Document:

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                                                                     EXHIBIT 4.1

                            R&G FINANCIAL CORPORATION

                                       TO

                            WILMINGTON TRUST COMPANY,
                                     TRUSTEE

                                    INDENTURE

                        DATED AS OF ___________ __, 200__

                             SENIOR DEBT SECURITIES

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                            R&G FINANCIAL CORPORATION
                         RECONCILIATION AND TIE BETWEEN
                         TRUST INDENTURE ACT OF 1939 AND
                      INDENTURE DATED AS OF _____ __, 200__
                              CROSS-REFERENCE TABLE

<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(b)..............................................................                      6.08
.....................................................................                      6.10
311(a)..............................................................                      6.13
311(b)..............................................................                      6.13
312(a)..............................................................                      7.01
.....................................................................                      7.02(a)
312(b)..............................................................                      7.02(b)
312(c)..............................................................                      7.02(c)
313(a)..............................................................                      7.03(a)
313(b)..............................................................                      7.03(b)
313(c)..............................................................                      7.03(c)
313(d)..............................................................                      7.03(d)
314(a)..............................................................                      7.04
       (a)(4).......................................................                     12.02
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
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
317(a)(1)...........................................................                      5.03
317(a)(2)...........................................................                      5.04
317(b)..............................................................                     12.04
318(a)..............................................................                      1.06
</TABLE>

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

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                                TABLE OF CONTENTS

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

Section 1.01         Definitions.................................................................................         1
Section 1.02         Compliance Certificates and Opinions........................................................        10
Section 1.03         Form of Documents Delivered to Trustee......................................................        10
Section 1.04         Notices, etc., to Trustee and Company.......................................................        11
Section 1.05         Notice to Holders; Waiver...................................................................        11
Section 1.06         Conflict with Trust Indenture Act...........................................................        12
Section 1.07         Effect of Headings and Table of Contents....................................................        12
Section 1.08         Successors and Assigns......................................................................        12
Section 1.09         Separability Clause.........................................................................        13
Section 1.10         Benefits of Indenture.......................................................................        13
Section 1.11         Governing Law...............................................................................        13
Section 1.12         Legal Holidays..............................................................................        13
Section 1.13         No Security Interest Created................................................................        13
Section 1.14         Liability Solely Corporate..................................................................        13

ARTICLE II DEBT SECURITY FORMS...................................................................................        14

Section 2.01         Forms Generally.............................................................................        14
Section 2.02         Form of Trustee's Certificate of Authentication.............................................        15
Section 2.03         Securities in Global Form...................................................................        15

ARTICLE III THE DEBT SECURITIES..................................................................................        15

Section 3.01         Amount Unlimited; Issuable in Series........................................................        15
Section 3.02         Denominations...............................................................................        19
Section 3.03         Execution, Authentication, Delivery and Dating..............................................        20
Section 3.04         Temporary Debt Securities; Exchange of Temporary Global Notes for Definitive Bearer
                     Securities; Global Notes Representing Registered Securities.................................        22
Section 3.05         Registration, Transfer and Exchange.........................................................        28
Section 3.06         Mutilated, Destroyed, Lost and Stolen Debt Securities.......................................        30
Section 3.07         Payment of Interest; Interest Rights Preserved..............................................        31
Section 3.08         Cancellation................................................................................        33
Section 3.09         Computation of Interest.....................................................................        34
Section 3.10         Currency of Payments in Respect of Debt Securities..........................................        34
Section 3.11         Judgments...................................................................................        37
Section 3.12         Exchange Upon Default.......................................................................        38
Section 3.13         CUSIP Numbers...............................................................................        38

ARTICLE IV SATISFACTION AND DISCHARGE............................................................................        38

Section 4.01         Satisfaction and Discharge of Indenture.....................................................        38
</TABLE>

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<TABLE>
<S>                                                                                                                      <C>
Section 4.02         Application of Trust Money..................................................................        40

ARTICLE V REMEDIES...............................................................................................        40

Section 5.01         Events of Default...........................................................................        40
Section 5.02         Acceleration of Maturity; Rescission and Annulment..........................................        42
Section 5.03         Collection of Indebtedness and Suits for Enforcement by Trustee.............................        43
Section 5.04         Trustee May File Proofs of Claim............................................................        44
Section 5.05         Trustee May Enforce Claims Without Possession of Debt Securities............................        44
Section 5.06         Application of Money Collected..............................................................        45
Section 5.07         Limitation on Suits.........................................................................        45
Section 5.08         Unconditional Right of Holders to Receive Principal, Premium and Interest...................        46
Section 5.09         Restoration of Rights and Remedies..........................................................        46
Section 5.10         Rights and Remedies Cumulative..............................................................        46
Section 5.11         Delay or Omission Not Waiver................................................................        46
Section 5.12         Control by Holders..........................................................................        47
Section 5.13         Waiver of Past Defaults.....................................................................        47
Section 5.14         Undertaking for Costs.......................................................................        47
Section 5.15         Waiver of Stay or Extension Laws............................................................        48

ARTICLE VI THE TRUSTEE...........................................................................................        48

Section 6.01         Certain Duties and Responsibilities.........................................................        48
Section 6.02         Notice of Defaults..........................................................................        49
Section 6.03         Certain Rights of Trustee...................................................................        50
Section 6.04         Not Responsible for Recitals or Issuance of Debt Securities.................................        51
Section 6.05         May Hold Debt Securities....................................................................        51
Section 6.06         Money Held in Trust.........................................................................        51
Section 6.07         Compensation and Reimbursement..............................................................        52
Section 6.08         Disqualification; Conflicting Interests.....................................................        52
Section 6.09         Corporate Trustee Required; Eligibility.....................................................        58
Section 6.10         Resignation and Removal; Appointment of Successor...........................................        58
Section 6.11         Acceptance of Appointment by Successor......................................................        60
Section 6.12         Merger, Conversion, Consolidation or Succession to Business.................................        61
Section 6.13         Preferential Collection of Claims Against Company...........................................        61
Section 6.14         Appointment of Authenticating Agent.........................................................        65

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

Section 7.01         Company to Furnish Trustee Names and Addresses of Holders...................................        66
Section 7.02         Preservation of Information; Communication to Holders.......................................        67
Section 7.03         Reports by Trustee..........................................................................        68
Section 7.04         Reports by Company..........................................................................        70

ARTICLE VIII CONCERNING THE HOLDERS..............................................................................        71

Section 8.01         Acts of Holders.............................................................................        71
</TABLE>

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<TABLE>
<S>                                                                                                                      <C>
Section 8.02         Proof of Ownership; Proof of Execution of Instruments by Holder.............................        71
Section 8.03         Persons Deemed Owners.......................................................................        72
Section 8.04         Revocation of Consents; Future Holders Bound................................................        72

ARTICLE IX HOLDERS' MEETINGS.....................................................................................        73

Section 9.01         Purposes of Meetings........................................................................        73
Section 9.02         Call of Meetings by Trustee.................................................................        73
Section 9.03         Call of Meetings by Company or Holders......................................................        74
Section 9.04         Qualifications for Voting...................................................................        74
Section 9.05         Regulations.................................................................................        74
Section 9.06         Voting......................................................................................        75
Section 9.07         No Delay of Rights by Meeting...............................................................        75

ARTICLE X CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE...................................................        75

Section 10.01        Company May Consolidate, Etc., Only on Certain Terms........................................        75
Section 10.02        Successor Substituted.......................................................................        76

ARTICLE XI SUPPLEMENTAL INDENTURES...............................................................................        76

Section 11.01        Supplemental Indentures Without Consent of Holders..........................................        76
Section 11.02        Supplemental Indentures With Consent of Holders.............................................        78
Section 11.03        Execution of Supplemental Indentures........................................................        79
Section 11.04        Effect of Supplemental Indentures...........................................................        79
Section 11.05        Conformity with Trust Indenture Act.........................................................        79
Section 11.06        Reference in Debt Securities to Supplemental Indentures.....................................        80
Section 11.07        Notice of Supplemental Indenture............................................................        80

ARTICLE XII COVENANTS............................................................................................        80

Section 12.01        Payment of Principal, Premium and Interest..................................................        80
Section 12.02        Officer's Certificate as to Default.........................................................        80
Section 12.03        Maintenance of Office or Agency.............................................................        81
Section 12.04        Money for Debt Securities; Payments to Be Held in Trust.....................................        82
Section 12.05        Corporate Existence.........................................................................        83
Section 12.06        Waiver of Certain Covenants.................................................................        83

ARTICLE XIII REDEMPTION OF DEBT SECURITIES.......................................................................        84

Section 13.01        Applicability of Article....................................................................        84
Section 13.02        Election to Redeem; Notice to Trustee.......................................................        84
Section 13.03        Selection by Trustee or Authenticating Agent of Debt Securities to Be Redeemed..............        84
Section 13.04        Notice of Redemption........................................................................        85
Section 13.05        Deposit of Redemption Price.................................................................        86
Section 13.06        Debt Securities Payable on Redemption Date..................................................        86
</TABLE>

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<TABLE>
<S>                                                                                                                      <C>
Section 13.07        Debt Securities Redeemed in Part............................................................        87

ARTICLE XIV SINKING FUNDS........................................................................................        87

Section 14.01        Applicability of Article....................................................................        87
Section 14.02        Satisfaction of Mandatory Sinking Fund Payments with Debt Securities........................        88
Section 14.03        Redemption of Debt Securities for Sinking Fund..............................................        88

ARTICLE XV DEFEASANCE............................................................................................        90

Section 15.01        Applicability of Article....................................................................        90
Section 15.02        Defeasance Upon Deposit of Moneys or U.S. Government Obligations............................        90
Section 15.03        Deposited Moneys and U.S. Government Obligations to Be Held in Trust........................        92
Section 15.04        Repayment to Company........................................................................        92

EXHIBIT A........................................................................................................         1

EXHIBIT B........................................................................................................         1
</TABLE>

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         INDENTURE dated as of ______ ___, 200___ between R&G FINANCIAL
CORPORATION, a Puerto Rico corporation (hereinafter called the "Company"),
having its principal executive office at 280 Jesus T. Pinero Avenue, San Juan,
Puerto Rico 00918, and WILMINGTON TRUST COMPANY, a Delaware banking corporation,
as trustee (hereinafter called the "Trustee"), having its Corporate Trust Office
at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890.

                             RECITALS OF THE COMPANY

         WHEREAS, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its unsecured
debentures, notes, bonds or other evidences of indebtedness (herein generally
called the "Debt Securities"), to be issued in one or more series, as provided
in this Indenture.

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

         NOW, THEREFORE, for and in consideration of the premises and the
purchase of Debt Securities by the Holders thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of Debt
Securities or of Debt Securities of any series, 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,
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 such computation; 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 subdivision.

                                     - 1 -

<PAGE>

         Certain terms, used principally in Article Three or Article Six, are
defined in those respective Articles.

         "Act" when used with respect to any Holder, has the meaning specified
in Section 8.01.

         "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.

         "Affiliated Corporation" means any corporation which is controlled by
the Company but which is not a Subsidiary of the Company pursuant to the
definition of the term "Subsidiary".

         "Authenticating Agent" has the meaning specified in Section 6.14.

         "Authorized Newspaper" means a newspaper or financial journal in an
official language of the country of publication customarily published at least
once a day, and customarily published for at least five days in each calendar
week, 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 in such
city.

         "Bearer Security" means any Debt Security (with or without Coupons), in
the form established pursuant to Section 2.01, which is payable to bearer
(including any Global Note payable to bearer) and title to which passes by
delivery only, but does not include any Coupons.

         "Board of Directors" means either the board of directors of the
Company, or any committee of that board duly authorized to act hereunder or any
director or directors and/or officer or officers of the Company to whom that
board or committee shall have delegated its authority.

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

         "Business Day" when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the Debt
Securities means any day which is not a Saturday, a Sunday or a legal holiday or
a day on which banking institutions or trust companies in that Place of Payment
or other location are authorized or obligated by law to close, except as
otherwise specified pursuant to Section 3.01.

         "Code" means the Internal Revenue Code of 1986, as amended and as in
effect on the date hereof.

                                     - 2 -

<PAGE>

         "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 on such date.

         "Common Depositary" has the meaning specified in Section 3.04(b).

         "Commonwealth" means the Commonwealth of Puerto Rico.

         "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" and "Company Order" mean, respectively, a written
request or order signed in the name of the Company by its Chairman, its
President, its Chief Financial Officer or an Executive Vice President, and by
its Treasurer, its Chief Accounting Officer, its Controller, an Assistant
Treasurer, its Secretary or an Assistant Secretary of the Company and delivered
to the Trustee.

         "Component Currency" has the meaning specified in Section 3.10(i).

         "Conversion Date" has the meaning specified in Section 3.10(e).

         "Conversion Event" means the cessation of use of (i) a Foreign Currency
both by the government of the country which issued such Currency and for the
settlement of transactions by public institutions of or within the international
banking community, or (ii) any Currency Unit for the purposes for which it was
established.

         "Corporate Trust Office" means the principal corporate trust office of
the Trustee at which at any particular time its corporate trust business shall
be administered, which office at the date of execution of this instrument is
located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890.

         "Corporation" and "corporation" includes corporations, associations,
companies (including joint stock companies and limited liability companies) and
business trusts.

         "Coupon" means any interest coupon appertaining to any Debt Security.

         "Coupon Security" means any Bearer Security authenticated and delivered
with one or more Coupons appertaining thereto.

         "Currency" means Dollars or Foreign Currency or Currency Unit.

         "Currency Determination Agent" means the New York Clearing House bank,
if any, from time to time selected by the Company pursuant to Section 3.01;
provided that such agent shall accept such appointment in writing and the terms
of such appointment shall be acceptable to the

                                     - 3 -

<PAGE>

Company and shall, in the opinion of the Company and the Trustee at the time of
such appointment, require such agent to make the determinations required by this
Indenture by a method consistent with the method provided in this Indenture for
the making of such decision or determination.

         "Currency Unit" means a composite currency or currency unit the value
of which is determined by reference to the value of the currencies of any group
of countries.

         "Debt Securities" has the meaning stated in the first recital of this
Indenture and more particularly means any Debt Securities (including any Global
Notes) authenticated and delivered under this Indenture.

         "Defaulted Interest" has the meaning specified in Section 3.07.

         "Discharged" has the meaning specified in Section 15.02.

         "Discount Security" means any Debt Security which is issued with
"original issue discount" within the meaning of Section 1273(a) of the Code and
the regulations thereunder.

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

         "Dollar Equivalent of the Currency Unit" has the meaning specified in
Section 3.10(h).

         "Dollar Equivalent of the Foreign Currency" has the meaning specified
in Section 3.10(g).

         "Election Date" has the meaning specified in Section 3.10(i).

         "Euroclear Operator" means the operator of the Euroclear System.

         "Event of Default" has the meaning specified in Section 5.01.

         "Exchange Date" has the meaning specified in Section 3.04(b).

         "Exchange Rate Officer's Certificate" means a telex or a certificate
setting forth (i) the applicable Market Exchange Rate and (ii) the Dollar,
Foreign Currency or Currency Unit amounts of principal, premium, if any, and any
interest respectively (on an aggregate basis and on the basis of a Debt Security
having the lowest denomination principal amount determined in accordance with
Section 3.02 in the relevant Currency or Currency Unit), payable on the basis of
such Market Exchange Rate sent (in the case of a telex) or signed (in the case
of a certificate) by the Treasurer or any Assistant Treasurer of the Company.

         "Fixed Rate Security" means a Debt Security which provides for the
payment of interest at a fixed rate.

                                     - 4 -

<PAGE>

         "Floating Rate Security" means a Debt Security which provides for the
payment of interest at a variable rate determined periodically by reference to
an interest rate index or any other index specified pursuant to Section 3.01.

         "Foreign Currency" means a currency issued by the government of any
country other than the United States or a composite currency or currency unit
the value of which is determined by reference to the values of the currencies of
any group of countries.

         "Global Note" means a Registered or Bearer Security evidencing all or
part of a series of Debt Securities, including, without limitation, any
temporary or permanent Global Note.

         "Holder" means, with respect to a Registered Security, the Registered
Holder, and with respect to a Bearer Security or a Coupon, the bearer thereof.

         "Indebtedness" means (1) any obligation of a Person for (a) the
repayment of borrowed money, whether or not evidenced by bonds, debentures,
notes or other written instruments or for the payment of the deferred purchase
price of property or assets (other than Trade Payables), or (b) for the payment
of money relating to a lease that is required to be classified as a capitalized
lease obligation in accordance with generally accepted accounting principles;
(2) any liability of others described in the preceding clause (1) that the
Person has guaranteed, that is recourse to such Person or that is otherwise its
legal liability; and (3) any amendment, supplement, modification, deferral,
renewal, extension or refunding of any liability of the types referred to in
clauses (1) and (2) above.

         "Indenture" means this instrument as originally executed, or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and, unless the context otherwise requires, shall include the terms of a
particular series of Debt Securities as established pursuant to Section 3.01.

         "Interest," when used with respect to a Discount Security which by its
terms bears interest only after Maturity, means interest payable after Maturity,
and, when used with respect to a Bearer Security, includes any additional
amounts payable on such Bearer Security, if so provided pursuant to Section
3.01.

         "Interest Payment Date" with respect to any Debt Security means the
Stated Maturity of an installment of interest on such Debt Security.

         "Market Exchange Rate" means (i) for any conversion involving a
Currency Unit on the one hand and Dollars or any Foreign Currency on the other,
the exchange rate between the relevant Currency Unit and Dollars or such Foreign
Currency calculated at noon New York time, on the Valuation Date by the method
specified pursuant to Section 3.01 for the securities of the relevant series,
(ii) for any conversion of Dollars into any Foreign Currency, the noon (New York
time) buying rate for such Foreign Currency for cable transfers quoted in New
York City as certified for customs purposes by the Federal Reserve Bank of New
York and (iii) for any conversion of one Foreign Currency into Dollars or
another Foreign Currency, the spot rate at noon local time in the relevant
market at which, in accordance with normal banking procedures, the Dollars or
Foreign Currency into which conversion is being made could be purchased with

                                     - 5 -

<PAGE>

the Foreign Currency from which conversion is being made from major banks
located in either New York City, London or any other principal market for
Dollars or such purchased Foreign Currency. In the event of the unavailability
of any of the exchange rates provided for in the foregoing clauses (i), (ii) and
(iii) the Company shall use, in its sole discretion and without liability on its
part, such quotation of the Federal Reserve Bank of New York as of the most
recent available date, or quotations from one or more major banks in New York
City, London or other principal market for such Currency or Currency Unit in
question, or such other quotations as the Company shall deem appropriate, in its
sole discretion and without liability on its part. Unless otherwise specified by
the Currency Determination Agent, if there is more than one market for dealing
in any Currency or Currency Unit by reason of foreign exchange regulations or
otherwise, the market to be used in respect of such Currency or Currency Unit
shall be that as determined by the Currency Determination Agent, in its sole
discretion and without liability on its part, upon which a nonresident issuer of
securities designated in such Currency or Currency Unit would purchase such
Currency or Currency Unit in order to make payments in respect of such
securities.

         "Maturity" when used with respect to any Debt Security means the date
on which the principal of such Debt 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, repayment at
the option of the Holder thereof or otherwise.

         "Officers' Certificate" means a certificate signed by the Chairman, the
President, the Chief Financial Officer or an Executive Vice President, and by
the Treasurer, the Chief Accounting Officer, the Controller or the Secretary of
the Company and delivered to the Trustee.

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel to the Company (including an employee of the Company) and who shall be
satisfactory to the Trustee, which is delivered to the Trustee.

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

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

                  (ii) Debt Securities with respect to which 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 Debt
         Securities and any Coupons thereto pertaining; provided, however, that
         if such Debt 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) Debt Securities which have been paid pursuant to Section
         3.06 or in exchange for or in lieu of which other Debt Securities have
         been authenticated and

                                     - 6 -

<PAGE>

         delivered pursuant to this Indenture, other than any such Debt
         Securities in respect of which there shall have been presented to the
         Trustee proof reasonably satisfactory to it that such Debt Securities
         are held by a bona fide purchaser in whose hands such Debt Securities
         are valid obligations of the Company; provided, however, that in
         determining whether the Holders of the requisite principal amount of
         Debt Securities Outstanding have performed any Act hereunder, Debt
         Securities owned by the Company or any other obligor upon the Debt
         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 Act, only Debt Securities which the Trustee knows to be so owned
         shall be so disregarded. Debt 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 to
         act with respect to such Debt Securities and that the pledgee is not
         the Company or any other obligor upon the Debt Securities or any
         Affiliate of the Company or of such other obligor. In determining
         whether the Holders of the requisite principal amount of Outstanding
         Debt Securities have performed any Act hereunder, the principal amount
         of a Discount Security that shall be deemed to be Outstanding for such
         purpose shall be the amount of the principal thereof that would be due
         and payable as of the date of such determination upon a declaration of
         acceleration of the Maturity thereof pursuant to Section 5.02 and the
         principal amount of a Debt Security denominated in a Foreign Currency
         that shall be deemed to be Outstanding for such purpose shall be the
         amount calculated pursuant to Section 3.10(k).

         "Overdue Rate", when used with respect to any series of the Debt
Securities, means the rate designated as such in or pursuant to the Board
Resolution or the supplemental indenture, as the case may be, relating to such
series as contemplated by Section 3.01.

         "Paying Agent" means any Person authorized by the Company to pay the
principal of (and premium, if any) or interest on any Debt Securities on behalf
of the Company.

         "Permanent Global Note" shall have the meaning given such term in
Section 3.04(b).

         "Person" means any individual, Corporation, partnership, joint venture,
association, trust, estate, unincorporated organization or government or any
agency or political subdivision thereof.

         "Place of Payment" when used with respect to the Debt Securities of any
series means the place or places where the principal of (and premium, if any)
and interest on the Debt Securities of that series are payable as specified
pursuant to Section 3.01.

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

                                     - 7 -

<PAGE>

         "Redemption Date" means the date fixed for redemption of any Debt
Security pursuant to this Indenture.

         "Redemption Price" means, in the case of a Discount Security, the
amount of the principal thereof that would be due and payable as of the
Redemption Date upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.02 or any other redemption specified pursuant to Section
3.01, and in the case of any other Debt Security, the principal amount thereof,
plus, in each case, premium, if any, and accrued and unpaid interest, if any, to
the Redemption Date.

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

         "Registered Security" means any Debt Security in the form established
pursuant to Section 2.01 which is registered as to principal and interest in the
Security Register.

         "Regular Record Date" for the interest payable on the Registered
Securities of any series on any Interest Payment Date means the date specified
for the purpose pursuant to Section 3.01 for such Interest Payment Date.

         "Responsible Officer" means when used with respect to the Trustee any
officer within the Corporate Trust Office including any Vice President, Managing
Director, Assistant Vice President, Secretary, Assistant Secretary, Treasurer or
Assistant Treasurer, any Financial Services Officer or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge and familiarity with the particular subject.

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.05(a).

         "Significant Subsidiary" means a Subsidiary, including its
Subsidiaries, which meets any of the following conditions: (i) the Company's and
its other Subsidiaries' investments in and advances to the Subsidiary exceed 10
percent of the total assets of the Company and its Subsidiaries consolidated as
of the end of the most recently completed fiscal year; (ii) the Company's and
its other Subsidiaries' proportionate share of the total assets (after
intercompany eliminations) of the Subsidiary exceeds 10 percent of the total
assets of the Company and its Subsidiaries consolidated as of the end of the
most recently completed fiscal year; or (iii) the Company's and its other
Subsidiaries' equity in the income from continuing operations before income
taxes, extraordinary items and cumulative effect of a change in accounting
principles of the Subsidiary exceeds 10 percent of such income of the Company
and its Subsidiaries consolidated for the most recently completed fiscal year.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 3.07.

         "Specified Amount" has the meaning specified in Section 3.10(i).

                                     - 8 -

<PAGE>

         "State" means any of the various States of the United States of
America.

         "Stated Maturity" when used with respect to any Debt Security or any
installment of principal thereof or premium thereon or interest thereon means
the date specified in such Debt Security or the Coupon, if any, representing
such installment of interest, as the date on which the principal of such Debt
Security or such installment of principal, premium or interest is due and
payable.

         "Subsidiary" means any Corporation of which at least a majority of the
outstanding stock having by the terms thereof ordinary voting power to elect a
majority of the directors of such corporation, irrespective of whether or not,
at the time, stock of any other class or classes of such Corporation shall have
or might have voting power by reason of the happening of any contingency, is at
the time, directly or indirectly, owned or controlled by the Company or by one
or more Subsidiaries thereof, or by the Company and one or more Subsidiaries
thereof.

         "Temporary Global Note" shall have the meaning given such term in
Section 3.04(b).

         "Trade Payables" means accounts payable or any other indebtedness or
monetary obligations to trade creditors created or assumed in the ordinary
course of business in connection with the obtaining of materials or services.

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

         "Trust Indenture Act" means the Trust Indenture Act of 1939 as amended
and as in force at the date as of which this instrument was executed, except as
provided in Section 11.05.

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

         "U.S. Depositary" means a clearing agency registered under the
Securities Exchange Act of 1934, as amended, or any successor thereto, which
shall in either case be designated by the Company pursuant to Section 3.01 until
a successor U.S. Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "U.S. Depositary" shall mean or
include each Person who is then a U.S. Depositary hereunder, and if at any time
there is more than one such Person, "U.S. Depositary" as used with respect to
the Debt Securities of any series shall mean the U.S. Depositary with respect to
the Debt Securities of that series.

         "U.S. Government Obligations" has the meaning specified in Section
15.02.

                                     - 9 -

<PAGE>

         "U.S. Person" means a citizen or resident of the United States, a
Corporation, partnership or other entity created or organized in or under the
laws of the United States, or an estate or trust the income of which is subject
to United States Federal income taxation regardless of its source.

         "Valuation Date" has the meaning specified in Section 3.10(d).

         "Vice President" includes with respect to the Company and the Trustee,
any Vice President of the Company or the Trustee, as the case may be, whether or
not designated by a number or 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 an Officers' Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.

         Every Officers' Certificate or Opinion of Counsel with respect to
compliance with a condition or covenant provided for in this Indenture (other
than certificates provided pursuant to Section 12.02) shall include:

                  (1) a statement that each individual signing such Officers'
         Certificate or Opinion of Counsel 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 Officers' Certificate or Opinion of Counsel are
         based;

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

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

Section 1.03 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

                                     - 10 -

<PAGE>

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 Notices, etc., to Trustee and Company.

         Any 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 (unless otherwise herein
         expressly provided) if made, given, furnished or filed in writing to or
         with the Trustee at its Corporate Trust Office, Attention: Corporate
         Trust and Agency Services.

                  (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 or airmail postage prepaid if sent from outside the United
         States, 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.

         Any such Act or other document shall be in the English language, except
that any published notice may be in an official language of the country of
publication.

Section 1.05 Notice to Holders; Waiver.

         When this Indenture provides for notice to Holders of any event, (1)
such notice shall be sufficiently given to Registered Holders (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage
prepaid, to such Registered Holders as their names and addresses appear in the
Security Register, within the time prescribed, and (2) such notice shall be
sufficiently given to Holders of Bearer Securities or Coupons (unless otherwise
herein expressly provided) if published at least twice in an Authorized
Newspaper or Newspapers in The City of New York and, if Debt Securities of such
series are then listed on any stock exchange located outside the United States
and such stock exchange shall so require, in a daily newspaper or

                                     - 11 -

<PAGE>

financial journal or in such city or cities specified pursuant to Section 3.01
or in any Debt Security on Business Days, the first such publication to be not
earlier than the earliest date and not later than two Business Days prior to the
latest date prescribed for the giving of such notice; provided, however, that,
in any case, any notice to Holders of Floating Rate Securities regarding the
determination of a periodic rate of interest, if such notice is required
pursuant to Section 3.01, shall be sufficiently given if given in the manner
specified pursuant to Section 3.01.

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

         In the event of suspension of publication of any Authorized Newspapers
or by reason of any other cause it shall be impracticable to give notice by
publication, such notification as shall be given with the approval of the
Trustee shall constitute sufficient notice for every purpose hereunder.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance on such waiver. In any case where notice to Holders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders, and any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given. In any case
where notice to Holders is given by publication, any defect in any notice so
published as to any particular Holder shall not affect the sufficiency of such
notice with respect to other Holders, and any notice which is published in the
manner herein provided shall be conclusively presumed to have been duly given.

Section 1.06 Conflict with Trust Indenture Act.

         If any provision hereof limits, qualifies or conflicts with the duties
imposed on any person by the provisions of Sections 310 to 317, inclusive, of
the Trust Indenture Act, such duties imposed by the Trust Indenture Act shall
control.

Section 1.07 Effect of Headings and Table of Contents.

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

Section 1.08 Successors and Assigns.

         All covenants and agreements in this Indenture by the parties hereto
shall bind their respective successors and assigns and inure to the benefit of
their permitted successors and assigns, whether so expressed or not.

                                     - 12 -

<PAGE>

Section 1.09 Separability Clause.

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

Section 1.10 Benefits of Indenture.

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

Section 1.11 Governing Law.

         This Indenture, the Debt Securities and the Coupons shall be deemed to
be contracts made and to be performed entirely in the State of New York, and for
all purposes shall be governed by and construed in accordance with the laws of
said State without regard to the conflicts of law rules of said State.

Section 1.12 Legal Holidays.

         Unless otherwise specified pursuant to Section 3.01 or in any Debt
Security, in any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Debt Security of any series shall not be a Business Day at any
Place of Payment for the Debt Securities of that series, then (notwithstanding
any other provision of this Indenture or of the Debt Securities or Coupons)
payment of principal (and premium, if any) or interest need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date, Redemption Date or at the Stated Maturity, and no
interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date, Redemption Date or Stated Maturity, as the case may
be, to such Business Day if such payment is made or duly provided for on such
Business Day.

Section 1.13 No Security Interest Created.

         Nothing in this Indenture or in the Debt Securities or Coupons, express
or implied, shall be construed to constitute a security interest or mortgage or
other pledge of collateral under the Uniform Commercial Code or similar
legislation or real property laws, as now or hereafter enacted and in effect in
any jurisdiction where property of the Company or its Subsidiaries is or may be
located.

Section 1.14 Liability Solely Corporate.

         No recourse shall be had for the payment of the principal of (or
premium, if any) or the interest on any Debt Securities or Coupons, or any part
thereof, or of the indebtedness represented thereby, or upon any obligation,
covenant or agreement of this Indenture, against any

                                     - 13 -

<PAGE>

incorporator, or against any stockholder, officer or director, as such, past,
present or future, of the Company (or any incorporator, stockholder, officer or
director of any predecessor or successor corporation), either directly or
through the Company (or any such predecessor or successor corporation), whether
by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly agreed and understood
that this Indenture and all the Debt Securities and Coupons are solely corporate
obligations, and that no personal liability whatsoever shall attach to, or be
incurred by, any such incorporator, stockholder, officer or director, past,
present or future, of the Company (or any incorporator, stockholder, officer or
director of any such predecessor or successor corporation), either directly or
indirectly through the Company or any such predecessor or successor corporation,
because of the indebtedness hereby authorized or under or by reason of any of
the obligations, covenants, promises or agreements contained in this Indenture
or in any of the Debt Securities or Coupons or to be implied herefrom or
therefrom; and that any such personal liability is hereby expressly waived and
released as a condition of, and as part of the consideration for, the execution
of this Indenture and the issue of Debt Securities; provided, however, that
nothing herein or in the Debt Securities or Coupons contained shall be taken to
prevent recourse to and the enforcement of the liability, if any, of any
stockholder or subscriber to capital stock upon or in respect of the shares of
capital stock not fully paid.

                                   ARTICLE II

                               DEBT SECURITY FORMS

Section 2.01 Forms Generally.

         The Debt Securities and the Coupons, if any, of each series shall be
substantially in one of the forms (including global form) established in or
pursuant to a Board Resolution or one or more indentures supplemental hereto,
and shall have 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 or designation and such
legends or endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which any
series of the Debt Securities may be listed, or to conform to usage, all as
determined by the officers executing such Debt Securities and Coupons as
conclusively evidenced by their execution of such Debt Securities and Coupons.
If the form of a series of Debt Securities or Coupons (or any Global Note) is
established in or pursuant to a Board Resolution, a copy of such Board
Resolution shall be delivered to the Trustee, together with an Officers'
Certificate setting forth the form of such series, at or prior to the delivery
of the Company Order contemplated by Section 3.03 for the authentication and
delivery of such Debt Securities (or any such Global Note) or Coupons.

         Unless otherwise specified as contemplated by Section 3.01, Debt
Securities in bearer form (other than in global form) shall have Coupons
attached.

                                     - 14 -

<PAGE>

         The definitive Debt Securities and Coupons, if any, of each series
shall be printed, lithographed or engraved or produced by any combination of
these methods on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Debt Securities and Coupons, as
conclusively evidenced by their execution of such Debt Securities and Coupons.

Section 2.02 Form of Trustee's Certificate of Authentication.

         The form of the Trustee's certificate of authentication to be borne by
the Debt Securities shall be substantially as follows:

         This is one of the Debt Securities of the series designated therein
issued under the within-mentioned Indenture.

         Dated:                            Wilmington Trust Company,
                                             as Trustee

                                           By: ________________________________
                                                     Authorized Signatory

Section 2.03 Securities in Global Form.

         If any Debt Security of a series is issuable in global form, the Global
Note so issued may provide that it shall represent the aggregate amount of
Outstanding Debt Securities from time to time endorsed thereon and may also
provide that the aggregate amount of Outstanding Debt Securities represented
thereby may from time to time be reduced or increased to reflect exchanges. Any
endorsement of a Global Note to reflect the amount, or any increase or decrease
in the amount, of Outstanding Debt Securities represented thereby shall be made
by the Trustee and in such manner as shall be specified in such Global Note. Any
instructions by the Company with respect to a Global Note, after its initial
issuance, shall be in writing but need not comply with Section 1.02.

         Global Notes may be issued in either registered or bearer form and in
either temporary or permanent form. Permanent Global Notes will be issued in
definitive form.

                                  ARTICLE III

                              THE DEBT SECURITIES

Section 3.01 Amount Unlimited; Issuable in Series.

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

                                     - 15 -

<PAGE>

         The Debt Securities may be issued from time to time in one or more
series. There shall be established in or pursuant to a Board Resolution and
(subject to Section 3.03) set forth in an Officers' Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Debt
Securities of any series:

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

                  (2) the limit, if any, upon the aggregate principal amount of
         the Debt Securities of the series which may be authenticated and
         delivered under this Indenture (except for Debt Securities
         authenticated and delivered upon transfer of, or in exchange for, or in
         lieu of, other Debt Securities of such series pursuant to Sections
         3.04, 3.05, 3.06, 11.06 or 13.07);

                  (3) the percentage of the principal amount at which the Debt
         Securities will be issued and, if other than the principal amount
         thereof, the portion of the principal amount thereof payable upon
         declaration of acceleration of the Maturity thereof or the method by
         which such portion shall be determined;

                  (4) the date or dates on which or periods during which the
         Debt Securities of the series may be issued, and the date or dates (or
         the method of determination thereof) on which the principal of (and
         premium, if any, on) the Debt Securities of such series are or may be
         payable (which, if so provided in such Board Resolution or supplemental
         indenture, may be determined by the Company from time to time and set
         forth in the Debt Securities of the series issued from time to time);

                  (5) the rate or rates (or the method of determination thereof)
         at which the Debt Securities of the series shall bear interest, if any,
         and the dates from which such interest shall accrue (which, in either
         case or both, if so provided in such Board Resolution or supplemental
         indenture, may be determined by the Company from time to time and set
         forth in the Debt Securities of the series issued from time to time);
         and the Interest Payment Dates on which such interest shall be payable
         (or the method of determination thereof), and, in the case of
         Registered Securities, the Regular Record Dates for the interest
         payable on such Interest Payment Dates and, in the case of Floating
         Rate Securities, the notice, if any, to Holders regarding the
         determination of interest and the manner of giving such notice;

                  (6) the place or places where the principal of (and premium,
         if any) and interest on Debt Securities of the series shall be payable;
         the extent to which, or the manner in which, any interest payable on
         any Global Note on an Interest Payment Date will be paid, if other than
         in the manner provided in Section 3.07; the extent, if any, to which
         the provisions of the last sentence of Section 12.01 shall apply to the
         Debt Securities of the series; and the manner in which any principal
         of, or premium, if any, on, any Global Note will be paid, if other than
         as set forth elsewhere herein;

                                     - 16 -

<PAGE>

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

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

                  (9) if the coin or Currency in which the Debt Securities shall
         be issuable is in Dollars, the denominations of such Debt Securities if
         other than denominations of $1,000 and any integral multiple thereof
         (except as provided in Section 3.04);

                  (10) whether the Debt Securities of the series are to be
         issued as Discount Securities and the amount of discount with which
         such Debt Securities may be issued and, if other than the principal
         amount thereof, the portion of the principal amount of Debt Securities
         of the series which shall be payable upon declaration of acceleration
         of the Maturity thereof pursuant to Section 5.02;

                  (11) provisions, if any, for the defeasance of the Debt
         Securities of such series or certain of the Company's obligations with
         respect to the Debt Securities;

                  (12) whether Debt Securities of the series are to be issued as
         Registered Securities or Bearer Securities or both, and, if Bearer
         Securities are issued, whether Coupons will be attached thereto,
         whether Bearer Securities of the series may be exchanged for Registered
         Securities of the series, as provided in Section 3.05(b) or otherwise
         and the circumstances under which and the place or places at which any
         such exchanges, if permitted, may be made;

                  (13) whether provisions for payment of additional amounts or
         tax redemptions shall apply and, if such provisions shall apply, such
         provisions; and, if Bearer Securities of the series are to be issued,
         whether a procedure other than that set forth in Section 3.04(b) shall
         apply and, if so, such other procedure, and if the procedure set forth
         in Section 3.04(b) shall apply, the forms of certifications to be
         delivered under such procedure;

                  (14) if other than Dollars, the Foreign Currency or Currencies
         or Currency Unit in which Debt Securities of the series shall be
         denominated or in which payment of the principal of (and/or premium, if
         any) and/or interest on the Debt Securities of the series may be made,
         and the particular provisions applicable thereto and, if applicable,
         the amount of Debt Securities of the series which entitles the Holder
         of a Debt Security of the series or its proxy to one vote for purposes
         of Section 9.06;

                                     - 17 -

<PAGE>

                  (15) if the principal of (and premium, if any) or interest on
         Debt Securities of the series are to be payable, at the election of the
         Company or a Holder thereof, in a Currency other than that in which the
         Debt Securities are denominated or payable without such election, in
         addition to or in lieu of the provisions of Section 3.10, the period or
         periods within which and the terms and conditions upon which, such
         election may be made and the time and the manner of determining the
         exchange rate or rates between the Currency or Currencies in which the
         Debt Securities are denominated or payable without such election and
         the Currency or Currencies in which the Debt Securities are to be paid
         if such election is made;

                  (16) the date as of which any Debt Securities of the series
         shall be dated, if other than as set forth in Section 3.03;

                  (17) if the amount of payments of principal of (and premium,
         if any) or interest on the Debt Securities of the series may be
         determined with reference to an index, including, but not limited to,
         an index based on a Currency or Currencies other than that in which the
         Debt Securities are denominated or payable, or any other type of index,
         the manner in which such amounts shall be determined;

                  (18) if the Debt Securities of the series are denominated or
         payable in a Foreign Currency, any other terms concerning the payment
         of principal of (and premium, if any) or any interest on such Debt
         Securities (including the Currency or Currencies of payment thereof);

                  (19) the designation of the original Currency Determination
         Agent, if any;

                  (20) the applicable Overdue Rate, if any;

                  (21) if the Debt Securities of the series do not bear
         interest, the applicable dates for purposes of Section 7.01;

                  (22) any addition to, or modification or deletion of, any
         Events of Default or covenants provided for with respect to Debt
         Securities of the series;

                  (23) if Bearer Securities of the series are to be issued, (x)
         whether interest in respect of any portion of a temporary Debt Security
         in global form (representing all of the Outstanding Bearer Securities
         of the series) payable in respect of any Interest Payment Date prior to
         the exchange of such temporary Debt Security for definitive Debt
         Securities of the series shall be paid to any clearing organization
         with respect to the portion of such temporary Debt Security held for
         its account and, in such event, the terms and conditions (including any
         certification requirements) upon which any such interest payment
         received by a clearing organization will be credited to the Persons
         entitled to interest payable on such Interest Payment Date, (y) the
         terms upon which interests in such temporary Debt Security in global
         form may be exchanged for interests in a permanent Global Note or for
         definitive Debt Securities of the series and the terms upon which
         interests in a permanent Global Note, if any, may be exchanged for
         definitive Debt Securities of the series and (z)

                                     - 18 -

<PAGE>

         the cities in which the Authorized Newspapers designated for the
         purposes of giving notices to Holders are published;

                  (24) whether the Debt Securities of the series shall be issued
         in whole or in part in the form of one or more Global Notes and, in
         such case, the U.S. Depositary or any Common Depositary for such Global
         Note or Notes; and if the Debt Securities of the series are issuable
         only as Registered Securities, the manner in which and the
         circumstances under which Global Notes representing Debt Securities of
         the series may be exchanged for Registered Securities in definitive
         form, if other than, or in addition to, the manner and circumstances
         specified in Section 3.04(c);

                  (25) the designation, if any, of the U.S. Depositary; and the
         designation of any trustees (other than the Trustee), depositaries,
         Authenticating Agents, Paying Agents, Security Registrars, or any other
         agents with respect to the Debt Securities of such series;

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

                  (27) any other terms of the series (which other terms shall
         not be inconsistent with the provisions of this Indenture).

         All Debt Securities of any one series and Coupons, if any, shall be
substantially identical to all other debt securities of such series except as to
denomination, rate of interest, Stated Maturity and the date from which
interest, if any, shall accrue, which, as set forth above, may be determined by
the Company from time to time as to Debt Securities of a series if so provided
in or established pursuant to the authority granted in a Board Resolution or in
any such indenture supplemental hereto, and except as may otherwise be provided
in or pursuant to such Board Resolution and (subject to Section 3.03) set forth
in such Officers' Certificate, or in any such indenture supplemental hereto. All
Debt Securities of any one series need not be issued at the same time, and
unless otherwise provided, a series may be reopened for issuance of additional
Debt Securities of such series.

         If any of the terms of a series of Debt Securities is established in or
pursuant to a Board Resolution, a copy of such Board Resolution 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.

         In the absence of any specification pursuant to Section 3.01 with
respect to the Debt Securities of any series, the Debt Securities of such series
shall be issuable only as Registered Securities in denominations of $1,000 and
any integral multiple thereof and shall be payable only in Dollars.

                                     - 19 -

<PAGE>

Section 3.03 Execution, Authentication, Delivery and Dating.

         The Debt Securities and the Coupons, if any, of any series shall be
executed on behalf of the Company by its Chairman, its President, one of its
Executive Vice Presidents, its Chief Accounting Officer or its Treasurer, under
its corporate seal reproduced thereon and attested by its Secretary or one of
its Assistant Secretaries. The signature of any of these officers may be manual
or facsimile.

         Debt 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
Debt Securities and Coupons or did not hold such offices at the date of such
Debt Securities and Coupons.

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Debt Securities, with appropriate
Coupons, if any, of any series, executed by the Company, to the Trustee or an
Authenticating Agent for authentication, together with a Company Order for the
authentication and delivery of such Debt Securities and Coupons and the Trustee
or Authenticating Agent in accordance with the Company Order shall authenticate
and deliver such Debt Securities and Coupons, subject, in the case of Bearer
Securities, to Section 3.04(b); provided, however, that, in connection with its
sale during the "restricted period" (as defined in Section
1.163-5(c)(2)(i)(D)(7) of the United States Treasury Regulations), no Bearer
Security shall be mailed or otherwise delivered to any location in the United
States; and provided, further, that a Bearer Security (other than a temporary
Global Note in bearer form) may be delivered outside the United States in
connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have furnished to the Euroclear Operator or to
Cedelbank a certificate substantially in the form set forth in Exhibit A to this
Indenture and if the Euroclear Operator or Cedelbank has furnished the Trustee
or Authenticating Agent a certificate substantially in the form set forth in
Exhibit B. If all the Debt Securities of any one series are not to be issued at
one time and if a Board Resolution or supplemental indenture relating to such
series shall so permit, such Company Order may set forth procedures acceptable
to the Trustee or Authenticating Agent for the issuance of such Debt Securities
and other matters which are subject to variation, such as interest rate, Stated
Maturity, date of issuance and date from which interest, if any, shall accrue.
If any Debt Security shall be represented by a permanent Global Note, then, for
purposes of this Section and Section 3.04, the notation by the Common Depositary
of a beneficial owner's interest therein upon original issuance of such Debt
Security or upon exchange of a portion of a temporary Global Note shall be
deemed to be delivery in connection with the original issuance of such
beneficial owner's interest in such permanent Global Note. Except as permitted
by Section 3.06 or 3.07, the Trustee shall not authenticate and deliver any
Bearer Security unless all Coupons for interest then matured have been detached
and canceled.

         The Trustee or Authenticating Agent shall be entitled to receive, and
(subject to Section 6.01) shall be fully protected in relying upon, prior to the
authentication and delivery of the Debt Securities and Coupons of such series,
(i) the supplemental indenture or the Board Resolution by or pursuant to which
the form and terms of such Debt Securities and Coupons have been approved, (ii)
the

                                     - 20 -

<PAGE>

certificates and opinions required pursuant to Section 1.02 and (iii) one or
more Opinions of Counsel substantially to the effect that:

                  (1) all instruments furnished by the Company to the Trustee or
         Authenticating Agent in connection with the authentication and delivery
         of such Debt Securities and Coupons conform to the requirements of this
         Indenture and constitute sufficient authority hereunder for the Trustee
         or Authenticating Agent to authenticate and deliver such Debt
         Securities and Coupons;

                  (2) the forms and terms of such Debt Securities and Coupons
         have been established in conformity with the provisions of this
         Indenture;

                  (3) in the event that the forms or terms of such Debt
         Securities and Coupons have been established in a supplemental
         indenture, the execution and delivery of such supplemental indenture
         has been duly authorized by all necessary corporate action of the
         Company, such supplemental indenture has been duly executed and
         delivered by the Company and, assuming due authorization, execution and
         delivery by the Trustee or Authenticating Agent, is a valid and binding
         obligation enforceable against the Company in accordance with its
         terms, subject to applicable bankruptcy, insolvency and similar laws
         affecting creditors' rights generally and subject, as to
         enforceability, to general principles of equity (regardless of whether
         enforcement is sought in a proceeding in equity or at law);

                  (4) the execution and delivery of such Debt Securities and
         Coupons have been duly authorized by all necessary corporate action of
         the Company and such Debt Securities and Coupons have been duly
         executed by the Company and, assuming due authentication by the Trustee
         or Authenticating Agent and delivery by the Company, are valid and
         binding obligations of the Company enforceable against the Company in
         accordance with their terms, entitled to the benefit of the Indenture,
         subject to applicable bankruptcy, insolvency and similar laws affecting
         creditors' rights generally and subject, as to enforceability, to
         general principles of equity (regardless of whether enforcement is
         sought in a proceeding in equity or at law) and subject to such other
         exceptions as counsel shall reasonably request and as to which the
         Trustee shall not reasonably object; and

                  (5) to the best of such counsel's knowledge, all governmental
         consents, authorizations and approvals which are required for the
         execution and delivery of the Indenture and the Debt Securities under
         all applicable Federal, Commonwealth and State of New York laws, and
         any other applicable law, if any, have been received other than such as
         may be required by the securities or blue sky laws of the various
         states in connection with the offer and sale of the Debt Securities.

         Notwithstanding the provisions of Section 3.01 and of the preceding two
paragraphs, if not all of the Debt Securities of any series are to be issued at
one time, it shall not be necessary to deliver the Officers' Certificate
required by Section 3.01 or the Opinion of Counsel otherwise required by clause
(iii) of the preceding paragraph prior to or at the time of issuance of each
Debt Security of such series, but such documents shall be delivered prior to or
at the time of delivery of the first Debt Security of such series.

                                     - 21 -

<PAGE>

         For purposes of this opinion, such counsel may rely as to factual
matters upon certificates or written statements from officers or other
appropriate representatives of the Company or upon certificates of public
officials and such opinion may contain assumptions, limitations, exceptions and
restrictions which are reasonably satisfactory to the Trustee and its counsel.

         The Trustee or Authenticating Agent shall not be required to
authenticate such Debt Securities and Coupons if the issuance of such Debt
Securities and Coupons pursuant to this Indenture will affect the Trustee's own
rights, duties or immunities under the Debt Securities and this Indenture in a
manner which is not reasonably acceptable to the Trustee.

         Each Registered Security shall be dated the date of its authentication.
Each Bearer Security (including any temporary or permanent or other definitive
Bearer Security in global form) shall be dated as of the date of original
issuance of the first Debt Security of such series to be issued, except as
otherwise provided pursuant to Section 3.01 with respect to the Bearer
Securities of any series.

         No Debt Security shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose unless there appears on such Debt
Security a certificate of authentication substantially in one of the forms
provided for herein duly executed by the Trustee or by an Authenticating Agent,
and such certificate upon any Debt Security shall be conclusive evidence, and
the only evidence, that such Debt Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Debt Security shall have been duly
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Debt Security to the Trustee for cancellation
as provided in Section 3.08 together with a written statement (which need not
comply with Section 1.02) stating that such Debt Security has never been issued
and sold by the Company, for all purposes of this Indenture such Debt 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 Debt Securities; Exchange of Temporary Global Notes for
             Definitive Bearer Securities; Global Notes Representing Registered
             Securities.

         (a) Pending the preparation of definitive Registered Securities of any
series, the Company may execute, and upon Company Order the Trustee or
Authenticating Agent shall authenticate and deliver, temporary Registered
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination for Registered Securities of
such series, substantially of the tenor of the definitive Registered Securities
in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Registered Securities may determine, as conclusively evidenced by their
execution of such Registered Securities. Every such temporary Registered
Security shall be executed by the Company and shall be authenticated and
delivered by the Trustee upon the same conditions and in substantially the same
manner, and with the same effect, as the definitive Registered Securities in
lieu of which they are issued. In the case of any series issuable as Bearer
Securities, such temporary Debt Securities may be in global form, representing
such of the Outstanding Debt Securities of such series as shall be specified
therein.

                                     - 22 -

<PAGE>

         Except in the case of temporary Debt Securities in global form (which
shall be exchanged in accordance with the provisions of the following
paragraphs), if temporary Debt Securities of any series are issued, the Company
will cause definitive Debt Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Debt Securities of such
series, the temporary Debt Securities of such series shall be exchangeable for
definitive Debt Securities of such series, of a like Stated Maturity and with
like terms and provisions, upon surrender of the temporary Debt Securities of
such series at the office or agency of the Company in a Place of Payment for
such series, without charge to the Holder, except as provided in Section 3.05 in
connection with a transfer. Upon surrender for cancellation of any one or more
temporary Debt Securities of any series (accompanied by any unmatured Coupons),
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Debt Securities of the
same series of authorized denominations and of a like Stated Maturity and like
terms and provisions; provided, however, that no definitive Bearer Security
shall be delivered in exchange for a temporary Registered Security; and
provided, further, that a definitive Bearer Security (including a permanent
Bearer Security in global form) shall be delivered in exchange for a temporary
Bearer Security only in compliance with the conditions set forth in Section
3.03. Until so exchanged, the temporary Registered Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as
definitive Registered Securities of such series.

         (b) Unless otherwise specified pursuant to Section 3.01, all
Bearer Securities of a series shall be initially issued in the form of a single
temporary Bearer Security in global form (a "temporary Global Note"). The
Company shall execute, and upon Company Order the Trustee (or other agent
specified under Section 3.01) shall authenticate, any temporary Global Note and
any permanent Bearer Security in global form (as described below, a "permanent
Global Note") upon the same conditions and in substantially the same manner, and
with the same effect, as definitive Bearer Securities, and the temporary or
permanent Global Note, as the case may be, shall, unless otherwise specified
therein, be delivered by the Trustee (or such other agent) to the London office
of a depositary or common depositary (the "Common Depositary"), for the benefit
of the Euroclear Operator or Cedelbank, as the case may be, for credit to the
account of the Company (in the case of sales of Bearer Securities by the Company
directly to investors) or the managing underwriter (in the case of sales of
Bearer Securities by the Company to underwriters) or such other accounts as the
Company or the managing underwriter, respectively, may direct in writing.

         On or after the date specified in or determined pursuant to the terms
of any temporary Global Note which (subject to any applicable laws and
regulations) shall be at least 40 days after the issue date of a temporary
Global Note (the "Exchange Date"), the Debt Securities represented by such
temporary Global Note may be exchanged for definitive Debt Securities (subject
to the second succeeding paragraph) or Debt Securities to be represented
thereafter by one or more permanent Global Notes in definitive form without
Coupons. On or after the Exchange Date such temporary Global Note shall be
surrendered by the Common Depositary to the Trustee (or such other agent as is
specified for the purpose pursuant to Section 3.01), as the Company's agent for
such purpose at such place specified outside the United States pursuant to
Section 3.01 and following such surrender, the Trustee (or such other agent)
shall (1) endorse the temporary Global Note to reflect the reduction of its
principal amount by an equal aggregate

                                     - 23 -

<PAGE>

principal amount of such Debt Security, (2) endorse the applicable permanent
Global Note, if any, to reflect the initial amount, or an increase in the amount
of Debt Securities represented thereby, (3) manually authenticate such
definitive Debt Securities (including any permanent Global Note), (4) deliver
such definitive Debt Securities to the Holder thereof or, if such definitive
Debt Security is a permanent Global Note, deliver such permanent Global Note to
the Common Depositary to be held outside the United States for the accounts of
the Euroclear Operator or Cedelbank, as the case may be, for credit to the
respective accounts at Euroclear Operator or Cedelbank, as the case may be,
designated by or on behalf of the beneficial owners of such Debt Securities (or
to such other accounts as they may direct) and (5) redeliver such temporary
Global Note to the Common Depositary, unless such temporary Global Note shall
have been canceled in accordance with Section 3.08 hereof; provided, however,
that, unless otherwise specified in such temporary Global Note, upon such
presentation by the Common Depositary, such temporary Global Note shall be
accompanied by a certificate dated the Exchange Date or a subsequent date and
signed by the Euroclear Operator, as to the portion of such temporary Global
Note held for its account then to be exchanged for definitive Debt Securities
(including any permanent Global Note), and a certificate dated the Exchange Date
or a subsequent date and signed by Cedelbank, as to the portion of such
temporary Global Note held for its account then to be exchanged for definitive
Debt Securities (including any permanent Global Note), each substantially in the
form set forth in Exhibit B to this Indenture. Each certificate substantially in
the form of Exhibit B hereto of the Euroclear Operator or Cedelbank, as the case
may be, shall be based on certificates of the account holders listed in the
records of the Euroclear Operator or Cedelbank, as the case may be, as being
entitled to all or any portion of the applicable temporary Global Note. An
account holder of the Euroclear Operator or Cedelbank, as the case may be,
desiring to effect the exchange of an interest in a temporary Global Note for an
interest in definitive Debt Securities (including any permanent Global Note)
shall instruct the Euroclear Operator or Cedelbank, as the case may be, to
request such exchange on its behalf and shall deliver to the Euroclear Operator
or Cedelbank, as the case may be, a certificate substantially in the form of
Exhibit A hereto and dated no earlier than 10 days prior to the Exchange Date.
Until so exchanged, temporary Global Notes shall in all respects be entitled to
the same benefits under this Indenture as definitive Debt Securities (including
any permanent Global Note) of the same series authenticated and delivered
hereunder, except as to payment of interest, if any.

         The delivery to the Company, its agent or the Trustee by the Euroclear
Operator or Cedelbank of any certificate substantially in the form of Exhibit B
hereto may be relied upon by the Company, its agent and the Trustee as
conclusive evidence that a corresponding certificate or certificates has or have
been delivered to the Euroclear Operator or Cedelbank, as the case may be,
pursuant to the terms of this Indenture.

         On or prior to the Exchange Date, the Company shall deliver to the
Trustee (or such other agent as may be specified as the Company's agent for such
purpose pursuant to Section 3.01) definitive Debt Securities in an aggregate
principal amount equal to the principal amount of such temporary Global Note,
executed by the Company. At any time, on or after the Exchange Date, upon 30
days' notice to the Trustee (or such other agent as may be specified as the
Company's agent for such purpose pursuant to Section 3.01) by the Euroclear
Operator or Cedelbank, as the case may be, acting at the request of or on behalf
of the beneficial owner, a Debt Security

                                     - 24 -

<PAGE>

represented by a temporary Global Note or a permanent Global Note, as the case
may be, may be exchanged, in whole or from time to time in part, for definitive
Debt Securities without charge and the Trustee (or such agent) shall
authenticate and deliver, in exchange for each portion of such temporary Global
Note or such permanent Global Note, an equal aggregate principal amount of
definitive Debt Securities of the same series of authorized denominations and of
a like Stated Maturity and with like terms and conditions, as the portion of
such temporary Global Note or such permanent Global Note to be exchanged, which,
unless the Debt Securities of the series are not issuable both as Bearer
Securities and as Registered Securities, 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 definitive Bearer Securities shall be delivered in exchange for a
portion of the temporary Global Note or the permanent Global Note only in
compliance with the requirements of the second preceding paragraph. On or prior
to the forty-fifth day following receipt by the Trustee (and such agent as may
be specified as the Company's agent for such purpose pursuant to Section 3.01)
of such notice with respect to a Debt Security, or, if such day is not a
Business Day, the next succeeding Business Day, the temporary Global Note or the
permanent Global Note, as the case may be, shall be surrendered by the Common
Depositary to the Trustee (or such other agent as may be specified as the
Company's agent for such purpose pursuant to Section 3.01), as the Company's
agent for such purpose, to be exchanged, in whole or from time to time in part,
for definitive Debt Securities without charge following such surrender, upon the
request of the Euroclear Operator or Cedelbank, as the case may be, and the
Trustee (or such agent) shall (1) endorse the applicable temporary Global Note
or the permanent Global Note to reflect the reduction of its principal amount by
the aggregate principal amount of such Debt Security, (2) cause the terms of
such Debt Security and Coupons, if any, to be entered on a definitive Debt
Security, (3) manually authenticate such definitive Debt Security, and (4) if a
Bearer Security is to be delivered, deliver such definitive Debt Security
outside the United States to the Euroclear Operator or Cedelbank, as the case
may be, for or on behalf of the beneficial owner thereof, in exchange for a
portion of such temporary Global Note or the permanent Global Note.

         Unless otherwise specified in such temporary Global Note or the
permanent Global Note, any such exchange shall be made free of charge to the
beneficial owners of such temporary Global Note or the permanent Global Note,
except that a Person receiving definitive Debt Securities must bear the cost of
insurance, postage, transportation and the like in the event that such Person
does not take delivery of such definitive Debt Securities in person at the
offices of the Euroclear Operator or Cedelbank. Definitive Debt Securities in
bearer form to be delivered in exchange for any portion of a temporary Global
Note or the permanent Global Note shall be delivered only outside the United
States. Notwithstanding the foregoing, in the event of redemption or
acceleration of all or any part of a temporary Global Note prior to the Exchange
Date, a permanent Global Note or definitive Bearer Securities, as the case may
be, will not be issuable in respect of such temporary Global Note or such
portion thereof, and payment thereon will instead be made as provided in such
temporary Global Note.

         Until exchanged in full as hereinabove provided, any temporary Global
Note or the permanent Global Note shall in all respects be entitled to the same
benefits under this Indenture as definitive Debt Securities of the same series
and tenor authenticated and delivered hereunder,

                                     - 25 -

<PAGE>

except that, unless otherwise specified as contemplated by Section 3.01,
interest payable on such temporary Global Note on an Interest Payment Date for
Debt Securities of such series occurring prior to the applicable Exchange Date
shall be payable to the Euroclear Operator or Cedelbank on such Interest Payment
Date upon delivery by the Euroclear Operator or Cedelbank to the Trustee (or
such agent as may be specified pursuant to Section 3.01) of a certificate or
certificates substantially 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 Note on such Interest Payment Date and who have each delivered
to the Euroclear Operator or Cedelbank, as the case may be, a certificate
substantially in the form set forth in Exhibit A to this Indenture.

         Any definitive Bearer Security authenticated and delivered by the
Trustee (or such agent) in exchange for a portion of a temporary Global Note or
the permanent Global Note shall not bear a coupon for any interest which shall
theretofore have been duly paid by the Trustee to the Euroclear Operator or
Cedelbank, or by the Company to the Trustee (or such agent) in accordance with
the provisions of this Section 3.04.

         With respect to Exhibits A and B to this Indenture, the Company may, in
its discretion and if required or desirable under applicable law, substitute one
or more other forms of such Exhibits for such Exhibits, eliminate the
requirement that any or all certificates be provided, or change the time that
any certificate may be required, provided that such substitute form or forms or
notice of elimination or change of such certification requirement have
theretofore been delivered to the Trustee (and any agent of the Company
appointed pursuant to Section 3.01 and referred to above) with a Company Request
and such form or forms, elimination or change is reasonably acceptable to the
Trustee (and any such agent).

         (c) If the Company shall establish pursuant to Section 3.01 that
the Registered Securities of a series are to be issued in whole or in part in
the form of one or more Global Notes, then the Company shall execute and the
Trustee shall, in accordance with Section 3.03 and the Company Order with
respect to such series, authenticate and deliver one or more Global Notes in
temporary or permanent form that (i) shall represent and shall be denominated in
an amount equal to the aggregate principal amount of the Outstanding Debt
Securities of such series to be represented by one or more Global Notes, (ii)
shall be registered in the name of the U.S. Depositary for such Global Note or
Notes or the nominee of such depositary, and (iii) shall bear a legend
substantially to the following effect:

         "This Debt Security may not be transferred except as a whole by the
         Depositary to a nominee of the Depositary or by a nominee of the
         Depositary to the Depositary or another nominee of the Depositary or by
         the Depositary or any such nominee to a successor Depositary or a
         nominee of such successor Depositary, unless and until this Debt
         Security is exchanged in whole or in part for Debt Securities in
         definitive form."

         Notwithstanding any other provision of this Section or Section 3.05,
unless and until it is exchanged in whole or in part for Registered Securities
in definitive form, a Global Note representing all or a portion of the
Registered Securities of a series may not be transferred except

                                     - 26 -

<PAGE>

as a whole by the U.S. Depositary for such series to a nominee of such
depositary or by a nominee of such depositary to such depositary or another
nominee of such depositary or by such depositary or any such nominee to a
successor U.S. Depositary for such series or a nominee of such successor
depositary.

         If at any time the U.S. Depositary for the Debt Securities of a series
notifies the Company that it is unwilling or unable to continue as U.S.
Depositary for the Debt Securities of such series or if at any time the U.S.
Depositary for Debt Securities of a series shall no longer be a clearing agency
registered and in good standing under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation, the Company shall appoint a
successor U.S. Depositary with respect to the Debt Securities of such series. If
a successor U.S. Depositary for the Debt Securities of such series is not
appointed by the Company within 90 days after the Company receives such notice
or becomes aware of such condition, the Company will execute, and the Trustee,
upon receipt of a Company Order for the authentication and delivery of
definitive Debt Securities of such series, will authenticate and deliver,
Registered Securities of such series in definitive form in an aggregate
principal amount equal to the principal amount of the Global Note or Notes
representing such series in exchange for such Global Note or Notes.

         The Company may at any time and in its sole discretion determine that
the Registered Securities of any series issued in the form of one or more Global
Notes shall no longer be represented by such Global Note or Notes. In such
event, the Company will execute, and the Trustee, upon receipt of a Company
Order for the authentication and delivery of definitive Debt Securities of such
series, will authenticate and deliver, Registered Securities of such series in
definitive form and in an aggregate principal amount equal to the principal
amount of the Global Note or Notes representing such series in exchange for such
Global Note or Notes.

         If the Registered Securities of any series shall have been issued in
the form of one or more Global Notes and if an Event of Default with respect to
the Debt Securities of such series shall have occurred and be continuing, the
Company will promptly execute, and the Trustee, upon receipt of a Company Order
for the authentication and delivery of definitive Debt Securities of such
series, will authenticate and deliver, Registered Securities of such series in
definitive form and in an aggregate principal amount equal to the principal
amount of the Global Note or Notes representing such series in exchange for such
Global Note or Notes.

         If specified by the Company pursuant to Section 3.01 with respect to
Registered Securities of a series, the U.S. Depositary for such series of
Registered Securities may surrender a Global Note for such series of Debt
Securities in exchange in whole or in part for Registered Securities of such
series in definitive form on such terms as are acceptable to the Company and
such depositary. Thereupon, the Company shall execute and the Trustee shall
authenticate and deliver, without charge:

                  (i) to each Person specified by the U.S. Depositary a new
         Registered Security or Securities of the same series, of any authorized
         denomination as requested by such Person in an aggregate principal
         amount equal to and in exchange for such Person's beneficial interest
         in the Global Note; and

                                     - 27 -

<PAGE>

                  (ii) to the U.S. Depositary a new Global Note in a
         denomination equal to the difference, if any, between the principal
         amount of the surrendered Global Note and the aggregate principal
         amount of Registered Securities delivered to Holders thereof.

         Upon the exchange of a Global Note for Registered Securities in
definitive form, such Global Note shall be canceled by the Trustee. Debt
Securities issued in exchange for a Global Note pursuant to this subsection (c)
shall be registered in such names and in such authorized denominations as the
U.S. Depositary for such Global Note, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Trustee. The Trustee
shall deliver such Debt Securities to the Persons in whose names such Debt
Securities are so registered.

Section 3.05 Registration, Transfer and Exchange.

         (a) The Company shall cause to be kept at the Corporate Trust Office of
the Trustee (or such other office designated under Section 3.01) a register (the
registers maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein 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 Registered
Securities and of transfers and exchanges of Registered Securities. The Trustee
is hereby appointed "Security Registrar" for the purpose of registering
Registered Securities and registering transfers and exchanges of Registered
Securities as herein provided; provided, however, that the Company may appoint
co-Security Registrars and separate Registrars under Section 3.01.

         Upon surrender for registration of transfer of any Registered Security
of any series at the office or agency of the Company maintained for such
purpose, the Company shall execute, and the Trustee or an Authenticating Agent
shall authenticate and deliver, in the name of the designated transferee, one or
more new Registered Securities of the same series of like aggregate principal
amount of such denominations as are authorized for Registered Securities of such
series and of a like Stated Maturity and with like terms and conditions.

         Except as otherwise provided in Section 3.04 and this Section 3.05, at
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series of like aggregate principal
amount and of a like Stated Maturity and with like terms and conditions, upon
surrender of the Registered Securities to be exchanged at such office or agency.
Whenever any Registered Securities are surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Registered
Securities which the Holder making the exchange is entitled to receive.

         (b) If and to the extent specified pursuant to Section 3.01, the
provisions of this Section 3.05(b) shall be applicable to Debt Securities of any
series which are Bearer Securities. At the option of the Holder thereof, to the
extent permitted by law, any Bearer Security of any series which by its terms is
registrable as to principal and interest may be exchanged for a Registered
Security of such series of like aggregate principal amount and of a like Stated
Maturity and with like terms and conditions upon surrender of such Bearer
Security at the Corporate Trust Office or at any other office or agency of the
Company designated pursuant to Section 3.01 for the purpose of making any such
exchanges. Any Coupon Security surrendered for exchange shall be surrendered
with all unmatured Coupons and any matured Coupons in

                                     - 28 -

<PAGE>
default attached thereto. 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 or Authenticating
Agent 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 Bearer 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 12.03, 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 of a like Stated Maturity and with like terms and
conditions 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 (or, if such Coupon is so
surrendered with such Bearer Security, such Coupon shall be returned to the
Person so surrendering the Bearer Security), 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. The Company shall execute, and the Trustee shall authenticate and
deliver, the Registered Security or Securities which the Holder making the
exchange is entitled to receive.

         Notwithstanding the foregoing, the exchange of Bearer Securities for
Registered Securities will be subject to the provisions of United States income
tax laws and regulations applicable to Debt Securities in effect at the time of
such exchange.

         (c) Except as otherwise specified pursuant to Section 3.01, in no event
may Registered Securities, including Registered Securities received in exchange
for Bearer Securities, be exchanged for Bearer Securities.

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

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

                                     - 29 -

<PAGE>

         No service charge will be made for any transfer or exchange of Debt
Securities except as provided in Section 3.04(b) or 3.06. 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, transfer or
exchange of Debt Securities, other than those expressly provided in this
Indenture to be made at the Company's own expense or without expense or without
charge to the Holders.

         The Company shall not be required (i) to register, transfer or exchange
Debt Securities of any series during a period beginning at the opening of
business 15 days before the day of the transmission of a notice of redemption of
Debt Securities of such series selected for redemption under Section 13.03 and
ending at the close of business on the day of such transmission, or (ii) to
register, transfer or exchange any Debt Security so selected for redemption in
whole or in part, except the unredeemed portion of any Debt Security being
redeemed in part.

Section 3.06 Mutilated, Destroyed, Lost and Stolen Debt Securities.

         If (i) any mutilated Debt Security or any mutilated Coupon with the
Coupon Security to which it appertains (and all unmatured Coupons attached
thereto) is surrendered to the Trustee or Authenticating Agent, or (ii) the
Company and the Trustee or Authenticating Agent receive evidence to their
satisfaction of the destruction, loss or theft of any Debt Security or any
Coupon, and there is delivered to the Company and the Trustee or Authenticating
Agent such security or indemnity as may be required by them to save each of them
and any Paying Agent harmless, and neither the Company nor the Trustee receives
notice that such Debt Security or Coupon has been acquired by a bona fide
purchaser, then the Company shall execute and upon Company Request the Trustee
or Authenticating Agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Debt Security or in
exchange for the Coupon Security to which such mutilated, destroyed, lost or
stolen Coupon appertained, a new Debt Security of the same series of like Stated
Maturity and with like terms and conditions and like principal amount, bearing a
number not contemporaneously Outstanding, and, in the case of a Coupon Security,
with such Coupons attached thereto that neither gain nor loss in interest shall
result from such exchange or substitution.

         In case any such mutilated, destroyed, lost or stolen Debt Security or
Coupon has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Debt Security, pay the amount due on
such Debt Security or Coupon in accordance with its terms; provided, however,
that principal of (and premium, if any) and any interest on Bearer Securities
shall, except as otherwise provided in Section 12.03, be payable only at an
office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 3.01 or except as otherwise provided in
this Section 3.06, any interest on Bearer Securities shall be payable only upon
presentation and surrender of the Coupons appertaining thereto.

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

                                     - 30 -

<PAGE>

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

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

Section 3.07 Payment of Interest; Interest Rights Preserved.

         (a) 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 such Registered Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest notwithstanding the cancellation of such Registered Security
upon any transfer or exchange subsequent to the Regular Record Date. Unless
otherwise specified as contemplated by Section 3.01 with respect to the Debt
Securities of any series, payment of interest on Registered Securities shall be
made at the place or places specified pursuant to Section 3.01 or, at the option
of the Company, by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register or, if provided pursuant to
Section 3.01, by wire transfer to an account designated by the Registered
Holder.

         (b) Interest on any Coupon Security which is payable and is
punctually paid or duly provided for on any Interest Payment Date shall, except
as otherwise provided in Section 12.03, be paid to the Holder of the Coupon
which has matured on such Interest Payment Date upon surrender of such Coupon on
such Interest Payment Date at an office or agency of the Company in a Place of
Payment located outside the United States specified pursuant to Section 3.01.

         Interest on any Bearer Security (other than a Coupon Security) which is
payable and is punctually paid or duly provided for on any Interest Payment Date
shall be paid to the Holder of the Bearer Security upon presentation of such
Bearer Security and notation thereon on such Interest Payment Date at an office
or agency of the Company in a Place of Payment located outside the United States
specified pursuant to Section 3.01.

         Unless otherwise specified pursuant to Section 3.01, at the direction
of the Holder of any Bearer Security or Coupon payable in Dollars, payment on
such Bearer Security or Coupon will be made by check or, if agreeable to the
Trustee (or the Paying Agent specified pursuant to Section 3.01), by wire
transfer to a Dollar account maintained by such Holder outside the United
States. If such payment at the offices of all Paying Agents outside the United
States becomes illegal or is effectively precluded because of the imposition of
exchange controls or similar restrictions on the full payment or receipt of such
amounts in Dollars, the Company will appoint an office or agent in the United
States at which such payment may be made. Unless otherwise specified pursuant to
Section 3.01, at the direction of the Holder of any Bearer Security or Coupon
payable in a Foreign Currency, payment on such Bearer Security or Coupon will be
made by a check drawn on a bank outside the United States or, if acceptable to
the Trustee or

                                     - 31 -

<PAGE>

such Paying Agent, by wire transfer to an appropriate account maintained by such
Holder outside the United States. Except as provided in this paragraph, no
payment on any Bearer Security or Coupon will be made by mail to an address in
the United States or by wire transfer to an account in the United States.

         (c) Any interest on any Debt Security which is payable but is not
punctually paid or duly provided for on any Interest Payment Date (herein called
"Defaulted Interest") shall, if such Debt Security is a Registered Security,
forthwith cease to be payable to the Registered Holder on the relevant Regular
Record Date by virtue of his having been such Registered 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 such Registered Securities (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, at least 25 days prior to the date of the proposed payment,
         notify the Trustee in writing of the amount of Defaulted Interest
         proposed to be paid on each such Registered Security and the date of
         the proposed payment, and at the same time the Company shall deposit
         with the Trustee an amount of money in the Currency or Currency Unit in
         which the Debt Securities of such series are payable (except as
         otherwise specified pursuant to Section 3.01 or 3.10) 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 is 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 date shall be not more than 20 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 the Holders of such Registered Securities at their
         addresses as they appear in the Security Register, not less than 10
         days prior to such Special Record Date. Notice of the proposed payment
         of such Defaulted Interest and the Special Record Date therefor having
         been mailed as aforesaid, such Defaulted Interest shall be paid to the
         Persons in whose names such Registered Securities (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
         Registered Securities in any other lawful manner not inconsistent with
         the requirements of any securities exchange on which such Registered
         Securities may be listed, and upon such notice as may be required by
         such exchange, if, after notice given by the Company to the Trustee of
         the proposed payment pursuant to this clause, such manner of payment
         shall be deemed practicable by the Trustee.

                                     - 32 -

<PAGE>

         (d) Any Defaulted Interest payable in respect of Bearer Securities
of any series shall be payable pursuant to such procedures as may be
satisfactory to the Trustee in such manner that there is no discrimination
between the Holders of Registered Securities (if any) and Bearer Securities of
such series, and notice of the payment date therefor shall be given by the
Trustee, in the name and at the expense of the Company, in the manner provided
in Section 1.05 not more than 20 days and not less than 10 days prior to the
date of the proposed payment.

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

Section 3.08 Cancellation.

         Unless otherwise specified pursuant to Section 3.01 for Debt Securities
of any series, all Debt Securities surrendered for payment, redemption,
transfer, exchange or credit against any sinking fund and all Coupons
surrendered for payment or exchange 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 canceled by the Trustee. All
Bearer Securities and unmatured Coupons so delivered shall be held by the
Trustee and, upon instruction by the Company Order, shall be canceled or held
for reissuance. Bearer Securities and unmatured Coupons held for reissuance may
be reissued only in exchange for Bearer Securities of the same series and of
like Stated Maturity and with like terms and conditions pursuant to Section 3.05
or in replacement of mutilated, lost, stolen or destroyed Bearer Securities of
the same series and of like Stated Maturity and with like terms and conditions
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 cancellation for all purposes of this
Indenture and the Debt Securities. The Company may at any time deliver to the
Trustee for cancellation any Debt Securities or Coupons previously authenticated
and delivered hereunder which the Company may have acquired in any manner
whatsoever, and the Company may deliver to the Trustee (or to any other Person
for delivery to the Trustee) for cancellation any Debt Securities previously
authenticated hereunder which the Company has not issued, and all Debt
Securities or Coupons so delivered shall be promptly canceled by the Trustee. No
Debt Securities or Coupons shall be authenticated in lieu of or in exchange for
any Debt Securities or Coupons canceled as provided in this Section, except as
expressly permitted by this Indenture. All canceled Debt Securities and Coupons
held by the Trustee shall be destroyed by the Trustee in accordance with its
customary procedures and a certificate of destruction shall be delivered to the
Company upon Company Request. The acquisition of any Debt Securities or Coupons
by the Company shall not operate as a redemption or satisfaction of the
indebtedness represented thereby unless and until such Debt Securities or
Coupons are surrendered to the Trustee for cancellation. In the case of any
temporary Global Note which shall be destroyed if the entire aggregate principal
amount of the Debt Securities represented thereby has been exchanged, the
certificate of destruction shall state that all certificates required pursuant
to Section 3.04 hereof and substantially in the form of Exhibit B hereto, to be
given by the Euroclear Operator or Cedelbank, have been duly presented to the
Trustee by the Euroclear Operator or Cedelbank, as

                                     - 33 -

<PAGE>

the case may be. Permanent Global Notes shall not be destroyed until exchanged
in full for definitive Debt Securities or until payment thereon is made in full.

Section 3.09 Computation of Interest.

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

Section 3.10 Currency of Payments in Respect of Debt Securities.

         (a) Except as otherwise specified pursuant to Section 3.01 for
Bearer Securities of any series, payment of the principal of (and premium, if
any) and interest on Bearer Securities of such series denominated in any
Currency will be made in such Currency.

         (b) With respect to Registered Securities of any series not
permitting the election provided for in paragraph (c) below or the Holders of
which have not made the election provided for in paragraph (c) below, except as
provided in paragraph (e) below, payment of the principal of (and premium, if
any) and any interest on any Registered Security of such series will be made in
the Currency in which such Registered Security is payable.

         (c) It may be provided pursuant to Section 3.01 with respect to
the Registered Securities of any series that Holders shall have the option,
subject to paragraphs (e) and (f) below, to receive payments of principal of
(and premium, if any) and any interest on such Registered Securities in any of
the Currencies which may be designated for such election by delivering to the
Trustee a written election, to be in form and substance reasonably satisfactory
to the Trustee, not later than the close of business on the Election Date
immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such Currency, such election will remain in effect
for such Holder or any transferee of such Holder until changed by such Holder or
such transferee by written notice to the Trustee (but any such change must be
made not later than the close of business on the Election Date immediately
preceding the next payment date to be effective for the payment to be made on
such payment date and no such change or election may be made with respect to
payments to be made on any Registered Security of such series with respect to
which an Event of Default has occurred or notice of redemption has been given by
the Company pursuant to Article Thirteen). Any Holder of any such Registered
Security who shall not have delivered any such election to the Trustee by the
close of business on the applicable Election Date will be paid the amount due on
the applicable payment date in the relevant Currency as provided in paragraph
(b) of this Section 3.10.

         (d) If the election referred to in paragraph (c) above has been
provided for pursuant to Section 3.01, then not later than the fourth Business
Day after the Election Date for each payment date, the Trustee or agent
appointed pursuant to Section 3.01 will deliver to the Company a written notice
specifying, in the Currency in which each series of the Registered Securities is
payable, the respective aggregate amounts of principal of (and premium, if any)
and any interest on the Registered Securities to be paid on such payment date,
specifying the amounts so payable in respect of the Registered Securities as to
which the Holders of Registered Securities denominated in any Currency shall

                                     - 34 -

<PAGE>

have elected to be paid in another Currency as provided in paragraph (c) above.
If the election referred to in paragraph (c) above has been provided for
pursuant to Section 3.01 and if at least one Holder has made such election,
then, on the second Business Day preceding each payment date, the Company will
deliver to the Trustee an Exchange Rate Officer's Certificate in respect of the
Currency payments to be made on such payment date. The Currency amount
receivable by Holders of Registered Securities who have elected payment in a
Currency as provided in paragraph (c) above shall be determined by the Company
on the basis of the applicable Market Exchange Rate in effect on the third
Business Day (the "Valuation Date") immediately preceding each payment date.

         (e) If a Conversion Event occurs with respect to a Foreign
Currency or any other Currency Unit in which any of the Debt Securities are
denominated or payable other than pursuant to an election provided for pursuant
to paragraph (c) above, then with respect to each date for the payment of
principal of (and premium, if any) and any interest on the applicable Debt
Securities denominated or payable in such Foreign Currency or such other
Currency Unit occurring after the last date on which such Foreign Currency or
such other Currency Unit was used (the "Conversion Date"), the Dollar shall be
the Currency of payment for use on each such payment date. The Dollar amount to
be paid by the Company to the Trustee and by the Trustee or any Paying Agent to
the Holders of such Debt Securities with respect to such payment date shall be
the Dollar Equivalent of the Foreign Currency or, in the case of a Currency
Unit, the Dollar Equivalent of the Currency Unit, in each case as determined by
the Currency Determination Agent, in the manner provided in paragraph (g) or (h)
below.

         (f) If the Holder of a Registered Security denominated in any
Currency shall have elected to be paid in another Currency as provided in
paragraph (c) above, and a Conversion Event occurs with respect to such elected
Currency, such Holder shall receive payment in the Currency in which payment
would have been made in the absence of such election. If a Conversion Event
occurs with respect to the Currency in which payment would have been made in the
absence of such election, such Holder shall receive payment in Dollars as
provided in paragraph (e) of this Section 3.10.

         (g) The "Dollar Equivalent of the Foreign Currency" shall be
determined by the Currency Determination Agent, and shall be obtained for each
subsequent payment date by converting the specified Foreign Currency into
Dollars at the Market Exchange Rate on the Conversion Date.

         (h) The "Dollar Equivalent of the Currency Unit" shall be
determined by the Currency Determination Agent, and subject to the provisions of
paragraph (i) below, shall be the sum of each amount obtained by converting the
Specified Amount of each Component Currency into Dollars at the Market Exchange
Rate for such Component Currency on the Valuation Date with respect to each
payment.

         (i) For purposes of this Section 3.10 the following terms shall
have the following meanings:

                                     - 35 -

<PAGE>

                  A "Component Currency" shall mean any Currency which, on the
         Conversion Date, was a component Currency of the relevant Currency
         Unit.

                  A "Specified Amount" of a Component Currency shall mean the
         number of units of such Component Currency or fractions thereof which
         were represented in the relevant Currency Unit on the Conversion Date.
         If after the Conversion Date the official unit of any Component
         Currency is altered by way of combination or subdivision, the Specified
         Amount of such Component Currency shall be divided or multiplied in the
         same proportion. If after the Conversion Date two or more Component
         Currencies are consolidated into a single Currency, the respective
         Specified Amounts of such Component Currencies shall be replaced by an
         amount in such single Currency equal to the sum of the respective
         Specified Amounts of such consolidated Component Currencies expressed
         in such single Currency, and such amount shall thereafter be a
         Specified Amount and such single Currency shall thereafter be a
         Component Currency. If after the Conversion Date any Component Currency
         shall be divided into two or more Currencies, the Specified Amount of
         such Component Currency shall be replaced by amounts of such two or
         more Currencies with appropriate Dollar equivalents at the Market
         Exchange Rate on the date of such replacement equal to the Dollar
         equivalent of the Specified Amount of such former Component Currency at
         the Market Exchange Rate on such date, and such amounts shall
         thereafter be Specified Amounts and such Currencies shall thereafter be
         Component Currencies. If after the Conversion Date of the relevant
         Currency Unit, a Conversion Event (other than any event referred to
         above in this definition of "Specified Amount") occurs with respect to
         any Component Currency of such Currency Unit, the Specified Amount of
         such Component Currency shall, for purposes of calculating the Dollar
         Equivalent of the Currency Unit, be converted into Dollars at the
         Market Exchange Rate in effect on the Conversion Date of such Component
         Currency.

                  "Election Date" shall mean the record date with respect to any
         payment date, and with respect to the Maturity shall mean the record
         date (if within 16 or fewer days prior to the Maturity) immediately
         preceding the Maturity, and with respect to any series of Debt
         Securities whose record date immediately preceding the Maturity is more
         than 16 days prior to the Maturity or any series of Debt Securities for
         which no record dates are provided with respect to interest payments,
         shall mean the date which is 16 days prior to the Maturity.

         (j) All decisions and determinations of the Currency Determination
Agent, if any, regarding the Dollar Equivalent of the Foreign Currency, the
Dollar Equivalent of the Currency Unit and the Market Exchange Rate shall be in
its sole discretion and shall, in the absence of manifest error, be conclusive
for all purposes and irrevocably binding upon the Company and all Holders of the
Debt Securities denominated or payable in the relevant Currency. In the event of
a Conversion Event with respect to a Foreign Currency, the Company, after
learning thereof, will immediately give written notice thereof to the Trustee
(and the Trustee will promptly thereafter give notice in the manner provided in
Section 1.05 to the Holders) specifying the Conversion Date. In the event of a
Conversion Event with respect to any Currency Unit in which Debt Securities are
denominated or payable, the Company, after learning thereof, will immediately
give written notice thereof to the Trustee (and the Trustee will promptly
thereafter give written

                                     - 36 -

<PAGE>

notice in the manner provided in Section 1.05 to the Holders) specifying the
Conversion Date and the Specified Amount of each Component Currency on the
Conversion Date. In the event of any subsequent change in any Component Currency
as set forth in the definition of Specified Amount above, the Company, after
learning thereof, will similarly give written notice to the Trustee. The Trustee
shall be fully justified and protected in relying and acting upon information
received by it from the Company and the Currency Determination Agent, if any,
and may, notwithstanding any other provision of this Indenture, conclusively
assume that no Conversion Event or other event of which it is entitled to notice
hereunder has occurred unless it receives written notice thereof as provided
herein, and shall not otherwise have any duty or obligation to determine such
information independently.

         (k) For purposes of any provision of this Indenture where the
Holders of Outstanding Debt Securities may perform an Act which requires that a
specified percentage of the Outstanding Debt Securities of all series perform
such Act and for purposes of any decision or determination by the Trustee of
amounts due and unpaid for the principal (and premium, if any) and interest on
the Debt Securities of all series in respect of which moneys are to be disbursed
ratably, the principal of (and premium, if any) and interest on the Outstanding
Debt Securities denominated in a Foreign Currency will be the amount in Dollars
based upon the Market Exchange Rate for Debt Securities of such series, as of
the date for determining whether the Holders entitled to perform such Act have
performed it, or as of the Business Day immediately prior to the date of such
decision or determination by the Trustee, as the case may be.

Section 3.11 Judgments.

         If for the purpose of obtaining a judgment in any court with respect to
any obligation of the Company hereunder or under any Debt Security, it shall
become necessary to convert into any other Currency any amount in the Currency
due hereunder or under such Debt Security, then such conversion shall be made at
the Market Exchange Rate as in effect on the date the Company shall make payment
to any Person in satisfaction of such judgment. If pursuant to any such
judgment, conversion shall be made on a date other than the date payment is made
and there shall occur a change between such Market Exchange Rate and the Market
Exchange Rate as in effect on the date of payment, the Company agrees to pay
such additional amounts (if any) as may be necessary to ensure that the amount
paid is equal to the amount in such other Currency which, when converted at the
Market Exchange Rate as in effect on the date of payment or distribution, is the
amount then due hereunder or under such Debt Security. Any amount due from the
Company under this Section 3.11 shall be due as a separate debt and is not to be
affected by or merged into any judgment being obtained for any other sums due
hereunder or in respect of any Debt Security. In no event, however, shall the
Company be required to pay more in the Currency or Currency Unit due hereunder
or under such Debt Security at the Market Exchange Rate as in effect when
payment is made than the amount of Currency stated to be due hereunder or under
such Debt Security so that in any event the Company's obligations hereunder or
under such Debt Security will be effectively maintained as obligations in such
Currency, and the Company shall be entitled to withhold (or be reimbursed for,
as the case may be) any excess of the amount actually realized upon any such
conversion over the amount due and payable on the date of payment or
distribution.

                                     - 37 -

<PAGE>

Section 3.12 Exchange Upon Default.

         If default is made in the payments referred to in Section 12.01, the
Company hereby undertakes that upon presentation and surrender of a permanent
Global Note to the Trustee (or to any other Person or at any other address as
the Company may designate in writing), on any Business Day on or after the
maturity date thereof the Company will issue and, upon receipt of a Company
Order, the Trustee will authenticate and deliver to the bearer of such permanent
Global Note duly executed and authenticated definitive Debt Securities with the
same issue date and maturity date as set out in such permanent Global Note.

Section 3.13 CUSIP Numbers.

         The Company in issuing the Debt Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in
notices of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Debt 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 Debt Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

Section 4.01 Satisfaction and Discharge of Indenture.

         This Indenture, with respect to the Debt Securities of any series (if
all series issued under this Indenture are not to be affected), shall upon
Company Request, cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange or conversion of such Debt
Securities herein expressly provided for or expressly provided in the terms of
the Debt Securities of such series pursuant to Section 3.01, and rights to
receive payments of principal (and premium, if any) and interest on such Debt
Securities) and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

         (1) either

                  (A) all Debt Securities and the Coupons, if any, of such
         series theretofore authenticated and delivered (other than (i) Debt
         Securities and Coupons of such series which have been destroyed, lost
         or stolen and which have been replaced or paid as provided in Section
         3.06, (ii) 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 under Section 3.05,
         (iii) Coupons appertaining to Bearer Securities called for redemption
         and maturing after the relevant Redemption Date, whose surrender has
         been waived as provided in Section 13.06, and (iv) Debt Securities and
         Coupons of such series for whose payment money has theretofore been
         deposited in trust or segregated and held in trust by the Company and
         thereafter repaid to the Company or

                                     - 38 -

<PAGE>

         discharged from such trust, as provided in Section 12.04) have been
         delivered to the Trustee for cancellation; or

                  (B) all Debt Securities and the Coupons, if any, of such
         series not theretofore delivered to the Trustee for cancellation,

                           (i) have become due and payable, or

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

                           (iii) are to be called for redemption within one year
                  under arrangements satisfactory to the Trustee for the giving
                  of notice by the Trustee in the name, and at the expense, of
                  the Company, and the Company, in the case of (i), (ii) or
                  (iii) of this subclause (B), has irrevocably deposited or
                  caused to be deposited with the Trustee as trust funds in
                  trust for such purpose an amount in the Currency in which such
                  Debt Securities are denominated (except as otherwise provided
                  pursuant to Section 3.01 or 3.10) sufficient to pay and
                  discharge the entire indebtedness on such Debt Securities for
                  principal (and premium, if any) and interest to the date of
                  such deposit (in the case of Debt Securities which have become
                  due and payable) or to the Stated Maturity or Redemption Date,
                  as the case may be; provided, however, in the event a petition
                  for relief under the Federal bankruptcy laws, as now or
                  hereafter constituted, or any other applicable Federal, State
                  or Commonwealth bankruptcy, insolvency or other similar law,
                  is filed with respect to the Company within 91 days after the
                  deposit and the Trustee is required to return the deposited
                  money to the Company, the obligations of the Company under
                  this Indenture with respect to such Debt Securities shall not
                  be deemed terminated or discharged;

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

         (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 with
respect to such series have been complied with; and

         (4) the Company has delivered to the Trustee an Opinion of Counsel or a
ruling by the Internal Revenue Service to the effect that such deposit and
discharge will not cause Holders of the Debt Securities of the series to
recognize income, gain or loss for Federal income tax purposes.

         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, the obligations of
the Company under Section 12.01, and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of clause (1) of this Section, the
obligations of the Trustee under Section 4.02 and the last paragraph of Section
12.04, shall

                                     - 39 -

<PAGE>

survive. If, after the deposit referred to in subclause (B) of clause 1 of this
Section has been made, (x) the Holder of a Debt Security is entitled to, and
does, elect pursuant to Section 3.10(c), to receive payment in a Currency other
than that in which deposit was made, or (y) if a Conversion Event occurs with
respect to the Currency in which deposit was made or elected to be received by
the Holder pursuant to Section 3.10(c), then the indebtedness represented by
such Debt Security shall be fully discharged to the extent that deposit made
with respect to such Debt Security shall be converted into the Currency in which
such payment is made.

Section 4.02 Application of Trust Money.

         Subject to the provisions of the last paragraph of Section 12.04, 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 Debt Securities and
Coupons, if any, and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited
with the Trustee.

                                   ARTICLE V

                                    REMEDIES

Section 5.01 Events of Default.

         "Event of Default" wherever used herein with respect to Debt 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, pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

                  (1) default in the payment of any interest upon any Debt
         Security or any payment with respect to the Coupons, if any, of such
         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 (and premium,
         if any, on) any Debt Security of such series at its Maturity; or

                  (3) default in the deposit of any sinking fund payment, when
         and as due by the terms of a Debt Security of such 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 any covenant or warranty which
         expressly has been included in this Indenture solely for the benefit of
         Debt Securities of a series other than such 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

                                     - 40 -

<PAGE>

         Holders of at least 25% in principal amount of the Outstanding Debt
         Securities of such 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) a default under any bond, debenture, note or other
         evidence of indebtedness for money borrowed (including a default with
         respect to Debt Securities of any series other than that series) or
         under any mortgage, indenture or instrument under which there may be
         issued or by which there may be secured or evidenced any indebtedness
         for money borrowed by the Company or any Significant Subsidiary in
         excess of $5,000,000 (including this Indenture), whether such
         indebtedness now exists or shall hereafter be created, which default
         shall have resulted in such indebtedness becoming or being declared due
         and payable prior to the date on which it would otherwise have become
         due and payable, without such acceleration having been rescinded or
         annulled within a period of 30 days after there shall have been given,
         by registered or certified mail, to the Company by the Trustee or to
         the Company and the Trustee by the Holders of not less than 25% in
         principal amount of the Outstanding Debt Securities of that series a
         written notice specifying such default and requiring the Company or the
         Significant Subsidiary, as the case may be, to cause such acceleration
         to be rescinded or annulled and stating that such notice is a "Notice
         of Default" hereunder; provided, however, that if such default shall be
         remedied or cured by the Company or the Significant Subsidiary or
         waived by the holders of such indebtedness, then the Event of Default
         hereunder by reason thereof shall be deemed likewise to have been
         thereupon remedied, cured or waived without any action on the part of
         the Trustee or any of the Holders; or

                  (6) the entry of a decree or order for relief in respect of
         the Company or any Significant Subsidiary by a court having
         jurisdiction in the premises in an involuntary case under the Federal
         bankruptcy laws, as now or hereafter constituted, or any other
         applicable Federal, State of Commonwealth bankruptcy, insolvency or
         other similar law, or a decree or order adjudging the Company or any
         Significant Subsidiary a bankrupt or insolvent, or approving as
         properly filed a petition seeking reorganization, arrangement,
         adjustment or composition of or in respect of the Company or any
         Significant Subsidiary under any applicable Federal, State or
         Commonwealth law, or appointing a receiver, liquidator, assignee,
         custodian, trustee, sequestrator (or other similar official) of the
         Company or any Significant Subsidiary or of any substantial part of its
         property, or ordering the winding up or liquidation of its affairs, and
         the continuance of any such decree or order unstayed and in effect for
         a period of 60 consecutive days; or

                  (7) the commencement by the Company or any Significant
         Subsidiary of a voluntary case under the Federal bankruptcy laws, as
         now or hereafter constituted, or any other applicable Federal, State or
         Commonwealth bankruptcy, insolvency or other similar law, or the
         consent by it to the entry of an order for relief in an involuntary
         case under any such law or to the appointment of a receiver,
         liquidator, assignee, custodian, trustee, sequestrator (or other
         similar official) of the Company or any Significant Subsidiary or of
         any substantial part of its property, or the making by it of an
         assignment for the benefit of its creditors, or the admission by it in
         writing of its inability to pay its debts generally as

                                     - 41 -

<PAGE>

         they become due, or the taking of corporate action by the Company or
         any Significant Subsidiary in furtherance of any such action; or

                  (8) any other Event of Default provided with respect to Debt
         Securities of that series pursuant to Section 3.01.

Section 5.02 Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default with respect to Debt Securities of any series at
that time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Debt Securities of such series may declare the principal amount (or,
if any Debt Securities of such series are Discount Securities, such portion of
the principal amount of such Discount Securities as may be specified in the
terms of such Discount Securities) of all the Debt Securities of such 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) plus accrued and unpaid interest (and premium, if
any), shall become immediately due and payable. Upon payment of such amount in
the Currency in which such Debt Securities are denominated (except as otherwise
provided pursuant to Section 3.01 or 3.10), all obligations of the Company in
respect of the payment of principal of the Debt Securities of such series shall
terminate.

         At any time after such a declaration of acceleration with respect to
Debt 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 Debt Securities of such 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
         in the Currency in which such Debt Securities are denominated (except
         as otherwise provided pursuant to Section 3.01 or 3.10) sufficient to
         pay

                           (A) all overdue installments of interest on all Debt
                  Securities or all overdue payments with respect to any Coupons
                  of such series,

                           (B) the principal of (and premium, if any, on) any
                  Debt Securities of such series which have become due otherwise
                  than by such declaration of acceleration and interest thereon
                  at the rate or rates prescribed therefor in such Debt
                  Securities,

                           (C) to the extent that payment of such interest is
                  lawful, interest upon overdue installments of interest on each
                  Debt Security of such series or upon overdue payments on any
                  Coupons of such series at the Overdue Rate, 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; provided, however, that all sums payable under this
                  clause (D) shall be paid in Dollars; and

                                     - 42 -

<PAGE>

                  (2) All Events of Default with respect to Debt Securities of
         such series, other than the nonpayment of the principal of Debt
         Securities of such series which has become due solely by such
         declaration of acceleration, have been cured or waived as provided in
         Section 5.13.

         No such rescission and annulment 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 installment of
         interest on any Debt Security or any payment with respect to any
         Coupons when such interest or payment becomes due and payable and such
         default continues for a period of 30 days,

                  (2) default is made in the payment of principal of (or
         premium, if any, on) any Debt Security at the Maturity thereof, or

                  (3) default is made in the making or satisfaction of any
         sinking fund payment or analogous obligation when the same becomes due
         pursuant to the terms of the Debt Securities of any series, the Company
         will, upon demand of the Trustee, pay to it, for the benefit of the
         Holders of such Debt Securities or of such Coupons, (i) the amount then
         due and payable on such Debt Securities or matured Coupons for the
         principal (and premium, if any) and interest, if any, (ii) to the
         extent that payment of such interest shall be legally enforceable,
         interest upon the overdue principal (and premium, if any) and upon
         overdue installments of interest, at the Overdue Rate, and (iii) 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 amount forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Debt Securities and Coupons,
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 Debt
Securities and Coupons wherever situated.

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

                                     - 43 -

<PAGE>

Section 5.04 Trustee May File Proofs of Claim.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceedings, or any voluntary or involuntary case under the applicable
Federal, State or Commonwealth bankruptcy, insolvency or similar law, as now or
hereafter constituted, relative to the Company or any other obligor upon the
Debt Securities and Coupons, if any, of a particular series or the property of
the Company or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of such Debt Securities shall then be due
and payable as therein expressed or by declaration of acceleration or otherwise
and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

                  (i) to file and prove a claim for the whole amount of
         principal (or, if the Debt Securities of such series are Discount
         Securities, such portion of the principal amount as may be due and
         payable with respect to such series pursuant to a declaration in
         accordance with Section 5.02) (and premium, if any) and interest owing
         and unpaid in respect of the Debt Securities and Coupons of such series
         and to file such other papers or documents and take such other actions,
         including participating as a member, voting or otherwise, of any
         committee of creditors appointed in the matter, as may be necessary or
         advisable in order to have the claims of the Trustee (including any
         claim for the reasonable compensation, expenses, disbursements and
         advances of the Trustee, its agents and counsel) and of the Holders of
         such Debt Securities and Coupons allowed in such judicial proceeding,
         and

                  (ii) to collect and receive any moneys or other property
         payable or deliverable on any such claims and to distribute the same;

and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or
other similar official) in any such proceeding is hereby authorized by each such
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 such 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.

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

Section 5.05 Trustee May Enforce Claims Without Possession of Debt Securities.

         All rights of action and claims under this Indenture or the Debt
Securities and the Coupons, if any, of any series may be prosecuted and enforced
by the Trustee without the possession of any of such Debt Securities or Coupons
or the production thereof in any

                                     - 44 -

<PAGE>

proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name, as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Debt Securities or
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 (and premium,
if any) or interest, upon presentation of the Debt Securities or Coupons of any
series in respect of which money has been collected 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.

         SECOND: To the payment of the amounts then due and unpaid for principal
of (and premium, if any) and interest on the Debt Securities or Coupons of such
series, 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 Debt Securities or Coupons for principal (and
premium, if any) and interest, respectively; and

         THIRD: The balance, if any, to the Person or Persons entitled thereto.

Section 5.07 Limitation on Suits.

         No Holder of any Debt Security or Coupon of any series shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless

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

                  (2) the Holders of not less than 25% in principal amount of
         the Outstanding Debt Securities of such 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 Debt Securities of such
         series;

                                     - 45 -

<PAGE>

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other such
Holders or of the Holders of Outstanding Debt Securities or Coupons of any other
series, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders. For the protection and enforcement of the provisions of this Section
5.07, each and every Holder of Debt Securities or Coupons of any series and the
Trustee for such series shall be entitled to such relief as can be given at law
or in equity.

Section 5.08 Unconditional Right of Holders to Receive Principal, Premium and
             Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Debt Security or of any Coupon shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 3.07) interest on such Debt Security or Coupon on the
respective Stated Maturity or Maturities expressed in such Debt 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 interest thereon, and such
right shall not be impaired without the consent of such Holder.

Section 5.09 Restoration of Rights and Remedies.

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

Section 5.10 Rights and Remedies Cumulative.

         Except as otherwise expressly provided elsewhere in this Indenture, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

Section 5.11 Delay or Omission Not Waiver.

         No delay or omission of the Trustee or of any Holder 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 any
acquiescence therein. Every right and remedy given by this Indenture or by law
to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be.

                                     - 46 -

<PAGE>

Section 5.12 Control by Holders.

         The Holders of a majority in principal amount of the Outstanding Debt
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 Debt
Securities of such series, provided, that

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

                  (2) subject to the provisions of Section 6.01, the Trustee
         shall have the right to decline to follow any such direction if the
         Trustee in good faith shall, by a Responsible Officer or Responsible
         Officers of the Trustee, determine that the proceeding so directed
         would be unjustly prejudicial to the Holders of Debt Securities of such
         series not joining in any such direction;

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

                  (4) this provision shall not affect the rights of the Trustee
         set forth in Section 6.01(c)(4).

Section 5.13 Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Debt Securities of any series may on behalf of the Holders of all
the Debt Securities of any such series waive, by notice to the Trustee and the
Company, any past default or Event of Default hereunder with respect to such
series and its consequences, except a default

                  (1) in the payment of the principal of (or premium, if any) or
         interest on any Debt Security of such series, or in the payment of any
         sinking fund installment or analogous obligation with respect to the
         Debt Securities of such series, or

                  (2) in respect of a covenant or provision hereof which
         pursuant to Article Eleven cannot be modified or amended without the
         consent of the Holder of each Outstanding Debt 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 the Debt Securities of such series under this Indenture, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

Section 5.14 Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Debt
Security or any Coupon by his acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit

                                     - 47 -

<PAGE>

against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit other than the Trustee of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant, but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder or group of Holders holding in the
aggregate more than 10% in principal amount of the Outstanding Debt Securities
of any series, or to any suit instituted by any Holder of a Debt Security or
Coupon for the enforcement of the payment of the principal of (or premium, if
any) or interest on such Debt Security or the payment of any Coupon on or after
the respective Stated Maturity or Maturities expressed in such Debt Security or
Coupon (or, in the case of redemption, on or after the Redemption Date).

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

                                   ARTICLE VI

                                   THE TRUSTEE

Section 6.01 Certain Duties and Responsibilities.

         (a) Except during the continuance of an Event of Default with respect
to the Debt Securities of any series,

                  (1) the Trustee undertakes to perform such duties and only
         such duties as are specifically set forth in this Indenture, and no
         implied covenants or obligations shall be read into this Indenture
         against the Trustee; and

                  (2) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture; but in the case of any such certificates or opinions
         which by any provisions hereof are specifically required to be
         furnished to the Trustee, the Trustee shall be under a duty to examine
         the same to determine whether or not they conform to the requirements
         of this Indenture.

         (b) In case an Event of Default with respect to Debt Securities of
any series has occurred and is continuing, the Trustee shall, with respect to
the Debt Securities of such series,

                                     - 48 -

<PAGE>

exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs.

         (c) Subject to Section 6.04, no provision of this Indenture shall
be construed to relieve the Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that

                  (1) this subsection shall not be construed to limit the effect
         of subsection (a) of this Section;

                  (2) the 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 Trustee was negligent in ascertaining the pertinent facts;

                  (3) the Trustee shall not be liable with respect to any action
         taken, suffered or omitted to be taken by it with respect to Debt
         Securities of any series in good faith in accordance with the direction
         of the Holders of a majority in principal amount of the Outstanding
         Debt Securities of such series relating to the time, method and place
         of conducting any proceeding for any remedy available to the Trustee,
         or exercising any trust or power conferred upon the Trustee, under this
         Indenture;

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

                  (5) the Trustee shall not be charged with knowledge of any
         default or Event of Default or any other act or circumstance upon the
         occurrence of which the Trustee may be required to take action unless a
         Responsible Officer of the Trustee obtains actual knowledge of such
         default, Event of Default, act or circumstance or unless written notice
         referencing this Indenture or the Debt Securities is received by the
         Trustee at the Corporate Trust Office.

         (d) 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.

         Within 90 days after the occurrence of any default hereunder with
respect to Debt Securities or Coupons, if any, of any series, the Trustee shall
give notice to all Holders of Debt Securities and Coupons of such series of such
default hereunder known to the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the case of a default in the
payment of the principal of (or premium, if any) or interest on any Debt
Security or Coupon of such series or in the payment of any sinking fund
installment with respect to Debt

                                     - 49 -

<PAGE>

Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interest of the
Holders of Debt Securities and of Coupons of such series; and provided, further,
that in the case of any default of the character specified in Section 5.01(4)
with respect to Debt 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 Debt
Securities of such series.

         Notice given pursuant to this Section 6.02 with respect to Registered
Securities shall be transmitted by mail:

                  (1) to all Registered Holders, as the names and addresses of
         the Registered Holders appear in the Security Register;

                  (2) to such Holders of Bearer Securities of any series as have
         within two years preceding such transmission, filed their names and
         addresses with the Trustee for such series for that purpose; and

                  (3) to each Holder of a Debt Security of any series whose name
         and address appear in the information preserved at the time by the
         Trustee in accordance with Section 7.02(a) of this Indenture; and

                  (4) to the Company.

         Notice given pursuant to this Section 6.02 with respect to Bearer
Securities shall be transmitted in the manner set forth in Section 1.05.

Section 6.03 Certain Rights of Trustee.

         Except as otherwise provided in Section 6.01:

         (a) 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;

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

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

                                     - 50 -

<PAGE>

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

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

         (f) the Trustee shall be under no obligation to act as Authenticating
Agent, Registrar, Paying Agent, Transfer Agent or as any other agent with
respect to Foreign Currency Debt Securities or Bearer or Coupon Debt Securities;

         (g) 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

         (h) 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 (including any agent appointed pursuant to
Section 3.10(j)) or attorney appointed with due care by it hereunder.

Section 6.04 Not Responsible for Recitals or Issuance of Debt Securities.

         The recitals contained herein and in the Debt Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Debt Securities or Coupons, if any, of any series. The
Trustee shall not be accountable for the use or application by the Company of
any Debt Securities or the proceeds thereof. The Trustee assumes no
responsibility for the accuracy of any statements in any registration statement
relating to the Debt Securities.

Section 6.05 May Hold Debt Securities.

         The Trustee, any Paying Agent, the Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Debt Securities or 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, Paying Agent, Security Registrar or such other agent.

Section 6.06 Money Held in Trust.

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

                                     - 51 -

<PAGE>

Section 6.07 Compensation and Reimbursement.

         The Company agrees:

                  (1) to pay in Dollars to the Trustee from time to time such
         compensation in Dollars as the Company and the Trustee shall from time
         to time agree in writing 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 in Dollars upon its request for all reasonable
         expenses in Dollars, disbursements and advances incurred or made by the
         Trustee in connection with the administration of the trusts herein set
         forth (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 in Dollars the Trustee for, and to hold it
         harmless against, any loss, liability, damage, claims or expense,
         including taxes (other than taxes based upon, measured by or determined
         by income of the Trustee), of any kind and nature whatsoever incurred
         without negligence or bad faith on its part, arising out of or in
         connection with the acceptance or administration of this trust or
         performance of its duties 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 and in addition to its rights under Section 5.06, the Trustee shall
have a claim prior to the Debt Securities and Coupons, if any, upon all property
and funds held or collected by the Trustee as such, except funds held in trust
pursuant to Section 15.03 hereof or for the payment of amounts due on particular
Debt Securities and Coupons. The fees and expenses incurred by the Trustee in
connection with any bankruptcy of the Company shall constitute fees and expenses
of administration; provided, however, that this shall not affect the Trustee's
rights as set forth in the preceding sentence or Section 5.06.

Section 6.08 Disqualification; Conflicting Interests.

         (a) If the Trustee has or shall acquire any conflicting interest,
as defined in this Section with respect to the Debt Securities of any series,
then, within 90 days after ascertaining that it has such conflicting interest,
and if the default (as hereinafter defined) to which such conflicting interest
relates has not been cured or duly waived or otherwise eliminated before the end
of such 90- day period, the Trustee shall either eliminate such conflicting
interest or, except as otherwise provided below, resign with respect to the Debt
Securities of such series, and the Company shall take prompt steps to have a
successor appointed, in the manner and with the effect hereinafter specified in
this Article.

         (b) In the event that the Trustee shall fail to comply with the
provisions of subsection (a) of this Section with respect to the Debt Securities
of any series, the Trustee shall, within 10

                                     - 52 -

<PAGE>

days after the expiration of such 90-day period, transmit to all Holders of Debt
Securities of such series notice of such failure.

         Notice given pursuant to this Section 6.08(b) with respect to
Registered Securities shall be transmitted by mail:

                  (1) to all Registered Holders, as the names and addresses of
         the Registered Holders appear in the Security Register;

                  (2) to such Holders of Bearer Securities of any series as
         have, within two years preceding such transmission, filed their names
         and addresses with the Trustee for such series for that purpose;

                  (3) to each Holder of a Debt Security of any series whose name
         and address appear in the information preserved at the time by the
         Trustee in accordance with Section 7.02(a) of this Indenture; and

                  (4) to the Company.

         Notice given pursuant to this Section 6.08(b) with respect to Bearer
Securities shall be transmitted in the manner set forth in Section 1.05.

         (c) For the purposes of this Section, the Trustee shall be deemed
to have a conflicting interest with respect to the Debt Securities of any
series, if there shall exist an Event of Default (as such term is defined
herein, but exclusive of any period of grace or requirement of notice) with
respect to such Debt Securities and

                  (1) the Trustee is trustee under this Indenture with respect
         to the Outstanding Debt Securities of any series other than that series
         or is trustee under another indenture under which any other securities,
         or certificates of interest or participation in any other securities,
         of the Company are outstanding, unless such other indenture is a
         collateral trust indenture under which the only collateral consists of
         Debt Securities issued under this Indenture, provided that there shall
         be excluded from the operation of this paragraph this Indenture with
         respect to the Debt Securities of any series other than that series and
         any other indenture or indentures under which other securities, or
         certificates of interest or participation in other securities, of the
         Company are outstanding, if

                           (i) this Indenture and such other indenture or
                  indentures (and all series of securities issuable thereunder)
                  are wholly unsecured and rank equally and such other indenture
                  or indentures are hereafter qualified under the Trust
                  Indenture Act, unless the Commission shall have found and
                  declared by order pursuant to Section 305(b) or Section 307(c)
                  of the Trust Indenture Act that differences exist between the
                  provisions of this Indenture with respect to the Debt
                  Securities of such series and one or more other series or the
                  provisions of such other indenture or indentures which are so
                  likely to involve a material conflict of interest as to make
                  it necessary, in the public interest or for the protection of
                  investors to disqualify the Trustee from acting as such under
                  this Indenture with respect to the

                                     - 53 -

<PAGE>

                  Debt Securities of such series and such other series or under
                  such other indenture or indentures, or

                           (ii) the Company shall have sustained the burden of
                  proving, on application to the Commission and after
                  opportunity for hearing thereon, that trusteeship under this
                  Indenture with respect to the Debt Securities of such series
                  and such other series or such other indenture or indentures is
                  not so likely to involve a material conflict of interest as to
                  make it necessary in the public interest or for the protection
                  of investors to disqualify the Trustee from acting as such
                  under this Indenture with respect to the Debt Securities of
                  such series and such other series or under such other
                  indenture or indentures;

                  (2) the Trustee or any of its directors or executive officers
         is an underwriter for the Company;

                  (3) the Trustee directly or indirectly controls or is directly
         or indirectly controlled by or is under direct or indirect common
         control with an underwriter for the Company;

                  (4) the Trustee or any of its directors or executive officers
         is a director, officer, partner, employee, appointee or representative
         of the Company, or of an underwriter (other than the Trustee itself)
         for the Company who is currently engaged in the business of
         underwriting, except that (i) one individual may be a director or an
         executive officer, or both, of the Trustee and a director or an
         executive officer, or both, of the Company but may not be at the same
         time an executive officer of both the Trustee and the Company; (ii) if
         and so long as the number of directors of the Trustee in office is more
         than nine, one additional individual may be a director or an executive
         officer, or both, of the Trustee and a director of the Company; and
         (iii) the Trustee may be designated by the Company or by any
         underwriter for the Company to act in the capacity of transfer agent,
         registrar, custodian, paying agent, fiscal agent, escrow agent, or
         depositary or in any other similar capacity, or, subject to the
         provisions of paragraph (1) of this subsection, to act as trustee,
         whether under an indenture or otherwise;

                  (5) 10% or more of the voting securities of the Trustee is
         beneficially owned either by the Company or by any director, partner or
         executive officer thereof, or 20% or more of such voting securities is
         beneficially owned, collectively, by any two or more of such persons;
         or 10% or more of the voting securities of the Trustee is beneficially
         owned either by an underwriter for the Company or by any director,
         partner or executive officer thereof or is beneficially owned,
         collectively, by any two or more such persons;

                  (6) the Trustee is the beneficial owner of, or holds as
         collateral security for an obligation which is in default (as
         hereinafter in this subsection defined), (i) 5% or more of the voting
         securities, or 10% or more of any other class of security, of the
         Company not including the Debt Securities issued under this Indenture
         and securities issued under any other indenture under which the Trustee
         is also trustee, or (ii) 10% or more of any class of security of an
         underwriter for the Company;

                                     - 54 -

<PAGE>

                  (7) the Trustee is the beneficial owner of or holds as
         collateral security for an obligation which is in default, 5% or more
         of the voting securities of any person who, to the knowledge of the
         Trustee, owns 10% or more of the voting securities of, or controls
         directly or indirectly or is under direct or indirect common control
         with, the Company;

                  (8) the Trustee is the beneficial owner of or holds as
         collateral security for an obligation which is in default, 10% or more
         of any class of security of any person who, to the knowledge of the
         Trustee, owns 50% or more of the voting securities of the Company;

                  (9) the Trustee owns, on the date of such Event of Default or
         any anniversary of such Event of Default while such Event of Default
         remains outstanding, in the capacity of executor, administrator,
         testamentary or inter vivos trustee, guardian, committee or
         conservator, or in any other similar capacity, an aggregate of 25% or
         more of the voting securities, or of any class of security, of any
         person, the beneficial ownership of a specified percentage of which
         would have constituted a conflicting interest under paragraph (6), (7)
         or (8) of this subsection. As to any such securities of which the
         Trustee acquired ownership through becoming executor, administrator or
         testamentary trustee of an estate which included them, the provisions
         of the preceding sentence shall not apply, for a period of not more
         than two years from the date of such acquisition, to the extent that
         such securities included in such estate do not exceed 25% of such
         voting securities or 25% of any such class of security. Promptly after
         the dates of any such Event of Default and annually in each succeeding
         year that such Event of Default continues, the Trustee shall make a
         check of its holdings of such securities in any of the above-mentioned
         capacities as of such dates. If the Company fails to make payment in
         full of the principal of (or premium, if any) or interest on any of the
         Debt Securities when and as the same becomes due and payable, and such
         failure continues for 30 days thereafter, the Trustee shall make a
         prompt check of its holdings of such securities in any of the
         above-mentioned capacities as of the date of the expiration of such
         30-day period, and after such date, notwithstanding the foregoing
         provisions of this paragraph, all such securities so held by the
         Trustee, with sole or joint control over such securities vested in it,
         shall be considered as though beneficially owned by the Trustee for the
         purposes of paragraphs (6), (7) and (8) of this subsection; or

                  (10) except under the circumstances described in paragraph
         (1), (3), (4), (5) or (6) of Section 6.13(b) of this Indenture, the
         Trustee shall be or shall become a creditor of the Company.

         For the purposes of paragraph (1) of this subsection, the term "series
of securities" or "series" means a series, class or group of securities issuable
under an indenture pursuant to whose terms holders of one such series may vote
to direct the Trustee, or otherwise take action pursuant to a vote of such
holders, separately from holders of another series; provided, that "series of
securities" or "series" shall not include any series of securities issuable
under an indenture if all such series rank equally and are wholly unsecured.

                                     - 55 -

<PAGE>

         The specification of percentages in paragraphs (5) to (9), inclusive,
of this subsection shall not be construed as indicating that the ownership of
such percentages of the securities of a person is or is not necessary or
sufficient to constitute direct or indirect control for the purposes of
paragraph (3) or (7) of this subsection.

         For the purposes of paragraphs (6), (7), (8) and (9) of this subsection
only, (i) the terms "security" and "securities" shall include only such
securities as are generally known as corporate securities, but shall not include
any note or other evidence of indebtedness issued to evidence an obligation to
repay moneys lent to a person by one or more banks, trust companies or banking
firms, or any certificate of interest or participation in any such note or
evidence of indebtedness; (ii) an obligation shall be deemed to be "in default"
when a default in payment of principal shall have continued for 30 days or more
and shall not have been cured; and (iii) the Trustee shall not be deemed to be
the owner or holder of (A) any security which it holds as collateral security,
as trustee or otherwise, for an obligation which is not in default as defined in
clause (ii) above, or (B) any security which it holds as collateral security
under this Indenture, irrespective of any default hereunder, or (C) any security
which it holds as agent for collection, or as custodian, escrow agent or
depositary, or in any similar representative capacity.

         (d) For the purposes of this Section:

                  (1) The term "underwriter" when used with reference to the
         Company means every person who, within one year prior to the time as of
         which the determination is made, has purchased from the Company with a
         view to, or has offered or sold for the Company in connection with, the
         distribution of any security of the Company outstanding at such time,
         or has participated or has had a direct or indirect participation in
         any such undertaking, or has participated or has had a participation in
         the direct or indirect underwriting of any such undertaking, but such
         term shall not include a person whose interest was limited to a
         commission from an underwriter or dealer not in excess of the usual and
         customary distributors' or sellers' commission.

                  (2) The term "director" means any director of a corporation,
         or any individual performing similar functions with respect to any
         organization whether incorporated or unincorporated.

                  (3) The term "person" means an individual, a corporation, a
         partnership, an association, a joint stock company, a trust, an estate,
         an unincorporated organization, or a government or political
         subdivision thereof. As used in this paragraph, the term "trust" shall
         include only a trust where the interest or interests of the beneficiary
         or beneficiaries are evidenced by a security.

                  (4) The term "voting security" means any security presently
         entitling the owner or holder thereof to vote in the direction or
         management of the affairs of a person, or any security issued under or
         pursuant to any trust, agreement or arrangements whereby a trustee or
         trustees or agent or agents for the owner or holder of such security
         are presently entitled to vote in the direction or management of the
         affairs of a person.

                                     - 56 -

<PAGE>

                  (5) The term "Company" means any obligor upon the Debt
         Securities of any series.

                  (6) The term "executive officer" means the president, every
         vice president, every trust officer, the cashier, the secretary, and
         the treasurer of a corporation, and any individual customarily
         performing similar functions with respect to any organization, whether
         incorporated or unincorporated, but shall not include the chairman of
         the board of directors.

         (e) The percentages of voting securities and other securities
specified in this Section shall be calculated in accordance with the following
provisions:

                  (1) A specified percentage of the voting securities of the
         Trustee, the Company or any other person referred to in this Section
         (each of whom is referred to as a "person" in this paragraph) means
         such amount of the outstanding voting securities of such person as
         entitles the holder or holders thereof to cast such specified
         percentage of the aggregate votes which the holders of all the
         outstanding voting securities of such person are entitled to cast in
         the direction or management of the affairs of such person.

                  (2) A specified percentage of a class of securities of a
         person means such percentage of the aggregate amount of securities of
         the class outstanding.

                  (3) The term "amount", when used with regard to securities
         means the principal amount if relating to evidences of indebtedness,
         the number of shares if relating to capital shares, and the number of
         units if relating to any other kind of security.

                  (4) The term "outstanding" means issued and not held by or for
         the account of the issuer. The following securities shall not be deemed
         outstanding within the meaning of this definition:

                           (i) securities of an issuer held in a sinking fund
                  relating to securities of the issuer of the same class;

                           (ii) securities of an issuer held in a sinking fund
                  relating to another class of securities of the issuer, if the
                  obligation evidenced by such other class of securities is not
                  in default as to principal or interest or otherwise;

                           (iii) securities pledged by the issuer thereof as
                  security for an obligation of the issuer not in default as to
                  principal or interest or otherwise; and

                           (iv) securities held in escrow if placed in escrow by
                  the issuer thereof;

         provided, however, that any voting securities of an issuer shall be
         deemed outstanding if any person other than the issuer is entitled to
         exercise the voting rights thereof.

                  (5) A security shall be deemed to be of the same class as
         another security if both securities confer upon the holder or holders
         thereof substantially the same rights and

                                     - 57 -

<PAGE>

         privileges; provided, however, that, in the case of secured evidences
         of indebtedness, all of which are issued under a single indenture,
         differences in the interest rates or maturity dates of various series
         thereof shall not be deemed sufficient to constitute such series
         different classes; and provided, further, that, in the case of
         unsecured evidences of indebtedness, differences in the interest rates
         or maturity dates thereof shall not be deemed sufficient to constitute
         them securities of different classes, whether or not they are issued
         under a single indenture.

         (f) Except in the case of a default in the payment of the
principal of or interest on any Debt Security of any series, or in the payment
of any sinking or purchase fund installment, the Trustee shall not be required
to resign as provided by this Section if the Trustee shall have sustained the
burden of proving, on application to the Commission and after opportunity for
hearing thereon, that:

                  (1) the Event of Default may be cured or waived during a
         reasonable period and under the procedures described in such
         application; and

                  (2) a stay of the Trustee's duty to resign will not be
         inconsistent with the interests of Holders of the Debt Securities.

         The filing of such an application shall automatically stay the
performance of the duty to resign until the Commission orders otherwise.

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 of
America, any State thereof, the Commonwealth of Puerto Rico 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, State, Commonwealth or District of Columbia authority
and eligible to act as Trustee hereunder in compliance with Section 310(a)(1) of
the Trust Indenture Act. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, 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. Neither the Company nor any person directly or indirectly
controlling, controlled by, or under common control with the Company shall serve
as Trustee upon any Debt Securities.

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 under Section 6.11.

         (b) The Trustee may resign at any time with respect to the Debt
Securities of one or more series by giving written notice thereof to the
Company. If an instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 30 days after the giving of

                                     - 58 -

<PAGE>

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 Debt Securities of such series.

         (c) The Trustee may be removed at any time with respect to the
Debt Securities of any series, and a successor Trustee appointed, by Act of the
Holders of a majority in principal amount of the Outstanding Debt 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(a) with
         respect to the Debt Securities of any series after written request
         therefor by the Company or by any Holder who has been a bona fide
         Holder of a Debt Security of such series for at least six months, or

                  (2) the Trustee shall cease to be eligible under Section 6.09
         with respect to the Debt Securities of any series and shall fail to
         resign after written request therefor by the Company or by any such
         Holder, or

                  (3) the Trustee shall become incapable of acting or shall be
         adjudged bankrupt or insolvent or a receiver of the Trustee or of its
         property shall be appointed or any public officer shall take charge or
         control of the Trustee or of its property or affairs for the purpose of
         rehabilitation, conservation or liquidation,

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to all Debt Securities, or (ii) subject to Section 5.14,
any Holder who has been a bona fide Holder of a Debt Security of any series for
at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee for the Debt Securities of such series.

         (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Debt Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Debt Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Debt Securities of
one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Debt 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 Debt Securities of any series
shall be appointed by Act of the Holders of a majority in principal amount of
the Outstanding Debt Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to the
Debt Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Debt Securities of any series shall have been so appointed by the Company or the
Holders of such series and accepted appointment in the manner hereinafter
provided, the resigning Trustee or any Holder who has

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been a bona fide Holder of a Debt Security of such series for at least six
months may, subject to Section 5.14, 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 Debt Securities of such
series.

         (f) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Debt Securities of any series and
each appointment of a successor Trustee with respect to the Debt Securities of
any series in the manner and to the extent provided in Section 1.05 to the
Holders of Debt Securities of such series. Each notice shall include the name of
the successor Trustee with respect to the Debt Securities of such series and the
address of its corporate trust office.

Section 6.11 Acceptance of Appointment by Successor.

         (a) In the case of an appointment hereunder of a successor Trustee
with respect to all Debt Securities, each such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee, but, on
request of the Company or the successor Trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument transferring to
such successor Trustee all the rights, powers and trusts of the retiring
Trustee, and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder, subject
nevertheless to its claim, if any, provided for in Section 6.07.

         (b) In case of the appointment hereunder of a successor Trustee
with respect to the Debt Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Debt 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
Debt 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 Debt 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 Debt 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 any such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any other trust or trusts hereunder administered by any other such Trustee; and
upon the execution and delivery of any 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 the rights, powers, trusts
and

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<PAGE>

duties of the retiring Trustee with respect to the Debt 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 Debt
Securities of that or those series to which the appointment of such successor
Trustee relates.

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

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

Section 6.12 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 of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that 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 Debt 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 Debt Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such
Debt Securities. In case any Debt Securities shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Debt Securities, in either its own name or that of its predecessor
Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

Section 6.13 Preferential Collection of Claims Against Company.

         (a) Subject to subsection (b) of this Section, if the Trustee
shall be or shall become a creditor, directly or indirectly, secured or
unsecured, of the Company within three months prior to a default, as defined in
subsection (c) of this Section, or subsequent to such default, then, unless and
until such default shall be cured, the Trustee shall set apart and hold in a
special account for the benefit of the Trustee individually, the Holders of the
Debt Securities and of the Coupons, if any, and the holders of other indenture
securities (as defined in subsection (c) of this Section):

                  (1) an amount equal to any and all reductions in the amount
         due and owing upon any claim as such creditor in respect of principal
         or interest, effected after the beginning of such three-month period
         and valid as against the Company and its other creditors, except any
         such reduction resulting from the receipt or disposition of any
         property described in paragraph (2) of this subsection, or from the
         exercise of any right of

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<PAGE>

         set-off which the Trustee could have exercised if a voluntary or
         involuntary case had been commenced in respect of the Company under the
         Federal bankruptcy laws, as now or hereafter constituted, or any other
         applicable Federal, State or Commonwealth bankruptcy, insolvency or
         other similar law upon the date of such default; and

                  (2) all property received by the Trustee in respect of any
         claim as such creditor, either as security therefor, or in satisfaction
         or composition thereof, or otherwise, after the beginning of such
         three-month period, or an amount equal to the proceeds of any such
         property, if disposed of, subject, however, to the rights, if any, of
         the Company and its other creditors in such property or such proceeds.

         Nothing herein contained, however, shall affect the right of the
Trustee:

                  (A) to retain for its own account (i) payments made on account
         of any such claim by any Person (other than the Company) who is liable
         thereon, and (ii) the proceeds of the bona fide sale of any such claim
         by the Trustee to a third Person, and (iii) distributions made in cash,
         securities or other property in respect of claims filed against the
         Company in bankruptcy or receivership or in proceedings or
         reorganization pursuant to the Federal bankruptcy laws, as now or
         hereafter constituted, or any other applicable Federal, State or
         Commonwealth bankruptcy, insolvency or other similar law;

                  (B) to realize, for its own account, upon any property held by
         it as security for any such claim, if such property was so held prior
         to the beginning of such three-month period;

                  (C) to realize, for its own account, but only to the extent of
         the claim hereinafter mentioned, upon any property held by it as
         security for any such claim, if such claim was created after the
         beginning of such three-month period and such property was received as
         security therefor simultaneously with the creation thereof, and if the
         Trustee shall sustain the burden of proving that at the time such
         property was so received the Trustee had no reasonable cause to believe
         that a default, as defined in subsection (c) of this Section, would
         occur within three months, or

                  (D) to receive payment on any claim referred to in paragraph
         (B) or (C) against the release of any property held as security for
         such claim as provided in paragraph (B) or (C), as the case may be, to
         the extent of the fair value of such property.

         For the purposes of paragraphs (B), (C) and (D), property substituted
after the beginning of such three-month period for property held as security at
the time of such substitution shall, to the extent of the fair value of the
property released, have the same status as the property released, and, to the
extent that any claim referred to in any of such paragraphs is created in
renewal of or in substitution for or for the purpose of repaying or refunding
any pre-existing claim of the Trustee as such creditor, such claim shall have
the same status as such pre-existing claim.

         If the Trustee shall be required to account, the funds and property
held in such special account and the proceeds thereof shall be apportioned among
the Trustee, the Holders and the holders of other indenture securities in such
manner that the Trustee, the Holders and the holders

                                     - 62 -

<PAGE>

of other indenture securities realize, as a result of payments from such special
account and payments of dividends on claims filed against the Company in
bankruptcy or receivership or in proceedings for reorganization pursuant to the
Federal bankruptcy laws, as now or hereafter constituted or any other applicable
Federal, State or Commonwealth bankruptcy, insolvency or other similar law, the
same percentage of their respective claims, figured before crediting to the
claim of the Trustee anything on account of the receipt by it from the Company
of the funds and property in such special account and before crediting to the
respective claims of the Trustee and the Holders and the holders of other
indenture securities dividends on claims filed against the Company in bankruptcy
or receivership or in proceedings for reorganization pursuant to the Federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
Federal, State or Commonwealth bankruptcy, insolvency or other similar law, but
after crediting thereon receipts on account of the indebtedness represented by
their respective claims from all sources other than from such dividends and from
the funds and property so held in such special account. As used in this
paragraph, with respect to any claim, the term "dividends" shall include any
distribution with respect to such claim, in bankruptcy or receivership or
proceedings for reorganization pursuant to the Federal bankruptcy laws, as now
or hereafter constituted, or any other applicable Federal, State or Commonwealth
bankruptcy, insolvency or other similar law, whether such distribution is made
in cash, securities, or other property, but shall not include any such
distribution with respect to the secured portion, if any, of such claim. The
court in which such bankruptcy, receivership or proceedings for reorganization
is pending shall have jurisdiction (i) to apportion among the Trustee and the
Holders and the holders of other indenture securities, in accordance with the
provisions of this paragraph, the funds and property held in such special
account and proceeds thereof, or (ii) in lieu of such apportionment, in whole or
in part, to give to the provisions of this paragraph due consideration in
determining the fairness of the distributions to be made to the Trustee and the
Holders and the holders of other indenture securities with respect to their
respective claims, in which event it shall not be necessary to liquidate or to
appraise the value of any securities or other property held in such special
account or as security for any such claim, or to make a specific allocation of
such distributions as between the secured and unsecured portions of such claim,
or otherwise to apply the provisions of this paragraph as a mathematical
formula.

         Any Trustee which has resigned or been removed after the beginning of
such three-month period shall be subject to the provisions of this subsection as
though such resignation or removal had not occurred. If any Trustee has resigned
or been removed prior to the beginning of such three-month period, it shall be
subject to the provisions of this subsection if and only if the following
conditions exist:

                  (i) the receipt of property or reduction of claim, which would
         have given rise to the obligation to account, if such Trustee had
         continued as Trustee, occurred after the beginning of such three-month
         period; and

                  (ii) such receipt of property or reduction of claim occurred
         within three months after such resignation or removal.

         (b) There shall be excluded from the operation of subsection (a)
of this Section a creditor relationship arising from:

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<PAGE>

                  (1) the ownership or acquisition of securities issued under
         any indenture, or any security or securities having a maturity of one
         year or more at the time of acquisition by the Trustee;

                  (2) advances authorized by a receivership or bankruptcy court
         of competent jurisdiction or by this Indenture, for the purpose of
         preserving any property which shall at any time be subject to the Lien
         of this Indenture or of discharging tax liens or other prior liens or
         encumbrances thereon, if notice of such advances and of the
         circumstances surrounding the making thereof is given to the Holders at
         the time and in the manner provided in this Indenture;

                  (3) disbursements made in the ordinary course of business in
         the capacity of trustee under an indenture, transfer agent, registrar,
         custodian, paying agent, fiscal agent or depositary, or other similar
         capacity;

                  (4) an indebtedness created as a result of services rendered
         or premises rented, or an indebtedness created as a result of goods or
         securities sold in a cash transaction as defined in subsection (c) of
         this Section;

                  (5) the ownership of stock or of other securities of a
         corporation organized under the provisions of Section 25(a) of the
         Federal Reserve Act, as amended, which is directly or indirectly a
         creditor of the Company; and

                  (6) The acquisition, ownership, acceptance or negotiation of
         any drafts, bills of exchange, acceptances or obligations which fall
         within the classification of self-liquidating paper as defined in
         subsection (c) of this Section.

         (c) For the purposes of this Section only:

                  (1) the term "default" means any failure to make payment in
         full of the principal of or interest on any of the Debt Securities or
         upon the other indenture securities when and as such principal or
         interest becomes due and payable;

                  (2) the term "other indenture securities" means securities
         upon which the Company is an obligor outstanding under any other
         indenture (i) under which the Trustee is also trustee, (ii) which
         contains provisions substantially similar to the provisions of this
         Section, and (iii) under which a default exists at the time of the
         apportionment of the funds and property held in such special account;

                  (3) the term "cash transaction" means any transaction in which
         full payment for goods or securities sold is made within seven days
         after delivery of the goods or securities in currency or in checks or
         other orders drawn upon banks and payable upon demand;

                  (4) the term "self-liquidating paper" means any draft, bill of
         exchange, acceptance or obligation which is made, drawn, negotiated or
         incurred by the Company for the purpose of financing the purchase,
         processing, manufacturing, shipment, storage

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<PAGE>

         or sale of goods, wares or merchandise and which is secured by
         documents evidencing title to, possession of, or a lien upon, the
         goods, wares or merchandise or the receivables or proceeds arising from
         the sale of the goods, wares or merchandise previously constituting the
         security, provided the security is received by the Trustee
         simultaneously with the creation of the creditor relationship with the
         Company arising from the making, drawing, negotiating or incurring of
         the draft, bill of exchange, acceptance or obligation; and

                  (5) the term "Company" means any obligor upon the Debt
         Securities.

Section 6.14 Appointment of Authenticating Agent.

         As long as any Debt Securities of a series remain Outstanding, upon a
Company Request, there shall be an authenticating agent (the "Authenticating
Agent") appointed, for such period as the Company shall elect, by the Trustee
for such series of Debt Securities to act as its agent on its behalf and subject
to its direction in connection with the authentication and delivery of each
series of Debt Securities for which it is serving as Trustee. Debt Securities of
each such series authenticated by such Authenticating Agent shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by such Trustee. Wherever reference is made in this
Indenture to the authentication and delivery of Debt Securities of any series by
the Trustee for such series or to the Trustee's Certificate of Authentication,
such reference shall be deemed to include authentication and delivery on behalf
of the Trustee for such series by an Authenticating Agent for such series and a
Certificate of Authentication executed on behalf of such Trustee by such
Authenticating Agent. Such Authenticating Agent shall at all times be a
corporation organized and doing business under the laws of the United States of
America or of any State or the Commonwealth of Puerto Rico, authorized under
such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $5,000,000 and subject to supervision or examination by
Federal, State or Commonwealth authority. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for 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 any 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 any Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of any Authenticating Agent, shall continue to be the Authenticating Agent with
respect to all series of Debt Securities for which it served as Authenticating
Agent without the execution or filing of any paper or any further act on the
part of the Trustee for such series or such Authenticating Agent. Any
Authenticating Agent may at any time, and if it shall cease to be eligible
shall, resign by giving written notice of resignation to the applicable Trustee
and to the Company.

                                     - 65 -

<PAGE>

         Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.14 with respect to one or more
or all series of Debt Securities, the Trustee for such series shall upon Company
Request appoint a successor Authenticating Agent, and the Company shall provide
notice of such appointment to all Holders of Debt Securities of such series in
the manner and to the extent provided in Section 1.05. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as Authenticating Agent
herein. The Trustee for the Debt Securities of such series agrees to pay to the
Authenticating Agent for such series from time to time reasonable compensation
for its services, and the Trustee shall be entitled to be reimbursed for such
payment, subject to the provisions of Section 6.07. The Authenticating Agent for
the Debt Securities of any series shall have no responsibility or liability for
any action taken by it as such in good faith and without negligence at the
direction of the Trustee for such series.

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

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

                                          _____________________________________,
                                                           As Trustee

Dated                                     By:  _________________________________
                                                    As Authenticating Agent

                                          By: __________________________________
                                                    Authorized Signatory

                                  ARTICLE VII

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.01 Company to Furnish Trustee Names and Addresses of Holders.

         The Company will furnish or cause to be furnished to the Trustee with
respect to Registered Securities of each series for which it acts as Trustee:

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<PAGE>

                  (a) semi-annually on a date not more than 15 days after each
         Regular Record Date with respect to an Interest Payment Date, if any,
         for the Registered Securities of such series (or on semi-annual dates
         in each year to be determined pursuant to Section 3.01 if the
         Registered Securities of such series do not bear interest), a list, in
         such form as the Trustee may reasonably require, of the names and
         addresses of the Registered Holders as of the date 15 days next
         preceding each such Regular Record Date (or such semi-annual dates, as
         the case may be); and

                  (b) at such other times as the Trustee may request in writing,
         within 15 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;

provided, however, that if and so long as the Trustee shall be the Security
Registrar for such series, no such list need be furnished.

         The Company shall also be required to furnish to the Trustee at all
such times set forth above all 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 Bearer Securities of all series; provided, however,
that the Company shall have no obligation to investigate any matter relating to
any Holders of Bearer Securities of any series.

Section 7.02 Preservation of Information; Communication to Holders.

         (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of Holders
contained in the most recent list furnished to the Trustee as provided in
Section 7.01 received by it in the capacity of Paying Agent (if so acting)
hereunder, and filed with it within the two preceding years pursuant to Section
7.03(c)(2).

         The Trustee may destroy any list furnished to it as provided in Section
7.01 upon receipt of a new list so furnished, destroy any information received
by it as Paying Agent (if so acting) hereunder upon delivering to itself as
Trustee, not earlier than 45 days after an Interest Payment Date, a list
containing the names and addresses of the Holders obtained from such information
since the delivery of the next previous list, if any, destroy any list delivered
to itself as Trustee which was compiled from information received by it as
Paying Agent (if so acting) hereunder upon the receipt of a new list so
delivered, and destroy not earlier than two years after filing, any information
filed with it pursuant to Section 7.03(c)(2).

         (b) If three or more Holders (hereinafter referred to as
"applicants") apply in writing to the Trustee, and furnish to the Trustee
reasonable proof that each such applicant has owned a Debt Security for a period
of at least six months preceding the date of such application, and such
application states that the applicants desire to communicate with other Holders
of Debt Securities of a particular series (in which case the applicants must
hold Debt Securities of such series) or with all Holders of Debt Securities with
respect to their rights under this Indenture or under the Debt Securities and is
accompanied by a copy of the form of proxy or other communication

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<PAGE>

which such applicants propose to transmit, then the Trustee shall, within five
Business Days after the receipt of such application, at its election, either

                  (i) afford such applicants access to the information preserved
         at the time by the Trustee in accordance with Section 7.02(a), or

                  (ii) inform such applicants as to the approximate number of
         Holders of Debt Securities of such series or of all Debt Securities, as
         the case may be, whose names and addresses appear in the information
         preserved at the time by the Trustee in accordance with Section
         7.02(a), and as to the approximate cost of mailing to such Holders the
         form of proxy or other communication, specified in such application.

         If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon written request of such applicants, mail to
the Holders of Debt Securities of such series or all Holders, as the case may
be, whose names and addresses appear in the information preserved at the time by
the Trustee in accordance with Section 7.02(a), a copy of the form of proxy or
other communication which is specified in such request, with reasonable
promptness after a tender to the Trustee of the material to be mailed and of
payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender, the Trustee shall mail to such
applicants and file with the Commission, together with a copy of the material to
be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interests of the Holders of
Debt Securities of such series or all Holders, as the case may be, or would be
in violation of applicable law. Such written statement shall specify the basis
of such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if after the entry of an order
sustaining one or more of such objections, the Commission shall find, after
notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall mail copies of
such material to all such Holders with reasonable promptness after the entry of
such order and the renewal of such tender; otherwise the Trustee shall be
relieved of any obligation or duty to such applicants respecting their
application.

         (c) Every Holder of Debt Securities, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders in accordance with
Section 7.02(b), regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing
of any material pursuant to a request made under Section 7.02(b).

Section 7.03 Reports by Trustee.

         (a) Within 60 days after _____ ___ of each year, commencing _____
___, 200__, the Trustee shall, to the extent required by the Trust Indenture
Act, transmit to all Holders of Debt Securities of any series with respect to
which it acts as Trustee, in the manner hereinafter provided in this Section
7.03, a brief report dated as of such date with respect to any of the

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following events which may have occurred within the previous 12 months (but if
no such event has occurred within such period no report need be transmitted):

                  (1) any change to its eligibility under Section 6.09 and its
         qualifications under Section 6.08;

                  (2) the creation of or any material change to a relationship
         specified in paragraph (1) through (10) of Section 6.08(c) of this
         Indenture;

                  (3) the character and amount of any advances (and if the
         Trustee elects so to state, the circumstances surrounding the making
         thereof) made by the Trustee (as such) which remain unpaid on the date
         of such report, and for the reimbursement of which it claims or may
         claim a lien or charge, prior to that of the Debt Securities of such
         series, on any property or funds held or collected by it as Trustee,
         except that the Trustee shall not be required (but may elect) to report
         such advances if such advances so remaining unpaid aggregate not more
         than 1/2 of 1% of the principal amount of the Outstanding Debt
         Securities of such series on the date of such report;

                  (4) any change to the amount, interest rate and maturity date
         of all other indebtedness owing by the Company (or any other obligor on
         the Debt Securities of such series) to the Trustee in its individual
         capacity, on the date of such report, with a brief description of any
         property held as collateral security therefor, except an indebtedness
         based upon a creditor relationship arising in any manner described in
         Section 6.13(b)(2), (3), (4) or (6);

                  (5) any change to the property and funds, if any, physically
         in the possession of the Trustee as such on the date of such report;

                  (6) any additional issue of Debt Securities which the Trustee
         has not previously reported; and

                  (7) any action taken by the Trustee in the performance of its
         duties hereunder which it has not previously reported and which in its
         opinion materially affects the Debt Securities of such series, except
         action in respect of a default, notice of which has been or is to be
         withheld by the Trustee in accordance with Section 6.02.

         (b) The Trustee shall transmit by mail to all Holders of Debt
Securities of any series (whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 7.02 (a)) for
which it acts as the Trustee, as hereinafter provided, a brief report with
respect to the character and amount of any advances (and if the Trustee elects
so to state, the circumstances surrounding the making thereof) made by the
Trustee (as such) since the date of the last report transmitted pursuant to
subsection (a) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this Indenture) for the
reimbursement of which it claims or may claim a lien or charge, prior to that of
the Debt Securities of such series, on property or funds held or collected by it
as Trustee, and which it has not previously reported pursuant to this
subsection, except that the Trustee for each series shall not be required (but
may elect) to report such advances if such advances remaining unpaid at any time
aggregate

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<PAGE>

10% or less of the principal amount of the Debt Securities of such series
Outstanding at such time, such report to be transmitted within 90 days after
such time.

         (c) Reports pursuant to this Section 7.03 with respect to
Registered Securities shall be transmitted by mail:

                  (1) to all Holders of Registered Securities, as the names and
         addresses of such Holders of Registered Securities appear in the
         Security Register;

                  (2) to such Holders of Bearer Securities of any series as
         have, within two years preceding such transmission, filed their names
         and addresses with the Trustee for such series for that purpose; and

                  (3) except in the cases of reports pursuant to subsection (b)
         of this Section 7.03, to each Holder of a Debt Security of any series
         whose name and address appear in the information preserved at the time
         by the Trustee in accordance with Section 7.02(a).

         Reports pursuant to this Section 7.03 with respect to Bearer Securities
shall be published in accordance with Section 1.05.

         (d) 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 Debt Securities of such series are listed, with the Commission and
also with the Company. The Company will notify the Trustee when any series of
Debt Securities are listed on any stock exchange.

Section 7.04 Reports by Company.

         The Company will:

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

                  (2) file with the Trustee and the Commission, in accordance
         with rules and regulations prescribed from time to time by the
         Commission, such additional information, documents and reports with
         respect to compliance by the Company with the conditions

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         and covenants of this Indenture as may be required from time to time by
         such rules and regulations; and

                  (3) transmit to all Holders of Debt Securities, in the manner
         and to the extent provided in Section 7.03, within 30 days after the
         filing thereof with the Trustee, such summaries of any information,
         documents and reports required to be filed by the Company pursuant to
         paragraphs (1) and (2) of this Section as may be required by rules and
         regulations prescribed from time to time by the Commission.

                                  ARTICLE VIII

                             CONCERNING THE HOLDERS

Section 8.01 Acts of Holders.

         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 or proxy duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee, and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Whenever in this Indenture it is provided that
the Holders of a specified percentage in aggregate principal amount of the
Outstanding Debt Securities of any series may take any Act, the fact that the
Holders of such specified percentage have joined therein may be evidenced (a) by
the instrument or instruments executed by Holders in person or by agent or proxy
appointed in writing, or (b) by the record of Holders voting in favor thereof at
any meeting of such Holders duly called and held in accordance with the
provisions of Article Nine, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of Holders.

Section 8.02 Proof of Ownership; Proof of Execution of Instruments by Holder.

         The ownership of Registered Securities of any series shall be proved by
the Security Register for such series or by a certificate of the Security
Registrar for such series.

         The ownership of Bearer Securities shall be proved by production of
such Bearer Securities or by a certificate executed by any bank or trust
company, which certificate shall be dated and shall state that on the date
thereof a Bearer Security bearing a specified identifying number or other mark
was deposited with or exhibited to the person executing such certificate by the
person named in such certificate, or by any other proof of possession reasonably
satisfactory to the Trustee. The holding by the person named in any such
certificate of any Bearer Security specified therein shall be presumed to
continue for a period of one year unless at the time of determination of such
holding (1) another certificate bearing a later date issued in respect of the
same Bearer Security shall be produced, (2) such Bearer Security shall be
produced by some other person, (3) such Bearer Security shall have been
registered on the Security Register, if,

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pursuant to Section 3.01, such Bearer Security can be so registered, or (4) such
Bearer Security shall have been canceled or paid.

         Subject to the provisions of Sections 6.01, 6.03 and 9.05, proof of the
execution of a writing appointing an agent or proxy and of the execution of any
instrument by a Holder or his agent or proxy shall be sufficient and conclusive
in favor of the Trustee and the Company if made in the following manner:

         The fact and date of the execution by any such person of any instrument
may be proved by the certificate of any notary public, or other officer
authorized to take acknowledgments of deeds, that the person executing such
instrument acknowledged to him the execution thereof, or by an affidavit of a
witness to such execution sworn to before any such notary or other such officer.
Where such execution is by an officer of a corporation or association or a
member of a partnership on behalf of such corporation, association or
partnership, as the case may be, or by any other person acting in a
representative capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority.

         The record of any Holders' meeting shall be proved in the manner
provided in Section 9.06.

         The Trustee may in any instance require further proof with respect to
any of the matters referred to in this Section so long as the request is a
reasonable one.

Section 8.03 Persons Deemed Owners.

         The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name any Registered Security is registered as the
owner of such Registered Security for the purpose of receiving payment of the
principal of (and premium, if any) and (subject to Section 3.07) interest, if
any, on such Registered Security and for all other purposes whatsoever, whether
or not such Registered Security be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the
contrary. The Company, the Trustee, and any agent of the Company or the Trustee
may treat the Holder of any Bearer Security or of any Coupon as the absolute
owner of such Bearer Security or Coupon for the purposes of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not such Bearer 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. All payments made to any Holder, or upon his order, shall be
valid, and, to the extent of the sum or sums paid, effectual to satisfy and
discharge the liability for moneys payable upon such Debt Security or Coupon.

Section 8.04 Revocation of Consents; Future Holders Bound.

         At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.01, of the taking of any Act by the Holders of the
percentage in aggregate principal amount of the Outstanding Debt Securities
specified in this Indenture in connection with such Act, any Holder of a Debt
Security the number, letter or other distinguishing symbol of which is shown by
the evidence to be included in the Debt Securities the Holders of which have
consented to such

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<PAGE>

Act may, by filing written notice with the Trustee at the Corporate Trust Office
and upon proof of ownership as provided in Section 8.02, revoke such Act so far
as it concerns such Debt Security. Except as aforesaid, any such Act taken by
the Holder of any Debt Security shall be conclusive and binding upon such Holder
and, subject to the provisions of Section 5.08, upon all future Holders of such
Debt Security and all past, present and future Holders of Coupons, if any,
appertaining thereto and of any Debt Securities and Coupons issued on transfer
or in lieu thereof or in exchange or substitution therefor, irrespective of
whether or not any notation in regard thereto is made upon such Debt Security or
Coupons or such other Debt Securities or Coupons.

                                   ARTICLE IX

                                HOLDERS' MEETINGS

Section 9.01 Purposes of Meetings.

         A meeting of Holders of any or all series may be called at any time and
from time to time pursuant to the provisions of this Article Nine for any of the
following purposes:

                  (1) to give any notice to the Company or to the Trustee for
         such series, or to give any directions to the Trustee for such series,
         or to consent to the waiving of any default hereunder and its
         consequences, or to take any other action authorized to be taken by
         Holders pursuant to any of the provisions of Article Five;

                  (2) to remove the Trustee for such series and appoint a
         successor Trustee pursuant to the provisions of Article Six;

                  (3) to consent to the execution of an indenture or indentures
         supplemental hereto pursuant to the provisions of Section 11.02; or

                  (4) to take any other action authorized to be taken by or on
         behalf of the Holders of any specified aggregate principal amount of
         the Outstanding Debt Securities of any one or more or all series, as
         the case may be, under any other provision of this Indenture or under
         applicable law.

Section 9.02 Call of Meetings by Trustee.

         The Trustee for any series may at any time call a meeting of Holders of
such series to take any action specified in Section 9.01, to be held at such
time or times and at such place or places as the Trustee for such series shall
determine. Notice of every meeting of the Holders 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 to Holders of such series in the
manner and to the extent provided in Section 1.05. Such notice shall be given
not less than 20 days nor more than 90 days prior to the date fixed for the
meeting.

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Section 9.03 Call of Meetings by Company or Holders.

         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 Debt
Securities of a series or of all series, as the case may be, shall have
requested the Trustee for such series to call a meeting of Holders of any or all
such series by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have given the
notice of such meeting within 20 days after the receipt of such request, then
the Company or such Holders may determine the time or times and the place or
places for such meetings and may call such meetings to take any action
authorized in Section 9.01, by giving notice thereof as provided in Section
9.02.

Section 9.04 Qualifications for Voting.

         To be entitled to vote at any meeting of Holders a Person shall be (a)
a Holder of a Debt Security of the series with respect to which such meeting is
being held or (b) a Person appointed by an instrument in writing as agent or
proxy by such Holder. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders shall be the Persons entitled to vote at such
meeting and their counsel and any representatives of the Trustee for the series
with respect to which such meeting is being held and its counsel and any
representatives of the Company and its counsel.

Section 9.05 Regulations.

         Notwithstanding any other provisions of this Indenture, the Trustee for
any series may make such reasonable regulations as it may deem advisable for any
meeting of Holders of such series, in regard to proof of the holding of Debt
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.

         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 such series as provided in Section 9.03, in which case
the Company or the Holders 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 a majority vote of the meeting.

         Subject to the provisos in the definition of "Outstanding," at any
meeting each Holder of a Debt Security of the series with respect to which such
meeting is being held or proxy therefor shall be entitled to one vote for each
$1,000 principal amount (or such other amount as shall be specified as
contemplated by Section 3.01) of Debt 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 Debt 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 other than by virtue of Outstanding Debt
Securities of such series held by him or instruments in writing duly designating
him as the person to vote on behalf of Holders of Debt Securities of such
series. Any

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<PAGE>

meeting of Holders with respect to which a meeting was duly called pursuant to
the provisions of Section 9.02 or 9.03 may be adjourned from time to time by a
majority of such Holders present and the meeting may be held as so adjourned
without further notice.

Section 9.06 Voting.

         The vote upon any resolution submitted to any meeting of Holders with
respect to which such meeting is being held shall be by written ballots on which
shall be subscribed the signatures of such Holders or of their representatives
by proxy and the serial number or numbers of the Debt Securities 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 in duplicate of the proceedings of each meeting of Holders shall be taken
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 transmitted as provided in Section
9.02. The record shall show the serial numbers of the Debt Securities voting in
favor of or against any resolution. The record shall be signed and verified by
the affidavits of the permanent chairman and secretary of the meeting and one of
the duplicates shall be delivered to the Company and the other to the Trustee to
be preserved by the Trustee.

         Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

Section 9.07 No Delay of Rights by Meeting.

         Nothing contained in this Article Nine shall be deemed or construed to
authorize or permit, by reason of any call of a meeting of Holders or any rights
expressly or impliedly conferred hereunder to make such call, any hindrance or
delay in the exercise of any right or rights conferred upon or reserved to the
Trustee or to any Holder under any of the provisions of this Indenture or of the
Debt Securities of any series.

                                   ARTICLE X

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 10.01 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 all or substantially all of its properties and
assets to any Person, and the Company shall not permit any Person to consolidate
with or merge into the Company or convey, transfer or lease all or substantially
all of its properties and assets to the Company, unless:

                  (1) in case the Company shall consolidate with or merge into
         another person or convey, transfer or lease all or substantially all of
         its properties and assets to any Person, the Person formed by such
         consolidation or into which the Company is merged or

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<PAGE>

         the Person which acquires by conveyance or transfer, or which leases,
         all or substantially all of the properties and assets of the Company
         shall be a corporation, partnership or trust, shall be organized and
         validly existing under the laws of the United States of America, any
         State thereof, the Commonwealth 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 premium, if any) and
         interest on all the Debt Securities and the performance of every
         covenant of this Indenture on the part of the Company to be performed
         or observed;

                  (2) immediately after giving effect to such transaction, no
         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) if, as a result of any such consolidation or merger or
         such conveyance, transfer or lease, properties or assets of the Company
         would become subject to a mortgage, pledge, lien, security interest or
         other encumbrance which would not be permitted by this Indenture, the
         Company or such successor Person, as the case may be, shall take such
         steps as shall be necessary effectively to secure the Debt Securities
         equally and ratably with (or prior to) all Indebtedness secured
         thereby; and

                  (4) 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, if a
         supplemental indenture is required in connection with such transaction,
         such supplemental indenture comply with this Article and that all
         conditions precedent herein provided for relating to such transaction
         have been complied with.

Section 10.02 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 substantially as an entirety in accordance with
Section 10.01, 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 Debt Securities.

                                   ARTICLE XI

                             SUPPLEMENTAL INDENTURES

Section 11.01 Supplemental Indentures Without Consent of Holders.

         Without prior notice to or the consent of any Holders, the Company,
when authorized by a Board Resolution, and the Trustee, at any time and from
time to time, may enter into one or

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<PAGE>

more indentures supplemental hereto, in form satisfactory to the Trustee, for
any of the following purposes:

                  (1) to evidence the succession of another Corporation to the
         rights of the Company and the assumption by such successor of the
         covenants and other obligations of the Company herein and in the Debt
         Securities and Coupons, if any, contained; or

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

                  (3) to add any additional Events of Default (and if such
         Events of Default are to be applicable to less than all series, stating
         that such Events of Default are expressly being included solely to be
         applicable to such series); or

                  (4) to add or change any of the provisions of this Indenture
         to such extent as shall be necessary to permit or facilitate the
         issuance of Debt Securities of any series in bearer form, registrable
         or not registrable, and with or without Coupons, 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 the issuance of Debt
         Securities of any series in uncertificated form, provided that any such
         action shall not adversely affect the interests of the Holders of Debt
         Securities of any series or any related Coupons in any material
         respect; or

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

                  (6) to secure the Debt Securities; or

                  (7) to supplement any of the provisions of this Indenture to
         such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Article Four or Fifteen, provided that any such action shall not
         adversely affect the interests of the Holders of Debt Securities of
         such series or any other series of Debt Securities or any related
         Coupons in any material respect; or

                  (8) to establish the form or terms of Debt Securities and
         Coupons, if any, of any series as permitted by Sections 2.01 and 3.01;
         or

                  (9) to evidence and provide for the acceptance of appointment
         hereunder by a successor Trustee with respect to one or more series of
         Debt Securities and to add to or change any of the provisions of this
         Indenture as shall be necessary to provide for or

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<PAGE>

         facilitate the administration of the trusts hereunder by more than one
         Trustee, pursuant to the requirements of Section 6.11; or

                  (10) to cure any ambiguity, to correct or supplement any
         provision herein which may be defective or inconsistent with any other
         provision herein, to eliminate any conflict between the terms of this
         Indenture or the Debt Securities and the Trust Indenture Act or to make
         any other provisions with respect to matters or questions arising under
         this Indenture which shall not be inconsistent with any provision of
         this Indenture; provided such other provisions shall not adversely
         affect the interests of the Holders of Outstanding Debt Securities or
         Coupons, if any, of any series created prior to the execution of such
         supplemental indenture in any material respect; or

                  (11) to alter the provisions of Section 3.10(e) hereof and
         establish any other provisions in respect of Debt Securities issued in
         a Foreign Currency; provided that any such change shall become
         effective only when there is no Outstanding Debt Security or Coupon of
         any series created prior to the execution of such supplemental
         indenture which is entitled to the benefit of such provisions and as to
         which such supplemental indenture would apply.

Section 11.02 Supplemental Indentures With Consent of Holders.

         With the written consent of the Holders of not less than a majority in
principal amount of the Outstanding Debt Securities of each series affected by
such supplemental indenture voting separately, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders under this Indenture of such
Debt Securities or Coupons, if any; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Debt
Security of each such series affected thereby,

                  (1) change the Stated Maturity of the principal of, or
         installment of interest, if any, on, any Debt Security, or reduce the
         principal amount thereof or the interest thereon or any premium payable
         upon redemption thereof, or change the Stated Maturity of or reduce the
         amount of any payment to be made with respect to any Coupon, or change
         the Currency or Currencies in which the principal of (and premium, if
         any) or interest on such Debt Security is denominated or payable, or
         reduce the amount of the principal of a Discount Security that would be
         due and payable upon a declaration of acceleration of the Maturity
         thereof pursuant to Section 5.02, or adversely affect the right of
         repayment or repurchase, if any, at the option of the Holder, or reduce
         the amount of, or postpone the date fixed for, any payment under any
         sinking fund or analogous provisions for any Debt Security, or impair
         the right to institute suit for the enforcement of any payment on or
         after the Stated Maturity thereof (or, in the case of redemption, on or
         after the Redemption Date), or limit the obligation of the Company to
         maintain a paying agency outside the United States for payment on
         Bearer Securities as provided in Section 12.03; or

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<PAGE>

                  (2) reduce the percentage in principal amount of the
         Outstanding Debt Securities of any series, the consent of whose Holders
         is required for any supplemental indenture, or the consent of whose
         Holders is required for any waiver of compliance with certain
         provisions of this Indenture or certain defaults or Events of Default
         hereunder and their consequences provided for in this Indenture; or

                  (3) modify any of the provisions of this Section, Section 5.13
         or Section 12.06, 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 Debt
         Security of each series affected thereby; provided, however, that this
         clause shall not be deemed to require the consent of any Holder with
         respect to changes in the references to "the Trustee" and concomitant
         changes in this Section and Section 12.06, or the deletion of this
         proviso, in accordance with the requirements of Sections 6.11 and
         11.01(7).

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

         A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture with respect to one or more particular series
of Debt Securities and Coupons, if any, or which modifies the rights of the
Holders of Debt Securities and Coupons 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 Debt Securities and Coupons, if any, of any other
series.

Section 11.03 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 and that all conditions have been met.
The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which adversely affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise in a material way.

Section 11.04 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 Debt Securities and Coupons theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby.

Section 11.05 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 11.06 Reference in Debt Securities to Supplemental Indentures.

         Debt Securities and Coupons, if any, 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 Debt Securities and Coupons of
any series so modified as to conform, in the opinion of the Trustee and the
Board of Directors, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Debt Securities and Coupons of such series.

Section 11.07 Notice of Supplemental Indenture.

         Promptly after the execution by the Company and the appropriate Trustee
of any supplemental indenture pursuant to Section 11.02, the Company shall
transmit, in the manner and to the extent provided in Section 1.05, to all
Holders of any series of the Debt Securities affected thereby, a notice setting
forth in general terms the substance of such supplemental indenture.

                                  ARTICLE XII

                                   COVENANTS

Section 12.01 Payment of Principal, Premium and Interest.

         The Company covenants and agrees for the benefit of each series of Debt
Securities and Coupons, if any, that it will duly and punctually pay the
principal of (and premium, if any) and interest on the Debt Securities in
accordance with the terms of the Debt Securities, the Coupons and this
Indenture. Unless otherwise specified as contemplated by Section 3.01 with
respect to any series of Debt Securities or except as otherwise provided in
Section 3.06, 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. If so
provided in the terms of any series of Debt Securities established as provided
in Section 3.01, the interest, if any, due in respect of any temporary Global
Note or permanent Global Note, together with any additional amounts payable in
respect thereof, as provided in the terms and conditions of such Debt Security,
shall be payable only upon presentation of such Debt Security to the Trustee for
notation thereon of the payment of such interest.

Section 12.02 Officer's Certificate as to Default.

         The Company will deliver to the Trustee, on or before a date not more
than four months after the end of each fiscal year of the Company (which on the
date hereof is the calendar year) ending after the date hereof, a certificate of
the principal executive officer, principal financial officer or principal
accounting officer of the Company stating whether or not to the best knowledge
of the signer thereof the Company is in compliance with all covenants and
conditions under this Indenture, and, if the Company shall be in default,
specifying all such defaults and the nature thereof of which such signer may
have knowledge. For purposes of this Section, such

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compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture.

Section 12.03 Maintenance of Office or Agency.

         If Debt Securities of a series are issuable only as Registered
Securities, the Company will maintain or cause to be maintained in each Place of
Payment for such series an office or agency where Debt Securities of that series
may be presented or surrendered for payment, where Debt Securities of that
series may be surrendered for registration of transfer or exchange or
redemption, and where notices and demands to or upon the Company in respect of
the Debt Securities of that series and this Indenture may be served. If Debt
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City and State 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, if
any, may be surrendered for registration of transfer, where Debt Securities of
that series may be surrendered for exchange or redemption, where Debt Securities
of that series that are convertible may be surrendered for conversion, where
notices and demands to or upon the Company in respect of the Debt 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 Debt Securities of that series and related Coupons may be presented and
surrendered for payment (including payment of any additional amounts payable on
Bearer Securities of that series, if so provided pursuant to Section 3.01);
provided, however, that if the Debt Securities of that series are listed on The
Stock Exchange of the United Kingdom and the Republic of Ireland, 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 Debt 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 Debt 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 located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Debt Securities of that series may be surrendered for exchange
and redemption and where notices and demands to or upon the Company in respect
of the Debt Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the locations, and any
change in the locations, of such offices or agencies. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, except that Bearer Securities of that series and the related Coupons
may be presented and surrendered for payment at the offices specified in the
applicable Debt Security, and the Company hereby appoints the Trustee, or in the
case of Bearer Securities, such other agent as is specified pursuant to Section
3.01, as its agent to receive all 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

                                     - 81 -

<PAGE>

United States or by transfer to an account maintained with a bank located in the
United States; provided, however, that, if the Debt 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, if so provided pursuant to Section 3.01) shall be
made at the office of the Trustee or the Company's Paying Agent in the Borough
of Manhattan, The City and State 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 different or
additional offices or agencies to be maintained for such purposes (in or outside
of such Place of Payment), and may from time to time rescind any such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligations described in the preceding
paragraph. The Company will give prompt written notice to the Trustee of any
such additional designation or rescission of designation and any change in the
location of any such different or additional office or agency.

Section 12.04 Money for Debt 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 Debt Securities and Coupons, if any, it will, on or
before each due date of the principal of (and premium, if any) or interest on
any of the Debt Securities of such series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal
(and premium, if any) 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 so to act.

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

         The Company will cause each Paying Agent with respect to any series of
Debt Securities other than 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:

                  (1) hold all sums held by it for the payment of the principal
         of (and premium, if any) or interest on Debt Securities of such series
         in trust for the benefit of the Persons entitled thereto until such
         sums shall be paid to such Persons or otherwise disposed of as herein
         provided;

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<PAGE>

                  (2) give the Trustee notice of any default by the Company (or
         any other obligor upon the Debt Securities of such series) in the
         making of any payment of principal (and premium, if any) or interest on
         the Debt Securities of such series; and

                  (3) at any time during the continuance of any such default,
         upon the written request of the Trustee, forthwith pay to the Trustee
         all sums so held in trust by such Paying Agent.

         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.

         Subject to any applicable abandoned property law, 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 premium, if any) or interest on any Debt
Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be
paid to the Company upon Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Debt Security or Coupon
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may, in its sole
discretion, at the expense of the Company cause to be transmitted in the manner
and to the extent provided by Section 1.05, 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 notification, any unclaimed balance of such money
then remaining will be repaid to the Company.

Section 12.05 Corporate Existence.

         Subject to the provisions of Article Ten hereof, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect the corporate existence, rights (charter and statutory) and franchises of
the Company and each Significant Subsidiary; provided, however, that the Company
shall not be required to preserve any such right or franchise if the Company
shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company or of the applicable Significant
Subsidiary and that the loss thereof is not disadvantageous in any material
respect to the Holders.

Section 12.06 Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 12.05 (and, if so specified
pursuant to Section 3.01, any other covenant not set forth herein and specified
pursuant to Section 3.01 to be applicable to the Debt

                                     - 83 -

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Securities of any series, except as otherwise provided pursuant to Section 3.01)
with respect to the Debt Securities of any series if before the time for such
compliance the Holders of at least a majority in principal amount of the
Outstanding Debt 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 expressly so 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 XIII

                          REDEMPTION OF DEBT SECURITIES

Section 13.01 Applicability of Article.

         Debt Securities of any series which are redeemable before their
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified pursuant to Section 3.01 for Debt Securities of any series)
in accordance with this Article.

Section 13.02 Election to Redeem; Notice to Trustee.

         The election of the Company to redeem (or, in the case of Discount
Securities, to permit the Holders to elect to surrender for redemption) any Debt
Securities shall be evidenced by a Board Resolution. In case of any redemption
at the election of the Company of less than all of the Debt Securities of any
series pursuant to Section 13.03, the Company shall, at least 60 days before the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Debt Securities of such series to be redeemed. In the
case of any redemption of Debt Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Debt Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restrictions.

Section 13.03 Selection by Trustee of Debt Securities to Be Redeemed.

         Except in the case of a redemption in whole of the Bearer Securities or
the Registered Securities of such series, if less than all the Debt Securities
of any series are to be redeemed at the election of the Company, the particular
Debt Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustee, from the Outstanding Debt Securities of such
series not previously called for redemption, by such method as the Trustee or
agent authorized pursuant to Section 3.01 shall deem fair and appropriate and
which may provide for the selection for redemption of portions (equal to the
minimum authorized denomination for Debt Securities of such series or any
integral multiple thereof) of the principal amount of Debt Securities of such
series in a denomination larger than the minimum authorized denomination for
Debt Securities of such series pursuant to Section 3.02 in the Currency in which
the Debt Securities of such series are denominated. The portions of the
principal amount of Debt Securities so selected for partial

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<PAGE>

redemption shall be equal to the minimum authorized denominations for Debt
Securities of such series pursuant to Section 3.02 in the Currency in which the
Debt Securities of such series are denominated or any integral multiple thereof,
except as otherwise set forth in the applicable form of Debt Securities. In any
case when more than one Registered Security of such series is registered in the
same name, the Trustee or authorized agent in its discretion may treat the
aggregate principal amount so registered as if it were represented by one
Registered Security of such series.

         The Trustee or authorized agent shall promptly notify the Company in
writing of the Debt Securities selected for redemption and, in the case of any
Debt 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 Debt Securities shall
relate, in the case of any Debt Security redeemed or to be redeemed only in
part, to the portion of the principal amount of such Debt Security which has
been or is to be redeemed.

Section 13.04 Notice of Redemption.

         Notice of redemption 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, not less
than 30 days and not more than 60 days prior to the Redemption Date to the
Holders of Debt Securities of any series to be redeemed in whole or in part
pursuant to this Article Thirteen, in the manner provided in Section 1.05. Any
notice so given shall be conclusively presumed to have been duly given, whether
or not the Holder receives such notice. Failure to give such notice, or any
defect in such notice to the Holder of any Debt Security of a series designated
for redemption, in whole or in part, shall not affect the sufficiency of any
notice of redemption with respect to the Holder of any other Debt Security of
such series.

         All notices of redemption shall state:

                  (1) the Redemption Date;

                  (2) the Redemption Price;

                  (3) that Debt Securities of such series are being redeemed by
         the Company pursuant to provisions contained in this Indenture or the
         terms of the Debt Securities of such series or a supplemental indenture
         establishing such series, if such be the case, together with a brief
         statement of the facts permitting such redemption;

                  (4) if less than all Outstanding Debt Securities of any series
         are to be redeemed, the identification (and, in the case of partial
         redemption, the principal amounts) of the particular Debt Securities to
         be redeemed;

                  (5) that on the Redemption Date the Redemption Price will
         become due and payable upon each such Debt Security to be redeemed, and
         that interest thereon, if any, shall cease to accrue on and after said
         date;

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<PAGE>

                  (6) that, unless otherwise specified in such notice, Coupon
         Securities of any series, if any, surrendered for redemption must be
         accompanied by all Coupons maturing subsequent to the date fixed for
         redemption, failing which the amount of any such missing Coupon or
         Coupons will be deducted from the Redemption Price;

                  (7) the Place or Places of Payment where such Debt Securities
         are to be surrendered for payment of the Redemption Price;

                  (8) if Bearer Securities of any series are to be redeemed and
         any Registered Securities of such series are not to be redeemed, and if
         such Bearer Securities may be exchanged for Registered Securities not
         subject to redemption on this Redemption Date pursuant to Section
         3.05(b) or otherwise, the last date on which such exchanges may be
         made; and

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

Section 13.05 Deposit of Redemption Price.

         On or prior to the Redemption Date for any Debt Securities, 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 12.04) an amount of money in the Currency or Currencies in which such
Debt Securities are denominated (except as provided pursuant to Section 3.01 or
3.10) sufficient to pay the Redemption Price of such Debt Securities or such
amount or any portions thereof which are to be redeemed on that date.

Section 13.06 Debt Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, any Debt
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price in the Currency in which the Debt Securities of
such series are payable (except as otherwise specified pursuant to Section 3.01
or 3.10), and from and after such date (unless the Company shall default in the
payment of the Redemption Price) such Debt Securities shall cease to bear
interest. Upon surrender of any such Debt Security for redemption in accordance
with said notice, such Debt Security shall be paid by the Company at the
Redemption Price; 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 12.03) 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
which have a Stated Maturity on or prior to the Redemption Date for such Debt
Securities shall be payable according to the terms of such Debt Securities and
the provisions of Section 3.07.

         If any Debt Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate prescribed
therefor in the Debt Security.

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<PAGE>

         If any Coupon Security surrendered for redemption shall not be
accompanied by all Coupons appertaining thereto maturing on or after the
Redemption Date, the Redemption Price for such Coupon Security may be reduced by
an amount equal to the face amount of all such missing Coupons. If thereafter
the Holder of such Coupon shall surrender to any Paying Agent outside the United
States 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. 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.

Section 13.07 Debt Securities Redeemed in Part.

         Any Debt Security which is to be redeemed only in part shall be
surrendered at the Corporate Trust Office or such other office or agency of the
Company as is specified pursuant to Section 3.01 (in the case of Registered
Securities) and at an office of the Trustee or such other office or agency of
the Company outside the United States as is specified pursuant to Section 3.01
(in the case of Bearer Securities) with, if the Company, the Security Registrar
or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company, the Security Registrar 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 Debt Security without service charge, a new Debt
Security or Debt Securities of the same series, of like tenor and form, 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 Debt Security so surrendered, and, in the case of a Coupon Security, with
appropriate Coupons attached. In the case of a Debt Security providing
appropriate space for such notation, at the option of the Holder thereof, the
Trustee, in lieu of delivering a new Debt Security or Debt Securities as
aforesaid, may make a notation on such Debt Security of the payment of the
redeemed portion thereof.

                                  ARTICLE XIV

                                 SINKING FUNDS

Section 14.01 Applicability of Article.

         The provisions of this Article shall be applicable to any sinking fund
for the retirement of Debt Securities of a series except as otherwise specified
pursuant to Section 3.01 for Debt Securities of such series.

         The minimum amount of any sinking fund payment provided for by the
terms of Debt 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 Debt Securities of any series is herein referred to as an
"optional sinking fund payment". If provided for by the terms of Debt Securities
of any series, the amount of any cash sinking fund payment may be subject to
reduction as provided in Section 14.02. Each sinking fund payment shall be
applied to the

                                     - 87 -

<PAGE>

redemption of Debt Securities of any series as provided for by the terms of Debt
Securities of such series.

Section 14.02 Satisfaction of Mandatory Sinking Fund Payments with Debt
              Securities.

         In lieu of making all or any part of a mandatory sinking fund payment
with respect to any Debt Securities of a series in cash, the Company may at its
option, at any time no more than sixteen months and no less than 45 days prior
to the date on which such sinking fund payment is due, deliver to the Trustee
Debt Securities of such series (together with the unmatured Coupons, if any,
appertaining thereto) theretofore purchased or otherwise acquired by the
Company, except Debt Securities of such series which have been redeemed through
the application of mandatory sinking fund payments pursuant to the terms of the
Debt Securities of such series, accompanied by a Company Order instructing the
Trustee to credit such sinking fund payment and stating that the Debt Securities
of such series were originally issued by the Company by way of bona fide sale or
other negotiation for value, provided that such Debt Securities shall not have
been previously so credited. Such Debt Securities shall be received and credited
for such purpose by the Trustee at the Redemption Price specified in such Debt
Securities for redemption through operation of the sinking fund and the amount
of such mandatory sinking fund payment shall be reduced accordingly.

Section 14.03 Redemption of Debt Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
series of Debt Securities (unless a shorter period shall be satisfactory to the
Trustee), the Company will deliver to the Trustee an Officers' Certificate
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 in the Currency or Currencies in which the Debt
Securities of such series are denominated (except as provided pursuant to
Section 3.01 or 3.10) and the portion thereof, if any, which is to be satisfied
by delivering and crediting Debt Securities of such series pursuant to Section
14.02 and whether the Company intends to exercise its rights to make a permitted
optional sinking fund payment with respect to such series. Such certificate
shall be irrevocable and upon its delivery the Company shall be obligated to
make the cash payment or payments therein referred to, if any, on or before the
next succeeding sinking fund payment date. In the case of the failure of the
Company to deliver such certificate, the sinking fund payment due on the next
succeeding sinking fund payment date for such series shall be paid entirely in
cash and shall be sufficient to redeem the principal amount of the Debt
Securities of such series subject to a mandatory sinking fund payment without
the right to deliver or credit Debt Securities as provided in Section 14.02 and
without the right to make any optional sinking fund payment with respect to such
series at such time.

         Any sinking fund payment or payments (mandatory or optional) made in
cash plus any unused balance of any preceding sinking fund payments made with
respect to the Debt Securities of any particular series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent) on
the sinking fund payment date on which such payment is made (or, if such payment
is made before a sinking fund payment date, on the sinking fund payment date
immediately following the date of such payment) to the redemption of Debt

                                     - 88 -

<PAGE>

Securities of such series at the Redemption Price specified in such Debt
Securities with respect to the sinking fund. Any sinking fund moneys not so
applied or allocated by the Trustee (or by the Company if the Company is acting
as its own Paying Agent) to the redemption of Debt Securities shall be added to
the next sinking fund payment received by the Trustee (or if the Company is
acting as its own Paying Agent, segregated and held in trust as provided in
Section 12.04) for such series and, together with such payment (or such amount
so segregated), shall be applied in accordance with the provisions of this
Section. Any and all sinking fund moneys with respect to the Debt Securities of
any particular series held by the Trustee (or if the Company is acting as its
own Paying Agent, segregated and held in trust as provided in Section 12.04) on
the last sinking fund payment date with respect to Debt Securities of such
series and not held for the payment or redemption of particular Debt Securities
of such series shall be applied by the Trustee (or by the Company if the Company
is acting as its own Paying Agent), together with other moneys, if necessary, to
be deposited (or segregated) sufficient for the purpose, to the payment of the
principal of the Debt Securities of such series at Maturity.

         The Trustee shall select or cause to be selected the Debt Securities to
be redeemed upon such sinking fund payment date in the manner specified in
Section 13.03 and the Company shall cause notice of the redemption thereof to be
given in the manner provided in Section 13.04. Such notice having been duly
given, the redemption of such Debt Securities shall be made upon the terms and
in the manner stated in Section 13.06.

         On or before each sinking fund payment date, the Company shall pay to
the Trustee (or, if the Company is acting as its own Paying Agent, the Company
shall segregate and hold in trust as provided in Section 12.04) in cash a sum,
in the Currency or Currencies in which Debt Securities of such series are
denominated (except as provided pursuant to Sections 3.01 or 3.10), equal to the
principal and any interest accrued to the Redemption Date for Debt Securities or
portions thereof to be redeemed on such sinking fund payment date pursuant to
this Section.

         Neither the Trustee nor the Company shall redeem any Debt Securities of
a series with sinking fund moneys or mail any notice of redemption of Debt
Securities of such series by operation of the sinking fund for such series
during the continuance of a default in payment of interest, if any, on any Debt
Securities of such series or of any Event of Default (other than an Event of
Default occurring as a consequence of this paragraph) with respect to the Debt
Securities of such series, except that if the notice of redemption shall have
been provided in accordance with the provisions hereof, the Trustee (or the
Company, if the Company is then acting as its own Paying Agent) shall redeem
such Debt Securities if cash sufficient for that purpose shall be deposited with
the Trustee (or segregated by the Company) for that purpose in accordance with
the terms of this Article. Except as aforesaid, any moneys in the sinking fund
for such series at the time when any such default or Event of Default shall
occur and any moneys thereafter paid into such sinking fund shall, during the
continuance of such default or Event of Default, be held as security for the
payment of the Debt Securities and Coupons, if any, of such series; provided,
however, that in case such default or Event of Default shall have been cured or
waived as provided herein, such moneys shall thereafter be applied on or prior
to the next sinking fund payment date for the Debt Securities of such series on
which such moneys may be applied pursuant to the provisions of this Section.

                                     - 89 -

<PAGE>

                                   ARTICLE XV

                                   DEFEASANCE

Section 15.01 Applicability of Article.

         If, pursuant to Section 3.01, provision is made for the defeasance of
Debt Securities of a series, and if the Debt Securities of such series are
Registered Securities and denominated and payable only in Dollars (except as
provided pursuant to Section 3.01) then the provisions of this Article shall be
applicable except as otherwise specified pursuant to Section 3.01 for Debt
Securities of such series. Defeasance provisions, if any, for Debt Securities
denominated in a Foreign Currency or Currencies or for Bearer Securities may be
specified pursuant to Section 3.01.

Section 15.02 Defeasance Upon Deposit of Moneys or U.S. Government Obligations.

         At the Company's option, either (a) the Company shall be deemed to have
been Discharged (as defined below) from its obligations with respect to Debt
Securities of any series ("legal defeasance option") or (b) if so specified
pursuant to Section 3.01, the Company shall cease to be under any obligation to
comply with any obligation of the Company or restrictive covenant added for the
benefit of such series pursuant to Section 3.01) ("covenant defeasance option"),
in either case at any time after the applicable conditions set forth below have
been satisfied:

                  (1) the Company shall have deposited or caused to be deposited
         irrevocably with the Trustee as trust funds in trust, specifically
         pledged as security for, and dedicated solely to, the benefit of the
         Holders of the Debt Securities of such series (i) money in an amount,
         or (ii) U.S. Government Obligations (as defined below) which through
         the payment of interest and principal 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 (iii) a combination of (i)
         and (ii), sufficient, in the opinion (with respect to (i) and (ii)) of
         a nationally recognized firm of independent public accountants
         expressed in a written certification thereof delivered to the Trustee,
         to pay and discharge each installment of principal (including any
         mandatory sinking fund payments) of and premium, if any, and interest
         on, the Outstanding Debt Securities of such series on the dates such
         installments of interest or principal and premium are due;

                  (2) such deposit shall not cause the Trustee with respect to
         the Debt Securities of that series to have a conflicting interest as
         defined in Section 6.08 and for purposes of the Trust Indenture Act
         with respect to the Debt Securities of any series;

                  (3) such deposit will not result in a breach or violation of,
         or constitute a default under, this Indenture or any other agreement or
         instrument to which the Company is a party or by which it is bound;

                  (4) if the Debt Securities of such series are then listed on
         any national securities exchange, the Company shall have delivered to
         the Trustee an Opinion of

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         Counsel or a letter or other document from such exchange to the effect
         that the Company's exercise of its option under this Section would not
         cause such Debt Securities to be delisted;

                  (5) no Event of Default or event (including such deposit)
         which, with notice or lapse of time or both, would become an Event of
         Default with respect to the Debt Securities of such series shall have
         occurred and be continuing on the date of such deposit and, with
         respect to the legal defeasance option only, no Event of Default under
         Section 5.01(5) or Section 5.01(6) or event which with the giving of
         notice or lapse of time, or both, would become an Event of Default
         under Section 5.01(5) or Section 5.01(6) shall have occurred and be
         continuing on the 91st day after such date; and

                  (6) the Company shall have delivered to the Trustee an Opinion
         of Counsel or a ruling from the Internal Revenue Service to the effect
         that such deposit, defeasance or the Holders of the Debt Securities of
         such series will not recognize income, gain or loss for Federal income
         tax purposes as a result of such deposit, defeasance or Discharge.

         Notwithstanding the foregoing, if the Company exercises its covenant
defeasance option and an Event of Default under Section 5.01(5) or Section
5.01(6) or event which with the giving of notice or lapse of time, or both,
would become an Event of Default under Section 5.01(5) or Section 5.01(6) shall
have occurred and be continuing on the 91st day after the date of such deposit,
the obligations of the Company referred to under the definition of covenant
defeasance option with respect to such Debt Securities shall be reinstated.
Money and securities held in trust pursuant to a legal defeasance shall not be
subject to Article Sixteen.

         "Discharged" means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by, and obligations under, the
Debt Securities of such series and to have satisfied all the obligations under
this Indenture relating to the Debt Securities of such series (and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging
the same), except (A) the rights of Holders of Debt Securities of such series to
receive, from the trust fund described in clause (1) above, payment of the
principal of (and premium, if any) and interest on such Debt Securities when
such payments are due, (B) the Company's obligations with respect to the Debt
Securities of such series under Sections 3.04, 3.05, 3.06, 6.07, 12.03 and 15.03
and (C) the rights, powers, trusts, duties and immunities of the Trustee
hereunder.

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

                                     - 91 -

<PAGE>

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 interest on or principal of the U.S. Government Obligation evidenced by such
depository receipt.

Section 15.03 Deposited Moneys and U.S. Government Obligations to Be Held in
              Trust.

         All moneys and U.S. Government Obligations deposited with the Trustee
pursuant to Section 15.02 in respect of Debt Securities of a series shall be
held in trust and applied by it, in accordance with the provisions of such Debt
Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Debt Securities, of all sums due
and to become due thereon for principal (and premium, if any) and interest, if
any, but such money need not be segregated from other funds except to the extent
required by law.

Section 15.04 Repayment to Company.

         The Trustee and any Paying Agent shall promptly pay or return to the
Company upon Company Request any moneys or U.S. Government Obligations held by
them at any time that are not required for the payment of the principal of (and
premium, if any) and interest on the Debt Securities of any series for which
money or U.S. Government Obligations have been deposited pursuant to Section
15.02.

         The provisions of the last paragraph of Section 12.04 shall apply to
any money held by the Trustee or any Paying Agent under this Article that
remains unclaimed for two years after the Maturity of any series of Debt
Securities for which money or U.S. Government Obligations have been deposited
pursuant to Section 15.02.

                                     - 92 -

<PAGE>

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

                                        R&G FINANCIAL CORPORATION

                                        By _____________________________________
                                           Name:
                                           Title:

Attest:

______________________________________
Name:
Title:

Seal

                                        WILMINGTON TRUST COMPANY,
                                        AS TRUSTEE

                                        By _____________________________________
                                           Name:
                                           Title:

Attest:

______________________________________
Name:
Title:

Seal

                                     - 93 -
<PAGE>

                                    EXHIBIT A

                       [FORM OF CERTIFICATE TO BE GIVEN BY
                   PERSON ENTITLED TO RECEIVE BEARER SECURITY
                     OR INTEREST PRIOR TO AN EXCHANGE DATE]
                                   CERTIFICATE

     [Insert title or sufficient description of Securities to be delivered]

         This is to certify that as of the date hereof and except as set forth
below principal amount of the above captioned Debt Securities held by you for
our account (i) is owned by person(s) that are not United States person(s) (as
defined below), (ii) is owned by United States person(s) that are

         (a) foreign branches of United States financial institutions (as
defined in Section 1.165-12(c)(1)(v) of the United States Treasury regulations)
("financial institutions") purchasing for their own account or for resale, or
(b) United States person(s) who acquired the Debt Securities through foreign
branches of United States financial institutions and who hold the Debt
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, that you may advise the Company
or the Company's agent that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986, as
amended, and the Treasury regulations thereunder), or (iii) is owned by United
States or foreign financial institution(s) for the purpose of resale during the
restricted period (as defined in Section 1.163-5(c)(2)(i)(D)(7) of the United
States Treasury regulations), and in addition if the owner of the Debt
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 Debt
Securities for the purpose of resale directly or indirectly to a United States
person or to a person within the United States or its possessions.

         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 beneficial
interest in the temporary global Security 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.

         This certificate excepts and does not relate to ________ principal
amount of Debt Securities held by you for our account as to which we are not
able to provide a certificate in this form. We understand that exchange of such
portion of the temporary global Note for definitive Bearer Securities or
interests in a permanent global Note cannot be made until we are able to provide
a certificate in this form.

         We understand that this certificate is required in connection with
certain tax laws and regulations of the United States. If administrative or
legal proceedings are commenced or

                                       1

<PAGE>

threatened in connection with which this certificate is or would be relevant, we
irrevocably authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings.

         "United States person" means any citizen or resident of the United
States, any corporation, partnership or other entity created or organized in or
under the laws of the United States and any estate or trust the income of which
is subject to United States federal income taxation regardless of its source.
"United States" means the United States of America (including the States and the
District of Columbia) and its "possessions" which include the Commonwealth of
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.

         Dated: _____________, 200__
         [To be dated no earlier than the 10th day before the Exchange Date]

                                             By:________________________
                                             As, or as agent for, the
                                             beneficial owner(s) of
                                             the portion of the
                                             temporary Global Note to
                                             which this certificate
                                             relates.

                                       2

<PAGE>

                                    EXHIBIT B

      [FORM OF CERTIFICATE TO BE GIVEN BY [EUROCLEAR] AND [CEDELBANK, S.A.]
                       IN CONNECTION WITH THE EXCHANGE OF
                      A PORTION OF A TEMPORARY GLOBAL NOTE]
                                   CERTIFICATE

     [Insert title or sufficient description of Securities to be delivered]

         The undersigned certifies 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 as of the date hereof, _________
principal amount of the above-captioned Debt Securities (i) is owned by
person(s) that are not United States person(s) (as defined below), (ii) is owned
by United States person(s) that are (a) foreign branches of United States
financial institutions (as defined in Section 1.165-12(c)(1)(v) of the United
States Treasury regulations) ("financial institutions") purchasing for their own
account or for resale, or (b) United States person(s) who acquired the Debt
Securities through foreign branches of United States financial institutions and
who hold the Debt 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
we may advise the Company or the Company's 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 Treasury regulations thereunder), or (iii) is owned by
United States or foreign financial institution(s) for the purpose of resale
during the restricted period (as defined in Section 1.163-5(c)(2)(i)(D)(7) of
the United States Treasury regulations), and in addition 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 Debt Securities for the purpose of resale directly or indirectly to a United
States person or to a person within the United States or its possessions.

         We further certify (i) that we are not making available for exchange or
collection of any interest any portion of the temporary Global Note 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 exchange or collection of any interest are no longer
true and cannot be relied upon as of the date hereof.

         We understand that this certificate is required in connection with
certain tax laws and regulations of the United States. If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

         "United States person" means any citizen or resident of the United
States, any corporation, partnership or other entity created or organized in or
under the laws of the United

                                       1

<PAGE>

States and any estate or trust the income of which is subject to United States
federal income taxation regardless of its source. "United States" means the
United States of America (including the States and the District of Columbia) and
its "possessions" which include the Commonwealth of Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

Dated: _________________________, 200_
       [To be dated no earlier than the
       Exchange Date]

                                         By: ___________________________________
                                             [Operator of the Euroclear System]
                                             [Cedelbank]

                                       2<PAGE>

                                                                     EXHIBIT 4.2

                            R&G FINANCIAL CORPORATION

                                       TO

                            WILMINGTON TRUST COMPANY,

                                     TRUSTEE

                                    INDENTURE

                           DATED AS OF _____ __, 200__

                          SUBORDINATED DEBT SECURITIES

<PAGE>

                            R&G FINANCIAL CORPORATION
                         RECONCILIATION AND TIE BETWEEN
                         TRUST INDENTURE ACT OF 1939 AND
                      INDENTURE DATED AS OF _____ __, 200__

<TABLE>
<CAPTION>
  TRUST INDENTURE
    ACT SECTION                                                               INDENTURE SECTION
<S>                                                                           <C>
Section 310  (a)(1)......................................................                 6.09
             (a)(2)......................................................                 6.09
             (a)(3)......................................................       Not Applicable
             (a)(4)......................................................       Not Applicable
             (b).........................................................                 6.08
                                                                                          6.10
Section 311  (a).........................................................                 6.13
             (b).........................................................                 6.13
Section 312  (a).........................................................                 7.01
                                                                                          7.02(a)
             (b).........................................................                 7.02(b)
             (c).........................................................                 7.02(c)
Section 313  (a).........................................................                 7.03(a)
             (b).........................................................                 7.03(b)
             (c).........................................................                 7.03(c)
             (d).........................................................                 7.03(d)
Section 314  (a).........................................................                 7.04
             (a)(4)......................................................                12.02
             (b).........................................................       Not Applicable
             (c)(1)......................................................                 1.02
             (c)(2)......................................................                 1.02
             (c)(3)......................................................       Not Applicable
             (d).........................................................       Not Applicable
             (e).........................................................                 1.02
Section 315  (a).........................................................                 6.01
             (b).........................................................                 6.02
             (c).........................................................                 6.01
             (d).........................................................                 6.01
             (e).........................................................                 5.14
Section 316  (a).........................................................                 1.01
             (a)(1)(A)...................................................                 5.02
                                                                                          5.12
             (a)(1)(B)...................................................                 5.13
             (a)(2)......................................................       Not Applicable
             (b).........................................................                 5.08
Section 317  (a)(1)......................................................                 5.03
             (a)(2)......................................................                 5.04
             (b).........................................................                12.04
Section 318  (a).........................................................                 1.06
</TABLE>

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

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>                                                                                                                  <C>
ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF
   GENERAL APPLICATION...........................................................................................      1
   Section 1.01         Definitions..............................................................................      1
   Section 1.02         Compliance Certificates and Opinions.....................................................     10
   Section 1.03         Form of Documents Delivered to Trustee...................................................     11
   Section 1.04         Notices, etc., to Trustee and Company....................................................     11
   Section 1.05         Notice to Holders; Waiver................................................................     12
   Section 1.06         Conflict with Trust Indenture Act........................................................     12
   Section 1.07         Effect of Headings and Table of Contents.................................................     13
   Section 1.08         Successors and Assigns...................................................................     13
   Section 1.09         Separability Clause......................................................................     13
   Section 1.10         Benefits of Indenture....................................................................     13
   Section 1.11         Governing Law............................................................................     13
   Section 1.12         Legal Holidays...........................................................................     13
   Section 1.13         No Security Interest Created.............................................................     14
   Section 1.14         Liability Solely Corporate...............................................................     14
ARTICLE II DEBT SECURITY FORMS...................................................................................     14
   Section 2.01         Forms Generally..........................................................................     14
   Section 2.02         Form of Trustee's Certificate of Authentication..........................................     15
   Section 2.03         Securities in Global Form................................................................     15
ARTICLE III THE DEBT SECURITIES..................................................................................     16
   Section 3.01         Amount Unlimited; Issuable in Series.....................................................     16
   Section 3.02         Denominations............................................................................     19
   Section 3.03         Execution, Authentication, Delivery and Dating...........................................     20
   Section 3.04         Temporary Debt Securities; Exchange of Temporary Global Notes for
                        Definitive Bearer Securities; Global Notes
                        Representing Registered Securities.......................................................     22
   Section 3.05         Registration, Transfer and Exchange......................................................     28
   Section 3.06         Mutilated, Destroyed, Lost and Stolen Debt Securities....................................     30
   Section 3.07         Payment of Interest; Interest Rights Preserved...........................................     30
   Section 3.08         Cancellation.............................................................................     32
   Section 3.09         Computation of Interest..................................................................     33
   Section 3.10         Currency of Payments in Respect of Debt Securities.......................................     33
   Section 3.11         Judgments................................................................................     37
   Section 3.12         Exchange Upon Default....................................................................     37
   Section 3.13         CUSIP Numbers............................................................................     37
ARTICLE IV SATISFACTION AND DISCHARGE............................................................................     38
   Section 4.01         Satisfaction and Discharge of Indenture..................................................     38
   Section 4.02         Application of Trust Money...............................................................     39
ARTICLE V REMEDIES...............................................................................................     40
   Section 5.01         Events of Default........................................................................     40
   Section 5.02         Acceleration of Maturity; Rescission and Annulment.......................................     40
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                   <C>
   Section 5.03         Collection of Indebtedness and Suits for Enforcement by Trustee..........................     41
   Section 5.04         Trustee May File Proofs of Claim.........................................................     42
   Section 5.05         Trustee May Enforce Claims Without Possession of Debt Securities.........................     43
   Section 5.06         Application of Money Collected...........................................................     43
   Section 5.07         Limitation on Suits......................................................................     44
   Section 5.08         Unconditional Right of Holders to Receive Principal, Premium and Interest................     44
   Section 5.09         Restoration of Rights and Remedies.......................................................     45
   Section 5.10         Rights and Remedies Cumulative...........................................................     45
   Section 5.11         Delay or Omission Not Waiver.............................................................     45
   Section 5.12         Control by Holders.......................................................................     45
   Section 5.13         Waiver of Past Defaults..................................................................     46
   Section 5.14         Undertaking for Costs....................................................................     46
   Section 5.15         Waiver of Stay or Extension Laws.........................................................     46
ARTICLE VI THE TRUSTEE...........................................................................................     47
   Section 6.01         Certain Duties and Responsibilities......................................................     47
   Section 6.02         Notice of Defaults.......................................................................     48
   Section 6.03         Certain Rights of Trustee................................................................     49
   Section 6.04         Not Responsible for Recitals or Issuance of Debt Securities..............................     49
   Section 6.05         May Hold Debt Securities.................................................................     50
   Section 6.06         Money Held in Trust......................................................................     50
   Section 6.07         Compensation and Reimbursement...........................................................     50
   Section 6.08         Disqualification; Conflicting Interests..................................................     51
   Section 6.09         Corporate Trustee Required; Eligibility..................................................     56
   Section 6.10         Resignation and Removal; Appointment of Successor........................................     57
   Section 6.11         Acceptance of Appointment by Successor...................................................     58
   Section 6.12         Merger, Conversion, Consolidation or Succession to Business..............................     59
   Section 6.13         Preferential Collection of Claims Against Company........................................     59
   Section 6.14         Appointment of Authenticating Agent......................................................     63
ARTICLE VII HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY....................................................     64
   Section 7.01         Company to Furnish Trustee Names and Addresses of Holders................................     64
   Section 7.02         Preservation of Information; Communication to Holders....................................     65
   Section 7.03         Reports by Trustee.......................................................................     66
   Section 7.04         Reports by Company.......................................................................     68
ARTICLE VIII CONCERNING THE HOLDERS..............................................................................     69
   Section 8.01         Acts of Holders..........................................................................     69
   Section 8.02         Proof of Ownership; Proof of Execution of Instruments by Holder..........................     69
   Section 8.03         Persons Deemed Owners....................................................................     70
   Section 8.04         Revocation of Consents; Future Holders Bound.............................................     70
ARTICLE IX HOLDERS' MEETINGS.....................................................................................     71
   Section 9.01         Purposes of Meetings.....................................................................     71
   Section 9.02         Call of Meetings by Trustee..............................................................     71
   Section 9.03         Call of Meetings by Company or Holders...................................................     71
   Section 9.04         Qualifications for Voting................................................................     72
   Section 9.05         Regulations..............................................................................     72
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                   <C>
   Section 9.06         Voting...................................................................................     72
   Section 9.07         No Delay of Rights by Meeting............................................................     73
ARTICLE X CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE...................................................     73
   Section 10.01        Company May Consolidate, Etc., Only on Certain Terms.....................................     73
   Section 10.02        Successor Substituted....................................................................     74
ARTICLE XI SUPPLEMENTAL INDENTURES...............................................................................     74
   Section 11.01        Supplemental Indentures Without Consent of Holders.......................................     76
   Section 11.02        Supplemental Indentures With Consent of Holders..........................................     77
   Section 11.03        Execution of Supplemental Indentures.....................................................     77
   Section 11.04        Effect of Supplemental Indentures........................................................     77
   Section 11.05        Conformity with Trust Indenture Act......................................................     77
   Section 11.06        Reference in Debt Securities to Supplemental Indentures..................................     77
   Section 11.07        Notice of Supplemental Indenture.........................................................     78
   Section 11.08        Effect on Senior Indebtedness............................................................     78
ARTICLE XII COVENANTS............................................................................................     78
   Section 12.01        Payment of Principal, Premium and Interest...............................................     78
   Section 12.02        Officer's Certificate as to Default......................................................     78
   Section 12.03        Maintenance of Office or Agency..........................................................     79
   Section 12.04        Money for Debt Securities; Payments to Be Held in Trust..................................     80
   Section 12.05        Corporate Existence......................................................................     81
   Section 12.06        Waiver of Certain Covenants..............................................................     81
ARTICLE XIII REDEMPTION OF DEBT SECURITIES.......................................................................     82
   Section 13.01        Applicability of Article.................................................................     82
   Section 13.02        Election to Redeem; Notice to Trustee....................................................     82
   Section 13.03        Selection by Trustee or Authorized Agent of Debt Securities to Be Redeemed...............     82
   Section 13.04        Notice of Redemption.....................................................................     83
   Section 13.05        Deposit of Redemption Price..............................................................     84
   Section 13.06        Debt Securities Payable on Redemption Date...............................................     84
   Section 13.07        Debt Securities Redeemed in Part.........................................................     84
ARTICLE XIV SINKING FUNDS........................................................................................     85
   Section 14.01        Applicability of Article.................................................................     85
   Section 14.02        Satisfaction of Mandatory Sinking Fund Payments with Debt Securities.....................     85
   Section 14.03        Redemption of Debt Securities for Sinking Fund...........................................     86
ARTICLE XV [INTENTIONALLY OMITTED]...............................................................................     87
ARTICLE XVI SUBORDINATION........................................................................................     87
   Section 16.01        Agreement to Subordinate.................................................................     87
   Section 16.02        Distribution on Dissolution, Liquidation and Reorganization;
                        Subrogation of Debt Securities...........................................................     88
   Section 16.03        No Payment on Debt Securities in Event of Default on
                        Senior Indebtedness......................................................................     90
   Section 16.04        Payments on Debt Securities Permitted....................................................     91
   Section 16.05        Authorization of Holders to Trustee to Effect Subordination..............................     91
   Section 16.06        Notices to Trustee.......................................................................     91
   Section 16.07        Trustee as Holder of Senior Indebtedness.................................................     92
   Section 16.08        Modifications of Terms of Senior Indebtedness............................................     92
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                <C>
Section 16.09        Reliance on Judicial Order or Certificate of Liquidating Agent...........................     92
Section 16.10        Article Sixteen Not to Prevent Events of Default.........................................     93
Section 16.11        Payment of Proceeds in Certain Cases.....................................................     93
</TABLE>

<PAGE>

         INDENTURE dated as of _____ __, 200__, between R&G FINANCIAL
CORPORATION, a Puerto Rico corporation (hereinafter called the "Company"),
having its principal executive office at 280 Jesus T. Pinero Avenue, San Juan,
Puerto Rico 00918 and WILMINGTON TRUST COMPANY, a New York banking corporation,
as trustee (hereinafter called the "Trustee"), having its Corporate Trust Office
at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890.

                             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 and
subordinated debentures, notes, bonds or other evidences of indebtedness (herein
generally called the "Debt Securities"), to be issued in one or more series, as
provided in this Indenture.

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

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

                                   ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01 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,
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 such computation; 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 subdivision.

         Certain terms, used principally in Article Three or Article Six, are
defined in those respective Articles.

                                       1
<PAGE>

         "Act" when used with respect to any Holder, has the meaning specified
in Section 8.01.

         "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.

         "Affiliated Corporation" means any corporation which is controlled by
the Company but which is not a Subsidiary of the Company pursuant to the
definition of the term "Subsidiary."

         "Authenticating Agent" has the meaning specified in Section 6.14.

         "Authorized Newspaper" means a newspaper or financial journal in an
official language of the country of publication customarily published at least
once a day, and customarily published for at least five days in each calendar
week, 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 in such
city.

         "Bearer Security" means any Debt Security (with or without Coupons), in
the form established pursuant to Section 2.01, which is payable to bearer
(including any Global Note payable to bearer) and title to which passes by
delivery only, but does not include any Coupons.

         "Board of Directors" means either the board of directors of the
Company, or any committee of that board duly authorized to act hereunder or any
director or directors and/or officer or officers of the Company to whom that
board or committee shall have delegated its authority.

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

         "Business Day" when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the Debt
Securities means any day which is not a Saturday, a Sunday or a legal holiday or
a day on which banking institutions or trust companies in that Place of Payment
or other location are authorized or obligated by law to close, except as
otherwise specified pursuant to Section 3.01.

         "Code" means the Internal Revenue Code of 1986, as amended and as in
effect on the date hereof.

         "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

                                       2
<PAGE>

now assigned to it under the Trust Indenture Act, then the body performing such
duties on such date.

         "Common Depositary" has the meaning specified in Section 3.04(b).

         "Commonwealth" means the Commonwealth of Puerto Rico.

         "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" and "Company Order" mean, respectively, a written
request or order signed in the name of the Company by its Chairman, its
President, its Chief Financial Officer or an Executive Vice President, and by
its Treasurer, its Chief Accounting Officer, its Controller, an Assistant
Treasurer, its Secretary or an Assistant Secretary of the Company, and delivered
to the Trustee.

         "Component Currency" has the meaning specified in Section 3.10(i).

         "Conversion Date" has the meaning specified in Section 3.10(e).

         "Conversion Event" means the cessation of use of (i) a Foreign Currency
both by the government of the country which issued such Currency and for the
settlement of transactions by public institutions of or within the international
banking community, or (ii) any Currency Unit for the purposes for which it was
established.

         "Corporate Trust Office" means the principal corporate trust office of
the Trustee at which at any particular time its corporate trust business shall
be administered, which office at the date of execution of this instrument is
located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890.

         "Corporation" or "corporation" includes corporations, associations,
companies (including joint stock companies and limited liability companies) and
business trusts.

         "Coupon" means any interest coupon appertaining to any Debt Security.

         "Coupon Security" means any Bearer Security authenticated and delivered
with one or more Coupons appertaining thereto.

         "Currency" means Dollars or Foreign Currency or Currency Unit.

         "Currency Determination Agent" means the New York Clearing House bank,
if any, from time to time selected by the Company pursuant to Section 3.01;
provided that such agent shall accept such appointment in writing and the terms
of such appointment shall be acceptable to the Company and shall, in the opinion
of the Company and the Trustee at the time of such appointment, require such
agent to make the determinations required by this Indenture by a method
consistent with the method provided in this Indenture for the making of such
decision or determination.

                                       3
<PAGE>

         "Currency Unit" means a composite currency or currency unit the value
of which is determined by reference to the value of the currencies of any group
of countries.

         "Debt Securities" has the meaning stated in the first recital of this
Indenture and more particularly means any Debt Securities (including any Global
Notes) authenticated and delivered under this Indenture.

         "Defaulted Interest" has the meaning specified in Section 3.07.

         "Discount Security" means any Debt Security which is issued with
"original issue discount" within the meaning of Section 1273(a) of the Code and
the regulations thereunder.

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

         "Dollar Equivalent of the Currency Unit" has the meaning specified in
Section 3.10(h).

         "Dollar Equivalent of the Foreign Currency" has the meaning specified
in Section 3.10(g).

         "Election Date" has the meaning specified in Section 3.10(i).

         "Entitled Persons" means any person entitled to payment pursuant to the
terms of Other Financial Obligations.

         "Euroclear Operator" means the operator of the Euroclear System.

         "Event of Default" has the meaning specified in Section 5.01.

         "Excess Proceeds" has the meaning specified in Section 16.11(a).

         "Exchange Date" has the meaning specified in Section 3.04(b).

         "Exchange Rate Officer's Certificate" means a telex or a certificate
setting forth (i) the applicable Market Exchange Rate and (ii) the Dollar,
Foreign Currency or Currency Unit amounts of principal, premium, if any, and any
interest respectively (on an aggregate basis and on the basis of a Debt Security
having the lowest denomination principal amount determined in accordance with
Section 3.02 in the relevant Currency or Currency Unit), payable on the basis of
such Market

         Exchange Rate sent (in the case of a telex) or signed (in the case of a
certificate) by the Treasurer or any Assistant Treasurer of the Company.

         "Fixed Rate Security" means a Debt Security which provides for the
payment of interest at a fixed rate.

                                       4
<PAGE>

         "Floating Rate Security" means a Debt Security which provides for the
payment of interest at a variable rate determined periodically by reference to
an interest rate index or any other index specified pursuant to Section 3.01.

         "Foreign Currency" means a currency issued by the government of any
country other than the United States.

         "Global Note" means a Registered or Bearer Security evidencing all or
part of a series of Debt Securities, including, without limitation, any
temporary or permanent Global Note.

         "Holder" means, with respect to a Registered Security, the Registered
Holder, and with respect to a Bearer Security or a Coupon, the bearer thereof.

         "Indebtedness" means (1) any obligation of a Person for (a) the
repayment of borrowed money, whether or not evidenced by bonds, debentures,
notes or other written instruments or for the payment of the deferred purchase
price of property or assets (other than Trade Payables), or (b) for the payment
of money relating to a lease that is required to be classified as a capitalized
lease obligation in accordance with generally accepted accounting principles;

         (2) any liability of others described in the preceding clause (1) that
the Person has guaranteed, that is recourse to such Person or that is otherwise
its legal liability; and (3) any amendment, supplement, modification, deferral,
renewal, extension or refunding of any liability of the types referred to in
clauses (1) and (2) above.

         "Indebtedness Ranking on a Parity with the Debt Securities" means all
Indebtedness of the Company, whether outstanding on the date of the execution of
this Indenture or thereafter created, assumed or incurred, which specifically by
its terms ranks equally with and not prior to the Debt Securities in right of
payment.

         "Indebtedness Ranking Junior to the Debt Securities" means all
Indebtedness of the Company, whether outstanding on the date of the execution of
this Indenture or thereafter created, assumed or incurred, which specifically by
its terms ranks junior to and not equally with or prior to the Debt Securities
in right of payment.

         "Indenture" means this instrument as originally executed, or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and, unless the context otherwise requires, shall include the terms of a
particular series of Debt Securities as established pursuant to Section 3.01.

         The term "interest," when used with respect to a Discount Security
which by its terms bears interest only after Maturity, means interest payable
after Maturity, and, when used with respect to a Bearer Security, includes any
additional amounts payable on such Bearer Security, if so provided pursuant to
Section 3.01.

         "Interest Payment Date" with respect to any Debt Security means the
Stated Maturity of an installment of interest on such Debt Security.

                                       5
<PAGE>

         "Market Exchange Rate" means (i) for any conversion involving a
Currency Unit on the one hand and Dollars or any Foreign Currency on the other,
the exchange rate between the relevant Currency Unit and Dollars or such Foreign
Currency calculated for noon, New York time, on the Valuation Date by the method
specified pursuant to Section 3.01 for the securities of the relevant series,
(ii) for any conversion of Dollars into any Foreign Currency, the noon (New York
time) buying rate for such Foreign Currency for cable transfers quoted in New
York City as certified for customs purposes by the Federal Reserve Bank of New
York and (iii) for any conversion of one Foreign Currency into Dollars or
another Foreign Currency, the spot rate at noon local time in the relevant
market at which, in accordance with normal banking procedures, the Dollars or
Foreign Currency into which conversion is being made could be purchased with the
Foreign Currency from which conversion is being made from major banks located in
either New York City, London or any other principal market for Dollars or such
purchased Foreign Currency. In the event of the unavailability of any of the
exchange rates provided for in the foregoing clauses (i), (ii) and (iii) the
Company, shall use, in its sole discretion and without liability on its part,
such quotation of the Federal Reserve Bank of New York as of the most recent
available date, or quotations from one or more major banks in New York City,
London or other principal market for such Currency or Currency Unit in question,
or such other quotations as the Company shall deem appropriate, in its sole
discretion and without liability on its part. Unless otherwise specified by the
Currency Determination Agent, if there is more than one market for dealing in
any Currency or Currency Unit by reason of foreign exchange regulations or
otherwise, the market to be used in respect of such Currency or Currency Unit
shall be that, as determined by the Currency Determination Agent, in its sole
discretion and without liability on its part, upon which a nonresident issuer of
securities designated in such Currency or Currency Unit would purchase such
Currency or Currency Unit in order to make payments in respect of such
securities.

         "Maturity" when used with respect to any Debt Security means the date
on which the principal of such Debt 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, repayment at
the option of the Holder thereof or otherwise.

         "Officers' Certificate" means a certificate signed by the Chairman, the
President, the Chief Financial Officer or an Executive Vice President, and by
the Treasurer, the Chief Accounting Officer, the Controller or the Secretary of
the Company and delivered to the Trustee.

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel to the Company (including an employee of the Company) and who shall be
satisfactory to the Trustee, which is delivered to the Trustee.

         "Other Financial Obligations" means, unless otherwise determined with
respect to any series of Debt Securities pursuant to Section 3.01, all
obligations to make payment pursuant to the terms of financial instruments, such
as (i) securities contracts and currency and foreign exchange rate contracts,
(ii) derivative instruments, such as swap agreements (including interest rate
and currency and foreign exchange rate swap agreements), cap agreements, floor
agreements, collar agreements, interest rate agreements, foreign exchange
agreements, options, commodity futures contracts, commodity options contracts
and (iii) similar financial instruments; provided that the term Other Financial
Obligations shall not include (A) obligations on account of Senior Indebtedness
and (B) obligations on account

                                       6
<PAGE>

of Indebtedness Ranking on a Parity with the Debt Securities and Indebtedness
Ranking Junior to the Debt Securities.

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

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

                  (ii) Debt Securities with respect to which 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 Debt Securities and any Coupons thereto pertaining; provided,
          however, that if such Debt 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) Debt Securities which have been paid pursuant to Section
          3.06 or in exchange for or in lieu of which other Debt Securities have
          been authenticated and delivered pursuant to this Indenture, other
          than any such Debt Securities in respect of which there shall have
          been presented to the Trustee proof reasonably satisfactory to it that
          such Debt Securities are held by a bona fide purchaser in whose hands
          such Debt Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of Debt Securities Outstanding have performed any Act
hereunder, Debt Securities owned by the Company or any other obligor upon the
Debt 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 Act, only Debt
Securities which the Trustee knows to be so owned shall be so disregarded. Debt
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 to act with respect to such Debt Securities and that the pledgee
is not the Company or any other obligor upon the Debt Securities or any
Affiliate of the Company or of such other obligor. In determining whether the
Holders of the requisite principal amount of Outstanding Debt Securities have
performed any Act hereunder, the principal amount of a Discount Security that
shall be deemed to be Outstanding for such purpose shall be the amount of the
principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.02 and the principal amount of a Debt Security denominated
in a Foreign Currency that shall be deemed to be Outstanding for such purpose
shall be the amount calculated pursuant to Section 3.10(k).

         "Overdue Rate," when used with respect to any series of the Debt
Securities, means the rate designated as such in or pursuant to the Board
Resolution or the supplemental indenture, as the case may be, relating to such
series as contemplated by Section 3.01.

                                       7
<PAGE>

         "Paying Agent" means any Person authorized by the Company to pay the
principal of (and premium, if any) or interest on any Debt Securities on behalf
of the Company.

         "Permanent Global Note" shall have the meaning given such term in
Section 3.04(b).

         "Person" means any individual, Corporation, partnership, joint venture,
association, trust, estate, unincorporated organization or government or any
agency or political subdivision thereof.

         "Place of Payment" when used with respect to the Debt Securities of any
series means the place or places where the principal of (and premium, if any)
and interest on the Debt Securities of that series are payable as specified
pursuant to Section 3.01.

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

         "Redemption Date" means the date fixed for redemption of any Debt
Security pursuant to this Indenture.

         "Redemption Price" means, in the case of a Discount Security, the
amount of the principal thereof that would be due and payable as of the
Redemption Date upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.02 or any other redemption specified pursuant to Section
3.01, and in the case of any other Debt Security, the principal amount thereof,
plus, in each case, premium, if any, and accrued and unpaid interest, if any, to
the Redemption Date.

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

         "Registered Security" means any Debt Security in the form established
pursuant to Section 2.01 which is registered as to principal and interest in the
Security Register.

         "Regular Record Date" for the interest payable on the Registered
Securities of any series on any Interest Payment Date means the date specified
for the purpose pursuant to Section 3.01 for such Interest Payment Date.

         "Responsible Officer" means when used with respect to the Trustee any
officer within the Corporate Trust Office including any Vice President, Managing
Director, Assistant Vice President, Secretary, Assistant Secretary, Treasurer or
Assistant Treasurer, any Financial Services Officer or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge and familiarity with the particular subject.

                                       8
<PAGE>

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.05(a).

         "Senior Indebtedness" means, unless otherwise determined with respect
to any series of Debt Securities pursuant to Section 3.01, all Indebtedness of
the Company, whether outstanding on the date of the execution of this Indenture
or thereafter created, assumed or incurred except for (i) the Debt Securities,
(ii) Indebtedness Ranking on a Parity with the Debt Securities and (iii)
Indebtedness Ranking Junior to the Debt Securities.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 3.07.

         "Specified Amount" has the meaning specified in Section 3.10(i).

         "State" means any of the various States of the United States of
America.

         "Stated Maturity" when used with respect to any Debt Security or any
installment of principal thereof or premium thereon or interest thereon means
the date specified in such Debt Security or the Coupon, if any, representing
such installment of interest, as the date on which the principal of such Debt
Security or such installment of principal, premium or interest is due and
payable.

         "Subsidiary" means any Corporation of which at least a majority of the
outstanding stock having by the terms thereof ordinary voting power to elect a
majority of the directors of such Corporation, irrespective of whether or not,
at the time, stock of any other class or classes of such Corporation shall have
or might have voting power by reason of the happening of any contingency, is at
the time, directly or indirectly, owned or controlled by the Company or by one
or more Subsidiaries thereof, or by the Company and one or more Subsidiaries
thereof.

         "Temporary Global Note" shall have the meaning given such term in
Section 3.04(b).

         "Trade Payables" means accounts payable or any other indebtedness or
monetary obligations to trade creditors created or assumed in the ordinary
course of business in connection with the obtaining of materials or services.

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

         "Trust Indenture Act" means the Trust Indenture Act of 1939 as amended
and as in force at the date as of which this instrument was executed, except as
provided in Section 11.05.

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

                                       9
<PAGE>

         "U.S. Depositary" means a clearing agency registered under the
Securities Exchange Act of 1934, as amended, or any successor thereto, which
shall in either case be designated by the Company pursuant to Section 3.01 until
a successor U.S. Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "U.S. Depositary" shall mean or
include each Person who is then a U.S. Depositary hereunder, and if at any time
there is more than one such Person, "U.S. Depositary" as used with respect to
the Debt Securities of any series shall mean the U.S. Depositary with respect to
the Debt Securities of that series.

         "U.S. Person" means a citizen or resident of the United States, a
Corporation, partnership or other entity created or organized in or under the
laws of the United States, or an estate or trust the income of which is subject
to United States Federal income taxation regardless of its source.

         "Valuation Date" has the meaning specified in Section 3.10(d).

         "Vice President" includes with respect to the Company and the Trustee,
any Vice President of the Company or the Trustee, as the case may be, whether or
not designated by a number or word or words added before or after the title
"Vice President."

         "Wholly-Owned Subsidiary" means a Subsidiary of which all of the
outstanding voting stock (other than directors' qualifying shares) is at the
time, directly or indirectly, owned by the Company, or by one or more
Wholly-Owned Subsidiaries of the Company or by the Company and one or more
Wholly-Owned Subsidiaries of the Company.

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

         Every Officers' Certificate or Opinion of Counsel with respect to
compliance with a condition or covenant provided for in this Indenture (other
than certificates provided pursuant to Section 12.02) shall include:

         (1) a statement that each individual signing such Certificate or
Opinion of Counsel 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 Officers'
Certificate or Opinion of Counsel are based;

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

                                       10
<PAGE>

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

Section 1.03 Form of Documents Delivered to Trustee.

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

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

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

Section 1.04 Notices, etc., to Trustee and Company.

         Any 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 (unless otherwise herein expressly provided) if made,
given, furnished or filed in writing to or with the Trustee at its Corporate
Trust Office, Attention: Corporate Trust and Agency Services.

         (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 or airmail postage prepaid if
sent from outside the United States, 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.

         Any such Act or other document shall be in the English language, except
that any published notice may be in an official language of the country of
publication.

                                       11
<PAGE>

Section 1.05 Notice to Holders; Waiver.

         When this Indenture provides for notice to Holders of any event, (1)
such notice shall be sufficiently given to Registered Holders (unless otherwise
herein expressly provided) if in writing and mailed, first class postage
prepaid, to such Registered Holders as their names and addresses appear in the
Security Register, within the time prescribed, and (2) such notice shall be
sufficiently given to Holders of Bearer Securities or Coupons (unless otherwise
herein expressly provided) if published at least twice in an Authorized
Newspaper or Newspapers in The City of New York and, if Debt Securities of such
series are then listed on any stock exchange located outside the United States
and such stock exchange shall so require, in a daily newspaper or financial
journal in such other city or cities specified pursuant to Section 3.01 or in
any Debt Security on Business Days, the first such publication to be not earlier
than the earliest date and not later than two Business Days prior to the latest
date prescribed for the giving of such notice; provided, however, that, in any
case, any notice to Holders of Floating Rate Securities regarding the
determination of a periodic rate of interest, if such notice is required
pursuant to Section 3.01, shall be sufficiently given if given in the manner
specified pursuant to Section 3.01.

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

         In the event of suspension of publication of any Authorized Newspapers
or by reason of any other cause it shall be impracticable to give notice by
publication, such notification as shall be given with the approval of the
Trustee shall constitute sufficient notice for every purpose hereunder.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance on such waiver. In any case where notice to Holders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders, and any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given. In any case
where notice to Holders is given by publication, any defect in any notice so
published as to any particular Holder shall not affect the sufficiency of such
notice with respect to other Holders, and any notice which is published in the
manner herein provided shall be conclusively presumed to have been duly given.

Section 1.06 Conflict with Trust Indenture Act.

         If any provision hereof limits, qualifies or conflicts with the duties
imposed on any person by the provisions of Sections 310 to 317, inclusive, of
the Trust Indenture Act, such duties imposed by the Trust Indenture Act shall
control.

                                       12
<PAGE>

Section 1.07 Effect of Headings and Table of Contents.

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

Section 1.08 Successors and Assigns.

         All covenants and agreements in this Indenture by the parties hereto
shall bind their respective successors and assigns and inure to the benefit of
their permitted successors and assigns, whether so expressed or not.

Section 1.09 Separability Clause.

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

Section 1.10 Benefits of Indenture.

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

Section 1.11 Governing Law.

         This Indenture, the Debt Securities and the Coupons shall be deemed to
be contracts made and to be performed entirely in the State of New York, and for
all purposes shall be governed by and construed in accordance with the laws of
said State without regard to the conflicts of law rules of said State.

Section 1.12 Section 1.12. Legal Holidays.

         Unless otherwise specified pursuant to Section 3.01 or in any Debt
Security, in any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Debt Security of any series shall not be a Business Day at any
Place of Payment for the Debt Securities of that series, then (notwithstanding
any other provision of this Indenture or of the Debt Securities or Coupons)
payment of principal (and premium, if any) or interest need not be made at such
Place of Payment on such date, but any such payment may be made at such Place of
Payment on the next succeeding Business Day with the same force and effect as if
made on the Interest Payment Date, Redemption Date or at the Stated Maturity,
and no interest shall accrue on the amount so payable for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the
case may be, to such Business Day if such payment is made or duly provided for
on such Business Day.

                                       13
<PAGE>

Section 1.13 No Security Interest Created.

         Nothing in this Indenture or in the Debt Securities or Coupons, express
or implied, shall be construed to constitute a security interest or mortgage or
other pledge of collateral under the Uniform Commercial Code or similar
legislation or real property laws, as now or hereafter enacted and in effect in
any jurisdiction where property of the Company or its Subsidiaries is or may be
located.

Section 1.14 Liability Solely Corporate.

         No recourse shall be had for the payment of the principal of (or
premium, if any) or the interest on any Debt Securities or Coupons, or any part
thereof, or of the indebtedness represented thereby, or upon any obligation,
covenant or agreement of this Indenture, against any incorporator, or against
any stockholder, officer or director, as such, past, present or future, of the
Company (or any incorporator, stockholder, officer or director of any
predecessor or successor corporation), either directly or through the Company
(or any such predecessor or successor corporation), whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly agreed and understood that this
Indenture and all the Debt Securities and Coupons are solely corporate
obligations, and that no personal liability whatsoever shall attach to, or be
incurred by, any such incorporator, stockholder, officer or director, past,
present or future, of the Company (or any incorporator, stockholder, officer or
director of any such predecessor or successor corporation), either directly or
indirectly through the Company or any such predecessor or successor corporation,
because of the indebtedness hereby authorized or under or by reason of any of
the obligations, covenants, promises or agreements contained in this Indenture
or in any of the Debt Securities or Coupons or to be implied herefrom or
therefrom; and that any such personal liability is hereby expressly waived and
released as a condition of, and as part of the consideration for, the execution
of this Indenture and the issue of Debt Securities; provided, however, that
nothing herein or in the Debt Securities or Coupons contained shall be taken to
prevent recourse to and the enforcement of the liability, if any, of any
stockholder or subscriber to capital stock upon or in respect of the shares of
capital stock not fully paid.

                                   ARTICLE II

                               DEBT SECURITY FORMS

Section 2.01 Forms Generally.

         The Debt Securities and the Coupons, if any, of each series shall be
substantially in one of the forms (including global form) established in or
pursuant to a Board Resolution or one or more indentures supplemental hereto,
and shall have 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 or designation and such
legends or endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which any
series of the Debt Securities may be listed, or to conform to usage, all as

                                       14
<PAGE>

determined by the officers executing such Debt Securities and Coupons as
conclusively evidenced by their execution of such Debt Securities and Coupons.
If the form of a series of Debt Securities or Coupons (or any Global Note) is
established in or pursuant to a Board Resolution, a copy of such Board
Resolution shall be delivered to the Trustee, together with an Officers'
Certificate setting forth the form of such series, at or prior to the delivery
of the Company Order contemplated by Section 3.03 for the authentication and
delivery of such Debt Securities (or any such Global Note) or Coupons.

         Unless otherwise specified as contemplated by Section 3.01, Debt
Securities in bearer form (other than in global form) shall have Coupons
attached.

         The definitive Debt Securities and Coupons, if any, of each series
shall be printed, lithographed or engraved or produced by any combination of
these methods on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Debt Securities and Coupons, as
conclusively evidenced by their execution of such Debt Securities and Coupons.

Section 2.02 Form of Trustee's Certificate of Authentication.

         The form of the Trustee's certificate of authentication to be borne by
the Debt Securities shall be substantially as follows:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Debt Securities of the series designated therein
issued under the within-mentioned Indenture.

                                         WILMINGTON TRUST COMPANY,
                                         as Trustee

Dated:                                   By: _________________________
                                               Authorized Signatory

Section 2.03 Securities in Global Form.

         If any Debt Security of a series is issuable in global form, the Global
Note so issued may provide that it shall represent the aggregate amount of
Outstanding Debt Securities from time to time endorsed thereon and may also
provide that the aggregate amount of Outstanding Debt Securities represented
thereby may from time to time be reduced or increased to reflect exchanges. Any
endorsement of a Global Note to reflect the amount, or any increase or decrease
in the amount, of Outstanding Debt Securities represented thereby shall be made
by the Trustee and in such manner as shall be specified in such Global Note. Any
instructions by the Company with respect to a Global Note, after its initial
issuance, shall be in writing but need not comply with Section 1.02.

                                       15
<PAGE>

         Global Notes may be issued in either registered or bearer form and in
either temporary or permanent form. Permanent Global Notes will be issued in
definitive form.

                                  ARTICLE III

                              THE DEBT SECURITIES

Section 3.01 Amount Unlimited; Issuable in Series.

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

         The Debt Securities may be issued from time to time in one or more
series. There shall be established in or pursuant to a Board Resolution and
(subject to Section 3.03) set forth in an Officers' Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Debt
Securities of any series:

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

         (2) the limit, if any, upon the aggregate principal amount of the Debt
Securities of the series which may be authenticated and delivered under this
Indenture (except for Debt Securities authenticated and delivered upon transfer
of, or in exchange for, or in lieu of, other Debt Securities of such series
pursuant to Sections 3.04, 3.05, 3.06, 11.06 or 13.07);

         (3) the percentage of the principal amount at which the Debt Securities
will be issued and, if other than the principal amount thereof, the portion of
the principal amount thereof payable upon declaration of acceleration of the
Maturity thereof or the method by which such portion shall be determined;

         (4) the date or dates on which or periods during which the Debt
Securities of the series may be issued, and the date or dates (or the method of
determination thereof) on which the principal of (and premium, if any, on) the
Debt Securities of such series are or may be payable (which, if so provided in
such Board Resolution or supplemental indenture, may be determined by the
Company from time to time and set forth in the Debt Securities of the series
issued from time to time);

         (5) the rate or rates (or the method of determination thereof) at which
the Debt Securities of the series shall bear interest, if any, and the dates
from which such interest shall accrue (which, in either case or both, if so
provided in such Board Resolution or supplemental indenture, may be determined
by the Company from time to time and set forth in the Debt Securities of the
series issued from time to time); and the Interest Payment Dates on which such
interest shall be payable (or the method of determination thereof), and, in the
case of Registered Securities, the Regular Record Dates for the interest payable
on such Interest Payment Dates and, in the case of Floating Rate Securities, the
notice, if any, to Holders regarding the determination of interest and the
manner of giving such notice;

                                       16
<PAGE>

         (6) the place or places where the principal of (and premium, if any)
and interest on Debt Securities of the series shall be payable; the extent to
which, or the manner in which, any interest payable on any Global Note on an
Interest Payment Date will be paid, if other than in the manner provided in
Section 3.07; the extent, if any, to which the provisions of the last sentence
of Section 12.01 shall apply to the Debt Securities of the series; and the
manner in which any principal of, or premium, if any, on, any Global Note will
be paid, if other than as set forth elsewhere herein;

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

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

         (9) if the coin or Currency in which the Debt Securities shall be
issuable is in Dollars, the denominations of such Debt Securities if other than
denominations of $1,000 and any integral multiple thereof (except as provided in
Section 3.04);

         (10) whether the Debt Securities of the series are to be issued as
Discount Securities and the amount of discount with which such Debt Securities
may be issued and, if other than the principal amount thereof, the portion of
the principal amount of Debt Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section
5.02;

         (11) provisions, if any, for the defeasance of the Debt Securities of
such series or certain of the Company's obligations with respect to the Debt
Securities;

         (12) whether Debt Securities of the series are to be issued as
Registered Securities or Bearer Securities or both, and, if Bearer Securities
are issued, whether Coupons will be attached thereto, whether Bearer Securities
of the series may be exchanged for Registered Securities of the series, as
provided in Section 3.05(b) or otherwise and the circumstances under which and
the place or places at which any such exchanges, if permitted, may be made;

         (13) whether provisions for payment of additional amounts or tax
redemptions shall apply and, if such provisions shall apply, such provisions;
and, if Bearer Securities of the series are to be issued, whether a procedure
other than that set forth in Section 3.04(b) shall apply and, if so, such other
procedure, and if the procedure set forth in Section 3.04(b) shall apply, the
forms of certifications to be delivered under such procedure;

         (14) if other than Dollars, the Foreign Currency or Currencies or
Currency Unit in which Debt Securities of the series shall be denominated or in
which payment of the principal of (and/or premium, if any) and/or interest on
the Debt Securities of the series may be made, and the particular provisions
applicable thereto and, if applicable, the amount of Debt Securities of

                                       17
<PAGE>

the series which entitles the Holder of a Debt Security of the series or its
proxy to one vote for purposes of Section 9.06;

         (15) if the principal of (and premium, if any) or interest on Debt
Securities of the series are to be payable, at the election of the Company or a
Holder thereof, in a Currency other than that in which the Debt Securities are
denominated or payable without such election, in addition to or in lieu of the
provisions of Section 3.10, the period or periods within which and the terms and
conditions upon which, such election may be made and the time and the manner of
determining the exchange rate or rates between the Currency or Currencies in
which the Debt Securities are denominated or payable without such election and
the Currency or Currencies in which the Debt Securities are to be paid if such
election is made;

         (16) the date as of which any Debt Securities of the series shall be
dated, if other than as set forth in Section 3.03;

         (17) if the amount of payments of principal of (and premium, if any) or
interest on the Debt Securities of the series may be determined with reference
to an index, including, but not limited to, an index based on a Currency or
Currencies other than that in which the Debt Securities are denominated or
payable, or any other type of index, the manner in which such amounts shall be
determined;

         (18) if the Debt Securities of the series are denominated or payable in
a Foreign Currency, any other terms concerning the payment of principal of (and
premium, if any) or any interest on such Debt Securities (including the Currency
or Currencies of payment thereof);

         (19) the designation of the original Currency Determination Agent, if
any;

         (20) the applicable Overdue Rate, if any;

         (21) if the Debt Securities of the series do not bear interest, the
applicable dates for purposes of Section 7.01;

         (22) any addition to, or modification or deletion of, any Events of
Default or covenants provided for with respect to Debt Securities of the series;

         (23) if Bearer Securities of the series are to be issued, (x) whether
interest in respect of any portion of a temporary Debt Security in global form
(representing all of the Outstanding Bearer Securities of the series) payable in
respect of any Interest Payment Date prior to the exchange of such temporary
Debt Security for definitive Debt Securities of the series shall be paid to any
clearing organization with respect to the portion of such temporary Debt
Security held for its account and, in such event, the terms and conditions
(including any certification requirements) upon which any such interest payment
received by a clearing organization will be credited to the Persons entitled to
interest payable on such Interest Payment Date, (y) the terms upon which
interests in such temporary Debt Security in global form may be exchanged for
interests in a permanent Global Note or for definitive Debt Securities of the
series and the terms upon which interests in a permanent Global Note, if any,
may be exchanged for definitive Debt Securities of the series and (z) the cities
in which the Authorized Newspapers designated for the purposes of giving notices
to Holders are published;

                                       18
<PAGE>

         (24) whether the Debt Securities of the series shall be issued in whole
or in part in the form of one or more Global Notes and, in such case, the U.S.
Depositary or any Common Depositary for such Global Note or Notes; and if the
Debt Securities of the series are issuable only as Registered Securities, the
manner in which and the circumstances under which Global Notes representing Debt
Securities of the series may be exchanged for Registered Securities in
definitive form, if other than, or in addition to, the manner and circumstances
specified in Section 3.04(c);

         (25) the designation, if any, of the U.S. Depositary; and the
designation of any trustees (other than the Trustee), depositaries,
Authenticating Agents, Paying Agents, Security Registrars, or any other agents
with respect to the Debt Securities of such series;

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

         (27) if other than as specified in Article Sixteen, the subordination
provisions applicable with respect to the Debt Securities of the series,
including a different definition of the terms "Senior Indebtedness" or "Other
Financial Obligations"; and

         (28) any other terms of the series (which other terms shall not be
inconsistent with the provisions of this Indenture).

         All Debt Securities of any one series and Coupons, if any, shall be
substantially identical to all other debt securities of such series except as to
denomination, rate of interest, Stated Maturity and the date from which
interest, if any, shall accrue, which, as set forth above, may be determined by
the Company from time to time as to Debt Securities of a series if so provided
in or established pursuant to the authority granted in a Board Resolution or in
any such indenture supplemental hereto, and except as may otherwise be provided
in or pursuant to such Board Resolution and (subject to Section 3.03) set forth
in such Officers' Certificate, or in any such indenture supplemental hereto. All
Debt Securities of any one series need not be issued at the same time, and
unless otherwise provided, a series may be reopened for issuance of additional
Debt Securities of such series.

         If any of the terms of a series of Debt Securities is established in or
pursuant to a Board Resolution, a copy of such Board Resolution 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.

         In the absence of any specification pursuant to Section 3.01 with
respect to the Debt Securities of any series, the Debt Securities of such series
shall be issuable only as Registered Securities in denominations of $1,000 and
any integral multiple thereof and shall be payable only in Dollars.

                                       19
<PAGE>

Section 3.03 Execution, Authentication, Delivery and Dating.

         The Debt Securities and the Coupons, if any, of any series shall be
executed on behalf of the Company by its Chairman, its President, one of its
Executive Vice Presidents, its Chief Accounting Officer or its Treasurer, under
its corporate seal reproduced thereon and attested by its Secretary or one of
its Assistant Secretaries. The signature of any of these officers may be manual
or facsimile.

         Debt 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
Debt Securities and Coupons or did not hold such offices at the date of such
Debt Securities and Coupons.

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Debt Securities, with appropriate
Coupons, if any, of any series, executed by the Company, to the Trustee or an
Authenticating Agent for authentication, together with a Company Order for the
authentication and delivery of such Debt Securities and Coupons and the Trustee
or Authenticating Agent in accordance with the Company Order shall authenticate
and deliver such Debt Securities and Coupons, subject, in the case of Bearer
Securities, to Section 3.04(b); provided, however, that, in connection with its
sale during the "restricted period" (as defined in Section 1.1635(c)(2)(i)(D)(7)
of the United States Treasury Regulations), no Bearer Security shall be mailed
or otherwise delivered to any location in the United States; and provided,
further, that a Bearer Security (other than a temporary Global Note in bearer
form) may be delivered outside the United States in connection with its original
issuance only if the Person entitled to receive such Bearer Security shall have
furnished to the Euroclear Operator or to Cedelbank a certificate substantially
in the form set forth in Exhibit A to this Indenture and if the Euroclear
Operator or Cedelbank has furnished the Trustee or Authenticating Agent a
certificate substantially in the form set forth in Exhibit B. If all the Debt
Securities of any one series are not to be issued at one time and if a Board
Resolution or supplemental indenture relating to such series shall so permit,
such Company Order may set forth procedures acceptable to the Trustee or
Authenticating Agent for the issuance of such Debt Securities and other matters
which are subject to variation, such as interest rate, Stated Maturity, date of
issuance and date from which interest, if any, shall accrue. If any Debt
Security shall be represented by a permanent Global Note, then, for purposes of
this Section and Section 3.04, the notation by the Common Depositary of a
beneficial owner's interest therein upon original issuance of such Debt Security
or upon exchange of a portion of a temporary Global Note shall be deemed to be
delivery in connection with the original issuance of such beneficial owner's
interest in such permanent Global Note. Except as permitted by Section 3.06 or
3.07, the Trustee shall not authenticate and deliver any Bearer Security unless
all Coupons for interest then matured have been detached and canceled.

         The Trustee or Authenticating Agent shall be entitled to receive, and
(subject to Section 6.01) shall be fully protected in relying upon, prior to the
authentication and delivery of the Debt Securities and Coupons of such series,
(i) the supplemental indenture or the Board Resolution by or pursuant to which
the form and terms of such Debt Securities and Coupons have been approved, (ii)
the certificates and opinions required pursuant to Section 1.02 and (iii) one or
more Opinions of Counsel substantially to the effect that:

                                       20
<PAGE>
         (1) all instruments furnished by the Company to the Trustee or
Authenticating Agent in connection with the authentication and delivery of such
Debt Securities and Coupons conform to the requirements of this Indenture and
constitute sufficient authority hereunder for the Trustee or Authenticating
Agent to authenticate and deliver such Debt Securities and Coupons;

         (2) the forms and terms of such Debt Securities and Coupons have been
established in conformity with the provisions of this Indenture;

         (3) in the event that the forms or terms of such Debt Securities and
Coupons have been established in a supplemental indenture, the execution and
delivery of such supplemental indenture has been duly authorized by all
necessary corporate action of the Company, such supplemental indenture has been
duly executed and delivered by the Company and, assuming due authorization,
execution and delivery by the Trustee or Authenticating Agent, is a valid and
binding obligation enforceable against the Company in accordance with its terms,
subject to applicable bankruptcy, insolvency and similar laws affecting
creditors' rights generally and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law);

         (4) the execution and delivery of such Debt Securities and Coupons have
been duly authorized by all necessary corporate action of the Company and such
Debt Securities and Coupons have been duly executed by the Company and, assuming
due authentication by the Trustee or Authenticating Agent and delivery by the
Company, are valid and binding obligations of the Company enforceable against
the Company in accordance with their terms, entitled to the benefit of the
Indenture, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors' rights generally and subject, as to enforceability, to
general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law) and subject to such other exceptions as counsel
shall reasonably request and as to which the Trustee shall not reasonably
object; and

         (5) to the best of such counsel's knowledge, all governmental consents,
authorizations and approvals which are required for the execution and delivery
of the Indenture and the Debt Securities under all applicable Federal,
Commonwealth and State of New York laws, and any other applicable law, if any,
have been received other than such as may be required by the securities or blue
sky laws of the various states in connection with the offer and sale of the Debt
Securities.

         Notwithstanding the provisions of Section 3.01 and of the preceding two
paragraphs, if not all of the Debt Securities of any series are to be issued at
one time, it shall not be necessary to deliver the Officers' Certificate
required by Section 3.01 or the Opinion of Counsel otherwise required by clause
(iii) of the preceding paragraph prior to or at the time of issuance of each
Debt Security of such series, but such documents shall be delivered prior to or
at the time of delivery of the first Debt Security of such series.

         For purposes of this opinion, such counsel may rely as to factual
matters upon certificates or written statements from officers or other
appropriate representatives of the Company or upon certificates of public
officials and such opinion may contain assumptions, limitations, exceptions and
restrictions which are reasonably satisfactory to the Trustee and its counsel.

                                       21
<PAGE>
         The Trustee or Authenticating Agent shall not be required to
authenticate such Debt Securities and Coupons if the issuance of such Debt
Securities and Coupons pursuant to this Indenture will affect the Trustee's own
rights, duties or immunities under the Debt Securities and this Indenture in a
manner which is not reasonably acceptable to the Trustee.

         Each Registered Security shall be dated the date of its authentication.
Each Bearer Security (including any temporary or permanent or other definitive
Bearer Security in global form) shall be dated as of the date of original
issuance of the first Debt Security of such series to be issued, except as
otherwise provided pursuant to Section 3.01 with respect to the Bearer
Securities of any series.

         No Debt Security shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose unless there appears on such Debt
Security a certificate of authentication substantially in one of the forms
provided for herein duly executed by the Trustee or by an Authenticating Agent,
and such certificate upon any Debt Security shall be conclusive evidence, and
the only evidence, that such Debt Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Debt Security shall have been duly
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Debt Security to the Trustee for cancellation
as provided in Section 3.08 together with a written statement (which need not
comply with Section 1.02) stating that such Debt Security has never been issued
and sold by the Company, for all purposes of this Indenture such Debt 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 Debt Securities; Exchange of Temporary Global
                      Notes for Definitive Bearer Securities; Global Notes
                      Representing Registered Securities.

         (a) Pending the preparation of definitive Registered Securities of any
series, the Company may execute, and upon Company Order the Trustee or
Authenticating Agent shall authenticate and deliver, temporary Registered
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination for Registered Securities of
such series, substantially of the tenor of the definitive Registered Securities
in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Registered Securities may determine, as conclusively evidenced by their
execution of such Registered Securities. Every such temporary Registered
Security shall be executed by the Company and shall be authenticated and
delivered by the Trustee upon the same conditions and in substantially the same
manner, and with the same effect, as the definitive Registered Securities in
lieu of which they are issued. In the case of any series issuable as Bearer
Securities, such temporary Debt Securities may be in global form, representing
such of the Outstanding Debt Securities of such series as shall be specified
therein.

         Except in the case of temporary Debt Securities in global form (which
shall be exchanged in accordance with the provisions of the following
paragraphs), if temporary Debt Securities of any series are issued, the Company
will cause definitive Debt Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Debt Securities of such
series, the temporary Debt Securities of such series shall be exchangeable for
definitive Debt

                                       22
<PAGE>

Securities of such series, of a like Stated Maturity and with like terms and
provisions, upon surrender of the temporary Debt Securities of such series at
the office or agency of the Company in a Place of Payment for such series,
without charge to the Holder, except as provided in Section 3.05 in connection
with a transfer. Upon surrender for cancellation of any one or more temporary
Debt Securities of any series (accompanied by any unmatured Coupons), the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Debt Securities of the same
series of authorized denominations and of a like Stated Maturity and like terms
and provisions; provided, however, that no definitive Bearer Security shall be
delivered in exchange for a temporary Registered Security; and provided,
further, that a definitive Bearer Security (including a permanent Bearer
Security in global form) shall be delivered in exchange for a temporary Bearer
Security only in compliance with the conditions set forth in Section 3.03. Until
so exchanged, the temporary Registered Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive
Registered Securities of such series.

         (b) Unless otherwise specified pursuant to Section 3.01, all Bearer
Securities of a series shall be initially issued in the form of a single
temporary Bearer Security in global form (a "temporary Global Note"). The
Company shall execute, and upon Company Order the Trustee (or other agent
specified under Section 3.01) shall authenticate, any temporary Global Note and
any permanent Bearer Security in global form (as described below, a "permanent
Global Note") upon the same conditions and in substantially the same manner, and
with the same effect, as definitive Bearer Securities, and the temporary or
permanent Global Note, as the case may be, shall, unless otherwise specified
therein, be delivered by the Trustee (or such other agent) to the London office
of a depositary or common depositary (the "Common Depositary"), for the benefit
of the Euroclear Operator or Cedelbank, as the case may be, for credit to the
account of the Company (in the case of sales of Bearer Securities by the Company
directly to investors) or the managing underwriter (in the case of sales of
Bearer Securities by the Company to underwriters) or such other accounts as the
Company or the managing underwriter, respectively, may direct in writing.

         On or after the date specified in or determined pursuant to the terms
of any temporary Global Note which (subject to any applicable laws and
regulations) shall be at least 40 days after the issue date of a temporary
Global Note (the "Exchange Date"), the Debt Securities represented by such
temporary Global Note may be exchanged for definitive Debt Securities (subject
to the second succeeding paragraph) or Debt Securities to be represented
thereafter by one or more permanent Global Notes in definitive form without
Coupons. On or after the Exchange Date such temporary Global Note shall be
surrendered by the Common Depositary to the Trustee (or such other agent as is
specified for the purpose pursuant to Section 3.01), as the Company's agent for
such purpose, at such place specified outside the United States pursuant to
Section 3.01 and following such surrender, the Trustee (or such other agent)
shall (1) endorse the temporary Global Note to reflect the reduction of its
principal amount by an equal aggregate principal amount of such Debt Security,
(2) endorse the applicable permanent Global Note, if any, to reflect the initial
amount, or an increase in the amount of Debt Securities represented thereby, (3)
manually authenticate such definitive Debt Securities (including any permanent
Global Note), (4) deliver such definitive Debt Securities to the Holder thereof
or, if such definitive Debt Security is a permanent Global Note, deliver such
permanent Global Note to the Common Depositary to be held outside the United
States for the accounts of the Euroclear

                                       23
<PAGE>

Operator or Cedelbank, as the case may be, for credit to the respective accounts
at Euroclear Operator or Cedelbank, as the case may be, designated by or on
behalf of the beneficial owners of such Debt Securities (or to such other
accounts as they may direct) and (5) redeliver such temporary Global Note to the
Common Depositary, unless such temporary Global Note shall have been canceled in
accordance with Section 3.08 hereof; provided, however, that, unless otherwise
specified in such temporary Global Note, upon such presentation by the Common
Depositary, such temporary Global Note shall be accompanied by a certificate
dated the Exchange Date or a subsequent date and signed by the Euroclear
Operator, as to the portion of such temporary Global Note held for its account
then to be exchanged for definitive Debt Securities (including any permanent
Global Note), and a certificate dated the Exchange Date or a subsequent date and
signed by Cedelbank, as to the portion of such temporary Global Note held for
its account then to be exchanged for definitive Debt Securities (including any
permanent Global Note), each substantially in the form set forth in Exhibit B to
this Indenture. Each certificate substantially in the form of Exhibit B hereto
of the Euroclear Operator or Cedelbank, as the case may be, shall be based on
certificates of the account holders listed in the records of the Euroclear
Operator or Cedelbank, as the case may be, as being entitled to all or any
portion of the applicable temporary Global Note. An account holder of the
Euroclear Operator or Cedelbank, as the case may be, desiring to effect the
exchange of an interest in a temporary Global Note for an interest in definitive
Debt Securities (including any permanent Global Note) shall instruct the
Euroclear Operator or Cedelbank, as the case may be, to request such exchange on
its behalf and shall deliver to the Euroclear Operator or Cedelbank, as the case
may be, a certificate substantially in the form of Exhibit A hereto and dated no
earlier than 10 days prior to the Exchange Date. Until so exchanged, temporary
Global Notes shall in all respects be entitled to the same benefits under this
Indenture as definitive Debt Securities (including any permanent Global Note) of
the same series authenticated and delivered hereunder, except as to payment of
interest, if any.

         The delivery to the Company, its agent or the Trustee by the Euroclear
Operator or Cedelbank of any certificate substantially in the form of Exhibit B
hereto may be relied upon by the Company, its agent and the Trustee as
conclusive evidence that a corresponding certificate or certificates has or have
been delivered to the Euroclear Operator or Cedelbank, as the case may be,
pursuant to the terms of this Indenture.

         On or prior to the Exchange Date, the Company shall deliver to the
Trustee (or such other agent as may be specified as the Company's agent for such
purpose pursuant to Section 3.01) definitive Debt Securities in an aggregate
principal amount equal to the principal amount of such temporary Global Note,
executed by the Company. At any time, on or after the Exchange Date, upon 30
days' notice to the Trustee (and such other agents as may be specified for such
purpose pursuant to Section 3.01) by the Euroclear Operator or Cedelbank, as the
case may be, acting at the request of or on behalf of the beneficial owner, a
Debt Security represented by a temporary Global Note or a permanent Global Note,
as the case may be, may be exchanged, in whole or from time to time in part, for
definitive Debt Securities without charge and the Trustee (or such agent) shall
authenticate and deliver, in exchange for each portion of such temporary Global
Note or such permanent Global Note, an equal aggregate principal amount of
definitive Debt Securities of the same series of authorized denominations and of
a like Stated Maturity and with like terms and conditions, as the portion of
such temporary Global Note or such permanent Global Note to be exchanged, which,
unless the Debt Securities of the series are not issuable

                                       24
<PAGE>

both as Bearer Securities and as Registered Securities, 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 definitive Bearer Securities shall be
delivered in exchange for a portion of the temporary Global Note or the
permanent Global Note only in compliance with the requirements of the second
preceding paragraph. On or prior to the forty-fifth day following receipt by the
Trustee (and such agent as may be specified as the Company's agent for such
purpose pursuant to Section 3.01) of such notice with respect to a Debt
Security, or, if such day is not a Business Day, the next succeeding Business
Day, the temporary Global Note or the permanent Global Note, as the case may be,
shall be surrendered by the Common Depositary to the Trustee (or such other
agent as may be specified as the Company's agent for such purpose pursuant to
Section 3.01), as the Company's agent for such purpose, to be exchanged, in
whole or from time to time in part, for definitive Debt Securities without
charge following such surrender, upon the request of the Euroclear Operator or
Cedelbank, as the case may be, and the Trustee (or such agent) shall (1) endorse
the applicable temporary Global Note or the permanent Global Note to reflect the
reduction of its principal amount by the aggregate principal amount of such Debt
Security, (2) cause the terms of such Debt Security and Coupons, if any, to be
entered on a definitive Debt Security, (3) manually authenticate such definitive
Debt Security, and (4) if a Bearer Security is to be delivered, deliver such
definitive Debt Security outside the United States to the Euroclear Operator or
Cedelbank, as the case may be, for or on behalf of the beneficial owner thereof,
in exchange for a portion of such temporary Global Note or the permanent Global
Note.

         Unless otherwise specified in such temporary Global Note or the
permanent Global Note, any such exchange shall be made free of charge to the
beneficial owners of such temporary Global Note or the permanent Global Note,
except that a Person receiving definitive Debt Securities must bear the cost of
insurance, postage, transportation and the like in the event that such Person
does not take delivery of such definitive Debt Securities in person at the
offices of the Euroclear Operator or Cedelbank. Definitive Debt Securities in
bearer form to be delivered in exchange for any portion of a temporary Global
Note or the permanent Global Note shall be delivered only outside the United
States. Notwithstanding the foregoing, in the event of redemption or
acceleration of all or any part of a temporary Global Note prior to the Exchange
Date, a permanent Global Note or definitive Bearer Securities, as the case may
be, will not be issuable in respect of such temporary Global Note or such
portion thereof, and payment thereon will instead be made as provided in such
temporary Global Note.

         Until exchanged in full as hereinabove provided, any temporary Global
Note or the permanent Global Note shall in all respects be entitled to the same
benefits under this Indenture as definitive Debt Securities of the same series
and tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section 3.01, interest payable on such temporary
Global Note on an Interest Payment Date for Debt Securities of such series
occurring prior to the applicable Exchange Date shall be payable to the
Euroclear Operator or Cedelbank on such Interest Payment Date upon delivery by
the Euroclear Operator or Cedelbank to the Trustee (or such agent as may be
specified pursuant to Section 3.01) of a certificate or certificates
substantially 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 Note on such Interest Payment Date and

                                       25
<PAGE>

who have each delivered to the Euroclear Operator or Cedelbank, as the case may
be, a certificate substantially in the form set forth in Exhibit A to this
Indenture.

         Any definitive Bearer Security authenticated and delivered by the
Trustee (or such agent) in exchange for a portion of a temporary Global Note or
the permanent Global Note shall not bear a coupon for any interest which shall
theretofore have been duly paid by the Trustee to the Euroclear Operator or
Cedelbank, or by the Company to the Trustee (or such agent) in accordance with
the provisions of this Section 3.04.

         With respect to Exhibits A and B to this Indenture, the Company may, in
its discretion and if required or desirable under applicable law, substitute one
or more other forms of such Exhibits for such Exhibits, eliminate the
requirement that any or all certificates be provided, or change the time that
any certificate may be required, provided that such substitute form or forms or
notice of elimination or change of such certification requirement have
theretofore been delivered to the Trustee (and any agent of the Company
appointed pursuant to Section 3.01 and referred to above) with a Company Request
and such form or forms, elimination or change is reasonably acceptable to the
Trustee (and any such agent).

         (c) If the Company shall establish pursuant to Section 3.01 that the
Registered Securities of a series are to be issued in whole or in part in the
form of one or more Global Notes, then the Company shall execute and the Trustee
shall, in accordance with Section 3.03 and the Company Order with respect to
such series, authenticate and deliver one or more Global Notes in temporary or
permanent form that (i) shall represent and shall be denominated in an amount
equal to the aggregate principal amount of the Outstanding Debt Securities of
such series to be represented by one or more Global Notes, (ii) shall be
registered in the name of the U.S. Depositary for such Global Note or Notes or
the nominee of such depositary, and (iii) shall bear a legend substantially to
the following effect:

                  "This Debt Security may not be transferred except as a whole
         by the Depositary to a nominee of the Depositary or by a nominee of the
         Depositary to the Depositary or another nominee of the Depositary or by
         the Depositary or any such nominee to a successor Depositary or a
         nominee of such successor Depositary, unless and until this Debt
         Security is exchanged in whole or in part for Debt Securities in
         definitive form."

         Notwithstanding any other provision of this Section or Section 3.05,
unless and until it is exchanged in whole or in part for Registered Securities
in definitive form, a Global Note representing all or a portion of the
Registered Securities of a series may not be transferred except as a whole by
the U.S. Depositary for such series to a nominee of such depositary or by a
nominee of such depositary to such depositary or another nominee of such
depositary or by such depositary or any such nominee to a successor U.S.
Depositary for such series or a nominee of such successor depositary.

         If at any time the U.S. Depositary for the Debt Securities of a series
notifies the Company that it is unwilling or unable to continue as U.S.
Depositary for the Debt Securities of such series or if at any time the U.S.
Depositary for Debt Securities of a series shall no longer be a clearing agency
registered and in good standing under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation, the Company shall appoint a
successor U.S. Depositary

                                       26
<PAGE>

with respect to the Debt Securities of such series. If a successor U.S.
Depositary for the Debt Securities of such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such condition, the Company will execute, and the Trustee, upon receipt of a
Company Order for the authentication and delivery of definitive Debt Securities
of such series, will authenticate and deliver, Registered Securities of such
series in definitive form in an aggregate principal amount equal to the
principal amount of the Global Note or Notes representing such series in
exchange for such Global Note or Notes.

         The Company may at any time and in its sole discretion determine that
the Registered Securities of any series issued in the form of one or more Global
Notes shall no longer be represented by such Global Note or Notes. In such
event, the Company will execute, and the Trustee, upon receipt of a Company
Order for the authentication and delivery of definitive Debt Securities of such
series, will authenticate and deliver, Registered Securities of such series in
definitive form and in an aggregate principal amount equal to the principal
amount of the Global Note or Notes representing such series in exchange for such
Global Note or Notes.

         If the Registered Securities of any series shall have been issued in
the form of one or more Global Notes and if an Event of Default with respect to
the Debt Securities of such series shall have occurred and be continuing, the
Company will promptly execute, and the Trustee, upon receipt of a Company Order
for the authentication and delivery of definitive Debt Securities of such
series, will authenticate and deliver, Registered Securities of such series in
definitive form and in an aggregate principal amount equal to the principal
amount of the Global Note or Notes representing such series in exchange for such
Global Note or Notes.

         If specified by the Company pursuant to Section 3.01 with respect to
Registered Securities of a series, the U.S. Depositary for such series of
Registered Securities may surrender a Global Note for such series of Debt
Securities in exchange in whole or in part for Registered Securities of such
series in definitive form on such terms as are acceptable to the Company and
such depositary. Thereupon, the Company shall execute and the Trustee shall
authenticate and deliver, without charge:

                  (i) to each Person specified by the U.S. Depositary a new
         Registered Security or Securities of the same series, of any authorized
         denomination as requested by such Person in an aggregate principal
         amount equal to and in exchange for such Person's beneficial interest
         in the Global Note; and

                  (ii) to the U.S. Depositary a new Global Note in a
         denomination equal to the difference, if any, between the principal
         amount of the surrendered Global Note and the aggregate principal
         amount of Registered Securities delivered to Holders thereof.

         Upon the exchange of a Global Note for Registered Securities in
definitive form, such Global Note shall be canceled by the Trustee. Debt
Securities issued in exchange for a Global Note pursuant to this subsection (c)
shall be registered in such names and in such authorized denominations as the
U.S. Depositary for such Global Note, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Trustee. The Trustee
shall deliver such Debt Securities to the Persons in whose names such Debt
Securities are so registered.

                                       27
<PAGE>

Section 3.05 Registration, Transfer and Exchange.

         (a) The Company shall cause to be kept at the Corporate Trust Office of
the Trustee (or such other office designated under Section 3.01) a register (the
registers maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein 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 Registered
Securities and of transfers and exchanges of Registered Securities. The Trustee
is hereby appointed "Security Registrar" for the purpose of registering
Registered Securities and registering transfers and exchanges of Registered
Securities as herein provided; provided, however, that the Company may appoint
co-Security Registrars and separate Registrars under Section 3.01.

         Upon surrender for registration of transfer of any Registered Security
of any series at the office or agency of the Company maintained for such
purpose, the Company shall execute, and the Trustee or an Authenticating Agent
shall authenticate and deliver, in the name of the designated transferee, one or
more new Registered Securities of the same series of like aggregate principal
amount of such denominations as are authorized for Registered Securities of such
series and of a like Stated Maturity and with like terms and conditions.

         Except as otherwise provided in Section 3.04 and this Section 3.05, at
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series of like aggregate principal
amount and of a like Stated Maturity and with like terms and conditions, upon
surrender of the Registered Securities to be exchanged at such office or agency.
Whenever any Registered Securities are surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Registered
Securities which the Holder making the exchange is entitled to receive.

         (b) If and to the extent specified pursuant to Section 3.01, the
provisions of this Section 3.05(b) shall be applicable to Debt Securities of any
series which are Bearer Securities. At the option of the Holder thereof, to the
extent permitted by law, any Bearer Security of any series which by its terms is
registrable as to principal and interest may be exchanged for a Registered
Security of such series of like aggregate principal amount and of a like Stated
Maturity and with like terms and conditions upon surrender of such Bearer
Security at the Corporate Trust Office or at any other office or agency of the
Company designated pursuant to Section 3.01 for the purpose of making any such
exchanges. Any Coupon Security surrendered for exchange shall be surrendered
with all unmatured Coupons and any matured Coupons in default attached thereto.
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 or Authenticating Agent 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 Bearer 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 12.03, 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

                                       28
<PAGE>

any series is surrendered at any such office or agency in exchange for a
Registered Security of the same series and of a like Stated Maturity and with
like terms and conditions 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 (or, if such Coupon is so
surrendered with such Bearer Security, such Coupon shall be returned to the
Person so surrendering the Bearer Security), 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. The Company shall execute, and the Trustee shall authenticate and
deliver, the Registered Security or Securities which the Holder making the
exchange is entitled to receive.

         Notwithstanding the foregoing, the exchange of Bearer Securities for
Registered Securities will be subject to the provisions of United States income
tax laws and regulations applicable to Debt Securities in effect at the time of
such exchange.

         (c) Except as otherwise specified pursuant to Section 3.01, in no event
may Registered Securities, including Registered Securities received in exchange
for Bearer Securities, be exchanged for Bearer Securities.

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

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

         No service charge will be made for any transfer or exchange of Debt
Securities except as provided in Section 3.04(b) or 3.06. 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, transfer or
exchange of Debt Securities, other than those expressly provided in this
Indenture to be made at the Company's own expense or without expense or without
charge to the Holders.

         The Company shall not be required (i) to register, transfer or exchange
Debt Securities of any series during a period beginning at the opening of
business 15 days before the day of the transmission of a notice of redemption of
Debt Securities of such series selected for redemption under Section 13.03 and
ending at the close of business on the day of such transmission, or (ii) to
register, transfer or exchange any Debt Security so selected for redemption in
whole or in part, except the unredeemed portion of any Debt Security being
redeemed in part.

                                       29
<PAGE>

Section 3.06 Mutilated, Destroyed, Lost and Stolen Debt Securities.

         If (i) any mutilated Debt Security or any mutilated Coupon with the
Coupon Security to which it appertains (and all unmatured Coupons attached
thereto) is surrendered to the Trustee or Authenticating Agent, or (ii) the
Company and the Trustee or Authenticating Agent receive evidence to their
satisfaction of the destruction, loss or theft of any Debt Security or any
Coupon, and there is delivered to the Company and the Trustee or Authenticating
Agent such security or indemnity as may be required by them to save each of them
and any Paying Agent harmless, and neither the Company nor the Trustee receives
notice that such Debt Security or Coupon has been acquired by a bona fide
purchaser, then the Company shall execute and upon Company Request the Trustee
or Authenticating Agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Debt Security or in
exchange for the Coupon Security to which such mutilated, destroyed, lost or
stolen Coupon appertained, a new Debt Security of the same series of like Stated
Maturity and with like terms and conditions and like principal amount, bearing a
number not contemporaneously Outstanding, and, in the case of a Coupon Security,
with such Coupons attached thereto that neither gain nor loss in interest shall
result from such exchange or substitution.

         In case any such mutilated, destroyed, lost or stolen Debt Security or
Coupon has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Debt Security, pay the amount due on
such Debt Security or Coupon in accordance with its terms; provided, however,
that principal of (and premium, if any) and any interest on Bearer Securities
shall, except as otherwise provided in Section 12.03, be payable only at an
office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 3.01 or except as otherwise provided in
this Section 3.06, any interest on Bearer Securities shall be payable only upon
presentation and surrender of the Coupons appertaining thereto.

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

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

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

Section 3.07 Payment of Interest; Interest Rights Preserved.

         (a) 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 such Registered Security (or one or more Predecessor
Securities) is registered at the close of business

                                       30
<PAGE>

on the Regular Record Date for such interest notwithstanding the cancellation of
such Registered Security upon any transfer or exchange subsequent to the Regular
Record Date. Unless otherwise specified as contemplated by Section 3.01 with
respect to the Debt Securities of any series, payment of interest on Registered
Securities shall be made at the place or places specified pursuant to Section
3.01 or, at the option of the Company, by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register
or, if provided pursuant to Section 3.01, by wire transfer to an account
designated by the Registered Holder.

         (b) Interest on any Coupon Security which is payable and is punctually
paid or duly provided for on any Interest Payment Date shall, except as
otherwise provided in Section 12.03, be paid to the Holder of the Coupon which
has matured on such Interest Payment Date upon surrender of such Coupon on such
Interest Payment Date at an office or agency of the Company in a Place of
Payment located outside the United States specified pursuant to Section 3.01.

         Interest on any Bearer Security (other than a Coupon Security) which is
payable and is punctually paid or duly provided for on any Interest Payment Date
shall be paid to the Holder of the Bearer Security upon presentation of such
Bearer Security and notation thereon on such Interest Payment Date at an office
or agency of the Company in a Place of Payment located outside the United States
specified pursuant to Section 3.01.

         Unless otherwise specified pursuant to Section 3.01, at the direction
of the Holder of any Bearer Security or Coupon payable in Dollars, payment on
such Bearer Security or Coupon will be made by check or, if agreeable to the
Trustee (or the Paying Agent specified pursuant to Section 3.01), by wire
transfer to a Dollar account maintained by such Holder outside the United
States. If such payment at the offices of all Paying Agents outside the United
States becomes illegal or is effectively precluded because of the imposition of
exchange controls or similar restrictions on the full payment or receipt of such
amounts in Dollars, the Company will appoint an office or agent in the United
States at which such payment may be made. Unless otherwise specified pursuant to
Section 3.01, at the direction of the Holder of any Bearer Security or Coupon
payable in a Foreign Currency, payment on such Bearer Security or Coupon will be
made by a check drawn on a bank outside the United States or, if acceptable to
the Trustee or such Paying Agent, by wire transfer to an appropriate account
maintained by such Holder outside the United States. Except as provided in this
paragraph, no payment on any Bearer Security or Coupon will be made by mail to
an address in the United States or by wire transfer to an account in the United
States.

         (c) Any interest on any Debt Security which is payable but is not
punctually paid or duly provided for on any Interest Payment Date (herein called
"Defaulted Interest") shall, if such Debt Security is a Registered Security,
forthwith cease to be payable to the Registered Holder on the relevant Regular
Record Date by virtue of his having been such Registered 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 such Registered Securities (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

                                       31
<PAGE>

         Company shall, at least 25 days prior to the date of the proposed
         payment, notify the Trustee in writing of the amount of Defaulted
         Interest proposed to be paid on each such Registered Security and the
         date of the proposed payment, and at the same time the Company shall
         deposit with the Trustee an amount of money in the Currency or Currency
         Unit in which the Debt Securities of such series are payable (except as
         otherwise specified pursuant to Section 3.01 or 3.10) 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 date shall be not more than 20 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 the Holders of such Registered Securities at their
         addresses as they appear in the Security Register, not less than 10
         days prior to such Special Record Date. Notice of the proposed payment
         of such Defaulted Interest and the Special Record Date therefor having
         been mailed as aforesaid, such Defaulted Interest shall be paid to the
         Persons in whose names such Registered Securities (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
         Registered Securities in any other lawful manner not inconsistent with
         the requirements of any securities exchange on which such Registered
         Securities may be listed, and upon such notice as may be required by
         such exchange, if, after notice given by the Company to the Trustee of
         the proposed payment pursuant to this clause, such manner of payment
         shall be deemed practicable by the Trustee.

         (d) Any Defaulted Interest payable in respect of Bearer Securities of
any series shall be payable pursuant to such procedures as may be satisfactory
to the Trustee in such manner that there is no discrimination between the
Holders of Registered Securities (if any) and Bearer Securities of such series,
and notice of the payment date therefor shall be given by the Trustee, in the
name and at the expense of the Company, in the manner provided in Section 1.05
not more than 20 days and not less than 10 days prior to the date of the
proposed payment.

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

Section 3.08 Cancellation.

         Unless otherwise specified pursuant to Section 3.01 for Debt Securities
of any series, all Debt Securities surrendered for payment, redemption,
transfer, exchange or credit against any

                                       32
<PAGE>

sinking fund and all Coupons surrendered for payment or exchange 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
canceled by the Trustee. All Bearer Securities and unmatured Coupons so
delivered shall be held by the Trustee and, upon instruction by the Company
Order, shall be canceled or held for reissuance. Bearer Securities and unmatured
Coupons held for reissuance may be reissued only in exchange for Bearer
Securities of the same series and of like Stated Maturity and with like terms
and conditions pursuant to Section 3.05 or in replacement of mutilated, lost,
stolen or destroyed Bearer Securities of the same series and of like Stated
Maturity and with like terms and conditions 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
cancellation for all purposes of this Indenture and the Debt Securities. The
Company may at any time deliver to the Trustee for cancellation any Debt
Securities or Coupons previously authenticated and delivered hereunder which the
Company may have acquired in any manner whatsoever, and the Company may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Debt Securities previously authenticated hereunder which the
Company has not issued, and all Debt Securities or Coupons so delivered shall be
promptly canceled by the Trustee. No Debt Securities or Coupons shall be
authenticated in lieu of or in exchange for any Debt Securities or Coupons
canceled as provided in this Section, except as expressly permitted by this
Indenture. All canceled Debt Securities and Coupons held by the Trustee shall be
destroyed by the Trustee in accordance with its customary procedures and a
certificate of destruction shall be delivered to the Company upon Company
Request. The acquisition of any Debt Securities or Coupons by the Company shall
not operate as a redemption or satisfaction of the indebtedness represented
thereby unless and until such Debt Securities or Coupons are surrendered to the
Trustee for cancellation. In the case of any temporary Global Note which shall
be destroyed if the entire aggregate principal amount of the Debt Securities
represented thereby has been exchanged, the certificate of destruction shall
state that all certificates required pursuant to Section 3.04 hereof and
substantially in the form of Exhibit B hereto, to be given by the Euroclear
Operator or Cedelbank, have been duly presented to the Trustee by the Euroclear
Operator or Cedelbank, as the case may be. Permanent Global Notes shall not be
destroyed until exchanged in full for definitive Debt Securities or until
payment thereon is made in full.

Section 3.09 Computation of Interest.

         Except as otherwise specified pursuant to Section 3.01 for Debt
Securities of any series, interest on the Debt Securities of each series shall
be computed on the basis of a 360 day year of twelve 30 day months.

Section 3.10 Currency of Payments in Respect of Debt Securities.

         (a) Except as otherwise specified pursuant to Section 3.01 for Bearer
Securities of any series, payment of the principal of (and premium, if any) and
interest on Bearer Securities of such series denominated in any Currency will be
made in such Currency.

         (b) With respect to Registered Securities of any series not permitting
the election provided for in paragraph (c) below or the Holders of which have
not made the election provided for in paragraph (c) below, except as provided in
paragraph (e) below, payment of the principal

                                       33
<PAGE>

of (and premium, if any) and any interest on any Registered Security of such
series will be made in the Currency in which such Registered Security is
payable.

         (c) It may be provided pursuant to Section 3.01 with respect to the
Registered Securities of any series that Holders shall have the option, subject
to paragraphs (e) and (f) below, to receive payments of principal of (and
premium, if any) and any interest on such Registered Securities in any of the
Currencies which may be designated for such election by delivering to the
Trustee a written election, to be in form and substance reasonably satisfactory
to the Trustee, not later than the close of business on the Election Date
immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such Currency, such election will remain in effect
for such Holder or any transferee of such Holder until changed by such Holder or
such transferee by written notice to the Trustee (but any such change must be
made not later than the close of business on the Election Date immediately
preceding the next payment date to be effective for the payment to be made on
such payment date and no such change or election may be made with respect to
payments to be made on any Registered Security of such series with respect to
which an Event of Default has occurred or notice of redemption has been given by
the Company pursuant to Article Thirteen). Any Holder of any such Registered
Security who shall not have delivered any such election to the Trustee by the
close of business on the applicable Election Date will be paid the amount due on
the applicable payment date in the relevant Currency as provided in paragraph
(b) of this Section 3.10.

         (d) If the election referred to in paragraph (c) above has been
provided for pursuant to Section 3.01, then not later than the fourth Business
Day after the Election Date for each payment date, the Trustee or agent
appointed pursuant to Section 3.01 will deliver to the Company a written notice
specifying, in the Currency in which each series of the Registered Securities is
payable, the respective aggregate amounts of principal of (and premium, if any)
and any interest on the Registered Securities to be paid on such payment date,
specifying the amounts so payable in respect of the Registered Securities as to
which the Holders of Registered Securities denominated in any Currency shall
have elected to be paid in another Currency as provided in paragraph (c) above.
If the election referred to in paragraph (c) above has been provided for
pursuant to Section 3.01 and if at least one Holder has made such election,
then, on the second Business Day preceding each payment date, the Company will
deliver to the Trustee an Exchange Rate Officer's Certificate in respect of the
Currency payments to be made on such payment date. The Currency amount
receivable by Holders of Registered Securities who have elected payment in a
Currency as provided in paragraph (c) above shall be determined by the Company
on the basis of the applicable Market Exchange Rate in effect on the third
Business Day (the "Valuation Date") immediately preceding each payment date.

         (e) If a Conversion Event occurs with respect to a Foreign Currency or
any other Currency Unit in which any of the Debt Securities are denominated or
payable other than pursuant to an election provided for pursuant to paragraph
(c) above, then with respect to each date for the payment of principal of (and
premium, if any) and any interest on the applicable Debt Securities denominated
or payable in such Foreign Currency or such other Currency Unit occurring after
the last date on which such Foreign Currency or such other Currency Unit was
used (the "Conversion Date"), the Dollar shall be the Currency of payment for
use on each such payment date. The Dollar amount to be paid by the Company to
the Trustee and by the Trustee or any Paying Agent to the Holders of such Debt
Securities with respect to such payment date

                                       34
<PAGE>

shall be the Dollar Equivalent of the Foreign Currency or, in the case of a
Currency Unit, the Dollar Equivalent of the Currency Unit, in each case as
determined by the Currency Determination Agent, in the manner provided in
paragraph (g) or (h) below.

         (f) If the Holder of a Registered Security denominated in any Currency
shall have elected to be paid in another Currency as provided in paragraph (c)
above, and a Conversion Event occurs with respect to such elected Currency, such
Holder shall receive payment in the Currency in which payment would have been
made in the absence of such election. If a Conversion Event occurs with respect
to the Currency in which payment would have been made in the absence of such
election, such Holder shall receive payment in Dollars as provided in paragraph
(e) of this Section 3.10.

         (g) The "Dollar Equivalent of the Foreign Currency" shall be determined
by the Currency Determination Agent, and shall be obtained for each subsequent
payment date by converting the specified Foreign Currency into Dollars at the
Market Exchange Rate on the Valuation Date.

         (h) The "Dollar Equivalent of the Currency Unit" shall be determined by
the Currency Determination Agent, and subject to the provisions of paragraph (i)
below, shall be the sum of each amount obtained by converting the Specified
Amount of each Component Currency into Dollars at the Market Exchange Rate for
such Component Currency on the Valuation Date with respect to each payment.

         (i) For purposes of this Section 3.10 the following terms shall have
the following meanings:

         A "Component Currency" shall mean any Currency which, on the Conversion
Date, was a component Currency of the relevant Currency Unit.

         A "Specified Amount" of a Component Currency shall mean the number of
units of such Component Currency or fractions thereof which were represented in
the relevant Currency Unit on the Conversion Date. If after the Conversion Date
the official unit of any Component Currency is altered by way of combination or
subdivision, the Specified Amount of such Component Currency shall be divided or
multiplied in the same proportion. If after the Conversion Date two or more
Component Currencies are consolidated into a single Currency, the respective
Specified Amounts of such Component Currencies shall be replaced by an amount in
such single Currency equal to the sum of the respective Specified Amounts of
such consolidated Component Currencies expressed in such single Currency, and
such amount shall thereafter be a Specified Amount and such single Currency
shall thereafter be a Component Currency. If after the Conversion Date any
Component Currency shall be divided into two or more Currencies, the Specified
Amount of such Component Currency shall be replaced by amounts of such two or
more Currencies with appropriate Dollar equivalents at the Market Exchange Rate
on the date of such replacement equal to the Dollar equivalent of the Specified
Amount of such former Component Currency at the Market Exchange Rate on such
date, and such amounts shall thereafter be Specified Amounts and such Currencies
shall thereafter be Component Currencies. If after the Conversion Date of the
relevant Currency Unit, a Conversion Event (other than any event referred to
above in this definition of "Specified Amount") occurs with respect to any

                                       35
<PAGE>

Component Currency of such Currency Unit, the Specified Amount of such Component
Currency shall, for purposes of calculating the Dollar Equivalent of the
Currency Unit, be converted into Dollars at the Market Exchange Rate in effect
on the Valuation Date of such Component Currency.

          "Election Date" shall mean the record date with respect to any payment
date, and with respect to the Maturity shall mean the record date (if within 16
or fewer days prior to the Maturity) immediately preceding the Maturity, and
with respect to any series of Debt Securities whose record date immediately
preceding the Maturity is more than 16 days prior to the Maturity or any series
of Debt Securities for which no record dates are provided with respect to
interest payments, shall mean the date which is 16 days prior to the Maturity.

         (j) All decisions and determinations of the Currency Determination
Agent, if any, regarding the Dollar Equivalent of the Foreign Currency, the
Dollar Equivalent of the Currency Unit and the Market Exchange Rate shall be in
its sole discretion and shall, in the absence of manifest error, be conclusive
for all purposes and irrevocably binding upon the Company and all Holders of the
Debt Securities denominated or payable in the relevant Currency. In the event of
a Conversion Event with respect to a Foreign Currency, the Company, after
learning thereof, will immediately give written notice thereof to the Trustee
(and the Trustee will promptly thereafter give notice in the manner provided in
Section 1.05 to the Holders) specifying the Conversion Date. In the event of a
Conversion Event with respect to any Currency Unit in which Debt Securities are
denominated or payable, the Company, after learning thereof, will immediately
give written notice thereof to the Trustee (and the Trustee will promptly
thereafter give written notice in the manner provided in Section 1.05 to the
Holders) specifying the Conversion Date and the Specified Amount of each
Component Currency on the Conversion Date. In the event of any subsequent change
in any Component Currency as set forth in the definition of Specified Amount
above, the Company, after learning thereof, will similarly give written notice
to the Trustee. The Trustee shall be fully justified and protected in relying
and acting upon information received by it from the Company and the Currency
Determination Agent, if any and may, notwithstanding any other provision of this
Indenture, conclusively assume that no Conversion Event or other event of which
it is entitled to notice hereunder has occurred unless it receives written
notice thereof as provided herein, and shall not otherwise have any duty or
obligation to determine such information independently.

         (k) For purposes of any provision of this Indenture where the Holders
of Outstanding Debt Securities may perform an Act which requires that a
specified percentage of the Outstanding Debt Securities of all series perform
such Act and for purposes of any decision or determination by the Trustee of
amounts due and unpaid for the principal (and premium, if any) and interest on
the Debt Securities of all series in respect of which moneys are to be disbursed
ratably, the principal of (and premium, if any) and interest on the Outstanding
Debt Securities denominated in a Foreign Currency will be the amount in Dollars
based upon the Market Exchange Rate for Debt Securities of such series, as of
the date for determining whether the Holders entitled to perform such Act have
performed it, or as of the Business Day immediately prior to the date of such
decision or determination by the Trustee, as the case may be.

                                       36
<PAGE>

Section 3.11 Judgments.

         If for the purpose of obtaining a judgment in any court with respect to
any obligation of the Company hereunder or under any Debt Security, it shall
become necessary to convert into any other Currency any amount in the Currency
due hereunder or under such Debt Security, then such conversion shall be made at
the Market Exchange Rate as in effect on the date the Company shall make payment
to any Person in satisfaction of such judgment. If pursuant to any such
judgment, conversion shall be made on a date other than the date payment is made
and there shall occur a change between such Market Exchange Rate and the Market
Exchange Rate as in effect on the date of payment, the Company agrees to pay
such additional amounts (if any) as may be necessary to ensure that the amount
paid is equal to the amount in such other Currency which, when converted at the
Market Exchange Rate as in effect on the date of payment or distribution, is the
amount then due hereunder or under such Debt Security. Any amount due from the
Company under this Section 3.11 shall be due as a separate debt and is not to be
affected by or merged into any judgment being obtained for any other sums due
hereunder or in respect of any Debt Security. In no event, however, shall the
Company be required to pay more in the Currency or Currency Unit due hereunder
or under such Debt Security at the Market Exchange Rate as in effect when
payment is made than the amount of Currency stated to be due hereunder or under
such Debt Security so that in any event the Company's obligations hereunder or
under such Debt Security will be effectively maintained as obligations in such
Currency, and the Company shall be entitled to withhold (or be reimbursed for,
as the case may be) any excess of the amount actually realized upon any such
conversion over the amount due and payable on the date of payment or
distribution.

Section 3.12 Exchange Upon Default.

         If default is made in the payments referred to in Section 12.01, the
Company hereby undertakes that upon presentation and surrender of a permanent
Global Note to the Trustee (or to any other Person or at any other address as
the Company may designate in writing), on any Business Day on or after the
maturity date thereof the Company will issue and, upon receipt of a Company
Order, the Trustee will authenticate and deliver to the bearer of such permanent
Global Note duly executed and authenticated definitive Debt Securities with the
same issue date and maturity date as set out in such permanent Global Note.

Section 3.13 CUSIP Numbers.

         The Company in issuing the Debt Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in
notices of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Debt 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 Debt Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers.

                                       37
<PAGE>

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

Section 4.01 Satisfaction and Discharge of Indenture.

         This Indenture, with respect to the Debt Securities of any series (if
all series issued under this Indenture are not to be affected), shall, upon
Company Request, cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange or conversion of such Debt
Securities herein expressly provided for or expressly provided in the terms of
the Debt Securities of such series pursuant to Section 3.01, and rights to
receive payments of principal (and premium, if any) and interest on such Debt
Securities) and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

         (1)      either

                  (A) all Debt Securities and the Coupons, if any, of such
         series theretofore authenticated and delivered (other than (i) Debt
         Securities and Coupons of such series which have been destroyed, lost
         or stolen and which have been replaced or paid as provided in Section
         3.06, (ii) 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 under Section 3.05,
         (iii) Coupons appertaining to Bearer Securities called for redemption
         and maturing after the relevant Redemption Date, whose surrender has
         been waived as provided in Section 13.06, and (iv) Debt Securities and
         Coupons of such series for whose payment money has theretofore been
         deposited in trust or segregated and held in trust by the Company and
         thereafter repaid to the Company or discharged from such trust, as
         provided in Section 12.04) have been delivered to the Trustee for
         cancellation; or

                  (B) all Debt Securities and the Coupons, if any, of such
         series not theretofore delivered to the Trustee for cancellation,

                  (i)       have become due and payable, or

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

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

         and the Company, in the case of (i), (ii) or (iii) of this subclause
         (B), has irrevocably deposited or caused to be deposited with the
         Trustee as trust funds in trust for such purpose an amount in the
         Currency in which such Debt Securities are denominated (except as
         otherwise provided pursuant to Section 3.01 or 3.10) sufficient to pay
         and discharge the entire indebtedness on such Debt Securities for
         principal (and premium, if any) and interest to the date of such
         deposit (in the case of Debt Securities which have become due and
         payable) or to the Stated Maturity or Redemption Date, as the case may

                                       38
<PAGE>

          be; provided, however, in the event a petition for relief under the
          Federal bankruptcy laws, as now or hereafter constituted, or any other
          applicable Federal, State or Commonwealth bankruptcy, insolvency or
          other similar law, is filed with respect to the Company within 91 days
          after the deposit and the Trustee is required to return the deposited
          money to the Company, the obligations of the Company under this
          Indenture with respect to such Debt Securities shall not be deemed
          terminated or discharged;

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

         (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 with
respect to such series have been complied with; and

         (4) the Company has delivered to the Trustee an Opinion of Counsel or a
ruling by the Internal Revenue Service to the effect that such deposit and
discharge will not cause Holders of the Debt Securities of the series to
recognize income, gain or loss for Federal income tax purposes.

         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, the obligations of
the Company under Section 12.01, and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of clause (1) of this Section, the
obligations of the Trustee under Section 4.02 and the last paragraph of Section
12.04, shall survive. If, after the deposit referred to in subclause (B) of
clause 1 of this Section has been made, (x) the Holder of a Debt Security is
entitled to, and does, elect pursuant to Section 3.10(c), to receive payment in
a Currency other than that in which such deposit was made, or (y) if a
Conversion Event occurs with respect to the Currency in which such deposit was
made or elected to be received by the Holder pursuant to Section 3.10(c), then
the indebtedness represented by such Debt Security shall be fully discharged to
the extent that such deposit made with respect to such Debt Security shall be
converted into the Currency in which such payment is made.

Section 4.02 Application of Trust Money.

         Subject to the provisions of the last paragraph of Section 12.04, 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 Debt Securities and
Coupons, if any, and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited
with the Trustee.

                                       39
<PAGE>

                                    ARTICLE V

                                    REMEDIES

Section 5.01 Events of Default.

         "Event of Default" wherever used herein with respect to Debt 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, pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

                  (1) the entry of a decree or order for relief in respect of
         the Company by a court having jurisdiction in the premises in an
         involuntary case under the Federal bankruptcy laws, as now or hereafter
         constituted, or any other applicable Federal, State or Commonwealth
         bankruptcy, insolvency or other similar law, or a decree or order
         adjudging the Company a bankrupt or insolvent, or approving as properly
         filed a petition seeking reorganization, arrangement, adjustment or
         composition of or in respect of the Company under any applicable
         Federal, State or Commonwealth law, or appointing a receiver,
         liquidator, assignee, custodian, trustee, sequestrator (or other
         similar official) of the Company or of any substantial part of its
         property, or ordering the winding up or liquidation of its affairs, and
         the continuance of any such decree or order unstayed and in effect for
         a period of 60 consecutive days; or

                  (2) the commencement by the Company of a voluntary case under
         the Federal bankruptcy laws, as now or hereafter constituted, or any
         other applicable Federal, State or Commonwealth bankruptcy, insolvency
         or other similar law, or the consent by it to the entry of an order for
         relief in an involuntary case under any such law or to the appointment
         of a receiver, liquidator, assignee, custodian, trustee, sequestrator
         (or other similar official) of the Company or of any substantial part
         of its property, or the making by it of an assignment for the benefit
         of its creditors, or the admission by it 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

                  (3) any other Event of Default provided with respect to Debt
         Securities of that series pursuant to Section 3.01.

Section 5.02 Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default with respect to Debt Securities of any series at
that time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Debt Securities of such series may declare the principal amount (or,
if any Debt Securities of such series are Discount Securities, such portion of
the principal amount of such Discount Securities as may be specified in the
terms of such Discount Securities) of all the Debt Securities of such 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), plus accrued and unpaid

                                       40
<PAGE>

interest (and premium, if any), shall become immediately due and payable. Upon
payment of such amount in the Currency in which such Debt Securities are
denominated (except as otherwise provided pursuant to Section 3.01 or 3.10), all
obligations of the Company in respect of the payment of principal of the Debt
Securities of such series shall terminate.

         At any time after such a declaration of acceleration with respect to
Debt 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 Debt Securities of such 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 in the
Currency in which such Debt Securities are denominated (except as otherwise
provided pursuant to Section 3.01 or 3.10) sufficient to pay

                  (A) all overdue installments of interest on all Debt
         Securities or all overdue payments with respect to any Coupons of such
         series,

                  (B) the principal of (and premium, if any, on) any Debt
         Securities of such series which have become due otherwise than by such
         declaration of acceleration and interest thereon at the rate or rates
         prescribed therefor in such Debt Securities,

                  (C) to the extent that payment of such interest is lawful,
         interest upon overdue installments of interest on each Debt Security of
         such series or upon overdue payments on any Coupons of such series at
         the Overdue Rate, 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; provided, however, that all sums
         payable under this clause (D) shall be paid in Dollars; and

         (2) All Events of Default with respect to Debt Securities of such
series, other than the nonpayment of the principal of Debt Securities of such
series which has become due solely by such declaration of acceleration, have
been cured or waived as provided in Section 5.13.

         No such rescission and annulment 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 installment of interest on
any Debt Security or any payment with respect to any Coupons when such interest
or payment becomes due and payable and such default continues for a period of 30
days,

         (2) default is made in the payment of principal of (or premium, if any,
on) any Debt Security at the Maturity thereof, or

                                       41
<PAGE>

         (3) default is made in the making or satisfaction of any sinking fund
payment or analogous obligation when the same becomes due pursuant to the terms
of the Debt Securities of any series, the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Debt Securities or of
such Coupons, (i) the amount then due and payable on such Debt Securities or
matured Coupons for the principal (and premium, if any) and interest, if any,
(ii) to the extent that payment of such interest shall be legally enforceable,
interest upon the overdue principal (and premium, if any) and upon overdue
installments of interest, at the Overdue Rate, and (iii) thereafter, 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 amount forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Debt Securities and Coupons,
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 Debt
Securities and Coupons wherever situated.

         If any default in the payments referred to in Section 12.01 or Event of
Default with respect to Debt Securities of any series occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and
the rights of the Holders of Debt Securities and Coupons of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

Section 5.04 Trustee May File Proofs of Claim.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceedings, or any voluntary or involuntary case under the applicable
federal, State or Commonwealth bankruptcy, insolvency or similar law, as now or
hereafter constituted, relative to the Company or any other obligor upon the
Debt Securities and Coupons, if any, of a particular series or the property of
the Company or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of such Debt Securities shall then be due
and payable as therein expressed or by declaration of acceleration or otherwise
and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

                  (i) to file and prove a claim for the whole amount of
         principal (or, if the Debt Securities of such series are Discount
         Securities, such portion of the principal amount as may be due and
         payable with respect to such series pursuant to a declaration in
         accordance with Section 5.02) (and premium, if any) and interest owing
         and unpaid in respect of the Debt Securities and Coupons of such series
         and to file such other papers or documents and take such other actions,
         including participating as a member, voting or otherwise, of any
         committee of creditors appointed in the matter, as may be necessary or

                                       42
<PAGE>

         advisable in order to have the claims of the Trustee (including any
         claim for the reasonable compensation, expenses, disbursements and
         advances of the Trustee, its agents and counsel) and of the Holders of
         such Debt Securities and Coupons allowed in such judicial proceeding,
         and

                  (ii) to collect and receive any moneys or other property
         payable or deliverable on any such claims and to distribute the same;

and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or
other similar official) in any such proceeding is hereby authorized by each such
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 such 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.

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

Section 5.05 Trustee May Enforce Claims Without Possession of Debt Securities.

         All rights of action and claims under this Indenture or the Debt
Securities and the Coupons, if any, of any series may be prosecuted and enforced
by the Trustee without the possession of any of such Debt 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 the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Debt Securities or 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 (and premium,
if any) or interest, upon presentation of the Debt Securities or Coupons of any
series in respect of which money has been collected 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.

         SECOND: Subject to Article Sixteen, to the payment of the amounts then
due and unpaid for principal of (and premium, if any) and interest on the Debt
Securities or Coupons of such series, 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 Debt Securities or
Coupons for principal (and premium, if any) and interest, respectively; and

                                       43
<PAGE>

         THIRD: Subject to Article Sixteen, the balance, if any, to the Person
or Persons entitled thereto.

Section 5.07 Limitation on Suits.

         No Holder of any Debt Security or Coupon of any series shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless

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

         (2) the Holders of not less than 25% in principal amount of the
Outstanding Debt Securities of such 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 Debt Securities of such 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 such
Holders or of the Holders of Outstanding Debt Securities or Coupons of any other
series, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders. For the protection and enforcement of the provisions of this Section
5.07, each and every Holder of Debt Securities or Coupons of any series and the
Trustee for such series shall be entitled to such relief as can be given at law
or in equity.

Section 5.08 Unconditional Right of Holders to Receive Principal, Premium and
             Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Debt Security or of any Coupon shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 3.07) interest on such Debt Security or Coupon on the
respective Stated Maturity or Maturities expressed in such Debt 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 interest thereon, and such
right shall not be impaired without the consent of such Holder.

                                       44
<PAGE>

Section 5.09 Restoration of Rights and Remedies.

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

Section 5.10 Rights and Remedies Cumulative.

         Except as otherwise expressly provided elsewhere in this Indenture, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

Section 5.11 Delay or Omission Not Waiver.

         No delay or omission of the Trustee or of any Holder to exercise any
right or remedy accruing upon any Event of Default or default in the payments
referred to in Section 12.01 shall impair any such right or remedy or constitute
a waiver of any such Event of Default or default or any acquiescence therein.
Every right and remedy given by this Indenture or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

Section 5.12 Control by Holders.

         The Holders of a majority in principal amount of the Outstanding Debt
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 Debt
Securities of such series, provided, that

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

         (2) subject to the provisions of Section 6.01, the Trustee shall have
the right to decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer or Responsible Officers of the Trustee,
determine that the proceeding so directed would be unjustly prejudicial to the
Holders of Debt Securities of such series not joining in any such direction;

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

         (4) this provision shall not affect the rights of the Trustee set forth
in Section 6.01(c)(4).

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<PAGE>

Section 5.13 Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Debt Securities of any series may on behalf of the Holders of all
the Debt Securities of any such series waive, by notice to the Trustee and the
Company, any past default or Event of Default hereunder with respect to such
series and its consequences, except a default

         (1) in the payment of the principal of (or premium, if any) or interest
on any Debt Security of such series, or in the payment of any sinking fund
installment or analogous obligation with respect to the Debt Securities of such
series, or

         (2) in respect of a covenant or provision hereof which pursuant to
Article Eleven cannot be modified or amended without the consent of the Holder
of each Outstanding Debt 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 the Debt Securities of such series under this Indenture, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

Section 5.14 Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Debt
Security or any Coupon by his acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit other than the Trustee of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant, but the provisions of this Section shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder or group of
Holders holding in the aggregate more than 10% in principal amount of the
Outstanding Debt Securities of any series, or to any suit instituted by any
Holder of a Debt Security or Coupon for the enforcement of the payment of the
principal of (or premium, if any) or interest on such Debt Security or the
payment of any Coupon on or after the respective Stated Maturity or Maturities
expressed in such Debt Security or Coupon (or, in the case of redemption, on or
after the Redemption Date).

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

                                       46
<PAGE>

                                   ARTICLE VI

                                   THE TRUSTEE

Section 6.01 Certain Duties and Responsibilities.

         (a) Except during the continuance of a default in the payments referred
to in Section 12.01 or an Event of Default with respect to the Debt Securities
of any series,

                  (1) the Trustee undertakes to perform such duties and only
         such duties as are specifically set forth in this Indenture, and no
         implied covenants or obligations shall be read into this Indenture
         against the Trustee; and

                  (2) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture; but in the case of any such certificates or opinions
         which by any provisions hereof are specifically required to be
         furnished to the Trustee, the Trustee shall be under a duty to examine
         the same to determine whether or not they conform to the requirements
         of this Indenture.

         (b) In case a default in the payments referred to in Section 12.01 or
an Event of Default with respect to Debt Securities of any series has occurred
and is continuing, the Trustee shall, with respect to the Debt Securities of
such series, exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

         (c) Subject to Section 6.04, no provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that

                  (1) this subsection shall not be construed to limit the effect
         of subsection (a) of this Section;

                  (2) the 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 Trustee was negligent in ascertaining the pertinent facts;

                  (3) the Trustee shall not be liable with respect to any action
         taken, suffered or omitted to be taken by it with respect to Debt
         Securities of any series in good faith in accordance with the direction
         of the Holders of a majority in principal amount of the Outstanding
         Debt Securities of such series relating to the time, method and place
         of conducting any proceeding for any remedy available to the Trustee,
         or exercising any trust or power conferred upon the Trustee, under this
         Indenture;

                  (4) the Trustee shall not be required to expend or risk its
         own funds or otherwise incur any financial liability in the performance
         of any of its duties hereunder, or in the exercise of any of its rights
         or powers, if it shall have reasonable grounds for

                                       47
<PAGE>
         believing that repayment of such funds or adequate indemnity against
         such risk or liability is not reasonably assured to it; and

                  (5) the Trustee shall not be charged with knowledge of any
         default or Event of Default or any other act or circumstance upon the
         occurrence of which the Trustee may be required to take action unless a
         Responsible Officer of the Trustee obtains actual knowledge of such
         default, Event of Default, act or circumstance or unless written notice
         referencing this Indenture or the Debt Securities is received by the
         Trustee at the Corporate Trust Office.

         (d) 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.

         Within 90 days after the occurrence of any default hereunder with
respect to Debt Securities or Coupons, if any, of any series, the Trustee shall
give notice to all Holders of Debt Securities and Coupons of such series of such
default hereunder known to the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the case of a default in the
payment of the principal of (or premium, if any) or interest on any Debt
Security or Coupon of such series or in the payment of any sinking fund
installment with respect to Debt Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interest of the Holders of Debt Securities and of Coupons of
such series. 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 Debt Securities of such series.

         Notice given pursuant to this Section 6.02 with respect to Registered
Securities shall be transmitted by mail:

         (1) to all Registered Holders, as the names and addresses of the
Registered Holders appear in the Security Register;

         (2) to such Holders of Bearer Securities of any series as have within
two years preceding such transmission, filed their names and addresses with the
Trustee for such series for that purpose;

         (3) to each Holder of a Debt Security of any series whose name and
address appear in the information preserved at the time by the Trustee in
accordance with Section 7.02(a) of this Indenture; and

         (4) to the Company.

         Notice given pursuant to this Section 6.02 with respect to Bearer
Securities shall be transmitted in the manner set forth in Section 1.05.

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<PAGE>

Section 6.03 Certain Rights of Trustee.

         Except as otherwise provided in Section 6.01:

         (a) 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;

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

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

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

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

         (f) the Trustee shall be under no obligation to act as Authenticating
Agent, Registrar, Paying Agent, Transfer Agent or as any other agent with
respect to Foreign Currency Debt Securities or Bearer or Coupon Debt Securities;

         (g) 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

         (h) 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 (including any agent appointed pursuant to
Section 3.10(j)) or attorney appointed with due care by it hereunder.

Section 6.04 Not Responsible for Recitals or Issuance of Debt Securities.

         The recitals contained herein and in the Debt Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Debt Securities or Coupons, if any, of any series. The
Trustee shall not be accountable for the use or application by the Company of
any Debt

                                       49
<PAGE>

Securities or the proceeds thereof. The Trustee assumes no responsibility for
the accuracy of any statements in any registration statement relating to the
Debt Securities.

Section 6.05 May Hold Debt Securities.

         The Trustee, any Paying Agent, the Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Debt Securities or 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, Paying Agent, Security Registrar or such other agent.

Section 6.06 Money Held in Trust.

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

Section 6.07 Compensation and Reimbursement.

         The Company agrees:

         (1) to pay in Dollars to the Trustee from time to time such
compensation in Dollars as the Company and the Trustee shall from time to time
agree in writing 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 in
Dollars the Trustee in Dollars upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in connection with
the administration of the trusts herein set forth (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 in Dollars the Trustee for, and to hold it harmless
against, any loss, liability, damage, claims or expense, including taxes (other
than taxes based upon, measured by or determined by income of the Trustee), of
any kind and nature whatsoever incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of
this trust or performance of its duties 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 and in addition to its rights under Section 5.06, the Trustee shall
have a claim prior to the Debt Securities and Coupons, if any, upon all property
and funds held or collected by the Trustee as such, except funds held in trust
for the payment of amounts due on particular Debt Securities and Coupons. The
fees and expenses incurred by the Trustee in connection with any bankruptcy of
the Company shall constitute fees and expenses of administration; provided,
however, that this shall not affect the Trustee's rights as set forth in the
preceding sentence or Section 5.06.

                                       50
<PAGE>

Section 6.08 Disqualification; Conflicting Interests.

         (a) If the Trustee has or shall acquire any conflicting interest, as
defined in this Section with respect to the Debt Securities of any series, then,
within 90 days after ascertaining that it has such conflicting interest, and if
the default (as hereinafter defined) to which such conflicting interest relates
has not been cured or duly waived or otherwise eliminated before the end of such
90 day period, the Trustee shall either eliminate such conflicting interest or,
except as otherwise provided below, resign with respect to the Debt Securities
of such series, and the Company shall take prompt steps to have a successor
appointed, in the manner and with the effect hereinafter specified in this
Article.

         (b) In the event that the Trustee shall fail to comply with the
provisions of subsection (a) of this Section with respect to the Debt Securities
of any series, the Trustee shall, within 10 days after the expiration of such 90
day period, transmit to all Holders of Debt Securities of such series notice of
such failure.

         Notice given pursuant to this Section 6.08(b) with respect to
Registered Securities shall be transmitted by mail:

                  (1) to all Registered Holders, as the names and addresses of
         the Registered Holders appear in the Security Register;

                  (2) to such Holders of Bearer Securities of any series as
         have, within two years preceding such transmission, filed their names
         and addresses with the Trustee for such series for that purpose;

                  (3) to each Holder of a Debt Security of any series whose name
         and address appear in the information preserved at the time by the
         Trustee in accordance with Section 7.02(a) of this Indenture; and

                  (4) to the Company.

         Notice given pursuant to this Section 6.08(b) with respect to Bearer
Securities shall be transmitted in the manner set forth in Section 1.05.

         (c) For the purposes of this Section, the Trustee shall be deemed to
have a conflicting interest with respect to the Debt Securities of any series,
if there shall exist an Event of Default (as such term is defined herein, but
exclusive of any period of grace or requirement of notice) or a default in the
payments referred to in Section 12.01 with respect to such Debt Securities and

                  (1) the Trustee is trustee under this Indenture with respect
         to the Outstanding Debt Securities of any series other than that series
         or is trustee under another indenture under which any other securities,
         or certificates of interest or participation in any other securities,
         of the Company are outstanding, unless such other indenture is a
         collateral trust indenture under which the only collateral consists of
         Debt Securities issued under this Indenture, provided that there shall
         be excluded from the operation of this paragraph this Indenture with
         respect to the Debt Securities of any series other than that series and

                                       51
<PAGE>

         any other indenture or indentures under which other securities, or
         certificates of interest or participation in other securities, of the
         Company are outstanding, if

                           (i) this Indenture and such other indenture or
                  indentures (and all series of securities issuable thereunder)
                  are wholly unsecured and rank equally and such other indenture
                  or indentures are hereafter qualified under the Trust
                  Indenture Act, unless the Commission shall have found and
                  declared by order pursuant to Section 305(b) or Section 307(c)
                  of the Trust Indenture Act that differences exist between the
                  provisions of this Indenture with respect to the Debt
                  Securities of such series and one or more other series or the
                  provisions of such other indenture or indentures which are so
                  likely to involve a material conflict of interest as to make
                  it necessary, in the public interest or for the protection of
                  investors to disqualify the Trustee from acting as such under
                  this Indenture with respect to the Debt Securities of such
                  series and such other series or under such other indenture or
                  indentures, or

                           (ii) the Company shall have sustained the burden of
                  proving, on application to the Commission and after
                  opportunity for hearing thereon, that trusteeship under this
                  Indenture with respect to the Debt Securities of such series
                  and such other series or such other indenture or indentures is
                  not so likely to involve a material conflict of interest as to
                  make it necessary in the public interest or for the protection
                  of investors to disqualify the Trustee from acting as such
                  under this Indenture with respect to the Debt Securities of
                  such series and such other series or under such other
                  indenture or indentures;

                  (2) the Trustee or any of its directors or executive officers
         is an underwriter for the Company;

                  (3) the Trustee directly or indirectly controls or is directly
         or indirectly controlled by or is under direct or indirect common
         control with an underwriter for the Company;

                  (4) the Trustee or any of its directors or executive officers
         is a director, officer, partner, employee, appointee or representative
         of the Company, or of an underwriter (other than the Trustee itself)
         for the Company who is currently engaged in the business of
         underwriting, except that (i) one individual may be a director or an
         executive officer, or both, of the Trustee and a director or an
         executive officer, or both, of the Company but may not be at the same
         time an executive officer of both the Trustee and the Company; (ii) if
         and so long as the number of directors of the Trustee in office is more
         than nine, one additional individual may be a director or an executive
         officer, or both, of the Trustee and a director of the Company; and
         (iii) the Trustee may be designated by the Company or by any
         underwriter for the Company to act in the capacity of transfer agent,
         registrar, custodian, paying agent, fiscal agent, escrow agent, or
         depositary or in any other similar capacity, or, subject to the
         provisions of paragraph (1) of this subsection, to act as trustee,
         whether under an indenture or otherwise;

                                       52
<PAGE>

                  (5) 10% or more of the voting securities of the Trustee is
         beneficially owned either by the Company or by any director, partner or
         executive officer thereof, or 20% or more of such voting securities is
         beneficially owned, collectively, by any two or more of such persons;
         or 10% or more of the voting securities of the Trustee is beneficially
         owned either by an underwriter for the Company or by any director,
         partner or executive officer thereof or is beneficially owned,
         collectively, by any two or more such persons;

                  (6) the Trustee is the beneficial owner of, or holds as
         collateral security for an obligation which is in default (as
         hereinafter in this subsection defined), (i) 5% or more of the voting
         securities, or 10% or more of any other class of security, of the
         Company not including the Debt Securities issued under this Indenture
         and securities issued under any other indenture under which the Trustee
         is also trustee, or (ii) 10% or more of any class of security of an
         underwriter for the Company;

                  (7) the Trustee is the beneficial owner of or holds as
         collateral security for an obligation which is in default, 5% or more
         of the voting securities of any person who, to the knowledge of the
         Trustee, owns 10% or more of the voting securities of, or controls
         directly or indirectly or is under direct or indirect common control
         with, the Company;

                  (8) the Trustee is the beneficial owner of or holds as
         collateral security for an obligation which is in default, 10% or more
         of any class of security of any person who, to the knowledge of the
         Trustee, owns 50% or more of the voting securities of the Company;

                  (9) the Trustee owns, on the date of such Event of Default or
         any anniversary of such Event of Default while such Event of Default
         remains outstanding, in the capacity of executor, administrator,
         testamentary or inter vivos trustee, guardian, committee or
         conservator, or in any other similar capacity, an aggregate of 25% or
         more of the voting securities, or of any class of security, of any
         person, the beneficial ownership of a specified percentage of which
         would have constituted a conflicting interest under paragraph (6), (7)
         or (8) of this subsection. As to any such securities of which the
         Trustee acquired ownership through becoming executor, administrator or
         testamentary trustee of an estate which included them, the provisions
         of the preceding sentence shall not apply, for a period of not more
         than two years from the date of such acquisition, to the extent that
         such securities included in such estate do not exceed 25% of such
         voting securities or 25% of any such class of security. Promptly after
         the dates of any such Event of Default and annually in each succeeding
         year that such Event of Default continues, the Trustee shall make a
         check of its holdings of such securities in any of the abovementioned
         capacities as of such dates. If the Company fails to make payment in
         full of the principal of (or premium, if any) or interest on any of the
         Debt Securities when and as the same becomes due and payable, and such
         failure continues for 30 days thereafter, the Trustee shall make a
         prompt check of its holdings of such securities in any of the
         abovementioned capacities as of the date of the expiration of such 30
         day period, and after such date, notwithstanding the foregoing
         provisions of this paragraph, all such securities so held by the
         Trustee, with sole or joint control over such securities vested in it,
         shall be considered as though beneficially owned by the Trustee for the
         purposes of paragraphs (6), (7) and (8) of this subsection; or

                                        53
<PAGE>

                  (10) except under the circumstances described in paragraph
         (1), (3), (4), (5) or (6) of Section 6.13(b) of this Indenture, the
         Trustee shall be or shall become a creditor of the Company.

         For the purposes of paragraph (1) of this subsection, the term "series
of securities" or "series" means a series, class or group of securities issuable
under an indenture pursuant to whose terms holders of one such series may vote
to direct the Trustee, or otherwise take action pursuant to a vote of such
holders, separately from holders of another series; provided, that "series of
securities" or "series" shall not include any series of securities issuable
under an indenture if all such series rank equally and are wholly unsecured.

         The specification of percentages in paragraphs (5) to (9), inclusive,
of this subsection shall not be construed as indicating that the ownership of
such percentages of the securities of a person is or is not necessary or
sufficient to constitute direct or indirect control for the purposes of
paragraph (3) or (7) of this subsection.

         For the purposes of paragraphs (6), (7), (8) and (9) of this subsection
only, (i) the terms "security" and "securities" shall include only such
securities as are generally known as corporate securities, but shall not include
any note or other evidence of indebtedness issued to evidence an obligation to
repay moneys lent to a person by one or more banks, trust companies or banking
firms, or any certificate of interest or participation in any such note or
evidence of indebtedness; (ii) an obligation shall be deemed to be "in default"
when a default in payment of principal shall have continued for 30 days or more
and shall not have been cured; and (iii) the Trustee shall not be deemed to be
the owner or holder of (A) any security which it holds as collateral security,
as trustee or otherwise, for an obligation which is not in default as defined in
clause (ii) above, or (B) any security which it holds as collateral security
under this Indenture, irrespective of any default hereunder, or (C) any security
which it holds as agent for collection, or as custodian, escrow agent or
depositary, or in any similar representative capacity.

          (d) For the purposes of this Section:

                  (1) The term "underwriter" when used with reference to the
          Company means every person who, within one year prior to the time as
          of which the determination is made, has purchased from the Company
          with a view to, or has offered or sold for the Company in connection
          with, the distribution of any security of the Company outstanding at
          such time, or has participated or has had a direct or indirect
          participation in any such undertaking, or has participated or has had
          a participation in the direct or indirect underwriting of any such
          undertaking, but such term shall not include a person whose interest
          was limited to a commission from an underwriter or dealer not in
          excess of the usual and customary distributors' or sellers'
          commission.

                  (2) The term "director" means any director of a corporation,
          or any individual performing similar functions with respect to any
          organization whether incorporated or unincorporated.

                  (3) The term "person" means an individual, a corporation, a
          partnership, an association, a joint stock company, a trust, an
          estate, an unincorporated organization, or a

                                        54
<PAGE>

         government or political subdivision thereof. As used in this paragraph,
         the term "trust" shall include only a trust where the interest or
         interests of the beneficiary or beneficiaries are evidenced by a
         security.

         (4) The term "voting security" means any security presently entitling
the owner or holder thereof to vote in the direction or management of the
affairs of a person, or any security issued under or pursuant to any trust,
agreement or arrangements whereby a trustee or trustees or agent or agents for
the owner or holder of such security are presently entitled to vote in the
direction or management of the affairs of a person.

         (5) The term "Company" means any obligor upon the Debt Securities of
any series.

         (6) The term "executive officer" means the president, every vice
president, every trust officer, the cashier, the secretary, and the treasurer of
a corporation, and any individual customarily performing similar functions with
respect to any organization, whether incorporated or unincorporated, but shall
not include the chairman of the board of directors.

         (e) The percentages of voting securities and other securities specified
in this Section shall be calculated in accordance with the following provisions:

                  (1) A specified percentage of the voting securities of the
         Trustee, the Company or any other person referred to in this Section
         (each of whom is referred to as a "person" in this paragraph) means
         such amount of the outstanding voting securities of such person as
         entitles the holder or holders thereof to cast such specified
         percentage of the aggregate votes which the holders of all the
         outstanding voting securities of such person are entitled to cast in
         the direction or management of the affairs of such person.

                  (2) A specified percentage of a class of securities of a
         person means such percentage of the aggregate amount of securities of
         the class outstanding.

                  (3) The term "amount," when used with regard to securities,
         means the principal amount if relating to evidences of indebtedness,
         the number of shares if relating to capital shares, and the number of
         units if relating to any other kind of security.

                  (4) The term "outstanding" means issued and not held by or for
         the account of the issuer. The following securities shall not be deemed
         outstanding within the meaning of this definition:

                           (i) securities of an issuer held in a sinking fund
                  relating to securities of the issuer of the same class;

                           (ii) securities of an issuer held in a sinking fund
                  relating to another class of securities of the issuer, if the
                  obligation evidenced by such other class of securities is not
                  in default as to principal or interest or otherwise;

                           (iii) securities pledged by the issuer thereof as
                  security for an obligation of the issuer not in default as to
                  principal or interest or otherwise; and

                                        55
<PAGE>

                           (iv) securities held in escrow if placed in escrow by
                  the issuer thereof;

         provided, however, that any voting securities of an issuer shall be
         deemed outstanding if any person other than the issuer is entitled to
         exercise the voting rights thereof.

                  (5) A security shall be deemed to be of the same class as
         another security if both securities confer upon the holder or holders
         thereof substantially the same rights and privileges; provided,
         however, that, in the case of secured evidences of indebtedness, all of
         which are issued under a single indenture, differences in the interest
         rates or maturity dates of various series thereof shall not be deemed
         sufficient to constitute such series different classes; and provided,
         further, that, in the case of unsecured evidences of indebtedness,
         differences in the interest rates or maturity dates thereof shall not
         be deemed sufficient to constitute them securities of different
         classes, whether or not they are issued under a single indenture.

         (f) Except in the case of a default in the payment of the principal of
or interest on any Debt Security of any series, or in the payment of any sinking
or purchase fund installment, the Trustee shall not be required to resign as
provided by this Section if the Trustee shall have sustained the burden of
proving, on application to the Commission and after opportunity for hearing
thereon, that:

                  (1) the Event of Default or default in the payments referred
         to in Section 12.01 may be cured or waived during a reasonable period
         and under the procedures described in such application; and

                  (2) a stay of the Trustee's duty to resign will not be
         inconsistent with the interests of Holders of the Debt Securities.

         The filing of such an application shall automatically stay the
performance of the duty to resign until the Commission orders otherwise.

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 of
America, any State thereof, the Commonwealth 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, State, Commonwealth or District of Columbia authority
and eligible to act as Trustee hereunder in compliance with Section 310(a)(1) of
the Trust Indenture Act. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, 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. Neither the Company nor any person directly or indirectly
controlling, controlled by, or under common control with the Company shall serve
as Trustee upon any Debt Securities.

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<PAGE>

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 under Section 6.11.

         (b) The Trustee may resign at any time with respect to the Debt
Securities of one or more series by giving written notice thereof to the
Company. If an instrument of acceptance by a successor Trustee 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 Debt
Securities of such series.

         (c) The Trustee may be removed at any time with respect to the Debt
Securities of any series, and a successor Trustee appointed, by Act of the
Holders of a majority in principal amount of the Outstanding Debt 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(a) with
         respect to the Debt Securities of any series after written request
         therefor by the Company or by any Holder who has been a bona fide
         Holder of a Debt Security of such series for at least six months, or

                  (2) the Trustee shall cease to be eligible under Section 6.09
         with respect to the Debt Securities of any series and shall fail to
         resign after written request therefor by the Company or by any such
         Holder, or

                  (3) the Trustee shall become incapable of acting or shall be
         adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
         property shall be appointed or any public officer shall take charge or
         control of the Trustee or of its property or affairs for the purpose of
         rehabilitation, conservation or liquidation, then, in any such case,
         (i) the Company by a Board Resolution may remove the Trustee with
         respect to all Debt Securities, or (ii) subject to Section 5.14, any
         Holder who has been a bona fide Holder of a Debt Security of any series
         for at least six months may, on behalf of himself and all others
         similarly situated, petition any court of competent jurisdiction for
         the removal of the Trustee and the appointment of a successor Trustee
         for the Debt Securities of such series.

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

                                        57
<PAGE>

shall be appointed by Act of the Holders of a majority in principal amount of
the Outstanding Debt Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to the
Debt Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Debt Securities of any series shall have been so appointed by the Company or the
Holders of such series and accepted appointment in the manner hereinafter
provided, the resigning Trustee or any Holder who has been a bona fide Holder of
a Debt Security of such series for at least six months may, subject to Section
5.14, 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 Debt Securities of such series.

         (f) The Company shall give notice of each resignation and each removal
of the Trustee with respect to the Debt Securities of any series and each
appointment of a successor Trustee with respect to the Debt Securities of any
series in the manner and to the extent provided in Section 1.05 to the Holders
of Debt Securities of such series. Each notice shall include the name of the
successor Trustee with respect to the Debt Securities of such series and the
address of its corporate trust office.

Section 6.11 Acceptance of Appointment by Successor.

         (a) In the case of an appointment hereunder of a successor Trustee with
respect to all Debt Securities, each such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee, but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 6.07.

         (b) In case of the appointment hereunder of a successor Trustee with
respect to the Debt Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Debt
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
Debt 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 Debt 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 Debt 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 any

                                        58
<PAGE>

such supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any other trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of
any 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 the rights, powers, trusts and duties of the retiring Trustee
with respect to the Debt 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 Debt Securities of that or those series to
which the appointment of such successor Trustee relates.

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

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

Section 6.12 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 of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that 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 Debt 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 Debt Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such
Debt Securities. In case any Debt Securities shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Debt Securities, in either its own name or that of its predecessor
Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

Section 6.13 Preferential Collection of Claims Against Company.

         (a) Subject to subsection (b) of this Section, if the Trustee shall be
or shall become a creditor, directly or indirectly, secured or unsecured, of the
Company within three months prior to a default, as defined in subsection (c) of
this Section, or subsequent to such default, then, unless and until such default
shall be cured, the Trustee shall set apart and hold in a special account for
the benefit of the Trustee individually, the Holders of the Debt Securities and
of the Coupons, if any, and the holders of other indenture securities (as
defined in subsection (c) of this Section):

                                        59
<PAGE>

                  (1) an amount equal to any and all reductions in the amount
         due and owing upon any claim as such creditor in respect of principal
         or interest, effected after the beginning of such three-month period
         and valid as against the Company and its other creditors, except any
         such reduction resulting from the receipt or disposition of any
         property described in paragraph (2) of this subsection, or from the
         exercise of any right of set-off which the Trustee could have exercised
         if a voluntary or involuntary case had been commenced in respect of the
         Company under the Federal bankruptcy laws, as now or hereafter
         constituted, or any other applicable Federal, State or Commonwealth
         bankruptcy, insolvency or other similar law upon the date of such
         default; and

                  (2) all property received by the Trustee in respect of any
         claim as such creditor, either as security therefor, or in satisfaction
         or composition thereof, or otherwise, after the beginning of such
         three-month period, or an amount equal to the proceeds of any such
         property, if disposed of, subject, however, to the rights, if any, of
         the Company and its other creditors in such property or such proceeds.

         Nothing herein contained, however, shall affect the right of the
Trustee:

                  (A) to retain for its own account (i) payments made on account
         of any such claim by any Person (other than the Company) who is liable
         thereon, and (ii) the proceeds of the bona fide sale of any such claim
         by the Trustee to a third Person, and (iii) distributions made in cash,
         securities or other property in respect of claims filed against the
         Company in bankruptcy or receivership or in proceedings or
         reorganization pursuant to the Federal bankruptcy laws, as now or
         hereafter constituted, or any other applicable Federal, State or
         Commonwealth bankruptcy, insolvency or other similar law;

                  (B) to realize, for its own account, upon any property held by
         it as security for any such claim, if such property was so held prior
         to the beginning of such three-month period;

                  (C) to realize, for its own account, but only to the extent of
         the claim hereinafter mentioned, upon any property held by it as
         security for any such claim, if such claim was created after the
         beginning of such three-month period and such property was received as
         security therefor simultaneously with the creation thereof, and if the
         Trustee shall sustain the burden of proving that at the time such
         property was so received the Trustee had no reasonable cause to believe
         that a default, as defined in subsection (c) of this Section, would
         occur within three months, or

                  (D) to receive payment on any claim referred to in paragraph
         (B) or (C) against the release of any property held as security for
         such claim as provided in paragraph (B) or (C), as the case may be, to
         the extent of the fair value of such property.

         For the purposes of paragraphs (B), (C) and (D), property substituted
after the beginning of such three-month period for property held as security at
the time of such substitution shall, to the extent of the fair value of the
property released, have the same status as the property released, and, to the
extent that any claim referred to in any of such paragraphs is created in
renewal of or

                                        60
<PAGE>

in substitution for or for the purpose of repaying or refunding any pre-existing
claim of the Trustee as such creditor, such claim shall have the same status as
such pre-existing claim.

         If the Trustee shall be required to account, the funds and property
held in such special account and the proceeds thereof shall be apportioned among
the Trustee, the Holders and the holders of other indenture securities in such
manner that the Trustee, the Holders and the holders of other indenture
securities realize, as a result of payments from such special account and
payments of dividends on claims filed against the Company in bankruptcy or
receivership or in proceedings for reorganization pursuant to the Federal
bankruptcy laws, as now or hereafter constituted or any other applicable
Federal, State or Commonwealth bankruptcy, insolvency or other similar law, the
same percentage of their respective claims, figured before crediting to the
claim of the Trustee anything on account of the receipt by it from the Company
of the funds and property in such special account and before crediting to the
respective claims of the Trustee and the Holders and the holders of other
indenture securities dividends on claims filed against the Company in bankruptcy
or receivership or in proceedings for reorganization pursuant to the Federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
Federal, State or Commonwealth bankruptcy, insolvency or other similar law, but
after crediting thereon receipts on account of the indebtedness represented by
their respective claims from all sources other than from such dividends and from
the funds and property so held in such special account. As used in this
paragraph, with respect to any claim, the term "dividends" shall include any
distribution with respect to such claim, in bankruptcy or receivership or
proceedings for reorganization pursuant to the Federal bankruptcy laws, as now
or hereafter constituted, or any other applicable Federal, State or Commonwealth
bankruptcy, insolvency or other similar law, whether such distribution is made
in cash, securities, or other property, but shall not include any such
distribution with respect to the secured portion, if any, of such claim. The
court in which such bankruptcy, receivership or proceedings for reorganization
is pending shall have jurisdiction (i) to apportion among the Trustee and the
Holders and the holders of other indenture securities, in accordance with the
provisions of this paragraph, the funds and property held in such special
account and proceeds thereof, or (ii) in lieu of such apportionment, in whole or
in part, to give to the provisions of this paragraph due consideration in
determining the fairness of the distributions to be made to the Trustee and the
Holders and the holders of other indenture securities with respect to their
respective claims, in which event it shall not be necessary to liquidate or to
appraise the value of any securities or other property held in such special
account or as security for any such claim, or to make a specific allocation of
such distributions as between the secured and unsecured portions of such claim,
or otherwise to apply the provisions of this paragraph as a mathematical
formula.

         Any Trustee which has resigned or been removed after the beginning of
such three-month period shall be subject to the provisions of this subsection as
though such resignation or removal had not occurred. If any Trustee has resigned
or been removed prior to the beginning of such three-month period, it shall be
subject to the provisions of this subsection if and only if the following
conditions exist:

                  (i) the receipt of property or reduction of claim, which would
         have given rise to the obligation to account, if such Trustee had
         continued as Trustee, occurred after the beginning of such three-month
         period; and

                                        61
<PAGE>

                  (ii) such receipt of property or reduction of claim occurred
         within three months after such resignation or removal.

         (b) There shall be excluded from the operation of subsection (a) of
this Section a creditor relationship arising from:

                  (1) the ownership or acquisition of securities issued under
         any indenture, or any security or securities having a maturity of one
         year or more at the time of acquisition by the Trustee;

                  (2) advances authorized by a receivership or bankruptcy court
         of competent jurisdiction or by this Indenture, for the purpose of
         preserving any property which shall at any time be subject to the Lien
         of this Indenture or of discharging tax liens or other prior liens or
         encumbrances thereon, if notice of such advances and of the
         circumstances surrounding the making thereof is given to the Holders at
         the time and in the manner provided in this Indenture;

                  (3) disbursements made in the ordinary course of business in
         the capacity of trustee under an indenture, transfer agent, registrar,
         custodian, paying agent, fiscal agent or depositary, or other similar
         capacity;

                  (4) an indebtedness created as a result of services rendered
         or premises rented, or an indebtedness created as a result of goods or
         securities sold in a cash transaction as defined in subsection (c) of
         this Section;

                  (5) the ownership of stock or of other securities of a
         corporation organized under the provisions of Section 25(a) of the
         Federal Reserve Act, as amended, which is directly or indirectly a
         creditor of the Company; and

                  (6) The acquisition, ownership, acceptance or negotiation of
         any drafts, bills of exchange, acceptances or obligations which fall
         within the classification of self-liquidating paper as defined in
         subsection (c) of this Section.

         (c) For the purposes of this Section only:

                  (1) The term "default" means any failure to make payment in
         full of the principal of or interest on any of the Debt Securities or
         upon the other indenture securities when and as such principal or
         interest becomes due and payable.

                  (2) The term "other indenture securities" means securities
         upon which the Company is an obligor outstanding under any other
         indenture (i) under which the Trustee is also trustee, (ii) which
         contains provisions substantially similar to the provisions of this
         Section, and (iii) under which a default exists at the time of the
         apportionment of the funds and property held in such special account.

                  (3) The term "cash transaction" means any transaction in which
         full payment for goods or securities sold is made within seven days
         after delivery of the goods or

                                       62

<PAGE>

         securities in currency or in checks or other orders drawn upon banks
         and payable upon demand.

                  (4) The term "self-liquidating paper" means any draft, bill of
         exchange, acceptance or obligation which is made, drawn, negotiated or
         incurred by the Company for the purpose of financing the purchase,
         processing, manufacturing, shipment, storage or sale of goods, wares or
         merchandise and which is secured by documents evidencing title to,
         possession of, or a lien upon, the goods, wares or merchandise or the
         receivables or proceeds arising from the sale of the goods, wares or
         merchandise previously constituting the security, provided the security
         is received by the Trustee simultaneously with the creation of the
         creditor relationship with the Company arising from the making,
         drawing, negotiating or incurring of the draft, bill of exchange,
         acceptance or obligation.

                  (5) The term "Company" means any obligor upon the Debt
         Securities.

Section 6.14 Appointment of Authenticating Agent.

         As long as any Debt Securities of a series remain Outstanding, upon a
Company Request, there shall be an authenticating agent (the "Authenticating
Agent") appointed, for such period as the Company shall elect, by the Trustee
for such series of Debt Securities to act as its agent on its behalf and subject
to its direction in connection with the authentication and delivery of each
series of Debt Securities for which it is serving as Trustee. Debt Securities of
each such series authenticated by such Authenticating Agent shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by such Trustee. Wherever reference is made in this
Indenture to the authentication and delivery of Debt Securities of any series by
the Trustee for such series or to the Trustee's Certificate of Authentication,
such reference shall be deemed to include authentication and delivery on behalf
of the Trustee for such series by an Authenticating Agent for such series and a
Certificate of Authentication executed on behalf of such Trustee by such
Authenticating Agent. Such Authenticating Agent shall at all times be a
corporation organized and doing business under the laws of the United States of
America or of any State or the Commonwealth, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $5,000,000 and subject to supervision or examination by Federal, State or
Commonwealth authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for 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 any 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 any Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of any Authenticating Agent, shall continue to be the Authenticating Agent with
respect to all series of Debt Securities for which it served as Authenticating
Agent without the execution or filing of any paper or any further act on the
part

                                       63
<PAGE>

of the Trustee for such series or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by
giving written notice of resignation to the applicable Trustee and to the
Company.

         Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.14 with respect to one or more
or all series of Debt Securities, the Trustee for such series shall upon Company
Request appoint a successor Authenticating Agent, and the Company shall provide
notice of such appointment to all Holders of Debt Securities of such series in
the manner and to the extent provided in Section 1.05. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as Authenticating Agent
herein. The Trustee for the Debt Securities of such series agrees to pay to the
Authenticating Agent for such series from time to time reasonable compensation
for its services, and the Trustee shall be entitled to be reimbursed for such
payment, subject to the provisions of Section 6.07. The Authenticating Agent for
the Debt Securities of any series shall have no responsibility or liability for
any action taken by it as such in good faith and without negligence at the
direction of the Trustee for such series.

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

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

                                           ______________________________,
                                           As Trustee

Dated:                                     By: _________________________
                                                As Authenticating Agent

                                           By: __________________________
                                                 Authorized Signatory

                                  ARTICLE VII

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.01 Company to Furnish Trustee Names and Addresses of Holders.

         The Company will furnish or cause to be furnished to the Trustee with
respect to Registered Securities of each series for which it acts as Trustee:

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         (a) semi-annually on a date not more than 15 days after each Regular
Record Date with respect to an Interest Payment Date, if any, for the Registered
Securities of such series (or on semiannual dates in each year to be determined
pursuant to Section 3.01 if the Registered Securities of such series do not bear
interest), a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Registered Holders as of the date 15 days next
preceding each such Regular Record Date (or such semiannual dates, as the case
may be); and

         (b) at such other times as the Trustee may request in writing, within
15 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;

provided, however, that if and so long as the Trustee shall be the Security
Registrar for such series, no such list need be furnished.

         The Company shall also be required to furnish to the Trustee at all
such times set forth above all 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 Bearer Securities of all series; provided, however,
that the Company shall have no obligation to investigate any matter relating to
any Holders of Bearer Securities of any series.

Section 7.02 Preservation of Information; Communication to Holders.

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of Holders contained
in the most recent list furnished to the Trustee as provided in Section 7.01
received by it in the capacity of Paying Agent (if so acting) hereunder, and
filed with it within the two preceding years pursuant to Section 7.03(c)(2).

         The Trustee may destroy any list furnished to it as provided in Section
7.01 upon receipt of a new list so furnished, destroy any information received
by it as Paying Agent (if so acting) hereunder upon delivering to itself as
Trustee, not earlier than 45 days after an Interest Payment Date, a list
containing the names and addresses of the Holders obtained from such information
since the delivery of the next previous list, if any, destroy any list delivered
to itself as Trustee which was compiled from information received by it as
Paying Agent (if so acting) hereunder upon the receipt of a new list so
delivered, and destroy not earlier than two years after filing, any information
filed with it pursuant to Section 7.03(c)(2).

         (b) If three or more Holders (hereinafter referred to as "applicants")
apply in writing to the Trustee, and furnish to the Trustee reasonable proof
that each such applicant has owned a Debt Security for a period of at least six
months preceding the date of such application, and such application states that
the applicants desire to communicate with other Holders of Debt Securities of a
particular series (in which case the applicants must hold Debt Securities of
such series) or with all Holders of Debt Securities with respect to their rights
under this Indenture or under the Debt Securities and is accompanied by a copy
of the form of proxy or other communication which such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt of
such application, at its election, either

         (i) afford such applicants access to the information preserved at the
time by the Trustee in accordance with Section 7.02(a), or

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         (ii) inform such applicants as to the approximate number of Holders of
Debt Securities of such series or of all Debt Securities, as the case may be,
whose names and addresses appear in the information preserved at the time by the
Trustee in accordance with Section 7.02(a), and as to the approximate cost of
mailing to such Holders the form of proxy or other communication, specified in
such application.

         If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon written request of such applicants, mail to
the Holders of Debt Securities of such series or all Holders, as the case may
be, whose names and addresses appear in the information preserved at the time by
the Trustee in accordance with Section 7.02(a), a copy of the form of proxy or
other communication which is specified in such request, with reasonable
promptness after a tender to the Trustee of the material to be mailed and of
payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender, the Trustee shall mail to such
applicants and file with the Commission, together with a copy of the material to
be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interests of the Holders of
Debt Securities of such series or all Holders, as the case may be, or would be
in violation of applicable law. Such written statement shall specify the basis
of such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if after the entry of an order
sustaining one or more of such objections, the Commission shall find, after
notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall mail copies of
such material to all such Holders with reasonable promptness after the entry of
such order and the renewal of such tender; otherwise the Trustee shall be
relieved of any obligation or duty to such applicants respecting their
application.

         (c) Every Holder of Debt Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Holders in accordance with Section 7.02(b),
regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing of any material
pursuant to a request made under Section 7.02(b).

Section 7.03 Reports by Trustee.

         (a) Within 60 days after _____ ___of each year, commencing _____ __,
20___, the Trustee shall, to the extent required by the Trust Indenture Act,
transmit to all Holders of Debt Securities of any series with respect to which
it acts as Trustee, in the manner hereinafter provided in this Section 7.03, a
brief report dated as of such date with respect to any of the following events
which may have occurred within the previous 12 months (but if no such event has
occurred within such period no report need be transmitted):

                  (1) any change to its eligibility under Section 6.09 and its
         qualifications under Section 6.08;

                  (2) the creation of or any material change to a relationship
         specified in paragraph (1) through (10) of Section 6.08(c) of this
         Indenture;

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                  (3) the character and amount of any advances (and if the
         Trustee elects so to state, the circumstances surrounding the making
         thereof) made by the Trustee (as such) which remain unpaid on the date
         of such report, and for the reimbursement of which it claims or may
         claim a lien or charge, prior to that of the Debt Securities of such
         series, on any property or funds held or collected by it as Trustee,
         except that the Trustee shall not be required (but may elect) to report
         such advances if such advances so remaining unpaid aggregate not more
         than 1/2 of 1% of the principal amount of the Outstanding Debt
         Securities of such series on the date of such report;

                  (4) any change to the amount, interest rate and maturity date
         of all other indebtedness owing by the Company (or any other obligor on
         the Debt Securities of such series) to the Trustee in its individual
         capacity, on the date of such report, with a brief description of any
         property held as collateral security therefor, except an indebtedness
         based upon a creditor relationship arising in any manner described in
         Section 6.13(b)(2), (3), (4) or (6);

                  (5) any change to the property and funds, if any, physically
         in the possession of the Trustee as such on the date of such report;

                  (6) any additional issue of Debt Securities which the Trustee
         has not previously reported; and

                  (7) any action taken by the Trustee in the performance of its
         duties hereunder which it has not previously reported and which in its
         opinion materially affects the Debt Securities of such series, except
         action in respect of a default, notice of which has been or is to be
         withheld by the Trustee in accordance with Section 6.02.

         (b) The Trustee shall transmit by mail to all Holders of Debt
Securities of any series (whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 7.02 (a)) for
which it acts as the Trustee, as hereinafter provided, a brief report with
respect to the character and amount of any advances (and if the Trustee elects
so to state, the circumstances surrounding the making thereof) made by the
Trustee (as such) since the date of the last report transmitted pursuant to
subsection (a) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this Indenture) for the
reimbursement of which it claims or may claim a lien or charge, prior to that of
the Debt Securities of such series, on property or funds held or collected by it
as Trustee, and which it has not previously reported pursuant to this
subsection, except that the Trustee for each series shall not be required (but
may elect) to report such advances if such advances remaining unpaid at any time
aggregate 10% or less of the principal amount of the Debt Securities of such
series Outstanding at such time, such report to be transmitted within 90 days
after such time.

         (c) Reports pursuant to this Section 7.03 with respect to Registered
Securities shall be transmitted by mail:

                  (1) to all Holders of Registered Securities, as the names and
         addresses of such Holders of Registered Securities appear in the
         Security Register;

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                  (2) to such Holders of Bearer Securities of any series as
         have, within two years preceding such transmission, filed their names
         and addresses with the Trustee for such series for that purpose; and

                  (3) except in the cases of reports pursuant to subsection (b)
         of this Section 7.03, to each Holder of a Debt Security of any series
         whose name and address appear in the information preserved at the time
         by the Trustee in accordance with Section 7.02(a).

         Reports pursuant to this Section 7.03 with respect to Bearer Securities
shall be published in accordance with Section 1.05.

         (d) 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 Debt
Securities of such series are listed, with the Commission and also with the
Company. The Company will notify the Trustee when any series of Debt Securities
are listed on any stock exchange.

Section 7.04 Reports by Company.

         The Company will:

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

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

         (3) transmit to all Holders of Debt Securities, in the manner and to
the extent provided in Section 7.03, within 30 days after the filing thereof
with the Trustee, such summaries of any information, documents and reports
required to be filed by the Company pursuant to paragraphs (1) and (2) of this
Section as may be required by rules and regulations prescribed from time to time
by the Commission.

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                                  ARTICLE VIII

                             CONCERNING THE HOLDERS

Section 8.01 Acts of Holders.

         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 or proxy duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee, and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Whenever in this Indenture it is provided that
the Holders of a specified percentage in aggregate principal amount of the
Outstanding Debt Securities of any series may take any Act, the fact that the
Holders of such specified percentage have joined therein may be evidenced (a) by
the instrument or instruments executed by Holders in person or by agent or proxy
appointed in writing, or (b) by the record of Holders voting in favor thereof at
any meeting of such Holders duly called and held in accordance with the
provisions of Article Nine, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of Holders.

Section 8.02 Proof of Ownership; Proof of Execution of Instruments by Holder.

         The ownership of Registered Securities of any series shall be proved by
the Security Register for such series or by a certificate of the Security
Registrar for such series.

         The ownership of Bearer Securities shall be proved by production of
such Bearer Securities or by a certificate executed by any bank or trust
company, which certificate shall be dated and shall state that on the date
thereof a Bearer Security bearing a specified identifying number or other mark
was deposited with or exhibited to the person executing such certificate by the
person named in such certificate, or by any other proof of possession reasonably
satisfactory to the Trustee. The holding by the person named in any such
certificate of any Bearer Security specified therein shall be presumed to
continue for a period of one year unless at the time of determination of such
holding (1) another certificate bearing a later date issued in respect of the
same Bearer Security shall be produced, (2) such Bearer Security shall be
produced by some other person, (3) such Bearer Security shall have been
registered on the Security Register, if, pursuant to Section 3.01, such Bearer
Security can be so registered, or (4) such Bearer Security shall have been
canceled or paid.

         Subject to the provisions of Sections 6.01, 6.03 and 9.05, proof of the
execution of a writing appointing an agent or proxy and of the execution of any
instrument by a Holder or his agent or proxy shall be sufficient and conclusive
in favor of the Trustee and the Company if made in the following manner:

         The fact and date of the execution by any such person of any instrument
may be proved by the certificate of any notary public, or other officer
authorized to take acknowledgments of

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deeds, that the person executing such instrument acknowledged to him the
execution thereof, or by an affidavit of a witness to such execution sworn to
before any such notary or other such officer. Where such execution is by an
officer of a corporation or association or a member of a partnership on behalf
of such corporation, association or partnership, as the case may be, or by any
other person acting in a representative capacity, such certificate or affidavit
shall also constitute sufficient proof of his authority.

         The record of any Holders' meeting shall be proved in the manner
provided in Section 9.06.

         The Trustee may in any instance require further proof with respect to
any of the matters referred to in this Section so long as the request is a
reasonable one.

Section 8.03 Persons Deemed Owners.

         The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name any Registered Security is registered as the
owner of such Registered Security for the purpose of receiving payment of the
principal of (and premium, if any) and (subject to Section 3.07) interest, if
any, on such Registered Security and for all other purposes whatsoever, whether
or not such Registered Security be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the
contrary. The Company, the Trustee, and any agent of the Company or the Trustee
may treat the Holder of any Bearer Security or of any Coupon as the absolute
owner of such Bearer Security or Coupon for the purposes of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not such Bearer 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. All payments made to any Holder, or upon his order, shall be
valid, and, to the extent of the sum or sums paid, effectual to satisfy and
discharge the liability for moneys payable upon such Debt Security or Coupon.

Section 8.04 Revocation of Consents; Future Holders Bound.

         At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.01, of the taking of any Act by the Holders of the
percentage in aggregate principal amount of the Outstanding Debt Securities
specified in this Indenture in connection with such Act, any Holder of a Debt
Security the number, letter or other distinguishing symbol of which is shown by
the evidence to be included in the Debt Securities the Holders of which have
consented to such Act may, by filing written notice with the Trustee at the
Corporate Trust Office and upon proof of ownership as provided in Section 8.02,
revoke such Act so far as it concerns such Debt Security. Except as aforesaid,
any such Act taken by the Holder of any Debt Security shall be conclusive and
binding upon such Holder and, subject to the provisions of Section 5.08, upon
all future Holders of such Debt Security and all past, present and future
Holders of Coupons, if any, appertaining thereto and of any Debt Securities and
Coupons issued on transfer or in lieu thereof or in exchange or substitution
therefor, irrespective of whether or not any notation in regard thereto is made
upon such Debt Security or Coupons or such other Debt Securities or Coupons.

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                                   ARTICLE IX

                                HOLDERS' MEETINGS

Section 9.01 Purposes of Meetings.

         A meeting of Holders of any or all series may be called at any time and
from time to time pursuant to the provisions of this Article Nine for any of the
following purposes:

         (1) to give any notice to the Company or to the Trustee for such
series, or to give any directions to the Trustee for such series, or to consent
to the waiving of any default or Event of Default hereunder and its
consequences, or to take any other action authorized to be taken by Holders
pursuant to any of the provisions of Article Five;

         (2) to remove the Trustee for such series and appoint a successor
Trustee pursuant to the provisions of Article Six;

         (3) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 11.02; or

         (4) to take any other action authorized to be taken by or on behalf of
the Holders of any specified aggregate principal amount of the Outstanding Debt
Securities of any one or more or all series, as the case may be, under any other
provision of this Indenture or under applicable law.

Section 9.02 Call of Meetings by Trustee.

         The Trustee for any series may at any time call a meeting of Holders of
such series to take any action specified in Section 9.01, to be held at such
time or times and at such place or places as the Trustee for such series shall
determine. Notice of every meeting of the Holders 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 to Holders of such series in the
manner and to the extent provided in Section 1.05. Such notice shall be given
not less than 20 days nor more than 90 days prior to the date fixed for the
meeting.

Section 9.03 Call of Meetings by Company or Holders.

         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 Debt
Securities of a series or of all series, as the case may be, shall have
requested the Trustee for such series to call a meeting of Holders of any or all
such series by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have given the
notice of such meeting within 20 days after the receipt of such request, then
the Company or such Holders may determine the time or times and the place or
places for such meetings and may call such meetings to take any action
authorized in Section 9.01, by giving notice thereof as provided in Section
9.02.

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Section 9.04 Qualifications for Voting.

         To be entitled to vote at any meeting of Holders a Person shall be (a)
a Holder of a Debt Security of the series with respect to which such meeting is
being held or (b) a Person appointed by an instrument in writing as agent or
proxy by such Holder. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders shall be the Persons entitled to vote at such
meeting and their counsel and any representatives of the Trustee for the series
with respect to which such meeting is being held and its counsel and any
representatives of the Company and its counsel.

Section 9.05 Regulations.

         Notwithstanding any other provisions of this Indenture, the Trustee for
any series may make such reasonable regulations as it may deem advisable for any
meeting of Holders of such series, in regard to proof of the holding of Debt
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.

         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 such series as provided in Section 9.03, in which case
the Company or the Holders 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 a majority vote of the meeting.

         Subject to the provisos in the definition of "Outstanding," at any
meeting each Holder of a Debt Security of the series with respect to which such
meeting is being held or proxy therefor shall be entitled to one vote for each
$1,000 principal amount (or such other amount as shall be specified as
contemplated by Section 3.01) of Debt 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 Debt 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 other than by virtue of Outstanding Debt
Securities of such series held by him or instruments in writing duly designating
him as the person to vote on behalf of Holders of Debt Securities of such
series. Any meeting of Holders with respect to which a meeting was duly called
pursuant to the provisions of Section 9.02 or 9.03 may be adjourned from time to
time by a majority of such Holders present and the meeting may be held as so
adjourned without further notice.

Section 9.06 Voting.

         The vote upon any resolution submitted to any meeting of Holders with
respect to which such meeting is being held shall be by written ballots on which
shall be subscribed the signatures of such Holders or of their representatives
by proxy and the serial number or numbers of the Debt Securities 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 in duplicate of the proceedings of

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each meeting of Holders shall be taken 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 transmitted as provided in Section 9.02. The record shall show the
serial numbers of the Debt Securities voting in favor of or against any
resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Company and the other to the Trustee to be preserved by the
Trustee.

         Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

Section 9.07 No Delay of Rights by Meeting.

         Nothing contained in this Article Nine shall be deemed or construed to
authorize or permit, by reason of any call of a meeting of Holders or any rights
expressly or impliedly conferred hereunder to make such call, any hindrance or
delay in the exercise of any right or rights conferred upon or reserved to the
Trustee or to any Holder under any of the provisions of this Indenture or of the
Debt Securities of any series.

                                    ARTICLE X

                       CONSOLIDATION, MERGER, CONVEYANCE,
                                TRANSFER OR LEASE

Section 10.01 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 all or substantially all of its properties and
assets to any Person, and the Company shall not permit any Person to consolidate
with or merge into the Company or convey, transfer or lease all or substantially
all of its properties and assets to the Company, unless:

                  (1) in case the Company shall consolidate with or merge into
         another person or convey, transfer or lease all or substantially all of
         its properties and assets to any Person, 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, all or
         substantially all of the properties and assets of the Company shall be
         a corporation, partnership or trust, shall be organized and validly
         existing under the laws of the United States of America, any State
         thereof, the Commonwealth 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 premium, if any) and
         interest on all the Debt Securities and the performance of every
         covenant of this Indenture on the part of the Company to be performed
         or observed;

                  (2) immediately after giving effect to such transaction, no
         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

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                  (3) if, as a result of any such consolidation or merger or
         such conveyance, transfer or lease, properties or assets of the Company
         would become subject to a mortgage, pledge, lien, security interest or
         other encumbrance which would not be permitted by this Indenture, the
         Company or such successor Person, as the case may be, shall take such
         steps as shall be necessary effectively to secure the Debt Securities
         equally and ratably with (or prior to) all Indebtedness secured
         thereby; and

                  (4) 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, if a
         supplemental indenture is required in connection with such transaction,
         such supplemental indenture comply with this Article and that all
         conditions precedent herein provided for relating to such transaction
         have been complied with.

Section 10.02 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 substantially as an entirety in accordance with
Section 10.01, 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 Debt Securities.

                                   ARTICLE XI

                             SUPPLEMENTAL INDENTURES

Section 11.01 Supplemental Indentures Without Consent of Holders.

         Without prior notice to or the consent of any Holders, 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 Corporation to the rights of
the Company and the assumption by such successor of the covenants and other
obligations of the Company herein and in the Debt Securities and Coupons, if
any, contained; or

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

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         (3) to add any additional Events of Default (and if such Events of
Default are to be applicable to less than all series, stating that such Events
of Default are expressly being included solely to be applicable to such series);
or

         (4) to add or change any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Debt
Securities of any series in bearer form, registrable or not registrable, and
with or without Coupons, 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 the
issuance of Debt Securities of any series in uncertificated form, provided that
any such action shall not adversely affect the interests of the Holders of Debt
Securities of any series or any related Coupons in any material respect; or

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

         (6) to secure the Debt Securities; or

         (7) to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Article Four or Fifteen,
provided that any such action shall not adversely affect the interests of the
Holders of Debt Securities of such series or any other series of Debt Securities
or any related Coupons in any material respect; or

         (8) to establish the form or terms of Debt Securities and Coupons, if
any, of any series as permitted by Sections 2.01 and 3.01; or

         (9) to evidence and provide for the acceptance of appointment hereunder
by a successor Trustee with respect to one or more series of Debt Securities 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; or

         (10) to make provision with respect to the conversion rights of Holders
of Debt Securities of any series pursuant to the requirements of Section 17.04,
unless otherwise provided pursuant to Section 3.01; or

         (11) to cure any ambiguity, to correct or supplement any provision
herein which may be defective or inconsistent with any other provision herein,
to eliminate any conflict between the terms of this Indenture or the Debt
Securities and the Trust Indenture Act or to make any other provisions with
respect to matters or questions arising under this Indenture which shall not be
inconsistent with any provision of this Indenture; provided such other
provisions shall not adversely affect the interests of the Holders of
Outstanding Debt Securities or Coupons, if any, of any series created prior to
the execution of such supplemental indenture in any material respect; or

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         (12) to alter the provisions of Section 3.10 (e) hereof and establish
any other provisions in respect of Debt Securities issued in a Foreign Currency;
provided that any such change shall become effective only when there is no
Outstanding Debt Security or Coupon of any series created prior to the execution
of such supplemental indenture which is entitled to the benefit of such
provisions and as to which such supplemental indenture would apply.

Section 11.02 Supplemental Indentures With Consent of Holders.

         With the written consent of the Holders of not less than a majority in
principal amount of the Outstanding Debt Securities of each series affected by
such supplemental indenture voting separately, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders under this Indenture of such
Debt Securities or Coupons, if any; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Debt
Security of each such series affected thereby,

         (1) change the Stated Maturity of the principal of, or installment of
interest, if any, on, any Debt Security, or reduce the principal amount thereof
or the interest thereon or any premium payable upon redemption thereof, or
change the Stated Maturity of or reduce the amount of any payment to be made
with respect to any Coupon, or change the Currency or Currencies in which the
principal of (and premium, if any) or interest on such Debt Security is
denominated or payable, or reduce the amount of the principal of a Discount
Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.02, or adversely affect the right of
repayment or repurchase, if any, at the option of the Holder, or reduce the
amount of, or postpone the date fixed for, any payment under any sinking fund or
analogous provisions for any Debt Security, or impair the right to institute
suit for the enforcement of any payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date), or limit the
obligation of the Company to maintain a paying agency outside the United States
for payment on Bearer Securities as provided in Section 12.03; or

         (2) reduce the percentage in principal amount of the Outstanding Debt
Securities of any series, the consent of whose Holders is required for any
supplemental indenture, or the consent of whose Holders is required for any
waiver of compliance with certain provisions of this Indenture or certain
defaults or Events of Default hereunder and their consequences provided for in
this Indenture; or

         (3) modify any of the provisions of this Section, Section 5.13 or
Section 12.07, 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 Debt Security of each series affected
thereby; provided, however, that this clause shall not be deemed to require the
consent of any Holder with respect to changes in the references to "the Trustee"
and concomitant changes in this Section and Section 12.07, or the deletion of
this proviso, in accordance with the requirements of Sections 6.11 and 11.01(7);
or

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         (4) modify any of the provisions of this Indenture relating to the
subordination of the Debt Securities in a manner adverse to the Holders.

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

         A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture with respect to one or more particular series
of Debt Securities and Coupons, if any, or which modifies the rights of the
Holders of Debt Securities and Coupons 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 Debt Securities and Coupons, if any, of any other
series.

Section 11.03 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 and that all conditions have been met.
The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which adversely affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise in a material way.

Section 11.04 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 Debt Securities and Coupons theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby.

Section 11.05 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.

Section 11.06 Reference in Debt Securities to Supplemental Indentures.

         Debt Securities and Coupons, if any, 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 Debt Securities and Coupons of
any series so modified as to conform, in the opinion of the Trustee and the
Board of Directors, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Debt Securities and Coupons of such series.

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Section 11.07 Notice of Supplemental Indenture.

         Promptly after the execution by the Company and the appropriate Trustee
of any supplemental indenture pursuant to Section 11.02, the Company shall
transmit, in the manner and to the extent provided in Section 1.05, to all
Holders of any series of the Debt Securities affected thereby, a notice setting
forth in general terms the substance of such supplemental indenture.

Section 11.08 Effect on Senior Indebtedness.

         No supplemental indenture entered into under this Article 11 shall
modify, directly or indirectly, the provisions of Article Sixteen or the
definition of Senior Indebtedness in Section 1.01 in any manner that might alter
or impair the subordination of the Debt Securities with respect to the Senior
Indebtedness then outstanding, unless each holder of such Senior Indebtedness
has consented thereto in writing.

                                   ARTICLE XII

                                    COVENANTS

Section 12.01 Payment of Principal, Premium and Interest.

         The Company covenants and agrees for the benefit of each series of Debt
Securities and Coupons, if any, that it will duly and punctually pay the
principal of (and premium, if any) and interest on the Debt Securities in
accordance with the terms of the Debt Securities, the Coupons and this
Indenture. Unless otherwise specified as contemplated by Section 3.01 with
respect to any series of Debt Securities or except as otherwise provided in
Section 3.06, 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. If so
provided in the terms of any series of Debt Securities established as provided
in Section 3.01, the interest, if any, due in respect of any temporary Global
Note or permanent Global Note, together with any additional amounts payable in
respect thereof, as provided in the terms and conditions of such Debt Security,
shall be payable only upon presentation of such Debt Security to the Trustee for
notation thereon of the payment of such interest.

Section 12.02 Officer's Certificate as to Default.

         The Company will deliver to the Trustee, on or before a date not more
than four months after the end of each fiscal year of the Company (which on the
date hereof is the calendar year) ending after the date hereof, a certificate of
the principal executive officer, principal financial officer or principal
accounting officer of the Company stating whether or not to the best knowledge
of the signer thereof the Company is in compliance with all covenants and
conditions under this Indenture, and, if the Company shall be in default,
specifying all such defaults and the nature thereof of which such signer may
have knowledge. For purposes of this Section, such compliance shall be
determined without regard to any period of grace or requirement of notice
provided under this Indenture.

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Section 12.03 Maintenance of Office or Agency.

         If Debt Securities of a series are issuable only as Registered
Securities, the Company will maintain or cause to be maintained in each Place of
Payment for such series an office or agency where Debt Securities of that series
may be presented or surrendered for payment, where Debt Securities of that
series may be surrendered for registration of transfer or exchange or
redemption, and where notices and demands to or upon the Company in respect of
the Debt Securities of that series and this Indenture may be served. If Debt
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City and State of New York, an
office or agency where any Registered Securities of that series, if any, may be
presented or surrendered for payment, where any Registered Securities of that
series, if any, may be surrendered for registration of transfer, where Debt
Securities of that series may be surrendered for exchange or redemption, where
Debt Securities of that series that are convertible may be surrendered for
conversion, where notices and demands to or upon the Company in respect of the
Debt 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 Bearer Securities of that series and related Coupons may
be presented and surrendered for payment (including payment of any additional
amounts payable on Debt Securities of that series, if so provided pursuant to
Section 3.01); provided, however, that if the Debt Securities of that series are
listed on The Stock Exchange of the United Kingdom and the Republic of Ireland,
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 Debt 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 Debt 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 located outside the United States an office or
agency where any Registered Securities of that series may be surrendered for
registration of transfer, where Debt Securities of that series may be
surrendered for exchange and redemption, and where notices and demands to or
upon the Company in respect of the Debt Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the
Trustee of the locations, and any change in the locations, of such offices or
agencies. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, except that Bearer Securities of that
series and the related Coupons may be presented and surrendered for payment at
the offices specified in the applicable Debt Security, and the Company hereby
appoints the Trustee, or in the case of Bearer Securities, such other agent as
is specified pursuant to Section 3.01, as its agent to receive all
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 Debt Securities of a series are denominated and payable in Dollars, payment
of principal of and any premium and interest on any Bearer Security (including

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any additional amounts payable on Securities of such series, if so provided
pursuant to Section 3.01) shall be made at the office of the Trustee or the
Company's Paying Agent in the Borough of Manhattan, The City and State 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 different or
additional offices or agencies to be maintained for such purposes (in or outside
of such Place of Payment), and may from time to time rescind any such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligations described in the preceding
paragraph. The Company will give prompt written notice to the Trustee of any
such additional designation or rescission of designation and any change in the
location of any such different or additional office or agency.

Section 12.04 Money for Debt 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 Debt Securities and Coupons, if any, it will, on or
before each due date of the principal of (and premium, if any) or interest on
any of the Debt Securities of such series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal
(and premium, if any) 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 so to act.

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

         The Company will cause each Paying Agent with respect to any series of
Debt Securities other than 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:

         (1) hold all sums held by it for the payment of the principal of (and
premium, if any) or interest on Debt Securities of such series in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided;

         (2) give the Trustee notice of any default by the Company (or any other
obligor upon the Debt Securities of such series) in the making of any payment of
principal (and premium, if any) or interest on the Debt Securities of such
series; and

         (3) at any time during the continuance of any such default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such Paying Agent.

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         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.

         Subject to any applicable abandoned property law, 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 premium, if any) or interest on any Debt
Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be
paid to the Company upon Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Debt Security or Coupon
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may, in its sole
discretion, at the expense of the Company cause to be transmitted in the manner
and to the extent provided by Section 1.05, 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 notification, any unclaimed balance of such money
then remaining will be repaid to the Company.

Section 12.05 Corporate Existence.

         Subject to the provisions of Article Ten, the Company will do or cause
to be done all things necessary to preserve and keep in full force and effect
its corporate existence, rights (charter and statutory) and franchises;
provided, however, that the Company shall not be required to preserve any such
right or franchise if the Company shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company.

Section 12.06 Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Section 12.05 (and, if so specified
pursuant to Section 3.01, any other covenant not set forth herein and specified
pursuant to Section 3.01 to be applicable to the Debt Securities of any series,
except as otherwise provided pursuant to Section 3.01) with respect to the Debt
Securities of any series if before the time for such compliance the Holders of
at least a majority in principal amount of the Outstanding Debt 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 expressly so 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.

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                                  ARTICLE XIII

                          REDEMPTION OF DEBT SECURITIES

Section 13.01 Applicability of Article.

         Debt Securities of any series which are redeemable before their
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified pursuant to Section 3.01 for Debt Securities of any series)
in accordance with this Article.

Section 13.02 Election to Redeem; Notice to Trustee.

         The election of the Company to redeem (or, in the case of Discount
Securities, to permit the Holders to elect to surrender for redemption) any Debt
Securities shall be evidenced by a Board Resolution. In case of any redemption
at the election of the Company of less than all of the Debt Securities of any
series pursuant to Section 13.03, the Company shall, at least 60 days before the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Debt Securities of such series to be redeemed. In the
case of any redemption of Debt Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Debt Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restrictions.

Section 13.03 Selection by Trustee or Authorized Agent of Debt Securities to Be
Redeemed.

         Except in the case of a redemption in whole of the Bearer Securities or
the Registered Securities of such series, if less than all the Debt Securities
of any series are to be redeemed at the election of the Company, the particular
Debt Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustee or agent authorized pursuant to Section 3.01,
from the Outstanding Debt 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 Debt Securities of such series or any
integral multiple thereof) of the principal amount of Debt Securities of such
series in a denomination larger than the minimum authorized denomination for
Debt Securities of such series pursuant to Section 3.02 in the Currency in which
the Debt Securities of such series are denominated. The portions of the
principal amount of Debt Securities so selected for partial redemption shall be
equal to the minimum authorized denominations for Debt Securities of such series
pursuant to Section 3.02 in the Currency in which the Debt Securities of such
series are denominated or any integral multiple thereof, except as otherwise set
forth in the applicable form of Debt Securities. In any case when more than one
Registered Security of such series is registered in the same name, the Trustee
or authorized agent in its discretion may treat the aggregate principal amount
so registered as if it were represented by one Registered Security of such
series.

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

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

Section 13.04 Notice of Redemption.

         Notice of redemption 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, not less
than 30 days and not more than 60 days prior to the Redemption Date to the
Holders of Debt Securities of any series to be redeemed in whole or in part
pursuant to this Article Thirteen, in the manner provided in Section 1.05. Any
notice so given shall be conclusively presumed to have been duly given, whether
or not the Holder receives such notice. Failure to give such notice, or any
defect in such notice to the Holder of any Debt Security of a series designated
for redemption, in whole or in part, shall not affect the sufficiency of any
notice of redemption with respect to the Holder of any other Debt Security of
such series.

         All notices of redemption shall state:

         (1) the Redemption Date;

         (2) the Redemption Price;

         (3) that Debt Securities of such series are being redeemed by the
Company pursuant to provisions contained in this Indenture or the terms of the
Debt Securities of such series or a supplemental indenture establishing such
series, if such be the case, together with a brief statement of the facts
permitting such redemption;

         (4) if less than all Outstanding Debt Securities of any series are to
be redeemed, the identification (and, in the case of partial redemption, the
principal amounts) of the particular Debt Securities to be redeemed;

         (5) that on the Redemption Date the Redemption Price will become due
and payable upon each such Debt Security to be redeemed, and that interest
thereon, if any, shall cease to accrue on and after said date;

         (6) that, unless otherwise specified in such notice, Coupon Securities
of any series, if any, surrendered for redemption must be accompanied by all
Coupons maturing subsequent to the date fixed for redemption, failing which the
amount of any such missing Coupon or Coupons will be deducted from the
Redemption Price;

         (7) the Place or Places of Payment where such Debt Securities are to be
surrendered for payment of the Redemption Price;

         (8) if Bearer Securities of any series are to be redeemed and any
Registered Securities of such series are not to be redeemed, and if such Bearer
Securities may be exchanged for Registered Securities not subject to redemption
on this Redemption Date pursuant to Section 3.05(b) or otherwise, the last date
on which such exchanges may be made; and

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

Section 13.05 Deposit of Redemption Price.

         On or prior to the Redemption Date for any Debt Securities, 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 12.04) an amount of money in the Currency or Currencies in which such
Debt Securities are denominated (except as provided pursuant to Section 3.01 or
3.10) sufficient to pay the Redemption Price of such Debt Securities or any
portions thereof which are to be redeemed on that date.

Section 13.06 Debt Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, any Debt
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price in the Currency in which the Debt Securities of
such series are payable (except as otherwise specified pursuant to Section 3.01
or 3.10), and from and after such date (unless the Company shall default in the
payment of the Redemption Price) such Debt Securities shall cease to bear
interest. Upon surrender of any such Debt Security for redemption in accordance
with said notice, such Debt Security shall be paid by the Company at the
Redemption Price; 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 12.03) 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
which have a Stated Maturity on or prior to the Redemption Date for such Debt
Securities shall be payable according to the terms of such Debt Securities and
the provisions of Section 3.07.

         If any Debt Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate prescribed
therefor in the Debt Security.

         If any Coupon Security surrendered for redemption shall not be
accompanied by all Coupons appertaining thereto maturing on or after the
Redemption Date, the Redemption Price for such Coupon Security may be reduced by
an amount equal to the face amount of all such missing Coupons. If thereafter
the Holder of such Coupon shall surrender to any Paying Agent outside the United
States 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. 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.

Section 13.07 Debt Securities Redeemed in Part.

         Any Debt Security which is to be redeemed only in part shall be
surrendered at the Corporate Trust Office or such other office or agency of the
Company as is specified pursuant to Section 3.01 (in the case of Registered
Securities) and at an office of the Trustee or such other

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office or agency of the Company outside the United States as is specified
pursuant to Section 3.01 (in the case of Bearer Securities) with, if the
Company, the Security Registrar or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company, the
Security Registrar 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 Debt Security
without service charge, a new Debt Security or Debt Securities of the same
series, of like tenor and form, 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 Debt Security so surrendered, and, in
the case of a Coupon Security, with appropriate Coupons attached. In the case of
a Debt Security providing appropriate space for such notation, at the option of
the Holder thereof, the Trustee, in lieu of delivering a new Debt Security or
Debt Securities as aforesaid, may make a notation on such Debt Security of the
payment of the redeemed portion thereof.

                                  ARTICLE XIV

                                 SINKING FUNDS

Section 14.01 Applicability of Article.

         The provisions of this Article shall be applicable to any sinking fund
for the retirement of Debt Securities of a series except as otherwise specified
pursuant to Section 3.01 for Debt Securities of such series.

         The minimum amount of any sinking fund payment provided for by the
terms of Debt 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 Debt Securities of any series is herein referred to as an
"optional sinking fund payment." If provided for by the terms of Debt Securities
of any series, the amount of any cash sinking fund payment may be subject to
reduction as provided in Section 14.02. Each sinking fund payment shall be
applied to the redemption of Debt Securities of any series as provided for by
the terms of Debt Securities of such series.

Section 14.02 Satisfaction of Mandatory Sinking Fund Payments with Debt
              Securities.

         In lieu of making all or any part of a mandatory sinking fund payment
with respect to any Debt Securities of a series in cash, the Company may at its
option, at any time no more than sixteen months and no less than 45 days prior
to the date on which such sinking fund payment is due, deliver to the Trustee
Debt Securities of such series (together with the unmatured Coupons, if any,
appertaining thereto) theretofore purchased or otherwise acquired by the
Company, except Debt Securities of such series which have been redeemed through
the application of mandatory sinking fund payments pursuant to the terms of the
Debt Securities of such series, accompanied by a Company Order instructing the
Trustee to credit such sinking fund payment and stating that the Debt Securities
of such series were originally issued by the Company by way of bona fide sale or
other negotiation for value, provided that such Debt Securities shall not have
been previously so credited. Such Debt Securities shall be received and credited
for such purpose by the Trustee at the Redemption Price specified in such Debt
Securities for redemption through

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<PAGE>

operation of the sinking fund and the amount of such mandatory sinking fund
payment shall be reduced accordingly.

Section 14.03 Redemption of Debt Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
series of Debt Securities (unless a shorter period shall be satisfactory to the
Trustee), the Company will deliver to the Trustee an Officers' Certificate
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 in the Currency or Currencies in which the Debt
Securities of such series are denominated (except as provided pursuant to
Section 3.01 or 3.10) and the portion thereof, if any, which is to be satisfied
by delivering and crediting Debt Securities of such series pursuant to Section
14.02 and whether the Company intends to exercise its rights to make a permitted
optional sinking fund payment with respect to such series. Such certificate
shall be irrevocable and upon its delivery the Company shall be obligated to
make the cash payment or payments therein referred to, if any, on or before the
next succeeding sinking fund payment date. In the case of the failure of the
Company to deliver such certificate, the sinking fund payment due on the next
succeeding sinking fund payment date for such series shall be paid entirely in
cash and shall be sufficient to redeem the principal amount of the Debt
Securities of such series subject to a mandatory sinking fund payment without
the right to deliver or credit Debt Securities as provided in Section 14.02 and
without the right to make any optional sinking fund payment with respect to such
series at such time.

         Any sinking fund payment or payments (mandatory or optional) made in
cash plus any unused balance of any preceding sinking fund payments made with
respect to the Debt Securities of any particular series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent) on
the sinking fund payment date on which such payment is made (or, if such payment
is made before a sinking fund payment date, on the sinking fund payment date
immediately following the date of such payment) to the redemption of Debt
Securities of such series at the Redemption Price specified in such Debt
Securities with respect to the sinking fund. Any sinking fund moneys not so
applied or allocated by the Trustee (or by the Company if the Company is acting
as its own Paying Agent) to the redemption of Debt Securities shall be added to
the next sinking fund payment received by the Trustee (or if the Company is
acting as its own Paying Agent, segregated and held in trust as provided in
Section 12.04) for such series and, together with such payment (or such amount
so segregated) shall be applied in accordance with the provisions of this
Section. Any and all sinking fund moneys with respect to the Debt Securities of
any particular series held by the Trustee (or if the Company is acting as its
own Paying Agent, segregated and held in trust as provided in Section 12.04) on
the last sinking fund payment date with respect to Debt Securities of such
series and not held for the payment or redemption of particular Debt Securities
of such series shall be applied by the Trustee (or by the Company if the Company
is acting as its own Paying Agent), together with other moneys, if necessary, to
be deposited (or segregated) sufficient for the purpose, to the payment of the
principal of the Debt Securities of such series at Maturity.

         The Trustee shall select or cause to be selected the Debt Securities to
be redeemed upon such sinking fund payment date in the manner specified in
Section 13.03 and the Company shall cause notice of the redemption thereof to be
given in the manner provided in Section 13.04. Such

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<PAGE>

notice having been duly given, the redemption of such Debt Securities shall be
made upon the terms and in the manner stated in Section 13.06.

         On or before each sinking fund payment date, the Company shall pay to
the Trustee (or, if the Company is acting as its own Paying Agent, the Company
shall segregate and hold in trust as provided in Section 12.04) in cash a sum,
in the Currency or Currencies in which Debt Securities of such series are
denominated (except as provided pursuant to Sections 3.01 or 3.10), equal to the
principal and any interest accrued to the Redemption Date for Debt Securities or
portions thereof to be redeemed on such sinking fund payment date pursuant to
this Section.

         Neither the Trustee nor the Company shall redeem any Debt Securities of
a series with sinking fund moneys or mail any notice of redemption of Debt
Securities of such series by operation of the sinking fund for such series
during the continuance of a default in payment of interest, if any, on any Debt
Securities of such series or of any Event of Default (other than an Event of
Default occurring as a consequence of this paragraph) with respect to the Debt
Securities of such series, except that if the notice of redemption shall have
been provided in accordance with the provisions hereof, the Trustee (or the
Company, if the Company is then acting as its own Paying Agent) shall redeem
such Debt Securities if cash sufficient for that purpose shall be deposited with
the Trustee (or segregated by the Company) for that purpose in accordance with
the terms of this Article. Except as aforesaid, any moneys in the sinking fund
for such series at the time when any such default or Event of Default shall
occur and any moneys thereafter paid into such sinking fund shall, during the
continuance of such default or Event of Default, be held as security for the
payment of the Debt Securities and Coupons, if any, of such series; provided,
however, that in case such default or Event of Default shall have been cured or
waived as provided herein, such moneys shall thereafter be applied on or prior
to the next sinking fund payment date for the Debt Securities of such series on
which such moneys may be applied pursuant to the provisions of this Section.

                                   ARTICLE XV

                             [INTENTIONALLY OMITTED]

                                   ARTICLE XVI

                                  SUBORDINATION

Section 16.01 Agreement to Subordinate.

         The Company, for itself, its successors and assigns, covenants and
agrees, and each Holder of Debt Securities of any series (or of any Coupons
appertaining thereto) by his acceptance thereof, likewise covenants and agrees,
that the indebtedness represented by the Debt Securities of such series then
Outstanding (and any Coupons appertaining thereto) and the payment of the
principal of (and premium, if any) and interest on each and all of the Debt
Securities of such series (including, without limitation, any payment of Coupons
appertaining thereto) is hereby expressly subordinated, to the extent and in the
manner hereinafter set forth, in

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<PAGE>

right of payment to the prior payment in full of all Senior Indebtedness. Each
reference in this Article to a "Debt Security" or "Debt Securities" refers to
the Debt Securities of a particular series, and references to a "Coupon" or
"Coupons" refer to the Coupons, if any, appertaining to the Debt Securities of
such series. Without limiting the generality of the immediately preceding
sentence, if more than one series of Debt Securities are outstanding at any
time, (i) the provisions of this Article shall be applied separately to each
such series, and (ii) references to the Trustee refer to the Trustee for the
Debt Securities of such series.

Section 16.02 Distribution on Dissolution, Liquidation and Reorganization;
              Subrogation of Debt Securities.

         Upon any distribution of assets of the Company upon any dissolution,
winding up, liquidation or reorganization, of the Company, whether voluntary or
involuntary and whether in bankruptcy, insolvency, reorganization, receivership
or other proceedings or upon an assignment for the benefit of creditors or any
other marshalling of the assets and liabilities of the Company or otherwise
(subject to the power of a court of competent jurisdiction to make other
equitable provision reflecting the rights conferred in this Indenture upon the
Senior Indebtedness and the holders thereof with respect to the Debt Securities
and the Holders thereof by a plan of reorganization under applicable bankruptcy
law):

         (a) the holders of all Senior Indebtedness shall be entitled to receive
payment in full of the principal thereof (and premium, if any) and interest due
thereon before the Holders of the Debt Securities (or of any Coupons) are
entitled to receive any payment upon the principal (and premium, if any) or
interest on indebtedness evidenced by the Debt Securities (or any payment of any
Coupons); and

         (b) any payment or distribution of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the
Debt Securities (or of any Coupons) or the Trustee would be entitled except for
the provisions of this Article Sixteen shall be paid by the liquidating trustee
or agent or other person making such payment or distribution, whether a trustee
in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the
holders of Senior Indebtedness or their representative or representatives or to
the trustee or trustees under any indenture under which any instruments
evidencing any of such Senior Indebtedness may have been issued, ratably
according to the aggregate amounts remaining unpaid on account of the principal
of (and premium, if any) and interest on the Senior Indebtedness held or
represented by each, to the extent necessary to make payment in full of all
Senior Indebtedness remaining unpaid, after giving effect to any concurrent
payment or distribution to the holders of such Senior Indebtedness; and

         (c) in the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, shall be received by the Trustee, any Paying Agent or
the Holders of the Debt Securities (or any Coupons) before all Senior
Indebtedness is paid in full, such payment or distribution shall be paid over,
upon written notice to the Trustee or such Paying Agent, to the holder of such
Senior Indebtedness or their representative or representatives or to the trustee
or trustees under any indenture under which any instrument evidencing any of
such Senior Indebtedness may have been issued, ratably as aforesaid, for
application to payment of all Senior Indebtedness remaining

                                       88
<PAGE>

unpaid until all such Senior Indebtedness shall have been paid in full, after
giving effect to any concurrent payment or distribution to the holders of such
Senior Indebtedness.

         The consolidation of the Company with, or the merger of the Company
into, another corporation or the liquidation or dissolution of the Company
following the conveyance or transfer of its property as an entirety, or
substantially as an entirety, to another corporation shall not be deemed a
dissolution, winding up, liquidation or reorganization for the purposes of this
Section 16.02.

         Subject to the payment in full of all Senior Indebtedness, the Holders
of the Debt Securities (and of any Coupons) shall be subrogated to the rights of
the holders of Senior Indebtedness to receive payments or distributions of cash,
property or securities of the Company applicable to Senior Indebtedness until
the principal of (and premium, if any) and interest on the Debt Securities
(including, without limitation, payment of the Coupons) shall be paid in full,
and no such payments or distributions to the Holders of the Debt Securities (or
of any Coupons) of cash, property, or securities otherwise distributable to the
holders of Senior Indebtedness shall, as between the Company, its creditors
other than the holders of Senior Indebtedness, and the Holders of the Debt
Securities (and of any Coupons) be deemed to be a payment by the Company to or
on account of the Debt Securities (or of any Coupons). It is understood that the
provisions of this Article Sixteen are and are intended solely for the purpose
of defining the relative rights of the Holders of the Debt Securities (and of
any Coupons), on the one hand, and the holders of the Senior Indebtedness, on
the other hand.

         Nothing contained in this Article Sixteen or elsewhere in this
Indenture or in the Debt Securities (or any Coupons) is intended to or shall
impair, as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders of the Debt Securities (and of any Coupons), the
obligation of the Company, which is unconditional and absolute (and which,
subject to the rights under this Article of the holders of Senior Indebtedness
and the rights under Section 16.11 of Entitled Persons in respect of Other
Financial Obligations, is intended to rank equally with all other obligations of
the Company), to pay to the Holders of the Debt Securities (and of any Coupons)
the principal of (and premium, if any) and interest on the Debt Securities
(including, without limitation, payment of any Coupons) as and when the same
shall become due and payable in accordance with their terms, or to affect the
relative rights of the Holders of the Debt Securities (or of any Coupons) and
creditors of the Company other than the holders of Senior Indebtedness, nor
shall anything herein or in the Debt Securities (or Coupons) prevent the Trustee
or the Holder of any Debt Security (or any Coupon) from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article Sixteen of the holders of Senior
Indebtedness, and under Section 16.11 of Entitled Persons in respect of Other
Financial Obligations, in respect of cash, property or securities of the Company
received upon the exercise of any such remedy.

         Upon any payment or distribution of assets of the Company referred to
in this Section 16.02, the Trustee and any Paying Agent, subject to the
provisions of Section 6.03, shall be entitled to rely upon a certificate or
other writing of the liquidating trustee or agent or other Person making any
distribution to the Trustee for the purpose of ascertaining the Persons entitled
to participate in such distribution, the holders of Senior Indebtedness and
other indebtedness of

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<PAGE>

the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent to this Article Sixteen.

         Except as specifically set forth herein, neither the Trustee nor any
Paying Agent, however, shall be deemed to owe any fiduciary or other duty to the
holders of Senior Indebtedness or Entitled Persons in respect of Other Financial
Obligations. Neither the Trustee nor any Paying Agent shall be liable to any
such holder or Entitled Person if it shall in good faith pay or distribute to or
on behalf of Holders of Debt Securities (or of any Coupons) of the Company
moneys or assets to which any holder of Senior Indebtedness or Entitled Persons
in respect of Other Financial Obligations shall be entitled by virtue of this
Article Sixteen or any other instrument.

         If the Trustee or any Holder of Debt Securities (and of any Coupons)
does not file a proper claim or proof of debt in the form required in any
proceeding referred to above prior to 30 days before the expiration of the time
to file such claim in such proceeding, then the holder of any Senior
Indebtedness is hereby authorized, and has the right, to file an appropriate
claim or claims for or on behalf of such Holder of Debt Securities (or of any
Coupons).

Section 16.03 No Payment on Debt Securities in Event of Default on Senior
              Indebtedness.

         No payment by the Company on account of principal (or premium, if any),
sinking funds or interest on the Debt Securities (including, without limitation,
payment of any Coupons) shall be made unless full payment of amounts then due
for principal, premium, if any, sinking funds, and interest on Senior
Indebtedness has been made or duly provided for. In the event that any event of
default with respect to any Senior Indebtedness shall have occurred and be
continuing permitting the holders of such Senior Indebtedness (or a trustee on
behalf of the holders thereof) to declare such Senior Indebtedness due and
payable prior to the date on which it would otherwise have become due and
payable, unless and until such event of default shall have been cured or waived
or shall have ceased to exist and such acceleration shall have been rescinded or
annulled, or in the event any judicial proceeding shall be pending with respect
to any such default in payment, or event of default, then no payment shall be
made by the Company on account of principal of (or premium, if any) or interest
on the Debt Securities of any series or on account of the purchase or other
acquisition of Debt Securities of any series; provided, however, that nothing in
this Section shall prevent the satisfaction of any sinking fund payment in
accordance with Article Fourteen by delivering and crediting pursuant to Section
14.02 Debt Securities of such series which have been acquired (upon redemption
or otherwise) prior to such default in payment or event of default.

         In the event that, notwithstanding the foregoing, the Company shall
make any payment to the Trustee or the Holder of any Debt Security of any series
prohibited by the foregoing provisions of this Section, and if such fact shall,
at or prior to the time of such payment, have been made known to the Trustee or,
as the case may be, such Holder, then and in such event such payment shall be
paid over and delivered forthwith to the Company.

         The provisions of this Section shall not apply to any payment with
respect to which Section 16.02 would be applicable.

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<PAGE>

Section 16.04 Payments on Debt Securities Permitted.

         Nothing contained in this Indenture or in any of the Debt Securities
(or any Coupons) shall (a) affect the obligation of the Company to make, or
prevent the Company from making, at any time except as provided in Sections
16.02 and 16.03, payments of principal (and premium, if any) or interest on the
Debt Securities (including, without limitation, payment of any Coupons) or (b)
prevent the application by the Trustee of any moneys deposited with it hereunder
to the payment of or on account of the principal of (and premium, if any) or
interest on the Debt Securities (including, without limitation, the payment of
any Coupons), unless the Trustee shall have received at its Corporate Trust
Office written notice of any event prohibiting the making of such payment more
than two Business Days prior to the date fixed for such payment.

Section 16.05 Authorization of Holders to Trustee to Effect Subordination.

         Each Holder of Debt Securities (or of any Coupons) by his acceptance
thereof and any Paying Agent (other than the Company) authorizes and directs the
Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Article Sixteen and appoints
the Trustee his attorney-in-fact for any and all such purposes.

Section 16.06 Notices to Trustee.

         The Company shall give prompt written notice to the Trustee and any
Paying Agent (other than the Company) of any fact known to the Company which
would prohibit the making of any payment to or by the Trustee or such Paying
Agent in respect of the Debt Securities (or any Coupons) pursuant to this
Article Sixteen. Failure to give such notice shall not affect the subordination
of the Debt Securities (or any Coupons) to Senior Indebtedness. Notwithstanding
the provisions of this Article or any other provisions of this Indenture,
neither the Trustee nor any Paying Agent (other than the Company) shall be
charged with knowledge of the existence of any Senior Indebtedness or Other
Financial Obligations or of any event which would prohibit the making of any
payment of moneys to or by the Trustee or such Paying Agent, unless and until
the Trustee or such Paying Agent shall have received (in the case of the
Trustee, at its Corporate Trust Office) written notice thereof from the Company
or from the holder of any Senior Indebtedness or from the trustee for any such
holder or from any Entitled Person in respect of Other Financial Obligations,
together with proof satisfactory to the Trustee of such holding of Senior
Indebtedness or Other Financial Obligations or of the authority of such trustee;
provided, however, that if at least two Business Days prior to the date upon
which by the terms hereof any such moneys may become payable for any purpose
(including, without limitation, the payment of either the principal of (and
premium, if any) or interest on any Debt Security (including, without
limitation, the payment of any Coupons)) the Trustee or any such Paying Agent
shall not have received with respect to such moneys the notice provided for in
this Section 16.06, then, anything herein contained to the contrary
notwithstanding, the Trustee or any such Paying Agent shall have full power and
authority to receive such moneys and to apply the same to the purpose for which
they were received, and shall not be affected by any notice to the contrary,
which may be received by it less than two Business Days prior to such date. The
Trustee or any such Paying Agent shall be entitled to rely on the delivery to it
of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) or an Entitled Person in
respect of Other Financial Obligations to establish that such a notice has been

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<PAGE>

given by a holder of Senior Indebtedness or a trustee on behalf of any such
holder or an Entitled Person in respect of Other Financial Obligations. In the
event that the Trustee or any such Paying Agent determines in good faith that
further evidence is required with respect to the right of any Person as a holder
of Senior Indebtedness or an Entitled Person in respect of Other Financial
Obligations to participate in any payment or distribution pursuant to this
Article Sixteen, the Trustee or any such Paying Agent may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee or any such
Paying Agent as to the amount of Senior Indebtedness or Other Financial
Obligations held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article Sixteen and, if such evidence is not
furnished, the Trustee or any such Paying Agent may defer any payment to such
Person pending judicial determination as to the right of such Person to receive
such payment.

Section 16.07 Trustee as Holder of Senior Indebtedness.

         Subject to the provisions of Section 6.13, the Trustee in its
individual capacity shall be entitled to all the rights set forth in this
Article Sixteen in respect of any Senior Indebtedness at any time held by it and
with respect to any Other Financial Obligations owed to the Trustee as an
Entitled Person, to the same extent as any other holder of Senior Indebtedness
or Entitled Person in respect of Other Financial Obligations and nothing in this
Indenture shall be construed to deprive the Trustee of any of its rights as such
holder or Entitled Person.

         Nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.07.

Section 16.08 Modifications of Terms of Senior Indebtedness.

         Any renewal or extension of the time of payment of any Senior
Indebtedness or the exercise by the holders of Senior Indebtedness of any of
their rights under any instrument creating or evidencing Senior Indebtedness,
including, without limitation, the waiver of default thereunder, may be made or
done all without notice to or assent from the Holders of the Debt Securities (or
of any Coupons) or the Trustee.

         No compromise, alteration, amendment, modification, extension, renewal
or other change of, or waiver, consent or other action in respect of, any
liability or obligation under or in respect of, or of any of the terms,
covenants or conditions of any indenture or other instrument under which any
Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or
not such release is in accordance with the provisions of any applicable
document, shall in any way alter or affect any of the provisions of this Article
Sixteen or of the Debt Securities (or of any Coupons) relating to the
subordination thereof.

Section 16.09 Reliance on Judicial Order or Certificate of Liquidating Agent.

         Upon any payment or distribution of assets of the Company referred to
in this Article Sixteen, the Trustee and the Holders of the Debt Securities (and
of any Coupons) shall be entitled to rely upon any order or decree entered by
any court of competent jurisdiction in which any insolvency, bankruptcy,
receivership, liquidation, reorganization, dissolution, winding up or similar
case or proceeding is pending, or upon a certificate of the trustee in
bankruptcy,

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<PAGE>

liquidating trustee, custodian, receiver, assignee for the benefit of creditors,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the Holders of Debt Securities (or of any Coupons), for the
purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of Senior Indebtedness and other indebtedness of the
Company and the Entitled Persons in respect of Other Financial Obligations, the
amount thereof or payable therein, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article Sixteen.

Section 16.10 Article Sixteen Not to Prevent Events of Default.

         No provision of this Article Sixteen shall prevent the occurrence of
any default or Event of Default hereunder.

Section 16.11 Payment of Proceeds in Certain Cases.

         (a) If, after giving effect to the provisions of Section 16.02, any
amount of cash, property or securities shall be available for payment or
distribution in respect of the Debt Securities ("Excess Proceeds"), and any
Entitled Persons in respect of Other Financial obligations shall not have
received payment in full of all amounts due or to become due on or in respect of
such Other Financial Obligations (and provision shall not have been made for
such payment in money or money's worth), then such Excess Proceeds shall first
be applied by the liquidation trustee or other person making such payment or
distribution (ratably with any amount of cash, property or securities available
for payment or distribution in respect of any other Indebtedness of the Company
that by its express terms provides for the payment over of amounts corresponding
to Excess Proceeds to Entitled Persons in respect of Other Financial
Obligations) to pay or provide for the payment of the Other Financial
Obligations remaining unpaid, to the extent necessary to pay all Other Financial
Obligations in full, after giving effect to any concurrent payment or
distribution to or for Entitled Persons in respect of Other Financial
Obligations. Any Excess Proceeds remaining after the payment (or provision for
payment) in full of all Other Financial obligations shall be available for
payment or distribution in respect of the Debt Securities.

         (b) In the event that, notwithstanding the foregoing provisions of
subsection (a) of this Section, the Trustee or Holder of any Debt Security shall
have received any payment or distribution of assets of the Company of any kind
or character, whether in cash, property or securities, before all Other
Financial Obligations are paid in full or payment thereof duly provided for, and
if such fact shall, at or prior to the time of such payment or distribution have
been made known to the Trustee in accordance with Section 16.06 or, as the case
may be, such Holder, then and in such event, subject to any obligation that the
Trustee or such Holder may have pursuant to Section 16.02, upon written notice
to the Trustee such payment or distribution shall be paid over or delivered
forthwith to the trustee in bankruptcy, receiver, liquidating trustee,
custodian, assignee, agent or other Person making payment or distribution of
assets of the Company for payment in accordance with subsection (a).

         (c) Subject to the payment in full of all Other Financial Obligations,
the Holders of the Debt Securities shall be subrogated (equally and ratably with
the holders of all Indebtedness of the Company that by its express terms
provides for the payment over of amounts

                                       93
<PAGE>

corresponding to Excess Proceeds to Entitled Persons in respect of other
Financial Obligations and is entitled to like rights of subrogation) to the
rights of the Entitled Persons in respect of Other Financial Obligations to
receive payments and distributions of cash, property and securities applicable
to the Other Financial Obligations until the principal of and interest on the
Debt Securities shall be paid in full. For purposes of such subrogation, no
payments or distributions to Entitled Persons in respect of Other Financial
Obligations of any cash, property or securities to which Holders of the Debt
Securities or the Trustee would be entitled except for the provisions of this
Section, and no payments over pursuant to the provisions of this Section to
Entitled Persons in respect of Other Financial Obligations by Holders of Debt
Securities or the Trustee, shall, as among the Company, its creditors other than
Entitled Persons in respect of Other Financial Obligations and the Holders of
Securities be deemed to be a payment or distribution by the Company to or on
account of the Other Financial Obligations.

         (d) The provisions of subsections (a), (b) and (c) of this Section are
and are intended solely for the purpose of defining the relative rights of the
Holders of the Debt Securities, on the one hand, and the Entitled Persons in
respect of Other Financial Obligations, on the other hand, after giving effect
to the rights of the holders of Senior Indebtedness, as provided in this
Article. Nothing contained in subsections (a), (b) and (c) of this Section is
intended to or shall affect the relative rights against the Company of the
Holders of the Debt Securities and (1) the holders of Senior Indebtedness or (2)
other creditors of the Company other than Entitled Persons in respect of Other
Financial Obligations.

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

                                       94
<PAGE>

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

                                      R&G FINANCIAL CORPORATION

                                      By:  ________________________________
                                      Name:
                                      Title:

Attest:

_____________________
Name:
Title:

Seal

                                      WILMINGTON TRUST COMPANY,
                                      as Trustee

                                      By: _____________________________
                                      Name:
                                      Title:

Attest:

_____________________
Name:
Title:

Seal

                                       95
<PAGE>

                                    EXHIBIT A

                       [FORM OF CERTIFICATE TO BE GIVEN BY

                   PERSON ENTITLED TO RECEIVE BEARER SECURITY

                     OR INTEREST PRIOR TO AN EXCHANGE DATE]

                                   CERTIFICATE

________________________

[INSERT TITLE OR SUFFICIENT DESCRIPTION OF DEBT SECURITIES TO BE DELIVERED]

         This certificate is delivered pursuant to the Indenture, dated as of
_________ __, 200__ (as amended, supplemented or otherwise modified from time to
time, the "Indenture"), between R&G Financial Corporation and [      ], as
Trustee. Unless otherwise defined herein, terms defined in the Indenture are
used herein as so defined.

         This is to certify that as of the date hereof and except as set forth
below ___________ principal amount of the above captioned securities (the "Debt
Securities") held by you for our account (i) is owned by person(s) that are not
United States person(s) (as defined below), (ii) is owned by United States
person(s) that are (a) foreign branches of United States financial institutions
(as defined in Section 1.16512(c)(1)(v) of the United States Treasury
regulations) ("financial institutions") purchasing for their own account or for
resale, or (b) United States person(s) who acquired the Debt Securities through
foreign branches of United States financial institutions and who hold the Debt
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, that you may advise the
Company or the Company's agent that it will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of
1986, as amended, and the Treasury regulations thereunder), or (iii) is owned by
United States or foreign financial institution(s) for the purpose of resale
during the restricted period (as defined in Section 1.1635(c)(2)(i)(D)(7) of the
United States Treasury regulations), and in addition if the owner of the Debt
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 Debt
Securities for the purpose of resale directly or indirectly to a United States
person or to a person within the United States or its possessions.

         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 beneficial
interest in the temporary Global Note 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.

<PAGE>

         This certificate excepts and does not relate to ___________ principal
amount of Debt Securities held by you for our account as to which we are not
able to provide a certificate in this form. We understand that exchange of such
portion of the temporary Global Note for definitive Bearer Securities or
interests in a permanent Global Note cannot be made until we are able to provide
a certificate in this form.

         We understand that this certificate is required in connection with
certain tax laws and regulations of the United States. If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

         "United States person" means any citizen or resident of the United
States, any corporation, partnership or other entity created or organized in or
under the laws of the United States and any estate or trust the income of which
is subject to United States federal income taxation regardless of its source.
"United States" means the United States of America (including the States and the
District of Columbia) and its "possessions" which include the Commonwealth of
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.

Dated: _______________________, 200___

[To be dated no earlier than the 10th day before the Exchange Date]

                                      By: ______________________________________
                                      As, or as agent for, the beneficial
                                      owner(s) of the portion of the
                                      temporary global Note to which this
                                      certificate relates.

<PAGE>

                                    EXHIBIT B

               [FORM OF CERTIFICATE TO BE GIVEN BY [EUROCLEAR] AND

              [CEDELBANK, S.A.] IN CONNECTION WITH THE EXCHANGE OF

                      A PORTION OF A TEMPORARY GLOBAL NOTE]

                                   CERTIFICATE

_______________________

[INSERT TITLE OR SUFFICIENT DESCRIPTION OF DEBT SECURITIES TO BE DELIVERED]

         This certificate is delivered pursuant to the Indenture, dated as of
_________ __, 200__ (as amended, supplemented or otherwise modified from time to
time, the "Indenture"), between R&G Financial Corporation and [     ], as
Trustee. Unless otherwise defined herein, terms defined in the Indenture are
used herein as so defined.

         The undersigned certifies 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 as of the date hereof, __________
principal amount of the above-captioned Debt Securities (i) is owned by
person(s) that are not United States person(s) (as defined below), (ii) is owned
by United States person(s) that are (a) foreign branches of United States
financial institutions (as defined in Section 1.16512(c)(1)(v) of the United
States Treasury regulations) ("financial institutions") purchasing for their own
account or for resale, or (b) United States person(s) who acquired the Debt
Securities through foreign branches of United States financial institutions and
who hold the Debt 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
we may advise the Company or the Company's 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 Treasury regulations thereunder), or (iii) is owned by
United States or foreign financial institution(s) for the purpose of resale
during the restricted period (as defined in Section 1.1635(c)(2)(i)(D)(7) of the
United States Treasury regulations), and in addition 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
Debt Securities for the purpose of resale directly or indirectly to a United
States person or to a person within the United States or its possessions.

         We further certify (i) that we are not making available for exchange or
collection of any interest any portion of the temporary Global Note 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

<PAGE>

of the part submitted herewith for exchange or collection of any interest are no
longer true and cannot be relied upon as of the date hereof.

         We understand that this certificate is required in connection with
certain tax laws and regulations of the United States. If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

         "United States person" means any citizen or resident of the United
States, any corporation, partnership or other entity created or organized in or
under the laws of the United States and any estate or trust the income of which
is subject to United States federal income taxation regardless of its source.
"United States" means the United States of America (including the States and the
District of Columbia) and its "possessions" which include the Commonwealth of
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.

         Dated:  _________________________, 20__

         [To be dated no earlier than the Exchange Date]

                                      By: ______________________________________
                                          Operator of the Euroclear System]
                                          [Cedelbank,]

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