Document:

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                                                                     Exhibit 4.8

                   THE HARTFORD FINANCIAL SERVICES GROUP, INC.

                                       and

    JPMORGAN CHASE BANK, as Collateral Agent, Custodial Agent and Securities
                                  Intermediary

                                       and

                 JPMORGAN CHASE BANK, as Purchase Contract Agent

                                PLEDGE AGREEMENT

                            Dated as of May __, 2003
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                                TABLE OF CONTENTS

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ARTICLE 1

   DEFINITIONS

   SECTION 1.01.  Definitions.............................................................     3

ARTICLE 2

   PLEDGE

   SECTION 2.01.  Pledge..................................................................     8

   SECTION 2.02.  Control; Financing Statement............................................     8

   SECTION 2.03.  Termination.............................................................     8

ARTICLE 3

   DISTRIBUTIONS ON PLEDGED COLLATERAL

   SECTION 3.01.  Income and Distributions................................................     9

   SECTION 3.02.  Principal Payments Following Termination Event..........................     9

   SECTION 3.03.  Principal Payments Prior to or on Purchase Contract
            Settlement Date...............................................................     9

   SECTION 3.04.  Payments to Purchase Contract Agent....................................     10

   SECTION 3.05.  Assets Not Properly Released...........................................     10

ARTICLE 4

   CONTROL

   SECTION 4.01.  Establishment of Collateral Account....................................     11

   SECTION 4.02.  Treatment as Financial Assets..........................................     11

   SECTION 4.03.  Sole Control by Collateral Agent.......................................     11

   SECTION 4.04.  Securities Intermediary's Location.....................................     12

   SECTION 4.05.  No Other Claims........................................................     12

   SECTION 4.06.  Investment and Release.................................................     12

   SECTION 4.07.  Statements and Confirmations...........................................     12

   SECTION 4.08.  Tax Allocations........................................................     12

   SECTION 4.09.  No Other Agreements....................................................     12

   SECTION 4.10.  Powers Coupled with an Interest........................................     13

   SECTION 4.11.  Waiver of Lien; Waiver of Set-off......................................     13

ARTICLE 5

   INITIAL DEPOSIT; CREATION OF STRIPPED UNITS AND RECREATION OF
   NORMAL UNITS

   SECTION 5.01.  Initial Deposit of Senior Notes........................................     13

   SECTION 5.02.  Creation of Stripped Units.............................................     14
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   SECTION 5.03.  Recreation of Normal Units.............................................     15

   SECTION 5.04.  Termination Event......................................................     16

   SECTION 5.05.  Cash Settlement........................................................     18

   SECTION 5.06.  Early Settlement and Cash Merger Early Settlement......................     19

   SECTION 5.07.  Application of Proceeds in Settlement of Purchase
            Contracts....................................................................     20

   SECTION 5.08.  Special Event Redemption...............................................     23

ARTICLE 6

   VOTING RIGHTS - PLEDGED SENIOR NOTES

   SECTION 6.01.  Voting Rights..........................................................     23

ARTICLE 7

   RIGHTS AND REMEDIES

   SECTION 7.01.  Rights and Remedies of the Collateral Agent............................     24

   SECTION 7.02.  Special Event Redemption...............................................     25

   SECTION 7.03.  Initial Remarketing....................................................     26

   SECTION 7.04.  Second Remarketing.....................................................     26

   SECTION 7.05.  Third Remarketing......................................................     26

   SECTION 7.06.  Successful Remarketing.................................................     26

   SECTION 7.07.  Substitutions..........................................................     27

ARTICLE 8

   REPRESENTATIONS AND WARRANTIES; COVENANTS

   SECTION 8.01.  Representations and Warranties.........................................     27

   SECTION 8.02.  Covenants..............................................................     28

ARTICLE 9

   THE COLLATERAL AGENT, THE CUSTODIAL AGENT AND THE SECURITIES
   INTERMEDIARY

   SECTION 9.01.  Appointment, Powers and Immunities.....................................     28

   SECTION 9.02.  Instructions of the Company............................................     30

   SECTION 9.03.  Reliance by Collateral Agent and Securities Intermediary...............     30

   SECTION 9.04. Certain Rights..........................................................     30

   SECTION 9.05. Merger, Conversion, Consolidation or Succession to
            Business ....................................................................     31

   SECTION 9.06.  Rights in Other Capacities.............................................     31

   SECTION 9.07.  Non-Reliance on Collateral Agent, the Custodial Agent and
            Securities Intermediary......................................................     31

   SECTION 9.08.  Compensation and Indemnity.............................................     32

   SECTION 9.09.  Failure to Act.........................................................     32
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   SECTION 9.10.  Resignation of Collateral Agent, the Custodial Agent and
            Securities Intermediary......................................................     33

   SECTION 9.11.  Right to Appoint Agent or Advisor......................................     35

   SECTION 9.12.  Survival...............................................................     35

   SECTION 9.13.  Exculpation............................................................     35

ARTICLE 10

   AMENDMENT

   SECTION 10.01.  Amendment Without Consent of Holders..................................     36

   SECTION 10.02.  Amendment with Consent of Holders.....................................     36

   SECTION 10.03.  Execution of Amendments...............................................     37

   SECTION 10.04.  Effect of Amendments..................................................     38

   SECTION 10.05.  Reference of Amendments...............................................     38

ARTICLE 11

   MISCELLANEOUS

   SECTION 11.01.  No Waiver.............................................................     38

   SECTION 11.02.  Governing Law; Submission to Jurisdiction.............................     38

   SECTION 11.03.  Notices...............................................................     39

   SECTION 11.04.  Successors and Assigns................................................     39

   SECTION 11.05.  Counterparts..........................................................     39

   SECTION 11.06.  Severability..........................................................     39

   SECTION 11.07.  Expenses, Etc.........................................................     40

   SECTION 11.08.  Security Interest Absolute............................................     40

   SECTION 11.09.  Notice of Special Event, Special Event Redemption and
            Termination Event............................................................     41

Exhibit A -    Instruction from Purchase Contract Agent to Collateral Agent
                 (Creation of Stripped Units)

Exhibit B -   Instruction from Collateral Agent to Securities Intermediary
                (Creation of Stripped Units)

Exhibit C -   Instruction from Purchase Contract Agent to Collateral Agent
                (Recreation of Normal Units)

Exhibit D -   Instruction from Collateral Agent to Securities Intermediary
                (Recreation of Normal Units)

Exhibit E -   Notice of Cash Settlement from Securities Intermediary to Purchase
              Contract Agent (Cash Settlement Amounts)

Exhibit F -   Instruction to Custodial Agent
                (Regarding Remarketing)

Exhibit G -   Instruction to Custodial Agent
               (Withdrawal from Remarketing)
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                                PLEDGE AGREEMENT

      PLEDGE AGREEMENT, dated as of May __, 2003, among THE HARTFORD FINANCIAL
SERVICES GROUP, INC., a Delaware corporation (the "COMPANY"), JPMORGAN CHASE
BANK, a New York banking corporation, as collateral agent (in such capacity,
together with its successors in such capacity, the "COLLATERAL AGENT"), as
custodial agent (in such capacity, together with its successors in such
capacity, the "CUSTODIAL AGENT"), and as securities intermediary (as defined in
Sections 8-102(a)(14) of the UCC) with respect to the Collateral Account (in
such capacity, together with its successors in such capacity, the "SECURITIES
INTERMEDIARY"), and JPMORGAN CHASE BANK, a New York banking corporation, as
purchase contract agent and as attorney-in-fact of the Holders from time to time
of the Units (in such capacity, together with its successors in such capacity,
the "PURCHASE CONTRACT AGENT") under the Purchase Contract Agreement (as defined
below).

                                    RECITALS

      WHEREAS, the Company and the Purchase Contract Agent are parties to the
Purchase Contract Agreement dated as of the date hereof (as modified and
supplemented and in effect from time to time, the "PURCHASE CONTRACT
AGREEMENT"), pursuant to which 12,000,000 (or 13,800,000 if the over-allotment
option granted to the Underwriters pursuant to the Underwriting Agreement is
exercised in full) Normal Units will be issued.

      WHEREAS, each Normal Unit, at issuance, consists of a unit comprised of
(a) a stock purchase contract (a "PURCHASE CONTRACT") pursuant to which the
Holder will purchase from the Company on the Purchase Contract Settlement Date,
for an amount equal to $50.00 (the "STATED AMOUNT"), a number of shares of the
Company's common stock, par value $0.01 per share ("COMMON STOCK"), equal to the
Settlement Rate and (b) an Applicable Ownership Interest in Senior Notes.

      WHEREAS, pursuant to the terms of the Purchase Contract Agreement and the
Purchase Contracts, the Holders of the Units have irrevocably authorized the
Purchase Contract Agent, as attorney-in-fact of such Holders, among other
things, to execute and deliver this Agreement on behalf of such Holders and to
grant the pledge provided herein of the Collateral to secure the Obligations.

      NOW, THEREFORE, the Company, the Collateral Agent, the Custodial Agent,
the Securities Intermediary and the Purchase Contract Agent agree as follows:

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                                    ARTICLE 1
                                   DEFINITIONS

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

      (a) the words "HEREIN," "HEREOF" and "HEREUNDER" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section, Exhibit or other subdivision;

      (b) the following terms which are defined in the UCC shall have the
meanings set forth therein: "CERTIFICATED SECURITY," "CONTROL," "FINANCIAL
ASSET," "ENTITLEMENT ORDER," "SECURITIES ACCOUNT" and "SECURITY ENTITLEMENT";

      (c) capitalized terms used herein and not defined herein have the meanings
assigned to them in the Purchase Contract Agreement; and

      (d) the following terms have the meanings given to them in this Section
1.01(d):

      "AGREEMENT" means this Pledge Agreement, as the same may be amended,
modified or supplemented from time to time.

      "CASH" means any coin or currency of the United States of America as at
the time shall be legal tender for payment of public and private debts.

      "COLLATERAL" means the collective reference to:

            (i) the Collateral Account and all investment property and other
      financial assets from time to time credited to the Collateral Account,
      including, without limitation, (A) the Applicable Ownership Interests in
      Senior Notes and security entitlements relating thereto that are a
      component of the Normal Units from time to time, and the aggregate
      principal amount of Senior Notes underlying the Applicable Ownership
      Interests in Senior Notes and securities entitlements relating thereto
      from time to time (B) the Applicable Ownership Interests in the Treasury
      Portfolio (as specified in clause (i) of the definition of such term) of
      the Holders which are a component of the Normal Units from time to time;
      (C) any Treasury Securities and security entitlements relating thereto
      delivered from time to time upon creation of Stripped Units in
      accordance

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      with Section 5.02 hereof and (D) payments made by Holders pursuant to
      Section 5.05 hereof;

            (ii) all Proceeds of any of the foregoing (whether such Proceeds
      arise before or after the commencement of any proceeding under any
      applicable bankruptcy, insolvency or other similar law, by or against the
      pledgor or with respect to the pledgor); and

            (iii) all powers and rights now owned or hereafter acquired under or
      with respect to the Collateral.

      "COLLATERAL ACCOUNT" means the securities account of JPMorgan Chase Bank,
a New York banking corporation, as Collateral Agent, maintained by the
Securities Intermediary and designated "JPMorgan Chase Bank, as Collateral Agent
of The Hartford Financial Services Group, Inc., as pledgee of JPMorgan Chase
Bank, as the Purchase Contract Agent on behalf of and as attorney-in-fact for
the Holders".

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

      "NORMAL UNIT" means the collective rights and obligations of a Holder of a
Normal Units Certificate in respect of an Applicable Ownership Interest in
Senior Notes or an Applicable Ownership Interest in the Treasury Portfolio, as
the case may be, subject in each case to the Pledge thereof, and the related
Purchase Contract; provided that the appropriate Applicable Ownership Interest
in the Treasury Portfolio (as specified in clause (ii) of the definition of such
term) shall not be subject to the Pledge.

      "NORMAL UNITS CERTIFICATE " means a certificate evidencing the rights and
obligations of a Holder in respect of the number of Normal Units specified on
such certificate.

      "OBLIGATIONS" means, with respect to each Holder, all obligations and
liabilities of such Holder under such Holder's Purchase Contract, the Purchase
Contract Agreement and this Agreement or any other document made, delivered or
given in connection herewith or therewith, in each case whether on account of
principal, interest (including, without limitation, interest accruing before and
after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to such Holder, whether
or not a claim for post-filing or post- petition interest is allowed in such
proceeding), fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees

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and disbursements of counsel to the Company or the Collateral Agent or the
Securities Intermediary that are required to be paid by the Holder pursuant to
the terms of any of the foregoing agreements).

      "PERMITTED INVESTMENTS" means any one of the following, in each case
maturing on the Business Day following the date of acquisition:

            (1) any evidence of indebtedness with an original maturity of 365
      days or less issued, or directly and fully guaranteed or insured, by the
      United States of America or any agency or instrumentality thereof
      (provided that the full faith and credit of the United States of America
      is pledged in support of the timely payment thereof or such indebtedness
      constitutes a general obligation of it);

            (2) deposits, certificates of deposit or acceptances with an
      original maturity of 365 days or less of any institution which is a member
      of the Federal Reserve System having combined capital and surplus and
      undivided profits of not less than $500 million at the time of deposit
      (and which may include the Collateral Agent);

            (3) investments with an original maturity of 365 days or less of any
      Person that is fully and unconditionally guaranteed by a bank referred to
      in clause (2);

            (4) repurchase agreements and reverse repurchase agreements relating
      to marketable direct obligations issued or unconditionally guaranteed by
      the United States of America or issued by any agency thereof and backed as
      to timely payment by the full faith and credit of the United States of
      America;

            (5) investments in commercial paper, other than commercial paper
      issued by the Company or its affiliates, of any corporation incorporated
      under the laws of the United States or any State thereof, which commercial
      paper has a rating at the time of purchase at least equal to "A-1" by
      Standard & Poor's Ratings Services ("S&P") or at least equal to "P-1" by
      Moody's Investors Service, Inc. ("MOODY'S"); and

            (6) investments in money market funds (including, but not limited
      to, money market funds managed by the Collateral Agent or an affiliate of
      the Collateral Agent) registered under the Investment Company Act of 1940,
      as amended, rated in the highest applicable rating category by S&P or
      Moody's.

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      "PERSON" means any legal person, including, without limitation, any
individual, corporation, estate, partnership, joint venture, association,
joint-stock company, limited liability company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

      "PLEDGE" means the lien and security interest created by this Agreement.

      "PLEDGED APPLICABLE OWNERSHIP INTERESTS IN SENIOR NOTES" means the
Applicable Ownership Interests in Senior Notes of the Holders and security
entitlements with respect thereto from time to time credited to the Collateral
Account and not then released from the Pledge.

      "PLEDGED APPLICABLE OWNERSHIP INTERESTS IN THE TREASURY PORTFOLIO" means
the Applicable Ownership Interests in the Treasury Portfolio (as specified in
clause (i) of the definition of such term) and security entitlements with
respect thereto from time to time credited to the Collateral Account and not
then released from the Pledge.

      "PLEDGED SENIOR NOTES" means Senior Notes underlying the Pledged
Applicable Ownership Interests in Senior Notes and security entitlements with
respect thereto from time to time credited to the Collateral Account and not
then released from the Pledge.

      "PLEDGED SECURITIES" means the Pledged Senior Notes, the Pledged
Applicable Ownership Interests in Senior Notes, the Pledged Applicable Ownership
Interests in the Treasury Portfolio and the Pledged Treasury Securities,
collectively.

      "PLEDGED TREASURY SECURITIES" means Treasury Securities and security
entitlements with respect thereto from time to time credited to the Collateral
Account and not then released from the Pledge.

      "PROCEEDS" has the meaning ascribed thereto in the UCC and includes,
without limitation, all interest, dividends, cash, instruments, securities,
financial assets and other property received, receivable or otherwise
distributed upon the sale, exchange, collection or disposition of any financial
assets from time to time held in the Collateral Account.

      "PURCHASE CONTRACT AGENT" has the meaning specified in the paragraph
preceding the recitals of this Agreement.

      "SENIOR NOTES" means the series of notes designated the senior notes due
August 16, 2008 to be issued by the Company under the Indenture.

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      "SEPARATE SENIOR NOTES" means Senior Notes held separately from Normal
Units.

      "STRIPPED UNIT" means, following the substitution of Treasury Securities
for Applicable Ownership Interests in Senior Notes and the related Senior Notes
or Applicable Ownership Interests in the Treasury Portfolio as collateral to
secure a Holder's obligations under the Purchase Contract, the collective rights
and obligations of a Holder of a Stripped Units Certificate in respect of such
Treasury Securities, subject to the Pledge thereof, and the related Purchase
Contract.

      "STRIPPED UNITS CERTIFICATE" means a certificate evidencing the rights and
obligations of a Holder in respect of the number of Stripped Units specified on
such certificate.

      "TRADES" means the Treasury/Reserve Automated Debt Entry System maintained
by the Federal Reserve Bank of New York pursuant to the TRADES Regulations.

      "TRADES REGULATIONS" means the regulations of the United States Department
of the Treasury, published at 31 C.F.R. Part 357, as amended from time to time.
Unless otherwise defined herein, all terms defined in the TRADES Regulations are
used herein as therein defined.

      "TRANSFER" means (i) in the case of certificated securities in registered
form, delivery as provided in Section 8-301(a) of the UCC, indorsed to the
transferee or in blank by an effective endorsement; (ii) in the case of Treasury
Securities, registration of the transferee as the owner of such Treasury
Securities on TRADES; and (iii) in the case of security entitlements, including,
without limitation, security entitlements with respect to Treasury Securities, a
securities intermediary indicating by book entry that such security entitlement
has been credited to the transferee's securities account.

      "TREASURY SECURITIES" means zero-coupon U.S. treasury securities that
mature on August 15, 2006 (CUSIP No. 912833CQ1).

      "UCC" means the Uniform Commercial Code as in effect in the State of New
York from time to time.

      "VALUE" means, with respect to any item of Collateral on any date, as to
(1) Cash, the face amount thereof, (2) Treasury Securities or Senior Notes, the
aggregate principal amount thereof at maturity, (3) Applicable Ownership
Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term), the appropriate percentage of the aggregate principal
amount at

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maturity of the Treasury Portfolio and (4) Applicable Ownership Interests in
Senior Notes, the appropriate percentage of the aggregate principal amount of
the related Pledged Senior Notes.

                                    ARTICLE 2
                                     PLEDGE

      SECTION 2.01. Pledge. Each Holder, acting through the Purchase Contract
Agent as such Holder's attorney-in-fact, and the Purchase Contract Agent, acting
as such attorney-in-fact and to the extent of its ownership of the Senior Notes,
hereby pledges and grants to the Collateral Agent, as agent of and for the
benefit of the Company, a continuing first priority security interest in and to,
and a lien upon and right of set-off against, all of such Person's right, title
and interest in and to the Collateral (including, for the avoidance of doubt,
such Person's Applicable Ownership Interest in Senior Notes) to secure the
prompt and complete payment and performance when due (whether at stated
maturity, by acceleration or otherwise) of the Obligations. The Collateral Agent
shall have all of the rights, remedies and recourses with respect to the
Collateral afforded a secured party by the UCC, in addition to, and not in
limitation of, the other rights, remedies and recourses afforded to the
Collateral Agent by this Agreement.

      SECTION 2.02. Control; Financing Statement.

      (a) The Collateral Agent shall have control of the Collateral Account
pursuant to the provisions of Article 4 of this Agreement.

      (b) Subsequent to the date of initial issuance of the Units, the Purchase
Contract Agent shall deliver to the Collateral Agent a copy of the financing
statement prepared by the Company and filed in the Office of the Secretary of
State of the State of New York and any other jurisdictions which the Company
deems necessary, authorized by the Purchase Contract Agent, as attorney-in-fact
for the Holders, as Debtors, and describing the Collateral, such filing to be
undertaken by the Company.

      SECTION 2.03. Termination. As to each Holder, this Agreement and the
Pledge created hereby shall terminate upon the satisfaction of such Holder's
Obligations. Upon such termination, the Collateral Agent shall Transfer such
Holder's portion of the Collateral to the Purchase Contract Agent for
distribution to such Holder, free and clear of the Pledge created hereby.

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                                    ARTICLE 3
                       DISTRIBUTIONS ON PLEDGED COLLATERAL

      SECTION 3.01. Income and Distributions. The Collateral Agent shall
transfer all income and distributions received by the Collateral Agent on
account of the Pledged Senior Notes, the Pledged Applicable Ownership Interests
in the Treasury Portfolio or Permitted Investments from time to time held in the
Collateral Account (ABA No. 021000021, A/C No. 5074943536, Re: The Hartford
Financial Services Group, Inc.) to the Purchase Contract Agent for distribution
to the applicable Holders as provided in the Purchase Contracts or Purchase
Contract Agreement.

      SECTION 3.02. Principal Payments Following Termination Event. Following a
Termination Event, the Collateral Agent shall transfer all principal payments it
receives, if any, in respect of (1) the Pledged Applicable Ownership Interests
in the Treasury Portfolio and the Pledged Senior Notes, and (2) the Pledged
Treasury Securities, to the Purchase Contract Agent for the benefit of the
applicable Holders for distribution to such Holders in accordance with their
respective interests, free and clear of the Pledge created hereby.

      SECTION 3.03. Principal Payments Prior to or on Purchase Contract
Settlement Date.

      (a) Subject to the provisions of Sections 5.06 and 5.08, and except as
provided in clause 3.03(b) below, if no Termination Event shall have occurred,
all principal payments received by the Collateral Agent in respect of (1) the
Pledged Senior Notes, (2) the Pledged Applicable Ownership Interests in the
Treasury Portfolio and (3) the Pledged Treasury Securities, shall be held and
invested in Permitted Investments until the Purchase Contract Settlement Date,
and transferred to the Company on the Purchase Contract Settlement Date as
provided in Section 5.07 hereof. Any balance remaining in the Collateral Account
shall be released from the Pledge and transferred to the Purchase Contract Agent
for the benefit of the applicable Holders for distribution to such Holders in
accordance with their respective interests, free and clear of the Pledge created
thereby. The Company shall instruct the Collateral Agent in writing as to the
type of Permitted Investments in which any payments made under this Section
shall be invested, provided, however, that if the Company fails to
deliver such instructions by 10:30 a.m. (New York City time) on the day such
payments are received by the Collateral Agent, the Collateral Agent shall invest
such payments in the Permitted Investments described in clause (6) of the
definition of Permitted Investments. In no event shall the Collateral Agent be
liable for the selection of Permitted Investments or for investment losses
incurred thereon. The Collateral Agent shall

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have no liability in respect of losses incurred as a result of the failure of
the Company to provide timely written investment direction.

      (b) All principal payments received by the Collateral Agent in respect of
(1) the Pledged Senior Notes, (2) the Applicable Ownership Interests in the
Treasury Portfolio (as specified in clause (i) of the definition of such term)
and (3) the Treasury Securities or security entitlements thereto, that, in each
case, have been released from the Pledge pursuant hereto shall be transferred to
the Purchase Contract Agent for the benefit of the applicable Holders for
distribution to such Holders in accordance with their respective interests.

      SECTION 3.04. Payments to Purchase Contract Agent. The Collateral Agent
shall use all commercially reasonable efforts to deliver payments to the
Purchase Contract Agent hereunder to the account designated by the Purchase
Contract Agent for such purpose not later than 12:00 p.m. (New York City time)
on the Business Day such payment is received by the Collateral Agent; provided,
however, that if such payment is received on a day that is not a Business Day or
after 11:00 a.m. (New York City time) on a Business Day, then the Collateral
Agent shall use all commercially reasonable efforts to deliver such payment to
the Purchase Contract Agent no later than 10:30 a.m. (New York City time) on the
next succeeding Business Day.

      SECTION 3.05. Assets Not Properly Released. If the Purchase Contract Agent
or any Holder shall receive any principal payments on account of financial
assets credited to the Collateral Account and not released therefrom in
accordance with this Agreement, the Purchase Contract Agent or such Holder shall
hold the same as trustee of an express trust for the benefit of the Company and,
upon receipt of an Officers' Certificate of the Company so directing, promptly
deliver the same to the Collateral Agent for credit to the Collateral Account or
to the Company for application to the Obligations of the Holders, and the
Purchase Contract Agent and Holders shall acquire no right, title or interest in
any such payments of principal amounts so received. The Purchase Contract Agent
shall have no liability under this Section 3.05 unless and until it has been
notified in writing that such payment was delivered to it erroneously and shall
have no liability for any action taken, suffered or omitted to be taken prior to
its receipt of such notice.

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                                    ARTICLE 4
                                     CONTROL

      SECTION 4.01. Establishment of Collateral Account. The Securities
Intermediary hereby confirms that:

      (a)   the Securities Intermediary has established the Collateral Account;

      (b)   the Collateral Account is a securities account;

      (c)   subject to the terms of this Agreement, the Securities Intermediary
shall identify in its records the Collateral Agent as the entitlement holder
entitled to exercise the rights that comprise any financial asset credited to
the Collateral Account;

      (d)   all property delivered to the Securities Intermediary pursuant to
this Agreement or the Purchase Contract Agreement will be credited promptly to
the Collateral Account; and

      (e)   all securities or other property underlying any financial assets
credited to the Collateral Account shall be (i) registered in the name of the
Purchase Contract Agent and indorsed to the Collateral Agent or in blank, (ii)
registered in the name of the Collateral Agent or (iii) credited to another
securities account maintained in the name of the Collateral Agent. The
Collateral Agent may, at any time or from time to time, in its sole discretion,
cause any or all securities or other property underlying any financial assets
credited to the Collateral Account not registered in its name to be so
registered in its name. In no case will any financial asset credited to the
Collateral Account be registered in the name of the Purchase Contract Agent or
any Holder or specially indorsed to the Purchase Contract Agent or any Holder.

      SECTION 4.02. Treatment as Financial Assets. Each item of property
(whether investment property, financial asset, security, instrument or cash)
credited to the Collateral Account shall be treated as a financial asset.

      SECTION 4.03. Sole Control by Collateral Agent. Except as provided in
Section 6.01, at all times prior to the termination of the Pledge, the
Collateral Agent shall have sole control of the Collateral Account, and the
Securities Intermediary shall take instructions and directions with respect to
the Collateral Account solely from the Collateral Agent. If at any time the
Securities Intermediary shall receive an entitlement order issued by the
Collateral Agent and relating to the Collateral Account, the Securities
Intermediary shall comply with such entitlement order without further consent by
the Purchase Contract Agent or

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any Holder or any other Person. Except as otherwise permitted under this
Agreement, until termination of the Pledge, the Securities Intermediary will not
comply with any entitlement orders issued by the Purchase Contract Agent or any
Holder.

      SECTION 4.04. Securities Intermediary's Location. The Collateral Account,
and the rights and obligations of the Securities Intermediary, the Collateral
Agent, the Purchase Contract Agent and the Holders with respect thereto, shall
be governed by the laws of the State of New York. Regardless of any provision in
any other agreement, for purposes of the UCC, New York shall be deemed to be the
Securities Intermediary's location.

      SECTION 4.05. No Other Claims. Except for the claims and interest of the
Collateral Agent and of the Purchase Contract Agent and the Holders in the
Collateral Account, the Securities Intermediary (without any duty to
investigate) does not know of any claim to, or interest in, the Collateral
Account or in any financial asset credited thereto. If any Person asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against the Collateral
Account or in any financial asset carried therein, the Securities Intermediary
will promptly notify the Collateral Agent and the Purchase Contract Agent.

      SECTION 4.06. Investment and Release. All proceeds of financial assets
from time to time deposited in the Collateral Account shall be invested and
reinvested as provided in this Agreement. At all times prior to termination of
the Pledge, no property shall be released from the Collateral Account except in
accordance with this Agreement or upon written instructions of the Collateral
Agent.

      SECTION 4.07. Statements and Confirmations. The Securities Intermediary
will promptly send copies of all statements, confirmations and other
correspondence concerning the Collateral Account and any financial assets
credited thereto simultaneously to each of the Purchase Contract Agent and the
Collateral Agent at their addresses for notices under this Agreement.

      SECTION 4.08. Tax Allocations. The Purchase Contract Agent shall report
all items of income, gain, expense and loss recognized in the Collateral
Account, to the extent such reporting is required by law, to the Internal
Revenue Service authorities in the manner required by law. Neither the
Securities Intermediary nor the Collateral Agent shall have any tax reporting
duties hereunder.

      SECTION 4.09. No Other Agreements. The Securities Intermediary has not
entered into, and prior to the termination of the Pledge will not enter into,
any

                                       12
<PAGE>
agreement with any other Person relating to the Collateral Account or any
financial assets credited thereto, including, without limitation, any agreement
to comply with entitlement orders of any Person other than the Collateral Agent.

      SECTION 4.10. Powers Coupled with an Interest. The rights and powers
granted in this Article 4 to the Collateral Agent have been granted in order to
perfect its security interests in the Collateral Account, are powers coupled
with an interest and will be affected neither by the bankruptcy of the Purchase
Contract Agent or any Holder nor by the lapse of time. The obligations of the
Securities Intermediary under this Article 4 shall continue in effect until the
termination of the Pledge.

      SECTION 4.11. Waiver of Lien; Waiver of Set-off. The Securities
Intermediary waives any security interest, lien or right to make deductions or
setoffs that it may now have or hereafter acquire in or with respect to the
Collateral Account, any financial asset credited thereto or any security
entitlement in respect thereof. Neither the financial assets credited to the
Collateral Account nor the security entitlements in respect thereof will be
subject to deduction, set-off, banker's lien, or any other right in favor of any
Person other than the Company.

                                    ARTICLE 5
           INITIAL DEPOSIT; CREATION OF STRIPPED UNITS AND RECREATION
                                 OF NORMAL UNITS

      SECTION 5.01. Initial Deposit of Senior Notes. (a) Prior to or
concurrently with the execution and delivery of this Agreement, the Purchase
Contract Agent, on behalf of the initial Holders of the Normal Units, shall
Transfer to the Collateral Agent, for credit to the Collateral Account, the
Applicable Ownership Interests in Senior Notes and the aggregate principal
amount of Senior Notes underlying the Applicable Ownership Interests in Senior
Notes or, in each case, security entitlements relating thereto, and, in the case
of security entitlements, the Securities Intermediary shall indicate by
book-entry that a securities entitlement to such Applicable Ownership Interest
in Senior Notes and such Senior Notes has been credited to the Collateral
Account.

      (b) Unless any Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the Collateral Agent agrees to hold any Pledged
Senior Notes or security entitlements relating thereto, constituting a portion
of the Collateral registered in the name of the Purchase Contract Agent, as
attorney-in-fact for the Holders, with appropriate indorsement in the form
delivered to it and

                                       13
<PAGE>
shall not re-register Pledged Applicable Ownership Interests in Senior Notes or
Pledged Senior Notes or security entitlements relating thereto unless an Event
of Default shall have occurred and be continuing.

      SECTION 5.02. Creation of Stripped Units.

      (a) So long as the Applicable Ownership Interests in the Treasury
Portfolio have not replaced the Applicable Ownership Interests in Senior Notes
as components of the Normal Units, a Holder of Normal Units shall have the
right, at any time prior to 5:00 p.m. (New York City time) on the fifth Business
Day immediately preceding the Purchase Contract Settlement Date, to create
Stripped Units by substitution of Treasury Securities or security entitlements
with respect thereto for the Pledged Applicable Ownership Interests in Senior
Notes comprising a part of such Holder's Normal Units, in integral multiples of
20 Normal Units by:

            (i) Transferring to the Collateral Agent for credit to the
      Collateral Account Treasury Securities or security entitlements with
      respect thereto having a Value equal to the aggregate principal amount of
      the Pledged Senior Notes underlying the Pledged Applicable Ownership
      Interests in Senior Notes to be released, accompanied by a notice,
      substantially in the form of Exhibit C to the Purchase Contract Agreement,
      whereupon the Purchase Contract Agent shall deliver to the Collateral
      Agent a notice, substantially in the form of Exhibit A hereto, (A) stating
      that such Holder has notified the Purchase Contract Agent that such Holder
      has Transferred Treasury Securities or security entitlements with respect
      thereto to the Collateral Agent for credit to the Collateral Account, (B)
      stating the Value of the Treasury Securities or security entitlements with
      respect thereto Transferred by such Holder and (C) requesting that the
      Collateral Agent release from the Pledge the Pledged Applicable Ownership
      Interests in Senior Notes that are a component of such Normal Units and
      the aggregate principal amount of Pledged Senior Notes related thereto;
      and

            (ii) delivering the related Normal Units to the Purchase Contract
      Agent.

      Upon receipt of such notice and confirmation that Treasury Securities or
security entitlements with respect thereto have been credited to the Collateral
Account as described in such notice, the Collateral Agent shall instruct the
Securities Intermediary by a notice, substantially in the form of Exhibit B, to
release such Pledged Applicable Ownership Interests in Senior Notes and the
aggregate principal amount of Pledged Senior Notes related thereto; from the

                                       14
<PAGE>
Pledge by Transfer of such Senior Notes to the Purchase Contract Agent for
distribution to such Holder, free and clear of the Pledge created hereby.

      If the Applicable Ownership Interests in the Treasury Portfolio have
replaced the Applicable Ownership Interests in Senior Notes as components of the
Normal Units and subject to the conditions of the Purchase Contract Agreement, a
Holder may, at any time on or prior to the second Business Day immediately
preceding the Purchase Contract Settlement Date, substitute Treasury Securities
for the Pledged Applicable Ownerships Interests in the Treasury Portfolio with
respect to such Normal Units, but only in multiples of 12,500 Normal Units. In
such an event, the Holder shall Transfer Treasury Securities having a Value
equal to the aggregate Stated Amount of the Purchase Contracts comprising a
component of such Normal Units to the Collateral Agent, and the Purchase
Contract Agent shall instruct the Collateral Agent to release the Pledge of and
transfer to the Holder the appropriate Applicable Ownership Interests in the
Treasury Portfolio in the manner set forth above.

      (b) Upon credit to the Collateral Account of Treasury Securities or
security entitlements with respect thereto delivered by a Holder of Normal Units
and receipt of the related instruction from the Collateral Agent, the Securities
Intermediary shall release such Pledged Applicable Ownership Interests in Senior
Notes and the aggregate principal amount of Pledged Senior Notes related thereto
or such Pledged Applicable Ownership Interests in the Treasury Portfolio, as the
case may be, and shall promptly Transfer the same to the Purchase Contract Agent
for distribution to such Holder, free and clear of the Pledge created hereby.

      SECTION 5.03. Recreation of Normal Units.

      (a) So long as the Applicable Ownership Interests in the Treasury
Portfolio have not replaced the Applicable Ownership Interests in Senior Notes
as components of the Normal Units, at any time prior to 5:00 p.m. (New York City
time) on the fifth Business Day immediately preceding the Purchase Contract
Settlement Date, a Holder of Stripped Units shall have the right to recreate
Normal Units by substitution of Applicable Ownership Interests in Senior Notes
and an aggregate principal amount of Senior Notes underlying such Applicable
Ownership Interests in Senior Notes or security entitlements with respect
thereto for Pledged Treasury Securities in integral multiples of 20 Stripped
Units by:

            (i) Transferring to the Collateral Agent for credit to the
      Collateral Account Applicable Ownership Interests in Senior Notes and
      related Senior Notes or security entitlements with respect thereto having
      a Value equal to the Value of the Pledged Treasury Securities to be
      released, accompanied by a notice, substantially in the form of Exhibit C
      to the Purchase Contract Agreement, whereupon the Purchase Contract Agent

                                       15
<PAGE>
      shall deliver to the Collateral Agent a notice, substantially in the form
      of Exhibit C hereto, stating that such Holder has Transferred the
      Applicable Ownership Interests in Senior Notes and related Senior Notes or
      security entitlements with respect thereto to the Collateral Account for
      credit to the Collateral Account and requesting that the Collateral Agent
      release from the Pledge the Pledged Treasury Securities related to such
      Stripped Units; and

            (ii) delivering the related Stripped Units to the Purchase Contract
      Agent.

      Upon receipt of such notice and confirmation that the Applicable Ownership
Interests in Senior Notes and Senior Notes or security entitlements with respect
thereto have been credited to the Collateral Account as described in such
notice, the Collateral Agent shall instruct the Securities Intermediary by a
notice substantially in the form of Exhibit D hereto to release such Pledged
Treasury Securities from the Pledge by Transfer to the Purchase Contract Agent
for distribution to such Holder, free and clear of the Pledge created hereby.

      If the Applicable Ownership Interests in the Treasury Portfolio have
replaced the Applicable Ownership Interests in Senior Notes as components of the
Normal Units, a Holder may, at any time on or prior to the second Business Day
immediately preceding the Purchase Contract Settlement Date, substitute
Applicable Ownership Interests in the Treasury Portfolio for Pledged Treasury
Securities, but only in multiples of 12,500 Stripped Units. In such an event,
the Holder shall Transfer the Applicable Ownership Interests in the Treasury
Portfolio to the Collateral Agent in an amount such that the Value of such
Applicable Ownership Interests in the Treasury Portfolio (as specified in clause
(i) of the definition of such term) is equal to the aggregate Stated Amount of
the Purchase Contracts underlying such Stripped Units, and the Purchase Contract
Agent shall instruct the Collateral Agent to release and transfer to the Holder
the appropriate Treasury Securities in the manner set forth above.

      (b) Upon credit to the Collateral Account of the Applicable Ownership
Interests in Senior Notes and the related Senior Notes or the Applicable
Ownership Interests in the Treasury Portfolio, as the case may be, or security
entitlements with respect thereto delivered by a Holder of Stripped Units and
receipt of the related instruction from the Collateral Agent, the Securities
Intermediary shall release such Pledged Treasury Securities or Applicable
Ownership Interests in the Treasury Portfolio and shall promptly Transfer the
same to the Purchase Contract Agent for distribution to such Holder, free and
clear of the Pledge created hereby.

      SECTION 5.04. Termination Event.

                                       16
<PAGE>
      (a) Upon receipt by the Collateral Agent of written notice from the
Company or the Purchase Contract Agent that a Termination Event has occurred,
the Collateral Agent shall release all Collateral from the Pledge and shall
promptly Transfer:

            (i) any Pledged Applicable Ownership Interests in Senior Notes and
      Pledged Senior Notes or security entitlements with respect thereto;

            (ii) any Pledged Applicable Ownership Interests in the Treasury
      Portfolio or security entitlements with respect thereto;

            (iii) any Pledged Treasury Securities, and

            (iv) any payments by Holders (or the Permitted Investments of such
      payments) pursuant to Section 5.05 hereof,

to the Purchase Contract Agent for the benefit of the Holders for distribution
to such Holders, in accordance with their respective interests, free and clear
of the Pledge created hereby; provided, however, if any Holder shall be entitled
to receive less than $1,000 with respect to its interest in the Applicable
Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term), the Purchase Contract Agent shall have the right (but
not the obligation) to dispose of such interest for cash and deliver to such
Holder cash in lieu of delivering the Applicable Ownership Interests in the
Treasury Portfolio (as specified in clause (i) of the definition of such term).

      (b) If such Termination Event shall result from the Company's becoming a
debtor under the Bankruptcy Code, and if the Collateral Agent shall for any
reason fail promptly to effectuate the release and Transfer of all Collateral
and Proceeds of any of the foregoing, as the case may be, as provided by this
Section 5.04, the Purchase Contract Agent shall:

            (i) use its best efforts to obtain an opinion of a nationally
      recognized law firm reasonably acceptable to the Collateral Agent to the
      effect that, notwithstanding the Company's being the debtor in such a
      bankruptcy case, the Collateral Agent will not be prohibited from
      releasing or Transferring the Collateral as provided in this Section 5.04,
      and shall deliver or cause to be delivered such opinion to the Collateral
      Agent within ten days after the occurrence of such Termination Event, and
      if (A) the Purchase Contract Agent shall be unable to obtain such opinion
      within ten days after the occurrence of such Termination Event or (B) the
      Collateral Agent shall continue, after delivery of such opinion, to refuse
      to effectuate the release and Transfer of all Collateral and Proceeds of
      any of

                                       17
<PAGE>
      the foregoing, as the case may be, as provided in this Section 5.04, then
      the Purchase Contract Agent shall within fifteen days after the occurrence
      of such Termination Event commence an action or proceeding in the court
      having jurisdiction of the Company's case under the Bankruptcy Code
      seeking an order requiring the Collateral Agent to effectuate the release
      and transfer of all Collateral and Proceeds of any of the foregoing, or as
      the case may be, as provided by this Section 5.04; or

            (ii) commence an action or proceeding like that described in clause
      5.04(b)(i) hereof within ten days after the occurrence of such Termination
      Event.

      SECTION 5.05. Cash Settlement.

      (a) Upon receipt by the Collateral Agent of (1) a notice from the Purchase
Contract Agent promptly after the receipt by the Purchase Contract Agent of a
notice from a Holder of Normal Units that such Holder has elected, in accordance
with the procedures specified in Section 5.02(c)(i) of the Purchase Contract
Agreement, to effect a Cash Settlement and (2) payment by such Holder by deposit
in the Collateral Account prior to 11:00 a.m. (New York City time) on the fourth
Business Day immediately preceding the Purchase Contract Settlement Date of the
Purchase Price in lawful money of the United States of America by certified or
cashier's check or wire transfer of immediately available funds payable to or
upon the order of the Securities Intermediary, then the Collateral Agent shall:

            (i) instruct the Securities Intermediary promptly to invest any such
      Cash in Permitted Investments;

            (ii) instruct the Securities Intermediary to release from the Pledge
      such Holder's Pledged Applicable Ownership Interests in Senior Notes and
      the aggregate principal amount of Pledged Senior Notes underlying such
      Pledged Applicable Ownership Interests in Senior Notes related to the
      Normal Units, as to which such Holder has effected a Cash Settlement
      pursuant to this Section 5.05(a); and

            (iii) instruct the Securities Intermediary to Transfer all such
      Pledged Applicable Ownership Interests in Senior Notes and such Pledged
      Senior Notes to the Purchase Contract Agent for distribution to such
      Holder, in each case free and clear of the Pledge created hereby.

      A Holder of Normal Units may only affect a Cash Settlement in integral
multiples of 20 Units. The Company shall instruct the Collateral Agent in
writing

                                       18
<PAGE>
as to the type of Permitted Investments in which any such Cash shall be
invested; provided, however, that if the Company fails to deliver such written
instructions by 10:30 a.m. (New York City time) on the day such Cash is received
by the Collateral Agent or to be reinvested by the Securities Intermediary, the
Collateral Agent shall instruct the Securities Intermediary to invest such Cash
in the Permitted Investments described in clause (6) of the definition of
Permitted Investments. In no event shall the Collateral Agent or Securities
Intermediary be liable for the selection of Permitted Investments or for
investment losses incurred thereon. The Collateral Agent and Securities
Intermediary shall have no liability in respect of losses incurred as a result
of the failure of the Company to provide timely written investment direction.

      Upon receipt of the proceeds upon the maturity of the Permitted
Investments on the Purchase Contract Settlement Date, the Collateral Agent shall
(A) instruct the Securities Intermediary to pay the portion of such proceeds and
deliver any certified or cashier's checks received, in an aggregate amount equal
to the Purchase Price, to the Company on the Purchase Contract Settlement Date,
and (B) release any amounts in excess of the Purchase Price earned from such
Permitted Investments to the Purchase Contract Agent for distribution to such
Holder.

      (b) If a Holder of Normal Units (i) fails to notify the Purchase Contract
Agent of its intention to make a Cash Settlement as provided in paragraph
5.02(c)(i) of the Purchase Contract Agreement or (ii) does notify the Purchase
Contract Agent of its intention to pay the Purchase Price in cash, but fails to
make such payment as required by paragraph 5.02(c)(ii) of the Purchase Contract
Agreement, such Holder shall be deemed to have consented to the disposition of
the Pledged Senior Notes related to such Holder's Applicable Ownership Interests
in Senior Notes in accordance with paragraph 5.02(c)(iii) of the Purchase
Contract Agreement.

      (c) As soon as practicable after 11:00 a.m. (New York City time) on the
fourth Business Day immediately preceding the Purchase Contract Settlement Date,
the Collateral Agent shall deliver to the Purchase Contract Agent a notice,
substantially in the form of Exhibit E hereto, stating (i) the amount of Cash
that it has received with respect to the Cash Settlement of Normal Units, and
(ii) the amount of Pledged Senior Notes to be remarketed in the Final
Remarketing pursuant to Section 5.02(c)(iii) of the Purchase Contract Agreement.

      SECTION 5.06. Early Settlement and Cash Merger Early Settlement. Upon
receipt by the Collateral Agent of a notice from the Purchase Contract Agent
that a Holder of Units has elected to effect either (i) Early Settlement of its
obligations under the Purchase Contracts forming a part of such Units in

                                       19
<PAGE>
accordance with the terms of the Purchase Contracts and Section 5.07 of the
Purchase Contract Agreement or (ii) Cash Merger Early Settlement of its
obligations under the Purchase Contracts forming a part of such Units in
accordance with the terms of the Purchase Contracts and Section 5.04(b)(2) of
the Purchase Contract Agreement (which notice shall set forth the number of such
Purchase Contracts as to which such Holder has elected to effect Early
Settlement or Cash Merger Early Settlement), and that the Purchase Contract
Agent has received from such Holder, and paid to the Company as confirmed in
writing by the Company, the related Purchase Price pursuant to the terms of the
Purchase Contracts and the Purchase Contract Agreement and that all conditions
to such Early Settlement or Cash Merger Early Settlement, as the case may be,
have been satisfied, then the Collateral Agent shall release from the Pledge,
(1) the Pledged Applicable Ownership Interests in Senior Notes and the aggregate
principal amount of Pledged Senior Notes underlying such Pledged Applicable
Ownership Interests in Senior Notes or the Pledged Applicable Ownership
Interests in the Treasury Portfolio, as the case may be, related to such Units
in the case of a Holder of Normal Units or (2) Pledged Treasury Securities, in
the case of a Holder of Stripped Units, in each case with a Value equal to the
product of (x) the Stated Amount times (y) the number of Purchase Contracts as
to which such Holder has elected to effect Early Settlement or Cash Merger Early
Settlement, and shall instruct the Securities Intermediary to Transfer all such
Pledged Applicable Ownership Interests in Senior Notes and Pledged Applicable
Ownership Interests in the Treasury Portfolio, or Pledged Treasury Securities,
as the case may be, to the Purchase Contract Agent for distribution to such
Holder, in each case free and clear of the Pledge created hereby. A Holder of
Units may settle early only in integral multiples of 20 Units; provided that a
Holder of Normal Units, if the Applicable Ownership Interests in the Treasury
Portfolio have replaced the Applicable Ownership Interests in Senior Notes as
components of such Normal Units, may settle early only in integral multiples of
12,500 Normal Units.

      SECTION 5.07. Application of Proceeds in Settlement of Purchase Contracts.

      (a) If a Holder of Normal Units (if the Applicable Ownership Interests in
the Treasury Portfolio have not replaced the Applicable Ownership Interests in
Senior Notes as components of such Normal Units) has not elected to make an
effective Cash Settlement by notifying the Purchase Contract Agent in the manner
provided for in Section 5.02(c)(i) of the Purchase Contract Agreement or does
notify the Purchase Contract Agent as provided in paragraph 5.02(c)(i) of the
Purchase Contract Agreement of its intention to pay the Purchase Price in cash,
but fails to make such payment as required by paragraph 5.02(c)(ii) of the
Purchase Contract Agreement, such Holder shall be deemed to have elected to pay
for the shares of Common Stock to be issued under such Purchase Contracts from

                                       20
<PAGE>
the Proceeds of the Final Remarketing of the related Pledged Senior Notes. In
such event, upon written direction from the Purchase Contract Agent, the
Collateral Agent shall instruct the Securities Intermediary to Transfer the
related Pledged Senior Notes to the Remarketing Agent for Final Remarketing.
Upon receiving such Pledged Senior Notes, the Remarketing Agent, pursuant to the
terms of the Remarketing Agreement, will use its reasonable efforts to remarket
such Pledged Senior Notes. The Remarketing Agent will deposit the Proceeds of
such Final Remarketing (less, to the extent permitted by the Remarketing
Agreement, the Remarketing Fee) in the Collateral Account, and the Collateral
Agent shall invest the Proceeds of the Final Remarketing in Permitted
Investments set forth in clause (6) of the definition of Permitted Investments.
On the Purchase Contract Settlement Date, the Purchase Contract Agent shall
consult with the Collateral Agent regarding the instruction the Collateral Agent
shall give to the Securities Intermediary in order to apply a portion of the
Proceeds from such Final Remarketing equal to the aggregate principal amount of
such Pledged Senior Notes to satisfy in full such Holder's obligations to pay
the Purchase Price to purchase the shares of Common Stock under the related
Purchase Contracts and the balance of the Proceeds from the Final Remarketing,
if any, that shall be transferred to the Purchase Contract Agent for
distribution to such Holder.

      If the Remarketing Agent advises the Collateral Agent in writing that
there has been a Failed Final Remarketing, the Collateral Agent, for the benefit
of the Company shall, at the written direction of the Company, exercise the
Company's rights as a secured party with respect to the Pledged Applicable
Ownership Interests in Senior Notes and the related Pledged Senior Notes in
accordance with applicable law or deliver the Pledged Applicable Ownership
Interests in Senior Notes and the related Pledged Senior Notes to the Company to
retain to the extent permitted by applicable law. Following such action, the
Holder's obligations to pay the Purchase Price for the shares of Common Stock
will be deemed to be satisfied in full.

      (b) In the case of a Stripped Unit or a Normal Unit (if the Applicable
Ownership Interests in the Treasury Portfolio have replaced the Applicable
Ownership Interests in Senior Notes as a component of the Normal Units),
promptly after 11:00 a.m. (New York City time) on the Business Day immediately
prior to the Purchase Contract Settlement Date, the Collateral Agent shall
invest the Cash Proceeds of the maturing Pledged Treasury Securities or Pledged
Applicable Ownership Interests in the Treasury Portfolio, as the case may be, in
Permitted Investments set forth in clause (6) of the definition of Permitted
Investments, unless prior to 10:30 a.m. (New York City time) on such date, the
Company shall otherwise instruct the Collateral Agent in writing as to the type
of Permitted Investments in which any such Cash Proceeds shall be invested. In
no event shall the Collateral Agent be liable for the selection of Permitted

                                       21
<PAGE>
Investments or for investment losses incurred thereon. The Collateral Agent
shall have no liability in respect of losses incurred as a result of the failure
of the Company to provide timely written investment direction. Without receiving
any instruction from any such Holder, the Collateral Agent shall apply the
Proceeds of the related Pledged Treasury Securities or Pledged Applicable
Ownership Interests in the Treasury Portfolio, as the case may be, to the
settlement of such Purchase Contracts on the Purchase Contract Settlement Date.
In the event the sum of the Proceeds from the related Pledged Treasury
Securities or Pledged Applicable Ownership Interests in the Treasury Portfolio,
as the case may be, and the investment earnings from the investment in Permitted
Investments exceeds the aggregate Purchase Price of the Purchase Contracts being
settled thereby, the Collateral Agent shall instruct the Securities Intermediary
to transfer such excess, when received, to the Purchase Contract Agent for
distribution to such Holder.

      (c) Prior to 5:00 p.m. (New York City time) on the fifth Business Day
immediately preceding the applicable Remarketing Date, but no earlier than the
Payment Date immediately preceding such date, Holders of Separate Senior Notes
may elect to have their Separate Senior Notes remarketed under the Remarketing
Agreement, by delivering their Separate Senior Notes along with a notice of such
election, substantially in the form of Exhibit F hereto, to the Custodial Agent.
After such time, such election shall become an irrevocable election to have such
Separate Senior Notes remarketed in such Remarketing and, if such Remarketing
fails, in any subsequent Remarketing. The Custodial Agent shall hold Separate
Senior Notes in an account separate from the Collateral Account in which the
Pledged Securities shall be held. Holders of Separate Senior Notes electing to
have their Separate Senior Notes remarketed will also have the right to withdraw
that election by written notice to the Custodial Agent, substantially in the
form of Exhibit G hereto, prior to 5:00 p.m. (New York City time) on the fifth
Business Day immediately preceding the applicable Remarketing Date, upon which
notice the Custodial Agent shall return such Separate Senior Notes to such
Holder.

      By 11:00 a.m. (New York City time) on the Business Day immediately
preceding the applicable Remarketing Date, the Custodial Agent shall notify the
Remarketing Agent of the aggregate principal amount of the Separate Senior Notes
to be remarketed and deliver to the Remarketing Agent for remarketing all
Separate Senior Notes delivered to the Custodial Agent pursuant to this Section
5.07(c) and not validly withdrawn prior to such date. In the event of a
Successful Remarketing, after deducting the Remarketing Fee (to the extent
permitted under the terms of the Remarketing Agreement), the Remarketing Agent
will remit to the Custodial Agent the remaining portion of the proceeds of such
Remarketing for payment to the Holders of the remarketed Separate Senior Notes,
in accordance with their respective interests. In the event of a Failed
Remarketing, the Remarketing Agent will promptly return such Separate Senior
Notes to the

                                       22
<PAGE>
Custodial Agent, and, in the event of a Failed Final Remarketing, the Custodial
Agent shall deliver such Separate Senior Notes to the appropriate Holders.

      SECTION 5.08. Special Event Redemption. If the Collateral Agent receives
written notice that a Special Event Redemption has occurred while Applicable
Ownership Interests in Senior Notes are still credited to the Collateral
Account, the Collateral Agent shall apply the Redemption Amount to purchase the
Treasury Portfolio, and the Collateral Agent shall credit the Applicable
Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term) to the Collateral Account and shall transfer the
Applicable Ownership Interests in the Treasury Portfolio (as specified in clause
(ii)(y) of the definition of such term) to the Purchase Contract Agent for
distribution to the Holders of the Normal Units. Upon credit to the Collateral
Account of the Applicable Ownership Interests in the Treasury Portfolio (as
specified in clause (i) of the definition of such term) having a Value equal to
the aggregate principal amount of the Pledged Applicable Ownership Interests in
Senior Notes and the related Pledged Senior Notes, the Collateral Agent shall
cause the Securities Intermediary to release the Pledged Senior Notes from the
Collateral Account and shall promptly transfer the Pledged Senior Notes to the
Company.

                                    ARTICLE 6
                      VOTING RIGHTS - PLEDGED SENIOR NOTES

      SECTION 6.01. Voting Rights. Subject to the terms of Section 4.02 of the
Purchase Contract Agreement, the Purchase Contract Agent may exercise, or
refrain from exercising, any and all voting and other consensual rights
pertaining to the Pledged Senior Notes underlying the Pledged Applicable
Ownership Interests in Senior Notes or any part thereof for any purpose not
inconsistent with the terms of this Agreement and in accordance with the terms
of the Purchase Contract Agreement; provided, that the Purchase Contract Agent
shall not exercise or shall not refrain from exercising such right, as the case
may be, if, in the judgment of the Purchase Contract Agent, such action would
impair or otherwise have a material adverse effect on the value of all or any of
the Pledged Senior Notes underlying the Pledged Applicable Ownership Interests
in the Senior Notes; and provided, further, that the Purchase Contract Agent
shall give the Company and the Collateral Agent at least five Business Days'
prior written notice of the manner in which it intends to exercise, or its
reasons for refraining from exercising, any such right. Upon receipt of any
notices and other communications in respect of any Pledged Senior Notes
underlying the Pledged Applicable Ownership Interests in Senior Notes, including
notice of any meeting at which holders of the Pledged Senior Notes are entitled
to vote or solicitation of

                                       23
<PAGE>
consents, waivers or proxies of holders of the Senior Notes, the Collateral
Agent shall use reasonable efforts to send promptly to the Purchase Contract
Agent such notice or communication, and as soon as reasonably practicable after
receipt of a written request therefor from the Purchase Contract Agent, execute
and deliver to the Purchase Contract Agent such proxies and other instruments in
respect of such Pledged Senior Notes (in form and substance satisfactory to the
Collateral Agent) as are prepared by the Company and delivered to the Purchase
Contract Agent with respect to the Pledged Senior Notes.

                                    ARTICLE 7
                               RIGHTS AND REMEDIES

      SECTION 7.01. Rights and Remedies of the Collateral Agent.

      (a) In addition to the rights and remedies specified in Section 5.07
hereof or otherwise available at law or in equity, after an event of default (as
specified in Section 7.01(b) below) hereunder, the Collateral Agent shall have
all of the rights and remedies with respect to the Collateral of a secured party
under the UCC (whether or not the UCC is in effect in the jurisdiction where the
rights and remedies are asserted) and the TRADES Regulations and such additional
rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be
asserted. Without limiting the generality of the foregoing, such remedies may
include, to the extent permitted by applicable law, (1) retention of the Pledged
Applicable Ownership Interests in Senior Notes and the related Pledged Senior
Notes, Pledged Treasury Securities or the Pledged Applicable Ownership
Interests in the Treasury Portfolio or (2) sale of the Pledged Senior Notes,
Pledged Treasury Securities or the Pledged Applicable Ownership Interests in the
Treasury Portfolio in one or more public or private sales, and in each instance,
the Holders' obligations under the Purchase Contracts and the Purchase Contract
Agreement shall be deemed to have been satisfied in full.

      (b) Without limiting any rights or powers otherwise granted by this
Agreement to the Collateral Agent, in the event the Collateral Agent is unable
to make payments to the Company on account of the applicable Pledged Applicable
Ownership Interests in the Treasury Portfolio, or on account of principal
payments of any Pledged Treasury Securities as provided in Article 3 hereof, in
satisfaction of the Obligations of the Holder of the Units of which such
applicable Pledged Applicable Ownership Interests in the Treasury Portfolio or
such Pledged Treasury Securities, as applicable, are a part under the related
Purchase Contracts, the inability to make such payments shall constitute an
event of default hereunder

                                       24
<PAGE>
and the Collateral Agent shall have and may exercise, with reference to such
Pledged Treasury Securities or Pledged Applicable Ownership Interests in the
Treasury Portfolio, as applicable, any and all of the rights and remedies
available to a secured party under the UCC and the TRADES Regulations after
default by a debtor, and as otherwise granted herein or under any other law.

      (c) Without limiting any rights or powers otherwise granted by this
Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of (i) the principal amount of
the Pledged Senior Notes, (ii) the principal amount of the Pledged Applicable
Ownership Interests in the Treasury Portfolio, and (iii) the principal amount of
the Pledged Treasury Securities, subject, in each case, to the provisions of
Article 3 hereof, and as otherwise granted herein.

      (d) The Purchase Contract Agent and each Holder of Units agrees that, from
time to time, upon the written request of the Collateral Agent or the Purchase
Contract Agent, such Holder shall execute and deliver such further documents and
do such other acts and things as the Collateral Agent may reasonably request in
order to maintain the Pledge, and the perfection and priority thereof, and to
confirm the rights of the Collateral Agent hereunder. The Purchase Contract
Agent shall have no liability to any Holder for executing any documents or
taking any such acts requested by the Collateral Agent hereunder, except for
liability for its own grossly negligent acts, its own grossly negligent failure
to act or its own willful misconduct.

      SECTION 7.02. Special Event Redemption. Upon the occurrence of a Special
Event Redemption while any Applicable Ownership Interests in Senior Notes and
the related Pledged Senior Notes are still credited to the Collateral Account,
the Redemption Price shall be credited to the Collateral Account by the
Collateral Agent upon receipt thereof from the Indenture Trustee, on or prior to
12:30 p.m., New York City time on such Special Event Redemption Date, by federal
funds check or wire transfer of immediately available funds. The Collateral
Agent is hereby authorized to present the Pledged Senior Notes for payment as
may be required by their respective terms. Upon receipt of such funds, the
Pledged Senior Notes shall be released from the Collateral Account. In the event
such funds are credited to the Collateral Account, the Collateral Agent, at the
written direction of the Company, shall instruct the Securities Intermediary to
(a) apply an amount equal to the Redemption Amount of such funds to purchase the
Treasury Portfolio from the Quotation Agent for credit to the Collateral Account
and (b) promptly remit the remaining portion of such funds, if any, to the
Purchase Contract Agent for payment to the Holders of Normal Units, in
accordance with their respective interests.

                                       25
<PAGE>
      SECTION 7.03. Initial Remarketing. Unless a Special Event Redemption has
occurred prior to the Initial Remarketing Date, the Collateral Agent shall, by
11:00 a.m., New York City time, on the Business Day immediately preceding the
Initial Remarketing Date, without any instruction from any Holder of Normal
Units, present the related Pledged Senior Notes to the Remarketing Agent for
Initial Remarketing. In the event of a Failed Initial Remarketing, the Senior
Notes presented to the Remarketing Agent pursuant to this Section 7.03 for
Remarketing shall be redeposited into the Collateral Account.

      SECTION 7.04. Second Remarketing. Unless a Special Event Redemption has
occurred prior to the Second Remarketing Date, if a Failed Initial Remarketing
has occurred, the Collateral Agent shall, by 11:00 a.m., New York City time, on
the Business Day immediately preceding the Second Remarketing Date, without any
instruction from any Holder of Normal Units, present the related Pledged Senior
Notes to the Remarketing Agent for Second Remarketing. In the event of a Failed
Second Remarketing, the Senior Notes presented to the Remarketing Agent pursuant
to this Section 7.04 for Remarketing shall be redeposited into the Collateral
Account.

      SECTION 7.05. Third Remarketing. Unless a Special Event Redemption has
occurred prior to the Third Remarketing Date, if a Failed Second Remarketing has
occurred, the Collateral Agent shall, by 11:00 a.m., New York City time, on the
Business Day immediately preceding the Third Remarketing Date, without any
instruction from any Holder of Normal Units, present the related Pledged Senior
Notes to the Remarketing Agent for Third Remarketing. In the event of a Failed
Third Remarketing, the Senior Notes presented to the Remarketing Agent pursuant
to this Section 7.05 for Remarketing shall be redeposited into the Collateral
Account.

      SECTION 7.06. Successful Remarketing. In the event the Collateral Agent
receives Proceeds of the Pledged Senior Notes from any Successful Remarketing
prior to the Final Remarketing Date (after deducting any Remarketing Fee to the
extent permitted under the terms of the Remarketing Agreement), the Collateral
Agent will, at the written direction of the Company, apply an amount equal to
the Treasury Portfolio Purchase Price to purchase from the Quotation Agent the
Treasury Portfolio and promptly remit the remaining portion of such Proceeds to
the Purchase Contract Agent for payment to the Holders of Normal Units, in
accordance with their respective interests. With respect to Separate Senior
Notes, any Proceeds of such Remarketing (after deducting any Remarketing Fee to
the extent permitted under the terms of the Remarketing Agreement) attributable
to the Separate Senior Notes will be remitted to the Custodial Agent for payment
to the holders of Separate Senior Notes. The Collateral Agent shall Transfer the
Treasury Portfolio to the Collateral Account and the Pledged Applicable

                                       26
<PAGE>

Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the
definition of such term) will secure the obligation of all Holders of Normal
Units to purchase Common Stock of the Company under the Purchase Contracts
constituting a part of such Normal Units, in substitution for the Pledged
Applicable Ownership Interests in Senior Notes and the related Pledged Senior
Notes, which shall be released from the Collateral Account.

      SECTION 7.07. Substitutions. Whenever a Holder has the right to substitute
Treasury Securities, Applicable Ownership Interests in Senior Notes and related
Senior Notes or the appropriate Applicable Ownership Interests or security
entitlements for any of them in the Treasury Portfolio (as defined in clause (i)
of the definition of such term), as the case may be, for financial assets held
in the Collateral Account, such substitution shall not constitute a novation of
the security interest created hereby.

                                    ARTICLE 8
                    REPRESENTATIONS AND WARRANTIES; COVENANTS

      SECTION 8.01. Representations and Warranties. Each Holder from time to
time, acting through the Purchase Contract Agent as attorney-in-fact (it being
understood that the Purchase Contract Agent shall not be liable for any
representation or warranty made by or on behalf of a Holder), hereby represents
and warrants to the Collateral Agent (with respect to such Holder's interest in
the Collateral), which representations and warranties shall be deemed repeated
on each day a Holder Transfers Collateral, that:

      (a) such Holder has the power to grant a security interest in and lien on
the Collateral;

      (b) such Holder is the sole beneficial owner of the Collateral and, in the
case of Collateral delivered in physical form, is the sole holder of such
Collateral and is the sole beneficial owner of, or has the right to Transfer,
the Collateral it Transfers to the Collateral Agent for credit to the Collateral
Account, free and clear of any security interest, lien, encumbrance, call,
liability to pay money or other restriction other than the security interest and
lien granted under Article 2 hereof;

      (c) upon the Transfer of the Collateral to the Collateral Agent for credit
to the Collateral Account, the Collateral Agent, for the benefit of the Company,
will have a valid and perfected first priority security interest therein
(assuming that any central clearing operation or any securities intermediary or
other entity

                                       27
<PAGE>

not within the control of the Holder involved in the Transfer of the Collateral,
including the Collateral Agent and the Securities Intermediary, gives the
notices and takes the action required of it hereunder and under applicable law
for perfection of that interest and assuming the establishment and exercise of
control pursuant to Article 4 hereof); and

      (d) the execution and performance by the Holder of its obligations under
this Agreement will not result in the creation of any security interest, lien or
other encumbrance on the Collateral other than the security interest and lien
granted under Article 2 hereof or violate any provision of any existing law or
regulation applicable to it or of any mortgage, charge, pledge, indenture,
contract or undertaking to which it is a party or which is binding on it or any
of its assets.

      SECTION 8.02. Covenants. The Holders from time to time, acting through the
Purchase Contract Agent as their attorney-in-fact (it being understood that the
Purchase Contract Agent shall not be liable for any covenant made by or on
behalf of a Holder), hereby covenant to the Collateral Agent that for so long as
the Collateral remains subject to the Pledge:

      (a) neither the Purchase Contract Agent nor such Holders will create or
purport to create or allow to subsist any mortgage, charge, lien, pledge or any
other security interest whatsoever over the Collateral or any part of it other
than pursuant to this Agreement; and

      (b) neither the Purchase Contract Agent nor such Holders will sell or
otherwise dispose (or attempt to dispose) of the Collateral or any part of it
except for the beneficial interest therein, subject to the Pledge hereunder,
transferred in connection with the Transfer of the Units.

                                    ARTICLE 9
          THE COLLATERAL AGENT, THE CUSTODIAL AGENT AND THE SECURITIES
                                  INTERMEDIARY

      It is hereby agreed as follows:

      SECTION 9.01. Appointment, Powers and Immunities. The Collateral Agent,
the Custodial Agent or Securities Intermediary shall act as agent for the
Company hereunder with such powers as are specifically vested in the Collateral
Agent, the Custodial Agent or Securities Intermediary, as the case may be, by
the terms of this Agreement. The Collateral Agent, the Custodial Agent and
Securities Intermediary shall:

                                       28
<PAGE>

      (a) have no duties or responsibilities except those expressly set forth in
this Agreement and no implied covenants or obligations shall be inferred from
this Agreement against the Collateral Agent, the Custodial Agent and Securities
Intermediary, nor shall the Collateral Agent, the Custodial Agent and Securities
Intermediary be bound by the provisions of any agreement by any party hereto
beyond the specific terms hereof;

      (b) not be responsible for any recitals contained in this Agreement, or in
any certificate or other document referred to or provided for in, or received by
it under, this Agreement, the Units or the Purchase Contract Agreement, or for
the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement (other than as against the Collateral Agent, the Custodial
Agent or Securities Intermediary, as the case may be), the Units, any Collateral
or the Purchase Contract Agreement or any other document referred to or provided
for herein or therein or for any failure by the Company or any other Person
(except the Collateral Agent, the Custodial Agent or Securities Intermediary, as
the case may be) to perform any of its obligations hereunder or thereunder or
for the perfection, priority or, except as expressly required hereby,
maintenance of any security interest created hereunder;

      (c) not be required to initiate or conduct any litigation or collection
proceedings hereunder (except pursuant to directions furnished under Section
9.02 hereof, subject to Section 9.08 hereof);

      (d) not be responsible for any action taken or omitted to be taken by it
hereunder or under any other document or instrument referred to or provided for
herein or in connection herewith or therewith, except for its own gross
negligence or willful misconduct; and

      (e) not be required to advise any party as to selling or retaining, or
taking or refraining from taking any action with respect to, any securities or
other property deposited hereunder.

Subject to the foregoing, during the term of this Agreement, the Collateral
Agent, the Custodial Agent and the Securities Intermediary shall take all
reasonable action in connection with the safekeeping and preservation of the
Collateral hereunder as determined by industry standards.

      No provision of this Agreement shall require the Collateral Agent,
Custodial Agent or Securities Intermediary to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder. In no event shall the Collateral Agent, Custodial Agent or Securities
Intermediary be liable for any amount in excess of the Value of the Collateral.

                                       29
<PAGE>

      SECTION 9.02. Instructions of the Company. The Company shall have the
right, by one or more written instruments executed and delivered to the
Collateral Agent, to direct the time, method and place of conducting any
proceeding for the realization of any right or remedy available to the
Collateral Agent, or of exercising any power conferred on the Collateral Agent,
or to direct the taking or refraining from taking of any action authorized by
this Agreement; provided, however, that (i) such direction shall not conflict
with the provisions of any law or of this Agreement or involve the Collateral
Agent in personal liability and (ii) the Collateral Agent shall be indemnified
to its satisfaction as provided herein. Nothing contained in this Section 9.02
shall impair the right of the Collateral Agent in its discretion to take any
action or omit to take any action which it deems proper and which is not
inconsistent with such direction.

      SECTION 9.03. Reliance by Collateral Agent and Securities Intermediary.
Each of the Securities Intermediary, the Custodial Agent and the Collateral
Agent shall be entitled to rely conclusively upon any certification, order,
judgment, opinion, notice or other written communication (including, without
limitation, any thereof by e-mail or similar electronic means, telecopy, telex
or facsimile) believed by it to be genuine and correct and to have been signed
or sent by or on behalf of the proper Person or Persons (without being required
to determine the correctness of any fact stated therein) and consult with and
conclusively rely upon advice, opinions and statements of legal counsel and
other experts selected by the Collateral Agent, the Custodial Agent or the
Securities Intermediary, as the case may be. As to any matters not expressly
provided for by this Agreement, the Collateral Agent, the Custodial Agent and
the Securities Intermediary shall in all cases be fully protected in acting, or
in refraining from acting, hereunder in accordance with instructions given by
the Company in accordance with this Agreement.

      SECTION 9.04. Certain Rights. (a) Whenever in the administration of the
provisions of this Agreement the Collateral Agent, the Custodial Agent or the
Securities Intermediary shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering any action to be taken
hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of gross negligence or bad faith on
the part of the Collateral Agent, the Custodial Agent or the Securities
Intermediary, be deemed to be conclusively proved and established by a
certificate signed by one of the Company's officers, and delivered to the
Collateral Agent, the Custodial Agent or the Securities Intermediary and such
certificate, in the absence of gross negligence or bad faith on the part of the
Collateral Agent, the Custodial Agent or the Securities Intermediary, shall be
full warrant to the Collateral Agent, the Custodial Agent or the Securities
Intermediary for any action taken, suffered or omitted by it under the
provisions of this Agreement upon the faith thereof.

                                       30
<PAGE>

      (b) The Collateral Agent, the Custodial Agent or the Securities
Intermediary shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, entitlement order, approval or other paper or
document.

      SECTION 9.05. Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Collateral Agent, the Custodial Agent or the
Securities Intermediary 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 Collateral Agent, the Custodial Agent or the
Securities Intermediary shall be a party, or any corporation succeeding to all
or substantially all of the corporate trust business of the Collateral Agent,
the Custodial Agent or the Securities Intermediary shall be the successor of the
Collateral Agent, the Custodial Agent or the Securities Intermediary hereunder
without the execution or filing of any paper with any party hereto or any
further act on the part of any of the parties hereto except where an instrument
of transfer or assignment is required by law to effect such succession, anything
herein to the contrary notwithstanding.

      SECTION 9.06. Rights in Other Capacities. The Collateral Agent, the
Custodial Agent and the Securities Intermediary and their affiliates may
(without having to account therefor to the Company) accept deposits from, lend
money to, make their investments in and generally engage in any kind of banking,
trust or other business with the Purchase Contract Agent, any other Person
interested herein and any Holder of Units (and any of their respective
subsidiaries or affiliates) as if it were not acting as the Collateral Agent,
the Custodial Agent or the Securities Intermediary, as the case may be, and the
Collateral Agent, the Custodial Agent, the Securities Intermediary and their
affiliates may accept fees and other consideration from the Purchase Contract
Agent and any Holder of Units without having to account for the same to the
Company; provided that each of the Securities Intermediary, the Custodial Agent
and the Collateral Agent covenants and agrees with the Company that it shall not
accept, receive or permit there to be created in favor of itself and shall take
no affirmative action to permit there to be created in favor of any other
Person, any security interest, lien or other encumbrance of any kind in or upon
the Collateral other than the lien created by the Pledge.

      SECTION 9.07. Non-Reliance on Collateral Agent, the Custodial Agent and
Securities Intermediary. None of the Securities Intermediary, the Custodial
Agent or the Collateral Agent shall be required to keep itself informed as to
the performance or observance by the Purchase Contract Agent or any Holder of
Units of this Agreement, the Purchase Contract Agreement, the Units or any other
document referred to or provided for herein or therein or to inspect the
properties or books of the Purchase Contract Agent or any Holder of Units. None
of the Collateral Agent, the Custodial Agent or the Securities Intermediary
shall have any duty or responsibility to provide the Company with any credit or
other information

                                       31
<PAGE>

concerning the affairs, financial condition or business of the Purchase Contract
Agent or any Holder of Units (or any of their respective affiliates) that may
come into the possession of the Collateral Agent, the Custodial Agent or the
Securities Intermediary or any of their respective affiliates.

      SECTION 9.08. Compensation and Indemnity. The Company agrees to:

      (a) pay the Collateral Agent, the Custodial Agent and the Securities
Intermediary from time to time such compensation as shall be agreed in writing
between the Company and the Collateral Agent, the Custodial Agent or the
Securities Intermediary, as the case may be, for all services rendered by them
hereunder;

      (b) indemnify and hold harmless the Collateral Agent, the Custodial Agent,
the Securities Intermediary and each of their respective directors, officers,
agents and employees (collectively, the "INDEMNITEES"), harmless from and
against any and all claims, liabilities, losses, damages, fines, penalties and
expenses (including reasonable fees and expenses of counsel) (collectively,
"Losses" and individually, a "LOSS") that may be imposed on, incurred by, or
asserted against, the Indemnitees or any of them for following any instructions
or other directions upon which either the Collateral Agent, the Custodial Agent
or the Securities Intermediary is entitled to rely pursuant to the terms of this
Agreement, provided the Collateral Agent, the Custodial Agent or the Securities
Intermediary has not acted with gross negligence or engaged in willful
misconduct or bad faith with respect to the specific Loss against which
indemnification is sought; and

      (c) in addition to and not in limitation of paragraph (b) immediately
above, indemnify and hold the Indemnitees and each of them harmless from and
against any and all Losses that may be imposed on, incurred by or asserted
against, the Indemnitees or any of them in connection with or arising out of the
Collateral Agent's, the Custodial Agent's or the Securities Intermediary's
acceptance or performance of its powers and duties under this Agreement,
provided the Collateral Agent, the Custodial Agent or the Securities
Intermediary has not acted with gross negligence or engaged in willful
misconduct or bad faith with respect to the specific Loss against which
indemnification is sought.

      The provisions of this Section and Section 11.07 shall survive the
resignation or removal of the Collateral Agent, Custodial Agent or Securities
Intermediary and the termination of this Agreement.

      SECTION 9.09. Failure to Act. In the event of any ambiguity in the
provisions of this Agreement or any dispute between or conflicting claims by or
among the parties hereto or any other Person with respect to any funds or
property

                                       32
<PAGE>

deposited hereunder, then at its sole option, each of the Collateral Agent, the
Custodial Agent and the Securities Intermediary shall be entitled, after prompt
notice to the Company and the Purchase Contract Agent, to refuse to comply with
any and all claims, demands or instructions with respect to such property or
funds so long as such dispute or conflict shall continue, and the Collateral
Agent, the Custodial Agent and the Securities Intermediary shall not be or
become liable in any way to any of the parties hereto for its failure or refusal
to comply with such conflicting claims, demands or instructions. The Collateral
Agent, the Custodial Agent and the Securities Intermediary shall be entitled to
refuse to act until either:

      (a) such conflicting or adverse claims or demands shall have been finally
determined by a court of competent jurisdiction or settled by agreement between
the conflicting parties as evidenced in a writing satisfactory to the Collateral
Agent, the Custodial Agent or the Securities Intermediary; or

      (b) the Collateral Agent, the Custodial Agent or the Securities
Intermediary shall have received security or an indemnity satisfactory to it
sufficient to save it harmless from and against any and all loss, liability or
reasonable out-of-pocket expense which it may incur by reason of its acting.

The Collateral Agent, the Custodial Agent and the Securities Intermediary may in
addition elect to commence an interpleader action or seek other judicial relief
or orders as the Collateral Agent, the Custodial Agent or the Securities
Intermediary may deem necessary. Notwithstanding anything contained herein to
the contrary, none of the Collateral Agent, the Custodial Agent or the
Securities Intermediary shall be required to take any action that is in its
opinion contrary to law or to the terms of this Agreement, or which would in its
opinion subject it or any of its officers, employees or directors to liability.

      SECTION 9.10. Resignation of Collateral Agent, the Custodial Agent and
Securities Intermediary.

      (a) Subject to the appointment and acceptance of a successor Collateral
Agent, Custodial Agent or Securities Intermediary as provided below:

            (i) the Collateral Agent, the Custodial Agent and the Securities
      Intermediary may resign at any time by giving notice thereof to the
      Company and the Purchase Contract Agent as attorney-in-fact for the
      Holders of Units;

            (ii) the Collateral Agent, the Custodial Agent and the Securities
      Intermediary may be removed at any time by the Company; and

                                       33
<PAGE>

            (iii) if the Collateral Agent, the Custodial Agent or the Securities
      Intermediary fails to perform any of its material obligations hereunder in
      any material respect for a period of not less than 20 days after receiving
      written notice of such failure by the Purchase Contract Agent and such
      failure shall be continuing, the Collateral Agent, the Custodial Agent and
      the Securities Intermediary may be removed by the Purchase Contract Agent,
      acting at the direction of the Holders of Units.

The Purchase Contract Agent shall promptly notify the Company of any removal of
the Collateral Agent, the Custodial Agent or the Securities Intermediary
pursuant to clause (iii) of this Section 9.10(a). Upon any such resignation or
removal, the Company shall have the right to appoint a successor Collateral
Agent, Custodial Agent or Securities Intermediary, as the case may be, which
shall not be an Affiliate of the Purchase Contract Agent. If no successor
Collateral Agent, Custodial Agent or Securities Intermediary shall have been so
appointed and shall have accepted such appointment within 30 days after the
retiring Collateral Agent's, Custodial Agent's or Securities Intermediary's
giving of notice of resignation or the Company's or the Purchase Contract
Agent's giving notice of such removal, then the retiring or removed Collateral
Agent, Custodial Agent or Securities Intermediary may petition any court of
competent jurisdiction, at the expense of the Company, for the appointment of a
successor Collateral Agent, Custodial Agent or Securities Intermediary. The
Collateral Agent, the Custodial Agent and the Securities Intermediary shall each
be a bank or a national banking association which has an office (or an agency
office) in New York City with a combined capital and surplus of at least
$50,000,000. Upon the acceptance of any appointment as Collateral Agent,
Custodial Agent or Securities Intermediary hereunder by a successor Collateral
Agent, Custodial Agent or Securities Intermediary, as the case may be, such
successor Collateral Agent, Custodial Agent or Securities Intermediary, as the
case may be, shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Collateral Agent, Custodial Agent
or Securities Intermediary, as the case may be, and the retiring Collateral
Agent, Custodial Agent or Securities Intermediary, as the case may be, shall
take all appropriate action, subject to payment of any amounts then due and
payable to it hereunder, to transfer any money and property held by it hereunder
(including the Collateral) to such successor. The retiring Collateral Agent,
Custodial Agent or Securities Intermediary shall, upon such succession, be
discharged from its duties and obligations as Collateral Agent, Custodial Agent
or Securities Intermediary hereunder. After any retiring Collateral Agent's,
Custodial Agent's or Securities Intermediary's resignation hereunder as
Collateral Agent, Custodial Agent or Securities Intermediary, the provisions of
this Article 9 shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as the Collateral
Agent, Custodial Agent or Securities Intermediary. Any resignation or removal of
the Collateral

                                       34
<PAGE>

Agent, Custodial Agent or Securities Intermediary hereunder, at a time when such
Person is acting as the Collateral Agent, Custodial Agent or Securities
Intermediary, shall be deemed for all purposes of this Agreement as the
simultaneous resignation or removal of the Collateral Agent, Securities
Intermediary or Custodial Agent, as the case may be.

      (b) Since JPMorgan Chase Bank is serving as the Collateral Agent hereunder
and the Purchase Contract Agent under the Purchase Contract Agreement, if an
event of default (other than an event of default occurring as a result of a
Failed Final Remarketing) occurs hereunder or under the Purchase Contract
Agreement, JPMorgan Chase Bank will resign as the Collateral Agent, but continue
to act as the Purchase Contract Agent. A successor Collateral Agent will be
appointed in accordance with the terms hereof.

      SECTION 9.11. Right to Appoint Agent or Advisor. The Collateral Agent
shall have the right to appoint agents or advisors in connection with any of its
duties hereunder, and the Collateral Agent shall not be liable for any action
taken or omitted by, or in reliance upon the advice of, such agents or advisors
selected in good faith. The appointment of agents pursuant to this Section 9.11
shall be subject to prior written consent of the Company, which consent shall
not be unreasonably withheld.

      SECTION 9.12. Survival. The provisions of this Article 9 shall survive
termination of this Agreement and the resignation or removal of the Collateral
Agent, the Custodial Agent or the Securities Intermediary.

      SECTION 9.13. Exculpation. Anything contained in this Agreement to the
contrary notwithstanding, in no event shall the Collateral Agent, the Custodial
Agent or the Securities Intermediary or their officers, directors, employees or
agents be liable under this Agreement to any third party for indirect, special,
punitive, or consequential loss or damage of any kind whatsoever, including, but
not limited to, lost profits, whether or not the likelihood of such loss or
damage was known to the Collateral Agent, the Custodial Agent or the Securities
Intermediary, or any of them and regardless of the form of action.

                                       35
<PAGE>

                                   ARTICLE 10
                                    AMENDMENT

      SECTION 10.01. Amendment Without Consent of Holders. Without the consent
of any Holders, the Company, when authorized by a Board Resolution, the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Purchase Contract Agent, at any time and from time to time, may amend this
Agreement, in form satisfactory to the Company, the Collateral Agent, the
Custodial Agent, the Securities Intermediary and the Purchase Contract Agent,
to:

      (a) evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company;

      (b) evidence and provide for the acceptance of appointment hereunder by a
successor Collateral Agent, Custodial Agent, Securities Intermediary or Purchase
Contract Agent;

      (c) add to the covenants of the Company for the benefit of the Holders, or
surrender any right or power herein conferred upon the Company, provided that
such covenants or such surrender do not adversely affect the validity,
perfection or priority of the Pledge created hereunder; or

      (d) cure any ambiguity (or formal defect), correct or supplement any
provisions herein which may be inconsistent with any other such provisions
herein, or make any other provisions with respect to such matters or questions
arising under this Agreement, provided that such action shall not adversely
affect the interests of the Holders in any material respect.

      SECTION 10.02. Amendment with Consent of Holders. With the consent of the
Holders of not less than a majority of the Purchase Contracts at the time
outstanding, including without limitation the consent of the Holders obtained in
connection with a tender or an exchange offer, by Act of such Holders delivered
to the Company, the Purchase Contract Agent, the Custodial Agent, the Securities
Intermediary and the Collateral Agent, as the case may be, the Company, when
duly authorized by a Board Resolution, the Purchase Contract Agent, the
Collateral Agent, the Securities Intermediary and the Custodial Agent may amend
this Agreement for the purpose of modifying in any manner the provisions of this
Agreement or the rights of the Holders in respect of the Units; provided,
however, that no such supplemental agreement shall, without the unanimous
consent of the Holders of each Outstanding Unit adversely affected thereby in
any material respect:

                                       36
<PAGE>

      (a) change the amount or type of Collateral underlying a Unit (except for
the rights of holders of Normal Units to substitute the Treasury Securities for
the Pledged Applicable Ownership Interests in Senior Notes and the related
Senior Notes or the Applicable Ownership Interests in the Treasury Portfolio, as
the case may be, or the rights of Holders of Stripped Units to substitute
Applicable Ownership Interests in Senior Notes and the related Senior Notes or
the Applicable Ownership Interests in the Treasury Portfolio (as specified in
clause (i) of the definition of such term), as applicable, for the Pledged
Treasury Securities), unless such change is not adverse to the Holders, impair
the right of the Holder of any Unit to receive distributions on the underlying
Collateral or otherwise adversely affect the Holder's rights in or to such
Collateral; or

      (b) otherwise effect any action that would require the consent of the
Holder of each Outstanding Unit affected thereby pursuant to the Purchase
Contract Agreement if such action were effected by a modification or amendment
of the provisions of the Purchase Contract Agreement; or

      (c) reduce the percentage of Purchase Contracts the consent of whose
Holders is required for the modification or amendment of the provisions of this
Agreement;

provided that if any amendment or proposal referred to above would adversely
affect only the Normal Units or only the Stripped Units, then only the affected
class of Holders as of the record date for the Holders entitled to vote thereon
will be entitled to vote on such amendment or proposal, and such amendment or
proposal shall not be effective except with the consent of Holders of not less
than a majority of such class; provided, further, that the unanimous consent of
the Holders of each outstanding Purchase Contract of such class affected thereby
shall be required to approve any amendment or proposal specified in clauses (a)
through (c) above.

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

      SECTION 10.03. Execution of Amendments. In executing any amendment
permitted by this Article, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Purchase Contract Agent shall be entitled to
receive and (subject to Section 7.01 of the Purchase Contract Agreement with
respect to the Purchase Contract Agent) shall be fully authorized and protected
in relying upon, an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and that all conditions
precedent, if any, to the execution and delivery of such amendment have been
satisfied. The Collateral

                                       37
<PAGE>

Agent, Custodial Agent, Securities Intermediary and Purchase Contract Agent may,
but shall not be obligated to, enter into any such amendment which affects their
own respective rights, duties or immunities under this Agreement or otherwise.

      SECTION 10.04. Effect of Amendments. Upon the execution of any amendment
under this Article, this Agreement shall be modified in accordance therewith,
and such amendment shall form a part of this Agreement for all purposes; and
every Holder of Certificates theretofore or thereafter authenticated, executed
on behalf of the Holders and delivered under the Purchase Contract Agreement
shall be bound thereby.

         SECTION 10.05. Reference of Amendments. Certificates authenticated,
executed on behalf of the Holders and delivered after the execution of any
amendment pursuant to this Section may, and shall if required by the Collateral
Agent or the Purchase Contract Agent, bear a notation in form approved by the
Purchase Contract Agent and the Collateral Agent as to any matter provided for
in such amendment. If the Company shall so determine, new Certificates so
modified as to conform, in the opinion of the Collateral Agent, the Purchase
Contract Agent and the Company, to any such amendment may be prepared and
executed by the Company and authenticated, executed on behalf of the Holders and
delivered by the Purchase Contract Agent in accordance with the Purchase
Contract Agreement in exchange for Certificates representing Outstanding Units.

                                   ARTICLE 11
                                  MISCELLANEOUS

      SECTION 11.01. No Waiver. No failure on the part of the Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary or any of
their respective agents to exercise, and no course of dealing with respect to,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Company,
the Collateral Agent, the Custodial Agent, the Securities Intermediary or any of
their respective agents of any right, power or remedy hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or
remedy. The remedies herein are cumulative and are not exclusive of any remedies
provided by law.

      SECTION 11.02. Governing Law; Submission to Jurisdiction. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK

                                       38
<PAGE>

WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF. The Company,
the Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Holders from time to time of the Units, acting through the Purchase Contract
Agent as their attorney-in-fact, hereby submit to the nonexclusive jurisdiction
of the United States District Court for the Southern District of New York and of
any New York state court sitting in New York City for the purposes of all legal
proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. The Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Holders from time to time of the Units, acting
through the Purchase Contract Agent as their attorney-in-fact, irrevocably
waive, to the fullest extent permitted by applicable law, any objection which
they may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient forum.

      SECTION 11.03. Notices. All notices, requests, consents and other
communications provided for herein (including, without limitation, any
modifications of, or waivers or consents under, this Agreement) shall be given
or made in writing (including, without limitation, by telecopy) delivered to the
intended recipient at the "ADDRESS FOR NOTICES" specified below its name on the
signature pages hereof or, as to any party, at such other address as shall be
designated by such party in a notice to the other parties. Except as otherwise
provided in this Agreement, all such communications shall be deemed to have been
duly given when transmitted by telecopier or personally delivered or, in the
case of a mailed notice, upon receipt, in each case given or addressed as
aforesaid.

      SECTION 11.04. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the respective successors and assigns of the
Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary
and the Purchase Contract Agent, and the Holders from time to time of the Units,
by their acceptance of the same, shall be deemed to have agreed to be bound by
the provisions hereof and to have ratified the agreements of, and the grant of
the Pledge hereunder by, the Purchase Contract Agent.

      SECTION 11.05. Counterparts. This Agreement may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

      SECTION 11.06. Severability. If any provision hereof is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in order to carry out the
intentions of the parties

                                       39
<PAGE>

hereto as nearly as may be possible and (ii) the invalidity or unenforceability
of any provision hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction.

      SECTION 11.07. Expenses, Etc.. The Company agrees to reimburse the
Collateral Agent, the Custodial Agent and the Securities Intermediary for:

      (a) all reasonable costs and expenses of the Collateral Agent, the
Custodial Agent and the Securities Intermediary (including, without limitation,
the reasonable fees and expenses of counsel to the Collateral Agent, the
Custodial Agent and the Securities Intermediary), in connection with (i) the
negotiation, preparation, execution and delivery or performance of this
Agreement and (ii) any modification, supplement or waiver of any of the terms of
this Agreement;

      (b) all reasonable costs and expenses of the Collateral Agent, the
Custodial Agent and the Securities Intermediary (including, without limitation,
reasonable fees and expenses of counsel) in connection with (i) any enforcement
or proceedings resulting or incurred in connection with causing any Holder of
Units to satisfy its obligations under the Purchase Contracts forming a part of
the Units and (ii) the enforcement of this Section 11.07;

      (c) all transfer, stamp, documentary or other similar taxes, assessments
or charges levied by any governmental or revenue authority in respect of this
Agreement or any other document referred to herein and all costs, expenses,
taxes, assessments and other charges incurred in connection with any filing,
registration, recording or perfection of any security interest contemplated
hereby;

      (d) all reasonable fees and expenses of any agent or advisor appointed by
the Collateral Agent and consented to by the Company under Section 9.11 of this
Agreement; and

      (e) any other out-of-pocket costs and expenses reasonably incurred by the
Collateral Agent, the Custodial Agent and the Securities Intermediary in
connection with the performance of their duties hereunder.

      SECTION 11.08. Security Interest Absolute. All rights of the Collateral
Agent and security interests hereunder, and all obligations of the Holders from
time to time hereunder, shall be absolute and unconditional irrespective of:

      (a) any lack of validity or enforceability of any provision of the
Purchase Contracts or the Units or any other agreement or instrument relating
thereto;

                                       40
<PAGE>

      (b) any change in the time, manner or place of payment of, or any other
term of, or any increase in the amount of, all or any of the obligations of
Holders of the Units under the related Purchase Contracts, or any other
amendment or waiver of any term of, or any consent to any departure from any
requirement of, the Purchase Contract Agreement or any Purchase Contract or any
other agreement or instrument relating thereto; or

      (c) any other circumstance which might otherwise constitute a defense
available to, or discharge of, a borrower, a guarantor or a pledgor.

      SECTION 11.09. Notice of Special Event, Special Event Redemption and
Termination Event. Upon the occurrence of a Special Event, a Special Event
Redemption or a Termination Event, the Company shall deliver written notice to
the Purchase Contract Agent, the Collateral Agent and the Securities
Intermediary. Upon the written request of the Collateral Agent or the Securities
Intermediary, the Company shall inform such party whether or not a Special
Event, a Special Event Redemption or a Termination Event has occurred.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       41
<PAGE>

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

The Hartford Financial Services          JPMORGAN CHASE BANK, as
Group, Inc.                              Purchase Contract Agent and
                                         as attorney-in-fact of the Holders
                                         from time to time of the Units

By:                                      By:
   ----------------------------------       ----------------------------------
   Name:                                    Name:  Joanne Adamis
   Title:                                   Title: Vice President

Address for Notices:                     Address for Notices:

The Hartford Financial Services          4 New York Plaza, 15th Floor,
Group, Inc.                              New York, New York 10004
Hartford Plaza, Hartford                 Telecopier No.: (212) 623-6167
Connecticut 06115-1900                   Attention: Institutional Trust
Telecopier No.:860-547-5714                         Services
Attention: General Counsel

JPMORGAN CHASE BANK,
as Collateral Agent, Custodial Agent
and Securities Intermediary

By:
   ----------------------------------
   Name:  Joanne Adamis
   Title: Vice President

Address for Notices:

4 New York Plaza, 15th Floor,
New York, New York 10004
Telecopier: (212) 623-6167
Attention: Institutional Trust Services

<PAGE>

                                                                       EXHIBIT A

                                   INSTRUCTION
                          FROM PURCHASE CONTRACT AGENT
                               TO COLLATERAL AGENT
                          (Creation of Stripped Units)

JPMorgan Chase Bank
The Collateral Agent
450 West 33rd Street, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

      Re:   _________ Normal Units of The Hartford Financial Services Group,
            Inc. (the "COMPANY")

            The securities account of JPMorgan Chase Bank, as Collateral Agent,
            maintained by the Securities Intermediary and designated "[JPMorgan
            Chase Bank], as Collateral Agent of The Hartford Financial Services
            Group, Inc., as pledgee of [JPMorgan Chase Bank], as the Purchase
            Contract Agent on behalf of and as attorney-in-fact for the Holders"
            (the "COLLATERAL ACCOUNT")

      Please refer to the Pledge Agreement, dated as of May __, 2003 (the
"PLEDGE AGREEMENT"), among the Company, you, as Collateral Agent, as Securities
Intermediary and as Custodial Agent and the undersigned, as Purchase Contract
Agent and as attorney-in-fact for the holders of Normal Units from time to time.
Capitalized terms used herein but not defined shall have the meaning set forth
in the Pledge Agreement.

      We hereby notify you in accordance with Section 5.02 of the Pledge
Agreement that the holder of securities named below (the "HOLDER") has elected
to substitute Treasury Securities or security entitlements with respect thereto
having a Value of $________ in exchange for an equal Value of Pledged Senior
Notes underlying the Pledged Applicable Ownership Interests in Senior Notes
relating to _________ Normal Units and has delivered to the undersigned a notice
stating that the Holder has Transferred such Treasury Securities or security
entitlements with respect thereto to the Securities Intermediary, for credit to
the Collateral Account.

<PAGE>

         We hereby request that you instruct the Securities Intermediary, upon
confirmation that such Treasury Securities or security entitlements thereto have
been credited to the Collateral Account, to release to the undersigned an equal
Value of Pledged Senior Notes and the related Pledged Applicable Ownership
Interests in Senior Notes in accordance with Section 5.02 of the Pledge
Agreement.

                                           JPMORGAN CHASE BANK,
Date:                                      as Purchase Contract Agent and as
                                           attorney-in-fact of the Holders from
                                           time to time of the Units

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

<PAGE>

Please print name and address of Holder electing to substitute Treasury
Securities or security entitlements with respect thereto for the Pledged Senior
Notes:

---------------------------------          ---------------------------------
             Name                          Social Security or other Taxpayer
                                           Identification Number, if any

---------------------------------
            Address

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

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

<PAGE>

                                                                       EXHIBIT B

                                   INSTRUCTION
                              FROM COLLATERAL AGENT
                           TO SECURITIES INTERMEDIARY
                          (Creation of Stripped Units)

JPMorgan Chase Bank
as Securities Intermediary
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Re:   __________ Normal Units of The Hartford Financial Services Group, Inc.
      (the "COMPANY")

      The securities account of JPMorgan Chase Bank, as Collateral Agent,
      maintained by the Securities Intermediary and designated "JPMorgan Chase
      Bank, as Collateral Agent of The Hartford Financial Services Group, Inc.,
      as pledgee of JPMorgan Chase Bank, as the Purchase Contract Agent on
      behalf of and as attorney-in-fact for the Holders" (the "COLLATERAL
      ACCOUNT")

      Please refer to the Pledge Agreement, dated as of May __, 2003 (the
"PLEDGE AGREEMENT"), among the Company, you, as Securities Intermediary,
JPMorgan Chase Bank, as Purchase Contract Agent and as attorney-in-fact for the
holders of Normal Units from time to time, and the undersigned, as Collateral
Agent. Capitalized terms used herein but not defined shall have the meanings set
forth in the Pledge Agreement.

      When you have confirmed that $__________ Value of Treasury Securities or
security entitlements with respect thereto has been credited to the Collateral
Account by or for the benefit of _________, as Holder of Normal Units (the
"HOLDER"), you are hereby instructed to release from the Collateral Account an
equal Value of Pledged Senior Notes and the related Applicable Ownership
Interest in Senior Notes or security entitlements with respect thereto relating
to _____ Normal Units of the Holder by Transfer to the Purchase Contract Agent.

<PAGE>

                                           JPMORGAN CHASE BANK
                                           as Collateral Agent

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

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

<PAGE>

Please print name and address of Holder:

---------------------------------          ---------------------------------
             Name                          Social Security or other
                                           Taxpayer Identification Number,
                                           if any

---------------------------------
            Address

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

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

<PAGE>

                                                                       EXHIBIT C

                                   INSTRUCTION
                          FROM PURCHASE CONTRACT AGENT
                               TO COLLATERAL AGENT
                          (Recreation of Normal Units )

JPMorgan Chase Bank
The Purchase Contract Agent
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Re:   ____________ Stripped Units of The Hartford Financial Services Group, Inc.
      (the "COMPANY")

      Please refer to the Pledge Agreement dated as of May __, 2003 (the "PLEDGE
AGREEMENT"), among the Company, you, as Collateral Agent, as Securities
Intermediary, as Custodial Agent and the undersigned, as Purchase Contract Agent
and as attorney-in-fact for the holders of Stripped Units from time to time.
Capitalized terms used herein but not defined shall have the meaning set forth
in the Pledge Agreement.

      We hereby notify you in accordance with Section 5.03(a) of the Pledge
Agreement that the holder of securities named below (the "HOLDER") has elected
to substitute Applicable Ownership Interests in Senior Notes and related Senior
Notes or security entitlements with respect thereto having a Value of $_________
in exchange for $__________ Value of Pledged Treasury Securities and has
delivered to the undersigned a notice stating that the holder has Transferred
such Applicable Ownership Interests in Senior Notes and related Senior Notes or
security entitlements with respect thereto to the Securities Intermediary, for
credit to the Collateral Account.

      We hereby request that you instruct the Securities Intermediary, upon
confirmation that such Applicable Ownership Interests in Senior Notes and
related Senior Notes or security entitlements with respect thereto have been
credited to

<PAGE>

the Collateral Account, to release to the undersigned $__________ Value of
Treasury Securities or security entitlements with respect thereto related to
_____ Stripped Units of such Holder in accordance with Section 5.03(a) of the
Pledge Agreement.

                                           JPMORGAN CHASE BANK
                                           as Purchase Contract Agent

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

Please print name and address of Holder electing to substitute Senior Notes or
security entitlements with respect thereto for Pledged Treasury Securities:

---------------------------------          ---------------------------------
             Name                          Social Security or other
                                           Taxpayer Identification Number,
                                           if any

---------------------------------
            Address

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

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

<PAGE>

                                                                       EXHIBIT D

                                   INSTRUCTION
                              FROM COLLATERAL AGENT
                           TO SECURITIES INTERMEDIARY
                          (Recreation of Normal Units)

JPMorgan Chase Bank
as Securities Intermediary
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Re:   ___________ Stripped Units of The Hartford Financial Services Group, Inc.
      (the "COMPANY")

      The securities account of JPMorgan Chase Bank, as Collateral Agent,
      maintained by the Securities Intermediary and designated "JPMorgan Chase
      Bank, as Collateral Agent of The Hartford Financial Services Group, Inc.,
      as pledgee of JPMorgan Chase Bank, as the Purchase Contract Agent on
      behalf of and as attorney-in-fact for the Holders" (the "COLLATERAL
      ACCOUNT")

      Please refer to the Pledge Agreement dated as of May __, 2003 (the "PLEDGE
AGREEMENT"), among the Company, you, as Securities Intermediary, Custodial Agent
and Collateral Agent and JPMorgan Chase Bank, as Purchase Contract Agent and as
attorney-in-fact for the holders of Normal Units from time to time, and the
undersigned, as Collateral Agent. Capitalized terms used herein but no defined
shall have the meaning set forth in the Pledge Agreement.

      When you have confirmed that Applicable Ownership Interests in Senior
Notes and related Senior Notes or security entitlements with respect thereto
having a Value of $________________ have been credited to the Collateral Account
by or for the benefit of ________________, as Holder of Stripped Units (the
"HOLDER"), you are hereby instructed to release from the Collateral Account $
__________ Value of Treasury Securities or security entitlements thereto by
Transfer to the Purchase Contract Agent.

                                           JPMORGAN CHASE BANK,
                                           as Collateral Agent

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

<PAGE>

---------------------------------          ---------------------------------
             Name                          Social Security or other
                                           Taxpayer Identification Number,
                                           if any

---------------------------------
            Address

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

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

<PAGE>

                                                                       EXHIBIT E

                    NOTICE OF CASH SETTLEMENT FROM COLLATERAL
                        AGENT TO PURCHASE CONTRACT AGENT
                            (Cash Settlement Amounts)

JPMorgan Chase Bank
The Purchase Contract Agent
4 New York Plaza, 15th Floor
New York, New York 10004
Attention: Institutional Trust Services

Re:   __________ Normal Units of The Hartford Financial Services Group, Inc.
      (the "COMPANY") __________ Stripped Units of the Company

      Please refer to the Pledge Agreement dated as of May __, 2003 (the "PLEDGE
AGREEMENT"), by and among you, the Company, and JPMorgan Chase Bank, as
Collateral Agent, Custodial Agent and Securities Intermediary. Unless otherwise
defined herein, terms defined in the Pledge Agreement are used herein as defined
therein.

      In accordance with Section 5.05(d) of the Pledge Agreement, we hereby
notify you that as of 11:00 a.m. (New York City time) on the fourth Business Day
immediately preceding November 16, 2006 (the "PURCHASE CONTRACT SETTLEMENT
DATE"), we have received (i) $ _______________ in immediately available funds
paid in an aggregate amount equal to the Purchase Price due to the Company on
the Purchase Contract Settlement Date with respect to ________________ Normal
Units, (ii) $ ___________ in immediately available funds paid in an aggregate
amount equal to the Purchase Price due to the Company on the Purchase Contract
Settlement Date with respect to ______ Stripped Units and (iii) based on the
funds received set forth in clause (i) above, an aggregate principal amount of
$_________ of Pledged Senior Notes are to be tendered for purchase in the Final
Remarketing.

                                           JPMORGAN CHASE BANK,
                                           as Collateral Agent,

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

<PAGE>

                                                                       EXHIBIT F

              INSTRUCTION TO CUSTODIAL AGENT REGARDING REMARKETING

JPMorgan Chase Bank
The Custodial Agent
450 West 33rd Street, 15th Floor,
New York, New York 10001
Attention: Institutional Trust Services

            Re: Senior Notes Due 2008 of The Hartford Financial Services Group,
Inc. (the "COMPANY")

      The undersigned hereby notifies you in accordance with Section 5.07(c) of
the Pledge Agreement, dated as of May __, 2003 (the "PLEDGE AGREEMENT"), among
the Company, you, as Collateral Agent, Custodial Agent and Securities
Intermediary and JPMorgan Chase Bank, as the Purchase Contract Agent and as
attorney-in-fact for the holders of Normal Units from time to time, that the
undersigned elects to deliver $______________ aggregate principal amount of
Separate Senior Notes for delivery to the Remarketing Agent prior to 5:00 p.m.
(New York City time) on the fifth Business Day immediately preceding the _______
Remarketing Date for remarketing pursuant to Section 5.07(c) of the Pledge
Agreement. The undersigned will, upon request of the Remarketing Agent, execute
and deliver any additional documents deemed by the Remarketing Agent or by the
Company to be necessary or desirable to complete the sale, assignment and
transfer of the Separate Senior Notes tendered hereby. Capitalized terms used
herein but not defined shall have the meaning set forth in the Pledge Agreement.

      The undersigned hereby instructs you, upon receipt of the Proceeds of such
remarketing from the Remarketing Agent, to deliver such Proceeds to the
undersigned in accordance with the instructions indicated herein under "A.
Payment Instructions." The undersigned hereby instructs you, in the event of a
Failed Final Remarketing, upon receipt of the Separate Senior Notes tendered
herewith from the Remarketing Agent, to deliver such Separate Senior Notes to
the person(s) and the address(es) indicated herein under "B. Delivery
Instructions."

      With this notice, the undersigned hereby (i) represents and warrants that
the undersigned has full power and authority to tender, sell, assign and
transfer the Separate Senior Notes tendered hereby and that the undersigned is
the record owner of any Senior Notes tendered herewith in physical form or a
participant in The Depositary Trust Company ("DTC") and the beneficial owner of
any Senior

<PAGE>

Notes tendered herewith by book-entry transfer to your account at DTC, (ii)
agrees to be bound by the terms and conditions of Section 5.07(c) of the Pledge
Agreement and (iii) acknowledges and agrees that after 5:00 p.m. (New York City
time) on the fifth Business Day immediately preceding the ________ Remarketing
Date, such election shall become an irrevocable election to have such Separate
Senior Notes remarketed in the Remarketing and, in the case of a Failed
Remarketing, in any subsequent Remarketing, and that the Separate Senior Notes
tendered herewith will only be returned in the event of a Failed Final
Remarketing.

Date:
     -------------

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

                                    By:
                                       ---------------------------------
                                    Name:
                                    Title:
                                    Signature Guarantee:
                                                        ----------------

---------------------------------          ---------------------------------
             Name                          Social Security or other Taxpayer
                                           Identification Number, if any

---------------------------------
            Address

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

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

<PAGE>

A. PAYMENT INSTRUCTIONS

Proceeds of the remarketing should be paid by check in the name of the person(s)
set forth below and mailed to the address set forth below.

Name(s)

(Please Print)
Address

(Please Print)

(Zip Code)

(Tax Identification or Social Security Number)

B. DELIVERY INSTRUCTIONS

In the event of a failed final remarketing, Senior Notes which are in physical
form should be delivered to the person(s) set forth below and mailed to the
address set forth below.

Name(s)

(Please Print)
Address

(Please Print)

(Zip Code)

(Tax Identification or Social Security Number)

<PAGE>

In the event of a failed final remarketing, Senior Notes which are in book-entry
form should be credited to the account at The Depository Trust Company set forth
below.

------------------
DTC Account Number

Name of Account Party:
                      ---------------------------------
<PAGE>

                                                                       EXHIBIT G

                    INSTRUCTION TO CUSTODIAL AGENT REGARDING
                           WITHDRAWAL FROM REMARKETING

JPMorgan Chase Bank
The Custodial Agent
4 New York Plaza, 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

            Re: Senior Notes due 2008 of The Hartford Financial Services Group,
Inc. (the "COMPANY")

      The undersigned hereby notifies you in accordance with Section 5.07(c) of
the Pledge Agreement, dated as of May __, 2003 (the "Pledge Agreement"), among
the Company and you, as Collateral Agent, Custodial Agent and Securities
Intermediary, and JPMorgan Chase Bank, as Purchase Contract Agent and as
attorney-in-fact for the holders of Normal Units from time to time, that the
undersigned elects to withdraw the $_________ aggregate principal amount of
Separate Senior Notes delivered to the Collateral Agent on _________, 200_ for
remarketing pursuant to Section 5.07(c) of the Pledge Agreement. The undersigned
hereby instructs you to return such Senior Notes to the undersigned in
accordance with the undersigned's instructions. With this notice, the
Undersigned hereby agrees to be bound by the terms and conditions of Section
5.07(c) of the Pledge Agreement. Capitalized terms used herein but not defined
shall have the meaning set forth in the Pledge Agreement.

Date:
     -------------

                                           ------------------------------------
                                           By:
                                              ---------------------------------
                                           Name:
                                           Title:
                                           Signature Guarantee:
                                                               ----------------

---------------------------------          ---------------------------------
             Name                          Social Security or other Taxpayer
                                           Identification Number, if any

---------------------------------
            Address

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

---------------------------------<PAGE>
                                                                     Exhibit 4.9

                             REMARKETING AGREEMENT

                                                                    May __, 2003

Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004

JPMorgan Chase Bank
4 New York Plaza 15th Floor,
New York, New York 10004
Attention: Institutional Trust Services

Ladies and Gentlemen:

      This Agreement is dated as of May __, 2003 (the "AGREEMENT") by and
between The Hartford Financial Services Group, Inc., a Delaware corporation (the
"COMPANY"), Goldman, Sachs & Co., as the remarketing agent (the "REMARKETING
AGENT"), and JPMorgan Chase Bank, a New York banking corporation, not
individually but solely as Purchase Contract Agent (the "PURCHASE CONTRACT
AGENT") and as attorney-in-fact of the holders of Purchase Contracts (as defined
in the Purchase Contract Agreement referred to below).

            Section 1. Definitions.

            (a)   Capitalized terms used and not defined in this Agreement shall
      have the meanings set forth in the Purchase Contract Agreement, dated as
      of May __, 2003, between the Company and JPMorgan Chase Bank, as Purchase
      Contract Agent, as amended from time to time (the "PURCHASE CONTRACT
      AGREEMENT").

            (b)   As used in this Agreement, the following terms have the
      following meanings:

      "PRELIMINARY PROSPECTUS" means any preliminary prospectus relating to the
Remarketed Senior Notes included in the Registration Statement, including the
documents incorporated by reference therein as of the date of such Preliminary
Prospectus; and any reference to any amendment or supplement to such Preliminary
Prospectus shall be deemed to refer to and include any documents filed after the
date of such Preliminary Prospectus, under the Exchange Act, and incorporated by
reference in such Preliminary Prospectus.

      "PROSPECTUS" means the prospectus relating to the Remarketed Senior Notes,
in the form in which first filed, or transmitted for filing, with the Commission
after the effective date of the Registration Statement pursuant to Rule 424(b),
including the documents incorporated by reference therein as of the date of such
Prospectus; and any reference to any amendment or
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supplement to such Prospectus shall be deemed to refer to and include any
documents filed after the date of such Prospectus, under the Exchange Act, and
incorporated by reference in such Prospectus.

      "REGISTRATION STATEMENT" means a registration statement under the
Securities Act prepared by the Company covering, inter alia, the Remarketing of
the Remarketed Senior Notes pursuant to Section 5(a) hereunder, including all
exhibits thereto and the documents incorporated by reference in the prospectus
contained in such registration statement, and any post-effective amendments
thereto.

      "REMARKETED SENIOR NOTES" means the Pledged Senior Notes and the Separate
Senior Notes, if any, subject to Remarketing as identified to the Remarketing
Agent by the Purchase Contract Agent and the Custodial Agent, respectively,
after 11:00 a.m., New York City time, on the Business Day immediately preceding
the applicable Remarketing Date, and shall include: (a) (i) in the case of the
Initial Remarketing, the Second Remarketing and the Third Remarketing, the
Pledged Senior Notes and (ii) in the case of the Final Remarketing, the Senior
Notes of the Holders of Normal Units who have not notified the Purchase Contract
Agent prior to 5:00 p.m. on the fifth Business Day immediately preceding the
Purchase Contract Settlement Date of their intention to effect a Cash Settlement
of the related Purchase Contracts pursuant to the terms of the Purchase Contract
Agreement or who have so notified the Purchase Contract Agent but failed to make
the required cash payment on the fourth Business Day immediately preceding the
Purchase Contract Settlement Date pursuant to the terms of the Purchase Contract
Agreement, and (b) the Separate Senior Notes of the holders of Separate Senior
Notes, if any, who have elected to have their Separate Senior Notes be
remarketed in such Remarketing pursuant to the terms of the Purchase Contract
Agreement.

      "REMARKETING" means the remarketing of the Remarketed Senior Notes
pursuant to this Remarketing Agreement.

      "REMARKETING FEE" has the meaning set forth in Section 4.

      "REMARKETING MATERIALS" means the Preliminary Prospectus, the Prospectus
or any other information furnished by the Company to the Remarketing Agent for
distribution to investors in connection with the Remarketing.

      "SENIOR NOTES" means the senior notes due August 16, 2008 of the Company.

      "TRANSACTION DOCUMENTS" means this Agreement, the Purchase Contract
Agreement, the Pledge Agreement and the Indenture, in each case as amended or
supplemented from time to time.

            Section 2. Appointment and Obligations of the Remarketing Agent.

            (a)   The Company hereby appoints Goldman, Sachs & Co. as the
      exclusive Remarketing Agent, and, subject to the terms and conditions set
      forth herein, Goldman, Sachs & Co. hereby accepts appointment as
      Remarketing Agent, for the purpose of (i) remarketing the Remarketed
      Senior Notes on behalf of the holders thereof, (ii) determining, in
      consultation with the Company, in the manner provided for herein and in
      the Purchase Contract Agreement and the Indenture, the Reset Rate for the
      Senior Notes, and (iii) performing such other duties as are assigned to
      the Remarketing Agent in the Transaction Documents.

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            (b)   Unless a Special Event Redemption has occurred prior to such
      date, on the third Business Day immediately preceding May 16, 2006 (the
      "INITIAL REMARKETING DATE"), the Remarketing Agent shall use its
      reasonable efforts to remarket ("INITIAL REMARKETING") the Remarketed
      Senior Notes, at a price (the "REMARKETING PRICE"), based on the Reset
      Rate, equal to approximately 100.50% (or, if the Remarketing Agent is
      unable to remarket the Remarketed Senior Notes at such rate, at a rate
      below 100.50% in the discretion of the Remarketing Agent, but in no event
      less than 100.25%, net of any Remarketing Fee and any other fees and
      commissions) of the sum of the Treasury Portfolio Purchase Price and the
      Separate Senior Notes Purchase Price.

            (c)   In the case of a Failed Initial Remarketing and unless a
      Special Event Redemption has occurred prior to such date, on the third
      Business Day immediately preceding June 16, 2006 (the "SECOND REMARKETING
      DATE"), the Remarketing Agent shall use its reasonable efforts to remarket
      (the "SECOND REMARKETING") the Remarketed Senior Notes at the Remarketing
      Price. In the case of a Failed Second Remarketing and unless a Special
      Event Redemption has occurred prior to such date, on the third Business
      Day immediately preceding July 16, 2006 (the "THIRD REMARKETING DATE"),
      the Remarketing Agent shall use its reasonable efforts to remarket (the
      "THIRD REMARKETING") the Remarketed Senior Notes at the Remarketing Price.
      In the case of a Failed Third Remarketing and unless a Special Event
      Redemption has occurred prior to such date, on the third Business Day
      immediately preceding the Purchase Contract Settlement Date (the "FINAL
      REMARKETING DATE"), the Remarketing Agent shall use its reasonable efforts
      to remarket (the "FINAL REMARKETING") the Remarketed Senior Notes at a
      price (the "FINAL REMARKETING PRICE"), based on the Reset Rate, equal to
      approximately 100.50% (or, if the Remarketing Agent is unable to remarket
      the Remarketed Senior Notes at such rate, at a rate below 100.50% in the
      discretion of the Remarketing Agent, but in no event less than 100.25%,
      net of any Remarketing Fee and any other fees and commissions) of the
      aggregate principal amount of the Remarketed Senior Notes being remarketed
      in such Final Remarketing. It is understood and agreed that the
      Remarketing on any Remarketing Date will be considered successful and no
      further attempts will be made if the resulting proceeds are at least
      100.25% (net of any Remarketing Fee and any other fees and commissions) of
      the sum of the Treasury Portfolio Purchase Price and the Separate Senior
      Notes Purchase Price, in the case of a Remarketing other than the Final
      Remarketing, or 100.25% (net of any Remarketing Fee and any other fees and
      commissions) of the aggregate principal amount of the Remarketed Senior
      Notes in the case of the Final Remarketing.

            (d)   In connection with each Remarketing, the Remarketing Agent
      shall determine, in consultation with the Company, the rate per annum,
      rounded to the nearest one-thousandth (0.001) of one percent per annum,
      that the Senior Notes should bear (the "RESET RATE") in order for the
      Senior Notes of the Normal Unit holders to have an aggregate market value
      equal to the Remarketing Price or the Final Remarketing Price, as the case
      may be, and that in the sole reasonable discretion of the Remarketing
      Agent will enable it to remarket all of the Remarketed Senior Notes at the
      Remarketing Price or Final Remarketing Price, as the case may be, in such
      Remarketing, provided that such rate shall not exceed the maximum interest
      rate permitted by law.

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<PAGE>
            (e)   In the event of a Failed Remarketing or if no Senior Notes are
      included in Normal Units, and if none of the holders of the Separate
      Senior Notes elect to have Senior Notes be remarketed in such Remarketing,
      the applicable interest rate on the Senior Notes will not be reset and
      will continue to be the Coupon Rate set forth in the Indenture as
      supplemented from time to time.

            (f)   If, by 4:00 p.m. (New York City time) on the applicable
      Remarketing Date, the Remarketing Agent is unable to remarket all of the
      Remarketed Senior Notes at the Remarketing Price or the Final Remarketing
      Price, as the case may be, pursuant to the terms and conditions hereof, a
      Failed Remarketing shall be deemed to have occurred, and the Remarketing
      Agent shall advise, by telephone, the Depositary, the Purchase Contract
      Agent and the Company, and return the Remarketed Senior Notes to the
      Collateral Agent or the Custodial Agent, as the case may be. Whether or
      not there has been a Failed Remarketing will be determined in the sole
      reasonable discretion of the Remarketing Agent.

            (g)   In the event of a Successful Remarketing, by approximately
      4:30 p.m. (New York City time) on the applicable Remarketing Date, the
      Remarketing Agent shall advise, by telephone:

                  (i)   the Depositary, the Purchase Contract Agent, the
            Indenture Trustee and the Company of the Reset Rate determined by
            the Remarketing Agent in such Remarketing and the number of
            Remarketed Senior Notes sold in such Remarketing;

                  (ii)  each purchaser (or the Depositary Participant thereof)
            of Remarketed Senior Notes of the Reset Rate and the number of
            Remarketed Senior Notes such purchaser is to purchase; and

                  (iii) each such purchaser to give instructions to its
            Depositary Participant to pay the purchase price on the third
            business day immediately following the date of such Successful
            Remarketing in same day funds against delivery of the Remarketed
            Senior Notes purchased through the facilities of the Depositary.

      The Remarketing Agent shall also, if required by the Securities Act or the
rules and regulations promulgated thereunder, deliver to each purchaser a
Prospectus in connection with the Remarketing.

            (h)   After deducting any fees specified in Section 4 below, the
      proceeds from a Successful Remarketing (i) with respect to the Pledged
      Senior Notes underlying the Applicable Ownership Interests in Senior Notes
      that are components of the Normal Units, shall be paid to the Collateral
      Agent in accordance with Sections 5.07 and 7.06 of the Pledge Agreement,
      as the case may be, and Section 5.02 of the Purchase Contract Agreement
      and (ii) with respect to the Separate Senior Notes, shall be paid to the
      Custodial Agent for payment to the holders of such Separate Senior Notes
      in accordance

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<PAGE>
      with Section 5.02 of the Purchase Contract Agreement and Section 7.06 of
      the Pledge Agreement.

            (i)   The right of each holder of Separate Senior Notes or Normal
      Units to have Remarketed Senior Notes remarketed and sold on any
      Remarketing Date shall be subject to the conditions that (i) the
      Remarketing Agent conducts an (A) Initial Remarketing, (B) a Second
      Remarketing in the event of a Failed Initial Remarketing, (C) a Third
      Remarketing in the event of a Failed Second Remarketing and (D) a Final
      Remarketing in the event of a Failed Third Remarketing, each pursuant to
      the terms of this Agreement, (ii) a Special Event Redemption has not
      occurred prior to such Remarketing Date, (iii) the Remarketing Agent is
      able to find a purchaser or purchasers for Remarketed Senior Notes at the
      Remarketing Price or the Final Remarketing Price, as the case may be,
      based on the Reset Rate, and (iv) such purchaser or purchasers deliver the
      purchase price therefor to the Remarketing Agent as and when required.

            (j)   It is understood and agreed that the Remarketing Agent shall
      not have any obligation whatsoever to purchase any Remarketed Senior
      Notes, whether in the Remarketing or otherwise, and shall in no way be
      obligated to provide funds to make payment upon tender of Remarketed
      Senior Notes for Remarketing or to otherwise expend or risk its own funds
      or incur or to be exposed to financial liability in the performance of its
      duties under this Agreement, and without limitation of the foregoing, the
      Remarketing Agent shall not be deemed an underwriter of the Remarketed
      Senior Notes. Neither the Company nor the Remarketing Agent shall be
      obligated in any case to provide funds to make payment upon tender of the
      Remarketed Senior Notes for Remarketing.

            Section 3. Representations and Warranties of the Company.

      The Company represents and warrants (i) on and as of the date any
Remarketing Materials are first distributed in connection with the Remarketing
(the "COMMENCEMENT DATE"), (ii) on and as of the applicable Remarketing Date and
(iii) on and as of the settlement date relating to such Remarketing Date, that:

            (a)   Each of the representations and warranties of the Company as
      set forth in Sections 2(e) through 2(r) of the Underwriting Agreement
      dated as of May 19, 2003 (the "UNDERWRITING AGREEMENT") among the Company
      and the Underwriters identified in Schedule I to the related Pricing
      Agreement dated as of May 19, 2003 among the Company and Goldman, Sachs &
      Co., Morgan Stanley & Co. Incorporated and UBS Warburg LLC, is true and
      correct as if made on each of the dates specified above; provided that for
      purposes of this Section 3(a), (A) any reference in such sections of the
      Underwriting Agreement to (i) the "Registration Statement", the
      "Prospectus" or the "Preliminary Prospectus" shall be deemed to refer to
      such terms as defined herein and (ii) the "Time of Delivery" shall be
      deemed to refer to the applicable Remarketing Date and (B) the term
      "Significant Subsidiary" as used in Section 2(e) of the Underwriting
      Agreement shall be deemed to include any subsidiaries of the Company that
      are, on each of the dates specified above, "significant subsidiaries" of
      the Company within the meaning of Regulation S-X.

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<PAGE>
            (b)   The Registration Statement, if any, in the form heretofore
      delivered or to be delivered to the Remarketing Agent, has been declared
      effective by the Commission in such form; and no stop order suspending the
      effectiveness of the Registration Statement has been issued and no
      proceeding for that purpose has been initiated or threatened by the
      Commission.

            (c)   The documents incorporated by reference in the Prospectus,
      when they were filed with the Commission, conformed in all material
      respects to the requirements of the Exchange Act and the rules and
      regulations of the Commission thereunder, and none of such documents
      contained an untrue statement of a material fact or omitted to state a
      material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading; and any further documents so filed and incorporated
      by reference in the Prospectus or any further amendment or supplement
      thereto, when such documents are filed with the Commission, will conform
      in all material respects to the requirements of the Exchange Act and the
      rules and regulations of the Commission thereunder, and will not contain
      an untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not misleading;
      provided, however, that this representation and warranty shall not apply
      to any statements or omissions made in reliance upon and in conformity
      with information relating to the Remarketing Agent furnished in writing to
      the Company by the Remarketing Agent or its counsel expressly for use in
      the Prospectus.

            (d)   The Registration Statement, if any, conforms (and the
      Prospectus, if any, and any further amendments or supplements to the
      Registration Statement or the Prospectus, when they become effective or
      are filed with the Commission, as the case may be, will conform) in all
      material respects to the requirements of the Securities Act and the rules
      and regulations promulgated thereunder, and the Registration Statement and
      the Remarketing Materials (and any amendment or supplement thereto) as of
      their respective effective or filing dates and as of the Commencement
      Date, applicable Remarketing Date and Purchase Contract Settlement Date do
      not and will not contain any untrue statement of a material fact or omit
      to state a material fact required to be stated therein or necessary to
      make the statements therein not misleading; provided that no
      representation and warranty is made as to any statement of eligibility on
      Form T-1 filed or incorporated by reference as part of the Registration
      Statement, the Prospectus or the Remarketing Materials, or as to
      information relating to the Remarketing Agent contained in or omitted from
      the Registration Statement, the Prospectus or the Remarketing Materials in
      reliance upon and in conformity with written information furnished to the
      Company by the Remarketing Agent.

            (e)   This Agreement has been duly authorized, executed and
      delivered by the Company.

            Section 4. Fees.

            (a)   In the event of a Successful Remarketing of the Remarketed
      Senior Notes prior to the Final Remarketing Date, the Remarketing Agent
      may retain as a remarketing

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      fee (the "INITIAL REMARKETING FEE") an amount equal to the lesser of (i)
      25 basis points (0.25%) of the sum of the Treasury Portfolio Purchase
      Price and the Separate Senior Note Purchase Price and (ii) the amount of
      the proceeds of such Remarketing in excess of the sum of the Treasury
      Portfolio Purchase Price and the Separate Senior Notes Purchase Price.

            (b)   In the event of a Successful Final Remarketing, the
      Remarketing Agent may retain as the remarketing fee an amount equal to the
      lesser of (i) 25 basis points (0.25%), of the principal amount of the
      Remarketed Senior Notes and (ii) the amount of the proceeds of such
      Remarketing on the Final Remarketing Date in excess of the aggregate
      principal amount of such Remarketed Senior Notes (the "FINAL REMARKETING
      FEE" and together with the Initial Remarketing Fee, the "REMARKETING
      FEE").

            Section 5. Covenants of the Company.

      The Company covenants and agrees as follows:

            (a)   If and to the extent the Remarketed Senior Notes are required
      (in the view of counsel, which need not be in the form of a written
      opinion, for either the Remarketing Agent or the Company) to be registered
      under the Securities Act as in effect at the time of the Remarketing,

                  (i)   to prepare the Registration Statement and the
            Prospectus, in a form approved by the Remarketing Agent, to file any
            such Prospectus pursuant to the Securities Act within the period
            required by the Securities Act and the rules and regulations
            thereunder and to use commercially reasonable efforts to cause the
            Registration Statement to be declared effective by the Commission
            prior to the second Business Day immediately preceding the
            applicable Remarketing Date;

                  (ii)  to file promptly with the Commission any amendment to
            the Registration Statement or the Prospectus or any supplement to
            the Prospectus that may, in the reasonable judgment of the Company
            or the Remarketing Agent, be required by the Securities Act or
            requested by the Commission;

                  (iii) to advise the Remarketing Agent, promptly after it
            receives notice thereof, of the time when any amendment to the
            Registration Statement has been filed or becomes effective or any
            supplement to the Prospectus or any amended Prospectus has been
            filed and to furnish the Remarketing Agent with copies thereof;

                  (iv)  to file promptly all reports and any definitive proxy or
            information statements required to be filed by the Company with the
            Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the
            Exchange Act subsequent to the date of the Prospectus and for so
            long as the delivery of a Prospectus is required in connection with
            the offering or sale of the Remarketed Senior Notes;

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<PAGE>
                  (v)    to advise the Remarketing Agent, promptly after it
            receives notice thereof, of the issuance by the Commission of any
            stop order or of any order preventing or suspending the use of the
            Prospectus, of the suspension of the qualification of any of the
            Remarketed Senior Notes for offering or sale in any jurisdiction, of
            the initiation or threatening of any proceeding for any such
            purpose, or of any request by the Commission for the amending or
            supplementing of the Registration Statement or the Prospectus or for
            additional information, and, in the event of the issuance of any
            stop order or of any order preventing or suspending the use of any
            Prospectus or suspending any such qualification, to use promptly its
            best efforts to obtain its withdrawal;

                  (vi)   to furnish promptly to the Remarketing Agent such
            copies of the following documents as the Remarketing Agent shall
            reasonably request: (A) conformed copies of the Registration
            Statement as originally filed with the Commission and each amendment
            thereto (in each case excluding exhibits); (B) the Preliminary
            Prospectus and any amended or supplemented Preliminary Prospectus,
            (C) the Prospectus and any amended or supplemented Prospectus; and
            (D) any document incorporated by reference in the Prospectus
            (excluding exhibits thereto); and, if at any time when delivery of a
            prospectus is required in connection with the Remarketing, any event
            shall have occurred as a result of which the Prospectus as then
            amended or supplemented would include any untrue statement of a
            material fact or omit to state any material fact necessary in order
            to make the statements therein, in the light of the circumstances
            under which they were made when such Prospectus is delivered, not
            misleading, or if for any other reason it shall be necessary during
            such same period to amend or supplement the Prospectus or to file
            under the Exchange Act any document incorporated by reference in the
            Prospectus in order to comply with the Securities Act or the
            Exchange Act, to notify the Remarketing Agent and, upon its request,
            to file such document and to prepare and furnish without charge to
            the Remarketing Agent and to any dealer in securities as many copies
            as the Remarketing Agent may from time to time reasonably request of
            an amended or supplemented Prospectus that will correct such
            statement or omission or effect such compliance;

                  (vii)  prior to filing with the Commission (A) any amendment
            to the Registration Statement or supplement to the Prospectus or (B)
            any Prospectus pursuant to Rule 424 under the Securities Act, to
            furnish a copy thereof to the Remarketing Agent and counsel to the
            Remarketing Agent; and not to file any such amendment or supplement
            that shall be reasonably disapproved by the Remarketing Agent
            promptly after reasonable notice;

                  (viii) as soon as practicable, but in any event not later than
            eighteen months, after the effective date of the Registration
            Statement, to make "generally available to its security holders" an
            "earnings statement" of the Company and its subsidiaries complying
            with (which need not be audited) Section 11(a) of the Securities Act
            and the rules and regulations thereunder (including, at the option
            of the Company, Rule 158). The terms "GENERALLY AVAILABLE TO ITS
            SECURITY

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            HOLDERS" and "EARNINGS STATEMENT" shall have the meanings set forth
            in Rule 158; and

                  (ix)  to take such action as the Remarketing Agent may
            reasonably request in order to qualify the Remarketed Senior Notes
            for offer and sale under the securities or "blue sky" laws of such
            jurisdictions as the Remarketing Agent may reasonably request;
            provided that in no event shall the Company be required to qualify
            as a foreign corporation or to file a general consent to service of
            process in any jurisdiction.

            (b)   To pay: (1) the costs incident to the preparation and printing
      of the Registration Statement, if any, any Prospectus and any other
      Remarketing Materials and any amendments or supplements thereto; (2) the
      costs of distributing the Registration Statement, if any, any Prospectus
      and any other Remarketing Materials and any amendments or supplements
      thereto; (3) any fees and expenses of qualifying the Remarketed Senior
      Notes under the securities laws of the several jurisdictions as provided
      in Section 5(a)(ix) and of preparing, printing and distributing a Blue Sky
      Memorandum, if any (including any related fees and expenses of counsel to
      the Remarketing Agent); (4) all other costs and expenses incident to the
      performance of the obligations of the Company hereunder and the
      Remarketing Agent hereunder; and (5) the reasonable fees and expenses of
      counsel to the Remarketing Agent in connection with their duties
      hereunder.

            (c)   To furnish the Remarketing Agent with such information and
      documents as the Remarketing Agent may reasonably request in connection
      with the transactions contemplated hereby, and to make reasonably
      available to the Remarketing Agent and any accountant, attorney or other
      advisor retained by the Remarketing Agent such information that parties
      would customarily require in connection with a due diligence investigation
      conducted in accordance with applicable securities laws and to cause the
      Company's officers, directors, employees and accountants to participate in
      all such discussions and to supply all such information reasonably
      requested by any such Person in connection with such investigation.

            Section 6. Conditions to the Remarketing Agent's Obligations.

      The obligations of the Remarketing Agent hereunder shall be subject to the
following conditions:

            (a)   The Prospectus, if any, shall have been timely filed with the
      Commission; no stop order suspending the effectiveness of the Registration
      Statement, if any, or any part thereof shall have been issued and no
      proceeding for that purpose shall have been initiated or threatened by the
      Commission; and any request of the Commission for inclusion of additional
      information in the Registration Statement or the Prospectus or otherwise
      shall have been complied with.

            (b)   (1) Trading generally shall not have been suspended or
      materially limited on the New York Stock Exchange or the Nasdaq National
      Market, (2) trading of any

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      securities of the Company shall not have been materially suspended or
      limited on the New York Stock Exchange or any other exchange or
      over-the-counter market, (3) a material disruption in securities
      settlement, payment or clearance services in the United States shall not
      have occurred, (4) a general moratorium on commercial banking activities
      in New York shall not have been declared by either Federal or New York
      State authorities, or (5) there shall not have occurred a material adverse
      change in the financial markets, any outbreak or escalation of hostilities
      involving the United States or the declaration by the United States of a
      national emergency or war or other calamity or crisis, if the effect of
      any such event specified in this clause (5) in the judgment of the
      Remarketing Agent makes it impracticable or inadvisable to proceed with
      the Remarketing or the delivery of the Remarketed Senior Notes on the
      terms and in the manner contemplated in the Transaction Documents.

            (c)   The representations and warranties of the Company contained
      herein shall be true and correct in all material respects on and as of the
      applicable Remarketing Date, and the Company, the Purchase Contract Agent
      and the Collateral Agent shall have performed in all material respects all
      covenants and agreements contained herein or in the Purchase Contract
      Agreement or Pledge Agreement to be performed on their part at or prior to
      such Remarketing Date.

            (d)   The Company shall have furnished to the Remarketing Agent a
      certificate, dated the applicable Remarketing Date, of the Chief Executive
      Officer and the Treasurer satisfactory to the Remarketing Agent stating
      that: (1) no order suspending the effectiveness of the Registration
      Statement, if any, or prohibiting the sale of the Remarketed Senior Notes
      is in effect, and no proceedings for such purpose are pending before or,
      to the knowledge of such officers, threatened by the Commission; (2) the
      representations and warranties of the Company in Section 3 are true and
      correct on and as of the applicable Remarketing Date and the Company has
      performed in all material respects all covenants and agreements contained
      herein to be performed on its part at or prior to such Remarketing Date;
      and (3) the Registration Statement, as of its effective date, and the
      Remarketing Materials, as of their respective dates, did not contain any
      untrue statement of a material fact and did not omit to state any material
      fact required to be stated therein or necessary to make the statements
      therein not misleading and the Prospectus did not contain any untrue
      statement of material fact or omit to state a material fact required to be
      stated therein or necessary to make the statements therein, in light of
      the circumstances under which they were made, not misleading.

            (e)   On the applicable Remarketing Date, the Remarketing Agent
      shall have received a letter addressed to the Remarketing Agent and dated
      such date, in form and substance satisfactory to the Remarketing Agent, of
      Deloitte & Touche LLP, the independent accountants of the Company,
      containing statements and information of the type ordinarily included in
      accountants' "comfort letters" with respect to certain financial
      information contained in the Remarketing Materials, if any.

            (f)   Each of (1) counsel for the Company and (2) General Counsel to
      the Company, shall have furnished to the applicable Remarketing Agent its
      opinion, addressed to the Remarketing Agent and dated the Remarketing
      Date, in form and

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<PAGE>
      substance reasonably satisfactory to the Remarketing Agent addressing such
      matters as are set forth in such counsel's opinion furnished pursuant to
      Sections 7(c) and 7(d) of the Underwriting Agreement, adapted as necessary
      to relate to the securities being remarketed hereunder and to the
      Remarketing Materials, if any, or to any changed circumstances or events
      occurring subsequent to the date of this Agreement, such adaptations being
      reasonably acceptable to counsel to the Remarketing Agent.

            (g)   Counsel for the Remarketing Agent, shall have furnished to the
      Remarketing Agent its opinion, addressed to the Remarketing Agent and
      dated the applicable Remarketing Date, in form and substance satisfactory
      to the Remarketing Agent.

            (h)   Subsequent to the execution and delivery of this Agreement and
      prior to the applicable Remarketing Date, there shall not have occurred
      any downgrading, nor shall any notice have been given of any intended or
      potential downgrading or of any review for a possible change that does not
      indicate an improvement, in the rating accorded any of the Company's
      securities by any "nationally recognized statistical rating organization,"
      as such term is defined for purposes of Rule 436(g)(2) under the
      Securities Act.

            Section 7. Indemnification.

            (a)   The Company will indemnify and hold harmless the Remarketing
      Agent, its partners, directors and officers and each person, if any, who
      controls the Remarketing Agent within the meaning of Section 15 of the
      Securities Act, against any losses, claims, damages or liabilities, joint
      or several, to which the Remarketing Agent may become subject, under the
      Securities Act or otherwise, insofar as such losses, claims, damages or
      liabilities (or actions in respect thereof) arise out of or are based upon
      an untrue statement or alleged untrue statement of a material fact
      contained in the Registration Statement, the Prospectus, or any amendments
      or supplement thereto, or any related Preliminary Prospectus or
      preliminary prospectus supplement, or any other Remarketing Materials, or
      arise out of or are based upon the omission or alleged omission to state
      therein a material fact required to be stated therein or necessary to make
      the statements therein not misleading, and will reimburse the Remarketing
      Agent for any legal or other expenses reasonably incurred by the
      Remarketing Agent in connection with investigating or defending any such
      losses, claims, damages, liabilities or action as such expenses are
      incurred; provided, however, that the Company shall not be liable in any
      such case to the extent that any such loss, claim, damage or liability
      arises out of or is based upon an untrue statement or alleged untrue
      statement or omission or alleged omission from any of such documents in
      reliance upon and in conformity with written information furnished to the
      Company by the Remarketing Agent specifically for use therein.

            (b)   The Remarketing Agent will indemnify and hold harmless the
      Company, its directors and officers and each person, if any, who controls
      the Company within the meaning of Section 15 of the Securities Act,
      against any losses, claims, damages or liabilities to which the Company
      may become subject, under the Securities Act or otherwise, insofar as such
      losses, claims, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon an untrue statement or alleged untrue
      statement of

                                       11
<PAGE>
      a material fact contained in the Registration Statement, the Prospectus or
      any amendment or supplement thereto, or any related Preliminary Prospectus
      or Preliminary Prospectus supplement, or any other Remarketing Materials,
      or arise out of or are based upon the omission or alleged omission to
      state therein a material fact required to be stated therein or necessary
      to make the statements therein not misleading, in each case to the extent,
      but only to the extent, that such untrue statement or alleged untrue
      statement or omission or alleged omission was made in reliance upon and in
      conformity with written information furnished to the Company by the
      Remarketing Agent specifically for use therein, and will reimburse any
      legal or other expenses reasonably incurred by the Company in connection
      with investigating or defending any such loss, claim, damage, liability or
      action as such expenses are incurred.

            (c)   Promptly after receipt by an indemnified party under this
      section of notice of the commencement of any action, such indemnified
      party shall, if a claim in respect thereof is to be made against the
      indemnifying party under subsection (a) or (b) above, notify the
      indemnifying party in writing of the commencement thereof; but the
      omission so to notify the indemnifying party shall not relieve it from any
      liability which it may have to any indemnified party otherwise than under
      subsection (a) or (b) above. In the case of parties indemnified pursuant
      to subsection (a) above, counsel to the indemnified parties shall be
      selected by the Remarketing Agent. An indemnifying party may participate
      at its own expense in the defense of any such action; provided, however,
      that counsel to the indemnifying party shall not (except with the consent
      of the indemnified party) also be counsel to the indemnified party. In no
      event shall the indemnifying parties be liable for fees and expenses of
      more than one counsel (in addition to any local counsel) separate from
      their own counsel for all indemnified parties in connection with any one
      action or separate but similar or related actions in the same jurisdiction
      arising out of the same general allegations or circumstances. No
      indemnifying party shall, without the prior written consent of the
      indemnified parties, settle or compromise or consent to the entry of any
      judgment with respect to any litigation, or any investigation or
      proceeding by any governmental agency or body, commenced or threatened, or
      any claim whatsoever in respect of which indemnification or contribution
      could be sought under this Section 7 or Section 8 hereof (whether or not
      the indemnified parties are actual or potential parties thereto), unless
      such settlement, compromise or consent (i) includes an unconditional
      release of each indemnified party from all liability arising out of such
      litigation, investigation, proceeding or claim and (ii) does not include a
      statement as to or an admission of fault, culpability or a failure to act
      by or on behalf of any indemnified party.

            Section 8. Contribution.

            (a)   If the indemnification provided for in Section 7 hereof is for
      any reason unavailable to or insufficient to hold harmless an indemnified
      party in respect of any losses, liabilities, claims, damages or expenses
      referred to therein, then each indemnifying party, in lieu of such
      indemnification, shall contribute to the aggregate amount of such losses,
      liabilities, claims, damages or expenses as incurred (i) in such
      proportion as is appropriate to reflect the relative benefits received by
      the Company on the one hand and the Remarketing Agent on the other hand
      from the offering of the

                                       12
<PAGE>
      Remarketed Senior Notes or (ii) if the allocation provided by clause (i)
      is not permitted by applicable law, in such proportions as is appropriate
      to reflect not only the relative benefits referred to in clause (i) above
      but also the relative fault of the Company on the one hand and the
      Remarketing Agent on the other hand in connection with the statements of
      omissions which resulted in such losses, claims, damages or liabilities as
      well as any relevant equitable considerations. The relative benefits
      received by the Company on one hand and the Remarketing Agent on the other
      hand in connection with the Remarketing shall be deemed to be in the same
      proportions as the aggregate principal amount of the Remarketed Senior
      Notes less the fee paid to the Remarketing Agent on the one hand and the
      fee paid to the Remarketing Agent on the other hand bear to the aggregate
      principal amount of the Remarketed Senior Notes. The relative fault shall
      be determined by reference to, among other things, whether the untrue or
      alleged untrue statement of a material fact or the omission or alleged
      omission to state a material fact relates to information supplied by the
      Company on the one hand or the Remarketing Agent on the other hand and the
      parties' relative intent, knowledge, access to information and opportunity
      to correct or prevent such statement or omission. The Company and the
      Underwriters agree that it would not be just and equitable if contribution
      pursuant to this subsection (a) were determined by pro rata allocation or
      by any other method of allocation which does not take account of the
      equitable considerations referred to above in this subsection (a). The
      amount paid or payable by an indemnified party as a result of the losses,
      claims, damages or liabilities (or actions in respect thereof) referred to
      above in this subsection (a) shall be deemed to include any legal or other
      expenses reasonably incurred by such indemnified party in connection with
      investigating or defending any such action or claim. Notwithstanding the
      provisions of this subsection (a), the Remarketing Agent shall not be
      required to contribute any amount in excess of the amount by which the
      fees received by it under Section 4 exceeds the amount of any damages
      which the Remarketing Agent has otherwise been required to pay by reason
      of such untrue or alleged untrue statement or omission or alleged
      omission. No person guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any person who was not guilty of such fraudulent
      misrepresentation.

            (b)   The obligations of the Company under this Section 8 shall be
      in addition to any liability which the Company may otherwise have and
      shall extend, upon the same terms and conditions, to each officer and
      director of the Remarketing Agent and to each person, if any, who controls
      the Remarketing Agent within the meaning of the Securities Act; and the
      obligations of the Remarketing Agent under this Section 8 shall be in
      addition to any liability which the Remarketing Agent may otherwise have
      and shall extend, upon the same terms and conditions, to each director of
      the Company, to each officer of the Company who signed the Registration
      Statement and to each person, if any, who controls the Company within the
      meaning of the Securities Act.

            (c)   The indemnity and contribution provisions contained in Section
      7 and this Section 8 and the representations, warranties and other
      statements of the Company contained in this Agreement shall remain in full
      force and effect, regardless of any investigation (or any statement as to
      the results thereof) made by or on behalf of the

                                       13
<PAGE>
      Remarketing Agent or any person controlling the Remarketing Agent, or the
      Company, its officers or director or any controlling person of the
      Company, and the completion of the Remarketing.

            Section 9. Resignation and Removal of the Remarketing Agent.

      The Remarketing Agent may resign and be discharged from its duties and
obligations hereunder, and the Company may remove the Remarketing Agent, by
giving 30 days' prior written notice, in the case of a resignation, to the
Company, the Purchase Contract Agent and the Depositary and, in the case of a
removal, to the removed Remarketing Agent, the Purchase Contract Agent and the
Depositary; provided, however, that no such resignation nor any such removal
shall become effective until the Company shall have appointed at least one
nationally recognized broker-dealer as successor Remarketing Agent and such
successor Remarketing Agent shall have entered into a remarketing agreement with
the Company and the Purchase Contract Agent, in which it shall have agreed to
conduct the Remarketing in accordance with the Transaction Documents in all
material respects.

      In any such case, the Company will use commercially reasonable efforts to
appoint a successor Remarketing Agent and enter into such a remarketing
agreement with such person as soon as reasonably practicable. The provisions of
Sections 7 and 8 shall survive the resignation or removal of any Remarketing
Agent pursuant to this Agreement.

            Section 10. Dealing in Securities.

      The Remarketing Agent, when acting as a Remarketing Agent or in its
individual or any other capacity, may, to the extent permitted by law, buy,
sell, hold and deal in any of the Remarketed Senior Notes, Normal Units,
Stripped Units or any of the securities of the Company (together, the
"SECURITIES"). The Remarketing Agent may exercise any vote or join in any action
which any beneficial owner of such Securities may be entitled to exercise or
take pursuant to the Indenture with like effect as if it did not act in any
capacity hereunder. The Remarketing Agent, in its individual capacity, either as
principal or agent, may also engage in or have an interest in any financial or
other transaction with the Company as freely as if it did not act in any
capacity hereunder.

            Section 11. Remarketing Agent's Performance; Duty of Care.

      The duties and obligations of the Remarketing Agent shall be determined
solely by the express provisions of this Agreement and the Transaction
Documents. No implied covenants or obligations of or against the Remarketing
Agent shall be read into this Agreement or any of the Transaction Documents. In
the absence of bad faith on the part of the Remarketing Agent, the Remarketing
Agent may conclusively rely upon any document furnished to it, as to the truth
of the statements expressed in any of such documents. The Remarketing Agent
shall be protected in acting upon any document or communication reasonably
believed by it to have been signed, presented or made by the proper party or
parties except as otherwise set forth herein. The Remarketing Agent, acting
under this Agreement, shall incur no liability to the Company or to any holder
of Remarketed Senior Notes in its individual capacity or as Remarketing Agent
for any action or failure to act, on its part in connection with a Remarketing
or otherwise, except if

                                       14
<PAGE>
such liability is judicially determined to have resulted from its failure to
comply with the material terms of this Agreement or the gross negligence or
willful misconduct on its part. The provisions of this Section 11 shall survive
the termination of this Agreement and shall survive the resignation or removal
of any Remarketing Agent pursuant to this Agreement.

            Section 12. Termination.

      This Agreement shall automatically terminate (i) as to the Remarketing
Agent on the effective date of the resignation or removal of the Remarketing
Agent pursuant to Section 9 and (ii) on the earlier of (x) any Special Event
Redemption Date and (y) the Purchase Contract Settlement Date. If this Agreement
is terminated pursuant to any of the other provisions hereof, except as
otherwise provided herein, the Company shall not be under any liability to the
Remarketing Agent and the Remarketing Agent shall not be under any liability to
the Company, except that if this Agreement is terminated by the Remarketing
Agent because of any failure or refusal on the part of the Company to comply
with the terms or to fulfill any of the conditions of this Agreement, the
Company will reimburse the Remarketing Agent for all of its out-of-pocket
expenses (including the fees and disbursements of its counsel) reasonably
incurred by it. Sections 7, 8 and 11 hereof shall survive the termination of
this Agreement or the resignation or removal of the Remarketing Agent.

            Section 13. Notices.

      All statements, requests, notices and agreements hereunder shall be in
writing, and:

            (a)   if to the Remarketing Agent, shall be delivered or sent by
      mail, telex or facsimile transmission to Goldman, Sachs & Co., 85 Broad
      Street, New York, New York, 10004, Attention: Don Hansen (Fax:
      212-357-5505);

            (b)   if to the Company, shall be delivered or sent by mail, telex
      or facsimile transmission to The Hartford Financial Services Group, Inc.,
      Hartford Plaza, Hartford, Connecticut 06115-1900, Attention: General
      Counsel (Fax: 860-547-5714); and

            (c)   if to the Purchase Contract Agent, shall be delivered or sent
      by mail, telex or facsimile transmission to JPMorgan Chase Bank, 4 New
      York Plaza, 15th Floor, New York, New York 10004, Attention: Institutional
      Trust Services (Fax: 212-623-6167).

      Any such statements, requests, notices or agreements shall take effect at
the time of receipt thereof.

            Section 14. Persons Entitled to Benefit of Agreement.

      This Agreement shall inure to the benefit of and be binding upon each
party hereto and its respective successors. This Agreement and the terms and
provisions hereof are for the sole benefit of only those persons, except that
(x) the representations, warranties, indemnities and agreements of the Company
contained in this Agreement shall also be deemed to be for the benefit of the
Remarketing Agent and the person or persons, if any, who control the Remarketing
Agent within the meaning of Section 15 of the Securities Act and (y) the
indemnity agreement of

                                       15
<PAGE>
the Remarketing Agent contained in Section 7(b) of this Agreement shall be
deemed to be for the benefit of the Company's directors and officers who sign
the Registration Statement, if any, and any person controlling the Company
within the meaning of Section 15 of the Securities Act. Nothing contained in
this Agreement is intended or shall be construed to give any person, other than
the persons referred to herein, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision contained herein.

            Section 15. Survival.

      The respective indemnities, representations, warranties and agreements of
the Company and the Remarketing Agent contained in this Agreement or made by or
on behalf of them, respectively, pursuant to this Agreement, shall survive any
Remarketing and shall remain in full force and effect, regardless of any
investigation made by or on behalf of any of them or any person controlling any
of them.

            Section 16. Governing Law.

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

            Section 17. Judicial Proceedings.

            (a)   Each party hereto expressly accepts and irrevocably submits to
      the non-exclusive jurisdiction of the United States Federal or New York
      State court sitting in the Borough of Manhattan, The City of New York, New
      York, over any suit, action or proceeding arising out of or relating to
      this Agreement or the Remarketed Senior Notes. To the fullest extent it
      may effectively do so under applicable law, each party hereto irrevocably
      waives and agrees not to assert, by way of motion, as a defense or
      otherwise, any claim that it is not subject to the jurisdiction of any
      such court, any objection that it may now or hereafter have to the laying
      of the venue of any such suit, action or proceeding brought in any such
      court and any claim that any such suit, action or proceeding brought in
      any such court has been brought in an inconvenient forum.

            (b)   Each party hereto agrees, to the fullest extent that it may
      effectively do so under applicable law, that a judgment in any suit,
      action or proceeding of the nature referred to in Section 17(a) brought in
      any such court shall be conclusive and binding upon such party, subject to
      rights of appeal and may be enforced in the courts of the United States of
      America or the State of New York (or any other court the jurisdiction to
      which the Company is or may be subject) by a suit upon such judgment.

            Section 18. Counterparts.

      This Agreement may be executed in one or more counterparts and, if
executed in more than one counterpart, the executed counterparts shall each be
deemed to be an original but all such counterparts shall together constitute one
and the same instrument.

                                       16
<PAGE>
            Section 19. Headings.

      The headings herein are inserted for convenience of reference only and are
not intended to be part of, or to affect the meaning or interpretation of, this
Agreement.

            Section 20. Severability.

      If any provision of this Agreement shall be held or deemed to be or shall,
in fact, be invalid, inoperative or unenforceable as applied in any particular
case in any or all jurisdictions because it conflicts with any provisions of any
constitution, statute, rule or public policy or for any other reason, then, to
the extent permitted by law, such circumstances shall not have the effect of
rendering the provision in question invalid, inoperative or unenforceable in any
other case, circumstance or jurisdiction, or of rendering any other provision or
provisions of this Agreement invalid, inoperative or unenforceable to any extent
whatsoever.

            Section 21. Amendments.

      This Agreement may be amended by an instrument in writing signed by the
parties hereto. Each of the Company and the Purchase Contract Agent agrees that
it will not enter into, cause or permit any amendment or modification of the
Transaction Documents or any other instruments or agreements relating to the
Senior Notes or the Normal Units that would in any way adversely affect the
rights, duties and obligations of the Remarketing Agent, without the prior
written consent of the Remarketing Agent.

            Section 22. Successors and Assigns.

      The rights and obligations of the Company hereunder may not be assigned or
delegated to any other Person without the prior written consent of the
Remarketing Agent. The rights and obligations of the Remarketing Agent hereunder
may not be assigned or delegated to any other Person (other than an affiliate of
the Remarketing Agent) without the prior written consent of the Company.

      If the foregoing correctly sets forth the agreement by and between the
Company, the Remarketing Agent and the Purchase Contract Agent, please indicate
your acceptance in the space provided for that purpose below.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       17
<PAGE>
                                     Very truly yours,

                                     THE HARTFORD FINANCIAL SERVICES GROUP, INC.

                                     By: _______________________________________

                                         Name:

                                         Title:

CONFIRMED AND ACCEPTED:

GOLDMAN, SACHS & CO.,
as Remarketing Agent

By: _____________________________________

    Name:

    Title:

JPMORGAN CHASE BANK,
not individually but solely as Purchase Contract Agent
and as attorney-in-fact for the Holders of the Purchase Contracts

By: _____________________________________

    Name:

    Title:

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