of the Debentures.

      "DEBENTURE TRUSTEE" means BNY Midwest Trust Company, as trustee under the
Indenture until a successor is appointed thereunder, and thereafter means
such successor trustee.

      "DEBENTURES" means, collectively, the ____% Debentures issued pursuant
to the Indenture.

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

      "DEFINITIVE PREFERRED SECURITIES" shall have the meaning set forth in
SECTION 7.3(c).

      "DELAWARE TRUSTEE" has the meaning set forth in SECTION 5.2.

      "DIRECT ACTION" shall have the meaning set forth in SECTION 3.8(e).

      "DISTRIBUTION" means a distribution payable to Holders in accordance
with SECTION 6.1.

      "DTC" means The Depository Trust Company, the initial Clearing Agency.

      "EVENT OF DEFAULT" in respect of the Securities means an Event of
Default (as defined in the Indenture) that has occurred and is continuing in
respect of the Debentures.

                                      3

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      "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended
from time to time, or any successor legislation.

      "FIDUCIARY INDEMNIFIED PERSON" has the meaning set forth in
SECTION 10.4(b).

      "FISCAL YEAR" has the meaning set forth in SECTION 11.1.

      "GLOBAL PREFERRED SECURITY" has the meaning set forth in SECTION 7.3(a).

      "HOLDER" means a Person in whose name a Security is registered, such
Person being a beneficial owner within the meaning of the Business Trust Act.

      "INDEMNIFIED PERSON" means a Company Indemnified Person or a Fiduciary
Indemnified Person.

      "INDENTURE" means the Indenture dated as of ______, ____, among the
Debenture Issuer and the Debenture Trustee, as amended from time to time.

      "INVESTMENT COMPANY" means an investment company as defined in the
Investment Company Act.

      "INVESTMENT COMPANY ACT" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation.

      "LEGAL ACTION" has the meaning set forth in SECTION 3.6(g).

      "LIST OF HOLDERS" has the meaning set forth in SECTION 2.2(a).

      "MAJORITY IN LIQUIDATION AMOUNT" means, with respect to the Trust
Securities, except as provided in the terms of the Preferred Securities or by
the Trust Indenture Act, Holder(s) of outstanding Trust Securities voting
together as a single class or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of more than 50% of
the aggregate liquidation amount of all outstanding Securities of the
relevant class.

      "OFFICERS' CERTIFICATE" means, with respect to any Person, a
certificate signed by any of the Chairman of the Board, a Vice Chairman of
the Board, the Chief Executive Officer, the President or a Vice President and
the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary of such Person. Any Officers' Certificate delivered by the Trust
shall be signed by at least one Administrative Trustee. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Declaration shall include: (a) a statement that each
officer signing the Officers' Certificate has read the covenant or condition
and the definitions relating thereto; (b) a brief statement of the nature and
scope of the examination or investigation undertaken by each officer in
rendering the Officers' Certificate; (c) a statement that each such officer
has made such examination or investigation as, in such officer's opinion, is
necessary to enable such officer 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 officer, such condition or
covenant has been complied with.

                                      4

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      "OPINION OF COUNSEL" means a written opinion of counsel, who may be an
employee of the Sponsor, and who shall be acceptable to the Property Trustee.

      "PAYING AGENT" has the meaning specified in SECTION 7.4.

      "PAYMENT AMOUNT" has the meaning specified in SECTION 6.1.

      "PERSON" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever
nature.

      "PREFERRED SECURITIES" has the meaning specified in SECTION 7.1(a).

      "PREFERRED SECURITIES GUARANTEE" means the guarantee agreement dated as
of ______, ____, by the Sponsor in respect of Preferred Securities.

      "PREFERRED SECURITY BENEFICIAL OWNER" means, with respect to a Book
Entry Interest, a Person who is the beneficial owner of such Book Entry
Interest, as reflected on the books of the Clearing Agency, or on the books
of a Person maintaining an account with such Clearing Agency (directly as a
Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

      "PROPERTY TRUSTEE" has the meaning set forth in SECTION 5.3(a).

      "PROPERTY TRUSTEE ACCOUNT" has the meaning set forth in
SECTION 3.8(c)(i).

      "QUORUM" means a majority of the Administrative Trustees or, if there
are only two Administrative Trustees, both of them.

      "REGISTRAR" has the meaning set forth in SECTION 7.4.

      "RELATED PARTY" means, with respect to the Sponsor, any direct or
indirect wholly owned subsidiary of the Sponsor or any other Person that
owns, directly or indirectly, 100% of the outstanding voting securities of
the Sponsor.

      "RESPONSIBLE OFFICER" means any officer within the Corporate Trust
Office of the Property Trustee with direct responsibility for the
administration of this Declaration 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.

      "RESTRICTED DEFINITIVE PREFERRED SECURITIES" has the meaning set forth
in SECTION 7.3(c).

      "RULE 3a-5" means Rule 3a-5 under the Investment Company Act, or any
successor rule or regulation.

      "SECURITIES" or "TRUST SECURITIES" means the Common Securities and the
Preferred Securities.

                                      5

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

      "SECURITIES GUARANTEES" means the Common Securities Guarantee and the
Preferred Securities Guarantee.

      "SPECIAL EVENT" has the meaning set forth in SECTION 4(c) of Annex I
hereto.

      "SPONSOR" means Illinois Power Company, an Illinois corporation, or any
successor entity resulting from any merger, consolidation, amalgamation or
other business combination, in its capacity as sponsor of the Trust.

      "SPONSOR AFFILIATED HOLDER" shall have the meaning set forth in
SECTION 7.10(a).

      "SUCCESSOR ENTITY" has the meaning set forth in SECTION 3.15(b)(i).

      "SUCCESSOR PROPERTY TRUSTEE" has the meaning set forth in
SECTION 3.8(f).

      "SUPER MAJORITY" has the meaning set forth in SECTION 2.6(a)(ii).

      "10% IN LIQUIDATION AMOUNT" means, with respect to the Trust
Securities, except as provided in the terms of the Preferred Securities or by
the Trust Indenture Act, Holder(s) of outstanding Trust Securities voting
together as a single class or, as the context may require, Holders of
outstanding Preferred Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of 10% or more of the
aggregate liquidation amount of all outstanding Securities of the relevant
class.

      "TREASURY REGULATIONS" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time
(including corresponding provisions of succeeding regulations).

      "TRUSTEE" or "TRUSTEES" means each Person who has signed this
Declaration as a trustee, so long as such Person shall continue as a trustee
in accordance with the terms hereof, and all other Persons who may from time
to time be duly appointed, qualified and serving as trustees in accordance
with the provisions hereof, and references herein to a Trustee or the
Trustees shall refer to such Person or Persons solely in their capacity as
trustees hereunder.

      "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as amended
from time to time, or any successor legislation.

                                   ARTICLE II
                               TRUST INDENTURE ACT

Section 2.1 Trust Indenture Act; Application.

                                      6

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      (a) This Declaration is subject to the provisions of the Trust
Indenture Act that are required to be part of this Declaration in order for
this Declaration to be qualified under the Trust Indenture Act and shall, to
the extent applicable, be governed by such provisions.

      (b) The Property Trustee shall be the only Trustee which is a Trustee
for the purposes of the Trust Indenture Act.

      (c) If and to the extent that any provision of this Declaration limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

      (d) The application of the Trust Indenture Act to this Declaration
shall not affect the nature of the Securities as equity securities
representing undivided beneficial interests in the assets of the Trust.

Section 2.2 Lists of Holders of Securities.

      (a) Each of the Sponsor and the Administrative Trustees on behalf of
the Trust shall provide the Property Trustee, unless the Property Trustee is
Registrar for the Securities, (i) within 14 days after each record date for
payment of Distributions, a list, in such form as the Property Trustee may
reasonably require, of the names and addresses of the Holders ("LIST OF
HOLDERS") as of such record date, provided that neither the Sponsor nor the
Administrative Trustees on behalf of the Trust shall be obligated to provide
such List of Holders at any time that the List of Holders does not differ
from the most recent List of Holders given to the Property Trustee by the
Sponsor and the Administrative Trustees on behalf of the Trust, and (ii) at
any other time, within 30 days of receipt by the Trust of a written request
for a List of Holders as of a date no more than 14 days before such List of
Holders is given to the Property Trustee. The Property Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it or which it receives in the
capacity as Paying Agent (if acting in such capacity), provided that the
Property Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

      (b) The Property Trustee shall comply with its obligations
underss.ss.311(a), 311(b) and 312(b) of the Trust Indenture Act.

Section 2.3 Reports by the Property Trustee.

      Within 60 days after _______ of each year, commencing _______, ___, the
Property Trustee shall provide to the Holders of the Preferred Securities
such reports as are required by Section 313 of the Trust Indenture Act, if
any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act. The Property Trustee shall also comply with the requirements
of Section 313(d) of the Trust Indenture Act.

Section 2.4 Periodic Reports to Property Trustee.

      Each of the Sponsor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such documents, reports and
information as are required by Section 314 (if any) and the compliance
certificate required by Section 314 of the Trust Indenture Act in the

                                      7

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form, in the manner and at the times required by Section 314(a)(4) of the
Trust Indenture Act, such compliance certificate to be delivered annually on
or before 120 days after the end of each fiscal year of the Sponsor.

Section 2.5 Evidence of Compliance with Conditions Precedent.

      Each of the Sponsor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such evidence of compliance with
any conditions precedent provided for in this Declaration that relate to any
of the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section
314(c)(1) of the Trust Indenture Act may be given in the form of an Officers'
Certificate.

Section 2.6 Events of Default; Waiver.

      (a) The Holders of a Majority in liquidation amount of Preferred
Securities may, by vote, on behalf of the Holders of all of the Preferred
Securities, waive any past Event of Default in respect of the Preferred
Securities and its consequences, provided that, if the underlying Event of
Default under the Indenture:

            (i) is not waivable under the Indenture, the Event of Default under
      the Declaration shall also not be waivable; or

            (ii) requires the consent or vote of greater than a majority in
      aggregate principal amount of the holders of the Debentures (a "SUPER
      MAJORITY") to be waived under the Indenture, the Event of Default under
      the Declaration may only be waived by the vote of the Holders of at least
      the proportion in aggregate liquidation amount of the Preferred Securities
      that the relevant Super Majority represents of the aggregate principal
      amount of the Debentures outstanding. The foregoing provisions of this
      SECTION 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust
      Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is
      hereby expressly excluded from this Declaration and the Securities, as
      permitted by the Trust Indenture Act. Upon such waiver, any such default
      shall cease to exist, and any Event of Default with respect to the
      Preferred Securities arising therefrom shall be deemed to have been cured,
      for every purpose of this Declaration, but no such waiver shall extend to
      any subsequent or other default or an Event of Default with respect to the
      Preferred Securities or impair any right consequent thereon. Any waiver by
      the Holders of the Preferred Securities of an Event of Default with
      respect to the Preferred Securities shall also be deemed to constitute a
      waiver by the Holders of the Common Securities of any such Event of
      Default with respect to the Common Securities for all purposes of this
      Declaration without any further act, vote, or consent of the Holders of
      the Common Securities.

      (b) The Holders of a Majority in liquidation amount of the Common
Securities may, by vote, on behalf of the Holders of all of the Common
Securities, waive any past Event of Default with respect to the Common
Securities and its consequences, provided that, if the underlying Event of
Default under the Indenture:

            (i) is not waivable under the Indenture, except where the Holders of
      the Common Securities are deemed to have waived such Event of Default
      under the

                                      8

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      Declaration as provided below in this SECTION 2.6(b), the Event
      of Default under the Declaration shall also not be waivable; or

            (ii) requires the consent or vote of a Super Majority to be waived,
      except where the Holders of the Common Securities are deemed to have
      waived such Event of Default under the Declaration as provided below in
      this SECTION 2.6(b), the Event of Default under the Declaration may only
      be waived by the vote of the Holders of at least the proportion in
      aggregate liquidation amount of the Common Securities that the relevant
      Super Majority represents of the aggregate principal amount of the
      Debentures outstanding; provided further, the Holders of Common Securities
      will be deemed to have waived any such Event of Default and all Events of
      Default with respect to the Common Securities and their consequences if
      all Events of Default with respect to the Preferred Securities have been
      cured, waived or otherwise eliminated, and until such Events of Default
      have been so cured, waived or otherwise eliminated, the Property Trustee
      will be deemed to be acting solely on behalf of the Holders of the
      Preferred Securities and only the Holders of the Preferred Securities will
      have the right to direct the Property Trustee in accordance with the terms
      of the Securities. The foregoing provisions of this SECTION 2.6(b) shall
      be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
      Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
      Indenture Act are hereby expressly excluded from this Declaration and the
      Securities, as permitted by the Trust Indenture Act. Subject to the
      foregoing provisions of this SECTION 2.6(b), upon such waiver, any such
      default shall cease to exist and any Event of Default with respect to the
      Common Securities arising therefrom shall be deemed to have been cured for
      every purpose of this Declaration, but no such waiver shall extend to any
      subsequent or other default or Event of Default with respect to the Common
      Securities or impair any right consequent thereon.

      (c) A waiver of an Event of Default under the Indenture by the Property
Trustee, at the direction of the Holders of the Preferred Securities,
constitutes a waiver of the corresponding Event of Default under this
Declaration. The foregoing provisions of this SECTION 2.6(c) shall be in lieu
of Section 316(a)(1)(B) of the Trust Indenture Act and such Section
316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from
this Declaration and the Securities, as permitted by the Trust Indenture Act.

Section 2.7 Event of Default; Notice.

      (a) The Property Trustee shall, within 90 days after the occurrence of
a Default actually known to a Responsible Officer, transmit by mail, first
class postage prepaid, to the Holders, notices of all such Defaults with
respect to the Securities, unless such Defaults have been cured before the
giving of such notice; provided that, except for a Default in the payment of
principal of (or premium, if any) or interest (including Compounded Interest
and Additional Sums (as such terms are defined in the Indenture), if any) on
any of the Debentures, the Property Trustee shall be protected in withholding
such notice if and so long as a Responsible Officer in good faith determines
that the withholding of such notice is in the interests of the Holders.

      (b) The Property Trustee shall not be deemed to have knowledge of any
Default except:

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            (i) a Default under SECTION 5.1(a) (other than the payment of
      Compounded Interest and Additional Sums) and SECTION 5.1(b) of the
      Indenture; or (ii) any Default as to which the Property Trustee shall have
      received written notice or of which a Responsible Officer charged with the
      administration of the Declaration shall have actual knowledge.

      (c) Within five Business Days after the occurrence of any Event of
Default actually known to the Property Trustee, the Property Trustee shall
transmit notice of such Event of Default to the Holders of the Preferred
Securities, the Administrative Trustees and the Sponsor, unless such Event of
Default shall have been cured or waived. The Sponsor and the Administrative
Trustees shall file annually with the Property Trustee a certification as to
whether or not they are in compliance with all the conditions and covenants
applicable to them under this Declaration.

                                   ARTICLE III
                                  ORGANIZATION

Section 3.1 Name.

      The Trust is named "DYNEGY CAPITAL TRUST III" as such name may be
modified from time to time by the Administrative Trustees following written
notice to the Delaware Trustee, the Property Trustee and the Holders. The
Trust's activities may be conducted under the name of the Trust or any other
name deemed advisable by the Administrative Trustees.

Section 3.2 Office.

      The address of the principal office of the Trust is c/o Illinois Power
Company, 500 South 27th Street, Decatur, Illinois 62521. On ten Business Days
written notice to the Delaware Trustee, the Property Trustee and the Holders
of Securities, the Administrative Trustees may designate another principal
office.

Section 3.3 Purpose.

      The exclusive purposes and functions of the Trust are (a) to issue and
sell Securities, (b) use the proceeds from the sale of the Securities to
acquire the Debentures, and (c) except as otherwise limited herein, to engage
in only those other activities necessary, advisable or incidental thereto.
The Trust shall not borrow money, issue debt or reinvest proceeds derived
from investments, mortgage or pledge any of its assets, or otherwise
undertake (or permit to be undertaken) any activity that would cause the
Trust not to be classified for United States federal income tax purposes as a
grantor trust.

Section 3.4 Authority.

      Subject to the limitations provided in this Declaration and to the
specific duties of the Property Trustee, the Administrative Trustees shall
have exclusive and complete authority to carry out the purposes of the Trust.
An action taken by the Administrative Trustees in accordance with their
powers shall constitute the act of and serve to bind the Trust and an action
taken by the Property Trustee on behalf of the Trust in accordance with its
powers shall constitute the act of

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<Page>

and serve to bind the Trust. In dealing with the Trustees acting on behalf of
the Trust, no Person shall be required to inquire into the authority of the
Trustees to bind the Trust. Persons dealing with the Trust are entitled to
rely conclusively on the power and authority of the Trustees as set forth in
this Declaration.

Section 3.5 Title to Property of the Trust.

      Except as provided in SECTION 3.8 with respect to the Debentures and
the Property Trustee Account or as otherwise provided in this Declaration,
legal title to all assets of the Trust shall be vested in the Trust. The
Holders shall not have legal title to any part of the assets of the Trust,
but shall have an undivided beneficial interest in the assets of the Trust.

Section 3.6 Powers and Duties of the Administrative Trustees.

      The Administrative Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities:

      (a) to issue and sell the Securities in accordance with this
Declaration; provided, however, that except as contemplated in SECTION 7.1(a),

            (i) the Trust may issue no more than one series of Preferred
      Securities and no more than one series of Common Securities,

            (ii) there shall be no interests in the Trust other than the
      Securities, and

            (iii) the issuance of Securities shall be limited to a simultaneous
      issuance of both Preferred Securities and Common Securities at the Closing
      Date;

      (b) in connection with the issue and sale of the Preferred Securities,
to the extent that such activities have not been performed in full by the
Sponsor pursuant to the Original Declaration prior to the date of this
Declaration, to:

            (i)  execute and file any documents prepared by the Sponsor, or take
      any acts as determined by the Sponsor to be necessary in order to qualify
      or register all or part of the Preferred Securities in any State in which
      the Sponsor has determined to qualify or register such Preferred
      Securities for sale; if deemed necessary or desirable by the Sponsor,
      execute and file an application, prepared by the Sponsor, to permit the
      Preferred Securities to trade or be quoted or listed in or on the
      securities exchange, quotation system or the Nasdaq Stock Market's
      National Market;

            (ii)  execute and deliver letters, documents, or instruments with
      DTC and other Clearing Agencies relating to the Preferred Securities;

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            (iii) if required, execute and file with the Commission a
      registration statement on Form 8-A, including any amendments thereto,
      prepared by the Sponsor, relating to the registration of the Preferred
      Securities under Section 12(b) of the Exchange Act; and

            (iv)  execute and enter into the Debenture Subscription Agreement
      and the Common Securities Subscription Agreement;

      (c) to acquire the Debentures with the proceeds of the sale of the
Preferred Securities and the Common Securities; provided, however, that the
Administrative Trustees shall cause legal title to the Debentures to be held
of record in the name of the Property Trustee for the benefit of the Holders;

      (d) to give the Sponsor and the Property Trustee prompt written notice
of the occurrence of a Special Event;

      (e) to establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including and with
respect to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue
relevant notices to the Holders of Preferred Securities and Holders of Common
Securities as to such actions and applicable record dates;

      (f) to take all actions and perform such duties as may be required of
the Administrative Trustees pursuant to the terms of the Securities;

      (g) to bring or defend, pay, collect, compromise, arbitrate, resort to
legal action, or otherwise adjust claims or demands of or against the Trust
("LEGAL ACTION"), unless pursuant to SECTION 3.8(e), the Property Trustee has
the exclusive power to bring such Legal Action;

      (h) to employ or otherwise engage employees and agents (who may be
designated as officers with titles) and managers, contractors, advisors, and
consultants and pay reasonable compensation for such services;

      (i) to cause the Trust to comply with the Trust's obligations under the
Trust Indenture Act;

      (j) to give the certificate required by Section 314(a)(4) of the Trust
Indenture Act to the Property Trustee, which certificate may be executed by
any Administrative Trustee;

      (k) to incur expenses that are necessary or incidental to carry out any
of the purposes of the Trust;

      (l) to act as, or appoint another Person to act as, Registrar for the
Securities or to appoint a Paying Agent for the Securities as provided in
SECTION 7.4 except for such time as such power to appoint a Paying Agent is
vested in the Property Trustee;

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      (m) to give prompt written notice to the Property Trustee and to
Holders of any notice received from the Debenture Issuer of its election to
defer payments of interest on the Debentures by extending the interest
payment period under the Indenture;

      (n) to take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust's valid existence, rights,
franchises and privileges as a statutory business trust under the laws of the
State of Delaware and of each other jurisdiction in which such existence is
necessary to protect the limited liability of the Holders or to enable the
Trust to effect the purposes for which the Trust was created;

      (o) to take any action, not inconsistent with this Declaration or with
applicable law, that the Administrative Trustees determine in their
discretion to be necessary or desirable in carrying out the activities of the
Trust as set out in this SECTION 3.6, including, but not limited to:

            (i) causing the Trust not to be deemed to be an Investment Company
      required to be registered under the Investment Company Act;

            (ii) causing the Trust to be classified for United States federal
      income tax purposes as a grantor trust; and

            (iii) cooperating with the Debenture Issuer to ensure that the
      Debentures will be treated as indebtedness of the Debenture Issuer for
      United States federal income tax purposes;

      (p) to take all action necessary to cause all applicable tax returns
and tax information reports that are required to be filed with respect to the
Trust to be duly prepared and filed by the Administrative Trustees, on behalf
of the Trust; and

      (q) to execute all documents or instruments, perform all duties and
powers, and do all things for and on behalf of the Trust in all matters
necessary or incidental to the foregoing.

      The Administrative Trustees must exercise the powers set forth in this
SECTION 3.6 in a manner that is consistent with the purposes and functions of
the Trust set out in SECTION 3.3, and the Administrative Trustees shall not
take any action that is inconsistent with the purposes and functions of the
Trust set forth in SECTION 3.3.

      Subject to this SECTION 3.6, the Administrative Trustees shall have
none of the powers or the authority of the Property Trustee set forth in
SECTION 3.8.

      The Administrative Trustees shall take all actions on behalf of the
Trust that are not specifically required by this Declaration to be taken by
any other Trustee.

      Any expenses incurred by the Administrative Trustees pursuant to this
SECTION 3.6 shall be reimbursed by the Debenture Issuer.

Section 3.7 Prohibition of Actions by the Trust and the Trustees.

                                     13

<Page>

      (a) The Trust shall not, and the Trustees (including the Property
Trustee and the Delaware Trustee) shall cause the Trust not to, engage in any
activity other than as required or authorized by this Declaration. The Trust
shall not:

            (i) invest any proceeds received by the Trust from holding the
      Debentures, but shall distribute all such proceeds to Holders pursuant to
      the terms of this Declaration and of the Securities;

            (ii) acquire any assets other than as expressly provided herein;

            (iii) possess Trust property for other than a Trust purpose;

            (iv) make any loans or incur any indebtedness other than loans
      represented by the Debentures;

            (v) possess any power or otherwise act in such a way as to vary the
      Trust assets or the terms of the Securities in any way whatsoever, except
      as otherwise expressly provided herein;

            (vi) issue any securities or other evidences of beneficial ownership
      of, or beneficial interest in, the Trust other than the Securities;

            (vii) other than as provided in this Declaration or Annex I, (A)
      direct the time, method and place of conducting any proceeding with
      respect to any remedy available to the Debenture Trustee, or exercising
      any trust or power conferred upon the Debenture Trustee with respect to
      the Debentures, (B) waive any past default that is waivable under the
      Indenture, or (C) exercise any right to rescind or annul any declaration
      that the principal of all the Debentures shall be due and payable;

            (viii) consent to any amendment, modification or termination of the
      Indenture or the Debentures where such consent shall be required unless
      the Trust shall have received an opinion of independent tax counsel
      experienced in such matters to the effect that such amendment,
      modification or termination will not cause more than an insubstantial risk
      that for United States federal income tax purposes the Trust will not be
      classified as a grantor trust;

            (ix) take or consent to any action that would result in the
      placement of a lien, pledge, charge, mortgage or other encumbrance on any
      of the Trust property;

            (x) vary the investment (within the meaning of Treasury Regulation
      Section 301.7701-4(c)) of the Trust or of the Holders of Securities; or

            (xi) after the date hereof, enter into any contract or agreement
      (other than any other depositary agreement or any agreement with any
      securities exchange or automated quotation system) that does not expressly
      provide that the Holders of Preferred Securities, in their capacities as
      such, have limited liability (in accordance with the provisions of the
      Business Trust Act) for the liabilities and obligations of the Trust,
      which express provision shall be in substantially the following form, "The
      Holders of the Preferred

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<Page>

      Securities, in their capacities as such, shall not be personally liable
      for any liabilities or obligations of the Trust arising out of this
      Agreement, and the parties hereto hereby agree that the Holders of the
      Preferred Securities, in their capacities as such, shall be entitled to
      the same limitation of personal liability extended to stockholders of
      private corporations for profit organized under the General Corporation
      Law of the State of Delaware."

Section 3.8 Powers and Duties of the Property Trustee.

      (a) The legal title to the Debentures shall be owned by and held of
record in the name of the Property Trustee in trust for the benefit of the
Trust and the Holders. The right, title and interest of the Property Trustee
to the Debentures shall vest automatically in each Person who may hereafter
be appointed as Property Trustee in accordance with SECTION 5.7. Such vesting
and cessation of title shall be effective whether or not conveyancing
documents with regard to the Debentures have been executed and delivered.

      (b) The Property Trustee shall not transfer its right, title and
interest in the Debentures to the Administrative Trustees or to the Delaware
Trustee (if the Property Trustee does not also act as Delaware Trustee).

      (c) The Property Trustee shall:

            (i) establish and maintain a segregated non-interest bearing trust
      account (the "PROPERTY TRUSTEE ACCOUNT") in the name of and under the
      exclusive control of the Property Trustee on behalf of the Holders and,
      upon the receipt of payments of funds made in respect of the Debentures
      held by the Property Trustee, deposit such funds into the Property Trustee
      Account and make payments or cause the Paying Agent to make payments to
      the Holders from the Property Trustee Account in accordance with SECTION
      6.1. Funds in the Property Trustee Account shall be held uninvested until
      disbursed in accordance with this Declaration. The Property Trustee
      Account shall be an account that is maintained with a banking institution
      the rating on whose long-term unsecured indebtedness by a "nationally
      recognized statistical rating organization", as that term is defined for
      purposes of Rule 436(g)(2) under the Securities Act, is at least
      investment grade;

            (ii) engage in such ministerial activities as shall be necessary or
      appropriate to effect the redemption of the Trust Securities to the extent
      the Debentures are redeemed or mature; and

            (iii) upon written notice of distribution issued by the
      Administrative Trustees in accordance with the terms of the Securities,
      engage in such ministerial activities as shall be necessary or appropriate
      to effect the distribution of the Debentures to Holders upon the
      occurrence of certain events.

      (d) The Property Trustee shall take all actions and perform such duties
as may be specifically required of the Property Trustee pursuant to the terms
of the Securities.

      (e) If an Event of Default has occurred and is continuing, then the
Holders of a Majority in liquidation amount of Preferred Securities have the
right to direct the exercise of any

                                     15

<Page>

trust or power conferred upon the Property Trustee under this Declaration
("DIRECT ACTION"), including the right to direct the Property Trustee to
exercise the remedies available to it as holder of the Debentures and the
Preferred Securities Guarantee. Subject to SECTION 3.9(a), the Property
Trustee shall take any Legal Action which arises out of or in connection with
an Event of Default of which a Responsible Officer has actual knowledge or
the Property Trustee's duties and obligations under this Declaration.

      (f) The Property Trustee shall continue to serve as a Trustee until
either:

            (i) the Trust has been completely liquidated and the proceeds of the
      liquidation distributed to the Holders pursuant to the terms of the
      Securities; or

            (ii) a successor Property Trustee has been appointed and has
      accepted that appointment in accordance with SECTION 5.7 (a "SUCCESSOR
      PROPERTY TRUSTEE").

      (g) The Property Trustee shall have the legal power to exercise all of
the rights, powers and privileges of a holder of Debentures under the
Indenture and, if an Event of Default actually known to a Responsible Officer
occurs and is continuing, the Property Trustee shall, for the benefit of
Holders, enforce its rights as holder of the Debentures subject to the rights
of the Holders pursuant to the terms of such Securities.

      (h) The Property Trustee shall be authorized to undertake any actions
set forth in Section 317(a) of the Trust Indenture Act.

      (i) For such time as the Property Trustee is the Paying Agent, the
Property Trustee may authorize one or more Persons to act as additional
Paying Agents and to pay Distributions, redemption payments or liquidation
payments on behalf of the Trust with respect to all Securities and any such
Paying Agent shall comply with Section 317(b) of the Trust Indenture Act. Any
such additional Paying Agent may be removed by the Property Trustee at any
time the Property Trustee remains as Paying Agent and a successor Paying
Agent or additional Paying Agents may be (but are not required to be)
appointed at any time by the Property Trustee while the Property Trustee is
so acting as Paying Agent.

      (j) Subject to this SECTION 3.8, the Property Trustee shall have none
of the duties, liabilities, powers or the authority of the Administrative
Trustees set forth in SECTION 3.6.

      Notwithstanding anything expressed or implied to the contrary in this
Declaration or any Annex or Exhibit hereto, (i) the Property Trustee must
exercise the powers set forth in this SECTION 3.8 in a manner that is
consistent with the purposes and functions of the Trust set out in SECTION 3.3,
and (ii) the Property Trustee shall not take any action that is inconsistent
with the purposes and functions of the Trust set out in SECTION 3.3.

Section 3.9 Certain Duties and Responsibilities of the Property Trustee.

      (a) The Property Trustee, before the occurrence of any Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Declaration and in the Securities and no implied covenants shall be read into
this Declaration against the Property Trustee. In case an Event of

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Default has occurred (that has not been cured or waived pursuant to SECTION
2.6) of which a Responsible Officer has actual knowledge, the Property
Trustee shall exercise such of the rights and powers vested in it by this
Declaration, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs.

      (b) No provision of this Declaration shall be construed to relieve the
Property Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that:

            (i) prior to the occurrence of an Event of Default and after the
      curing or waiving of all such Events of Default that may have occurred:
      (A) the duties and obligations of the Property Trustee shall be determined
      solely by the express provisions of this Declaration and in the Securities
      and the Property Trustee shall not be liable except for the performance of
      such duties and obligations as are specifically set forth in this
      Declaration and in the Securities, and no implied covenants or obligations
      shall be read into this Declaration or the Securities against the Property
      Trustee; and (B) in the absence of bad faith on the part of the Property
      Trustee, the Property 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 Property Trustee and
      conforming to the requirements of this Declaration; provided, however,
      that in the case of any such certificates or opinions that by any
      provision hereof are specifically required to be furnished to the Property
      Trustee, the Property Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirements of this
      Declaration;

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

            (iii) the Property 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 Holders of not less than a Majority in liquidation
      amount of the Securities relating to the time, method and place of
      conducting any proceeding for any remedy available to the Property
      Trustee, or exercising any trust or power conferred upon the Property
      Trustee under this Declaration;

            (iv) no provision of this Declaration shall require the Property
      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 it shall have reasonable
      grounds for believing that the repayment of such funds or liability is not
      reasonably assured to it under the terms of this Declaration or indemnity
      reasonably satisfactory to the Property Trustee against such risk or
      liability is not reasonably assured to it;

            (v) the Property Trustee's sole duty with respect to the custody,
      safekeeping and physical preservation of the Debentures and the Property
      Trustee Account shall be to

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<Page>

      deal with such property in a similar manner as the Property Trustee deals
      with similar property for its own account, subject to the protections and
      limitations on liability afforded to the Property Trustee under this
      Declaration and the Trust Indenture Act;

            (vi) the Property Trustee shall have no duty or liability for or
      with respect to the value, genuineness, existence or sufficiency of the
      Debentures or the payment of any taxes or assessments levied thereon or in
      connection therewith;

            (vii) the Property Trustee shall not be liable for any interest on
      any money received by it except as it may otherwise agree in writing with
      the Sponsor. Money held by the Property Trustee need not be segregated
      from other funds held by it except in relation to the Property Trustee
      Account maintained by the Property Trustee pursuant to SECTION 3.8(c)(i)
      and except to the extent otherwise required by law; and

            (viii) the Property Trustee shall not be responsible for monitoring
      the compliance by the Administrative Trustees or the Sponsor with their
      respective duties under this Declaration, nor shall the Property Trustee
      be liable for any default or misconduct of the Administrative Trustees or
      the Sponsor.

Section 3.10 Certain Rights of Property Trustee.

      (a) Subject to the provisions of SECTION 3.9:

            (i) the Property 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,
      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, sent or presented by the proper party or parties;

            (ii) any direction or act of the Sponsor or the Administrative
      Trustees contemplated by this Declaration may be sufficiently evidenced by
      an Officers' Certificate;

            (iii) whenever in the administration of this Declaration, the
      Property Trustee shall deem it desirable that a matter be proved or
      established before taking, suffering or omitting any action hereunder, the
      Property Trustee (unless other evidence is herein specifically prescribed)
      may, in the absence of bad faith on its part, request and conclusively
      rely upon an Officers' Certificate which, upon receipt of such request,
      shall be promptly delivered by the Sponsor or the Administrative Trustees;

            (iv) the Property Trustee shall have no duty to see to any
      recording, filing or registration of any instrument (including any
      financing or continuation statement or any filing under tax or securities
      laws) or any rerecording, refiling or registration thereof;

            (v) the Property Trustee may consult with counsel or other experts
      of its selection and the advice or opinion of such counsel and experts
      with respect to legal matters or advice within the scope of such experts'
      area of expertise shall be full and complete authorization and protection
      in respect of any action taken, suffered or omitted

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<Page>

      by it hereunder in good faith and in accordance with such advice or
      opinion, such counsel may be counsel to the Sponsor or any of its
      Affiliates, and may include any of its employees. The Property Trustee
      shall have the right at any time to seek instructions concerning the
      administration of this Declaration from any court of competent
      jurisdiction;

            (vi) the Property Trustee shall be under no obligation to exercise
      any of the rights or powers vested in it by this Declaration at the
      request or direction of any Holder, unless such Holder shall have provided
      to the Property Trustee security and indemnity, reasonably satisfactory to
      the Property Trustee, against the costs, expenses (including reasonable
      attorneys' fees and expenses and the expenses of the Property Trustee's
      agents, nominees or custodians) and liabilities that might be incurred by
      it in complying with such request or direction, including such reasonable
      advances as may be requested by the Property Trustee provided, that,
      nothing contained in this SECTION 3.10(a)(vi) shall be taken to relieve
      the Property Trustee, upon the occurrence of an Event of Default, of its
      obligation to exercise the rights and powers vested in it by this
      Declaration;

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

            (viii) the Property Trustee may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, custodians, nominees or attorneys and the Property 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;

            (ix) any action taken by the Property Trustee or its agents
      hereunder shall bind the Trust and the Holders, and the signature of the
      Property Trustee or its agents alone shall be sufficient and effective to
      perform any such action and no third party shall be required to inquire as
      to the authority of the Property Trustee to so act or as to its compliance
      with any of the terms and provisions of this Declaration, both of which
      shall be conclusively evidenced by the Property Trustee's or its agent's
      taking such action;

            (x) whenever in the administration of this Declaration the Property
      Trustee shall deem it desirable to receive instructions with respect to
      enforcing any remedy or right or taking any other action hereunder, the
      Property Trustee (i) may request instructions from the Holders which
      instructions may only be given by the Holders of the same proportion in
      liquidation amount of the Securities as would be entitled to direct the
      Property Trustee under the terms of the Securities in respect of such
      remedy, right or action, (ii) may refrain from enforcing such remedy or
      right or taking such other action until such instructions are received,
      and (iii) shall be protected in conclusively relying on or acting in
      accordance with such instructions;

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            (xi) except as otherwise expressly provided by this Declaration, the
      Property Trustee shall not be under any obligation to take any action that
      is discretionary under the provisions of this Declaration; and

            (xii) the Property Trustee shall not be liable for any action taken,
      suffered, or omitted to be taken by it in good faith, without negligence,
      and reasonably believed by it to be authorized or within the discretion or
      rights or powers conferred upon it by this Declaration.

      (b) No provision of this Declaration shall be deemed to impose any duty
or obligation on the Property Trustee to perform any act or acts or exercise
any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Property Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Property
Trustee shall be construed to be a duty.

Section 3.11 Delaware Trustee.

      Notwithstanding any other provision of this Declaration other than
SECTION 5.2, the Delaware Trustee shall not be entitled to exercise any
powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Trustees (except as required under the Business Trust
Act) described in this Declaration. Except as set forth in SECTION 5.2, the
Delaware Trustee shall be a Trustee for the sole and limited purpose of
fulfilling the requirements of Section 3807 of the Business Trust Act. In the
event the Delaware Trustee shall at any time be required to take any action
or perform any duty hereunder, the Delaware Trustee shall be entitled to the
benefits of SECTION 3.9(b)(ii)-(viii) and SECTION 3.10. No implied covenants
or obligations shall be read into this Declaration against the Delaware
Trustee.

Section 3.12 Execution of Documents.

      Except as otherwise required by the Business Trust Act or this
Declaration, any Administrative Trustee or, if there is only one, such
Administrative Trustee is authorized to execute on behalf of the Trust any
documents that the Administrative Trustees have the power and authority to
execute pursuant to SECTION 3.6.

Section 3.13 Not Responsible for Recitals or Issuance of Securities.

      The recitals contained in this Declaration and the Securities shall be
taken as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as
to the value or condition of the property of the Trust or any part thereof.
The Trustees make no representations as to the validity or sufficiency of
this Declaration or the Securities.

Section 3.14 Duration of Trust.

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      The Trust, unless dissolved pursuant to the provisions of ARTICLE IX
hereof, shall have existence up to _______, ___.

Section 3.15 Mergers.

      (a) The Trust may not merge with or into, convert into, consolidate,
amalgamate, or be replaced by, or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, except as described in
SECTION 3.15(b) and (c) of this Declaration and Section 3 of Annex I.

      (b) The Trust may, at the request of the Sponsor, with the consent of
the Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders, the Delaware
Trustee or the Property Trustee, merge with or into, convert into,
consolidate, amalgamate, or be replaced by, or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, a
trust organized as such under the laws of any State; provided that:

            (i) such successor entity (the "SUCCESSOR ENTITY") either: (A)
      expressly assumes all of the obligations of the Trust under the Securities
      and this Declaration; or (B) substitutes for the Securities other
      securities having substantially the same terms as the Securities (the
      "SUCCESSOR SECURITIES") so long as the Successor Securities rank the same
      as the Securities rank with respect to Distributions and payments upon
      liquidation, redemption and otherwise;

            (ii) the Sponsor expressly appoints a trustee of the Successor
      Entity that possesses the same powers and duties as the Property Trustee
      as the holder of the Debentures;

            (iii) the Successor Securities are listed, or any Successor
      Securities will be listed upon notification of issuance, on any national
      securities exchange or with another organization on which the Preferred
      Securities are then listed or quoted, if any;

            (iv) if the Preferred Securities (including any Successor
      Securities) are rated by any nationally recognized statistical rating
      organization prior to such transaction, such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease does not cause
      the Preferred Securities (including any Successor Securities), or if the
      Debentures are so rated, the Debentures, to be downgraded by any
      nationally recognized statistical rating organization;

            (v) such merger, conversion, consolidation, amalgamation,
      replacement, conveyance, transfer or lease does not adversely affect the
      rights, preferences and privileges of the Holders (including the holders
      of any Successor Securities) in any material respect (other than with
      respect to any dilution of such Holders' interests in the new entity);

            (vi) such Successor Entity has a purpose substantially identical to
      that of the Trust;

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            (vii) prior to such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease, the Sponsor has received an
      opinion of an independent counsel to the Trust experienced in such matters
      to the effect that: (A) such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease does not adversely affect the
      rights, preferences and privileges of the Holders (including the holders
      of any Successor Securities) in any material respect (other than with
      respect to any dilution of the Holders' interest in the new entity); (B)
      following such merger, consolidation, amalgamation, replacement,
      conveyance, transfer or lease, neither the Trust nor the Successor Entity
      will be required to register as an Investment Company; and (C) following
      such merger, consolidation, amalgamation, replacement, conveyance,
      transfer or lease, the Trust (or the Successor Entity) will continue to be
      classified as a grantor trust for United States federal income tax
      purposes.

            (viii) the Sponsor or any permitted successor or assignee owns all
      of the common securities of such Successor Entity and guarantees the
      obligations of such Successor Entity under the Successor Securities at
      least to the extent provided by the Preferred Securities Guarantee and the
      Common Securities Guarantee;

            (ix) such Successor Entity expressly assumes all of the obligations
      of the Trust with respect to the Trustee; and

            (x) there shall have been furnished to the Property Trustee an
      Officers' Certificate and an Opinion of Counsel, each to the effect that
      all conditions precedent in this Declaration to such transaction have been
      satisfied.

      (c) Notwithstanding SECTION 3.15(b), the Trust shall not, except with
the consent of Holders of 100% in liquidation amount of the Securities,
consolidate, amalgamate, merge with or into, convert into, or be replaced by,
or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to, any other Person or permit any other Person
to consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or
lease would cause the Trust or the Successor Entity not to be classified as a
grantor trust for United States federal income tax purposes or would cause
the Holders of the Securities not to be treated as owning an undivided
interest in the Debentures.

Section 3.16 Property Trustee May File Proofs of Claim.

      In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon
the Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Property Trustee
shall have made any demand on the Trust for the payment of any past due
Distributions) shall be entitled and empowered, to the fullest extent
permitted by law, by intervention in such proceeding or otherwise:

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<Page>

      (a) to file and prove a claim for the whole amount of any Distributions
owing and unpaid in respect of the Securities (or, if the Securities are
original issue discount Securities, such portion of the liquidation amount as
may be specified in the terms of such Securities) and to file such other
papers or documents as may be necessary or advisable in order to have the
claims of the Property Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Property Trustee,
its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

      (b) 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 Property Trustee and, in the event the Property
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Property Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Property Trustee,
its agents and counsel, and any other amounts due the Property Trustee.

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

                                   ARTICLE IV
                                     SPONSOR

Section 4.1 Sponsor's Purchase of Common Securities.

      At the Closing Date, the Sponsor will purchase all of the Common
Securities then issued by the Trust, in an amount equal to at least 3% of the
total capital of the Trust, at the same time as the Preferred Securities are
issued and sold.

Section 4.2 Responsibilities of the Sponsor.

      In connection with the issue and sale of the Preferred Securities, the
Sponsor shall have the exclusive right and responsibility to engage in the
following activities:

      (a) if deemed necessary by the Sponsor and not performed by the Sponsor
prior to the date of this Declaration pursuant to the Original Declaration,
to prepare for filing by the Trust with the Commission and to execute on
behalf of the Trust any Registration Statement (including a Prospectus
contained therein and any Prospectus Supplement relating thereto), including
any amendments thereto;

      (b) if deemed necessary by the Sponsor and not performed by the Sponsor
prior to the date of this Declaration pursuant to the Original Declaration,
to determine the States in which to take appropriate action to qualify or
register for sale all or part of the Preferred Securities and to do any and
all such acts, other than actions which must be taken by the Trust, and
advise the Trust of actions it must take, and prepare for execution and
filing any documents to be executed

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<Page>

and filed by the Trust, as the Sponsor deems necessary or advisable in order
to comply with the applicable laws of any such States;

      (c) if deemed necessary or desirable by the Sponsor, to prepare for
filing by the Trust an application to permit the Preferred Securities to
trade or be quoted or listed in or on any other securities exchange,
quotation system or the Nasdaq Stock Market's National Market;

      (d) if deemed necessary or desirable by the Sponsor, to prepare for
filing by the Trust with the Commission a registration statement on Form 8-A,
including any amendments thereto, relating to the registration of the
Preferred Securities under Section 12(b) of the Exchange Act;

      (e) if deemed necessary by the Sponsor and not performed by the Sponsor
prior to the date of this Declaration pursuant to the Original Declaration,
to negotiate the terms of and execute on behalf of the Trust an Underwriting
Agreement providing for the sale and registration of the Preferred Securities;
and

      (f) if deemed necessary by the Sponsor and not performed by the Sponsor
prior to the date of this Declaration pursuant to the Original Declaration,
to negotiate the terms of the Debenture Subscription Agreement and the Common
Securities Agreement.

Section 4.3 Right to Proceed.

      The Sponsor acknowledges the rights of the Holders of Preferred
Securities (as set forth in SECTION 3.8(e) of this Declaration and Sections
5(b) and 6(c) of Annex I), in the event that a failure of the Trust to pay
Distributions on the Preferred Securities is attributable to the failure of
the Company to pay interest or principal on the Debentures, to institute a
proceeding directly against the Debenture Issuer for enforcement of its
payment obligations on the Debentures.

                                    ARTICLE V
                                    TRUSTEES

Section 5.1 Number of Trustees: Appointment of Co-Trustee.

      The number of Trustees initially shall be five (5), and:

      (a) at any time before the issuance of any Securities, the Sponsor may,
by written instrument, increase or decrease the number of Trustees; and

      (b) after the issuance of any Securities, the number of Trustees may be
increased or decreased by vote of the Holders of a Majority in liquidation
amount of the Common Securities voting as a class at a meeting of the Holders
of the Common Securities; provided, however, that, the number of Trustees
shall in no event be less than two (2); provided further that (1) one Trustee
shall satisfy the requirements of the Delaware Trustee pursuant to SECTION
5.2; (2) there shall be at least one Trustee who is an officer of the Sponsor
(an "ADMINISTRATIVE TRUSTEE"); and (3) one Trustee shall be the Property
Trustee for so long as this Declaration is required to qualify as an
indenture under the Trust Indenture Act, and such Trustee may also serve as
Delaware Trustee if it meets the applicable requirements. Notwithstanding the
above, unless an Event of Default shall have occurred and be continuing, at
any time or times, for the purpose of meeting the legal requirements of the
Trust Indenture Act or of any jurisdiction in which any part of the

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Trust's property may at the time be located, the Holders of a Majority in
liquidation amount of the Common Securities acting as a class at a meeting of
the Holders of the Common Securities, and the Administrative Trustees shall
have power to appoint one or more Persons either to act as a co-trustee,
jointly with the Property Trustee, of all or any part of the Trust's
property, or to act as separate trustee of any such property, in either case
with such powers as may be provided in the instrument of appointment, and to
vest in such Person or Persons in such capacity any property, title, right or
power deemed necessary or desirable, subject to the provisions of this
Declaration. In case an Event of Default has occurred and is continuing, the
Property Trustee alone shall have power to make any such appointment of a
co-trustee.

Section 5.2 Delaware Trustee.

      If required by the Business Trust Act, one Trustee (the "DELAWARE
TRUSTEE") shall be:

      (a) a natural person who is a resident of the State of Delaware; or

      (b) if not a natural person, an entity which has its principal place of
business in the State of Delaware, and otherwise meets the requirements of
applicable law, provided that, if the Property Trustee has its principal
place of business in the State of Delaware and otherwise meets the
requirements of applicable law, then the Property Trustee shall also be the
Delaware Trustee and SECTION 3.11 shall have no application.

Section 5.3 Property Trustee; Eligibility.

      (a) There shall at all times be one Trustee (the "PROPERTY TRUSTEE")
which shall act as Property Trustee which shall:

            (i) not be an Affiliate of the Sponsor; and

            (ii) be a Person 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 Person permitted by the Commission to act as an
      institutional trustee under the Trust Indenture Act, authorized under such
      laws to exercise corporate trust powers, having a combined capital and
      surplus of at least fifty million U.S. dollars ($50,000,000), and subject
      to supervision or examination by Federal, State, Territorial or District
      of Columbia authority. If such Person publishes reports of condition at
      least annually, pursuant to law or to the requirements of the supervising
      or examining authority referred to above, then for the purposes of this
      SECTION 5.3(a)(ii), 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.

      (b) If at any time the Property Trustee shall cease to be eligible to
so act under SECTION 5.3(a), the Property Trustee shall immediately resign in
the manner and with the effect set forth in SECTION 5.7(c).

      (c) If the Property Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act,
the Property Trustee and the Holder of the Common Securities (as if it were
the obligor referred to in Section 310(b) of the Trust Indenture

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<Page>

Act) shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act.

      (d)    The Preferred Securities Guarantee and the Indenture shall be
deemed to be specifically described in this Declaration for purposes of
clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

      (e)    The initial Property Trustee shall be:

             BNY Midwest Trust Company
             2 N. LaSalle Street
             Suite 1020
             Chicago, IL 60602
             Attention: Judy Bartolini

Section 5.4  Certain Qualifications of Administrative Trustees and Delaware
Trustee Generally.

      Each Administrative Trustee and the Delaware Trustee (unless the Property
Trustee also acts as Delaware Trustee) shall be either a natural person who is
at least 21 years of age or a legal entity that shall act through one or more
Authorized Officers.

Section 5.5  Administrative Trustees.

      The initial Administrative Trustees shall be:

             ____________________________________________
             ____________________________________________
             ____________________________________________
             ____________________________________________

      (a)    Except as expressly set forth in this Declaration and except if
a meeting of the Administrative Trustees is called with respect to any matter
over which the Administrative Trustees have power to act, any power of the
Administrative Trustees may be exercised by, or with the consent of, any one
such Administrative Trustee.

      (b)    An Administrative Trustee shall have the authority set forth in
SECTION 3.12 to execute on behalf of the Trust any documents that the
Administrative Trustees have the power and authority to cause the Trust to
execute pursuant to SECTION 3.6 provided that any Registration Statement
referred to in SECTION 3.6(b)(i), including any amendments thereto, shall be
signed by all of the Administrative Trustees.

Section 5.6  Delaware Trustee.

      The initial Delaware Trustee shall be:

             The Bank of New York (Delaware)
             P.O. Box 6973
             White Clay Center
             Route 273
             Newark, Delaware 19714
             Attention: Kristine Gullo

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<Page>

Section 5.7  Appointment, Removal and Resignation of Trustees.

        (a)  Subject to SECTION 5.7(b) of this Declaration and to Section
6(b) of Annex I hereto, Trustees may be appointed or removed without cause at
any time:

             (i)   until the issuance of any Securities, by written instrument
      executed by the Sponsor;

            (ii)   unless an Event of Default shall have occurred and be
      continuing after the issuance of any Securities, by vote of the Holders of
      a Majority in liquidation amount of the Common Securities voting as a
      class at a meeting of the Holders of the Common Securities; and

           (iii)   if an Event of Default shall have occurred and be continuing
      after the issuance of the Securities, with respect to the Property Trustee
      or the Delaware Trustee, by vote of Holders of a Majority in liquidation
      amount of the Preferred Securities voting as a class at a meeting of
      Holders of the Preferred Securities.

      (b)    (i)   The Trustee that acts as Property Trustee shall not be
removed in accordance with SECTION 5.7(a) until a Successor Property Trustee
has been appointed and has accepted such appointment by written instrument
executed by such Successor Property Trustee and delivered to the
Administrative Trustees and the Sponsor; and

            (ii)   the Trustee that acts as Delaware Trustee shall not be
      removed in accordance with this SECTION 5.7(a) until a successor Trustee
      possessing the qualifications to act as Delaware Trustee under SECTION 5.2
      and SECTION 5.4 (a "SUCCESSOR DELAWARE TRUSTEE") has been appointed and
      has accepted such appointment by written instrument executed by such
      Successor Delaware Trustee and delivered to the Administrative Trustees
      and the Sponsor.

      (c)    A Trustee appointed to office shall hold office until his
successor shall have been appointed or until his death, removal or
resignation. Any Trustee may resign from office (without need for prior or
subsequent accounting) by an instrument in writing signed by the Trustee and
delivered to the Sponsor and the Trust, which resignation shall take effect
upon such delivery or upon such later date as is specified therein; provided,
however, that:

            (i)    No such resignation of the Trustee that acts as the Property
      Trustee shall be effective: (A) until a Successor Property Trustee has
      been appointed and has accepted such appointment by instrument executed by
      such Successor Property Trustee and delivered to the Trust, the Sponsor
      and the resigning Property Trustee; or (B) until the assets of the Trust
      have been completely liquidated and the proceeds thereof distributed to
      the Holders; and

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<Page>

            (ii)   no such resignation of the Trustee that acts as the Delaware
      Trustee shall be effective until a Successor Delaware Trustee has been
      appointed and has accepted such appointment by instrument executed by such
      Successor Delaware Trustee and delivered to the Trust, the Sponsor and the
      resigning Delaware Trustee.

      (d)   The Holders of the Common Securities or, if an Event of Default
shall have occurred and be continuing after the issuance of the Securities,
the Holders of the Preferred Securities shall use their best efforts to
promptly appoint a Successor Delaware Trustee or Successor Property Trustee,
as the case may be, if the Property Trustee or the Delaware Trustee delivers
an instrument of resignation in accordance with this SECTION 5.7.

      (e)   If no Successor Property Trustee or Successor Delaware Trustee
shall have been appointed and accepted appointment as provided in this
SECTION 5.7 within 60 days after delivery of an instrument of resignation or
removal, the Property Trustee or Delaware Trustee resigning or being removed,
as applicable, may petition any court of competent jurisdiction for
appointment of a Successor Property Trustee or Successor Delaware Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may
deem proper and prescribe, appoint a Successor Property Trustee or Successor
Delaware Trustee, as the case may be.

      (f)   No Property Trustee or Delaware Trustee shall be liable for the
acts or omissions to act of any Successor Property Trustee or Successor
Delaware Trustee, as the case may be.

      (g)   At the time of resignation or removal of the Property Trustee or
the Delaware Trustee, the Debenture Issuer shall pay to such Trustee any
amounts that may be owed to such Trustee pursuant to SECTION 10.4.

Section 5.8  Vacancies Among Trustees.

      If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to SECTION 5.1, or if the number of Trustees is
increased pursuant to SECTION 5.1, a vacancy shall occur. A resolution
certifying the existence of such vacancy by the Administrative Trustees or, if
there are more than two, a majority of the Administrative Trustees shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be
filled with a Trustee appointed in accordance with SECTION 5.7.

Section 5.9  Effect of Vacancies.

        The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee
shall not operate to dissolve, terminate or annul the Trust. Whenever a
vacancy in the number of Administrative Trustees shall occur, until such
vacancy is filled by the appointment of an Administrative Trustee in
accordance with SECTION 5.7, the Administrative Trustees in office,
regardless of their number, shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Declaration.

Section 5.10 Meetings.

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      If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any
Administrative Trustee. Regular meetings of the Administrative Trustees may
be held at a time and place fixed by resolution of the Administrative
Trustees. Notice of any in-person meetings of the Administrative Trustees
shall be hand delivered or otherwise delivered in writing (including by
facsimile, with a hard copy by overnight courier) not less than 24 hours
before such meeting. Notice of any telephonic meetings of the Administrative
Trustees or any committee thereof shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight
courier) not less than 24 hours before a meeting. Notices shall contain a
brief statement of the time, place and anticipated purposes of the meeting.
The presence (whether in person or by telephone) of an Administrative Trustee
at a meeting shall constitute a waiver of notice of such meeting except where
an Administrative Trustee attends a meeting for the express purpose of
objecting to the transaction of any activity on the ground that the meeting has
not been lawfully called or convened. Unless provided otherwise in this
Declaration, any action of the Administrative Trustees may be taken at a
meeting by vote of a majority of the Administrative Trustees present (whether
in person or by telephone) and eligible to vote with respect to such matter,
provided a Quorum is present, or without a meeting and without prior notice by
the unanimous written consent of the Administrative Trustees. In the event
there is only one Administrative Trustee, any and all action of such
Administrative Trustee shall be evidenced by a written consent of such
Administrative Trustee.

Section 5.11 Delegation of Power.

        (a)  Any Administrative Trustee may, by power of attorney consistent
with applicable law, delegate to any other natural person over the age of 21
his or her power for the purpose of executing any documents contemplated in
SECTION 3.6, including any registration statement or amendment thereto filed
with the Commission, or making any other governmental filing; and

        (b)  the Administrative Trustees shall have power to delegate from
time to time to such of their number or to officers of the Trust the doing of
such things and the execution of such instruments either in the name of the
Trust or the names of the Administrative Trustees or otherwise as the
Administrative Trustees may deem expedient, to the extent such delegation is
not prohibited by applicable law or contrary to the provisions of the Trust,
as set forth herein.

Section 5.12 Merger, Conversion, Consolidation or Succession to
Business.

      Any Person into which the Property Trustee or the Delaware Trustee or
any Administrative Trustee that is not a natural person, as the case may be,
may be merged or converted or with which it may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which the
Property Trustee or the Delaware Trustee or the Administrative Trustees, as
the case may be, shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of the Property Trustee or the
Delaware Trustee or the Administrative Trustees, as the case may be, shall be
the successor of the Property Trustee or the Delaware Trustee or the
Administrative Trustees, as the case may be, hereunder, provided such Person
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.

                                   ARTICLE VI
                                  DISTRIBUTIONS

Section 6.1  Distributions.

      Holders shall receive Distributions in accordance with the applicable
terms of the relevant Holder's Securities. If and to the extent that the
Debenture Issuer makes a payment of interest (including Compounded Interest
and Additional Sums), premium and/or principal on the

                                       29
<Page>

Debentures held by the Property Trustee with respect to the Debentures held
by the Property Trustee (the amount of any such payment being a "PAYMENT
AMOUNT"), the Property Trustee shall and is directed, to the extent funds are
available for that purpose, to make a distribution (a "DISTRIBUTION") of the
Payment Amount to Holders.

                                   ARTICLE VII
                             ISSUANCE OF SECURITIES

Section 7.1  General Provisions Regarding Securities.

        (a)  The Administrative Trustees shall on behalf of the Trust issue one
class of preferred securities representing undivided beneficial interests in
the assets of the Trust having such terms as are set forth in Annex I (the
"PREFERRED SECURITIES") and one class of common securities representing
undivided beneficial interests in the assets of the Trust having such terms as
are set forth in Annex I (the "COMMON SECURITIES"). Annex I is hereby
incorporated in and made a part of this Declaration. The Trust shall issue no
securities or other interests in the assets of the Trust other than the Trust
Securities.

        (b)  The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and
shall not constitute a loan to the Trust.

        (c)  Upon issuance of the Securities as provided in this Declaration,
the Securities so issued shall be deemed to be validly issued, fully paid and
non-assessable undivided beneficial interests in the assets of Trust.

        (d)  Every Person, by virtue of having become a Holder or a Preferred
Security Beneficial Owner in accordance with the terms of this Declaration,
shall be deemed to have expressly assented and agreed to the terms of, and
shall be bound by, this Declaration.

        (e)  Holders of the Securities shall not have any preemptive or
similar rights.

Section 7.2  Execution and Authentication.

        (a)  The Securities shall be signed on behalf of the Trust by an
Administrative Trustee by manual or facsimile signature. In case any
Administrative Trustee of the Trust who shall have signed any of the
Securities shall cease to be such Administrative Trustee before the
Securities so signed shall be delivered by the Trust, such Securities
nevertheless may be delivered as though the person who signed such Securities
had not ceased to be such Administrative Trustee; and any Securities may be
signed on behalf of the Trust by such persons who, at the actual date of
execution of such Security, shall be the Administrative Trustees of the
Trust, although at the date of the execution and delivery of the Declaration
any such person was not such an Administrative Trustee.

       (b)  One Administrative Trustee shall sign the Preferred Securities
for the Trust by manual or facsimile signature.

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<Page>

       A Preferred Security shall not be valid until authenticated by the
manual or facsimile signature of an authorized signatory of the Property
Trustee. The signature shall be conclusive evidence that the Preferred
Security has been authenticated under this Declaration.

       Upon a written order of the Trust signed by one Administrative
Trustee, the Property Trustee shall authenticate the Preferred Securities for
original issue. The aggregate number of Preferred Securities outstanding at
any time shall not exceed the number set forth in the Terms in Annex I hereto
except as provided in SECTION 7.6.

       The Property Trustee may appoint an authenticating agent acceptable to
the Trust to authenticate Preferred Securities. An authenticating agent may
authenticate Preferred Securities whenever the Property Trustee may do so.
Each reference in this Declaration to authentication by the Property Trustee
includes authentication by such agent. An authenticating agent has the same
rights as the Property Trustee to deal with the Sponsor or an Affiliate.

Section 7.3  Form and Dating.

       The Preferred Securities and the Property Trustee's certificate of
authentication shall be substantially in the form of Exhibit A-1 and the
Common Securities shall be substantially in the form of Exhibit A-2, each of
which is hereby incorporated in and expressly made a part of this
Declaration. Certificates representing the Securities may be printed,
lithographed or engraved or may be produced in any other manner as is
reasonably acceptable to the Administrative Trustees, as evidenced by their
execution thereof. The Securities may have letters, CUSIP or other numbers,
notations or other marks of identification or designation and such legends or
endorsements required by law, stock exchange rule, agreements to which the
Trust is subject, if any, or usage (provided that any such notation, legend
or endorsement is in a form acceptable to the Trust). The Trust at the
direction of the Sponsor shall furnish any such legend not contained in
Exhibit A-1 to the Property Trustee in writing. Each Preferred Security shall
be dated the date of its authentication. The terms and provisions of the
Securities set forth in Annex I and the forms of Securities set forth in
Exhibits A-1 and A-2 are part of the terms of this Declaration and to the
extent applicable, the Property Trustee and the Sponsor, by their execution
and delivery of this Declaration, expressly agree to such terms and
provisions and to be bound thereby.

       (a)  Global Securities. Securities offered may be issued in the form
of one or more permanent global Securities in definitive, fully registered
form without distribution coupons with the appropriate global legends set
forth in Exhibit A-1 hereto (the "GLOBAL PREFERRED SECURITIES"), which shall
be deposited on behalf of the purchasers of the Preferred Securities
represented thereby with the Property Trustee, as custodian for the Clearing
Agency, and registered in the name of the Clearing Agency or a nominee of the
Clearing Agency, duly executed by the Trust and authenticated by the Property
Trustee as hereinafter provided. The number of Preferred Securities
represented by the Global Preferred Security may from time to time be
increased or decreased by adjustments made on the records of the Property
Trustee and the Clearing Agency or its nominee as hereinafter provided.

       (b)  Book-Entry Provisions. This SECTION 7.3(b) shall apply only to the
Global Preferred Securities.

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       The Trust shall execute and the Property Trustee shall, in accordance
with this SECTION 7.3, authenticate and make available for delivery initially
one or more Global Preferred Securities that (i) shall be registered in the
name of Cede & Co. or other nominee of such Clearing Agency and (ii) shall be
delivered by the Trustee to such Clearing Agency or pursuant to such Clearing
Agency's written instructions or held by the Property Trustee as custodian
for the Clearing Agency.

       Members of, or participants in, the Clearing Agency ("PARTICIPANTS")
shall have no rights under this Declaration with respect to any Global
Preferred Security held on their behalf by the Clearing Agency or by the
Property Trustee as the custodian of the Clearing Agency or under such Global
Preferred Security, and the Clearing Agency may be treated by the Trust, the
Property Trustee and any agent of the Trust or the Property Trustee as the
absolute owner of such Global Preferred Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Trust, the
Property Trustee or any agent of the Trust or the Property Trustee from
giving effect to any written certification, proxy or other authorization
furnished by the Clearing Agency or impair, as between the Clearing Agency
and its Participants, the operation of customary practices of such Clearing
Agency governing the exercise of the rights of a holder of a beneficial
interest in any Global Preferred Security.

       (c) Definitive Preferred Securities. Except as provided in SECTION 7.9
or SECTION 9.2(d), owners of beneficial interests in a Global Preferred
Security will not be entitled to receive physical delivery of certificated
Preferred Securities ("DEFINITIVE PREFERRED SECURITIES"). Preferred
Securities not represented by a Global Preferred Security may be issued in
the form of individual certificates in definitive, fully registered form
without distribution coupons ("DEFINITIVE PREFERRED SECURITIES").

       (d) Authorized Denominations. The Preferred Securities are issuable
only in denominations of $1,000 and any integral multiple thereof.

Section 7.4  Registrar and Paying Agent.

       The Trust shall maintain in the Borough of Manhattan, The City of New
York, (i) an office or agency where Preferred Securities may be presented for
registration of transfer ("REGISTRAR"), and (ii) an office or agency where
Preferred Securities may be presented for payment ("PAYING AGENT"). The
Registrar shall keep a register of the Preferred Securities and of their
transfer. The Trust may appoint the Registrar and the Paying Agent and may
appoint one or more co-registrars, and one or more additional paying agents
in such other locations as it shall determine. The term "REGISTRAR" includes
any additional registrar and "PAYING AGENT" includes any additional paying
agent. The Trust may change any Paying Agent, Registrar or co-registrar
without prior notice to any Holder. The Paying Agent shall be permitted to
resign as Paying Agent upon 30 days' written notice to the Administrative
Trustees. The Trust shall notify the Property Trustee of the name and address
of any Agent not a party to this Declaration. If the Trust fails to appoint
or maintain another entity as Registrar or Paying Agent, the Property Trustee
shall act as such. The Trust or any of its Affiliates may act as Paying Agent
or Registrar. The Trust shall act as Paying Agent, Registrar for the Common
Securities.

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       The Trust initially appoints the Property Trustee's New York Affiliate
as Registrar and Paying Agent for the Preferred Securities.

Section 7.5  Paying Agent to Hold Money in Trust.

       The Trust shall require each Paying Agent other than the Property
Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of Holders or the Property Trustee all money held by the Paying Agent
for the payment of liquidation amounts or Distributions, and will notify the
Property Trustee if there are insufficient funds for such purpose. While any
such insufficiency continues, the Property Trustee may require a Paying Agent
to pay all money held by it to the Property Trustee. The Trust at any time
may require a Paying Agent to pay all money held by it to the Property
Trustee and to account for any money disbursed by it. Upon payment over to
the Property Trustee, the Paying Agent (if other than the Trust or an
Affiliate of the Trust) shall have no further liability for the money. If the
Trust or the Sponsor or an Affiliate of the Trust or the Sponsor acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders all money held by it as Paying Agent.

Section 7.6  Replacement Securities.

       If a Holder claims that a Security owned by it has been lost,
destroyed or wrongfully taken or if such Security is mutilated and is
surrendered to the Trust or in the case of the Preferred Securities to the
Property Trustee, the Trust shall issue and the Property Trustee shall, upon
written order of the Trust, authenticate a replacement Security if the
Property Trustee's and the Trust's requirements, as the case may be, are met.
An indemnity bond must be provided by the Holder which, in the judgment of
the Property Trustee, is sufficient to protect the Trustees, the Sponsor, the
Trust or any authenticating agent from any loss which any of them may suffer
if a Security is replaced. The Trust may charge such Holder for its expenses
in replacing a Security. Every replacement Security issued and authenticated
in accordance with this SECTION 7.6 shall represent an undivided beneficial
interest in the Trust.

Section 7.7  Outstanding Preferred Securities.

       The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee except for those canceled by
it, those delivered to it for cancellation, and those described in this
Section as not outstanding.

       If a Preferred Security is replaced, paid or purchased pursuant to
SECTION 7.6 hereof, it ceases to be outstanding unless the Property Trustee
receives proof satisfactory to it that the replaced, paid or purchased
Preferred Security is held by a bona fide purchaser.

       If Preferred Securities are considered paid in accordance with the
terms of this Declaration, they cease to be outstanding and Distributions on
them shall cease to accumulate.

       A Preferred Security does not cease to be outstanding because one of
the Trust, the Sponsor or an Affiliate of the Sponsor holds the Security.

Section 7.8  Preferred Securities in Treasury.

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<Page>

       In determining whether the Holders of the required amount of
Securities have concurred in any direction, waiver or consent, Preferred
Securities owned by the Trust, the Sponsor or an Affiliate of the Sponsor, as
the case may be, shall be disregarded and deemed not to be outstanding,
except that for the purposes of determining whether the Property Trustee
shall be fully protected in relying on any such direction, waiver or consent,
only Securities which a Responsible Officer of the Property Trustee actually
knows are so owned shall be so disregarded.

Section 7.9  Temporary Securities.

       (a) Until Definitive Preferred Securities are ready for delivery, the
Trust may prepare and, in the case of the Preferred Securities, the Property
Trustee shall authenticate temporary Securities. Temporary Securities shall
be substantially in the form of Definitive Preferred Securities but may have
variations that the Trust considers appropriate for temporary Securities.
Without unreasonable delay, the Trust shall prepare and, in the case of the
Preferred Securities, the Property Trustee shall authenticate Definitive
Preferred Securities in exchange for temporary Securities.

       (b) A Global Preferred Security deposited with the Clearing Agency or
with the Property Trustee as custodian for the Clearing Agency pursuant to
SECTION 7.3 shall be transferred to the beneficial owners thereof in the form
of Definitive Preferred Securities only if such transfer complies with
SECTION 9.2 and (i) the Clearing Agency notifies the Sponsor that it is
unwilling or unable to continue as Clearing Agency for such Global Preferred
Security or if at any time such Clearing Agency ceases to be a "clearing
agency" registered under the Exchange Act and a clearing agency is not
appointed by the Sponsor within 90 days of such notice, (ii) a Default or an
Event of Default has occurred and is continuing or (iii) the Administrative
Trustees, on behalf of the Trust at its sole discretion elects to cause the
issuance of Definitive Preferred Securities.

       (c) Any Global Preferred Security that is transferable to the
beneficial owners thereof in the form of Definitive Preferred Securities
pursuant to this SECTION 7.9 shall be surrendered by the Clearing Agency to
the Property Trustee located in the Borough of Manhattan, The City of New
York, to be so transferred, in whole or from time to time in part, without
charge, and the Property Trustee shall authenticate and make available for
delivery, upon such transfer of each portion of such Global Preferred
Security, an equal aggregate liquidation amount of Securities of authorized
denominations in the form of certificated Preferred Securities. Any portion
of a Global Preferred Security transferred pursuant to this Section shall be
registered in such names as the Clearing Agency shall direct.

       (d) Subject to the provisions of SECTION 7.9(c), the Holder of a
Global Preferred Security may grant proxies and otherwise authorize any
Person, including Participants and Persons that may hold interests through
Participants, to take any action which such Holder is entitled to take under
this Declaration or the Securities.

       (e) In the event of the occurrence of any of the events specified in
SECTION 7.9(b), the Administration Trustees on behalf of the Trust will
promptly make available to the Property Trustee a reasonable supply of
certificated Preferred Securities in fully registered form without
distribution coupons.

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Section 7.10  Exchange.

       (a) If at any time the Sponsor or any of its Affiliates (in either
case, a "SPONSOR AFFILIATED HOLDER") is the Holder of any Preferred
Securities, such Sponsor Affiliated Holder shall have the right to deliver to
the Property Trustee all or such portion of its Preferred Securities as its
elects and receive, in exchange therefore, a like amount of Debentures. Such
election (i) shall be exercisable effective on any date of Distribution by
such Sponsor Affiliated Holder delivering to the Property Trustee a written
notice of such election specifying the liquidation amount of Preferred
Securities with respect to which such election is being made and the date of
Distribution on which such exchange shall occur, which Distribution date
shall be not less than ten Business Days after the date of receipt by the
Property Trustee of such election notice and (ii) shall be conditioned upon
such Sponsor Affiliated Holder having delivered or caused to be delivered to
the Property Trustee or its designee the Preferred Securities which are the
subject of such election by 10:00 A.M. New York time, on the date of
Distribution on which such exchange is to occur. After the exchange, such
Preferred Securities will be canceled and will no longer be deemed to be
outstanding and all rights of the Sponsor or its Affiliates with respect to
such Preferred Securities will cease.

       (b) In the case of an exchange described in SECTION 7.10(a), the Trust
will, on the date of such exchange, exchange Debentures having a principal
amount equal to a proportional amount of the aggregate liquidation amount of
the outstanding Common Securities, based on the ratio of the aggregate
liquidation amount of the Preferred Securities exchanged pursuant to SECTION
7.10(a) divided by the aggregate liquidation amount of the Preferred
Securities outstanding immediately prior to such exchange, for such
proportional amount of Common Securities held by the Sponsor (which
contemporaneously shall be canceled and no longer be deemed to be
outstanding); provided, that the Sponsor delivers or caused to be delivered
to the Property Trustee or its designee the required amount of Common
Securities to be exchanged by 10:00 A.M. New York time, on the date of
Distribution on which such exchange is to occur.

Section 7.11 Cancellation.

       The Trust at any time may deliver Preferred Securities to the Property
Trustee for cancellation. The Registrar and the Paying Agent shall forward to
the Property Trustee any Preferred Securities surrendered to them for
registration of transfer, redemption, exchange or payment. The Property
Trustee shall promptly cancel all Preferred Securities, surrendered for
registration of transfer, redemption, exchange, payment, replacement or
cancellation and shall dispose of canceled Preferred Securities in accordance
with its customary procedures unless the Trust otherwise directs. The Trust
may not issue new Preferred Securities to replace Preferred Securities that
it has paid or that have been delivered to the Property Trustee for
cancellation or that any Holder has exchanged.

Section 7.12 CUSIP Numbers.

       The Trust in issuing the Preferred Securities may use "CUSIP" numbers
(if then generally in use), and, if so, the Property Trustee shall use
"CUSIP" numbers in notices of redemption as a convenience to Holders of
Preferred Securities; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as
printed

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<Page>

on the Preferred Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed
on the Preferred Securities, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Sponsor will promptly notify
the Property Trustee of any change in the CUSIP numbers.

                                  ARTICLE VIII
                              DISSOLUTION OF TRUST

Section 8.1 Dissolution of Trust.

      (a)   The Trust shall automatically dissolve:

            (i)   upon the bankruptcy of the Sponsor;

            (ii)  upon the filing of a certificate of dissolution or liquidation
      or its equivalent with respect to the Sponsor; or the revocation of the
      Sponsor's charter and the expiration of 90 days after the date of
      revocation without a reinstatement thereof;

            (iii) following the distribution of a Like Amount of the Debentures
      to the Holders, provided that, the Property Trustee has received written
      notice from the Sponsor directing the Property Trustee to dissolve the
      Trust (which direction is optional, and except as otherwise expressly
      provided below, within the discretion of the Sponsor) and provided,
      further, that such direction and such distribution is conditioned on the
      Administrative Trustees' receipt of an opinion of an independent tax
      counsel experienced in such matters, which opinion may rely on published
      rulings of the Internal Revenue Service, to the effect that the Holders
      will not recognize any gain or loss for United States federal income tax
      purposes as a result of the dissolution of the Trust and the distribution
      of Debentures;

            (iv)  upon the entry of a decree of judicial dissolution of the
      Trust by a court of competent jurisdiction;

            (v)   when all of the Securities shall have been called for
      redemption and the amounts necessary for redemption thereof shall have
      been paid to the Holders in accordance with the terms of the Securities;
      or

            (vi)  the expiration of the term of the Trust provided in SECTION
      3.14.

      (b) As soon as is practicable after the occurrence of an event referred
to in SECTION 8.1(a), after the winding up of the affairs of the Trust is
completed, the Administrative Trustees shall execute and file a certificate
of cancellation with the Secretary of State of the State of Delaware.

      (c) The provisions of SECTION 3.9 and ARTICLE X shall survive the
termination of the Trust.

                                   ARTICLE IX
                              TRANSFER OF INTERESTS

                                      36
<Page>

Section 9.1 Transfer of Securities.

      (a) Securities may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Declaration and in
the terms of the Securities. To the fullest extent permitted by law, any
transfer or purported transfer of any Security not made in accordance with
this Declaration shall be null and void.

      (b) The Administrative Trustees shall provide for the registration of
Preferred Securities and of the transfer of Preferred Securities, which will
be effected without charge but only upon payment (with such indemnity as the
Administrative Trustees may require) in respect of any tax or other
governmental charges that may be imposed in relation to it. Upon surrender
for registration of transfer of any Preferred Securities, the Administrative
Trustees shall cause one or more new Preferred Securities to be issued in the
name of the designated transferee or transferees. Every Preferred Security
surrendered for registration of transfer shall be accompanied by a written
instrument of transfer in form satisfactory to the Administrative Trustees
and the Registrar duly executed by the Holder or such Holder's attorney duly
authorized in writing. Each Preferred Security surrendered for registration
of transfer shall be canceled by the Property Trustee. A transferee of a
Preferred Security shall be entitled to the rights and subject to the
obligations of a Holder hereunder upon the receipt by such transferee of a
Preferred Security. By acceptance of a Preferred Security, each transferee
shall be deemed to have agreed to be bound by this Declaration.

      (c) For so long as the Trust Securities remain outstanding, the Sponsor
will covenant (i) to directly or indirectly maintain 100% direct or indirect
ownership of the Common Securities; provided, however, that any permitted
successor of the Sponsor under the Indenture may succeed to the Sponsor's
ownership of such Common Securities, (ii) to use its reasonable efforts to
cause the Trust (x) to remain a business trust, except in connection with the
distribution of Debentures to the Holders of Trust Securities in dissolution
and liquidation of the Trust, the redemption of all of the Trust Securities,
or certain mergers, conversions, consolidations or amalgamations, each as
permitted by this Declaration, and (y) to otherwise continue to be classified
as a grantor trust for United States federal income tax purposes and (iii) to
use its reasonable efforts to cause each Holder of Trust Securities to be
treated as owning an undivided beneficial interest in the Debentures.

Section 9.2 Transfer Procedures and Restrictions.

      (a)   Transfer and Exchange of Definitive Preferred Securities. When
Definitive Preferred Securities are presented to the Registrar or
co-Registrar.

            (i)   to register the transfer of such Definitive Preferred
      Securities; or

            (ii)  to exchange such Definitive Preferred Securities which became
      mutilated, destroyed, defaced, stolen or lost, for an equal number of
      Definitive Preferred Securities, the Registrar or co-registrar shall
      register the transfer or make the exchange as requested if its reasonable
      requirements for such transaction are met; provided, however, that the
      Definitive Preferred Securities surrendered for registration of transfer
      or exchange shall be duly endorsed or accompanied by a written instrument
      of transfer in form reasonably

                                      37
<Page>

      satisfactory to the Administrative Trustees and the Registrar or
      co-registrar, duly executed by the Holder thereof or his attorney duly
      authorized in writing.

      (b) Restrictions on Transfer of a Definitive Preferred Security for a
Beneficial Interest in a Global Preferred Security. A Definitive Preferred
Security may not be exchanged for a beneficial interest in a Global Preferred
Security except upon satisfaction of the requirements set forth below. Upon
receipt by the Property Trustee of a Definitive Preferred Security, duly
endorsed or accompanied by appropriate instruments of transfer, in form
satisfactory to the Property Trustee and the Administrative Trustees,
together with written instructions directing the Property Trustee to make, or
to direct the Clearing Agency to make, an adjustment on its books and records
with respect to the appropriate Global Preferred Security to reflect an
increase in the number of the Preferred Securities represented by such Global
Preferred Security, then the Property Trustee shall cancel such Definitive
Preferred Security and cause, or direct the Clearing Agency to cause, the
aggregate number of Preferred Securities represented by the appropriate
Global Preferred Security to be increased accordingly. If no Global Preferred
Securities are then outstanding, the Trust shall issue and the Property
Trustee shall authenticate, upon written order of any Administrative Trustee,
an appropriate number of Preferred Securities in global form.

      (c) Transfer and Exchange of Global Preferred Securities. Subject to
SECTION 9.2(d), the transfer and exchange of Global Preferred Securities or
beneficial interests therein shall be effected through the Clearing Agency,
in accordance with this Declaration (including applicable restrictions on
transfer set forth herein, if any) and the procedures of the Clearing Agency
therefor.

      (d) Transfer of a Beneficial Interest in a Global Preferred Security
for a Definitive Preferred Security.

            (i) Any Person having a beneficial interest in a Global Preferred
      Security may upon request, but only upon 20 days' prior notice to the
      Property Trustee, and if accompanied by the information specified below,
      exchange such beneficial interest for a Definitive Preferred Security
      representing the same number of Preferred Securities. Upon receipt by the
      Property Trustee from the Clearing Agency or its nominee on behalf of any
      Person having a beneficial interest in a Global Preferred Security of
      written instructions or such other form of instructions as is customary
      for the Clearing Agency or the Person designated by the Clearing Agency as
      having such a beneficial interest in a Global Preferred Security, which
      may be submitted by facsimile, then the Property Trustee will cause the
      aggregate number of Preferred Securities represented by Global Preferred
      Securities to be reduced on its books and records and, following such
      reduction, the Trust will execute and the Property Trustee will
      authenticate and make available for delivery to the transferee a
      Definitive Preferred Security.

            (ii) Definitive Preferred Securities issued in exchange for a
      beneficial interest in a Global Preferred Security pursuant to this
      SECTION 9.2(d) shall be registered in such names and in such authorized
      denominations as the Clearing Agency, pursuant to instructions from its
      Clearing Agency Participants or otherwise, shall instruct the Property
      Trustee in writing. The Property Trustee shall deliver such Preferred
      Securities

                                      38
<Page>

      to the Persons in whose names such Preferred Securities are so registered
      in accordance with such instructions of the Clearing Agency.

      (e) Restrictions on Transfer and Exchange of Global Preferred
Securities. Notwithstanding any other provisions of this Declaration (other
than the provisions set forth in subsection (f) of this SECTION 9.2 and
subsection (b) of SECTION 7.9), a Global Preferred Security may not be
transferred as a whole except by the Clearing Agency to a nominee of the
Clearing Agency or another nominee of the Clearing Agency or by the Clearing
Agency or any such nominee to a successor Clearing Agency or a nominee of
such successor Clearing Agency.

      (f) Authentication of Definitive Preferred Securities. If at any time:

            (i)   there occurs a Default or an Event of Default which is
      continuing, or

            (ii)  the Trust, in its sole discretion, notifies the Property
      Trustee in writing that it elects to cause the issuance of Definitive
      Preferred Securities under this Declaration, then an Administrative
      Trustee on behalf of the Trust will execute, and the Property Trustee,
      upon receipt of a written order of the Trust signed by one Administrative
      Trustee requesting the authentication and delivery of Definitive Preferred
      Securities to the Persons designated by the Trust, will authenticate and
      make available for delivery Definitive Preferred Securities, equal in
      number to the number of Preferred Securities represented by the Global
      Preferred Securities, in exchange for such Global Preferred Securities.

      (g) Cancellation or Adjustment of Global Preferred Security. At such
time as all beneficial interests in a Global Preferred Security have either
been exchanged for Definitive Preferred Securities to the extent permitted by
this Declaration or redeemed, repurchased or canceled in accordance with the
terms of this Declaration, such Global Preferred Security shall be canceled
by the Property Trustee. At any time prior to such cancellation, if any
beneficial interest in a Global Preferred Security is exchanged for
Definitive Preferred Securities, Preferred Securities represented by such
Global Preferred Security shall be reduced and an adjustment

                                      39
<Page>

shall be made on the books and records of the Clearing Agency and the
Registrar, to reflect such reduction.

      (h)   Obligations with Respect to Transfers and Exchanges of Preferred
Securities.

            (i) To permit registrations of transfers and exchanges, an
      Administrative Trustee on behalf of the Trust shall execute and the
      Property Trustee shall authenticate Definitive Preferred Securities and
      Global Preferred Securities at the Registrar's or co-registrar's request
      in accordance with the terms of this Declaration.

            (ii) Registrations of transfers or exchanges will be effected
      without charge, but only upon payment (with such indemnity as the Trust or
      the Sponsor may require) in respect of any tax or other governmental
      charge that may be imposed in relation to it.

            (iii) The Registrar or co-registrar shall not be required to
      register the transfer of or exchange of (a) Preferred Securities during a
      period beginning at the opening of business 15 days before the day of
      mailing of a notice of redemption or any notice of selection of Preferred
      Securities for redemption and ending at the close of business on the day
      of such mailing; or (b) any Preferred Security so selected for redemption
      in whole or in part, except the unredeemed portion of any Preferred
      Security being redeemed in part.

            (iv) Prior to the due presentation for registration of transfer of
      any Preferred Security, the Trust, the Property Trustee, the Paying Agent,
      the Registrar or any co-registrar may deem and treat the Person in whose
      name a Preferred Security is registered as the absolute owner of such
      Preferred Security for the purpose of receiving Distributions on such
      Preferred Security (subject to Section 2(c) of Annex I) and for all other
      purposes whatsoever, and none of the Trust, the Property Trustee, the
      Paying Agent, the Registrar or any co-registrar shall be affected by
      notice to the contrary.

            (v) All Preferred Securities issued upon any registration of
      transfer or exchange pursuant to the terms of this Declaration shall
      evidence the same security and shall be entitled to the same benefits
      under this Declaration as the Preferred Securities surrendered upon such
      registration of transfer or exchange.

      (i)   No Obligation of the Property Trustee.

            (i) The Property Trustee shall have no responsibility or obligation
      to any beneficial owner of a Global Preferred Security, a Participant in
      the Clearing Agency or other Person with respect to the accuracy of the
      records of the Clearing Agency or its nominee or of any Clearing Agency
      Participant thereof, with respect to any ownership interest in the
      Preferred Securities or with respect to the delivery to any Clearing
      Agency Participant, beneficial owner or other Person (other than the
      Clearing Agency) of any notice (including any notice of redemption) or the
      payment of any amount, under or with respect to such Preferred Securities.
      All notices and communications to be given to the Holders and all payments
      to be made to Holders under the Preferred Securities shall be given or
      made only to or upon the order of the registered Holders (which shall be
      the Clearing Agency or its nominee in the case of a Global Preferred
      Security). The rights of beneficial owners in any Global Preferred
      Security shall be exercised only through the

                                      40
<Page>

      Clearing Agency subject to the applicable rules and procedures of the
      Clearing Agency. The Property Trustee may conclusively rely and shall be
      fully protected in relying upon information furnished by the Clearing
      Agency or any agent thereof with respect to its Clearing Agency
      Participants and any beneficial owners.

            (ii) The Property Trustee and the Registrar shall have no obligation
      or duty to monitor, determine or inquire as to compliance with any
      restrictions on transfer imposed under this Declaration or under
      applicable law with respect to any transfer of any interest in any
      Preferred Security (including any transfers between or among Clearing
      Agency Participants or beneficial owners in any Global Preferred Security)
      other than to require delivery of such certificates and other
      documentation or evidence as are expressly required by, and to do so if
      and when expressly required by, the terms of this Declaration, and to
      examine the same to determine substantial compliance as to form with the
      express requirements hereof.

Section 9.3 Deemed Security Holders.

      The Trustees may treat the Person in whose name any Security shall be
registered on the books and records of the Trust as the sole owner of such
Security for purposes of receiving Distributions and for all other purposes
whatsoever and, accordingly, shall not be bound to recognize any equitable or
other claim to or interest in such Security on the part of any Person,
whether or not the Trust shall have actual or other notice thereof.

Section 9.4 Book Entry Interests.

      Global Preferred Securities shall initially be registered on the books
and records of the Trust in the name of Cede & Co., the nominee of the
Clearing Agency, and no Preferred Security Beneficial Owner will receive a
definitive Preferred Security Certificate representing such Preferred
Security Beneficial Owner's interests in such Global Preferred Securities,
except as provided in SECTION 9.2 and SECTION 7.9. Unless and until
definitive, fully registered Preferred Securities certificates have been
issued to the Preferred Security Beneficial Owners pursuant to SECTION 9.2
and SECTION 7.9:

      (a)   the provisions of this SECTION 9.4 shall be in full force and
effect;

      (b) the Trust and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Declaration (including the payment
of Distributions on the Global Preferred Securities and receiving approvals,
votes or consents hereunder) as the Holder of the Preferred Securities and
the sole holder of the Global Certificates and shall have no obligation to
the Preferred Security Beneficial Owners;

                                      41
<Page>

      (c) to the extent that the provisions of this SECTION 9.4 conflict with
any other provisions of this Declaration, the provisions of this SECTION 9.4
shall control; and

      (d) the rights of the Preferred Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Preferred Security Beneficial
Owners and the Clearing Agency and/or the Clearing Agency Participants and
the Clearing Agency receive and transmit payments of Distributions on the
Global Certificates to such Clearing Agency Participants, provided, that
solely for the purposes of determining whether the Holders of the requisite
amount of Preferred Securities have voted on any matter provided for in this
Declaration, so long as Definitive Preferred Security certificates have not
been issued, the Trustees may conclusively rely on, and shall be protected in
relying on, any written instrument (including a proxy) delivered to the
Trustees by the Clearing Agency setting forth the Preferred Security
Beneficial Owners' votes or assigning the right to vote on any matter to any
other Persons either in whole or in part. DTC will make book entry transfers
among the Clearing Agency Participants.

Section 9.5 Notices to Clearing Agency.

      Whenever a notice or other communication to the Preferred Security
Holders is required under this Declaration, the Trustees shall give all such
notices and communications specified herein to be given to the Holders of
Global Preferred Securities to the Clearing Agency, and shall have no notice
obligations to the Preferred Security Beneficial Owners.

Section 9.6 Appointment of Successor Clearing Agency.

      If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Preferred Securities, the Administrative
Trustees may, in their sole discretion, appoint a successor Clearing Agency
with respect to such Preferred Securities.

                                    ARTICLE X
                           LIMITATION OF LIABILITY OF
                  HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

Section 10.1 Liability.

      (a) Except as expressly set forth in this Declaration, the Securities
Guarantees and the terms of the Securities, the Sponsor shall not be:

            (i) personally liable for the return of any portion of the capital
      contributions (or any return thereon) of the Holders which shall be made
      solely from assets of the Trust; and

            (ii) required to pay to the Trust or to any Holder any deficit upon
      dissolution or termination of the Trust or otherwise.

      (b) The Debenture Issuer shall be liable for all of the debts and
obligations of the Trust (other than in respect of the payment of principal,
interest and premium, if any, on the Securities) to the extent not satisfied
out of the Trust's assets.

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      (c) Pursuant to Section 3803(a) of the Business Trust Act, the Holders
shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware.

Section 10.2 Exculpation.

      (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Trust or any Covered Person for any loss, damage
or claim incurred by reason of any act or omission performed or omitted by
such Indemnified Person in good faith on behalf of the Trust and in a manner
such Indemnified Person reasonably believed to be within the scope of the
authority conferred on such Indemnified Person by this Declaration or by law,
except that an Indemnified Person shall be liable for any such loss, damage or
claim incurred by reason of such Indemnified Person's gross negligence (or, in
the case of the Property Trustee, negligence (except as otherwise provided by
this Declaration) or willful misconduct with respect to such acts or
omissions.

      (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Trust and upon such information, opinions,
reports or statements presented to the Trust by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable
care by or on behalf of the Trust, including information, opinions, reports
or statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets
from which Distributions to Holders might properly be paid.

Section 10.3 Fiduciary Duty.

      (a) To the extent that, at law or in equity, an Indemnified Person has
duties (including fiduciary duties) and liabilities relating thereto to the
Trust or to any other Covered Person, an Indemnified Person acting under this
Declaration shall not be liable to the Trust or to any other Covered Person
for its good faith reliance on the provisions of this Declaration. The
provisions of this Declaration, to the extent that they restrict the duties
and liabilities of an Indemnified Person otherwise existing at law or in
equity (other than the duties imposed on the Property Trustee under the Trust
Indenture Act), are agreed by the parties hereto to replace such other duties
and liabilities of such Indemnified Person.

      (b) Unless otherwise expressly provided herein:

            (i) whenever a conflict of interest exists or arises between any
      Covered Person and any Indemnified Person; or

            (ii) whenever this Declaration or any other agreement contemplated
      herein or therein provides that an Indemnified Person shall act in a
      manner that is, or provides terms that are, fair and reasonable to the
      Trust or any Holder of Securities, the Indemnified Person shall resolve
      such conflict of interest, take such action or provide such terms,
      considering in each case the relative interest of each party (including
      its own interest) to such conflict, agreement, transaction or situation
      and the benefits and burdens relating to such interests, any customary or
      accepted industry practices, and any applicable generally accepted
      accounting practices or principles. In the absence of bad faith by the
      Indemnified Person, the resolution, action or term so made, taken or
      provided

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      by the Indemnified Person shall not constitute a breach of this
      Declaration or any other agreement contemplated herein or of any duty or
      obligation of the Indemnified Person at law or in equity or otherwise.

      (c) Whenever in this Declaration an Indemnified Person is permitted or
required to make a decision:

            (i) in its "discretion" or under a grant of similar authority, the
      Indemnified Person shall be entitled to consider such interests and
      factors as it desires, including its own interests, and shall have no duty
      or obligation to give any consideration to any interest of or factors
      affecting the Trust or any other Person; or

            (ii) in its "good faith" or under another express standard, the
      Indemnified Person shall act under such express standard and shall not be
      subject to any other or different standard imposed by this Declaration.

Section 10.4 Indemnification.

      (a) (i) The Debenture Issuer shall indemnify, to the full extent
permitted by law, any Company Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Trust) by reason of the fact
that he is or was a Company Indemnified Person against expenses (including
attorneys' fees and expenses), judgments, fines and amounts paid in
settlement actually and reasonably incurred by him in connection with such
action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
Trust, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful.

      The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Company Indemnified
Person did not act in good faith and in a manner which he reasonably believed
to be in or not opposed to the best interests of the Trust, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that
his conduct was unlawful.

            (ii) The Debenture Issuer shall indemnify, to the full extent
      permitted by law, any Company Indemnified Person who was or is a party or
      is threatened to be made a party to any threatened, pending or completed
      action or suit by or in the right of the Trust to procure a judgment in
      its favor by reason of the fact that he is or was a Company Indemnified
      Person against expenses (including attorneys' fees and expenses) actually
      and reasonably incurred by him in connection with the defense or
      settlement of such action or suit if he acted in good faith and in a
      manner he reasonably believed to be in or not opposed to the best
      interests of the Trust and except that no such indemnification shall be
      made in respect of any claim, issue or matter as to which such Company
      Indemnified Person shall have been adjudged to be liable to the Trust
      unless and only to the extent that the Court of Chancery of Delaware or
      the court in which such action or

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      suit was brought shall determine upon application that, despite the
      adjudication of liability but in view of all the circumstances of the
      case, such Person is fairly and reasonably entitled to indemnity for
      such expenses which such Court of Chancery or such other court shall deem
      proper.

            (iii) To the extent that a Company Indemnified Person shall be
      successful on the merits or otherwise (including dismissal of an action
      without prejudice or the settlement of an action without admission of
      liability) in defense of any action, suit or proceeding referred to in
      paragraphs (i) and (ii) of this SECTION 10.4(a), or in defense of any
      claim, issue or matter therein, he shall be indemnified, to the full
      extent permitted by law, against expenses (including attorneys' fees)
      actually and reasonably incurred by him in connection therewith.

            (iv) Any indemnification under paragraphs (i) and (ii) of this
      SECTION 10.4(a) (unless ordered by a court) shall be made by the Debenture
      Issuer only as authorized in the specific case upon a determination that
      indemnification of the Company Indemnified Person is proper in the
      circumstances because he has met the applicable standard of conduct set
      forth in paragraphs (i) and (ii). Such determination shall be made (1) by
      the Administrative Trustees by a majority vote of a Quorum consisting of
      such Administrative Trustees who were not parties to such action, suit or
      proceeding, (2) if such a Quorum is not obtainable, or, even if
      obtainable, if a Quorum of disinterested Administrative Trustees so
      directs, by independent legal counsel in a written opinion, or (3) by the
      Common Security Holder of the Trust.

            (v) Expenses (including attorneys' fees and expenses) incurred by a
      Company Indemnified Person in defending a civil, criminal, administrative
      or investigative action, suit or proceeding referred to in paragraphs (i)
      and (ii) of this SECTION 10.4(a) shall, to the fullest extent permitted by
      law, be paid by the Debenture Issuer in advance of the final disposition
      of such action, suit or proceeding upon receipt of an undertaking by or on
      behalf of such Company Indemnified Person to repay such amount if it shall
      ultimately be determined that he is not entitled to be indemnified by the
      Debenture Issuer as authorized in this SECTION 10.4(a). Notwithstanding
      the foregoing, no advance shall be made by the Debenture Issuer if a
      determination is reasonably and promptly made (i) by the Administrative
      Trustees by a majority vote of a Quorum of disinterested Administrative
      Trustees, (ii) if such a Quorum is not obtainable, or, even if obtainable,
      if a Quorum of disinterested Administrative Trustees so directs, by
      independent legal counsel in a written opinion or (iii) the Common
      Security Holder of the Trust, that, based upon the facts known to the
      Administrative Trustees, counsel or the Common Security Holder at the time
      such determination is made, such Company Indemnified Person acted in bad
      faith or in a manner that such Person did not believe to be in or not
      opposed to the best interests of the Trust, or, with respect to any
      criminal proceeding, that such Company Indemnified Person believed or had
      reasonable cause to believe his conduct was unlawful. In no event shall
      any advance be made in instances where the Administrative Trustees,
      independent legal counsel or Common Security Holder reasonably determine
      that such Person deliberately breached his duty to the Trust or its Common
      or Preferred Security Holders.

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            (vi) The indemnification and advancement of expenses provided by, or
      granted pursuant to, the other paragraphs of this SECTION 10.4(a) shall
      not be deemed exclusive of any other rights to which those seeking
      indemnification and advancement of expenses may be entitled under any
      agreement, vote of stockholders or disinterested directors of the
      Debenture Issuer or Preferred Security Holders of the Trust or otherwise,
      both as to action in his official capacity and as to action in another
      capacity while holding such office. All rights to indemnification under
      this SECTION 10.4(a) shall be deemed to be provided by a contract between
      the Debenture Issuer and each Company Indemnified Person who serves in
      such capacity at any time while this SECTION 10.4(a) is in effect. Any
      repeal or modification of this SECTION 10.4(a) shall not affect any rights
      or obligations then existing.

            (vii) The Debenture Issuer or the Trust may purchase and maintain
      insurance on behalf of any Person who is or was a Company Indemnified
      Person against any liability asserted against him and incurred by him in
      any such capacity, or arising out of his status as such, whether or not
      the Debenture Issuer would have the power to indemnify him against such
      liability under the provisions of this SECTION 10.4(a).

            (viii) For purposes of this SECTION 10.4(a), references to "the
      Trust" shall include, in addition to the resulting or surviving entity,
      any constituent entity (including any constituent of a constituent)
      absorbed in a consolidation or merger, so that any person who is or was a
      director, trustee, officer or employee of such constituent entity, or is
      or was serving at the request of such constituent entity as a director,
      trustee, officer, employee or agent of another entity, shall stand in the
      same position under the provisions of this SECTION 10.4(a) with respect to
      the resulting or surviving entity as he would have with respect to such
      constituent entity if its separate existence had continued.

            (ix) The indemnification and advancement of expenses provided by, or
      granted pursuant to, this SECTION 10.4(a) shall, unless otherwise provided
      when authorized or ratified, continue as to a person who has ceased to be
      a Company Indemnified Person and shall inure to the benefit of the heirs,
      executors and administrators of such a person.

      (b) The Debenture Issuer agrees to indemnify the (i) Property Trustee,
(ii) the Delaware Trustee, (iii) any Affiliate of the Property Trustee or the
Delaware Trustee, and (iv) any officers, directors, shareholders, members,
partners, employees, representatives, custodians, nominees or agents of the
Property Trustee or the Delaware Trustee (each of the Persons in (i) through
(iv) being referred to as a "FIDUCIARY INDEMNIFIED PERSON") for, and to hold
each Fiduciary Indemnified Person harmless against, any and all loss,
liability, damage, claim or expense including taxes (other than taxes based
on the income of such Fiduciary Indemnified Person) incurred without
negligence (or, in the case of the Delaware Trustee, gross negligence) or
willful misconduct or bad faith on its part, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against or investigating any claim or liability
in connection with the exercise or performance of any of its powers or duties
hereunder. The provisions of this SECTION 10.4(b) shall survive the
resignation or removal of the Property Trustee or the Delaware Trustee and
the satisfaction and discharge of this Declaration.

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      (c) The Debenture Trustee agrees to pay the Property Trustee and the
Delaware Trustee, from time to time, such compensation for all services
rendered by the Property Trustee and the Delaware Trustee hereunder as may be
mutually agreed upon in writing by the Sponsor and the Property Trustee or
the Delaware Trustee, as the case may be, and, except as otherwise expressly
provided herein, to reimburse the Property Trustee and the Delaware Trustee
upon its or their request for all reasonable expenses, disbursements and
advances incurred or made by the Property Trustee or the Delaware Trustee, as
the case may be, in accordance with the provisions of this Declaration,
except any such expense, disbursement or advance as may be attributable to
its or their negligence or bad faith.

Section 10.5 Outside Businesses.

      Any Covered Person, the Sponsor, the Delaware Trustee and the Property
Trustee (subject to SECTION 5.3(c)) may engage in or possess an interest in
other business ventures of any nature or description, independently or with
others, similar or dissimilar to the business of the Trust, and the Trust and
the Holders shall have no rights by virtue of this Declaration in and to such
independent ventures or the income or profits derived therefrom, and the
pursuit of any such venture, even if competitive with the business of the
Trust, shall not be deemed wrongful or improper. No Covered Person, the
Sponsor, the Delaware Trustee, or the Property Trustee shall be obligated to
present any particular investment or other opportunity to the Trust even if
such opportunity is of a character that, if presented to the Trust, could be
taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee
and the Property Trustee shall have the right to take for its own account
(individually or as a partner or fiduciary) or to recommend to others any
such particular investment or other opportunity. Any Covered Person, the
Delaware Trustee and the Property Trustee may engage or be interested in any
financial or other transaction with the Sponsor or any Affiliate of the
Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the
Sponsor or its Affiliates.

Section 10.6 Compensation; Fees.

      The Debenture Issuer agrees:

      (a) to pay to the Trustees from time to time such compensation for all
services rendered by them hereunder as the parties shall agree in writing
from time to time (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust); and

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

      The provisions of this SECTION 10.6 shall survive the dissolution of
the Trust and the termination of this Declaration and the removal or
resignation of any Trustee.

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      No Trustee may claim any lien or charge on any property of the Trust as
a result of any amount due pursuant to this SECTION 10.6.

                                   ARTICLE XI
                                   ACCOUNTING

Section 11.1 Fiscal Year.

      The fiscal year ("FISCAL YEAR") of the Trust shall be the calendar
year, or such other year as is required by the Code.

Section 11.2 Certain Accounting Matters.

      (a) At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail, each
transaction of the Trust. The books of account shall be maintained on the
accrual method of accounting, in accordance with generally accepted
accounting principles, consistently applied. The books of account and the
records of the Trust shall be examined by and reported upon as of the end of
each Fiscal Year of the Trust by a firm of independent certified public
accountants selected by the Administrative Trustees.

      (b) The Administrative Trustees shall cause to be duly prepared and
delivered to each of the Holders, any annual United States federal income tax
information statement, required by the Code, containing such information with
regard to the Securities held by each Holder as is required by the Code and
the Treasury Regulations. Notwithstanding any right under the Code to deliver
any such statement at a later date, the Administrative Trustees shall
endeavor to deliver all such information statements within 30 days after the
end of each Fiscal Year of the Trust.

      (c) The Administrative Trustees shall cause to be duly prepared and
filed with the appropriate taxing authority, an annual United States federal
income tax return, on a Form 1041 or such other form required by United
States federal income tax law, and any other annual income tax returns
required to be filed by the Administrative Trustees on behalf of the Trust
with any state or local taxing authority.

Section 11.3 Banking.

      The Trust may maintain one or more bank accounts in the name and for
the sole benefit of the Trust; provided, however, that all payments of funds
in respect of the Debentures held by the Property Trustee shall be made
directly to the Property Trustee Account and no other funds of the Trust
shall be deposited in the Property Trustee Account. The sole signatories for
such accounts shall be designated by the Administrative Trustees; provided,
however, that the Property Trustee shall designate the signatories for the
Property Trustee Account.

Section 11.4 Withholding.

      The Trust and the Administrative Trustees shall comply with all
withholding requirements under United States federal, state and local law.
The Trust shall request, and the Holders shall provide to the Trust, such
forms or certificates as are necessary to establish an

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exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Trust to
assist it in determining the extent of, and in fulfilling, its withholding
obligations. The Administrative Trustees shall file required forms with
applicable jurisdictions and, unless an exemption from withholding is
properly established by a Holder, shall remit amounts withheld with respect
to the Holder to applicable jurisdictions. To the extent that the Trust is
required to withhold and pay over any amounts to any authority with respect
to Distributions or allocations to any Holder, the amount withheld shall be
deemed to be a Distribution in the amount of the withholding to the Holder.
In the event of any claimed over withholding, Holders shall be limited to an
action against the applicable jurisdiction. If the amount required to be
withheld was not withheld from actual Distributions made, the Trust may
reduce subsequent Distributions by the amount of such withholding.

                                   ARTICLE XII
                             AMENDMENTS AND MEETINGS

Section 12.1 Amendments.

      (a) Except as otherwise provided in this Declaration (including Section
7 of the Annex I hereto) or by any applicable terms of the Securities, this
Declaration may only be amended by a written instrument approved and executed
by the Administrative Trustees (or if there are more than two Administrative
Trustees a majority of the Administrative Trustees); and

            (i) if the amendment affects the rights, powers, duties, obligations
      or immunities of the Property Trustee, also by the Property Trustee; and

            (ii) if the amendment affects the rights, powers, duties,
      obligations or immunities of the Delaware Trustee, also by the Delaware
      Trustee.

      (b) No amendment shall be made, and any such purported amendment shall
be void and ineffective:

            (i) unless the Property Trustee shall have first received: (A) an
      Officers' Certificate from each of the Trust and the Sponsor that such
      amendment is permitted by, and conforms to, the terms of this Declaration
      (including the terms of the Securities); and (B) an Opinion of Counsel
      (who may be counsel to the Sponsor or the Trust) that such amendment is
      permitted by, and conforms to, the terms of this Declaration (including
      the terms of the Securities) and that all conditions precedent, if any, in
      this Declaration to the execution and delivery of such amendment have been
      satisfied, provided, however, that the Property Trustee shall not be
      required to sign any such amendment which affects the rights, powers,
      duties, obligations or immunities of the Property Trustee; and

            (ii) to the extent the result of such amendment would be to: (A)
      cause the Trust to fail to continue to be classified for purposes of
      United States federal income taxation as a grantor trust; (B) reduce or
      otherwise adversely affect the powers of the Property Trustee in
      contravention of the Trust Indenture Act; or (C) cause the Trust to be
      deemed to be an Investment Company required to be registered under the
      Investment Company Act;

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      (c) At such time after the Trust has issued any Securities that remain
outstanding, any amendment that would adversely affect the rights, privileges
or preferences of any Holder may be effected only with such additional
requirements as may be set forth in the terms of such Securities;

      (d) SECTION 9.1(c) and this SECTION 12.1 shall not be amended without
the consent of all of the Holders;

      (e) Article Four shall not be amended without the consent of the
Holders of a Majority in liquidation amount of the Common Securities;

      (f) The rights of the Holders of the Common Securities under Article
Five to increase or decrease the number of, and appoint and remove Trustees
shall not be amended without the consent of the Holders of a Majority in
liquidation amount of the Common Securities; and

      (g) Notwithstanding SECTION 12.1(c), this Declaration may be amended by
the Sponsor and the Administrative Trustees without the consent of the Holders
to:

            (i) cure any ambiguity, correct or supplement any provision in this
      Declaration that may be inconsistent with any other provision of this
      Declaration or to make any other provisions with respect to matters or
      questions arising under this Declaration which shall not be inconsistent
      with the other provisions of the Declaration; (ii) to modify, eliminate or
      add to any provisions of the Declaration to such extent as shall be
      necessary to ensure that the Trust will be classified for United States
      federal income tax purposes as a grantor trust at all times that any
      Securities are outstanding or to ensure that the Trust will not be
      required to register as an Investment Company under the Investment Company
      Act; and (iii) pursuant to SECTION 5.7 hereof, to evidence the acceptance
      of the appointment of a successor Trustee or to fill a vacancy created by
      an increase in the number of Administrative Trustees; provided, however,
      that in each case such action shall not adversely affect in any material
      respect the interests of the Holders, and any such amendments of this
      Declaration shall become effective when notice thereof is given to the
      Holders.

Section 12.2 Meetings of the Holders; Action by Written Consent.

      (a) Meetings of the Holders of any class of Securities may be called at
any time by the Administrative Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class
of Securities are entitled to act under the terms of this Declaration, the
terms of the Securities or the rules of any stock exchange on which the
Preferred Securities are listed or admitted for trading. The Administrative
Trustees shall call a meeting of the Holders of such class if directed to do
so by the Holders of at least 10% in liquidation amount of such class of
Securities. Such direction shall be given by delivering to the Administrative
Trustees one or more notices in writing stating that the signing Holders wish
to call a meeting and indicating the general or specific purpose for which
the meeting is to be called. Any Holders calling a meeting shall specify in
writing the Security Certificates held by the Holders exercising the right to
call a meeting and only those Securities specified shall be counted for
purposes of

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<Page>

determining whether the required percentage set forth in the second sentence
of this paragraph has been met.

      (b) Except to the extent otherwise provided in the terms of the
Securities, the following provisions shall apply to meetings of Holders:

            (i) notice of any such meeting shall be given to all the Holders
      having a right to vote thereat at least seven days and not more than 60
      days before the date of such meeting. Whenever a vote, consent or approval
      of the Holders is permitted or required under this Declaration or the
      rules of any stock exchange on which the Preferred Securities are listed
      or admitted for trading, such vote, consent or approval may be given at a
      meeting of the Holders. Any action that may be taken at a meeting of the
      Holders may be taken without a meeting and without prior notice if a
      consent in writing setting forth the action so taken is signed by the
      Holders owning not less than the minimum amount of Securities in
      liquidation amount that would be necessary to authorize or take such
      action at a meeting at which all Holders having a right to vote thereon
      were present and voting. Prompt notice of the taking of action without a
      meeting shall be given to the Holders entitled to vote who have not
      consented in writing. The Administrative Trustees may specify that any
      written ballot submitted to the Security Holder for the purpose of taking
      any action without a meeting shall be returned to the Trust within the
      time specified by the Administrative Trustees;

            (ii) each Holder may authorize any Person to act for it by proxy on
      all matters in which a Holder is entitled to participate, including
      waiving notice of any meeting, or voting or participating at a meeting. No
      proxy shall be valid after the expiration of 11 months from the date
      thereof unless otherwise provided in the proxy. Every proxy shall be
      revocable at the pleasure of the Holder executing it. Except as otherwise
      provided herein, all matters relating to the giving, voting or validity of
      proxies shall be governed by the General Corporation Law of the State of
      Delaware relating to proxies, and judicial interpretations thereunder, as
      if the Trust were a Delaware corporation and the Holders were stockholders
      of a Delaware corporation;

            (iii) each meeting of the Holders shall be conducted by the
      Administrative Trustees or by such other Person that the Administrative
      Trustees may designate; and

            (iv) unless the Business Trust Act, this Declaration, the terms of
      the Securities, the Trust Indenture Act or the listing rules of any stock
      exchange on which the Preferred Securities are then listed or trading,
      otherwise provides, the Administrative Trustees, in their sole discretion,
      shall establish all other provisions relating to meetings of Holders,
      including notice of the time, place or purpose of any meeting at which any
      matter is to be voted on by any Holders, waiver of any such notice, action
      by consent without a meeting, the establishment of a record date, quorum
      requirements, voting in person or by proxy or any other matter with
      respect to the exercise of any such right to vote.

                                  ARTICLE XIII
                       REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

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Section 13.1 Representations and Warranties of Property Trustee.

      The Trustee that acts as initial Property Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration, and
each Successor Property Trustee represents and warrants to the Trust and the
Sponsor at the time of the Successor Property Trustee's acceptance of its
appointment as Property Trustee that:

      (a) The Property Trustee is a Delaware banking corporation, a national
banking association or a bank or trust company organized under the laws of
any State of the United States or the District of Columbia, in any case with
trust powers and authority to execute and deliver, and to carry out and
perform its obligations under the terms of, this Declaration;

      (b) The execution, delivery and performance by the Property Trustee of
this Declaration have been duly authorized by all necessary corporate action
on the part of the Property Trustee. This Declaration has been duly executed
and delivered by the Property Trustee and constitutes a legal, valid and
binding obligation of the Property Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency, and other similar laws affecting creditors' rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law);

      (c) The execution, delivery and performance of this Declaration by the
Property Trustee do not conflict with or constitute a breach of the charter or
by-laws of the Property Trustee;

      (d) No consent, approval or authorization of, or registration with or
notice to, any applicable state or federal banking authority is required for
the execution, delivery or performance by the Property Trustee of this
Declaration; and

      (e) The Property Trustee satisfies the requirements set forth in
SECTION 5.3(a).

Section 13.2 Representations and Warranties of Delaware Trustee.

      The Trustee that acts as initial Delaware Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration, and
each Successor Delaware Trustee represents and warrants to the Trust and the
Sponsor at the time of the Successor Delaware Trustee's acceptance of its
appointment as Delaware Trustee that:

      (a) The Delaware Trustee is duly organized, validly existing and in good
standing as a banking corporation under the laws of the State of Delaware,
with corporate power and authority to execute and deliver, and to carry out
and perform its obligations under the terms of, this Declaration;

      (b) The execution, delivery and performance by the Delaware Trustee of
this Declaration have been duly authorized by all necessary corporate action
on the part of the Delaware Trustee. This Declaration has been duly executed
and delivered by the Delaware Trustee and constitutes a legal, valid and
binding obligation of the Delaware Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency, and other similar laws affecting creditors' rights
generally and to

                                      52
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general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in
equity or at law);

      (c) No consent, approval or authorization of, or registration with or
notice to, any federal banking authority is required for the execution,
delivery or performance by the Delaware Trustee of this Declaration; and

      (d) The Delaware Trustee is a natural person who is a resident of the
State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware and is a Person that
satisfies for the Trust Section 3807(a) of the Business Trust Act.

                                   ARTICLE XIV
                                  MISCELLANEOUS

Section 14.1 Notices.

      All notices provided for in this Declaration shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, overnight courier service or confirmed telecopy,
as follows:

      (a) if given to the Trust, in care of the Administrative Trustees at
the Trust's mailing address set forth below (or such other address as the
Trust may give notice of to the Property Trustee, the Delaware Trustee and
the Holders):

            Illinois Power Financing II
            c/o Illinois Power Company
            500 South 27th Street
            Decatur, Illinois 62521
            Attention:____________________
            Telecopy: (____)______________

      (b) if given to the Delaware Trustee, at the mailing address set forth
below (or such other address as Delaware Trustee may give notice of to the
Holders):

             The Bank of New York (Delaware)
             P.O. Box 6973
             White Clay Center
             Route 273
             Newark, Delaware 19714
             Attention: Kristine Gullo
             Telecopy: (302) 283-8279

      (c) if given to the Property Trustee, at the Property Trustee's mailing
address set forth below (or such other address as the Property Trustee may
give notice of to the Holders):

             BNY Midwest Trust Company
             2 N. LaSalle Street
             Suite 1020
             Chicago, Illinois 60602

            Attention: Judy Bartolini

                                      53
<Page>

            Telecopy: (312) 827-8542

      (d) if given to the Holder of the Common Securities, at the mailing
address of the Sponsor set forth below (or such other address as the Holder
of the Common Securities may give notice to the Property Trustee and the
Trust):

            Illinois Power Company
            500 South 27th Street
            Decatur, Illinois 62521
            Attention:_________________
            Telecopy: (____)___________

      (e) if given to any other Holder, at the address set forth on the books
and records of the Trust.

      All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered
on the date of such refusal or inability to deliver.

Section 14.2 GOVERNING LAW.

      THIS DECLARATION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THE HOLDERS OF THE SECURITIES SHALL BE GOVERNED BY AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

Section 14.3 Intention of the Parties.

      It is the intention of the parties hereto that the Trust be classified
for United States federal income tax purposes as a grantor trust. The
provisions of this Declaration shall be interpreted to further this intention
of the parties.

Section 14.4 Headings.

      Headings contained in this Declaration are inserted for convenience of
reference only and do not affect the interpretation of this Declaration or
any provision hereof.

Section 14.5 Successors and Assigns.

      Whenever in this Declaration any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Sponsor
and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

Section 14.6 Partial Enforceability.

                                      54
<Page>

      If any provision of this Declaration, or the application of such
provision to any Person or circumstance, shall be held invalid, the remainder
of this Declaration, or the application of such provision to persons or
circumstances other than those to which it is held invalid, shall not be
affected thereby.

Section 14.7 Counterparts.

      This Declaration may contain more than one counterpart of the signature
page and this Declaration may be executed by the affixing of the signature of
each of the Trustees to one of such counterpart signature pages. All of such
counterpart signature pages shall be read as though one, and they shall have
the same force and effect as though all of the signers had signed a single
signature page.

Section 14.8 No Recourse.

      The Trust's obligations hereunder are intended to be the obligations of
the Trust and no recourse for the payment of Distributions (including
Additional Distributions, if applicable) on, and the Redemption Price of,
Securities, as applicable, or for any claim upon the Securities or otherwise
in respect thereof, shall be had against any Holder of Preferred Securities
or any Affiliate of a Holder of Preferred Securities, solely by reason of
such Person being a Holder of Preferred Securities or an Affiliate of a
Holder of Preferred Securities, it being understood that the Holders of
Preferred Securities, solely by reason of being a Holder of Preferred
Securities, have limited liability (in accordance with the provisions of the
Business Trust Act) for the liabilities and obligations of the Trust. Nothing
contained in this SECTION 14.8 shall be construed to limit the exercise or
enforcement, in accordance with the terms of this Declaration, the Preferred
Securities Guarantee, the Common Securities Guarantee and the Indenture, of
rights and remedies against the Trust or the Sponsor.

                                      55
<Page>

      IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                                     ______________, as Administrative Trustee
                                     ______________, as Administrative Trustee
                                     ______________, as Administrative Trustee

                                     THE BANK OF NEW YORK (DELAWARE),
                                     as Delaware Trustee
                                     By: _____________________________________
                                     Name:____________________________________
                                     Title:___________________________________

                                     BNY MIDWEST TRUST COMPANY,
                                     as Property Trustee
                                     By: _____________________________________
                                     Name:____________________________________
                                     Title:___________________________________

                                     ILLINOIS POWER COMPANY,
                                     as Sponsor and Debenture Issuer

                                     By: _____________________________________
                                     Name:____________________________________
                                     Title:___________________________________

<Page>

                                     ANNEX I

                                    TERMS OF
                           ____% PREFERRED SECURITIES
                             ____% COMMON SECURITIES

      Pursuant to SECTION 7.1 of the Amended and Restated Declaration of Trust,
dated as of ________, ___ (as amended from time to time, the "DECLARATION"), the
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Securities are set out below (each capitalized term used but
not defined herein has the meaning set forth in the Declaration or, if not
defined in such Declaration, as defined in the Prospectus referred to below in
Section 2(c) of this Annex I):

1.    Designation and Number.

      (a) Preferred Securities. _______ Preferred Securities of the Trust and
with an aggregate liquidation amount at any time outstanding with respect to the
assets of the Trust of _________ dollars ($________), and each with a
liquidation amount with respect to the assets of the Trust of $1,000 per
security, are hereby designated for the purposes of identification only as
________ (the "PREFERRED SECURITIES"). The certificates evidencing the Preferred
Securities shall be substantially in the form of Exhibit A-1 to the Declaration,
with such changes and additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice or to conform to the rules of any
exchange or quotation system on or in which the Preferred Securities are listed,
traded or quoted.

      (b) Common Securities. ______ Common Securities of the Trust with an
aggregate liquidation amount with respect to the assets of the Trust of ________
dollars ($_______) and a liquidation amount with respect to the assets of the
Trust of $1,000 per security, are hereby designated for the purposes of
identification only as "________" (the "COMMON SECURITIES"). The certificates
evidencing the Common Securities shall be substantially in the form of Exhibit
A-2 to the Declaration, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice.

2.    Distributions.

      (a) Distributions payable on each Security will be fixed at a rate per
annum of _____% (the "COUPON RATE") of the liquidation amount of $1,000 per
Security (the "LIQUIDATION AMOUNT"), such rate being the rate of interest
payable on the Debentures to be held by the Property Trustee. Distributions
in arrears for more than one semiannual period will bear additional
distributions thereon compounded semiannually at the Coupon Rate (to the
extent permitted by applicable law). A Distribution is payable only to the
extent that payments are made in respect of the Debentures held by the
Property Trustee and to the extent the Property Trustee has funds on hand
legally available therefor.

      (b) Distributions on the Securities will be cumulative, will accumulate
from the most recent date to which Distributions have been paid or duly
provided for or, if no Distributions have been paid or duly provided for,
from ________, ___, and will be payable semiannually in

<Page>

arrears on ______ and ______ of each year, commencing on ______, ___ (each, a
"DISTRIBUTION DATE"), except as otherwise described below. Distributions will
be computed on the basis of a 360-day year consisting of twelve 30-day months
and, for any period less than a full calendar month, on the basis of the
actual number of days elapsed in such month. As long as no Event of Default
has occurred and is continuing under the Indenture, the Debenture Issuer has
the right under the Indenture to defer payments of interest by extending the
interest payment period at any time and from time to time on the Debentures
for a period not exceeding 10 consecutive semiannual periods, including the
first such semiannual period during such period (each an "EXTENSION PERIOD"),
during which Extension Period no interest shall be due and payable on the
Debentures, provided that no Extension Period shall end on a date other than
an Interest Payment Date for the Debentures or extend beyond the Maturity
Date of the Debentures. As a consequence of such deferral, Distributions will
also be deferred. Despite such deferral, Distributions will continue to
accumulate with additional Distributions thereon (to the extent permitted by
applicable law but not at a rate greater than the rate at which interest is
then accruing on the Debentures) at the Coupon Rate compounded semiannually
during any such Extension Period. Prior to the termination of any such
Extension Period, the Debenture Issuer may further defer payments of interest
by further extending such Extension Period; provided that such Extension
Period, together with all such previous and further extensions within such
Extension Period, may not exceed 10 consecutive semiannual periods, including
the first semiannual period during such Extension Period, end on a date other
than an Interest Payment Date or extend beyond the Maturity Date of the
Debentures. Payments of accumulated Distributions will be payable to Holders
as they appear on the books and records of the Trust on the first record date
after the end of the Extension Period. Upon the termination of any Extension
Period and the payment of all amounts then due, the Debenture Issuer may
commence a new Extension Period, subject to the above requirements.

      (c) Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Trust on the close of
business on the ___ day of the month preceding the month in which the
relevant Distribution Date occurs, which Distribution Dates correspond to the
interest payment dates on the Debentures. Subject to any applicable laws and
regulations and the provisions of the Declaration, each such payment in
respect of the Global Preferred Securities will be made as described under
the heading "Description of Preferred Securities - Form, Denomination,
Book-Entry Procedures and Transfer" in the Prospectus dated ______, __, of
the Debenture Issuer and the Trust relating to the Securities and the
Debentures. Payments in respect of Preferred Securities held in certificated
form will be made by check mailed to the Holder entitled thereto. The
relevant record dates for the Common Securities shall be the same as the
record dates for the Preferred Securities. Distributions payable on any
Securities that are not punctually paid on any Distribution Date, as a result
of the Debenture Issuer having failed to make a payment under the Debentures,
will cease to be payable to the Holder on the relevant record date, and such
defaulted Distribution will instead be payable to the Person in whose name
such Securities are registered on the special record date or other specified
date determined in accordance with the Indenture. If any date on which
Distributions are payable on the Securities is not a Business Day, then
payment of the Distribution payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay), except that if such next succeeding
Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding

<Page>

Business Day with the same force and effect as if made on the date such
payment was originally payable.

      (d) In the event that there is any money or other property held by or for
the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata (as defined herein) among the Holders.

3.    Liquidation Distribution Upon Dissolution.

      In the event of any dissolution of the Trust or the Sponsor otherwise
gives notice of its election to dissolve the Trust pursuant to SECTION
8.1(a)(iii) of the Declaration, except with respect to a dissolution in
accordance with SECTION 8.1(a)(v) of the Declaration, the Trust shall be
liquidated by the Administrative Trustees as expeditiously as the
Administrative Trustees determine to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, to the Holders a Like Amount (as defined below) of the Debentures, unless
such distribution is determined by the Property Trustee not to be practicable,
in which event such Holders will be entitled to receive Pro Rata out of the
assets of the Trust legally available for distribution to Holders, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, an amount equal to the aggregate of the liquidation amount of $1,000 per
Security plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the "LIQUIDATION DISTRIBUTION").

      "LIKE AMOUNT" means (i) with respect to a redemption of the Securities,
Securities having a Liquidation Amount equal to the principal amount of
Debentures to be paid in accordance with their terms and (ii) with respect to
a distribution of Debentures upon the liquidation of the Trust, Debentures
having a principal amount equal to the Liquidation Amount of the Securities
of the Holder to whom such Debentures are distributed.

      If, upon any such liquidation, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets on hand legally
available to pay in full the aggregate Liquidation Distribution, then the
amounts payable directly by the Trust on the Securities shall be paid on a
Pro Rata basis.

4.    Redemption and Distribution.

      (a) Upon the repayment of the Debentures in whole or in part, at
maturity or upon early redemption, the proceeds from such repayment shall be
simultaneously applied by the Property Trustee (subject to the Property
Trustee having received written notice no later than 45 days prior to such
repayment) to redeem a Like Amount of the Securities at a redemption price
equal to (i) in the case of the repayment of the Debentures at maturity, the
Maturity Redemption Price (as defined below), (ii) in the case of the
optional redemption of the Debentures upon the occurrence and continuation of
a Special Event, the Special Event Redemption Price (as defined below) and
(iii) in the case of the optional redemption of the Debentures in whole or in
part at any time other than upon the occurrence and continuation of a Special
Event, the Optional Redemption Price (as defined below). The Maturity
Redemption Price, the Special Event Redemption Price and the Optional
Redemption Price are referred to collectively as the "REDEMPTION PRICE".
Holders will be given not less than 30 nor more than 60 days' notice of such
redemption.

<Page>

      (b)   (i) The "MATURITY REDEMPTION PRICE", with respect to a redemption
of Securities, shall mean an amount equal to the principal of and accrued and
unpaid interest on the Debentures as of the maturity date thereof.

            (ii) In the case of an optional redemption, if fewer than all the
outstanding Securities are to be so redeemed, the Securities to be redeemed
will be determined as described in SECTION 4(f)(ii) below.

      The Debenture Issuer shall have the right (subject to the conditions in
the Indenture) to elect to redeem the Debentures in whole at any time or in
part from time to time, upon not less than 30 days' and not more than 60
days' notice, at a prepayment price (the "OPTIONAL PREPAYMENT PRICE") equal
to the greater of (i) 100% of the principal amount of the Debentures to be so
prepaid plus accrued and unpaid interest thereon (including Additional Sums,
if any) to the date of prepayment and (ii) the sum of the present values of
the remaining scheduled payments of principal of the Debentures to be so
prepaid and interest thereon (including Additional Sums, if any) discounted
to the date of prepayment, on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months), at the Treasury Rate (as defined herein)
plus ___ basis points plus accrued interest thereon to the date of prepayment.

      "COMPARABLE TREASURY ISSUE" means the United States Treasury security
selected by the Reference Treasury Dealer as having a maturity comparable to
the remaining term of the Debentures to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Debentures.

      "TREASURY RATE" means, with respect to any prepayment date, the rate
per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such prepayment date.

      "COMPARABLE TREASURY PRICE" means, with respect to any prepayment date,
(i) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
business day preceding such prepayment date, as set forth in the daily
statistical release (or any successor release) published by the Federal
Reserve Bank of New York and designated "COMPOSITE 3:30 P.M. QUOTATIONS FOR
U.S. GOVERNMENT SECURITIES" or (ii) if such release (or any successor
release) is not published or does not contain such prices on such business
day, the average of the Reference Treasury Dealer Quotations for such
prepayment date.

      "REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to the
Reference Treasury Dealer and any prepayment date, the average, as determined
by the Debenture Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Debenture Trustee by the Reference Treasury
Dealer at 5:00 p.m., New York City time, on the third business day preceding
such prepayment date.

      "REFERENCE TREASURY DEALER" means __________ and its successors;
provided however, that if ________ shall cease to be a primary U.S.
Government securities dealer in New York City

<Page>

(a "PRIMARY TREASURY DEALER"), the Company shall substitute therefor another
Primary Treasury Dealer.

      Upon such a prepayment of the Debentures, the proceeds from such
prepayment shall be applied by the Property Trustee to redeem a Like Amount
of the Securities, upon not less than 30 nor more than 60 days' notice of a
date of redemption to the holders of the Securities at a redemption price
which shall be equal to the Optional Prepayment Price in respect of the
Debentures.

      (c) If at any time an Investment Company Event or a Tax Event (each as
defined below, and each a "SPECIAL EVENT") occurs, the Debenture Issuer shall
have the right (subject to the conditions set forth in the Indenture) at any
time upon not less than 30 nor more than 60 days' notice, to redeem the
Debentures in whole, but not in part, within the 90 days following the
occurrence of such Special Event (the "90 DAY PERIOD"), and, simultaneous
with such redemption, to cause a Like Amount of the Securities to be redeemed
by the Trust at the Special Event Redemption Price on a Pro Rata basis.

      "INVESTMENT COMPANY EVENT" means the receipt by the Sponsor and the
Trust of an Opinion of Counsel from counsel experienced in such matters to
the effect that, as a result of the occurrence of a change in law or
regulation or a 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, which amendment or
change is effective or which pronouncement or decision is announced on or
after _______, ___, there is more than an insubstantial risk that the Trust
is or will be considered an "investment company" that is required to be
registered under the Investment Company Act of 1940, as amended (the
"INVESTMENT COMPANY ACT"), 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 Preferred Securities.

      "TAX EVENT" shall occur upon receipt by the Sponsor and the Trust of an
Opinion of Counsel from 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 or judicial
decision interpreting or applying such laws or regulations, which amendment
or change is effective or which pronouncement or decision is announced on or
after ______, ___, 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 Debenture Issuer on the
Debentures is not, or within 90 days of the date of such opinion, will not
be, deductible by the Debenture Issuer, 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.

      "SPECIAL EVENT REDEMPTION PRICE" shall mean, with respect to a
redemption of Securities, a price equal to 100% of the principal amount of
the Debentures to be so prepaid plus accrued and unpaid interest thereon
(including Additional Sums, if any) to the date of prepayment.

<Page>

      (d) On and from the date fixed by the Administrative Trustees for any
distribution of Debentures and liquidation of the Trust: (i) the Securities
will no longer be deemed to be outstanding, (ii) the Clearing Agency or its
nominee (or any successor Clearing Agency or its nominee), as the Holder of
the Preferred Securities, will receive a registered global certificate or
certificates representing the Debentures to be delivered upon such
distribution and (iii) any certificates representing Securities not held by
the Clearing Agency or its nominee (or any successor Clearing Agency or its
nominee) will be deemed to represent beneficial interests in a Like Amount of
Debentures until such certificates are presented to the Debenture Issuer or
its agent for transfer or reissue.

      (e) The Trust may not redeem fewer than all the outstanding Securities
unless all accumulated and unpaid Distributions have been paid on all
Securities for all semiannual Distribution periods terminating on or before
the date of redemption.

      (f) The procedure with respect to redemptions or distributions of
Securities shall be as follows:

            (i) Notice of any redemption of, or notice of distribution of
Debentures in exchange for, the Securities (a "REDEMPTION/DISTRIBUTION
NOTICE") will be given by the Trust by mail to each Holder to be redeemed or
exchanged not fewer than 30 nor more than 60 days before the date fixed for
redemption or exchange thereof which, in the case of a redemption, will be
the date fixed for redemption of the Debentures. For purposes of the
calculation of the date of redemption or exchange and the dates on which
notices are given pursuant to this Section 4(f)(i), a Redemption/
Distribution Notice shall be deemed to be given on the day such notice is
first mailed by first-class mail, postage prepaid, to Holders. Each
Redemption/Distribution Notice shall be addressed to the Holders at the
address of each such Holder appearing in the books and records of the Trust.
No defect in the Redemption/Distribution Notice or in the mailing of either
thereof with respect to any Holder shall affect the validity of the
redemption or exchange proceedings with respect to any other Holder.

            (ii) In the event that fewer than all the outstanding Securities
are to be redeemed, the particular Securities to be redeemed shall be
selected on a Pro Rata basis (based upon Liquidation Amounts) not more than
60 days prior to the date fixed for redemption from the outstanding Preferred
Securities not previously called for redemption, provided, however, that with
respect to Holders that would be required to hold less than 100 but more than
zero Securities as a result of such pro rata redemption, the Trust shall
redeem Securities of each such Holder so that after such redemption such
Holder shall hold either 100 Securities or such Holder no longer holds any
Securities and shall use such method (including, without limitation, by lot)
as the Trust shall deem fair and appropriate, provided, further, that any
such proration may be made on the basis of the aggregate Liquidation Amount
of Securities held by each Holder thereof and may be made by making such
adjustments as the Trust deems fair and appropriate in order that only
Securities in denominations of $1,000 or integral multiples thereof shall be
redeemed. In respect of Preferred Securities registered in the name of and
held of record by the Clearing Agency or its nominee (or any successor
Clearing Agency or its nominee) or any nominee, the distribution of the
proceeds of such redemption will be made to the Clearing Agency and disbursed
by such Clearing Agency in accordance with the procedures applied by such
agency or nominee.

<Page>

            (iii) If Securities are to be redeemed and the Trust gives a
Redemption/Distribution Notice, (which notice will be irrevocable), then (A)
with respect to Preferred Securities issued in book-entry form, by 12:00
noon, New York City time, on the redemption date, provided that the Debenture
Issuer has paid the Property Trustee a sufficient amount of cash in
connection with the related redemption or maturity of the Debentures by 10:00
a.m., New York City time, on the maturity date or the date of redemption, as
the case requires, the Property Trustee will deposit irrevocably with the
Clearing Agency or its nominee (or successor Clearing Agency or its nominee)
funds sufficient to pay the applicable Redemption Price with respect to such
Preferred Securities and will give the Clearing Agency irrevocable
instructions and authority to pay the Redemption Price to the relevant
Clearing Agency Participants, and (B) with respect to Preferred Securities
issued in certificated form and Common Securities, provided that the
Debenture Issuer has paid the Property Trustee a sufficient amount of cash in
connection with the related redemption or maturity of the Debentures, the
Property Trustee will pay the relevant Redemption Price to the Holders by
check mailed to the address of the relevant Holder appearing on the books and
records of the Trust on the redemption date. If a Redemption/Distribution
Notice shall have been given and funds deposited as required, if applicable,
then immediately prior to the close of business on the date of such deposit,
or on the redemption date, as applicable, Distributions will cease to
accumulate on the Securities so called for redemption and all rights of
Holders so called for redemption will cease, except the right of the Holders
of such Securities to receive the Redemption Price, but without interest on
such Redemption Price, and such Securities shall cease to be outstanding.
(iv) Payment of accumulated and unpaid Distributions on the Redemption Date
of the Securities will be subject to the rights of Holders on the close of
business on a regular record date in respect of a Distribution Date occurring
on or prior to such Redemption Date.

      Neither the Administrative Trustees nor the Trust shall be required to
register or cause to be registered the transfer of (i) any Securities
beginning on the opening of business 15 days before the day of mailing of a
notice of redemption and ending at the close of business on the day of such
mailing or (ii) any Securities selected for redemption except the unredeemed
portion of any Security being redeemed. If any date fixed for redemption of
Securities is not a Business Day, then payment of the Redemption Price
payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any
such delay) except that, if such next succeeding Business Day falls in the
next calendar year, such payment shall be made on the immediately preceding
Business Day, with the same force and effect as if made on such date fixed
for redemption. If payment of the Redemption Price in respect of any
Securities is improperly withheld or refused and not paid either by the
Property Trustee or by the Sponsor as guarantor pursuant to the relevant
Securities Guarantee, Distributions on such Securities will continue to
accumulate from the original redemption date to the actual date of payment,
in which case the actual payment date will be considered the date fixed for
redemption for purposes of calculating the Redemption Price.

            (iv) Redemption/Distribution Notices shall be sent by the
Property Trustee on behalf of the Trust to (A) in respect of the Preferred
Securities, the Clearing Agency or its nominee (or any successor Clearing
Agency or its nominee) if the Global Certificates have been issued or, if
Definitive Preferred Security Certificates have been issued, to the Holder
thereof, and (B) in respect of the Common Securities to the Holder thereof.
(vi) Subject to the foregoing and applicable law (including, without
limitation, United States federal securities laws and

<Page>

banking laws), provided the acquiror is not the Holder of the Common
Securities or the obligor under the Indenture, the Sponsor or any of its
subsidiaries may at any time and from time to time purchase outstanding
Preferred Securities by tender, in the open market or by private agreement.

5. Voting Rights - Preferred Securities.

      (a) Except as provided under Sections 5(b), 6(b) and 7 and as otherwise
required by law and the Declaration, the Holders of the Preferred Securities
will have no voting rights.

      (b) So long as any Debentures are held by the Property Trustee, the
Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee, or executing
any trust or power conferred on such Debenture Trustee with respect to the
Debentures, (ii) waive any past default that is waivable under Section 5.07
of the Indenture, (iii) exercise any right to rescind or annul a declaration
of acceleration of the maturity of the principal of the Debentures or (iv)
consent to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of a majority in liquidation
amount of all outstanding Preferred Securities; provided, however, that where
a consent under the Indenture would require the consent of each holder of
Debentures affected thereby, no such consent shall be given by the Property
Trustee without the prior approval of each Holder of the Preferred
Securities. The Trustees shall not revoke any action previously authorized or
approved by a vote of the Holders of the Preferred Securities except by
subsequent vote of such Holders. Subject to SECTION 2.7 of the Declaration,
the Property Trustee shall notify each Holder of Preferred Securities of any
notice of default with respect to the Debentures. In addition to obtaining
the foregoing approvals of such Holders of the Preferred Securities, prior to
taking any of the foregoing actions, the Trustees shall obtain an opinion of
counsel experienced in such matters to the effect that the Trust will not be
classified as an association taxable as a corporation for United States
federal income tax purposes on account of such action.

      If an Event of Default under the Declaration has occurred and is
continuing, then the Holders of a majority in liquidation amount of Preferred
Securities have the right to direct the exercise of any trust or power
conferred upon the Property Trustee under this Declaration, including the
right to direct the Property Trustee to exercise the remedies available to it
as holder of the Debentures and the Preferred Securities Guarantee. If an
Event of Default under the Declaration has occurred and is continuing and
such event is attributable to the failure of the Debenture Issuer to pay
principal of or premium, if any, or interest on the Debentures on the due
date (or in the case of redemption, on the redemption date), then a Holder of
Preferred Securities may directly institute a proceeding for enforcement of
payment to such Holder of the principal of or premium, if any, or interest on
a Like Amount of Debentures (a "DIRECT ACTION") on or after the respective
due date specified in the Debentures. In connection with such Direct Action,
the Common Securities Holder will be subrogated to the rights of such Holder
of Preferred Securities to the extent of any payment made by the Debenture
Issuer to such Holder of Preferred Securities in such Direct Action. In
addition, if the Property Trustee fails to take legal action for an Event of
Default of which the Trustee has knowledge, the Holders of the Preferred
Securities may, to the fullest extent permitted by law, take such legal
action, to the same extent as if such Holders of Preferred Securities held a
Like Amount of Debentures, without first proceeding against the Property
Trustee or the Trust.

<Page>

      Any approval or direction of Holders of Preferred Securities may be given
at a separate meeting of Holders of Preferred Securities convened for such
purpose, at a meeting of all of the Holders of Securities in the Trust or
pursuant to written consent. The Property Trustee will cause a notice of any
meeting at which Holders of Preferred Securities are entitled to vote to be
mailed to each Holder of record of Preferred Securities. Each such notice will
include a statement setting forth (i) the date of such meeting, (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote and (iii) instructions for the delivery of
proxies.

      No vote or consent of the Holders of the Preferred Securities will be
required for the Trust to redeem and cancel Preferred Securities or to
distribute the Debentures in accordance with the Declaration and the terms of
the Securities.

      Notwithstanding that Holders of Preferred Securities are entitled to
vote or consent under any of the circumstances described above, any of the
Preferred Securities that are owned by the Sponsor or any Affiliate of the
Sponsor shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding.

6. Voting Rights - Common Securities.

      (a) Except as provided under Sections 6(b), 6(c), and 7 as otherwise
required by law and the Declaration, the Holders of the Common Securities
will have no voting rights.

      (b) Unless an Event of Default shall have occurred and be continuing,
any Trustee may be removed at any time by the holder of the Common
Securities. If an Event of Default has occurred and is continuing, the
Property Trustee and the Delaware Trustee may be removed at such time by the
holders of a Majority in liquidation amount of the outstanding Preferred
Securities. In no event will the Holders of the Preferred Securities have the
right to vote to appoint, remove or replace, or increase or decrease the
number of, the Administrative Trustees, which voting rights are vested
exclusively in the Sponsor as the Holder of the Common Securities. No
resignation or removal of a Trustee and no appointment of a successor trustee
shall be effective until the acceptance of appointment by the successor
trustee in accordance with the provisions of the Declaration.

      (c) So long as any Debentures are held by the Property Trustee, the
Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee, or executing
any trust or power conferred on such Debenture Trustee with respect to the
Debentures, (ii) waive any past default that is waivable under Section 5.07
of the Indenture, (iii) exercise any right to rescind or annul a declaration
of acceleration of the maturity of the principal of the Debentures or (iv)
consent to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of a Majority in liquidation
amount of all outstanding Common Securities; provided, however, that where a
consent under the Indenture would require the consent of each holder of
Debentures affected thereby, no such consent shall be given by the Property
Trustee without the prior approval of each Holder of the Common Securities.
The Trustees shall not revoke any action previously authorized or approved by
a vote

<Page>

of the Holders of the Common Securities except by subsequent vote of such
Holders. Subject to SECTION 2.7 of the Declaration, the Property Trustee
shall notify each Holder of Common Securities of any notice of default with
respect to the Debentures. In addition to obtaining the foregoing approvals
of such Holders of the Common Securities, prior to taking any of the
foregoing actions, the Trustees shall obtain an opinion of counsel
experienced in such matters to the effect that the Trust will not be
classified as an association taxable as a corporation for United States
federal income tax purposes on account of such action.

      If an Event of Default under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
to pay principal of or premium, if any, or interest on the Debentures on the due
date (or in the case of redemption, on the redemption date), then a Holder of
Common Securities may institute a Direct Action for enforcement of payment to
such Holder of the principal of or premium, if any, or interest on a Like Amount
of Debentures on or after the respective due date specified in the Debentures.
In connection with such Direct Action, the rights of the Common Securities
Holder will be subordinated to the rights of such Holder of Preferred Securities
to the extent of any payment made by the Debenture Issuer to such Holder of
Common Securities in such Direct Action. Except as provided in the second
preceding sentence, the Holders of Common Securities will not be able to
exercise directly any other remedy available to the holders of the Debentures.

      Any approval or direction of Holders of Common Securities may be given at
a separate meeting of Holders of Common Securities convened for such purpose,
at a meeting of all of the Holders of Securities in the Trust or pursuant to
written consent. The Administrative Trustees will cause a notice of any meeting
at which Holders of Common Securities are entitled to vote to be mailed to each
Holder of record of Common Securities. Each such notice will include a
statement setting forth (i) the date of such meeting, (ii) a description of any
resolution proposed for adoption at such meeting on which such Holders are
entitled to vote and (iii) instructions for the delivery of proxies.

      No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Debentures in accordance with the Declaration and the terms of the
Securities.

7.    Amendments to Declaration.

      In addition to the requirements set out in SECTION 12.1 of the
Declaration, the Declaration may be amended from time to time by the Sponsor
and the Administrative Trustees, without the consent of the Holders (i) to cure
any ambiguity, correct or supplement any provisions in the Declaration that may
be inconsistent with any other provisions, or to make any other provisions with
respect to matters or questions arising under the Declaration which shall not
be inconsistent with the other provisions of the Declaration, or (ii) to
modify, eliminate or add to any provisions of the Declaration to such extent as
shall be necessary to ensure that the Trust will be classified for United
States federal income tax purposes as a grantor trust at all times that any
Securities are outstanding or to ensure that the Trust will not be required to
register as an "INVESTMENT COMPANY" under the Investment Company Act; provided,
however, that in each case such action shall not adversely affect in any
material respect the interests of any

<Page>

Holder. Any amendments of the Declaration pursuant to the immediately preceding
sentence shall become effective when notice thereof is given to the Holders.
Under the circumstances referred to in SECTION 12.1(c) of the Declaration, the
Declaration also may be amended by the Administrative Trustees and the Sponsor
with (i) the consent of Holders representing a Majority in liquidation amount
of all outstanding Securities, and (ii) receipt by the Trustees of an Opinion
of Counsel to the effect that such amendment or the exercise of any power
granted to the Trustees in accordance with such amendment will not affect the
Trust's status as a grantor trust for United States federal income tax purposes
or the Trust's exemption from status as an Investment Company under the
Investment Company Act, provided that, without the consent of each Holder of
Trust Securities, the Declaration may not be amended to (i) change the amount
or timing of any Distribution on the Trust Securities or otherwise adversely
affect the amount of any Distribution required to be made in respect of the
Trust Securities as of a specified date or (ii) restrict the right of a holder
of Trust Securities to institute suit for the enforcement of any such payment
on or after such date.

8.    Pro Rata

      A reference in these terms of the Securities to any payment, distribution
or treatment as being "PRO RATA" shall mean pro rata to each Holder according to
the aggregate liquidation amount of the Securities held by the relevant Holder
in relation to the aggregate liquidation amount of all Securities outstanding
unless, in relation to a payment, an Event of Default under the Declaration has
occurred and is continuing, in which case any funds available to make such
payment shall be paid first to each Holder of the Preferred Securities pro rata
according to the aggregate liquidation amount of Preferred Securities held by
the relevant Holder relative to the aggregate liquidation amount of all
Preferred Securities outstanding, and only after satisfaction of all amounts
owed to the Holders of the Preferred Securities, to each Holder of Common
Securities pro rata according to the aggregate liquidation amount of Common
Securities held by the relevant Holder relative to the aggregate liquidation
amount of all Common Securities outstanding. In any such proration, the Trust
may make such adjustments as may be appropriate in order that only securities in
authorized denominations shall be redeemed.

9.    Ranking.

      The Preferred Securities rank pari passu with the Common Securities and
payment thereon shall be made Pro Rata with the Common Securities, except that,
if an Event of Default under the Declaration occurs and is continuing, no
payments in respect of Distributions on, or payments upon liquidation,
redemption or otherwise with respect to, the Common Securities shall be made
until the Holders of the Preferred Securities shall be paid in full the
Distributions, Redemption Price, Liquidation Distribution and other payments to
which they are entitled at such time.

10. Acceptance of Securities Guarantee and Indenture.

      Each Holder of Preferred Securities and Common Securities, by the
acceptance thereof, agrees to the provisions of the Preferred Securities
Guarantee and the Common Securities

<Page>

Guarantee, respectively, including the subordination provisions therein and
to the provisions of the Indenture.

11.   No Preemptive Rights.

      The Holders shall have no preemptive or similar rights to subscribe for
any additional securities.

12.   Miscellaneous.

      These terms constitute a part of the Declaration.

      The Sponsor will provide a copy of the Declaration, the Preferred
Securities Guarantee, the Common Securities Guarantee (as may be appropriate)
and the Indenture (including any supplemental indenture) to a Holder without
charge upon written request to the Sponsor at its principal place of business.

<Page>

                                   EXHIBIT A-1

                     FORM OF PREFERRED SECURITY CERTIFICATE
                           [FORM OF FACE OF SECURITY]

      [IF THIS PREFERRED SECURITY IS A GLOBAL PREFERRED SECURITY, INSERT: THIS
PREFERRED SECURITY IS A GLOBAL PREFERRED SECURITY WITHIN THE MEANING OF THE
DECLARATION HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE "CLEARING AGENCY") OR A NOMINEE OF THE CLEARING
AGENCY. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER
OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS
A WHOLE BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A
NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE
CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

      UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

      SUCH HOLDER FURTHER AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM
THIS PREFERRED SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT
OF THIS LEGEND.

<Page>

      Number of Aggregate Liquidation Preferred Securities Amount: _____________
___________________ CUSIP NO. ___________ Certificate Evidencing Preferred
Securities of Illinois Power Financing II ___% Preferred Securities (liquidation
amount $1,000 per Preferred Security) Illinois Power Financing II, a statutory
business trust created under the laws of the State of Delaware (the "TRUST"),
hereby certifies that ______________ (the "HOLDER") is the registered owner of
[$_________ IN AGGREGATE LIQUIDATION AMOUNT OF PREFERRED SECURITIES OF THE
TRUST]/1/ [THE AGGREGATE LIQUIDATION AMOUNT OF PREFERRED SECURITIES OF THE TRUST
SPECIFIED IN SCHEDULE A HERETO]/2/ representing undivided beneficial interests
in the assets of the Trust designated the Series __ ___% Preferred Securities
(liquidation amount $1,000 per Preferred Security) (the "PREFERRED SECURITIES").
Subject to the Declaration (as defined below), the Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer. The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Preferred Securities
represented hereby are issued and shall in all respects be subject to the
provisions of the Amended and Restated Declaration of Trust of the Trust dated
as of ______, __, as the same may be amended from time to time (the
"DECLARATION"), including the designation of the terms of the Preferred
Securities as set forth in Annex I to the Declaration. Capitalized terms used
but not defined herein shall have the meaning given them in the Declaration. The
Sponsor will provide a copy of the Declaration, the Preferred Securities
Guarantee, the Common Securities Guarantee (as may be appropriate), and the
Indenture (including any supplemental indenture) to a Holder without charge upon
written request to the Trust at its principal place of business.

      Upon receipt of this certificate, the Holder is bound by the Declaration
and is entitled to the benefits thereunder and to the benefits of the Preferred
Securities Guarantee to the extent provided therein.

      By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Preferred Securities
as evidence of indirect beneficial ownership in the Debentures.

---------------------------------------
/1/ Insert in Definitive Preferred Securities only.
/2/ Insert Global Preferred Securities only.

<Page>

      WITNESS WHEREOF, the Trust has duly executed this certificate.

      Dated: ______________

                                    ILLINOIS POWER FINANCING II
                                    By:____________________________
                                    Name:__________________________
                                    Administrative Trustee

<Page>

               PROPERTY TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Preferred Securities referred to in the
within-mentioned Declaration.

                                BNY MIDWEST TRUST COMPANY,
                                as Property Trustee

                                By:______________________________________
                                    Authorized Signatory

<Page>

                          [FORM OF REVERSE OF SECURITY]

      Distributions payable on each Preferred Security will be fixed at a rate
per annum of ___% (the "COUPON RATE") of the liquidation amount of $1,000 per
Preferred Security, such rate being the rate of interest payable on the
Debentures to be held by the Property Trustee. Distributions in arrears for more
than one semiannual period will bear interest thereon compounded semiannually at
the Coupon Rate (to the extent permitted by applicable law). A Distribution is
payable only to the extent that payments are made in respect of the Debentures
held by the Property Trustee and to the extent the Property Trustee has funds on
hand legally available therefor.

      Distributions on the Preferred Securities will be cumulative, will
accumulate from the most recent date to which Distributions have been paid or
duly provided for or, if no Distributions have been paid or duly provided for,
from _____, ___, and will be payable semiannually in arrears, on ____ and _____
of each year, commencing on _____, __, except as otherwise described below.
Distributions will be computed on the basis of a 360-day year consisting of
twelve 30-day months and, for any period less than a full calendar month, on the
basis of the actual number of days elapsed in such month. As long as no Event of
Default has occurred and is continuing under the Indenture, the Debenture Issuer
has the right under the Indenture to defer payments of interest by extending the
interest payment period at any time and from time to time on the Debentures for
a period not exceeding 10 consecutive calendar semiannual periods, including the
first such semiannual period during such period (each an "EXTENSION PERIOD"),
during which Extension Period no interest shall be due and payable on the
Debentures, provided that no Extension Period shall end on a date other than an
Interest Payment Date for the Debentures or extend beyond the Maturity Date of
the Debentures. As a consequence of such deferral, Distributions will also be
deferred. Despite such deferral, Distributions will continue to accumulate with
additional Distributions thereon (to the extent permitted by applicable law but
not at a rate greater than the rate at which interest is then accruing on the
Debentures) at the Coupon Rate compounded semiannually during any such Extension
Period. Prior to the termination of any such Extension Period, the Debenture
Issuer may further defer payments of interest by further extending such
Extension Period; provided that such Extension Period, together with all such
previous and further extensions within such Extension Period, may not exceed 10
consecutive semiannual periods, including the first semiannual period during
such Extension Period, end on a date other than an Interest Payment Date for the
Debentures or extend beyond the Maturity Date of the Debentures. Payments of
accumulated Distributions will be payable to Holders as they appear on the books
and records of the Trust on the first record date after the end of the Extension
Period. Upon the termination of any Extension Period and the payment of all
amounts then due, the Debenture Issuer may commence a new Extension Period,
subject to the above requirements.

      The Property Trustee may, at the direction of the Sponsor, at any time
dissolve the Trust and, after satisfaction of liabilities to creditors of the
Trust as provided by applicable law, cause the Debentures to be distributed
to the holders of the Securities in liquidation of the Trust, provided that,
the Property Trustee has received written notice from the Sponsor directing
the Property Trustee to dissolve the Trust (which direction is optional, and
except as otherwise expressly provided in the Declaration, within the
discretion of the Sponsor) and provided, further, that such direction and
such distribution is conditioned on the Administrative Trustees' receipt of
an opinion of an independent tax counsel experienced in such matters, which
opinion may rely on published rulings of the Internal Revenue Service, to the
effect that the Holders will not recognize any gain or loss for United States
federal income tax purposes as a result of the dissolution of the Trust and
the distribution of Debentures, or, simultaneous with any redemption of the
Debentures, cause a Like Amount of the Securities to be redeemed by the Trust.

      The Preferred Securities shall be redeemable as provided in the
Declaration.

<Page>

      ASSIGNMENT FOR VALUE RECEIVED, the undersigned assigns and transfers this
Preferred Security Certificate to:
                                ______________________________________________
______________________________________________________________________________
______________________________________________________________________________
(Insert assignee's social security or tax identification number)

(Insert address and zip code of assignee) and irrevocably appoints ____________
_______________________________________________________________________________
_______________________________________________________________________________
agent to transfer this Preferred Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date: _______________________

Signature: __________________

(Sign exactly as your name appears on the other side of this Preferred
Security Certificate)

Signature Guarantee***

--------------------------
*** Signature must be guaranteed by an "eligible guarantor institution" that is
a bank, stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities and Exchange Act of 1934, as amended.

<Page>

                                   SCHEDULE A*

      The initial number of Preferred Securities evidenced by the Certificate to
which this Schedule is attached is _______ (having an aggregate liquidation
amount of $______). The notations in the following table evidence decreases and
increases in the number of Preferred Securities evidenced by such Certificate.

<Table>
<Caption>

                                                  Number of Preferred
                                                  Securities Remaining     Notation
      Decrease in Number    Increase in Number    After Such Decrease         By
         of Preferred          of Preferred           or Increase          Registrar
      ------------------    ------------------    --------------------     ---------
      <S>                   <C>                   <C>                      <C>

</Table>

------------------------------------
* Append to Global Preferred Securities only.

<Page>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

      THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS OR ANY
OTHER APPLICABLE SECURITIES LAW. NEITHER THIS COMMON 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, REGISTRATION.

      THE COMMON SECURITIES ARE NOT TRANSFERABLE EXCEPT AS DESCRIBED IN THE
DECLARATION (AS DEFINED BELOW).

      Number of Common Securities Aggregate Liquidation

      Amount:----------------------------------------- Certificate Number CS-
--------------- Certificate Evidencing Common Securities of Illinois Power
Financing II ____% Common Securities (liquidation amount $1,000 per Common
Security)

      Illinois Power Financing II, a statutory business trust created under the
laws of the State of Delaware (the "TRUST"), hereby certifies that
______________________ (the "HOLDER") is the registered owner of __________
common securities of the Trust representing undivided beneficial interests in
the assets of the Trust designated the ____% Common Securities (liquidation
amount $1,000 per Common Security) (the "COMMON SECURITIES"). Subject to the
limitations in SECTION 9.1(c) of the Declaration (as defined below), the Common
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer. The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Common
Securities represented hereby are issued and shall in all respects be subject to
the provisions of the Amended and Restated Declaration of Trust of the Trust
dated as of _____, ___, as the same may be amended from time to time (the
"DECLARATION"), including the designation of the terms of the Common Securities
as set forth in Annex I to the Declaration. Capitalized terms used but not
defined herein shall have the meaning given them in the Declaration. The Sponsor
will provide a copy of the Declaration, the Common Securities Guarantee, the
Preferred Securities Guarantee (as may be appropriate) and the Indenture
(including any supplemental indenture) to a Holder without charge upon written
request to the Sponsor at its principal place of business.

      Upon receipt of this certificate, the Sponsor is bound by the Declaration
and is entitled to the benefits thereunder and to the benefits of the Common
Securities Guarantee to the extent provided therein.

      By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Common Securities as
evidence of indirect beneficial ownership in the Debentures.

<Page>

      IN WITNESS WHEREOF, the Trust has executed this certificate this ___ day
of __________, ____.

                                    Illinois Power Financing II

                                    By:_______________________________________
                                    Name:_____________________________________
                                    Administrative Trustee

<Page>

                          [FORM OF REVERSE OF SECURITY]

      Distributions payable on each Common Security will be fixed at a rate per
annum of ___% (the "COUPON RATE") of the liquidation amount of $1,000 per Common
Security, such rate being the rate of interest payable on the Debentures to be
held by the Property Trustee. Distributions in arrears for more than one
semiannual period will bear interest thereon compounded semiannually at the
Coupon Rate (to the extent permitted by applicable law). A Distribution is
payable only to the extent that payments are made in respect of the Debentures
held by the Property Trustee and to the extent the Property Trustee has funds
available therefor.

      Distributions on the Common Securities will be cumulative, will accrue
from the most recent date to which Distributions have been paid or duly provided
for or, if no Distributions have been paid or duly provided for, from ____, ___,
and will be payable semiannually in arrears, on ____ and _____ of each year,
commencing on _____, ___, except as otherwise described below. Distributions
will be computed on the basis of a 360-day year consisting of twelve 30-day
months and, for any period less than a full calendar month, on the basis of the
actual number of days elapsed in such month. As long as no Event of Default has
occurred and is continuing under the Indenture, the Debenture Issuer has the
right under the Indenture to defer payments of interest by extending the
interest payment period at any time and from time to time on the Debentures for
a period not exceeding 10 consecutive calendar semiannual periods, including the
first such semiannual period during such period (each an "EXTENSION PERIOD"),
during which Extension Period no interest shall be due and payable on the
Debentures, provided that no Extension Period shall end on a date other than an
Interest Payment Date for the Debentures or extend beyond the Maturity Date of
the Debentures. As a consequence of such deferral, Distributions will also be
deferred. Despite such deferral, Distributions will continue to accumulate with
additional Distributions thereon (to the extent permitted by applicable law but
not at a rate greater than the rate at which interest is then accruing on the
Debentures) at the Coupon Rate compounded semiannually during any such Extension
Period. Prior to the termination of any such Extension Period, the Debenture
Issuer may further defer payments of interest by further extending such
Extension Period; provided that such Extension Period, together with all such
previous and further extensions within such Extension Period, may not exceed 10
consecutive semiannual periods, including the first semiannual period during
such Extension Period, or end on a date other than an Interest Payment Date for
the Debentures or extend beyond the Maturity Date of the Debentures. Payments of
accrued Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension
Period. Upon the termination of any Extension Period and the payment of all
amounts then due, the Debenture Issuer may commence a new Extension Period,
subject to the above requirements.

      The Property Trustee may, at the direction of the Sponsor, at any time
dissolve the Trust and, after satisfaction of liabilities to creditors of the
Trust as provided by applicable law, cause the Debentures to be distributed
to the holders to the Securities in liquidation of the Trust, provided that,
the Property Trustee has received written notice from the Sponsor directing
the Property Trustee to dissolve the Trust (which direction is optional, and
except as otherwise expressly provided in the Declaration, within the
discretion of the Sponsor) and provided, further, that such direction and
such distribution is conditioned on the Administrative Trustees' receipt of
an opinion of an independent tax counsel experienced in such matters, which
opinion may rely on published rulings of the Internal Revenue Service, to the
effect that the Holders will not recognize any gain or loss for United States
federal income tax purposes as a result of the dissolution of the Trust and
the distribution of Debentures, or, simultaneous with any redemption of the
Debentures, cause a Like Amount of the Securities to be redeemed by the Trust.

<Page>

      Under certain circumstances, the right of the holders of the Common
Securities shall be subordinate to the rights of the holders of the Preferred
Securities (as defined in the Declaration), as provided in the Declaration.

      The Common Securities shall be redeemable as provided in the Declaration.

      ASSIGNMENT FOR VALUE RECEIVED, the undersigned assigns and transfers
this Common Security Certificate to: ___________________________________________
________________________________________________________________________________
________________________________________________________________________________

      (Insert assignee's social security or tax identification number) _________
________________________________________________________________________________
________________________________________________________________________________

      (Insert address and zip code of assignee) and irrevocably appoints _______
________________________________________________________________________________
______________________________________________ agent to transfer _______________
________________________________________________________________________________
________________ this Common Security Certificate on the books of the Trust. The
agent may substitute another to act for him or her.

Date:________________

Signature:

_______________________

(Sign exactly as your name appears on the other side of this Common Security
Certificate)

      In connection with any transfer of any of the Common Securities
evidenced by this certificate, the undersigned confirms that such Common
Securities are being: CHECK ONE BOX BELOW

(1) [_] changed for the undersigned's own account without transfer; or
(2) [_] transferred pursuant to and in compliance with Rule 144A under the
Securities Act of 1933, as amended; or

(3) [_] transferred to a non-U.S. person pursuant to an offshore transaction in
compliance with Rule 904 of Regulation S under the Securities Act of 1933, as
amended; or

(4) [_] transferred to an institutional "accredited investor" within the meaning
of subparagraph (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act of
1933, as amended, that is acquiring the Common Securities 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 of 1933, as amended;
or

<Page>

(5) [_] transferred pursuant to and in compliance with Rule 144 under the
Securities Act of 1933, as amended;

(6) [_] transferred pursuant to another available exemption from the
registration requirements of the Securities Act of 1933, as amended; or

(7) [_] transferred pursuant to an effective registration statement, under the
Securities Act of 1933, as amended. Unless one of the boxes is checked, the
Registrar will refuse to register any of the Common Securities evidenced by this
certificate in the name of any Person other than the registered Holder thereof;
provided, however, that if box (3), (4), (5) or (6) is checked, the Registrar
may require, prior to registering any such transfer of the Common Securities,
such legal opinions, certifications and other information as the Trust has
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended; provided, further, that
(i) if box (2) is checked, the transferee must also certify in the form attached
hereto that it is a "qualified institutional buyer" as defined in Rule 144A or
(ii) if box (3) or (4) is checked, the transferee must also provide to the
Registrar a Transferee Letter of Representation in the form attached hereto.

Signature:

___________________

<Page>

                 CERTIFICATE OF QUALIFIED INSTITUTIONAL BUYER

      The undersigned transferee of Common Securities hereby certifies that (i)
the undersigned is a "qualified institutional buyer" (a "QIB") as defined in
Rule 144A ("RULE 144A") promulgated under the Securities Act of 1933, as amended
(the Securities Act), (ii) the undersigned is aware that the transfer of the
Common Securities to the undersigned is being made in reliance on Rule 144A and
(iii) the undersigned is acquiring the Common Securities for its own account or
for the account of another QIB over which the undersigned exercises its sole
investment discretion.

      The undersigned also understands and acknowledges that the Common
Securities have not been registered under the Securities Act or any other
applicable securities law, are being offered for resale in transactions not
requiring registration under the Securities Act and may not be offered, sold,
pledged or otherwise transferred except in compliance with the registration
requirements of the Securities Act or any other applicable securities laws,
pursuant to an exemption therefrom or in a transaction not subject thereto and,
in each case, in compliance with the terms of the Common Securities and the
terms of the Amended and Restated Declaration of Trust of Illinois Power
Financing II, dated as of _______, ____, as the same may be amended from time to
time.

Signature:

_____________________

<Page>

                                    EXHIBIT B

                              SPECIMEN OF DEBENTURE<Page>

                                                                     EXHIBIT 4.7

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

                             ILLINOIS POWER COMPANY

                                       AND

                            BNY MIDWEST TRUST COMPANY

                                     TRUSTEE

                                     FORM OF

                                    INDENTURE

<Page>

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

                        Dated as of ______________, _____

<Page>

Certain Sections of this Indenture relating to Sections 3.10 through 3.18,
inclusive of the Trust Indenture Act of 1939:

<Table>
<Caption>
Trust Indenture
Act Section                           Indenture Section
-----------                           -----------------

<S>                                   <C>
310(a)(1)...........................  6.09
310(a)(2)...........................  6.09
310(a)(3)...........................  Not Applicable
310(a)(4)...........................  Not Applicable
310(a)(5)...........................  6.09
310(b)..............................  6.08
310(c)..............................  Not Applicable
311(a)..............................  6.10, 6.13
311(b)..............................  6.13
311(c)..............................  Not Applicable
312(a)..............................  7.01
.....................................  7.02
312(b)..............................  7.02
312(c)..............................  7.02
313(a)..............................  7.03
313(b)..............................  7.03
313(c)..............................  7.03
313(d)..............................  7.03
314(a)(1)-(3).......................  7.04, 10.07
314(a)(4)...........................  1.01
                                      10.04
314(b)..............................  Not Applicable
314(c)(1)...........................  1.02
314(c)(2)...........................  1.02
314(c)(3)...........................  Not Applicable
314(d)..............................  Not Applicable
314(e)..............................  1.02
315(a)..............................  6.01
315(b)..............................  6.02
315(c)..............................  6.01
315(d)..............................  6.01
315(e)..............................  5.14
315(f)..............................  Not Applicable
316(a)..............................  1.01
316(a)(1)(A)........................  5.02
                                      5.12
316(a)(1)(B)........................  5.13
316(a)(2)...........................  Not Applicable
316(b)..............................  5.08
316(c)..............................  1.04
317(a)(1)...........................  5.03
317(a)(2)...........................  5.04
317(b)..............................  10.03
318(a)..............................  1.08
</Table>

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

<Page>

                                Table of Contents

<Table>
<S>                                                                                                              <C>
ARTICLE I. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION................................................1
         SECTION 1.01   Definitions...............................................................................1
         SECTION 1.02   Compliance Certificates and Opinions......................................................8
         SECTION 1.03   Form of Documents Delivered to Trustee....................................................9
         SECTION 1.04   Acts of Holders...........................................................................9
         SECTION 1.05   Notices, etc., to Trustee and Company....................................................11
         SECTION 1.06   Notice to Holders of Securities; Waiver..................................................11
         SECTION 1.07   Language of Notices, etc.................................................................12
         SECTION 1.08   Conflict With Trust Indenture Act........................................................12
         SECTION 1.09   Effect of Headings and Table of Contents.................................................12
         SECTION 1.10   Successors and Assigns...................................................................12
         SECTION 1.11   Separability Clause......................................................................13
         SECTION 1.12   Benefits of Indenture....................................................................13
         SECTION 1.13   Governing Law............................................................................13
         SECTION 1.14   Legal Holidays...........................................................................13

ARTICLE II. SECURITY FORMS.......................................................................................13
         SECTION 2.01   Forms Generally..........................................................................13
         SECTION 2.02   Form of Trustee's Certificate of Authentication..........................................14
         SECTION 2.03   Securities in Global Form................................................................14
         SECTION 2.04   Form of Legend for Book-Entry Securities.................................................15

ARTICLE III. THE SECURITIES......................................................................................15
         SECTION 3.01   Amount Unlimited; Issuable in Series.....................................................15
         SECTION 3.02   Denominations............................................................................18
         SECTION 3.03   Execution, Authentication, Delivery and Dating...........................................18
         SECTION 3.04   Temporary Securities.....................................................................20
         SECTION 3.05   Registration, Registration of Transfer and Exchange......................................22
         SECTION 3.06   Mutilated, Destroyed, Lost and Stolen Securities and Coupons.............................25
         SECTION 3.07   Payment of Interest; Interest Rights Preserved...........................................26
         SECTION 3.08   Persons Deemed Owners....................................................................27
         SECTION 3.09   Cancellation.............................................................................28
         SECTION 3.10   Computation of Interest..................................................................28

ARTICLE IV. SATISFACTION AND DISCHARGE...........................................................................28
         SECTION 4.01   Satisfaction and Discharge of Indenture..................................................28
         SECTION 4.02   Application of Trust Money...............................................................30

ARTICLE V. REMEDIES..............................................................................................30
         SECTION 5.01   Events of Default........................................................................30
         SECTION 5.02   Acceleration of Maturity, Rescission and Annulment.......................................31
         SECTION 5.03   Collection of Indebtedness and suits for Enforcement by Trustee..........................32
         SECTION 5.04   Trustee May File Proofs of Claim.........................................................33

                                       i
<Page>

         SECTION 5.05   Trustee May Enforce Claims Without Possession of Securities or Coupons...................33
         SECTION 5.06   Application of Money Collected...........................................................33
         SECTION 5.07   Limitation on Suits......................................................................34
         SECTION 5.08   Unconditional Right of Holders to Receive Principal,
                        Premium and Interest.....................................................................35
         SECTION 5.09   Restoration of Rights and Remedies.......................................................35
         SECTION 5.10   Rights and Remedies Cumulative...........................................................35
         SECTION 5.11   Delay or Omission Not Waiver.............................................................36
         SECTION 5.12   Control by Holders of Securities.........................................................36
         SECTION 5.13   Waiver of Past Defaults..................................................................36
         SECTION 5.14   Undertaking For Costs....................................................................37
         SECTION 5.15   Waiver of Stay or Extension Laws.........................................................37

ARTICLE VI. THE TRUSTEE..........................................................................................37
         SECTION 6.01   Certain Duties and Responsibilities......................................................37
         SECTION 6.02   Notice of Defaults.......................................................................37
         SECTION 6.03   Certain Rights of Trustee................................................................37
         SECTION 6.04   Not Responsible for Recitals or Issuance of Securities...................................38
         SECTION 6.05   May Hold Securities......................................................................39
         SECTION 6.06   Money Held in Trust......................................................................39
         SECTION 6.07   Compensation and Reimbursement...........................................................39
         SECTION 6.08   Disqualification; Conflicting Interests..................................................40
         SECTION 6.09   Corporate Trustee Required; Eligibility..................................................40
         SECTION 6.10   Resignation and Removal; Appointment of Successor........................................40
         SECTION 6.11   Acceptance of Appointment by Successor...................................................41
         SECTION 6.12   Merger, Conversion, Consolidation or Succession to Business..............................42
         SECTION 6.13   Preferential Collection of Claims Against Company........................................43
         SECTION 6.14   Appointment of Authenticating Agent......................................................43

ARTICLE VII. HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY...................................................45
         SECTION 7.01   Company to Furnish Trustee Names and Addresses of Holders................................45
         SECTION 7.02   Preservation of Information, Communications to Holders...................................45
         SECTION 7.03   Reports by Trustee.......................................................................45
         SECTION 7.04   Reports by Company.......................................................................46

ARTICLE VIII. CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE...............................................46
         SECTION 8.01   Company May Consolidate, etc., Only on Certain Terms.....................................46
         SECTION 8.02   Successor Substituted....................................................................46

ARTICLE IX. SUPPLEMENTAL INDENTURES..............................................................................47
         SECTION 9.01   Supplemental Indentures Without Consent of Holders.......................................47
         SECTION 9.02   Supplemental Indentures With Consent of Holders..........................................48

                                       ii
<Page>

         SECTION 9.03   Execution of Supplemental Indentures.....................................................49
         SECTION 9.04   Effect of Supplemental Indentures........................................................49
         SECTION 9.05   Conformity With Trust Indenture Act......................................................49
         SECTION 9.06   Reference in Securities to Supplemental Indentures.......................................50

ARTICLE X. COVENANTS.............................................................................................50
         SECTION 10.01  Payment of Principal, Premium and Interest...............................................50
         SECTION 10.02  Corporate Existence and Maintenance of Office or Agency..................................50
         SECTION 10.03  Money for Securities Payments to be Held in Trust........................................51
         SECTION 10.04  Additional Amounts.......................................................................53
         SECTION 10.05  Purchase of Securities by Company or Subsidiary..........................................53
         SECTION 10.06  Appointment to Fill Vacancies in Trustee's Office........................................54
         SECTION 10.07  Statement by Officer as to Default.......................................................54
         SECTION 10.08  Waiver of Certain Covenants..............................................................54

ARTICLE XI. REDEMPTION OF SECURITIES.............................................................................54
         SECTION 11.01  Applicability of Article.................................................................54
         SECTION 11.02  Election to Redeem; Notice to Trustee....................................................54
         SECTION 11.03  Selection of Securities to be Redeemed...................................................55
         SECTION 11.04  Notice of Redemption.....................................................................55
         SECTION 11.05  Deposit of Redemption Price..............................................................56
         SECTION 11.06  Securities Payable on Redemption Date....................................................56
         SECTION 11.07  Securities Redeemed in Part..............................................................57

ARTICLE XII. SINKING FUNDS.......................................................................................58
         SECTION 12.01  Applicability of Article.................................................................58
         SECTION 12.02  Satisfaction of Sinking Fund Payments With Securities....................................58
         SECTION 12.03  Redemption of Securities for Sinking Fund................................................58

ARTICLE XIII. DEFEASANCE AND COVENANT DEFEASANCE.................................................................59
         SECTION 13.01  Company's Option to Effect Defeasance or Covenant Defeasance.............................59
         SECTION 13.02  Defeasance and Discharge.................................................................59
         SECTION 13.03  Covenant Defeasance......................................................................59
         SECTION 13.04  Conditions to Defeasance or Covenant Defeasance..........................................59
         SECTION 13.05  Deposited Money and U.S. Government Obligations to
                        be Held in Trust; Other Miscellaneous Provisions.........................................61
         SECTION 13.06  Reinstatement............................................................................62

ARTICLE XIV. MEETINGS OF HOLDERS OF BEARER SECURITIES............................................................62
         SECTION 14.01  Purposes for Which Meetings May be Called................................................62
         SECTION 14.02  Call, Notice and Place of Meetings.......................................................62
         SECTION 14.03  Persons Entitled to Vote at Meetings.....................................................63
         SECTION 14.04  Quorum; Action...........................................................................63
         SECTION 14.05  Determination of Voting Rights; Conduct and Adjournment of Meetings......................63
         SECTION 14.06  Counting Votes and Recording Action of Meetings..........................................64

                                       iii
</Table>

<Page>

      FORM OF INDENTURE, dated as of ________, ____, between Illinois Power
Company, a corporation duly organized and existing under the laws of the State
of Illinois (herein called the "COMPANY"), having its principal office at 500
South 27th Street, Decatur, Illinois 62521, and BNY Midwest Trust Company, 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 from time to time of its unsecured
debentures, notes or other evidences of indebtedness (herein called the
"SECURITIES"), to be issued in one or more series as provided in this Indenture.

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

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

      NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

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

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

            (3)   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 herein
expressly provided, the term "generally accepted accounting principles" with
respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted in the United States of
America at the date of this Indenture; and

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

                                       1
<Page>

subdivision, and the words "date of this Indenture" and "date hereof" and
other words of similar import refer to the effective date of the original
execution and delivery of this Indenture, viz. ________________.

      "ACT," when used with respect to any Holder of a Security, 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 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

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

      "BEARER SECURITY" means any Security in the form established pursuant
to SECTION 2.01 which is payable to bearer, including, without limitation, a
Security in temporary or permanent global form.

      "BOARD OF DIRECTORS" means, with respect to the Company, either the
board of directors of the Company or any duly authorized committee of that
board, and, with respect to any Subsidiary of the Company, either the board
of directors of such Subsidiary or any duly authorized committee of that
board or, if the Subsidiary is not a corporation, the group of Persons having
authority to manage the Subsidiary or any duly authorized committee of that
group.

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

      "BOOK-ENTRY SECURITY" means a Security bearing the legend specified in
SECTION 2.04, evidencing all or part of a series of Securities, issued to the
Depository for such series or its nominee, and registered in the name of such
Depository or nominee. Book-Entry Securities shall not be deemed to be
Securities in global form for purposes of SECTIONS 2.01 and 2.03 and ARTICLE
THREE of this Indenture.

      "BUSINESS DAY," when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the Securities,
means each Monday, Tuesday,

                                       2
<Page>

Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment or other location are authorized or
obligated by law or executive order to close.

      "CERTIFICATION DATE" means with respect to Securities of any series
(i), if Bearer Securities of such series are not to be initially represented
by a temporary global Security, the date of delivery of the definitive Bearer
Security and (ii), if Bearer Securities of such series are initially
represented by a temporary global Security, the earlier of (A) the Exchange
Date with respect to Securities of such series and (B), if the first Interest
Payment Date with respect to Securities of such series is prior to such
Exchange Date, such Interest Payment Date.

      "COMMISSION" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, as
amended, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

      "COMMON DEPOSITARY" has the meaning specified in SECTION 3.04.

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

      "COMPANY REQUEST" or "COMPANY ORDER" means a written request or order
signed in the name of the Company by its Chairman of the Board, its President
or a Vice President, and by its Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary, and delivered to the Trustee.

      "CORPORATE TRUST OFFICE" means the principal office of the Trustee in
____________, at which at any particular time its corporate trust business shall
be administered.

                                       3
<Page>

      The term "CORPORATION" means a corporation, association, limited
liability company, joint-stock company, business trust or similar
organization.

      The term "COUPON" means any interest coupon appertaining to a Bearer
Security.

      "DEFAULTED INTEREST" has the meaning specified in SECTION 3.07.

      "DEPOSITORY" means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Book-Entry
Securities, the clearing agency registered under the Securities Exchange Act
of 1934, as amended, specified for that purpose as contemplated by SECTION
3.01.

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

      "EURO-CLEAR" means the operator of the Euro-clear System.

      "EVENT OF DEFAULT" has the meaning specified in SECTION 5.01.

      "EXCHANGE DATE" has the meaning specified in SECTION 3.04.

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

      "INDENTURE" means this instrument as originally executed or as it may
from time to time be (i) supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
or (ii) restated to cumulate the terms of such supplemental indentures, and
shall include the terms of a particular series of Securities established as
contemplated by SECTION 3.01 and the provisions of the Trust Indenture Act
that are deemed to be a part of and govern this instrument.

      The term "INTEREST," when used with respect to an Original Issue
Discount Security which by its terms bears interest only after Maturity,
means interest payable after Maturity.

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

      "ISSUE DATE" means the Date on which Securities are originally issued
under this Indenture.

                                       4
<Page>

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

      "OFFICERS' CERTIFICATE" means a certificate complying with the
provisions of SECTION 1.02 signed by the Chairman of the Board, the President
or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the
Trustee.

      "OPINION OF COUNSEL" means a written opinion of counsel, who may be an
employee of or counsel for the Company, and who shall be reasonably
acceptable to the Trustee.

      "ORIGINAL ISSUE DISCOUNT SECURITY" means any Security which is issued
at a price lower than the principal amount payable upon the Stated Maturity
thereof and which provides for an amount less than the principal amount
thereof to be due and payable upon redemption thereof or upon a declaration
of acceleration of the Maturity thereof pursuant to SECTION 5.02.

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

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

                  (ii) Securities 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 Securities and any coupons appertaining thereto, PROVIDED
that, if such Securities are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee has been made; and

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

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request,
demand, authorization,

                                       5
<Page>

direction, notice, consent or waiver hereunder or whether a quorum is present
at a meeting of Holders of Securities (a) the principal amount of an Original
Issue Discount Security that shall be deemed to be Outstanding shall be the
amount of the principal thereof that would be due and payable as of the date
of such determination upon acceleration of the Maturity thereof pursuant to
SECTION 5.02, (b) the principal amount of a Security denominated in a foreign
currency or currencies, including composite currencies, shall be the Dollar
equivalent, determined on the date of original issuance of such Security in
the manner provided as contemplated by SECTION 3.01, of the principal amount
(or, in the case of an Original Issue Discount Security, the Dollar
equivalent on the date of original issuance of such Security of the amount
determined as provided in (i) above) of such Security, and (c) Securities
owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company, or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, or upon any such determination as to
the presence of a quorum, only Securities which the Trustee knows to be so
owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to
such Securities and that the pledgee is not the Company, or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor.

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

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

      "PLACE OF PAYMENT," when used with respect to the Securities of any
series, means the place or places as specified in accordance with SECTION
3.01 where, subject to the provisions of SECTION 10.02, the principal of and
any premium and interest on the Securities of that series are payable.

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

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

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

                                       6
<Page>

      "REGISTERED SECURITY" means any Security in the form established
pursuant to SECTION 2.01 which is registered in the Security Register.

      "REGULAR RECORD DATE" for the interest payable on any Interest Payment
Date on the Registered Securities of any series means the date specified for
that purpose as contemplated by SECTION 3.01.

      "RESPONSIBLE OFFICER," when used with respect to the Trustee, shall
mean any officer in the corporate trust department (or any successor group)
of the Trustee, including any Vice President, any Trust Officer, or any other
officer of the Trustee customarily performing functions similar to those
performed by the persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred at the
Corporate Trust Office because of his or her knowledge of and familiarity
with the particular subject.

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

      "SECURITY REGISTER" and "SECURITY REGISTRAR" have the respective
meanings specified in SECTION 3.05.

      "SPECIAL RECORD DATE" for the payment of any Defaulted Interest on the
Registered Securities of any series means a date fixed by the Trustee
pursuant to SECTION 3.07.

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

      "SUBSIDIARY" of a Person means (i) any corporation more than 50% of the
outstanding securities having ordinary voting power 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, or (ii) any
partnership or similar business organization more than 50% of the ownership
interests having ordinary voting power of which shall at the time be so
owned. For the purposes of this definition, "SECURITIES HAVING ORDINARY
VOTING POWER" means securities or other equity interests which ordinarily
have voting power for the election of directors, or persons having management
power with respect to the Person, whether at all times or only so long as no
senior class of securities has such voting power by reason of any contingency.

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

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      "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939 as in force
at the date as of which this Indenture was executed, except as provided in
SECTION 9.05; 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.

      "UNITED STATES" means the United States of America (including the
States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

      "UNITED STATES ALIEN" means any Person who, for United States Federal
income tax purposes, is a foreign corporation, a non-resident alien
individual, a non-resident alien fiduciary of a foreign estate or trust, or a
foreign partnership one or more of the members of which is, for United States
Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.

      "U.S. GOVERNMENT OBLIGATIONS" has the meaning specified in SECTION 13.04.

      "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."

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 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 shall include:

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

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

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

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

                                       8
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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.

      (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given 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 writing. If Securities of a series are issuable as Bearer
Securities, any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders of such series may, alternatively, be embodied in and evidenced by
the record of Holders of Securities of such series voting in favor thereof,
either in person or by proxies duly appointed in writing, at any meeting of
Holders of Securities of such series duly called and held in accordance with
the provisions of ARTICLE FOURTEEN, or a combination of such instruments and
any such record. Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments or record or both
are delivered to the Trustee and, where it is hereby expressly required, to
the Company. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred
to as the "ACT" of the Holders signing such instrument or instruments and so
voting at any such meeting. Proof of execution of any such instrument or of a
writing appointing any such agent or proxy or of the holding by any Person of
a Security, shall be sufficient for any purpose of this Indenture and
(subject to SECTION 6.01) conclusive in favor of the Trustee and the Company,
if made in the manner provided in this Section. The record of any meeting of
Holders of Securities shall be proved in the manner provided in SECTION 14.06.

                                       9
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      (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution 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.

      (c) The Company may, in the circumstances permitted by the Trust
Indenture Act, fix any day as the record date for the purpose of determining
the Holders of Registered Securities of any series entitled to give or take
any request, demand, authorization, direction, notice, consent, waiver or
other action, or to vote on any action, authorized or permitted to be given
or taken by Holders of Securities of such series. If not set by the Company
prior to the first solicitation of a Holder of Securities of such series 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 pursuant to SECTION 7.01) prior to such first
solicitation or vote, as the case may be. With regard to any record date for
action to be taken by the Holders of one or more series of Securities, only
the Holders of Securities of such series on such date (or their duly
designated proxies) shall be entitled to give or take, or vote on, the
relevant action.

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

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

      (f) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee or
the Company in reliance thereon, whether or not notation of such action is
made upon such Security. Any Holder or subsequent Holder may revoke the
request, demand, authorization, direction, notice, consent, waiver or other
Act as to his Security or portion of his Security; provided,

                                       10
<Page>

however, that such revocation shall be effective only if the Trustee receives
notice of such revocation before the date the Act becomes effective.

      (g) Without limiting the foregoing, a Holder entitled hereunder to give
or take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by
one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any different part of such principal amount.

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,

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

            (2) the Company by the Trustee or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the
Company addressed to it at the address of its principal office specified in
the first paragraph of this Indenture, to the attention of its Treasurer, or
at any other address previously furnished in writing to the Trustee by the
Company; and in the case of Bearer Securities, at the address of an office or
agency located outside the United States maintained by the Company in
accordance with SECTION 10.02.

SECTION 1.06  NOTICE TO HOLDERS OF SECURITIES; WAIVER.

      Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of Securities of any event,

            (1) such notice shall be sufficiently given to Holders of
Registered Securities if in writing and mailed, first-class postage prepaid,
to each Holder of a Registered Security affected by such event, at the
address of such Holder as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice; and

            (2) such notice shall be sufficiently given to Holders of Bearer
Securities if published in an Authorized Newspaper in The City of New York
and in such other city or cities as may be specified in such Securities on a
Business Day at least twice, the first such publication to be not earlier
than the earliest date, and not later than the latest date, prescribed for
the giving of such notice.

      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 to
Holders of Registered Securities by mail, then such notification as shall be
made with the approval of the Trustee shall constitute sufficient notice to
such Holders for every purpose hereunder. In any case where notice to Holders
of

                                      11
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Registered Securities is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder of a
Registered Security shall affect the sufficiency of such notice with respect
to other Holders of Registered Securities or the sufficiency of any notice to
Holders of Bearer Securities given as provided herein.

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

      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 of Securities shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

SECTION 1.07 LANGUAGE OF NOTICES, ETC.

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

SECTION 1.08  CONFLICT WITH TRUST INDENTURE ACT.

      If any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act that is required under the Trust Indenture Act to
be a part of and govern this Indenture or any other provision of this
Indenture that is required to be in this Indenture by the Trust Indenture
Act, such required provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act that
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 1.09  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 1.10  SUCCESSORS AND ASSIGNS.

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

                                      12
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SECTION 1.11  SEPARABILITY CLAUSE.

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

SECTION 1.12  BENEFITS OF INDENTURE.

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

SECTION 1.13  GOVERNING LAW.

      This Indenture and the Securities and coupons shall be governed by and
construed in accordance with the laws of the State of New York, without
regard to principles of conflicts of laws.

SECTION 1.14  LEGAL HOLIDAYS.

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

                                   ARTICLE II.
                                 SECURITY FORMS

SECTION 2.01  FORMS GENERALLY.

      The Registered Securities, if any, of each series and the Bearer
Securities, if any, of each series and related coupons shall be in
substantially the form (including temporary or permanent global form) as
shall be established by or pursuant to a Board Resolution of the Company or
in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with law, or with the rules of any
securities exchange or to conform to general usage, all as may, consistently
herewith, be determined by the officers executing such Securities or coupons,
as evidenced by their execution of the Securities or coupons. If temporary
Securities of any series are issued in global form as permitted by SECTION
3.04, the form thereof shall be established as provided in the preceding

                                      13
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sentence. A copy of the Board Resolution of the Company establishing the
forms of Securities or coupons of any series (or any such temporary global
Security) shall be certified by the Secretary or an Assistant Secretary of
the Company and delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by SECTION 3.03 for the authentication and
delivery of such Securities (or any such temporary global Security) or
coupons.

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

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

SECTION 2.02  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

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

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

                                    BNY MIDWEST TRUST COMPANY,
                                    AS TRUSTEE

                                    By:_________________________
                                    AUTHORIZED OFFICER

SECTION 2.03  SECURITIES IN GLOBAL FORM.

      If Securities of a series are issuable in global form, as contemplated
by SECTION 3.01, then, notwithstanding clause (10) of SECTION 3.01 and the
provisions of SECTION 3.02, any such Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of Outstanding
Securities from time to time endorsed thereon and that the aggregate amount
of Outstanding Securities represented thereby may be reduced to reflect
exchanges. Any endorsement of a Security in global form to reflect the
amount, or any increase or decrease in the amount, of Outstanding Securities
represented thereby shall be made by the Trustee in such manner and upon
instructions given by such Person or Persons as shall be specified therein or
in the Company Order to be delivered to the Trustee pursuant to SECTION 3.03
or SECTION 3.04. Subject to the provisions of SECTION 3.03 and, if
applicable, SECTION 3.04, the Trustee shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given
by the Person or Persons specified therein or in the applicable Company
Order. If a Company Order pursuant to SECTION 3.03 or 3.04 has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be
in writing but need not comply with SECTION 1.02 and need not be accompanied
by an Opinion of Counsel.

                                       14
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      The provisions of the last sentence of SECTION 3.03 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with SECTION 1.02 and need not be accompanied by an Opinion of
Counsel) with regard to the reduction in the principal amount of Securities
represented thereby, together with the written statement contemplated by the
last sentence of SECTION 3.03.

      Notwithstanding the provisions of SECTIONS 2.01 and 3.07, unless
otherwise specified as contemplated by SECTION 3.01, payment of principal of
and any premium and interest on any Security in permanent global form shall
be made to the Person or Persons specified therein.

SECTION 2.04  FORM OF LEGEND FOR BOOK-ENTRY SECURITIES.

      Any Book-Entry Security authenticated and delivered hereunder shall
bear a legend in substantially the following form:

      "This Security is a Book-Entry Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a
Depository or a nominee of a Depository. This Security is exchangeable for
Securities registered in the name of a Person other than the Depository or
its nominee only in the limited circumstances described in the Indenture, and
no transfer of this Security (other than a transfer of this Security as a
whole by the Depository to a nominee of the Depository or by a nominee of the
Depository to the Depository or another nominee of the Depository) may be
registered except in such limited circumstances."

                                  ARTICLE III.
                                 THE SECURITIES

SECTION 3.01  AMOUNT UNLIMITED; ISSUABLE IN SERIES.

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

      The Securities may be issued in one or more series, and each such
series shall rank equally and PARI PASSU with each other series. There shall
be established in or pursuant to a Board Resolution of the Company and,
subject to SECTION 3.03, set forth, or determined in the manner provided, in
an Officers' Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series:

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

            (2) any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to SECTION 3.04, 3.05, 3.06, 9.06 or 11.07
and except for any Securities which, pursuant to SECTION 3.03, are deemed
never to have been authenticated and delivered hereunder);

                                       15
<Page>

            (3) whether Securities of the series are to be issuable as
Registered Securities, Bearer Securities or both, whether any Securities of
the series are to be issuable initially in temporary global form and whether
any Securities of the series are to be issuable in permanent global form, as
Book Entry Securities, or otherwise, with or without coupons and, if so,
whether beneficial owners of interests in any such permanent global Security
may exchange such interests for Securities of such series and of like tenor
of any authorized form and denomination and the circumstances under which any
such exchanges may occur, if other than in the manner provided in SECTION
3.05;

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

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

            (6) the rate or rates at which the Securities of the series shall
bear interest, if any, or the method by which such rate shall be determined,
the date or dates from which any such interest shall accrue, the Interest
Payment Dates on which any such interest shall be payable, the Regular Record
Date for any interest payable on any Registered Securities on any Interest
Payment Date and whether, and under what circumstances, additional amounts
with respect to such Securities shall be payable as set forth in SECTION
10.04;

            (7) the place or places where, subject to the provisions of
SECTION 10.02, the principal of and any premium and interest on Securities of
the series shall be payable, any Registered Securities of the series may be
surrendered for registration of transfer and notices and demands to or upon the
Company in respect of the Securities of the series and this Indenture may be
served;

            (8) the right, if any, of the Company to redeem Securities of the
series, in whole or in part, at its option and the period or periods within
which, the price or prices at which and the terms and conditions upon which
Securities of the series may be so redeemed;

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

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

                                       16
<Page>

denomination or denominations in which any Bearer Securities of the series
shall be issuable, if other than the denomination of $5,000;

            (11) the currency or currencies, including composite currencies,
in which payment of the principal of and any premium and interest on any
Securities of the series shall be payable if other than the currency of the
United States and the manner of determining the equivalent thereof in the
currency of the United States for purposes of the definition of "OUTSTANDING"
in SECTION 1.01;

            (12) if the amount of payments of principal of and any premium or
interest on any Securities of the series may be determined with reference to
an index, the manner in which such amounts shall be determined;

            (13) if other than the principal amount thereof, the portion of
the principal amount of any Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to SECTION
5.02;

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

            (15) whether the Securities of the series shall be issued upon
original issuance in whole or in part in the form of one or more Book-Entry
Securities and, in such case, (a) the Depository with respect to such
Book-Entry Security or Securities and (b) the circumstances under which any
such Book-Entry Security may be exchanged for Securities registered in the
name of, and any transfer of such Book-Entry Security may be registered to, a
Person other than such Depository or its nominee, if other than as set forth
in SECTION 3.05;

            (16) if either or both of the provisions of SECTION 13.02 or
13.03 are applicable to the Securities of such series and any additional
means of discharge pursuant to SECTION 13.02 or 13.03 and any additional
conditions to the provisions of SECTION 13.02 or 13.03;

            (17)  any other Events of Default or covenants with respect to
the Securities of such series; and

            (18) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture except as permitted by
SECTION 9.01(5)).

                                       17
<Page>

      All Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical except, in
the case of Registered Securities, as to denomination and except as may
otherwise be provided in or pursuant to the Board Resolution referred to
above and (subject to SECTION 3.03) set forth, or determined in the manner
provided, in the Officers' Certificate referred to above or in any such
indenture supplemental hereto.

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

SECTION 3.02  DENOMINATIONS.

      Unless otherwise provided as contemplated by SECTION 3.01 with respect
to any series of Securities, any Registered Securities of a series shall be
issuable in denominations of $1,000 and any integral multiple thereof and any
Bearer Securities of a series shall be issuable in the denomination of $5,000.

SECTION 3.03  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

      The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its President, its Treasurer or its Chief Financial
Officer, under its corporate seal reproduced thereon attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Securities may be manual or facsimile. Coupons shall bear the
facsimile signature of the Treasurer or any Assistant Treasurer of the
Company.

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

      At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series, together
with any coupons appertaining thereto, executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; PROVIDED, HOWEVER,
that, unless otherwise provided with respect to such series, in connection
with its original issuance, during the "RESTRICTED PERIOD" (as defined in
Section 1.163-5(c)(2)(i)(D)(7) of the United States Treasury Regulations)
(the "RESTRICTED PERIOD") no Bearer Security shall be mailed or otherwise
delivered to any location in the United States; and PROVIDED, FURTHER, that,
unless otherwise provided with respect to such series, a Bearer Security may
be delivered in connection with its original issuance only if the Person
entitled to receive such Bearer Security shall have furnished a certificate
in the form set forth in Exhibit A to this Indenture, dated no earlier than
the Certification Date. If any Security shall be represented by a permanent
global Bearer Security, then, for purposes of this Section and SECTION 3.04,
the notation of a beneficial owner's interest therein upon original issuance
of such Security or upon exchange of a portion of a

                                       18
<Page>

temporary global Security shall be deemed to be delivery in connection with
its original issuance during the restricted period of such beneficial owner's
interest in such permanent global Security. Except as permitted by SECTION
3.06, the Trustee shall not authenticate and deliver any Bearer Security
unless all appurtenant coupons for interest then matured have been detached
and cancelled.

      In authenticating Securities, the Trustee shall be entitled to receive,
and (subject to SECTION 6.01) shall be fully protected in relying upon, an
Opinion of Counsel stating:

      (a) that the forms of such Securities and coupons established by or
pursuant to a Board Resolution of the Company as contemplated by SECTION 2.01
have been established in conformity with the provisions of this Indenture;

      (b) if the terms of such Securities and any coupons have been
established by or pursuant to a Board Resolution of the Company as permitted
by SECTION 3.01, that such terms have been established in conformity with the
provisions of this Indenture; and

      (c) that such Securities, together with any coupons appertaining
thereto, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute valid and legally binding obligations of the
Company enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization and other laws of general
applicability relating to or affecting creditors' rights and to general
equity principles.

      Such Opinion of Counsel shall also cover such other matters as the
Trustee may reasonably request.

      The Trustee shall not be required to authenticate such Securities the
forms or terms of which have been established by or pursuant to a Board
Resolution of the Company if the issue of such Securities pursuant to this
Indenture will affect the Trustee's own rights, duties or immunities under
the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee.

      Notwithstanding the provisions of SECTION 3.01 and of the two preceding
paragraphs, if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officers' Certificate
otherwise required pursuant to SECTION 3.01 or the Company Order and Opinion
of Counsel otherwise required pursuant to such preceding paragraphs at or
prior to the time of authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon issuance of
the first Security of such series to be issued.

      After the original issuance of the first Security of such series to be
issued, any separate request by the Company that the Trustee authenticate
Securities of such series for original issuance will be deemed to be a
certification by the Company (which, subject to SECTION 6.01, the Trustee
shall be fully protected in relying on) that it is in compliance with all
conditions precedent provided for in this Indenture relating to the
authentication and delivery of such Securities.

                                       19
<Page>

      Each Registered Security shall be dated the date of its authentication;
and each Bearer Security shall be dated as of the date of original issuance
of the first Security of such series to be issued.

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

SECTION 3.04 TEMPORARY SECURITIES.

      Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed,
typewritten or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized, in bearer form with one or
more coupons or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities.
In the case of any series issuable as Bearer Securities, such temporary
Securities may be in global form. A temporary Bearer Security shall be
delivered only in compliance with the conditions set forth in SECTION 3.03.

      Except in the case of temporary Securities in global form (which shall
be exchanged in accordance with the provisions of the following paragraphs),
if temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company maintained pursuant to SECTION
10.02 in a Place of Payment for such series for the purpose of exchanges of
Securities of such series without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series
(accompanied by any unmatured coupons appertaining thereto) the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like aggregate principal amount of definitive Securities of the same series
and of like tenor of authorized denominations; PROVIDED, HOWEVER, that no
definitive Bearer Security shall be issued in exchange for a temporary
Registered Security.

                                       20
<Page>

      If temporary Securities of any series are issued in global form, any
such temporary global Security shall, unless otherwise provided therein, be
delivered to the London office of a depositary or common depositary (the
"COMMON DEPOSITARY"), for the benefit of Euro-clear and CEDEL S.A., for
credit to the respective accounts of the beneficial owners of such Securities
(or to such other accounts as they may direct).

      Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary
global Security of a series (the "EXCHANGE DATE"), the Company shall deliver
to the Trustee definitive Securities of that series in aggregate principal
amount equal to the principal amount of such temporary global Security,
executed by the Company. On or after the Exchange Date such temporary global
Security shall be surrendered by the Common Depositary to the Trustee, as the
Company's agent for such purpose, to be exchanged, in whole or from time to
time in part, for definitive Securities of that series without charge and the
Trustee shall authenticate and deliver, in exchange for each portion of such
temporary global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor
as the portion of such temporary global Security to be exchanged; provided,
however, that, unless otherwise specified in such temporary global Security,
upon such presentation by the Common Depositary, such temporary global
Security is accompanied by a certificate dated the Exchange Date or a
subsequent date and signed by Euro-clear as to the portion of such temporary
global Security held for its account then to be exchanged and a certificate
dated the Exchange Date or a subsequent date and signed by CEDEL S.A. as to
the portion of such temporary global Security held for its account then to be
exchanged, each in the form set forth in Exhibit B to this Indenture. The
definitive Securities to be delivered in exchange for any such temporary
global Security shall be in bearer form, registered form, permanent global
bearer form or permanent global registered form, or any combination thereof,
as specified as contemplated by SECTION 3.01, and if any combination thereof
is so specified, as requested by the beneficial owner thereof; PROVIDED,
HOWEVER, that no definitive Bearer Security or permanent global Security
shall be delivered in exchange for a temporary Bearer Security except in
compliance with the conditions set forth in SECTION 3.03.

      Unless otherwise specified in the temporary global Security, the
interest of a beneficial owner of Securities of a series in a temporary
global Security shall be exchanged on the Exchange Date for definitive
Securities (and where the form of the definitive Securities is not specified
by the Holder, for an interest in a permanent global Security) of the same
series and of like tenor unless, on or prior to the Exchange Date, such
beneficial owner has not delivered to Euro- clear or CEDEL S.A., as the case
may be, a certificate in the form set forth in Exhibit A to this Indenture
dated no earlier than the Certification Date, copies of which certificate
shall be available from the offices of Euro-clear and CEDEL S.A., the
Trustee, any Authenticating Agent appointed for such series of Securities and
each Paying Agent and after the Exchange Date, the interest of a beneficial
owner of Securities of a series in a temporary global Security shall be
exchanged for definitive Securities (and where the form of the definitive
Securities is not specified by the Holder for an interest in a permanent
global Security) of the same series and of like tenor following such
beneficial owner's delivery to Euro-clear or CEDEL S.A., as the case may be,
of a certificate in the form set forth in Exhibit A to this Indenture dated
no earlier than the Certification Date. Unless otherwise specified in such
temporary global Security, any exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a Person
receiving definitive Securities must bear the cost of insurance,

                                     21

<Page>

postage, transportation and the like in the event that such Person does not
take delivery of such definitive Securities in person at the offices of
Euro-clear or CEDEL S.A. Definitive Securities in bearer form to be delivered
in exchange for any portion of a temporary global Security shall be delivered
only outside the United States.

      Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same series and
of like tenor authenticated and delivered hereunder, except that, unless
otherwise specified as contemplated by SECTION 3.01, interest payable on a
temporary global Security on an Interest Payment Date for Securities of such
series shall be payable to Euro-clear and CEDEL S.A. on such Interest Payment
Date upon delivery by Euro-clear and CEDEL S.A. to the Trustee of a
certificate or certificates in the form set forth in Exhibit B to this
Indenture, for credit without further interest on or after such Interest
Payment Date to the respective accounts of the Persons who are the beneficial
owners of such temporary global Security on such Interest Payment Date and
who have each delivered to Euro-clear or CEDEL S.A., as the case may be, a
certificate in the form set forth in Exhibit A to this Indenture. Any
interest so received by Euro-clear and CEDEL S.A. and not paid as herein
provided shall be returned to the Trustee immediately prior to the expiration
of two years after such Interest Payment Date in order to be repaid to the
Company in accordance with SECTION 10.03.

SECTION 3.05 REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

      The Company shall cause to be kept at an office or agency to be
maintained by the Company in accordance with SECTION 10.02 a register (being
the combined register of the Security Registrar and all transfer agents
designated pursuant to SECTION 10.02 for the purpose of registration of
transfer of Securities and sometimes collectively referred to as the
"SECURITY REGISTER") in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of each series
of Registered Securities and the registration of transfers of such Registered
Securities. The Company shall serve initially as "SECURITY REGISTRAR" for the
purpose of registering Registered Securities and transfers of Registered
Securities as herein provided.

      Upon surrender for registration of transfer of any Registered Security
of any series at the office or agency of the Company maintained pursuant to
SECTION 10.02 for such purpose in a Place of Payment for such series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Registered
Securities of the same series of any authorized denominations and of a like
aggregate principal amount and tenor.

      At the option of the Holder, Registered Securities of any series may be
exchanged for other Registered Securities of the same series of any
authorized denominations and of a like aggregate principal amount and tenor,
upon surrender of the Securities to be exchanged at any such office or
agency. Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive. Unless otherwise
provided with respect to any series of Securities, Bearer Securities may not
be issued in exchange for Registered Securities.

                                     22

<Page>

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

      Notwithstanding the foregoing, except as otherwise specified as
contemplated by SECTION 3.01, any permanent global Security shall be
exchangeable only as provided in this paragraph. If the beneficial owners of
interests in a permanent global Security are entitled to exchange such
interests for Securities of such series and of like tenor and principal
amount of another authorized form and denomination, as specified as
contemplated by SECTION 3.01, then without unnecessary delay but in any event
not later than the earliest date on which such interests may be so exchanged,
the Company shall deliver to the Trustee definitive Securities of that series
in an aggregate principal amount equal to the principal amount of such
permanent global Security, executed by the Company. On or after the earliest
date on which such interests may be so exchanged, such permanent global
Security shall be surrendered from time to time in accordance with
instructions given to the Trustee and the Common Depositary (which
instructions shall be in writing but need not comply with SECTION 1.02 or be
accompanied by an Opinion of Counsel) by the Common Depositary or such other
depositary or Common Depositary as shall be specified in the Company Order
with respect thereto to the Trustee, as the Company's agent for such purpose,
to be exchanged, in whole or in part, for definitive Securities of the same
series without charge and the Trustee shall authenticate and deliver, in
exchange for each portion of such permanent global Security, a like aggregate
principal amount of definitive Securities of the same

                                     23

<Page>

series of authorized denominations and of like tenor as the portion of such
permanent global Security to be exchanged which, unless the Securities of the
series are not issuable both as Bearer Securities and as Registered
Securities, as specified as contemplated by SECTION 3.01, shall be in the
form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; PROVIDED,
HOWEVER, that no such exchanges may occur during a period beginning at the
opening of business 15 days before any selection of Securities of that series
is to be redeemed and ending on the relevant Redemption Date; and PROVIDED,
FURTHER, that no Bearer Security delivered in exchange for a portion of a
permanent global Security shall be mailed or otherwise delivered to any
location in the United States. Promptly following any such exchange in part,
such permanent global Security shall be returned by the Trustee to the Common
Depositary or such other depositary or Common Depositary referred to above in
accordance with the instructions of the Company referred to above. If a
Registered Security is issued in exchange for any portion of a permanent
global Security after the close of business at the office or agency where
such exchange occurs on (i) any Regular Record Date and before the opening of
business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such
office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the
case may be, in respect of such Registered Security, but will be payable on
such Interest Payment Date or proposed date for payment, as the case may be,
only to the Person to whom interest in respect of such portion of such
permanent global Security is payable in accordance with provisions of this
Indenture.

      All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company evidencing the same
debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange. Every
Registered Security presented or surrendered for registration of transfer or
exchange shall (if so required by the Company or the Trustee or any transfer
agent) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar or
any transfer agent duly executed, by the Holder thereof or his attorney duly
authorized in writing.

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

      The Company shall not be required (i) to issue, register the transfer
of or exchange Securities of any series during a period beginning at the
opening of business 15 days before any selection of Securities of that series
to be redeemed and ending at the close of business on (A) if Securities of
the series are issuable only as Registered Securities, the day of the mailing
of the relevant notice of redemption and (B) if Securities of the series are
issuable as Bearer Securities, the day of the first publication of the
relevant notice of redemption, or if Securities of the series are also
issuable as Registered Securities and there is no publication, the mailing of
the relevant notice of redemption, or (ii) to register the transfer of or
exchange any Registered Security so selected for redemption, in whole or in
part, except the unredeemed portion of any Registered

                                     24

<Page>

Security being redeemed in part, or (iii) to exchange any Bearer Security so
selected for redemption except that such a Bearer Security may be exchanged
for a Registered Security of that series and like tenor, PROVIDED that such
Registered Security shall be simultaneously surrendered for redemption.

      Notwithstanding the foregoing and except as otherwise specified or
contemplated by SECTION 3.01, any Book-Entry Security shall be exchangeable
pursuant to this Section 3.05 or SECTIONS 3.04, 9.06 and 11.07 for Securities
registered in the name of, and a transfer of a Book-Entry Security of any
series may be registered to, any Person other than the Depository for such
Security or its nominee only if (i) such Depository notifies the Company that
it is unwilling or unable to continue as Depository for such Book-Entry
Security or if at any time such Depository ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, (ii) the
Company executes and delivers to the Trustee a Company Order that such
Book-Entry Security shall be so exchangeable and the transfer thereof so
registrable or (iii) there shall have occurred and be continuing an Event of
Default, with respect to the Securities of such series. Upon the occurrence
in respect of any Book-Entry Security of any series of any one or more of the
conditions specified in clause (i), (ii) or (iii) of the preceding sentence
or such other conditions as may be specified, such Book-Entry Security may be
exchanged for Securities registered in the names of, and the transfer of such
Book-Entry Security may be registered to, such Persons (including Persons
other than the Depository with respect to such series and its nominees) as
such Depository shall direct. Notwithstanding any other provision of this
Indenture, any Security authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, any Book-Entry Security shall
also be a Book-Entry Security and shall bear the legend specified in SECTION
2.04 except for any Security authenticated and delivered in exchange for, or
upon registration of transfer of, a Book-Entry Security pursuant to the
preceding sentence.

SECTION 3.06 MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES AND COUPONS.

      If any mutilated Security or a Security with a mutilated coupon
appertaining thereto is surrendered to the Trustee, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to the surrendered
Security.

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

                                     25

<Page>

      In case any such mutilated, destroyed, lost or stolen Security or coupon
has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security or coupon
(without surrender thereof except in the case of a mutilated Security or
coupon); PROVIDED, HOWEVER, that the principal of and any premium and interest
on Bearer Securities shall, except as otherwise provided in SECTION 10.02, be
payable only at an office or agency located outside the United States.

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

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

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

SECTION 3.07 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

      Unless otherwise provided as contemplated by SECTION 3.01 with respect
to any series of Securities, interest on any Registered Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest. Unless otherwise so provided, at the option of
the Company, payment of interest on any Registered Security may be made by
check mailed on or before the due date to the address of the Person entitled
thereto as such address shall appear in the Security Register.

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

            (1) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Registered Securities of such
series (or their respective Predecessor Securities) are registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall
notify

                                     26

<Page>

the Trustee in writing of the amount of Defaulted Interest proposed to be
paid on each Registered Security of such series and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an
amount of money 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, 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 Holder of Registered Securities
of such series at the address of such Holder as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. The
Trustee may, in its discretion, in the name and at the expense of the
Company, cause a similar notice to be published at least once in an
Authorized Newspaper, PROVIDED such publication shall not be a condition
precedent to the establishment of 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 Registered Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to the
following clause (2).

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

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

SECTION 3.08 PERSONS DEEMED OWNERS.

      Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is
registered as the owner of such Registered Security for the purpose of
receiving payment of principal of (and premium, if any) and (subject to
SECTIONS 3.05 and 3.07) any interest on such Registered Security and for all
other purposes whatsoever, whether or not such Security be overdue, and none
of the Company, the Trustee nor any agent of the Company or the Trustee shall
be affected by notice to the contrary.

      Title to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Company, the Trustee and any agent of the Company or the
Trustee may treat the bearer of

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any Bearer Security and the bearer of any coupon as the owner of such Bearer
Security or coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such Security
or coupon be overdue, and neither the Company, the Trustee nor any agent of
the Company or the Trustee shall be affected by notice to the contrary.

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

SECTION 3.09 CANCELLATION.

      All Securities and coupons surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee. All Registered Securities and matured coupons so
delivered shall be promptly cancelled by the Trustee. All Bearer Securities
and unmatured coupons so delivered shall be held by the Trustee and, upon
instruction by a Company Order, shall be cancelled or held for reissuance.
Bearer Securities and unmatured coupons held for reissuance may be reissued
only in replacement of mutilated, lost, stolen or destroyed Bearer Securities
of the same series and like tenor or the related coupons pursuant to SECTION
3.06. All Bearer Securities and unmatured coupons held by the Trustee pending
such cancellation or reissuance shall be deemed to be delivered for all
purposes of this Indenture and the Securities. The Company may at any time
deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person
for delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Securities and coupons held by the
Trustee shall be disposed of in accordance with its customary practice.

SECTION 3.10 COMPUTATION OF INTEREST.

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

                                   ARTICLE IV.
                           SATISFACTION AND DISCHARGE

SECTION 4.01 SATISFACTION AND DISCHARGE OF INDENTURE.

      This Indenture shall upon Company Request cease to be of further effect
with respect to Securities of a Series (except as to any surviving rights of
registration of transfer or exchange of

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Securities herein expressly provided for, and any right to receive additional
amounts, as provided in SECTION 10.04), and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to Securities of a Series, when

            (1)   either

                  (A) all Securities of such Series theretofore authenticated
and delivered and all coupons, if any, appertaining thereto (other than (i)
coupons appertaining to Bearer Securities surrendered for exchange for
Registered Securities and maturing after such exchange, whose surrender is not
required or has been waived as provided in SECTION 3.05, (ii) Securities and
coupons which have been destroyed, lost or stolen and which have been replaced
or paid as provided in SECTION 3.06, (iii) coupons appertaining to Securities
called for redemption and maturing after the relevant Redemption Date, whose
surrender has been waived as provided in SECTION 11.06, and (iv) Securities
and coupons for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in SECTION 10.03) have been
delivered to the Trustee for cancellation; or

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

                        (i)   have become due and payable, or

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

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

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

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

      Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under SECTION 6.07, the obligations
of the Trustee to any Authenticating Agent under SECTION 6.14 and, if money
shall have been deposited with the Trustee pursuant to CLAUSE (1)(B) of this
Section, the obligations of the Company under SECTIONS 3.06, 6.10(e) and

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7.01 and the obligations of the Trustee under SECTION 4.02 and the last
paragraph of SECTION 10.03 shall survive.

SECTION 4.02 APPLICATION OF TRUST MONEY.

      Subject to the provisions of the last paragraph of SECTION10.03, all
money deposited with the Trustee pursuant to SECTION 4.01 shall be held in
trust and applied by it, in accordance with the provisions of the Securities,
the coupons and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal
and any premium and interest for whose payment such money has been deposited.

                                   ARTICLE V.
                                    REMEDIES

SECTION 5.01 EVENTS OF DEFAULT.

      "EVENT OF DEFAULT," wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order,
rule or regulation of any administrative or governmental body), unless it is
either inapplicable to a particular series of Securities or it is
specifically deleted or modified in or pursuant to the terms of such series
or in the form of Security of such series:

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

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

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

            (4) default in the performance, or breach, of any 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 with or which has expressly been included in this
Indenture solely for the benefit of series of Securities other than that
series), 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
33% in principal amount of the Outstanding Securities of that series a
written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a "NOTICE OF DEFAULT" hereunder; or

            (5) the entry by a court having jurisdiction in the premises of
(A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or state bankruptcy,
insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company as bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the

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Company under any applicable Federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of the property of the
Company, or ordering the winding up or liquidation of its affairs, 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 90 consecutive days; or

            (6) the commencement by the Company of a voluntary case or
proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Company in an involuntary case
or proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or the commencement of any bankruptcy or
insolvency case or proceeding against the Company, or the filing by the
Company of a petition or answer or consent seeking reorganization or relief
under any applicable Federal or state law, or the consent by the Company to
the filing of such petition or to the appointment of or taking possession by
a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar
official of the Company or of any substantial part of the property of the
Company, or the making by the Company of an assignment for the benefit of
creditors, or the admission by the Company in writing of its inability to pay
its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any such action; or

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

SECTION 5.02 ACCELERATION OF MATURITY, RESCISSION AND ANNULMENT.

      If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 33% in principal amount of the
Outstanding Securities of that series may declare the principal amount (or,
if any of the Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified in the terms thereof) of all of the Securities of that series to be
due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and
payable.

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

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

                  (A) all overdue interest on, and any additional amounts
payable as set forth in SECTION 10.04 on, all Securities of that series and
any coupons appertaining thereto,

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<Page>

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

                  (C) to the extent that payment of such interest is lawful,
interest upon overdue interest, and any additional amounts payable as set
forth in SECTION 10.04 on, at the rate or rates prescribed therefor in such
Securities, and

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

and

            (2) all Events of Default with respect to Securities of that
series, other than the non-payment of the principal of Securities of that
series which have become due solely by such declaration of acceleration, have
been cured or waived as provided in SECTION 5.13.

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

SECTION 5.03 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

      The Company covenants that if

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

            (2) default is made in the payment of the principal of (or
premium, if any, on) any Security at the Maturity thereof, the Company will,
upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities and coupons, the whole amount then due and payable on such
Securities and coupons for principal and any premium and interest and, to the
extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and premium and on any overdue interest, at the rate
or rates prescribed therefor in such Securities (or, in the case of Original
Issue Discount Securities, the Securities' yield to maturity) and, in
addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

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

      If an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the

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Holders of Securities of such series and any related coupons by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

SECTION 5.04 TRUSTEE MAY FILE PROOFS OF CLAIM.

      In case of any judicial proceeding relative to the Company (or any
other obligor upon the Securities), or the property or the creditors of the
Company, 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 6.07.

      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
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; PROVIDED,
HOWEVER, that the Trustee may, on behalf of Holders, vote for the election of
a trustee of bankruptcy or similar official and be a member of a creditors'
or other similar committee.

SECTION 5.05 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR
             COUPONS.

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

SECTION 5.06 APPLICATION OF MONEY COLLECTED.

      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 any
premium or interest, upon presentation of the Securities or coupons, or both
as the case may be, and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

      FIRST: To the payment of all amounts due the Trustee under SECTION
6.07; and

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

      THIRD: The balance, if any, to the Person or Persons entitled thereto.

      In any case in which Securities are Outstanding that are denominated in
more than one currency and the Trustee is directed to make ratable payments
under this Section to Holders of such Securities, unless otherwise provided
with respect to any series of Securities, the Trustee shall calculate the
amount of such payments as follows: (i) as of the day the Trustee collects an
amount under this Article, the Trustee shall, as to each Holder of a Security
to whom an amount is due and payable under this Section that is denominated
in a foreign currency, determine that amount in Dollars that would be
obtained for the amount owing such Holder, using the rate of exchange at
which in accordance with normal banking procedures the Trustee could purchase
in The City of New York Dollars with such amount owing; (ii) calculate the
sum of all Dollar amounts determined under (i) and add thereto any amounts
due and payable in Dollars; and (iii) using the individual amounts determined
in (i) or any individual amounts due and payable in Dollars, as the case may
be, as a numerator, and the sum calculated in (ii) as a denominator,
calculate as to each Holder of a Security to whom an amount is owed under
this Section the fraction of the amount collected under this Article payable
to such Holder. Any expenses incurred by the Trustee in actually converting
amounts owing Holders of Securities denominated in a currency other than that
in which any amount is collected under this Article shall be likewise (in
accordance with this paragraph) borne ratably by all Holders of Securities to
whom amounts are payable under this Section.

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

SECTION 5.07 LIMITATION ON SUITS.

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

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

            (2) the Holders of not less than 33% in principal amount of the
Outstanding Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder;

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

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

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

it being understood and intended that no one or more of such Holders shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

SECTION 5.08 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM
             AND INTEREST.

      Notwithstanding any other provision in this Indenture, the Holder of any
Security or coupon shall have the right, which is absolute and unconditional,
to receive payment of the principal of and any premium and (subject to
SECTIONS 3.05 and 3.07) any interest on such Security or payment of such
coupon on the Stated Maturity or Maturities expressed in such Security or
coupon (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

SECTION 5.09 RESTORATION OF RIGHTS AND REMEDIES.

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

SECTION 5.10 RIGHTS AND REMEDIES CUMULATIVE.

      Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph
of SECTION 3.06, no right or

                                     35

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remedy herein conferred upon or reserved to the Trustee or to the Holders of
Securities or coupons is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

SECTION 5.11 DELAY OR OMISSION NOT WAIVER.

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

SECTION 5.12 CONTROL BY HOLDERS OF SECURITIES.

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

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

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

            (3) 3) the Trustee shall not be obligated to take any action
unduly prejudicial to Holders not joining in such direction or involving the
Trustee in personal liability.

SECTION 5.13 WAIVER OF PAST DEFAULTS.

      The Holders of a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default hereunder with respect to the
Securities of such series and its consequences, except a default

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

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

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

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SECTION 5.14 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.

SECTION 5.15 WAIVER OF STAY OR EXTENSION LAWS.

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

                                   ARTICLE VI.
                                   THE TRUSTEE

SECTION 6.01 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. 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 6.02 NOTICE OF DEFAULTS.

      If a default occurs hereunder with respect to Securities of any series,
the Trustee shall give the Holders of Securities of such series 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 5.01(4) with respect to Securities of such series, no such notice
to Holders shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section, the term "DEFAULT" means any event
which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Securities of such series.

SECTION 6.03 CERTAIN RIGHTS OF TRUSTEE.

      Subject to the provisions of SECTION 6.01:

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

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

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

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

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

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

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

SECTION 6.04 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

      The recitals contained herein and in the Securities (except the
Trustee's certificates of authentication) and in any coupons shall be taken
as the statements of the Company and the Trustee or any Authenticating Agent
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the
proceeds thereof.

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SECTION 6.05 MAY HOLD SECURITIES.

      The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and coupons and,
subject to SECTIONS 6.08 and 6.13, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other agent.

SECTION 6.06 MONEY HELD IN TRUST.

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

SECTION 6.07 COMPENSATION AND REIMBURSEMENT.

      The Company agrees

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

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

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

      As security for the performance of the obligations of the Company under
this Section the Trustee shall have a lien prior to the Securities 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 Securities.

      Any expenses and compensation for any services rendered by the Trustee
after the occurrence of an Event of Default specified in CLAUSE (5) or (6) of
SECTION 5.01 shall constitute expenses and compensation for services of
administration under all applicable federal or state bankruptcy, insolvency,
reorganization or other similar laws.

      The provisions of this Section shall survive the termination of this
Indenture.

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SECTION 6.08 DISQUALIFICATION; 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
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 6.09 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

      There shall at all times be a Trustee hereunder which shall be a
corporation organized and doing business under the laws of the United States,
any State thereof or the District of Columbia, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000, subject to supervision or examination by Federal or State
authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time 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. No
obligor upon any Security issued under this Indenture or a person directly or
indirectly controlling, controlled by or under common control with such
obligor shall serve as Trustee under this Indenture.

SECTION 6.10 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 6.11.

      (b) The Trustee may resign at any time with respect to the Securities
of one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by SECTION 6.11
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 for the appointment of a successor Trustee with
respect to the Securities of such series.

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

      (d) If at any time:

            (1) the Trustee shall fail to comply with SECTION 6.08 after
written request therefor by the Company or by any Holder of a Security who
has been a bona fide Holder of a Security for at least six months, or

            (2) the Trustee shall cease to be eligible under SECTION 6.09 and
shall fail to resign after written request therefor by the Company or by any
such Holder, or

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            (3) the Trustee shall become incapable of acting or shall be
adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or a 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 case, (i) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (ii) subject to SECTION 5.14, any
Holder of a Security who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities and the appointment of a successor Trustee or
Trustees.

      (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of the Trustee for any
cause, with respect to the Securities of one or more series, the Company, by
a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood
that any such successor Trustee may be appointed with respect to the
Securities of one or more or all series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of SECTION 6.11. If, within one
year after such resignation, removal or incapability, or the occurrence of
such vacancy, a successor Trustee with respect to the Securities of any
series shall be appointed by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable
requirements of SECTION 6.11, become the successor Trustee with respect to
the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the
Holders of Securities of such series and accepted appointment in the manner
required by SECTION 6.11, any Holder of a Security who has been a bona fide
Holder of a Security of such series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. Such court may thereupon, after such notice, if
any, as it may deem proper, appoint a successor Trustee.

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

SECTION 6.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

      (a) In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee, with like effect as
if originally named

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Trustee hereunder; but on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute
and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder. Any Trustee ceasing to act shall,
nevertheless, retain a prior 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 6.07.

      (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is
not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein
or in such supplemental indenture shall constitute such Trustees as
co-trustees of the same trust and that each such Trustee shall be trustee of
a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and
each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly
assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates.

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

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

SECTION 6.12 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

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corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, PROVIDED such corporation shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities.

SECTION 6.13 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 Securities), 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 6.14 APPOINTMENT OF AUTHENTICATING AGENT.

      The Trustee may, by an instrument in writing, appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which may be
authorized to act on behalf of the Trustee to authenticate Securities of such
series issued upon original issue or upon exchange, registration of transfer
or partial redemption thereof or pursuant to SECTION 3.06, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all
times be a corporation organized and doing business under the laws of the
United States, any State thereof or the District of Columbia (or, if Bearer
Securities, organized and doing business under the laws of the country in
which the Bearer Securities are eligible), 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 (or, if Bearer Securities, an authority of the country in
which the Bearer Securities are eligible). 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 the corporate agency or
corporate trust business of such 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 such Authenticating Agent. An Authenticating
Agent may, and if it shall cease to be eligible shall, resign at any time by
giving written notice thereof to the Trustee and to the Company. The

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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 notice of resignation or upon such termination,
or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall mail written notice of such appointment by first-class mail, postage
prepaid, to all Holders of Registered Securities, if any, of the series with
respect to which such Authenticating Agent will serve, as their names and
addresses appear in the Security Register. 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.

      The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payment, subject to the
provisions of SECTION 6.07.

      If an appointment with respect to one or more series is made pursuant
to this Section, the Securities of such series may have been 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 Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                    BNY MIDWEST TRUST COMPANY
                                    AS TRUSTEE

                                    By:____________________________
                                       AS AUTHENTICATING AGENT

                                    By:____________________________
                                       AUTHORIZED OFFICER

      If all the Securities of a series may not be originally issued at one
time, and if the Company has an Affiliate eligible to be appointed as an
Authenticating Agent hereunder or the Trustee does not have an office capable of
authenticating Securities upon original issuance located in a Place of Payment
where the Company wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested by the Company in writing (which
writing need not comply with SECTION 1.02 and need not be accompanied by an
Opinion of Counsel), shall appoint in accordance with this Section an
Authenticating Agent (which, if so

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requested by the Company, shall be such Affiliate of the Company) having an
office in a Place of Payment designated by the Company with respect to such
series of Securities.

                                 ARTICLE VII.
              HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.01 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

      With respect to each series of Securities, the Company will furnish or
cause to be furnished to the Trustee:

      (a) semi-annually, not later than 15 days after a Regular Record Date,
a list, in such form as the Trustee may reasonably require, containing all
the information in the possession or control of the Company, or any of its
Paying Agents other than the Trustee, as to the names and addresses of the
Holders of Securities as of the immediately preceding Regular 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;

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

SECTION 7.02 PRESERVATION OF INFORMATION, COMMUNICATIONS TO HOLDERS.

      (a) 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 7.01, and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
SECTION 7.01 upon receipt of a new list so furnished.

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

      (c) Every Holder of Securities or coupons, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor
the Trustee nor any agent of any 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 and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made
under SECTION 7.02(b).

SECTION 7.03 REPORTS BY TRUSTEE.

      (a) on or before July 15 in each year following the date hereof, 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.

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      (b) 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
Securities are listed, with the Commission and with the Company. The Company
will notify the Trustee when any Securities are listed (or delisted) on any
stock exchange.

SECTION 7.04 REPORTS BY COMPANY.

      In addition to the certificates delivered to the Trustee pursuant to
SECTION 10.07, 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 Securities Exchange Act of
1934, as amended, shall be filed with the Trustee within 15 days after the
same is so required to be filed with the Commission.

                                ARTICLE VIII.
             CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.01 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

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

            (1) the Person formed by such consolidation or into which the
Company is merged or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as an
entirety shall be a corporation, partnership or trust, shall be organized and
validly existing under the laws of the United States, any state thereof or
the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
and any premium and interest (including all additional amounts, if any,
payable pursuant to SECTION 10.04) on all the Securities and the performance
or observance of every other covenant of this Indenture on the part of the
Company to be performed or observed;

            (2) immediately after giving effect to such transaction, no Event
of Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing; and

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

SECTION 8.02 SUCCESSOR SUBSTITUTED.

      Upon any consolidation of the Company with, or merger of the Company into,
any other Person or any conveyance, transfer or lease of the properties and
assets of the Company

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substantially as an entirety in accordance with SECTION 8.01, the successor
Person formed by such consolidation or into which the Company is merged or to
which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been
named as the Company herein, and thereafter, except in the case of a lease,
the predecessor Person shall be relieved of all obligations and covenants
under this Indenture and the Securities and coupons and may liquidate and
dissolve.

                                   ARTICLE IX.
                             SUPPLEMENTAL INDENTURES

SECTION 9.01 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

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

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

            (2) to add to the covenants of the Company for the benefit of the
Holders of all or any series of Securities and any coupons appertaining
thereto (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series), to convey, transfer, assign,
mortgage or pledge any property to or with the Trustee or otherwise secure
any series of the Securities or to surrender any right or power herein
conferred upon the Company; or

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

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

            (5) to add to, change or eliminate any of the provisions of this
Indenture in respect of one or more series of Securities, PROVIDED that any
such addition, change or elimination (A) shall neither (i) apply to any
Security of any series created prior to the execution of such supplemental
indenture and entitled to the benefit of such provision nor (ii) modify the
rights of the Holder of any such Security with respect to such provision or
(B) shall become effective only when there is no such Security Outstanding; or

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

            (7) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of
SECTION 6.11(b); or

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

SECTION 9.02 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

      With the consent of the Holders of a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee,
the Company, when authorized by Board Resolution, and the Trustee may enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series and any related coupons under this
Indenture; PROVIDED, HOWEVER, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected
thereby,

            (1) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium
payable upon the redemption thereof, or change the Redemption Date thereof, or
change any obligation of the Company to pay additional amounts pursuant to
SECTION 10.04 (except as contemplated by SECTION 8.01(1) and permitted by
SECTION 9.01(1)), or reduce the amount of the principal of an Original Issue
Discount Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to SECTION 5.02 or change the
coin or currency in which any Security or any premium or interest thereon is
payable, or change any right of redemption, purchase or repayment by the
Company at the option of the Holder or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date), or

            (2) reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the

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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 reduce the requirements of
SECTION 14.04 for quorum or voting, or

            (3) change any obligation of the Company to maintain an office or
agency in the places and for the purposes specified in SECTION 10.02, or

            (4) modify any of the provisions of this Section, SECTION 5.13 or
SECTION 10.08 except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each Outstanding Security affected
thereby; PROVIDED, HOWEVER, that this clause shall not be deemed to require
the consent of any Holder of a Security or coupon with respect to changes in
the references to "the Trustee" and concomitant changes in this Section and
SECTION 10.08 or the deletion of this provision, in accordance with the
requirements of SECTIONS 6.11(b) and 9.01(8).

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

      It shall not be necessary for any Act of Holders of Securities 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 9.03 EXECUTION OF SUPPLEMENTAL INDENTURES.

      In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive and (subject to SECTION 6.01) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee's own rights, duties or immunities under this Indenture
or otherwise.

SECTION 9.04 EFFECT OF SUPPLEMENTAL INDENTURES.

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

SECTION 9.05 CONFORMITY WITH TRUST INDENTURE ACT.

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

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SECTION 9.06 REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

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

                                   ARTICLE X.
                                   COVENANTS

SECTION 10.01 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

      The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and any
premium and interest on the Securities of that series in accordance with the
terms of the Securities, any coupons appertaining thereto and this Indenture.
Unless otherwise specified as contemplated by SECTION 3.01 with respect to
any series of Securities, any interest due on Bearer Securities on or before
Maturity shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they
severally mature.

SECTION 10.02 CORPORATE EXISTENCE AND MAINTENANCE OF OFFICE OR AGENCY.

      Except as expressly permitted by this Indenture, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect the corporate existence of the Company.

      If Securities of a series are issuable only as Registered Securities,
the Company will maintain in each Place of Payment for such series an office
or agency where Securities of that series may be presented or surrendered for
payment where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City of New York, an office or
agency where any Registered Securities of that series may be presented or
surrendered for payment, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may
be surrendered for exchange, where notices and demands to or upon the Company
in respect of the Securities of that series and this Indenture may be served
and where Bearer Securities of that series and related coupons may be
presented or surrendered for payment in the circumstances described in the
following paragraph (and not otherwise), (B) subject to any laws or
regulations applicable thereto, in a Place of Payment for that series which is
located outside the United States, an office or agency where Securities of
that series and related coupons may be presented and surrendered for payment
(including payment of any additional amounts payable on Securities of that
series pursuant to SECTION 10.04); PROVIDED, HOWEVER, that if the Securities

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of that series are listed on The International Stock Exchange of the United
Kingdom and the Republic of Ireland Limited, the Luxembourg Stock Exchange or
any other stock exchange located outside the United States and such stock
exchange shall so require, the Company will maintain a Paying Agent for the
Securities of that series in London, Luxembourg or any other required city
located outside the United States, as the case may be, so long as the
Securities of that series are listed on such exchange, and (C) subject to any
laws or regulations applicable thereto, in a Place of Payment for that series
which is located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange and
where notices and demands to or upon the Company in respect of the Securities
of that series, and this Indenture may be served. The Company will give prompt
written notice to the Trustee and prompt notices to the Holders as provided in
SECTION 1.06 of the location, and any change in the location, of any such
office or agency. If at any time the Company shall fail to maintain any such
required office or agency in respect of any series of Securities or shall fail
to furnish the Trustee with the address thereof, such presentations and
surrenders of Securities of that series may be made and notices and demands
may be made or served at the Corporate Trust Office of the Trustee, except
that Bearer Securities of that series and the related coupons may be presented
and surrendered for payment (including payment of any additional amounts
payable on Bearer Securities of that series pursuant to SECTION 10.04) at any
Paying Agent for such series located outside the United States, and the
Company hereby appoints the same as its agents to receive such respective
presentations, surrenders, notices and demands.

      No payment of principal, premium or interest on Bearer Securities shall be
made at any office or agency of the Company in the United States or by check
mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; PROVIDED, HOWEVER, that, if
the Securities of a series are denominated and payable in Dollars, payment of
principal of and any premium and interest on any Bearer Security (including any
additional amounts payable on Securities of such series pursuant to SECTION
10.04) shall be made at the office of the Company's Paying Agent in the Borough
of Manhattan, The City of New York, if (but only if) payment in Dollars of the
full amount of such principal, premium, interest or additional amounts, as the
case may be, at all offices or agencies outside the United States maintained for
the purpose by the Company in accordance with this Indenture is illegal or
effectively precluded by exchange controls or other similar restrictions.

      The Company may also from time to time designate one or more other offices
or agencies where Securities of one or more series 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 accordance with the requirements set forth above for Securities of any series
for such purposes. The Company will give prompt written notice to the Trustee
and the Holders of any such designation or rescission and of any other change in
the location of any such other office or agency.

SECTION 10.03 MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

      If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities and any coupons appertaining thereto, it will, on or
before each due date of the

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principal of and any premium or interest on any of the Securities of that
series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal and any premium or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed
of as herein provided and will promptly notify the Trustee of its action or
failure to so act.

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

      The Company will cause each Paying Agent for any series of Securities
(other than the Company or the Trustee) 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 (i) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and
(ii) during the continuance of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment in respect of
the Securities of that series, and 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 Securities of that series.

      The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by
the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
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 and any premium or
interest on any Security of any series and remaining unclaimed for two years
after such principal and any premium or interest has become due and payable
shall be paid to the Company on Company Request (unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property
law), or (if then held by the Company) shall be discharged from such trust; and
the Holder of such Security or any coupon appertaining thereto shall (unless
otherwise required by mandatory provisions of applicable escheat or abandoned or
unclaimed property law) thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee
or such Paying Agent, before being required to make any such repayment, may at
the expense of the Company cause to be published once, in an Authorized
Newspaper in each Place of Payment, 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.

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SECTION 10.04 ADDITIONAL AMOUNTS.

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

      If the Securities of a series provide for the payment of additional
amounts, at least 10 days prior to the first Interest Payment Date with respect
to that series of Securities (or if the Securities of that series will not bear
interest prior to Maturity, the first day on which a payment of principal and
any premium is made), and at least 10 days prior to each date of payment of
principal and any premium or interest if there has been any change with respect
to the matters set forth in the below-mentioned Officers' Certificate, the
Company will furnish the Trustee and the Company's principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers' Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal of and any premium or interest on the Securities of that
series shall be made to Holders of Securities of that series or any related
coupons who are United States Aliens without withholding for or on account of
any tax, assessment or other governmental charge described in the Securities of
that series. If any such withholding shall be required, then such Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on such payments to such Holders of Securities or coupons and the Company will
pay to the Trustee or such Paying Agent the additional amounts required by this
Section. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of
or in connection with actions taken or omitted by any of them in reliance on any
Officers' Certificate furnished pursuant to this Section.

SECTION 10.05 PURCHASE OF SECURITIES BY COMPANY OR SUBSIDIARY.

      If and so long as the Securities of a series are listed on The
International Stock Exchange of the United Kingdom and the Republic of Ireland
Limited and such stock exchange shall so require, the Company will not, and will
not permit any of its Subsidiaries to, purchase any Securities of that series by
private treaty at a price (exclusive of expenses and accrued interest) which
exceeds 120% of the mean of the nominal quotations of the Securities of that
series as shown in The Stock Exchange Daily Official List for the last trading
day preceding the date of purchase.

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SECTION 10.06  APPOINTMENT TO FILL VACANCIES IN TRUSTEE'S OFFICE.

      The Company, whenever necessary to avoid or fill a vacancy in the office
of the Trustee, will appoint, in the manner provided in SECTION 6.10, a Trustee,
so that there shall at all times be a Trustee hereunder.

SECTION 10.07 STATEMENT BY OFFICER AS TO DEFAULT.

      (a) The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year of the Company ending after the date hereof, a brief
certificate from the principal executive officer, principal financial officer or
principal accounting officer as to his or her knowledge of the Company's
compliance with all conditions and covenants under this Indenture. For purposes
of this SECTION 10.07, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture. Such certificate
shall comply with Section 314(a)(4) of the Trust Indenture Act.

      (b) The Company shall, so long as any of the Securities are outstanding,
deliver to the Trustee forthwith upon any Officer becoming aware of any Event of
Default or event which, after notice or lapse of time or both, would become an
Event of Default, an Officers' Certificate specifying such Event of Default or
event and what action the Company proposes to take with respect thereto.

SECTION 10.08 WAIVER OF CERTAIN COVENANTS.

      The Company may omit in any particular instance to comply with any term,
provision or condition set forth in SECTION 10.05 with respect to the Securities
of any series if before the time for such compliance the Holders of a majority
in principal amount of the Outstanding Securities of such series 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 XI.
                            REDEMPTION OF SECURITIES

SECTION 11.01 APPLICABILITY OF ARTICLE.

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

SECTION 11.02 ELECTION TO REDEEM; NOTICE TO TRUSTEE.

      The election of the Company to redeem any Securities shall be evidenced by
a Board Resolution. In the case of any redemption at the election of the Company
of less than all the Securities of any series, the Company shall, at least 45
days prior to the Redemption Date fixed

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by the Company (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee of such Redemption Date, of the principal amount of
Securities of such series to be redeemed and, if applicable, of the tenor of the
Securities of such series to be redeemed. In the case of any redemption of
Securities (i) prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, or (ii)
pursuant to an election of the Company which is subject to a condition specified
in the terms of such Securities, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction or condition.

SECTION 11.03 SELECTION OF SECURITIES TO BE REDEEMED.

      If less than all the Securities of any series are to be redeemed (unless
all of the Securities of such series of a specified tenor are to be redeemed)
the particular Securities to be redeemed shall be selected not more than 45 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Registered Securities of such series of a denomination larger than the
minimum authorized denomination for Securities of that series or of the
principal amount of global Securities of such series. If less than all of the
Securities of such series and of a specified tenor are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 45 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series and specified tenor not previously called for redemption in
accordance with the preceding sentence.

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

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

SECTION 11.04 NOTICE OF REDEMPTION.

      Notice of redemption shall be given in the manner provided in SECTION 1.06
to the Holders of Securities to be redeemed not less than 30 nor more than 60
days prior to the Redemption Date.

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      All notices of redemption shall state:

            (1) the Redemption Date,

            (2) the Redemption Price,

            (3) if less than all the Outstanding Securities of any series are to
be redeemed, the identification (and, in the case of partial redemption of any
Securities, the principal amounts) of the particular Securities to be redeemed,
and that on and after the Redemption Date, upon surrender of the Securities, new
Securities of such series in principal amount equal to the unredeemed part
thereof will be issued,

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

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

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

      A notice of redemption published as contemplated by SECTION 1.06 need not
identify particular Registered Securities to be redeemed.

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

SECTION 11.05 DEPOSIT OF REDEMPTION PRICE.

      On or prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in SECTION 10.03) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.

SECTION 11.06  SECURITIES PAYABLE ON REDEMPTION DATE.

      Notice of redemption having been given as aforesaid, the Securities so to
be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein

                                      56
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specified, and from and after such date (unless the Company shall default in the
payment of the Redemption Price and accrued interest) such Securities shall
cease to bear interest and the coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall
be void. Upon surrender of any such Security for redemption in accordance with
said notice, together with all coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date;
PROVIDED, HOWEVER, that installments of interest on Bearer Securities whose
Stated Maturity is on or prior to the Redemption Date shall be payable only at
an office or agency located outside the United States (except as otherwise
provided in SECTION 10.02) and, unless otherwise specified as contemplated by
SECTION 3.01, only upon presentation and surrender of coupons for such interest,
and PROVIDED, FURTHER, that, unless otherwise specified as contemplated by
SECTION 3.01, installments of interest on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of SECTION 3.07.

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

      If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal and any premium shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the
Security or, in the case of Original Issue Discount Securities, the Securities'
yield to maturity.

SECTION 11.07 SECURITIES REDEEMED IN PART.

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

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                                  ARTICLE XII.
                                  SINKING FUNDS

SECTION 12.01 APPLICABILITY OF ARTICLE.

      The provisions of this Article shall be applicable to any sinking fund for
the retirement of Securities of a series except as otherwise specified as
contemplated by SECTION 3.01 for Securities of such series.

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

SECTION 12.02  SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

      The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption), together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto, and
(2) may apply as a credit Securities of a series which have been redeemed
either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of such
series required to be made pursuant to the terms of such Securities as
provided for by the terms of such series; PROVIDED that such Securities have
not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in
such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly.

SECTION 12.03 REDEMPTION OF SECURITIES FOR SINKING FUND.

      Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee a Company Order
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities of that series pursuant to
SECTION 12.02 and will also deliver to the Trustee any Securities to be so
credited. Not less than 45 days before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in SECTION 11.03 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in SECTION 11.04. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in SECTIONS 11.06 and 11.07.

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                                  ARTICLE XIII.
                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 13.01  COMPANY'S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE.

      The Company may at its option by Board Resolution, at any time, elect to
have either SECTION 13.02 or SECTION 13.03 applied to the Outstanding Securities
of any series upon compliance with the conditions set forth below in this
ARTICLE THIRTEEN.

SECTION 13.02 DEFEASANCE AND DISCHARGE.

      Upon the Company's exercise of the option provided in SECTION 13.01
applicable to this Section, the Company shall be deemed to have been
discharged from its obligations with respect to the Outstanding Securities of
any series on the date the conditions set forth below are satisfied
(hereinafter, "DEFEASANCE"). For this purpose, such defeasance means that the
Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Outstanding Securities of such series and to have satisfied
all its other obligations under the Securities of such series and this
Indenture insofar as the Securities of such series are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of the
Securities of such series to receive, solely from the trust fund described in
SECTION 13.04 and as more fully set forth in such Section, payments in respect
of the principal of and any premium and interest on the Securities of such
series when such payments are due, (B) the Company's obligations with respect
to such Securities under SECTIONS 3.04, 3.05, 3.06, 10.02, 10.03 and 10.04,
(C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this ARTICLE THIRTEEN. Subject to compliance with this ARTICLE
THIRTEEN, the Company may exercise its option under this Section 13.02
notwithstanding the prior exercise of its option under SECTION 13.03.

SECTION 13.03 COVENANT DEFEASANCE.

      Upon the Company's exercise of the option provided in SECTION 13.01
applicable to this Section, (i) the Company shall be released from its
obligations with respect to the Securities of such series under SECTIONS 8.01
and 10.05 and (ii) the occurrence of an event specified in SECTIONS 5.01(3) or
(4) shall not be deemed to be an Event of Default on and after the date the
conditions set forth below are satisfied (hereinafter, "COVENANT DEFEASANCE"),
but the remainder of this Indenture and such Securities shall be unaffected
thereby. For this purpose, such covenant defeasance means that the Company may
omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such Section or clause whether directly
or indirectly by reason of any reference elsewhere herein to any such Section or
clause or by reason of any reference in any such Section or clause to any other
provision herein or in any such Section or clause to any other provision herein
or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.

SECTION 13.04 CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.

      The following shall be the conditions to application of either SECTION
13.02 or SECTION 13.03 to the then Outstanding Securities of any series:

                                      59
<Page>

            (1) The Company shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee satisfying the requirements of
SECTION 6.09 who shall agree to comply with the provisions of this ARTICLE
THIRTEEN applicable to it) as trust funds in trust for the purpose of making the
following payments specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of the Securities of such series, (A) money in an
amount, or (B) U.S. Government Obligations which through the scheduled payment
of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an
amount, or (C) a combination thereof, sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which
shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, the principal of (and premium, if any) and each installment of
interest on the Securities and any coupons pertaining thereto on the Stated
Maturity of such principal (and premium, if any) or installment of interest in
accordance with the terms of this Indenture and of the Securities of such
series. For this purpose, "U.S. GOVERNMENT OBLIGATIONS" means securities that
are (x) direct obligations of the United States for the payment of which its
full faith and credit is pledged or (y) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act of 1933, as amended) as custodian with respect to any such U.S.
Government Obligation or a specific payment of principal of or interest on any
such U.S. Government Obligation held by such custodian for the account of the
holder of such depository receipt, PROVIDED that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment
of principal of or interest on the U.S. Government Obligation evidenced by such
depository receipt.

            (2) In the case of an election under SECTION 13.02, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (x) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (y) since the date of this Indenture there has been a
change in the applicable United States Federal income tax law, in either case to
the effect that, and based thereon such opinion shall confirm that, the Holders
of the Outstanding Securities of such series will not recognize income, gain or
loss for United States Federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to United States Federal income tax
on the same amounts, in the same manner and at the same times as would have been
the case if such deposit, defeasance and discharge had not occurred.

            (3) In the case of an election under SECTION 13.03, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of the Outstanding Securities of such series will not recognize gain or
loss for United States Federal income tax purposes as a result of such deposit
and covenant defeasance and will be subject to United States Federal income tax
on the same amount, in the same manner and at the same times as would have been
the case if such deposit and covenant defeasance had not occurred.

                                      60
<Page>

            (4) No Event of Default or event which with notice or lapse of
time or both would become an Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such
deposit or, insofar as SECTIONS 5.01(5) and (6) are concerned, at any time
during the period ending on the 121st day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the
expiration of such period).

            (5) Such defeasance or covenant defeasance shall not cause the
Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act with respect to any securities of the Company.

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

            (7) The Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to either the defeasance under SECTION 13.02
or the covenant defeasance under SECTION 13.03 (as the case may be) have been
complied with.

            (8) Such defeasance or covenant defeasance shall not result in
the trust arising from such deposit constituting an investment company as
defined in the Investment Company Act of 1940, as amended, or such trust
shall be qualified under such Act or exempt from regulation thereunder.

SECTION 13.05  DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS.

      Subject to the provisions of the last paragraph of SECTION 10.03, all
money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee -- collectively, for
purposes of this SECTION 13.05, the "TRUSTEE") pursuant to SECTION 13.04 in
respect of the Securities of such series shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Securities of such
series and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of the Securities of such series, of
all sums due and to become due thereon in respect of principal (and premium,
if any) and interest, but such money need not be segregated from other funds
except to the extent required by law. The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against
the U.S. Government Obligations deposited pursuant to SECTION 13.04 or the
principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the
Outstanding Securities.

      Anything in this ARTICLE THIRTEEN to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
SECTION 13.04 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification

                                       61
<Page>

thereof delivered to the Trustee, are in excess of the amount thereof which
would then be required to be deposited to effect an equivalent defeasance or
covenant defeasance.

SECTION 13.06  REINSTATEMENT.

      If the Trustee or the Paying Agent is unable to apply any money in
accordance with SECTION 13.02 or 13.03 by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company's obligations under this
Indenture and the Securities of such series shall be revived and reinstated
as though no deposit had occurred pursuant to this ARTICLE THIRTEEN until
such time as the Trustee or Paying Agent is permitted to apply all such money
in accordance with SECTION 13.02 or 13.03; PROVIDED, HOWEVER, that if the
Company makes any payment of principal of or any premium or interest on any
Security following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of the Securities of such series to
receive such payment from the money held by the Trustee or the Paying Agent.

                                  ARTICLE XIV.
                     MEETINGS OF HOLDERS OF BEARER SECURITIES

SECTION 14.01  PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

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

SECTION 14.02 CALL, NOTICE AND PLACE OF MEETINGS.

      (a) The Trustee may at any time call a meeting of Holders of Bearer
Securities of any series for any purpose specified in SECTION 14.01, to be
held at such time and at such place in the Borough of Manhattan, The City of
New York, or in London or such other location as the Trustee shall determine.
Notice of every meeting of Holders of Bearer Securities of any series,
setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner
provided in SECTION 1.06, not less than 21 nor more than 120 days prior to
the date fixed for the meeting.

      (b) In case at any time the Company, pursuant to a Board Resolution, or
the Holders of at least 10% in aggregate principal amount of the Outstanding
Bearer Securities of any series shall have requested the Trustee to call a
meeting of the Holders of Securities of such series for any purpose specified
in SECTION 14.01, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have
made the first publication of the notice of such meeting within 21 days after
receipt of such request or shall not thereafter proceed to cause the meeting
to be held as provided herein, then the Company or the Holders of Securities
of such series in the amount above specified, as the case may be, may
determine the time and the place in the Borough of Manhattan, The City of New
York, or in London or such other location as the Trustee shall determine for
such meeting and may call such meeting for such purposes by giving notice
thereof as provided in subsection (a) of this Section.

                                       62
<Page>

SECTION 14.03 PERSONS ENTITLED TO VOTE AT MEETINGS.

      To be entitled to vote at any meeting of Holders of Bearer Securities a
Person shall (a) be a Holder of one or more Bearer Securities or (b) be a
Person appointed by an instrument in writing as proxy by a Holder of one or
more Bearer Securities. The only Persons who shall be entitled to be present
or to speak at any meeting of Holders of Bearer Securities 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 14.04 QUORUM; ACTION.

      The Persons entitled to vote a majority in aggregate principal amount
of the Outstanding Bearer Securities of a series shall constitute a quorum
for a meeting of Holders of Securities of such series. In the absence of a
quorum within 30 minutes of the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved. In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any
such adjourned meeting, such adjourned meeting may be further adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in SECTION 14.02(a),
except that such notice need be given only once not less than five days prior
to the date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the aggregate principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

      Except as limited by SECTION 5.12 or the proviso to the first paragraph
of SECTION 9.02, any resolution presented to a meeting (or adjourned meeting
duly reconvened at which a quorum is present as aforesaid) may be adopted by
the affirmative vote of the Holders of a majority in principal amount of the
Outstanding Bearer Securities of that series; provided, however, that any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly
provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in aggregate principal amount of
the Outstanding Bearer Securities of a series may be adopted at a meeting (or
an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid) by the affirmative vote of the Holders of such specified
percentage in principal amount of the Outstanding Bearer Securities of that
series.

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

SECTION 14.05  DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
MEETINGS.

      (a) Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Bearer

                                       63
<Page>

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

      (b) The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders of Bearer Securities as provided in SECTION 14.02(b),
in which case the Company or the Holders of Bearer Securities of the series
calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote a majority
in aggregate principal amount of the Outstanding Securities of such series
represented at the meeting.

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

      (d) Any meeting of Holders of Bearer Securities of any series duly
called pursuant to SECTION 14.02 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in
principal amount of the Outstanding Securities of such series represented at
the meeting; and the meeting may be held as so adjourned without further
notice.

SECTION 14.06  COUNTING VOTES AND RECORDING ACTION OF MEETINGS.

      The vote upon any resolution submitted to any meeting of Holders of
Bearer Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers
of the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record, at
least in duplicate, of the proceedings of each meeting of Holders of Bearer
Securities of any series shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was given as provided in
SECTION 14.02 and, if applicable, SECTION 14.04. Each copy shall be signed
and verified by the affidavits of the

                                       64
<Page>

permanent chairman and secretary of the meeting and one such copy shall
be delivered to the Company, and another to the Trustee to be preserved by
the Trustee, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of
the matters therein stated.

                                      65

<Page>

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

                                     COMPANY

                                     ILLINOIS POWER COMPANY

                                     By:________________________________________
                                     Name:______________________________________
                                     Title:_____________________________________

                                     TRUSTEE

                                     BNY MIDWEST TRUST COMPANY

                                     By:________________________________________
                                     Name:______________________________________
                                     Title:_____________________________________

<Page>

                                    EXHIBIT A

                         FORM OF CERTIFICATE TO BE GIVEN
                         BY BENEFICIAL OWNER OF INTEREST
                         IN A TEMPORARY GLOBAL SECURITY

                             ILLINOIS POWER COMPANY

                              [Title of Securities]

                               (the "SECURITIES")

      This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i) are
owned by person(s) that are not citizens or residents of the United States,
domestic partnerships, domestic corporations or any estate or trust the
income of which is subject to United States Federal income taxation
regardless of its source ("UNITED STATES PERSONS"), (ii) are owned by United
States person(s) that are (A) foreign branches of United States financial
institutions (as defined in U.S. Treasury Regulations Section
1.165-12(c)(1)(v)) ("FINANCIAL INSTITUTIONS") purchasing for their own
account or for resale, or (B) United States person(s) who acquired Securities
through the foreign branches of the United States financial institutions and
who hold the Securities through such United States financial institutions on
the date hereof (and in either case (A) or (B), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986 as amended, and the regulations thereunder), or
(iii) are owned by United States or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of
the Securities is a United States or foreign financial institution described
in clause (iii) above (whether or not also described in clause (i) or (ii)),
this is to further certify that such financial institution has not acquired
the Securities for purposes of resale directly or indirectly to a United
States person or to a person within the United States or its possessions.

      If the Securities are of the category contemplated in Section
230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended
(the "ACT"), then this is also to certify that, except as set forth below,
the Securities are beneficially owned by (a) non-U.S. person(s) or (b) U.S.
person(s) who purchased the Securities in transactions which did not require
registration under the Act.

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

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

                                     A-1
<Page>

      This certification excepts and does not relate to $________ of such
interest in the above Securities in respect of which we are not able to
certify and as to which we understand exchange and delivery of definitive
Securities (or, if relevant, exercise of any rights or collection of any
interest) cannot be made until we do so certify.

      We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or
would be relevant, we irrevocably authorize you to produce this certification
to any interested party in such proceedings.

*Dated: ______________, _____.

                                    NAME OF PERSON MAKING
                                    CERTIFICATION
                                    By:___________________________

* To be dated no earlier than the Certification Date.

                                      A-2
<Page>

                                    EXHIBIT B

                      FORM OF CERTIFICATION TO BE GIVEN
                   BY THE EURO-CLEAR OPERATOR OR CEDEL S.A.

                             ILLINOIS POWER COMPANY

                              [Title of Securities]

                               (the "SECURITIES")

      This is to certify that, based solely on certifications we have received
in writing, by tested telex or by electronic transmission from member
organizations appearing in our records as persons being entitled to a portion
of the principal amount set forth below (our "MEMBER ORGANIZATIONS")
substantially to the effect set forth in the Indenture, dated as of
___________________, between Illinois Power Company and BNY Midwest Trust
Company, as of the date hereof, as supplemented, amended or restated, [ ]
principal amount of the above-captioned Securities (i) is owned by persons
that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of which
is subject to United States Federal income taxation regardless of its source
("UNITED STATES PERSONS"), (ii) is owned by United States persons that are (A)
foreign branches of United States financial institutions (as defined in U.S.
Treasury Regulations Section 1.165-12(c)(1)(v)) ("FINANCIAL INSTITUTIONS")
purchasing for their own account or for resale, or (B) United States persons
who acquired the Securities through foreign branches of United States
financial institutions and who hold the Securities through such United States
financial institutions on the date hereof (and in either case (A) or (B), each
such United States financial institution has agreed, on its own behalf or
through its agent, that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) is owned by United States or foreign
financial institutions for purposes of resale during the restricted period (as
defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to
the further effect that the United States or foreign financial institutions
described in clause (iii) above (whether or not also described in clause (i)
or (ii)) have certified that they have not acquired the Securities for
purposes of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.

      If the Securities are of the category contemplated in Section
230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended,
then this is also to certify with respect to such principal amount of
Securities set forth above that, except as set forth below, we have received
in writing, by tested telex or by electronic transmission, from our Member
Organizations entitled to a portion of such principal amount, certifications
with respect to such portion, substantially to the effect set forth in the
Indenture.

      We further certify (i) that we are not making available herewith for
exchange (or, if relevant, exercise of any rights or collection of any
interest) any portion of the temporary global Security excepted in such
certifications and (ii) that as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any portion of
the part submitted herewith for

                                     B-1
<Page>

exchange (or, if relevant, exercise of any rights or collection of any
interest) are no longer true and cannot be relied upon as of the date hereof.

      We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or
would be relevant, we irrevocably authorize you to produce this certification
or a copy hereof to any interested party in such proceedings.

Dated:_______________, _____.

(dated the Exchange Date or the Interest Payment Date)

                                    [Morgan Guaranty Trust Company of New York,
                                    as operator of the Euro-clear System]
                                    or

                                    [CEDEL S.A.]

                                    By:_________________________________________

                                      B-2

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