Document:

<PAGE>
                                                                     EXHIBIT 4.7

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                               BANCORPSOUTH, INC.,

                                     Issuer,

                                       AND

                              THE BANK OF NEW YORK

                                     Trustee

                        FORM OF DEBT SECURITIES INDENTURE

                           Dated as of _________, 2001

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<PAGE>

                               TABLE OF CONTENTS(1)

<TABLE>
<S>                                                                                                               <C>
ARTICLE ONE                         Definitions and Other Provisions of General Application.......................1

         SECTION 1.01               Definitions...................................................................1
                  Act.............................................................................................2
                  Affiliate.......................................................................................2
                  Authorized Newspaper............................................................................2
                  Board of Directors..............................................................................2
                  Board Resolution................................................................................2
                  Business Day....................................................................................2
                  Capital Stock...................................................................................2
                  Commission......................................................................................3
                  Company.........................................................................................3
                  Company Request, Company Order..................................................................3
                  Component Currency..............................................................................3
                  Consolidated Banking Assets.....................................................................3
                  Conversion Date.................................................................................3
                  Conversion Rate.................................................................................3
                  Corporate Trust Office..........................................................................3
                  Coupon..........................................................................................3
                  Coupon Security.................................................................................3
                  Default.........................................................................................3
                  Defaulted Interest..............................................................................3
                  Depository......................................................................................3
                  Dollar..........................................................................................4
                  Dollar Determination Agent......................................................................4
                  Dollar Equivalent of the Currency Unit..........................................................4
                  Dollar Equivalent of the Foreign Currency.......................................................4
                  ECU.............................................................................................4
                  European Communities............................................................................4
                  Event of Default................................................................................4
                  Exchange Rate Officer's Certificate.............................................................4
                  Foreign Currency................................................................................4
                  Fully Registered Security.......................................................................4
                  Global Security.................................................................................4
                  Government Obligations..........................................................................5
                  Holder..........................................................................................5
</TABLE>

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(1)  The Table of Contents is not part of the Indenture.

                                       i

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<TABLE>
                  <S>                                                                                             <C>
                  Indenture.......................................................................................5
                  Interest Payment Date...........................................................................5
                  Market Exchange Rate............................................................................5
                  Maturity........................................................................................5
                  Officers' Certificate...........................................................................5
                  Official Currency Unit Exchange Rate............................................................5
                  Opinion of Counsel..............................................................................6
                  Original Issue Discount Security................................................................6
                  Outstanding.....................................................................................6
                  Paying Agent....................................................................................6
                  Person..........................................................................................7
                  Place of Payment................................................................................7
                  Predecessor Securities..........................................................................7
                  Redemption Date.................................................................................7
                  Redemption Price................................................................................7
                  Registered Holder...............................................................................7
                  Registered Security.............................................................................7
                  Regular Record Date.............................................................................7
                  Repayment Date..................................................................................7
                  Repayment Price.................................................................................7
                  Required Currency...............................................................................7
                  Responsible Officer.............................................................................7
                  Security or Securities..........................................................................8
                  Security Register and Security Registrar........................................................8
                  Senior Debt Securities..........................................................................8
                  Senior Company Indebtedness.....................................................................8
                  Special Record Date.............................................................................8
                  Specified Amount................................................................................8
                  Stated Maturity.................................................................................8
                  Subordinated Debt Securities....................................................................8
                  Subsidiary......................................................................................8
                  Subsidiary Bank.................................................................................8
                  Trust Indenture Act or TIA......................................................................9
                  Trustee.........................................................................................9
                  Unregistered Security...........................................................................9
                  Valuation Date..................................................................................9
                  Vice President..................................................................................9
                  Voting Shares...................................................................................9

         SECTION 1.02               Compliance Certificates and Opinions..........................................9
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                              <C>
         SECTION 1.03               Form of Documents Delivered to Trustee.......................................10

         SECTION 1.04               Acts of Security Holders.....................................................10

         SECTION 1.05               Notices, etc.................................................................11

         SECTION 1.06               Notices to Holders; Waiver...................................................12

         SECTION 1.07               Conflict with Trust Indenture Act............................................13

         SECTION 1.08               Effect of Headings and Table of Contents.....................................13

         SECTION 1.09               Successors and Assigns.......................................................13

         SECTION 1.10               Separability Clause..........................................................13

         SECTION 1.11               Benefits of Indenture........................................................13

         SECTION 1.12               Legal Holidays...............................................................13

         SECTION 1.13               Governing Law................................................................13

         SECTION 1.14               Moneys of Different Currencies To Be Segregated..............................13

         SECTION 1.15               Payment To Be in Proper Currency.............................................13

ARTICLE TWO                         Forms........................................................................14

         SECTION 2.01               Forms Generally..............................................................14

         SECTION 2.02               Form of Trustee's Certificate of Authentication..............................14

         SECTION 2.03               Forms of Security............................................................15

         SECTION 2.04               Securities Issuable in the Form of a Global Security.........................15

ARTICLE THREE                       The Securities...............................................................17

         SECTION 3.01               Title and Terms..............................................................17

         SECTION 3.02               Denominations................................................................20

         SECTION 3.03               Execution, Authentication and Delivery.......................................21

         SECTION 3.04               Temporary Securities.........................................................22

         SECTION 3.05               Registration, Registration of Transfer and Exchange..........................22

         SECTION 3.06               Mutilated, Defaced, Destroyed, Lost and Stolen Securities or Coupons.........24

         SECTION 3.07               Payment of Interest; Interest Rights Preserved...............................25

         SECTION 3.08               Persons Deemed Owners........................................................26

         SECTION 3.09               Cancellation of Securities; Destruction Thereof..............................27

         SECTION 3.10               Computation of Interest......................................................27

         SECTION 3.11               Currency and Manner of Payments in Respect of Securities.....................27

ARTICLE FOUR                        Redemption of Securities.....................................................31

         SECTION 4.01               Applicability of Article.....................................................31

         SECTION 4.02               Notice of Redemption; Selection of Securities................................31
</TABLE>

                                      iii

<PAGE>

<TABLE>
<S>                                                                                                              <C>
         SECTION 4.03               Payment of Securities Called for Redemption..................................32

         SECTION 4.04               Sinking Funds................................................................33

ARTICLE FIVE                        Covenants....................................................................35

         SECTION 5.01               Payment of Principal, Premium and Interest; Compliance with Terms............35

         SECTION 5.02               Maintenance of Agency........................................................35

         SECTION 5.03               Money for Security Payments To Be Held in Trust..............................36

         SECTION 5.04               Certification of Compliance of the Company...................................37

         SECTION 5.05               Corporate Existence..........................................................38

         SECTION 5.06               Waiver of Covenants..........................................................38

ARTICLE SIX                         Security Holders' Lists and Reports by Trustee and Company...................38

         SECTION 6.01               Company To Furnish Trustee Names and Addresses of Security Holders...........38

         SECTION 6.02               Preservation of Information; Communications to Security Holders..............38

         SECTION 6.03               Reports by Trustee...........................................................39

         SECTION 6.04               Reports by Company and Guarantor.............................................39

ARTICLE SEVEN                       Remedies.....................................................................39

         SECTION 7.01               Events of Default and Defaults...............................................39

         SECTION 7.02               Acceleration of Maturity; Rescission and Annulment...........................41

         SECTION 7.03               Collection of Indebtedness and Suits for Enforcement by Trustee..............42

         SECTION 7.04               Trustee May File Proofs of Claim.............................................43

         SECTION 7.05               Trustee May Enforce Claims Without Possession of Securities..................44

         SECTION 7.06               Application of Money Collected...............................................44

         SECTION 7.07               Limitation on Suits..........................................................45

         SECTION 7.08               Unconditional Right of Security Holders To Receive Principal,
                                    Premium and Interest.........................................................45

         SECTION 7.09               Restoration of Rights and Remedies...........................................46

         SECTION 7.10               Rights and Remedies Cumulative...............................................46

         SECTION 7.11               Delay or Omission Not Waiver.................................................46

         SECTION 7.12               Control by Security Holders..................................................46

         SECTION 7.13               Waiver of Past Defaults......................................................47

         SECTION 7.14               Undertaking for Costs........................................................47
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                                              <C>
         SECTION 7.15               Waiver of Stay or Extension Laws.............................................47

         SECTION 7.16               Judgment Currency............................................................47

ARTICLE EIGHT                       The Trustee..................................................................48

         SECTION 8.01               Certain Duties and Responsibilities..........................................48

         SECTION 8.02               Notice of Defaults...........................................................48

         SECTION 8.03               Certain Rights of Trustee....................................................49

         SECTION 8.04               Not Responsible for Recitals or Issuance of Securities ......................50

         SECTION 8.05               May Hold Securities..........................................................50

         SECTION 8.06               Money Held in Trust..........................................................50

         SECTION 8.07               Compensation and Reimbursement...............................................50

         SECTION 8.08               Qualification of Trustee; Conflicting Interests..............................51

         SECTION 8.09               Persons Eligible for Appointment as Trustee..................................51

         SECTION 8.10               Resignation and Removal; Appointment of Successor............................51

         SECTION 8.11               Acceptance of Appointment by Successor.......................................53

         SECTION 8.12               Merger, Conversion, Consolidation or Succession to Business of Trustee.......54

         SECTION 8.13               referential Collection of Claims Against Company ............................54

ARTICLE NINE                        Supplemental Indentures......................................................54

         SECTION 9.01               Supplemental Indentures Without Consent of Security Holders..................54

         SECTION 9.02               Supplemental Indentures with Consent of Security Holders.....................55

         SECTION 9.03               Execution of Supplemental Indentures.........................................56

         SECTION 9.04               Effect of Supplemental Indentures............................................56

         SECTION 9.05               Conformity with Trust Indenture Act..........................................56

         SECTION 9.06               Reference in Securities to Supplemental Indentures...........................56

ARTICLE TEN                         Consolidation, Merger, Conveyance or Transfer................................57

         SECTION 10.01              Company May Consolidate, etc.................................................57

         SECTION 10.02              Successor Corporation Substituted for Company................................57

ARTICLE ELEVEN                      Satisfaction and Discharge of Indenture......................................57

         SECTION 11.01              Satisfaction and Discharge of Securities of Any Series.......................57

         SECTION 11.02              Satisfaction and Discharge of Indenture......................................59

         SECTION 11.03              Application of Trust Money...................................................60

         SECTION 11.04              Repayment of Moneys Held by Paying Agent.....................................60

ARTICLE TWELVE                      Subordination................................................................60
</TABLE>

                                       v

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<TABLE>
<S>                                                                                                              <C>
         SECTION 12.01              Subordinated Debt Securities Subordinated to Senior Company Indebtedness.....60

         SECTION 12.02              Payments upon Dissolution of the Company.....................................61

         SECTION 12.03              No Payment When Senior Company Indebtedness in Default.......................63

         SECTION 12.04              No Impairment of Holders' Rights.............................................64

         SECTION 12.05              Effectuation of Subordination by Trustee.....................................64

         SECTION 12.06              Knowledge of Trustee.........................................................64

         SECTION 12.07              Trustee's Relation to Senior Company Indebtedness............................65

         SECTION 12.08              No Waiver of Default or Event of Default.....................................65

         SECTION 12.09              Claims of the Trustee........................................................65

ARTICLE THIRTEEN                    Immunity of Incorporators, Stockholders, Officers and Directors..............65

         SECTION 13.01              Exemption from Individual Liability..........................................65

ARTICLE FOURTEEN                    Holders' Meetings............................................................66

         SECTION 14.01              Purposes of Meetings.........................................................66

         SECTION 14.02              Call of Meetings by Trustee..................................................66

         SECTION 14.03              Call of Meetings by Company, Guarantor or Holders............................66

         SECTION 14.04              Qualifications for Voting....................................................66

         SECTION 14.05              Regulations..................................................................67

         SECTION 14.06              Voting.......................................................................67

         SECTION 14.07              No Delay of Rights by Meeting................................................68
</TABLE>

                                       vi

<PAGE>

                             CROSS REFERENCE TABLE(2)

                                   -----------

         Showing Reflection of Certain Provisions Required Pursuant to Section
310 through 318(a) of Trust Indenture Act of 1939, as Amended, (Including
Cross-References to Provisions of Sections 310 through 318(a) which, Pursuant to
Section 318(c) of the Trust Indenture Act of 1939, as Amended, are Part of and
Govern Such Provisions of the Indenture Whether or not Physically Contained
Therein

                                   ----------

<TABLE>
<CAPTION>
                                    TIA                                                                     Section

<S>                                 <C>                                                      <C>
SECTION 310                         (a)(1).....................................................................8.09
                                    (a)(2).....................................................................8.09
                                    (a)(3)...........................................................Not Applicable
                                    (a)(4)...........................................................Not Applicable
                                    (a)(5).....................................................................8.09
                                    (b)..............................................................8.08, 8.10(a),
                                    ....................................................................(b) and (d)
                                    (c)..............................................................Not Applicable

SECTION 311                         (a)........................................................................8.13
                                    (b)........................................................................8.13
                                    (c)..............................................................Not Applicable

SECTION 312                         (a)..................................................................6.01, 6.02
                                    (b)........................................................................6.02

SECTION 313                         (a)........................................................................6.03
                                    (c)......................................................1.06, 6.03, 6.04, 8.02
                                    (d)........................................................................6.03

SECTION 314(a)                      (1), (2) and (3)...........................................................6.04
                                    (a)(4).....................................................................5.04
                                    (b)..............................................................Not Applicable
                                    (c)(1).....................................................................1.02
                                    (c)(2).....................................................................1.02
                                    (c)(3)...........................................................Not Applicable
                                    (d)..............................................................Not Applicable
                                    (e)........................................................................1.02
                                    (f)..............................................................Not Applicable

SECTION 315                         (a).....................................................................8.01(a)
                                    ........................................................................8.01(c)
                                    (b)........................................................................8.02
                                    (c).....................................................................8.01(b)
                                    (d)........................................................................8.01
</TABLE>

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(2)   This table is not part of the Indenture.

                                       vii

<PAGE>

<TABLE>
<S>                                 <C>                                                              <C>
                                    (d)(1)..................................................................8.01(a)
                                    (d)(2)..................................................................8.01(c)
                                    (d)(3)..................................................................8.01(c)
                                    (e)........................................................................7.14

SECTION 316                         (a)(1)(A)..................................................................7.02
                                    ...........................................................................7.12
                                    (a)(1)(B)..................................................................7.13
                                    (a)(2)...........................................................Not Applicable
                                    (a) last sentence..........................................................3.08
                                    (b)........................................................................7.08

SECTION 317                         (a)(1).....................................................................7.03
                                    (a)(2).....................................................................7.04
                                    (b)........................................................................5.03

SECTION 318                         (a)........................................................................1.07
</TABLE>

                                      viii

<PAGE>

                        FORM OF DEBT SECURITIES INDENTURE

         This INDENTURE, dated as of ________________, 2001, among BANCORPSOUTH,
INC., a Mississippi Corporation (hereinafter called the "Company," which term
shall include any successors and assigns pursuant to the terms of this
Indenture), having its principal executive office at One Mississippi Plaza,
Tupelo, Mississippi 38801 and THE BANK OF NEW YORK, a Delaware corporation
(hereinafter called the "Trustee"), having its Principal Corporate Trust Office
at White Clay Center, Route 273, Newark, Delaware 19711.

         WHEREAS, the Company deems it appropriate from time to time to issue
its unsecured debentures, notes, bonds or other evidences of indebtedness, to be
issued in one or more series (hereinafter called the "Securities") as
hereinafter set forth, and to provide therefor the Company has duly authorized
the execution and delivery of this Indenture;

         WHEREAS, the Trustee deems it appropriate to serve as trustee on the
terms hereinafter provided, and to provide therefor, the Trustee has duly
authorized the execution and delivery of this Indenture;

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

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

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

                  (1)      the term "this Indenture" means this instrument as
originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of particular series of
Securities established as contemplated hereunder;

                  (2)      all references in this instrument to designated
"Articles," "Sections" and other subdivisions are to the designated Articles,
Sections and other subdivisions of this instrument; the words "herein," "hereof"
and "thereunder" and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision;

                                       1
<PAGE>

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

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

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

                  Certain terms, used principally in Article Eight, are defined
in that Article.

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

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

                  "Authorized Newspaper" means a newspaper in an official
language of the country of publication customarily published at least once a
day, and customarily published for at least five days in each calendar week, and
of general circulation in such city or cities as may be provided elsewhere in
this Indenture or specified as contemplated by Section 3.01 with respect to the
Securities of any series the terms of which permit Unregistered Securities or
Coupon Securities. Where successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or in
different newspapers in the same city meeting the foregoing requirements and in
each case on any Business Day in such city.

                  "Board of Directors" means, with respect to the Company,
either the Board of Directors of the Company, as the case may be, or the
executive committee of such Board of Directors or other committee duly
authorized to act on behalf of the Board of Directors with regard to a given
matter.

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

                  "Business Day" means each day which is neither a Saturday,
Sunday nor other day on which banking institutions or trust companies in the
Place of Payment are authorized or required by law or executive order to be
closed.

                  "Capital Stock" means, as to shares of a particular
corporation, outstanding shares of stock of any class whether now or hereafter
authorized, irrespective of whether

                                       2
<PAGE>

such class shall be limited to a fixed sum or percentage in respect of the
rights of the holders thereof to participate in dividends and in the
distribution of assets upon the voluntary liquidation, dissolution or winding up
of such corporation.

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

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

                  "Company Request," "Company Order," a written request or order
signed in the name of the Company, as the case may be, by its Chairman or any
Vice Chairman of the Board of Directors, President or a Vice President, and by
its Treasurer, an Assistant Treasurer, Controller, an Assistant Controller,
Secretary or an Assistant Secretary, and delivered to the Trustee.

                  "Component Currency":  See Section 3.11(i).

                  "Consolidated Banking Assets" means the aggregate of the
assets of all Subsidiary Banks (including Subsidiaries of such Subsidiary
Banks).

                  "Conversion Date":  See Section 3.11(e).

                  "Conversion Rate":  See Section 7.16.

                  "Corporate Trust Office" means the principal office of the
Trustee at which at any particular time its corporate trust business shall be
administered, except that with respect to presentation of Registered Securities
for payment or for registration of transfer and exchange, presentation of
Unregistered Securities for registration and the location of the Securities
Register, such term shall mean such office or the agency of the Trustee
designated for such purpose.

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

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

                  "Default" has the meaning specified in Section 7.01(c).

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

                  "Depositary" means (i) with respect to any series of
Securities for which the Company shall determine that such Securities will be
issued as a Global Security and as a Registered Security, The Depository Trust
Company, New York, New York, another clearing agency or any successor registered
under the Securities and Exchange Act of 1934,

                                       3
<PAGE>

as amended, or other applicable statute or regulation, which, in each case,
shall be designated by the Company pursuant to either Section 2.04 or 3.01, or
(ii) with respect to any series of Securities for which the Company shall
determine that such Securities will be issued as a Global Security and as an
Unregistered Security, such person as the Company shall designate pursuant to
Section 2.04 or 3.01, and if at any time there is more than one such Person,
"Depositary" as used with respect to the Securities of any such series shall
mean the Depositary with respect to the Securities of that series.

                  "Dollar" means the coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public and
private debts.

                  "Dollar Determination Agent" means the New York clearing house
bank, if any, from time to time selected by the Company for purposes of Section
3.11.

                  "Dollar Equivalent of the Currency Unit": See Section 3.11(h).

                  "Dollar Equivalent of the Foreign Currency": See Section
3.11(g).

                  "ECU" means the European Currency Unit as defined and revised
from time to time by the Council of the European Communities.

                  "European Communities" means the European Economic Community,
the European Coal and Steel Community and the European Atomic Energy Community.

                  "Event of Default" has the meaning specified in Article Seven.

                  "Exchange Rate Officer's Certificate" means a telex or a
certificate setting forth (i) the applicable Official Currency Unit Exchange
Rate and (ii) the Dollar or Foreign Currency amounts of principal, premium, if
any, and interest, if any, respectively (on an aggregate basis and on the basis
of a Security having a principal amount of 1,000 in the relevant currency unit),
payable on the basis of such Official Currency Unit Exchange Rate, sent (in the
case of a telex) or signed (in the case of a certificate) by the Treasurer or
any Assistant Treasurer of the Company and delivered to the Trustee.

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

                  "Fully Registered Security" means any Security registered as
to principal and interest, if any.

                  "Global Security" means, with respect to any series of
Securities, a Security executed by the Company and authenticated and delivered
by the Trustee to the Depositary or pursuant to the Depositary's instruction,
all in accordance with this Indenture and pursuant to a Company Order, which
shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all of the Outstanding Securities of such series or any
portion thereof, in either case having the same terms, including, without
limitation, the same issue date, date or dates on which principal is due, and
interest rate or method of determining interest and which, if the Securities of
the series are Registered Securities, shall be registered in the name of the
Depositary, or its nominee.

                                       4
<PAGE>

                  "Government Obligations" means, with respect to the Securities
of any series, securities which are (i) direct obligations of the government
which issued the currency in which the Securities of such series are denominated
or (ii) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the government which issued the currency in which
the Securities of such series are denominated the timely payment of which is
unconditionally guaranteed by such government, and which, in either case, are
full faith and credit obligations of such government and are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act of 1933, as amended) as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of any
such Government Obligation held by such custodian for the account of the holder
of such depositary receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in
respect of the Government Obligation or the specific payment of interest on or
principal of the Government Obligation evidenced by such depositary receipt.

                  "Holder" means, with respect to a Registered Security, any
person in whose name at the time a particular Registered Security is registered
in the Securities Register, and with respect to an Unregistered Security, the
bearer of such Unregistered Security, and, with respect to a Coupon, the bearer
thereof.

                  "Indenture" means this instrument as originally executed and
delivered or, if amended or supplemented as herein provided, as so amended or
supplemented, and shall include the forms and terms of particular series of
Securities as contemplated hereunder, regardless of the currency or currency
unit in which such securities are denominated.

                  "Interest Payment Date", when used with respect to any series
of Securities, means the Stated Maturity of an installment of interest on the
Securities of such series.

                  "Market Exchange Rate":  See Section 3.11(i).

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

                  "Officers' Certificate" means a certificate signed by the
Chairman or any Vice Chairman of the Board of Directors, the President or a Vice
President, and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary of the Company or
the Guarantor, as the case may be. Each Officers' Certificate shall include the
statements required by Section 1.02.

                  "Official Currency Unit Exchange Rate" means, with respect to
any payment to be made hereunder, the exchange rate between the relevant
currency unit and the Dollar calculated by the agency specified pursuant to
Section 3.01 for the Securities of the relevant series (in the case of the ECU,
calculated by the Commission of the European Communities, and currently based on
the rates in effect at 2:30 p.m., Brussels time, on the exchange markets of the
Component Currencies of the ECU), on the second Business Day (in the city

                                       5
<PAGE>

in which such agency has its principal office) immediately preceding the
applicable payment date.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be an employee of or counsel for the Company and who shall be satisfactory
to the Trustee. Each Opinion of Counsel shall include the statements required by
Section 1.02.

                  "Original Issue Discount Security" means any Security which
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 7.02.

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

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

                  (ii)     Securities, or portions thereof, for whose payment or
redemption money in the necessary amount has been theretofore deposited with the
Trustee or any Paying Agent in trust for the Holders of such Securities,
provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; and

                  (iii)    Securities in exchange for or in lieu of which other
Securities have been authenticated and delivered, or Securities which have been
paid, pursuant to this Indenture, unless proof satisfactory to the Trustee is
presented that any such Securities are held by bona fide purchasers; provided,
however, that in determining whether the Holders of the requisite principal
amount of Securities Outstanding have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, (i) the principal amount of an
Original Issue Discount Security that shall be deemed to be Outstanding shall be
the amount of the principal thereof that would be due and payable as of the date
of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 7.02 and (ii) Securities owned by the Company, the Guarantor
or any other obligor upon the Securities or by any Affiliate of the Company or
such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or such other obligor.

                  "Paying Agent" means any Person authorized by the Company to
pay the principal of, premium, if any, or interest on any Securities on behalf
of the Company in accordance with Section 5.02.

                                       6
<PAGE>

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

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

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

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

                  "Redemption Price", when used with respect to any Security to
be redeemed means the price, in the Dollars or the Foreign Currency or currency
unit in which such Security is denominated or which is otherwise provided for
pursuant to this Indenture, at which it is to be redeemed pursuant to this
Indenture.

                  "Registered Holder" means, with respect to a Registered
Security, the Person in whose name such Security is registered in the Securities
Register.

                  "Registered Security" means any Security registered as to
principal.

                  "Regular Record Date" for the interest payable on any Security
on any Interest Payment Date means the date, if any, specified in such Security
as the "Regular Record Date."

                  "Repayment Date", when used with respect to any Security to be
repaid, means the date fixed for which repayment pursuant to the terms of such
Security.

                  "Repayment Price", when used with respect to any Security to
be repaid, means the price, in the Dollars or the Foreign Currency or currency
unit in which such Security is denominated or which is otherwise provided for
pursuant to this Indenture, at which it is to be repaid pursuant to the terms of
such Security.

                  "Required Currency":  See Section 1.15.

                  "Responsible Officer", when used with respect to the Trustee,
shall mean the Chairman or Vice Chairman of the Board of Directors, the Chairman
or Vice Chairman of the Executive Committee of the Board of Directors, the
President, any Vice President, any Second or Assistant Vice President, the
Cashier, any Assistant Cashier, the Secretary, any Assistant Secretary, the
Treasurer, any Assistant Treasurer, any Senior Trust Officer, any Trust Officer,
any Assistant Trust Officer, the Controller, any Assistant Controller or any
other officer or assistant officer of the Trustee customarily performing
functions similar to those performed by the persons who at the time shall be
such officers, respectively, or to

                                       7
<PAGE>

whom any corporate trust matter is referred because of his knowledge of and
familiarity with the particular subject.

                  "Security" or "Securities" has the meaning specified in the
second paragraph of this Indenture and more particularly shall mean any
Registered or Unregistered Securities authenticated and delivered under this
Indenture.

                  "Security Register" and "Security Registrar" have the meanings
specified in Section 3.05.

                  "Senior Debt Securities" means any series of securities
designated as such pursuant to Section 3.01, and the Coupons, if any,
appertaining thereto.

                  "Senior Company Indebtedness" means the principal of and
premium, if any, and interest on (i) all indebtedness of the Company for money
borrowed, whether outstanding on the date of execution of this Indenture or
thereafter created, assumed or incurred, including any series of Securities
designated as Senior Debt Securities pursuant to Section 3.01 hereof, and
Coupons, if any, appertaining thereto except (A) such indebtedness as is by its
terms expressly stated not to be superior in right of payment to any series of
Securities designated as Subordinated Debt Securities pursuant to Section 3.01
hereof or to rank pari passu with any series of Securities designated as
Subordinated Debt Securities pursuant to Section 3.01 hereof, and (B) any series
of Securities designated as Subordinated Debt Securities pursuant to Section
3.01 hereof, and (ii) any deferrals, renewals or extensions of any such Senior
Company Indebtedness. The term "indebtedness for money borrowed" means any
obligation of, or any obligation guaranteed by, the Company for the repayment of
money borrowed, whether or not evidenced by bonds, debentures, notes or other
written instruments, any capitalized lease obligation and any deferred
obligation for payment of the purchase price of any property or assets.

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

                  "Specified Amount":  See Section 3.11(i).

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

                  "Subordinated Debt Securities" means any series of Securities
designated as such pursuant to Section 3.01, and the Coupons, if any,
appertaining thereto.

                  "Subsidiary" means any corporation a majority of the Voting
Shares of which at the time are owned directly or indirectly by the Company or
by one or more other Subsidiaries or by the Company and one or more other
Subsidiaries.

                  "Subsidiary Bank" means any Subsidiary that is organized under
the laws of the United States, any State of the United States, the District of
Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa
or the Virgin Islands and either (i)

                                       8
<PAGE>

accepts deposits that the depositor has a legal right to withdraw on demand and
engages in the business of making commercial loans or (ii) is a trust company.

                  "Trust Indenture Act" or "TIA" means the Trust Indenture Act
of 1939, as amended by the Trust Indenture Reform Act of 1990, and as in force
at the date as of which this instrument was executed, except as provided in
Sections 5.08 and 9.05.

                  "Trustee" means the Person designated as the Trustee for any
series of Securities pursuant to Section 3.01 of this Indenture until any
successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter "Trustee" shall mean such successor Trustee,
provided, however, that if at any time there is more than one such Person,
"Trustee" as used with respect to the Securities of any series shall mean only
the Trustee with respect to the Securities of that series.

                  "Unregistered Security" means any Security that is not
registered as to principal.

                  "Valuation Date":  See Section 3.11(e).

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

                  "Voting Shares" means, as to shares of a particular
corporation, outstanding shares of Capital Stock of any class or classes having
voting power under ordinary circumstances to elect at least a majority of the
board of directors, managers or trustees of such corporation (irrespective of
whether at the time stock of any other class or classes shall have or might have
voting power by reason of the failure to pay a dividend or other amount or by
reason of the occurrence of any other contingency).

         SECTION 1.02 Compliance Certificates and Opinions. Upon any application
or request by the Company or the Guarantor to the Trustee to take any action
under any provision of the Indenture, the Company, as the case may be, shall
furnish to the Trustee an Officers' Certificate stating that all conditions
precedent, if any, provided for in this Indenture (including any covenants
compliance with which constitutes a condition precedent) relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than annual
certificates provided pursuant to Section 5.04) shall include:

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

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

                                       9
<PAGE>

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

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

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

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

         Any certificate, statement or opinion of an officer of the Company or
of counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of or representations by an accountant or firm of
accountants in the employ of the Company, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with
respect to the accounting matters upon which his certificate, statement or
opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.

         Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that such firm is
independent.

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

         SECTION 1.04      Acts of Security Holders.

                           (a)      Any request, demand, authorization,
direction, notice consent, waiver or other action provided by this Indenture to
be given or taken by Security Holders may be embodied in and evidenced (1) by
one or more instruments of substantially similar tenor signed by such Security
Holders in person or by agent duly appointed in

                                       10
<PAGE>

writing; and except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required, to the Company, (2) by the
record of Holders voting in favor thereof at any meeting of such Holders duly
called and held in accordance with the provisions of Article Fourteen, or (3) by
a combination of such instrument or instruments and any such record of such a
meeting of Holders. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Security Holders signing such instrument or instruments and
so voting at any such meeting. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 8.01) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section. With respect to
Registered Securities, the Company may set a record date for purposes of
determining the identity of Holders entitled to vote or consent to any action by
vote or consent authorized or permitted under this Indenture, which record date
shall be the later of 10 days prior to the first solicitation of such consent or
the date of the most recent list of Holders furnished to the Trustee pursuant to
Section 8.01 of this Indenture prior to such solicitation. If a record date is
fixed, those persons who were Holders of Securities at such record date (or
their duly designated proxies), and only those persons, shall be entitled to
take such action by vote or consent or to revoke any vote or consent previously
given, whether or not such persons continue to be Holders after such record
date. No such vote or consent shall be valid or effective for more than 120 days
after such record date.

                           (b)      The fact and date of the execution by any
Person of any such instrument or writing may be proved in any reasonable manner
which the Trustee deems sufficient.

                           (c)      The ownership of Registered Securities of
any series shall be proved by the Security Register for such series or by a
certificate of the Security Register for such series; the ownership of
unregistered Securities of any series and Coupons shall be proved by proof of
possession reasonably satisfactory to the Trustee.

                           (d)      Any request, demand, authorization,
direction, notice, consent, waiver or other action by the Holder of any Security
shall bind the Holder of every security issued upon the registration of transfer
thereof or in exchange therefor or in lieu thereof, in respect of anything done,
offered to be done or omitted to be done by the Trustee, the Company in reliance
thereon, whether or not notation of such action is made upon such Security.

                           (e)      The Trustee may require such additional
proof of any matter referred to in this Section as it shall deem necessary.

         SECTION 1.05      Notices, etc., to Trustee and Company. Any request,
demand, authorization, direction, notice, consent, waiver or Act of Security
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,

                  (1)      the Trustee by any Security Holder or by the Company
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or

                                       11
<PAGE>

with the Trustee at the Principal Corporate Trust Office, and, in respect of
Unregistered Securities or Coupons, at the Corporate Trust office of the Trustee
referred to in Section 5.02, or

                  (2)      the Company by the Trustee or by any Security Holder
shall be sufficient for every purpose hereunder (except as provided in Section
7.01(a)(3)) if in writing and mailed, first class, postage prepaid, to the
Company, as the case may be, addressed to it at the address of its principal
executive office specified in the first paragraph of this Indenture or at any
other address previously furnished in writing to the Trustee by the Company.

         Any request, demand, authorization, direction, notice, consent, waiver
or Act of Security Holders or other document provided or permitted by this
Indenture shall be in the English language, except that any published notice may
be in the official language of the country of publication.

         SECTION 1.06      Notices to Holders; Waiver. Where this Indenture
provides for notice to Holders of any event, (1) if any of the Securities
affected by such event are Fully Registered Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed by first class mail, postage prepaid, to such Holders as their names
and addresses appear in the Security Register within the time prescribed and (2)
if any of the Securities affected by such event are Unregistered Securities, or
Coupon Securities, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed by first class mail, postage
prepaid, to such Holders in the manner and the extent provided in Section 313(c)
of the Trust Indenture Act and if published in an Authorized Newspaper or
Newspapers in such city or cities as may be provided elsewhere in this Indenture
or specified as contemplated by Section 3.01 on a Business Day at least twice,
the first such publication to be not earlier than the earliest date and not
later than the latest date prescribed for the giving of such notice. Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance on such
waiver. In any case where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders, and any notice which is mailed in the manner herein provided
shall be conclusively presumed to have been duly given. In the event of
suspension of regular mail service or for any other reason it shall be
impracticable to give such notice to Registered Holders by mail, then such a
notification as shall be made to Registered Holders with the approval of the
Trustee shall constitute a sufficient notification for every purpose hereunder.
In case by reason of the suspension of publication of any Authorized Newspaper
or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Unregistered Securities or of Coupons as provided above then said
notification to Holders of Unregistered Securities or of Coupons as shall be
given with the approval of the Trustee shall constitute sufficient notice to
such Holders for every purpose hereunder.

                                       12
<PAGE>

         SECTION 1.07      Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with the duties imposed by any of Sections
310 through 317 of TIA, through operation of Section 318(c) thereof, such
imposed duties shall control.

         SECTION 1.08      Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

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

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

         SECTION 1.11      Benefits of Indenture. Nothing in this Indenture or
in the Securities or Coupons express or implied shall give to any Person, other
than the parties hereto and their successors and assigns hereunder, the Holders
of the Securities and the Holders of the Coupons, any benefit of any legal or
equitable right, remedy or claim under this Indenture.

         SECTION 1.12      Legal Holidays. In any case where the date of an
Interest Payment Date, a Redemption Date or a Repayment Date or the Stated
Maturity of any Security or Coupon shall not be a Business Day at any Place of
Payment with respect to the Securities of that series, then (notwithstanding any
other provision of the Securities, the Coupons appertaining thereto or this
Indenture) payment of the principal of or interest on any such Securities or
Coupons need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of
any such Interest Payment Date, Redemption Date or Repayment Date or Stated
Maturity, and no interest shall accrue for the period from and after such
nominal date.

         SECTION 1.13      Governing Law. This Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of
New York, except that the rights, duties and liabilities of the Trustee as a
trustee and any rights and immunities limiting such liability shall be governed
by the laws of the state in which the principal office of the Trustee shall be
located without regard to principles of conflicts of laws.

         SECTION 1.14      Moneys of Different Currencies To Be Segregated. The
Trustee shall segregate all moneys, funds and accounts held by the Trustee
hereunder in one currency from any money, funds or accounts in any other
currencies, notwithstanding any provision herein which would otherwise permit
the Trustee to commingle such amounts.

         SECTION 1.15      Payment To Be in Proper Currency. Each reference in
any Security, or in the Board Resolution relating thereto, to any currencies or
currency units shall be of the essence. Subject to Section 3.11, the Company
agrees, to the fullest extent that they may effectively do so under applicable
law, that their obligation to make any

                                       13
<PAGE>

payment of principal of (and premium, if any) and interest on any Security or
any Coupon (i) shall not be discharged or satisfied by any tender by the
Company, or recovery by the Trustee, either pursuant to any judgment (whether or
not entered into in accordance with Section 7.16 or otherwise) in any currencies
or currency units other than the currencies or currency units then due and
payable (the "Required Currency"), except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of
the Required Currency expressed to be payable in respect of such payments, (ii)
shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. Except as permitted under
Section 3.11, if any such tender or recovery is in a currency other than the
Required Currency, the Trustee may take such actions as it considers appropriate
to exchange such currency for the Required Currency. The costs and risks of any
such exchange, including without limitation the risks of delay and exchange rate
fluctuation, shall be borne by the Company, and the Company shall remain fully
liable for any shortfall or delinquency in the full amount of Required Currency
then due and payable, and in no circumstances shall the Trustee be liable
therefor. The Company hereby waives any defense of payment based upon any such
tender or recovery which is not in the Required Currency, or which, when
exchanged for the Required Currency by the Trustee, is less than the full amount
of Required Currency then due and payable.

                                   ARTICLE TWO

                                      FORMS

         SECTION 2.01      Forms Generally. The Securities of each series, and
the Coupons, if any, to be attached thereto, and the certificates of
authentication on the Securities shall be in substantially the form as shall be
established pursuant to this Article and Section 3.01 in each case with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification or designation and such legends or endorsements
placed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Indenture or as may be required to comply with any
law or with any rules or regulations made pursuant thereto or with any rules or
regulations of any securities exchange or as may, consistently herewith, be
determined by the officers executing such Securities and Coupons, if any, as
evidenced by their execution of the Securities and Coupons, if any.

         The definitive Securities and Coupons, if any, of each series shall be
printed, lithographed or engraved on steel engraved borders or may be produced
in any other manner, all as determined by the officers executing such Securities
and Coupons, if any, as evidenced by their execution of such Securities and
Coupons, if any, subject, with respect to the Securities of any series, to the
rules of any securities exchange on which the Securities of such series are
listed.

         SECTION 2.02      Form of Trustee's Certificate of Authentication. The
Trustee's Certificate of Authentication on all Securities shall be in
substantially the following form:

                                       14
<PAGE>

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

                           [NAME OF TRUSTEE], as Trustee

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

         SECTION 2.03      Forms of Security. Each Security shall be in a form
approved from time to time by or pursuant to a Company Board Resolution, or
established in one or more indentures supplemental hereto. Prior to the delivery
of a Security to the Trustee for authentication in any form approved by or
pursuant to a Company Board Resolution, the Company shall deliver to the Trustee
the Company Board Resolution by or pursuant to which such form of Security has
been approved, which Company Board Resolution shall have attached thereto a true
and correct copy of the form of Security which has been approved by or pursuant
thereto, and, if a Company Board Resolution authorizes a specific officer or
officers of the Company to approve a form of Security, a certificate of such
officer or officers approving the form of Security attached thereto. Any form of
Security approved by or pursuant to a Company Board Resolution must be
acceptable as to form to the Trustee, such acceptance to be evidenced by a
certificate signed by a Responsible Officer of the Trustee and delivered to the
Company or by the Trustee's execution of the certificate of authentication
appearing thereon.

         SECTION 2.04      Securities Issuable in the Form of a Global Security.

                           (a)      If the Company shall establish pursuant to
Section 3.01 that the Securities of a particular series are to be issued in
whole or in part in one or more Global Securities as Registered Securities or
Unregistered Securities, then the Company shall execute and the Trustee shall,
in accordance with Section 3.03 and the Company Order delivered to the Trustee
thereunder, authenticate and deliver a Global Security or Securities which (i)
shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, the Outstanding Securities of such series to be represented
by such Global Security or Securities, (ii) shall be registered in the name of
the Depositary for such Global Security or Securities or its nominee, (iii)
shall be delivered by the Trustee to the Depositary or pursuant to the
Depositary's instruction, and (iv) shall bear a legend substantially to the
following effect: "Except as otherwise provided in Section 2.04 of the
Indenture, this Security may be transferred, in whole but not in part, only to a
nominee of the Depositary, or by a nominee of the Depositary to the Depositary,
or to a successor Depositary or to a nominee of such successor Depositary."

                           Each Depositary designated pursuant to Section 3.01
for a Global Security that is a Registered Security must at the time of its
designation and at all times while it serves as Depositary, be a clearing agency
registered under the Securities and Exchange Act of 1934, as amended, and any
other applicable statute or regulation.

                           (b)      Notwithstanding any other provision of this
Section 2.04 or of Section 3.05, the Global Security of a series may be
transferred, in whole but not in part and in the manner provided in Section
3.05, only to a nominee of the Depositary for

                                       15
<PAGE>

such series or by a nominee of the Depositary to the Depositary, or to a
successor Depositary for such series selected or approved by the Company or to a
nominee of such successor Depositary.

                           (c)      If at any time the Depositary for a series
of Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series
shall no longer be eligible under Section 2.04(a) and a successor Depositary for
such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such condition, as the case may be,
this Section 2.04 shall no longer be applicable to the Securities of such series
and the Company will execute, and the Trustee will, in accordance with Section
3.03 and a Company Order delivered to the Trustee, authenticate and deliver,
Securities of such series, in like tenor and terms in definitive form, in
authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange for such
Global Security. In addition, the Company may at any time determine that the
Securities of any series shall no longer be represented by a Global Security and
that the provisions of this Section 2.04 shall no longer apply to the Securities
of such series. In such event the Company will execute and the Trustee, upon
receipt of an Officers' Certificate evidencing such determination by the
Company, will authenticate and deliver Securities of such series, in like tenor
and terms in definitive form, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. If specified by the Company
pursuant to Section 3.01 with respect to a series of Securities, the Depositary
for such series of Securities may surrender a Global Security for such series of
Securities in exchange in whole or in part for Securities of such series of like
tenor and terms and in definitive form on such terms as are acceptable to the
Company, the Trustee and such Depositary. Thereupon, the Company shall execute,
and the Trustee, upon receipt of an Officer's Certificate evidencing such
determination by the Company, will authenticate and deliver definitive
Securities of such series without service charge:

                  (1)      to the Depositary or to each Person specified by such
Depositary a new Security or Securities of the same series, of like tenor and
terms and of any authorized denomination as requested by such Person in
aggregate principal amount equal to and in exchange for such Person's beneficial
interest in the Global Security; and

                  (2)      to such Depositary a new Global Security of like
tenor and terms and in an authorized denomination equal to the difference, if
any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities delivered to Holders thereof.

                  In any exchange provided for in this Section 2.04(c), the
Company will execute and the Trustee, pursuant to a Company Order, will
authenticate and deliver Securities

                           (i)      as Registered Securities in authorized
denominations, if the Securities of such series are issuable as Registered
Notes;

                           (ii)     as Unregistered Securities in authorized
denominations, with Coupons, if the Securities of such series are issuable as
Unregistered Securities; or

                                       16
<PAGE>

                           (iii)    as either Registered or Unregistered
Securities, if the Securities of such series are issuable in either form. Upon
the exchange of a Global Security for Securities in definitive form, such Global
Security shall be cancelled by the Trustee. Registered Securities issued in
exchange for a Global Security pursuant to this Section shall be registered in
such names and in such authorized denominations, and delivered to such
addresses, as the Depositary for such Global Security, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the
Trustee in writing. The Trustee shall deliver such Registered Securities to the
persons in whose names such Securities are so registered or to the Depositary in
accordance with a Company Order. The Trustee shall deliver Unregistered
Securities issued in exchange for a Global Security pursuant to this Section to
the Depositary or to the Persons at such addresses, and in such authorized
denominations, as the Depositary for such global Note, pursuant to instructions
from its direct or indirect participants or otherwise shall instruct the Trustee
in writing.

                                  ARTICLE THREE

                                 THE SECURITIES

         SECTION 3.01      Title and Terms. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued up to the aggregate principal amount of
Securities from time to time authorized by or pursuant to a Company Board
Resolution.

         The Securities may be issued in one or more series. All Securities of
each series issued under this Indenture shall in all respects be equally and
ratably entitled to the benefits hereof with respect to such series without
preference, priority or distinction on account of the actual time or times of
the authentication and delivery or Maturity of the Securities of such series.
There shall be established in or pursuant to a Company Board Resolution, and set
forth in an Officers' Certificate of the Company, or established in one or more
indentures supplemental hereto, which shall be delivered to the Trustee prior to
the issuance of Securities of any series:

                  (1)      the form of the Securities of the series and the
Coupons, if any, appertaining thereto;

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

                  (3)      any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of that
series pursuant to this Article Three and Sections 3.05, 3.06 and 4.03);

                  (4)      the date or dates on which such Securities may be
issued;

                  (5)      the date or dates, which may be serial, on which the
principal of, and premium, if any, on the Securities of such series shall be
payable;

                                       17
<PAGE>

                  (6)      the rate or rates, or the method of determination
thereof, at which the Securities of such series shall bear interest, if any, the
date or dates from which such interest shall accrue, the Interest Payment Dates
on which such interest shall be payable and, in the case of Registered
Securities, the record dates, if other than as set forth in Section 3.07, for
the determination of Holders to whom interest is payable, whether any special
terms and conditions relating to the payment of additional amounts in respect of
payments on the Securities of such series shall in the event of certain changes
in the United States Federal income tax laws apply to Unregistered Securities of
such series or to Registered Securities of such series, and the circumstances,
if any, under which a Holder may elect to receive interest in a form other than
as provided in Sections 3.11(a)(1), 3.11(b)(1) or 5.01;

                  (7)      whether Securities of the series shall be designated
as Senior Debt Securities or Subordinated Debt Securities;

                  (8)      the place or places where the principal of, and
premium, if any, and interest, if any, on Securities of the series shall be
payable

                  (if other than as provided in Section 5.02);

                  (9)      the provisions, if any, establishing the price or
prices at which, the period or periods within which and the terms and conditions
upon which Securities of the series may be redeemed, in whole or in part, at the
option of the Company, pursuant to any sinking fund or otherwise, and whether
any special terms and conditions of redemption shall apply to Unregistered
Securities of such series or to Registered Securities of such series;

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

                  (11)     if other than denominations of 1,000 and any integral
multiple thereof, in Dollars or the Foreign Currency or currency unit in which
the Securities of such series are denominated, the denominations in which
Securities of such series shall be issuable;

                  (12)     if other than the principal amount thereof, the
portion of the principal amount of Securities of such series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to
Section 7.01 or provable in bankruptcy pursuant to Section 7.04;

                  (13)     whether payment of the principal of, premium, if any,
and interest, if any, on the Securities of such series shall be with or without
deduction for taxes, assessments or governmental charges, and with or without
reimbursement of taxes, assessments or governmental charges paid by Holders;

                                       18
<PAGE>

                  (14)     any Events of Default or Defaults with respect to the
Securities of such series, if not set forth herein;

                  (15)     in case the Securities of such series do not bear
interest, the applicable dates for the purpose of clause (a) of Section 6.01;

                  (16)     whether the Securities of such series are to be
issued as Registered Securities (with or without Coupons) or Unregistered
Securities or both, and, if Unregistered Securities or Coupon Securities are
issued, whether Unregistered Securities or Coupon Securities of such series may
be exchanged for Registered Securities or Fully Registered Securities of such
series and whether Registered Securities or Fully Registered Securities of such
series may be exchanged for Unregistered Securities of such series and the
circumstance under which and the place or places where any such exchanges, if
permitted, may be made;

                  (17)     the currency or currencies, or currency unit or
currency units, whether in Dollars or a Foreign Currency or currency unit, in
which the principal of, and premium, if any, and interest, if any, on the
Securities of such series or any other amounts payable with respect thereto,
including, without limitation, Coupons, are to be denominated, payable,
redeemable or repurchaseable, as the case may be, and whether such principal,
premium, if any, and interest, if any, payable otherwise than in Dollars may, at
the option of the Holders of any Security of such series, also be payable in
Dollars;

                  (18)     if other than as set forth in Section 11.01,
provisions for the satisfaction and discharge of the indebtedness represented by
the Securities of such series;

                  (19)     whether the Securities of such series are issuable as
a Global Security and, in such case, the identity of the Depositary for such
series;

                  (20)     if the amount of payment of principal of (and
premium, if any) or interest on the Securities of such series may be determined
with reference to an index, formula or other method based on a coin, currency or
currency unit other than that in which the Securities are stated to be payable
or otherwise, the manner in which such amounts shall be determined;

                  (21)     any other terms of such series (which terms shall
not be inconsistent with the provisions of this Indenture); and

                  (22)     any trustees, paying agents, transfer agents or
registrars with respect to the Securities of such series, and, if the Securities
of such series are to be denominated and payable in any currency other than
Dollars, the initial Dollar Determination Agent.

                  The Trustee shall be entitled to receive and shall be fully
protected in relying on, in addition to the Opinion of Counsel to be furnished
to the Trustee pursuant to Section 1.02 with the Officers' Certificate relating
to the issuance of any series of Securities, an Opinion of Counsel stating that:

                                       19
<PAGE>

                           (i)      all instruments furnished to the Trustee
conform to the requirements of this Indenture and constitute sufficient
authority hereunder for the Trustee to authenticate and deliver such Securities;

                           (ii)     all laws and requirements with respect to
the form and execution by the Company of the supplemental indenture, if any, has
been complied with and that the execution and delivery of the supplemental
indenture, if any, by the Trustee will not violate this Indenture, the Company
has corporate power to execute and deliver any such supplemental indenture and
has taken all necessary corporate action for those purposes and any such
supplemental indenture has been executed and delivered and constitutes the
legal, valid and binding obligation of the Company enforceable in accordance
with its terms (subject, as to enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting
creditors' rights generally from time to time in effect);

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

                           (iv)     all laws and requirements with respect to
the execution and delivery by the Company of such Securities has been complied
with and the authentication and delivery of any such Securities by the Trustee
will not violate the terms of the Indenture, the Company has the corporate power
to issue such Securities, and such Securities have been duly authorized and
delivered by the Company, and, assuming due authentication and delivery of such
Securities by the Trustee, such Securities constitute legal, valid and binding
obligations of the Company, enforceable in accordance with their terms (subject,
as to enforcement of remedies to applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors' rights generally from
time to time in effect) and entitled to the benefits of this Indenture, equally
and ratably with all other Securities, if any, of such series Outstanding;

                           (v)      the amount of the Securities Outstanding,
including such Securities, does not exceed the amount at the time permitted by
law;

                           (vi)     this Indenture is qualified under the Trust
Indenture Act; and

                           (vii)    the issuance of such Securities will not
contravene the Articles of Incorporation or the By-Laws of the Company or result
in any violation of any of the terms or the provisions of any indenture,
mortgage or other agreement known to such counsel by which the Company is bound.

                           In addition, the opinion and the Officers'
Certificate will cover such other matters as the Trustee may reasonably request.

         SECTION 3.02      Denominations. The Securities of each series shall be
issuable in such denominations as shall be specified in the form of Security for
such series approved or established pursuant to Section 2.03 or in the Officers'
Certificate delivered pursuant to Section 3.01. In the absence of any
specification with respect to the Securities of any series,

                                       20
<PAGE>

the Securities of such series shall be issuable as Fully Registered Securities
in denominations of $1,000 or any integral multiple thereof, and shall be
payable in Dollars.

         SECTION 3.03      Execution, Authentication and Delivery. The
Securities and Coupons, if any, appertaining thereto, shall be executed on
behalf of the Company its Chairman, Vice Chairman, President or one of its
Executive Vice Presidents or Senior Vice Presidents under its corporate seal,
which may be in facsimile form and may be imprinted or otherwise reproduced
thereon and attested by its Secretary or one of its Assistant Secretaries. The
signature of any of these officers on the Securities and Coupons, if any,
appertaining thereto, may be manual or facsimile. Typographical and other minor
errors or defects in any such reproduction of the seal or any such signature
shall not affect the validity or enforceability of any Security or Coupon that
has been duly authenticated and delivered by the Trustee.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities, and Coupons, if any,
appertaining thereto, of any series executed by the Company to the Trustee for
authentication; and the Trustee shall authenticate and deliver such Securities,
and Coupons, if any, appertaining thereto, to or upon a Company Order, an
Officers' Certificate and an Opinion of Counsel without any further action by
the Company.

         The Trustee shall have the right to decline to authenticate and deliver
any Security under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if the Trustee in good
faith by its board of directors or trustees, executive committee, or a trust
committee of directors or trustees and/or vice presidents shall determine that
such action would expose the Trustee to personal liability.

         All Registered Securities shall be dated the date of their
authentication, provided, however, that if provided for in the form of Security,
interest may accrue from a date other than the authentication date.

         No Security or Coupon appertaining thereto shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless
there appears on such Security a certificate of authentication substantially in
the form provided for herein executed by the Trustee by manual signature, and
such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.

         Notwithstanding the provisions of Section 3.01 and of this Section
3.03, if all Securities of a series are not to be originally issued at one time,
it shall not be necessary to deliver the Officers' Certificate or supplemental
indenture otherwise required pursuant to Section 3.01 or the Company Order,
Officers' Certificate and Opinion of Counsel required

                                       21
<PAGE>

pursuant to this Section 3.03 at or prior to the time of authentication of each
Security of such series if such documents are delivered at or prior to the time
of authentication upon original issuance of the first Security of such series to
be issued; provided, however, that any subsequent request by the Company to the
Trustee to authenticate Securities of such series shall constitute a
representation and warranty by the Company that as of the date of such request
the statements made in the Officers' Certificate delivered pursuant to Section
3.01 shall be true and correct on the date thereof as if made on and as of the
date thereof and that the Opinion of Counsel delivered at or prior to such time
of authentication shall relate to all subsequent issuances of Securities of such
series that are identical to the Securities issued in the first issuance of
Securities of such series.

         SECTION 3.04      Temporary Securities. Pending the preparation of
definitive Securities for any series, the Company may execute and upon Company
Order the Trustee shall authenticate and deliver temporary Securities for such
series (printed, lithographed, typewritten or otherwise reproduced, in each case
in form satisfactory to the Trustee). Temporary Securities of any series shall
be issuable in any authorized denomination, and substantially in the form of the
definitive Securities of such series in lieu of which they are issued but with
such omissions, insertions and variations as may be appropriate for temporary
securities, all as may be determined by the Company with the concurrence of the
Trustee. Temporary Securities may contain such reference to any provisions of
this Indenture as may be appropriate. Every temporary Security shall be executed
by the Company and be authenticated by the Trustee upon the same conditions and
in substantially the same manner, and with like effect, as the definitive
Securities. Temporary Securities may be issued as Registered Securities, or
Unregistered Securities, with or without one or more Coupons attached. Without
unreasonable delay the Company shall execute and shall furnish definitive
Securities of such series and thereupon temporary Securities of such series may
be surrendered in exchange therefor without charge to a Holder at the Corporate
Trust Office of the Trustee, or, in the case of temporary Securities issued in
respect of Unregistered Securities of any series, at the Corporate Trust Office
of the Trustee located in a city specified elsewhere in this Indenture or
pursuant to Section 3.01, and the Trustee shall authenticate and deliver in
exchange for such temporary Securities an equal aggregate principal amount of
definitive Securities of the same series with appropriate Coupons, if any,
attached. Such exchange shall be made by the Company at its own expense and
without any charge therefor to a Holder except that in case of any such exchange
involving any registration of transfer the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of such series authenticated and delivered hereunder.

         SECTION 3.05      Registration, Registration of Transfer and Exchange.
Subject to the conditions set forth below, Securities of any series may be
exchanged for a like aggregate principal amount of Securities of the same series
of other authorized denominations. Securities to be exchanged shall be
surrendered together, in the case of Coupon Securities, with all unmatured
Coupons and matured Coupons in default appertaining thereto, at the offices or
agencies to be maintained by the Company for such purposes as provided in
Section 5.02, and the Company shall execute and register and the Trustee shall
authenticate and deliver in exchange therefor the Security or Securities which
the Holder making the exchange shall be entitled to receive.

                                       22
<PAGE>

         The Company shall keep or cause to be kept, at one of its said offices
or agencies, a register for each series of Securities issued hereunder which may
include Registered Securities (hereinafter collectively referred to as the
"Securities Register") in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of Registered
Securities of such series and shall register the transfer of Registered
Securities of such series as in this Article Three provided. The Securities
Register shall be in written form or in any other form capable of being
converted into written form within a reasonable time. The Trustee is hereby
appointed "Securities Registrar" for the purpose of registering Registered
Securities and registering transfers of Registered Securities as herein
provided. Subject to the provisions of Section 2.04, upon due presentment for
registration of transfer of any Security of any series at any such office or
agency, the Company shall execute and register, and the Trustee shall
authenticate and deliver in the name of the transferee or transferees a new
Registered Security or Securities of the same series for an equal aggregate
principal amount.

         At the option of the Holder thereof, Securities of any series, whether
Registered Securities or Unregistered Securities, which by their terms are
registrable as to principal only or as to principal and interest, may, to the
extent and under the circumstances specified pursuant to Section 3.01, be
exchanged for such Registered Securities with Coupons or Fully Registered
Securities of such series, as may be issued by the terms thereof. Securities of
any series, whether Registered Securities or Unregistered Securities, which by
their terms provide for the issuance of Unregistered Securities, may not, except
to the extent and under the circumstances specified pursuant to Section 3.01, be
exchanged for Unregistered Securities of such series. Unregistered Securities of
any series issued in exchange for Registered Securities of such series between
the record date for such Registered Securities and the next Interest Payment
Date will be issued without the Coupon relating to such Interest Payment Date,
and Unregistered Securities surrendered in exchange for Registered Securities
between such dates shall be surrendered without the Coupon relating to such
Interest Payment Date and interest will not be payable on such Interest Payment
Date in respect of the Registered Security issued in exchange for such
Unregistered Security, but will be payable only to the Holder of such Coupon
when due in accordance with the provisions of this Indenture.

         Upon presentation for registration of any Unregistered Security of any
series which by its terms is registrable as to principal, at the office or
agency of the Company to be maintained as provided in Section 5.02, such
Security shall be registered as to principal in the name of the Holder thereof,
and such registration shall be noted on such Security. Any Security so
registered shall be transferable on the Securities Register of the Company upon
presentation of such Security at such office or agency for similar notation
thereon, but, to the extent permitted by law, such Security may be discharged
from registration by being in a like manner transferred to bearer, whereupon
transferability by delivery shall be restored. To the extent permitted by law,
Unregistered Securities shall continue to be subject to successive registrations
and discharges from registration at the option of the Holders thereof.

         Unregistered Securities and Coupons shall be transferred by delivery.
All Securities presented for registration of transfer or for exchange,
redemption or payment shall (if so required by the Company or the Securities
Registrar) be duly endorsed by, or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the

                                       23
<PAGE>

Company and the Securities Registrar duly executed by, the Holder thereof or his
attorney duly authorized in writing.

         Each Security issued upon registration of transfer or exchange of
Securities pursuant to this Section 3.05 shall be the valid obligation of the
Company, evidencing the same indebtedness and entitled to the same benefits
under this Indenture as the Security or Securities surrendered upon registration
of such transfer or exchange.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.04, 4.03 or 9.06 not involving any
transfer.

         The Company shall not be required (a) to issue, exchange or register
the transfer of any Securities of any series during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of Securities of such series and ending at the close of business on
the day of such mailing, or (b) to exchange or register the transfer of any
Securities selected, called or being called for redemption except, in the case
of any Security to be redeemed in part, the portion thereof not to be so
redeemed.

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

         SECTION 3.06      Mutilated, Defaced, Destroyed, Lost and Stolen
Securities or Coupons. In case any temporary or definitive Security or Coupon
shall become mutilated or defaced or be destroyed, lost or stolen, and in the
absence of notice to the Company or the Trustee that such Security or Coupon has
been acquired by a bona fide purchaser, the Company in the case of a mutilated
Security or Coupon shall, and in the case of a lost, stolen or destroyed
Security or Coupon may in its discretion, execute, and upon a Company Request,
the Trustee shall authenticate and deliver, a new Security with like Coupons, if
any, as those attached to the mutilated, destroyed, lost or stolen Security (so
that neither gain nor loss in interest shall result), of the same series, with a
duly executed Guarantee thereon, of like tenor and principal amount, and bearing
a number, letter or other distinguishing symbol not contemporaneously
outstanding, or a new Coupon, as appropriate, in exchange and substitution for
the mutilated Security or Coupon, or in lieu of and in substitution for the
Security or Coupon so destroyed, lost or stolen, or if any such Security or
Coupon shall have matured or shall be about to mature, instead of issuing a
substituted Security or Coupon, the Company in its discretion may pay or
authorize the payment of the same without surrender thereof (except in the case
of a mutilated Security or Coupon) instead of issuing a new Security or Coupon;
provided, however, that interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an office or agency located
outside of the United States, unless otherwise provided pursuant to Section
3.01. In every case the applicant for a substituted Security or Coupon shall
furnish to the Company and the Trustee such security or indemnity as may be
required by them to save each of them harmless, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Company and
the Trustee evidence to their

                                       24
<PAGE>

satisfaction of the destruction, loss or theft of such Security or Coupon and of
the ownership thereof.

         Upon the issuance of any substitute Security or Coupon under this
Section 3.06, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected
therewith.

         Every substitute Security or Coupon of any series issued pursuant to
the provisions of this Section 3.06 by virtue of the fact that any such Security
is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security
or Coupon shall be at any time enforceable by anyone and shall be entitled to
all the benefits of (but shall be subject to all the limitations of rights set
forth in) this Indenture equally and proportionately with any and all other
Securities and Coupons of such series duly authenticated and delivered
hereunder. All Securities and Coupons shall be held and owned upon the express
condition that, to the extent permitted by law, the foregoing provisions of this
Section 3.06 are exclusive with respect to the replacement or payment of
mutilated, defaced or destroyed, lost or stolen Securities and Coupons and
shall, to the fullest extent permitted under applicable law, preclude any and
all other rights or remedies notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.

         SECTION 3.07      Payment of Interest; Interest Rights Preserved.
Unless otherwise specified as contemplated by Section 3.01, interest on any
Fully Registered Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest if provided for
in the Board Resolution pursuant to Section 3.01. In the case of a Security
issued between a record date and the initial Interest Payment Date relating to
such record date, interest for the period beginning on the date of issue and
ending on such initial Interest Payment Date shall be paid to the person to whom
such Security shall have been originally issued. In the case of Coupon
Securities, the Holder of any Coupon shall be entitled to receive the interest,
if any, payable on such Interest Payment Date, upon surrender on such Interest
Payment Date of the Coupon appertaining thereto in respect of such interest.

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

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

                                       25
<PAGE>

Defaulted Interest proposed to be paid on each Fully Registered Security and the
date of the proposed payment, and at the same time the Company hall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this Clause provided. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest which
shall be not more than 15 nor less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date, and, in the name and at the expense of the
Company shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first class, postage prepaid,
to each Holder of a Fully Registered Security at his address as it appears in
the Security Register, not less than 10 days prior to such Special Record Date.
The Trustee may, in its discretion, in the name and at the expense of the
Company or the Guarantor, as the case may be, cause a similar notice to be
published at least once in an Authorized Newspaper in the Place of Payment, but
such publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been given as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names the Fully
Registered Securities (or their respective Predecessor Securities) are
registered on such Special Record Date and shall no longer be payable pursuant
to the following Clause (2).

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

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

         SECTION 3.08      Persons Deemed Owners. The Company, the Trustee and
any agent of the Company or the Trustee may deem and treat the Person in whose
name any Registered Security shall be registered upon the Security Register for
such series as the absolute owner of such Security (notwithstanding any notation
of ownership or other writing thereon) for the purpose of receiving payment of
principal of, premium, if any, and (subject to Section 3.07), if such registered
Security is a Fully Registered Security, interest, if any, on, such Registered
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company shall
be affected by notice to the contrary. The Company, the Trustee, and any agent
of the Company or the Trustee may treat the Holder of any Unregistered Security
and the Holder of any Coupon, whether or not the Security to which such Coupon
appertained be registered, as the absolute owner of such Security or Coupon for
the purposes of receiving payment thereof or on account thereof and for all
other purposes

                                       26
<PAGE>

whatsoever whether or not such Security or Coupon be overdue, and neither the
Company, the Trustee, any Paying Agent nor any Security Registrar shall be
affected by notice to the contrary. All such payments so made to any Holder for
the time being, or upon his order shall be valid, and, to the extent of the sum
or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon such Security or Coupon.

         SECTION 3.09      Cancellation of Securities; Destruction Thereof. All
Securities surrendered for payment, redemption, registration of transfer or
exchange, or for credit against any payment in respect of a sinking or analogous
fund, and all Coupons surrendered for payment or exchange, if surrendered to the
Company or any Paying Agent or any Securities Registrar, shall be delivered to
the Trustee for cancellation or, if surrendered to the Trustee, shall be
cancelled by it, and no Securities or Coupons shall be authenticated and
delivered in lieu thereof except as expressly permitted by any of the provisions
of this Indenture. The Trustee shall destroy cancelled Securities and Coupons
held by it and deliver a certificate of destruction to the Company. If the
Company shall acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such
securities, unless and until the same are delivered to the Trustee for
cancellation.

         SECTION 3.10      Computation of Interest. Except as otherwise
specified in the form of Security for any series approved or established
pursuant to Section 2.03 or in the Officers' Certificate delivered pursuant to
Section 3.01 with respect to Securities of any series, interest on the
Securities of each series shall be computed on the basis of a year of twelve
30-day months.

         SECTION 3.11      Currency and Manner of Payments in Respect of
Securities.

                           (a)      With respect to Registered Securities of any
series denominated in Dollars or in Foreign Currency or in any currency unit,
which hereafter shall include without limitation ECU, with respect to which the
Holders of Securities of such series have not made the election provided for in
paragraph (b) below, the following payment provisions shall apply:

                  (1)      Except as provided in subparagraph (a)(2) or in
paragraph (e) below, payment of the principal of and premium, if any, on any
Registered Security will be made at the Place of Payment by delivery of a check
in the currency or currency unit in which the Security is payable on the payment
date against surrender of such Registered Security, and any interest on any
Fully Registered Security will be paid at the Place of Payment by mailing a
check in the currency or currency unit in which such interest is payable to the
Person entitled thereto at the address of such Person appearing on the
Securities Register.

                  (2)      Payment of the principal of, premium, if any, and
(with respect to Fully Registered Securities only) interest on such Security may
also, subject to applicable laws and regulations, be made at such other place or
places as may be designated by the Company by any appropriate method.

                                       27
<PAGE>

                           (b)      With respect to Registered Securities of any
series denominated in any Foreign Currency or currency unit the following
payment provisions shall apply, except as otherwise provided in paragraphs (e)
and (f) below:

                  (1)      It may be provided pursuant to Section 3.01 with
respect to the Securities of such series that Holders shall have the option to
receive payments of principal of, premium, if any, and (with respect to Fully
Registered Securities only) interest, if any, on such Securities in any of the
currencies which may be designated for such election in such Securities by
delivering to the Trustee a written election, to be in form and substance
satisfactory to the Trustee, prior to the close of business on the record date
immediately preceding the applicable payment date. Such election will remain in
effect for such Holder until changed by the Holder by written notice to the
Trustee (but any such change must be made prior to the close of business on the
record date immediately preceding the next payment date to be effective for the
payment to be made on such payment date and no such change may be made with
respect to payments to be made on any Security of such series with respect to
which notice of redemption has been given by the Company pursuant to Article
Four). Any Holder of any such Security who shall not have delivered any such
election to the Trustee prior to the close of business on the applicable record
date will be paid the amount due on the applicable payment date in the relevant
currency unit as provided in paragraph (a) of this Section 3.11. Payment of
principal of and premium, if any, shall be made on the payment date against
surrender of such Security. Payment of interest, if any, shall be made at the
Place of Payment by mailing at such location a check, in the applicable currency
or currency unit, to the Person entitled thereto at the address of such Person
appearing on the Securities Register.

                  (2)      Payment of the principal of, premium, if any, and
(with respect to Fully Registered Securities only) interest, if any, on such
Security may also, subject to applicable laws and regulations, be made at such
other place or places as may be designated by the Company or Guarantor by any
appropriate method.

                           (c)      Payment of the principal of and premium, if
any, on any Unregistered Security and of interest on any Coupon Security will be
made unless otherwise specified pursuant to Section 3.01 or Section 9.01(6) by a
Paying Agent at such place or places outside the United States as may be
designated by the Company or Guarantor pursuant to any applicable laws or
regulations by any appropriate method in the currency or currency unit in which
the Security is payable (except as provided in paragraph (e) below) on the
payment date against surrender of the Unregistered Security, in the case of
payment of principal and premium, if any, or the relevant Coupon, in the case of
payment of interest, if any. Except as provided in paragraph (e) below, payment
with respect to Unregistered Securities and Coupons will be made by check,
subject to any limitations on the methods of effecting such payment as shall be
specified in the terms of the Security established as provided in Section 3.01
and Section 9.01(6) and as shall be required under applicable laws and
regulations.

                           (d)      Not later than the fourth Business Day after
the record date for each payment date, the Trustee will deliver to the Company a
written notice specifying, in the currency or currency unit in which each series
of the Securities is payable, the respective aggregate amounts of principal of,
premium, if any, and interest, if any, on the Securities to be made on such
payment date, specifying the amounts so payable in

                                       28
<PAGE>

respect of Fully Registered Securities, Registered Securities with Coupons and
Unregistered Securities and in respect of the Registered Securities as to which
the Holders of Securities denominated in any currency unit shall have elected to
be paid in another currency as provided in paragraph (b) above. If the election
referred to in paragraph (b) above has been provided for pursuant to Section
3.01 and if at least one Holder has made such election, then, not later than the
second Business Day preceding each payment date the Company will deliver to the
Trustee and each Paying Agent an Exchange Rate Officer's Certificate in respect
of the Dollar or Foreign Currency payments to be made on such payment date. The
Dollar or Foreign Currency amount receivable by Holders of Registered Securities
denominated in a currency unit who have elected payment in such currency as
provided in paragraph (b) above shall be determined by the Company on the basis
of the applicable Official Currency Unit Exchange Rate set forth in the
applicable Exchange Rate Officer's Certificate.

                           (e)      If a Foreign Currency in which any of the
Securities are denominated or payable ceases to be used both by the government
of the country which issued such currency and for the settlement of transactions
by public institutions of or within the international banking community, or if
the ECU ceases to be used both within the European Monetary System and for the
settlement of transactions by public institutions of or within the European
Communities, or if any other currency unit in which a Security is denominated or
payable ceases to be used for the purposes for which it was established, then
with respect to each date for the payment of principal of, or premium, if any,
and interest, if any, on the applicable Securities denominated or payable in
such Foreign Currency, the ECU or such other currency unit occurring after the
last date on which such Foreign Currency, the ECU or such other currency unit
was so used (the "Conversion Date"), the Dollar shall be the currency of payment
for use on each such payment date. The Dollar amount to be paid by the Company
or the Guarantor to the Paying Agent and by the Paying Agent to the Holders of
such Securities with respect to such payment date shall be the Dollar Equivalent
of the Foreign Currency or, in the case of a currency unit, the Dollar
Equivalent of the Currency Unit as determined by the Dollar Determination Agent
as of the record date, if any, with respect to any Interest Payment Date, or the
fifteenth day before the Maturity of an installment of principal (the "Valuation
Date"), in the manner provided in paragraph (g) or (h) below.

                           (f)      If the Holder of a Registered Security
denominated in a currency unit elects payment in a specified Foreign Currency as
provided for by paragraph (b) and such Foreign Currency ceases to be used both
by the government of the country which issued such currency and for the
settlement of transactions by public institutions of or within the international
banking community, such Holder shall receive payment in such currency unit, and
if ECU ceases to be used both within the European Monetary System and for the
settlement of transactions by public institutions of or within the European
Communities, or if any other such currency unit ceases to be used for the
purposes for which it was established, such Holder shall receive payment in
Dollars.

                           (g)      The "Dollar Equivalent of the Foreign
Currency" shall be determined by, and shall be set forth in a certificate
delivered to the Company, the Trustee and each Paying Agent of, the Dollar
Determination Agent as of each Valuation Date and shall be obtained by
converting the specified Foreign Currency into Dollars at the Market Exchange
Rate on the Valuation Date.

                                       29
<PAGE>
                      (h) The "Dollar Equivalent of the Currency Unit" shall be
determined by, and shall be set forth in a certificate delivered to the Company,
the Trustee and each Paying Agent of, the Dollar Determination Agent as of each
Valuation Date and shall be the sum obtained by adding together the results
obtained by converting the Specified Amount of each Component Currency into
Dollars at the Market Exchange Rate on the Valuation Date for such Component
Currency.

                      (i) For purposes of Section 3.11 the following terms shall
have the following meanings:

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

                      A "Specified Amount" of a Component Currency shall mean
the number of units or fractions thereof which such Component Currency
represented in the relevant currency unit on the Conversion Date. If after the
Conversion Date the official unit of any Component Currency is altered by way of
combination or subdivision, the Specified Amount of such Component Currency
shall be divided or multiplied in the same proportion. If after the Conversion
Date two or more Component Currencies are consolidated into a single currency,
the respective Specified Amounts of such Component Currencies shall be replaced
by an amount in such single currency equal to the sum of the respective
Specified Amounts of such consolidated Component Currencies expressed in such
single currency, and such amount shall thereafter be a Specified Amount and such
single currency shall thereafter be a Component Currency. If after the
Conversion Date any Component Currency shall be divided into two or more
currencies, the Specified Amount of such Component Currency shall be replaced by
specified amounts of such two or more currencies, the sum of which, at the
Market Exchange Rate of such two or more currencies on the date of such
replacement, shall be equal to the Specified Amount of such former Component
Currency divided by the number of currencies into which such Component Currency
was divided, and such amounts shall thereafter be Specified Amounts and such
currencies shall thereafter be Component Currencies.

                      "Market Exchange Rate" shall mean for any currency the
noon Dollar buying rate for that currency for cable transfers quoted in New York
City on the Valuation Date as certified for customs purposes by the Federal
Reserve Bank of New York. If such rates are not available for any reason with
respect to one or more currencies for which an Exchange Rate is required, the
Dollar Determination Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as
of the most recent available date, or quotations from one or more major banks in
New York City or in the country of issue of the currency in question, or such
other quotations as the Dollar Determination Agent shall deem appropriate.
Unless otherwise specified by the Dollar Determination Agent, if there is more
than one market for dealing in any currency by reason of foreign exchange
regulations or otherwise, the market to be used in respect of such currency
shall be that upon which a nonresident issuer of securities designated in such
currency would purchase such currency in order to make payments in respect of
such securities.

                      All decisions and determinations of the Dollar
Determination Agent regarding the Dollar Equivalent of the Foreign Currency, the
Dollar Equivalent of

                                       30

<PAGE>

the Currency Unit and the Market Exchange Rate shall be in its sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
irrevocably binding upon the Company, the Trustee, any Paying Agent and all
Holders of the Securities and Coupons denominated or payable in the relevant
currency or currency units. In the event that a Foreign Currency ceases to be
used both by the government of the country which issued such currency and for
the settlement of transactions by public institutions of or within the
international banking community, the Company, after learning thereof, will
immediately give notice thereof to the Trustee (and the Trustee will promptly
thereafter give notice in the manner provided in Section 1.06 to the Holders)
specifying the Conversion Date. In the event the ECU ceases to be used both
within the European Monetary System and for the settlement of transactions by
public institutions of or within the European Communities, or any other currency
unit in which Securities or Coupons are denominated or payable, ceases to be
used for the purposes for which it was established, the Company, after learning
thereof, will immediately give notice thereof to the Trustee (and the Trustee
will promptly thereafter give notice in the manner provided in Section 1.06 to
the Holders) specifying the Conversion Date and the Specified Amount of each
Component Currency on the Conversion Date. In the event of any subsequent change
in any Component Currency as set forth in the definition of Specified Amount
above, the Company, after learning thereof, will similarly give notice to the
Trustee. The Trustee shall be fully justified and protected in relying
conclusively and acting upon information received by it from the Company and the
Dollar Determination Agent, if any, and shall not have any duty or obligation to
determine such information independently.

                                  ARTICLE FOUR

                            REDEMPTION OF SECURITIES

         SECTION 4.01 Applicability of Article. The provisions of this Article
shall be applicable to the Securities of any series which are redeemable before
their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 3.01 for
Securities of such series.

         SECTION 4.02 Notice of Redemption; Selection of Securities. In case the
Company shall desire to exercise the right to redeem all, or, as the case may
be, any part of the Securities of any series (or all or part of the Unregistered
Securities of such series or all or any part of the Registered Securities of
such series, if the terms and conditions of redemption shall differ with respect
to Unregistered Securities and Registered Securities of such series as specified
in the terms of such Securities established pursuant to Section 3.01) in
accordance with their terms, it shall fix a Redemption Date and shall provide
notice of such redemption to the Trustee at least 60 days prior to such
Redemption Date, and at least 30 and not more than 60 days prior to such
Redemption Date to the Holders of Securities of such series so to be redeemed as
a whole or in part in the manner provided in Section 1.06.

         Each such notice of redemption shall specify the Redemption Date, the
Redemption Price, the Place or Places of Payment, that the Securities of such
series are being redeemed at the option of the Company pursuant to provisions
contained in the terms of the Securities of such series or in a supplemental
indenture establishing such series, if such be the case, together with a brief
statement of the facts permitting such redemption, that payment will be made
upon presentation and surrender of the applicable Securities, that,

                                       31

<PAGE>

unless otherwise specified in such notice, Coupon Securities of any series, if
any, surrendered for payment must be accompanied by all Coupons, if any,
maturing subsequent to the date fixed for redemption, failing which the amount
of any such missing Coupon or Coupons will be deducted from the sum due for
payment, that any interest accrued to the Redemption Date will be paid as
specified in said notice, and that on and after said Redemption Date any
interest thereon or on the portions thereof to be redeemed will cease to accrue.
If less than all the Securities of any series are to be redeemed the notice of
redemption shall specify the numbers of the Securities of such series to be
redeemed, and, if only Unregistered Securities of any series are to be redeemed,
and if such Unregistered Securities may be exchanged for Registered Securities,
the last date on which exchanges of Unregistered Securities for Registered
Securities not subject to redemption may be made. In case any Security of any
series is to be redeemed in part only, the notice of redemption shall state the
portion of the principal amount thereof to be redeemed and shall state that on
and after the Redemption Date, upon surrender of such Security and any Coupons
appertaining thereto, a new Security or Securities of such series in principal
amount equal to the unredeemed portion thereof and with appropriate Coupons will
be issued, or, in the case of Securities providing appropriate space for such
notation, at the option of the Holders, the Trustee, in lieu of delivering a new
Security or Securities as aforesaid, may make a notation on such Security of the
payment of the redeemed portion thereof.

         On or before (but at least one Business Day before, in the case of
payments made in a currency or currency unit other than Dollars) the Redemption
Date with respect to the Securities of any series stated in the notice of
redemption given as provided in this Section 4.02, the Company will deposit with
the Trustee or with one or more Paying Agents an amount of money in the currency
or currency unit in which the Securities of such series and any Coupons
appertaining thereto are payable (except as otherwise specified as contemplated
by Section 3.01 for the Securities of such series and except as provided in
Sections 3.11(b), 3.11(e) and 3.11(f) of this Indenture) sufficient to redeem on
such Redemption Date all the Securities or portions thereof so called for
redemption at the applicable Redemption Price, together with accrued interest to
such Redemption Date.

         If fewer than all the Securities of a series are to be redeemed (except
in the case of a redemption in whole of the Unregistered Securities, the Coupon
Securities, the Registered Securities or the Fully Registered Securities of such
series), the Company will give the Trustee written notice not less than 60 days
prior to the Redemption Date as to the aggregate principal amount of Securities
to be redeemed and the Trustee shall select, not more than 60 days prior to the
Redemption Date and in such manner as in its sole discretion it shall deem
appropriate and fair, the Securities of such series or portions hereof (in
multiples of 1,000 in the currency or currency unit in which the Securities of
such series are denominated, except as otherwise set forth in the applicable
form of Security) to be redeemed.

         SECTION 4.03 Payment of Securities Called for Redemption. If notice of
redemption has been given as above provided, the Securities or portions of
Securities of the series specified in such notice shall become due and payable
on the Redemption Date and at the place or places stated in such notice at the
applicable Redemption Price, together with any interest accrued to such
Redemption Date, and on and after said Redemption Date (unless the Company shall
default in the payment of such Securities at the applicable Redemption Price,
together with any interest accrued to said Redemption Date) any

                                       32

<PAGE>

interest on the Securities or portions of Securities of any series so called for
redemption shall cease to accrue. On presentation and surrender of such
Securities and all Coupons, if any, appertaining thereto at a Place of Payment
in such notice specified, such Securities and Coupons or the specified portions
thereof shall be paid and redeemed by the Company at the applicable Redemption
Price, together with any interest accrued thereon to the applicable Redemption
Date in the currency or currency unit in which the Securities of such series and
the Coupons, if any, appertaining thereto are payable (except as otherwise
specified as contemplated by Section 3.01 for the Securities of such series and
except as provided in Sections 3.11(b), 3.11(e) and 3.11(f) of this Indenture).

         If any Coupon Security surrendered for redemption shall not be
accompanied by all appurtenant Coupons maturing on or after the Redemption Date,
such Security may be paid after deducting from the Redemption Price an amount
equal to the face amount of all such missing Coupons or the surrender of such
missing Coupon or Coupons may be waived by the Company and the Trustee, if there
be furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing Coupon in respect of which
a deduction shall have been made from the Redemption Price, such Holder shall be
entitled to receive the amount so deducted; provided, however, that, unless
otherwise provided pursuant to Section 3.01 or Section 9.01(6), interest
represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an office or agency located outside of the United States.

         Upon presentation of any Security redeemed in part only and the
Coupons, if any, appertaining thereto, the Company shall execute and the Trustee
shall authenticate and deliver to or on the order of the Holder thereof, at the
expense of the Company, a new Security or Securities of such series and the
Coupons, if any, appertaining thereto, of authorized denominations, in principal
amount equal to the unredeemed portion of the Securities so presented.

         SECTION 4.04 Sinking Funds.

                      (a) The provisions of this Section shall be applicable to
any sinking fund for the retirement of Securities of a series except as
otherwise specified as contemplated by Section 3.01 for Securities of such
series.

                      The minimum amount of any sinking fund payment provided
for by the terms of the Securities of any series is hereinafter referred to as a
"mandatory sinking fund payment," and any payment in excess of such minimum
amount provided for by the terms of the Securities of any series is herein
referred to as "optional sinking fund payment."

                      (b) In lieu of making all or any part of any mandatory
sinking fund payment with respect to any Securities of a series in cash, the
Company may, at its option, deliver to the Trustee Outstanding Securities of
such series (together with the unmatured Coupons, if any, appertaining thereto)
theretofore purchased or otherwise acquired by the Company, except Securities of
such series which have been redeemed or previously called for redemption through
the application of mandatory or optional sinking fund payments pursuant to the
terms of the Securities of such series, accompanied by a

                                       33

<PAGE>

Company Order instructing the Trustee to credit such obligations and stating
that the Securities of such series were originally issued by the Company by way
of bona fide sale or other negotiation for value; provided that such Securities
have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in
such Securities for redemption through operation of the sinking fund and the
amount of such mandatory sinking fund payment shall be reduced accordingly.

                      (c) Not less than 60 days prior to each sinking fund
payment date for any series of Securities, the Company will deliver to the
Trustee a certificate signed by the Treasurer or any Assistant Treasurer of the
Company specifying the amount of the next ensuing sinking fund payment for such
series pursuant to the terms of such series, the portion thereof, if any, which
is to be satisfied by payment of cash in the currency or currency unit in which
the Securities of such series and the Coupons, if any, appertaining thereto are
payable (except as otherwise specified as contemplated by Section 3.01 for the
Securities of such series and except as provided in Sections 3.11(b), 3.11(e)
and 3.11(f) of this Indenture) and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities of such series pursuant to
subsection (b) of this Section and which Securities are to be delivered and
whether the Company intends to exercise its right to make a permitted optional
sinking fund payment with respect to such series. Such certificate shall be
irrevocable and upon its delivery the Company shall be obligated to make the
cash payment or payments (in the currency or currency unit described above)
therein referred to, if any, on or before the next succeeding sinking fund
payment date. In the case of the failure of the Company to deliver such
certificate (or to deliver the Securities and Coupons, if any, specified in such
certificate within the time period specified in subsection (b) of this Section),
the sinking fund payment due on the next succeeding sinking fund payment date
for such series shall be paid entirely in cash (in the currency or currency unit
described above) and shall be sufficient to redeem the principal amount of the
Securities of such series subject to a mandatory sinking fund payment without
the right to deliver or credit Securities as provided in subsection (b) of this
Section and without the right to make any optional sinking fund payment, if any,
with respect to such series.

                      Any sinking fund payment or payments (mandatory or
optional) made in cash (in the currency or currency unit described above) plus
any unused balance of any preceding sinking fund payments made with respect to
the Securities of any particular series shall be applied by the Trustee on the
sinking fund payment date on which such payment is made (or, if such payment is
made before a sinking fund payment date, on the sinking fund payment date
following the date of such payment) to the redemption of Securities of such
series at the Redemption Price specified in such Securities with respect to the
sinking fund together with accrued interest, if any, to the applicable
Redemption Date. Any excess sinking fund moneys not so applied or allocated by
the Trustee to the redemption of Securities shall be added to the next sinking
fund payment received by the Trustee for such series and, together with such
payment (or such amount so segregated) shall be applied in accordance with the
provisions of this subsection (c) of this Section 4.04. Any and all sinking fund
moneys with respect to the Securities of any particular series held by The
Trustee on the last sinking fund payment date with respect to Securities of such
series and not held for the payment or redemption of particular Securities of
such series shall be applied by the Trustee together with other moneys, if
necessary, to be deposited (or segregated) sufficient for the purpose, to the
payment of the principal of the Securities of

                                       34

<PAGE>

such series at Maturity. The Trustee shall not convert any currency or currency
unit in which the Securities of such series are payable for the purposes of such
sinking fund application unless specifically requested to do so by the Company,
and any such conversion agreed to by the Trustee in response to such request
shall be for the account and at the expense of the Company and shall not affect
the Company's obligation to pay the Holders in the currency or currency unit to
which such Holders may be entitled.

                      The Trustee shall select or cause to be selected the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in the last paragraph of Section 4.02 and the Company shall cause
notice of the redemption thereof to be given in the manner provided in Section
4.02 except that the notice of redemption shall also state that the Securities
are being redeemed by operation of the sinking fund and whether the sinking fund
payment is mandatory or optional, or both, as the case may be. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Section 4.03.

                      On or before the opening of business on (but at least one
Business Day before, in the case of payments made in a currency or currency unit
other than Dollars) each sinking payment date, the Company shall pay to the
Trustee in cash (in the currency or currency unit described in the first
paragraph of this subsection 4.04(c)) a sum equal to the principal and any
interest accrued to the Redemption Date for Securities or portions thereof to be
redeemed on such sinking fund payment date pursuant to this Section.

                                  ARTICLE FIVE

                                    COVENANTS

         SECTION 5.01 Payment of Principal, Premium and Interest; Compliance
with Terms. With respect to each series of Securities, the Company will duly and
punctually pay the principal of, premium, if any, and interest on the Securities
of such series in accordance with the terms of the Securities of such series of
Securities, any Coupons appertaining thereto and this Indenture, net of any
taxes required to be withheld, and will duly comply with all the other terms,
agreements and conditions contained in, or made in this Indenture for the
benefit of, the Securities of such series. Each installment of interest on the
Registered Securities of any series may be paid by mailing checks for such
interest payable to or upon the written order of the Holders of Registered
Securities entitled thereto as they shall appear on the registry books of the
Company.

         The interest on Coupon Securities shall be payable only upon
presentation and surrender of the several Coupons for such interest installments
as are evidenced thereby as they severally mature. The interest, if any, on any
temporary Unregistered Security shall be paid, as to any installment of interest
evidenced by a Coupon attached thereto, if any, only upon presentation and
surrender of such Coupon, and, as to other installments of interest, if any,
only upon presentation of such Security for notation thereon of the payment of
such interest.

         SECTION 5.02 Maintenance of Agency. The Company shall maintain an
office or agency in the Borough of Manhattan, The City of New York, where
Registered Securities

                                       35

<PAGE>

may be presented or surrendered for payment and for registration of transfer or
exchange and an agency where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. The Company hereby
respectively appoints the Trustee its initial office or agency for the purpose
of this Section 5.02. So long as any Coupon Securities or Unregistered
Securities of any series remain Outstanding, the Company will (except as
specified pursuant to Section 3.01 or Section 9.01(6)) maintain one or more
offices or agencies outside the United States in such city or cities as may be
specified elsewhere in this Indenture or as contemplated by Section 3.01, with
respect to such series, where Coupons appertaining to Securities of such series
or Unregistered Securities of such series may be surrendered or presented for
payment, or surrendered for exchange pursuant to Section 3.05 and where notices
and demands to or upon the Company in respect of Coupons appertaining to
Securities of such series or the Unregistered Securities of such series or of
this Indenture may be served. The Company will give prompt written notice to the
Trustee of any change in the location of any such office or agency. If at any
time the Company shall fail to maintain such agency or shall fail to furnish the
Trustee with the address thereof, presentations, surrenders, notices and demands
in respect of Registered Securities may be made or served at the Principal
Corporate Trust Office, and presentations, surrenders, notices and demands in
respect of Coupons appertaining to Securities of any series and Unregistered
Securities may be made or served at the Principal Corporate Trust Office in the
other city or cities referred to above, if any; and the Company hereby appoints
the Trustee their agent to receive all such presentations, surrenders, notices
and demands. The Company agrees to appoint and continue to maintain the
appointment of a Dollar Determination Agent, if necessary, to perform the
functions set forth herein for the Dollar Determination Agent.

         The Company, by written notice to the Trustee, may also from time to
time designate one or more other offices or agencies where Securities may be
presented for any or all such purposes, and, by like notice, may from time to
time rescind such designations.

         SECTION 5.03 Money for Security Payments To Be Held in Trust. If the
Company shall at any time act as its own Paying Agent for any series of
Securities, it will, on or before each due date of the principal of, premium, if
any, or interest on any of the Securities of such series, and the Coupons, if
any, appertaining thereto, set aside, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal,
premium or interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will promptly notify
the Trustee of its action or failure so to act.

         Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will, prior to each due date of the principal of,
premium, if any, or interest on any Securities of such series, and Coupons, if
any, appertaining thereto, deposit, subject to Section 4.04(c), with a Paying
Agent a sum sufficient to pay the principal, premium or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

         The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying

                                       36

<PAGE>

Agent shall agree with the Trustee and the Company, subject to the provisions of
this Section, that such Paying Agent will:

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

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

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

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

                      Any money deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal of or
premium, if any, or interest on any Security of any series or any Coupon
appertaining thereto and remaining unclaimed for 2 years after such principal or
interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security or Coupon, if any, appertaining thereto shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the company cause to be published once, in an Authorized Newspaper in
the Place of Payment, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Company. The Trustee may also adopt and employ, at the expense of
the Company, any other reasonable means of notification of such proposed
repayment (including, but not limited to, mailing notice of such proposed
repayment to Registered Holders whose names appear on the Security Register and
whose holdings of Registered Securities have not yet been surrendered for
redemption or whose right to interest moneys due and payable but not claimed is
determinable from the records of any Paying Agent or the Trustee, at the last
address of record for each such Holder).

         SECTION 5.04 Certification of Compliance of the Company. The Company
will promptly notify the Trustee, upon obtaining knowledge of any default under
this

                                       37

<PAGE>
Indenture and shall comply with the provisions of Section 314(a)(4) of the Trust
Indenture Act.

         SECTION 5.05 Corporate Existence. Subject to Article Ten, the Company
will do or cause to be done all things necessary to preserve and keep in full
force and effect its respective corporate existence, rights (charter and
statutory) and franchises and the corporate existence, rights (charter and
statutory) and franchises of all Subsidiaries other than the Company; provided,
however, that the Company shall not be required to, or to cause any such
Subsidiary to, preserve any right or franchise or to keep in full force and
effect the corporate existence of any such Subsidiary if the Company shall
determine that the keeping in existence or preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss
thereof is not disadvantageous in any material respect to the Holders of
Securities or Coupons, if any, appertaining thereto.

         SECTION 5.06 Waiver of Covenants. The Company may omit in respect of
any series of Securities in any particular instance to comply with any covenant
or condition set forth in Section 5.05 hereof, if before or after the time for
such compliance the Holders of a majority in principal amount of the Securities
of such series at the time Outstanding shall, by Act of such Holders of
Securities, either waive such compliance in such instance or generally waive
compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such covenant or condition shall
remain in full force and effect.

                                   ARTICLE SIX

           SECURITY HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 6.01 Company To Furnish Trustee Names and Addresses of Security
Holders. In accordance with Section 312(a) of the Trust Indenture Act, the
Company will furnish or cause to be furnished to the Trustee (a) semiannually
and not more than 10 days after the Regular Record Date for each series, a list,
in such form as the Trustee may reasonably require, of the names and addresses
of the Holders of Registered Securities of such series as of such date, and on
dates to be determined pursuant to Section 3.01 for noninterest bearing
Securities of such series in each year, and (b) at such other times as the
Trustee may request in writing, within 30 days after receipt by the Company of
any such request, a list of similar form and content as of a date not more than
15 days prior to the time such list is furnished, except that, so long as the
Trustee is Security Registrar, no such list need be furnished.

         The Company shall also be required to furnish such information which is
known to it concerning the Holders of Coupons and Unregistered Securities;
provided, however, that the Company shall have no obligation to investigate any
matter relating to the name and address of any Holder of an Unregistered
Security or any Holder of a Coupon.

         SECTION 6.02 Preservation of Information; Communications to Security
Holders. The Trustee shall comply with the obligations imposed upon it pursuant
to

                                       38

<PAGE>

Section 312 of The Trust Indenture Act, subject to the exculpation from
liability contained in Section 312(c) of such Act.

         SECTION 6.03 Reports by Trustee. The Trustee shall comply with the
provisions of Section 313 of the Trust Indenture Act.

         SECTION 6.04 Reports by Company and Guarantor. The Company shall Comply
with the provisions of Section 314(a)(1)(2) and (3) of the Trust Indenture Act.

                                  ARTICLE SEVEN

                                    REMEDIES

         SECTION 7.01 Events of Default and Defaults.

                      (a) "Event of Default", with respect to any Senior Debt
Securities, wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body) unless such event is either inapplicable to
a particular series or is specifically deleted or modified in the applicable
Board Resolution or in the supplemental indenture under which such series of
Securities is issued, as the case may be, as contemplated by Section 3.01:

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

                  (2) default in the payment of the principal of (including any
sinking fund payment or analogous obligation) or premium, if any, on any
Security of such series as and when the same shall become due and payable either
at Maturity, upon redemption, by declaration or otherwise;

                  (3) default in the performance, or breach, of any covenant or
warranty of the Company in respect of the Securities of such series (other than
a covenant or warranty a default in the performance of which or the breach of
which is elsewhere in this Section specifically dealt with), and continuance of
such default or breach for a period of 90 days after there has been given to the
Company by the Trustee, by registered or certified mail, or to the Company and
the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of such series, a written notice specifying such default
or breach and requiring it to be remedied;

                  (4) the entry of a decree or order by a court having
jurisdiction in the premises for relief in respect of the Company under Title 11
of the United States Code, as now constituted or as hereafter amended, or any
other applicable Federal or State bankruptcy law or other similar law, or
appointing a receiver, trustee or other similar official of the Company or
ordering the winding-up or liquidation of its affairs and the continuance of any
such decree or order unstayed and in effect for a period of 60 consecutive days;

                                       39

<PAGE>

                  (5) the filing by the Company a petition or answer or consent
seeking relief under Title 11 of the United States Code, as now constituted or
as hereinafter amended, or any other applicable Federal or State bankruptcy law
or other similar law, or the consent by it to the institution of proceedings
thereunder or to the filing of any such petition or to the appointment or taking
possession of a receiver, trustee, custodian or other similar official of the
Company shall fail generally to pay its debts as such debts become due or shall
take any corporate action in furtherance of any such action; or

                  (6) any other Event of Default provided in the supplemental
indenture under which such series of Securities is issued or in the form of
Security for such series.

                      (b) "Event of Default," with respect to any Subordinated
Debt Securities, wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body) unless such event is either inapplicable to
a particular series or is specifically deleted or modified in the applicable
Board Resolution or in the supplemental indenture under which such series of
Securities is issued, as the case may be, as contemplated by Section 3.01:

                  (1) the entry of a decree or order by a court having
jurisdiction in the premises for relief in respect of the Company under Title 11
of the United States Code, as now constituted or as hereafter amended, or any
other applicable Federal or State bankruptcy law or other similar law, or
appointing a receiver, trustee or other similar official of the Company or
ordering the winding-up or liquidation of its affairs and the continuance of any
such decree or order unstayed and in effect for a period of 60 consecutive days;

                  (2) the filing by the Company of a petition or answer or
consent seeking relief under Title 11 of the United States Code, as now
constituted or as hereinafter amended, or any other applicable Federal or State
bankruptcy law or other similar law, or the consent by it to the institution of
proceedings thereunder or to the filing of any such petition or to the
appointment or taking possession of a receiver, trustee, custodian or other
similar official of the Company, shall fail generally to pay its debts as such
debts become due or shall take any corporate action in furtherance of any such
action; or

                  (3) any other Event of Default provided in the supplemental
indenture under which such series of Securities is issued or in the form of
Security for such series.

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

                                       40

<PAGE>

Board Resolution or in the supplemental indenture under which such series of
Securities is issued, as the case may be, as contemplated by Section 3.01:

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

                  (2) default in the payment of the principal of (including any
sinking fund payment or analogous obligation) or premium, if any, on any
Security of such series as and when the same shall become due and payable either
at Maturity, upon redemption, by declaration or otherwise;

                  (3) default in the performance, or breach, of any covenant or
warranty of the Company in respect of the Securities of such series (other than
a covenant or warranty a default in the performance of which or the breach of
which is elsewhere in this Section specifically dealt with), and continuance of
such default or breach for a period of 90 days after there has been given to the
Company by the Trustee, by registered or certified mail, or to the Company and
the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of such series, a written notice specifying such default
or breach and requiring it to be remedied; or

                  (4) any other Default provided in the supplemental indenture
under which such series of Securities is issued or in the form of Security for
such series.

         SECTION 7.02 Acceleration of Maturity; Rescission and Annulment. If an
Event of Default with respect to any series of Securities occurs and is
continuing, then and in every such case the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Securities Outstanding of such
series may declare the principal (or, if Securities of such series are Original
Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of the Securities of such series) of all the Securities
of such series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders of Securities), and upon any
such declaration the same shall become immediately due and payable.

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

                  (1) the Company has paid or deposited with the Trustee a sum
sufficient to pay in the currency or currency unit in which the Securities of
such series are payable (except as otherwise specifically contemplated by
Section 3.01 for the Securities of such series and except as provided in
Sections 3.11(b), 3.11(e) and 3.11(f) of this Indenture)

                      (A) all overdue installments of interest on all Securities
of such series,

                                       41

<PAGE>

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

                      (C) to the extent that payment of such interest is lawful,
interest upon overdue installments of interest at the rate or rates prescribed
therefor by the terms of the Securities of such series, and

                      (D) in Dollars all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, except as a result of negligence or bad
faith; and

                  (2) all Events of Default or Defaults, other than the
nonpayment of the principal of Securities of such series which have become due
solely by such acceleration, have been cured or waived as provided in Section
7.13.

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

                  In case the Trustee shall have proceeded to enforce any right
under this Indenture and such proceedings shall have been discontinued or
abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Trustee, then and in every such case
the Company and the Trustee shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies and powers of the
Company and the Trustee shall continue as though no such proceedings had been
taken.

                  For all purposes under this Indenture, if a portion of the
principal of any Original Issue Discount Securities shall have been accelerated
and declared due and payable pursuant to the provisions hereof, then, from and
after such declaration, unless such declaration has been rescinded and annulled,
the principal amount of such Original Issue Discount Securities shall be deemed,
for all purposes hereunder, to be such portion of the principal thereof as shall
be due and payable as a result of such acceleration, and payment of such portion
of the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue
Discount Securities.

         SECTION 7.03 Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if:

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

                  (2) default is made in the payment of the principal of
(including any sinking fund payment or analogous obligation) or premium, if any,
on any Security of any series, whether upon Maturity or upon any redemption or
by declaration or otherwise, the Company will, upon demand of the Trustee, pay
to it, for the benefit of the Holders of

                                       42

<PAGE>

Securities of such series, and Coupons, if any, appertaining thereto, the whole
amount then due and payable on Securities of such series and matured Coupons, if
any, appertaining thereto for principal, premium, if any, and interest, with
interest upon the overdue principal and premium, if any, and to the extent that
payment of such interest is lawful, upon overdue installments of interest, at
the rate or rates prescribed therefor by the terms of the Securities of such
series; and, in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

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

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

         SECTION 7.04 Trustee May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Company or any other obligor upon the Securities and Coupons, if any,
appertaining thereto or the property of the Company or of such other obligor or
their creditors, the Trustee (irrespective of whether the principal of any
Securities and any amounts owed pursuant to Coupons, if any, appertaining
thereto shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for payment of overdue principal, premium or interest) shall be
entitled and empowered, by intervention in such proceeding or otherwise,

                      (i) to file and prove a claim for the whole amount of
principal, premium, if any, and interest owing and unpaid in respect of any
Securities and Coupons, if any, appertaining thereto and to file such other
papers or documents as may be necessary or advisable in order to have the claim
of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
Holders of Securities of any series and Coupons, if any, appertaining thereto
allowed in such judicial proceeding, and

                      (ii) to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder of
Securities or Coupons, if any, appertaining thereto to make such payments to the
Trustee, and in the event that the

                                       43

<PAGE>

Trustee shall consent to the making of such payments directly to the Security
Holders, to pay to the Trustee any amount due to it for the reasonable
compensation expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 8.07. To the extent
that such payment of reasonable compensation, expenses, disbursements, advances
and other amounts out of the estate in any such proceedings shall be denied for
any reason, payment of the same shall be secured by a lien on, and shall be paid
out of, any and all distributions, dividends, moneys, securities and other
property which the Holders of the Securities or Coupons may be entitled to
receive in such proceedings, whether in liquidation or under any plan of
reorganization or arrangement or otherwise.

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

         SECTION 7.05 Trustee May Enforce Claims Without Possession of
Securities. All rights of action and claims under this Indenture or under the
Securities of any series or Coupons, if any, appertaining thereto may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities of such series or Coupons, if any, appertaining thereto or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities or Coupons in respect of which such judgment has been
recovered.

         In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the Holders
of the Securities and Coupons in respect of which such action was taken, and it
shall not be necessary to make any Holders of such Securities or Coupons parties
to any such proceedings.

         SECTION 7.06 Application of Money Collected. Any money collected by the
Trustee pursuant to this Article with respect to a series of Securities or
Coupons, if any, appertaining thereto (other than sums held in trust for the
benefit of the Holders of particular Securities or Coupons) shall be applied in
the following order, at the date or dates fixed by the Trustee and in the case
of the distribution of such money on account of principal, premium, if any, or
interest, upon presentation (except in respect of Subdivision FIRST below) of
the Securities of such series and Coupons, if any, appertaining thereto, and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

                  FIRST: To the payment of all amounts due the Trustee under
Section 8.07.

                                       44

<PAGE>

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

                  THIRD: The balance, to the Person or Persons lawfully entitled
thereto, or as a court of competent jurisdiction may direct.

         SECTION 7.07 Limitation on Suits. No Holder of any security of any
series or Coupon, if any, appertaining thereto shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

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

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

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

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

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

         SECTION 7.08 Unconditional Right of Security Holders To Receive
Principal, Premium and Interest. Notwithstanding any other provision in this
Indenture, the Holder of any Security or Coupon, if any, appertaining thereto
shall have the right which is absolute and unconditional to receive payment of
the principal of and premium, if any, and (subject to Section 3.07) interest on
such Security or a Coupon on the respective Stated Maturities expressed in such
Security or Coupon (or, in the case of redemption or repayment, on the
Redemption Date or Repayment Date, as the case may be) at the respective places,
at the respective times, at the respective rates, in the respective amounts

                                       45

<PAGE>

and in the coin, currency, or currency unit therein and herein prescribed, and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

         SECTION 7.09 Restoration of Rights and Remedies. If the Trustee or any
Holder of any Security or Coupon, if any, appertaining thereto has instituted
any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder of any Security or Coupon,
if any, appertaining thereto, then and in every such case the Company, the
Trustee and the Holders of any Security or Coupons, if any, appertaining thereto
shall, subject to any determination in such proceeding, be restored severally
and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Trustee and such Holders shall continue as though no such
proceeding had been instituted.

         SECTION 7.10 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Trustee or to the Holders of any Securities or
Coupons, if any, appertaining thereto is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

         SECTION 7.11 Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder of any Security or Coupon, if any, appertaining thereto
to exercise any right or remedy accruing upon any Event of Default or any
Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders of any Security
or Coupon, if any, appertaining thereto may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by such Holders, as the
case may be.

         SECTION 7.12 Control by Security Holders. The Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on
the Trustee under this Indenture with respect to Securities of such series,
provided that

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

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

                  (3) the Trustee need not take any action which it determines
might involve it in personal liability or would be unduly prejudicial to the
Holders of Securities of such series not joining in such direction.

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<PAGE>

         SECTION 7.13 Waiver of Past Defaults. The Holders of a majority in
principal amount of the Outstanding Securities of any series may on behalf of
the Holders of all the Securities of such series waive any past default
hereunder and its consequences, except a default

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

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

         SECTION 7.14 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Security or Coupon, if any, appertaining thereto
by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder of any Security, or group of
Holders of any Security, holding in the aggregate more than 10% in principal
amount of the Outstanding Securities of any series, or to any suit instituted by
any Holder of Securities or Coupons, if any, appertaining thereto for the
enforcement of the payment of the principal of, premium, if any, or interest on
any Security or Coupon, if any, appertaining thereto on or after the respective
Stated Maturities expressed in such Security or Coupon (or, in the case of
redemption or repayment, on or after the Redemption Date or Repayment Date, as
the case may be).

         SECTION 7.15 Waiver of Stay or Extension Laws. The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of any stay or extension law wherever enacted, now or any time
hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefits or advantages of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

         SECTION 7.16 Judgment Currency. If for the purpose of obtaining a
judgment in any court with respect to any obligation of the Company hereunder or
under any Security or Coupon it shall become necessary to convert into any other
currency or currency

                                       47

<PAGE>

unit any amount in the currency or currency unit due hereunder or under such
Security or Coupon, then such conversion shall be made at the Conversion Rate as
in effect on the date the Company shall make payment to any Person in
satisfaction of such judgment. If pursuant to any such judgment, conversion
shall be made on a date other than the date payment is made and there shall
occur a change between such Conversion Rate and the Conversion Rate as in effect
on the date of payment, the Company agrees to pay such additional amounts (if
any) as may be necessary to ensure that the amount paid is the amount in such
other currency or currency unit which, when converted at the Conversion Rate as
in effect on the date of payment or distribution, is the amount then due
hereunder or under such Security or Coupon. Any amount due from the Company
under this Section 7.16 shall be due as a separate debt and is not to be
affected by or merged into any judgment being obtained for any other sums due
hereunder or in respect of any Security or Coupon. In no event, however, shall
the Company be required to pay more in the currency or currency unit due
hereunder or under such Security or Coupon at the Conversion Rate as in effect
when payment is made than the amount of currency or currency unit stated to be
due hereunder or under such Security or Coupon so that in any event the
Company's obligations hereunder or under such Security or Coupon will be
effectively maintained as obligations in such currency or currency unit.

         For purposes of this Section 7.16, "Conversion Rate" shall mean the
spot rate at which in accordance with normal banking procedures the currency or
currency unit into which an amount due hereunder or under any Security or Coupon
is to be converted could be purchased with the currency or currency unit due
hereunder or under any Security or Coupon from major banks located in New York,
London or any other principal market for such purchased currency or currency
unit.

                                  ARTICLE EIGHT

                                   THE TRUSTEE

         SECTION 8.01 Certain Duties and Responsibilities.

                      (a) The Trustee shall comply with, and be subject to, the
provisions of Section 315 of the Trust Indenture Act.

                      (b) No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.

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

         SECTION 8.02 Notice of Defaults. Within 90 days after the occurrence of
any default hereunder with respect to any series of Securities, the Trustee
shall transmit in the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act, notice of such default hereunder known to the Trustee,
unless such default shall have been cured or

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<PAGE>

waived; provided, however, that, except in the case of a default in the payment
of the principal of or premium, if any, or interest on any Security of such
series, or in the payment of any sinking fund installment or analogous
obligation with respect to the Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Holders of Securities of such series and any
Coupons appertaining thereto; and provided, further, that in the case of any
default of the character specified in Section 7.01(3) no such notice to Holders
of Securities of such series shall be given until at least 60 days after the
occurrence thereof. For the purpose of this Section, the term "default" means
any event which is, or after notice or lapse of time or both would become, an
Event of Default or a Default.

         SECTION 8.03 Certain Rights of Trustee. Except as otherwise provided in
Section 8.01:

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

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

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

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

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

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

                                       49

<PAGE>

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

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

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

         SECTION 8.04 Not Responsible for Recitals or Issuance of Securities .
The recitals contained herein and in the Securities, except the certificates of
authentication, shall be taken as the statement of the Company, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or Coupons, if any, appertaining thereto. The Trustee shall not be
accountable for the use or application by the Company of Securities or the
proceeds thereof.

         SECTION 8.05 May Hold Securities. The Trustee, any Paying Agent,
Securities Registrar, or any other agent of the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities or Coupons
and, subject to Sections 8.08 and 8.13, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Paying Agent, Securities
Registrar or such other agent.

         SECTION 8.06 Money Held in Trust. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

         SECTION 8.07 Compensation and Reimbursement. The Company jointly and
severally agrees:

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

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

                  (3) to indemnify the Trustee for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising

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<PAGE>

out of or in connection with the acceptance or administration of this trust,
including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder.

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

         SECTION 8.08 Qualification of Trustee; Conflicting Interests. The
Trustee for the Securities of any series issued hereunder shall be subject to
the provisions of Section 310(b) of the Trust Indenture Act during the period of
time provided for therein. In determining whether the Trustee has a conflicting
interest as defined in Section 310(b) of the Trust Indenture Act with respect to
the Securities of any series, there shall be excluded this Indenture with
respect to Securities of any particular series other than that series. Nothing
herein shall prevent the Trustee from filing with the Commission the application
referred to in the second to last paragraph of Section 310(b) of the Trust
Indenture Act.

         SECTION 8.09 Persons Eligible for Appointment as Trustee. There shall
at all times be a Trustee for each series of Securities hereunder which shall at
all times be either

                      (i)  a corporation organized and doing business under the
laws of the United States of America or of any State or the District of Columbia
which is authorized under such laws to exercise corporate trust powers and is
subject to supervision or examination by Federal, State or District of Columbia
authority; or

                      (ii) a corporation or other Person organized and doing
business under the laws of a foreign government that is permitted to act as
Trustee pursuant to a rule, regulation or order of the Commission, authorized
under such laws to exercise corporate trust powers, and subject to supervision
or examination by authority of such foreign government or a political
subdivision thereof substantially equivalent to supervision or examination
applicable to United States institutional trustees'

                  in either case having a combined capital and surplus of at
least $50,000,000. If such corporation publishes reports of condition at least
annually, pursuant to law or the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.
Neither the Company, nor any person directly or indirectly controlling,
controlled by, or under common control with the Company shall serve as trustee
for the Securities of any series issued hereunder. In case at any time the
Trustee for the Securities of any series shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 8.10.

         SECTION 8.10 Resignation and Removal; Appointment of Successor.

                      (a) No resignation or removal of the Trustee for the
Securities of any series and no appointment of a successor Trustee pursuant to
this Article

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<PAGE>

shall become effective until the acceptance of appointment by the successor
Trustee under Section 8.11.

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

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

                      (d) It at any time

                  (1) the Trustee shall fail to comply with Section 8.08 with
respect to any series of Securities after written request therefor by the
Company or by any Security Holder who has been a bona fide Holder of a Security
of such series for at least six months, or

                  (2) the Trustee shall cease to be eligible under Section 8.09
with respect to any series of Securities and shall fail to resign after written
request therefor by the Company or the Guarantor or by any such Security Holder,
or

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

                  then, in any such case, (i) the Company, by a Board
Resolution, may remove the Trustee with respect to such series or (ii) subject
to Section 7.14, any Holder of a Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee with
respect to such series.

                      (e) If the Trustee shall resign, be removed or become
incapable of acting with respect to any series of Securities, or if a vacancy
shall occur in the office of Trustee with respect to any series of Securities
for any cause, the Company or the Guarantor, by a Board Resolution, shall
promptly appoint a successor Trustee with respect to such series of Securities.
If, within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to such series of
Securities shall be appointed by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Company,
the Guarantor and the retiring Trustee with respect to such series, the
successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the successor Trustee with respect to such series and
supersede the successor Trustee appointed by the

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<PAGE>

Company. If no successor Trustee with respect to such series shall have been so
appointed by the Company or the Holders of Securities of such series and have
accepted appointment in the manner hereinafter provided, any Security Holder who
has been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee with
respect to such series.

                      (f) The Company shall give notice of each resignation and
each removal of the Trustee with respect to any series and each appointment of a
successor Trustee with respect to any series, in the manner specified in Section
1.06, to the Holders of Securities, and Coupons, if any, appertaining thereto,
of such series. Each notice shall include the name of the successor Trustee and
the address of its Principal Corporate Trust Office.

         SECTION 8.11 Acceptance of Appointment by Successor. Every successor
Trustee appointed hereunder shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective with respect to all series as to which it is thereby resigning as
Trustee and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the
resigning Trustee with respect to all or any such series; but, on request of the
Company or such successor Trustee, such resigning Trustee shall, upon payment of
its outstanding charges and expenses, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee with respect to all or any such series, and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to all or any such series, subject
nevertheless to its lien, if any, provided for in Section 8.07. Upon request of
any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts.

         In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of
any applicable series may execute and deliver an indenture supplemental hereto
containing such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of any series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and adding to or
changing any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in any such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be Trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee.

         No successor Trustee with respect to any series of Securities shall
accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible with respect to such series under this
Article.

                                       53

<PAGE>

         SECTION 8.12 Merger, Conversion, Consolidation or Succession to
Business of Trustee. Any corporation into which the Trustee for the Securities
of any series may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article, without the execution or filing of
any paper or any further act on the part of any of the parties hereto. In case
any Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

         SECTION 8.13 referential Collection of Claims Against Company . The
Trustee shall comply with the requirements of Section 311 of the Trust Indenture
Act and any rules or regulations promulgated by the Commission thereunder.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         SECTION 9.01 Supplemental Indentures Without Consent of Security
Holders. Without the consent of the Holders of any Securities, the Company, when
authorized by a Board Resolution, and the Trustee for the Securities of any or
all series, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes:

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

                  (2) to evidence and provide for the acceptance of appointment
by another corporation as a successor Trustee hereunder with respect to one or
more series of Securities and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to Section 8.11;

                  (3) to add to the covenants and agreements of the Company for
the benefit of the Holders of all or any series of Securities and the Coupons,
if any, appertaining thereto (if such covenants are for less than all series,
stating that such covenants are for the benefit of such series), or to surrender
any right or power herein conferred upon the Company provided that such action
shall not adversely affect the interests of the Holders of Securities of any
series then Outstanding and the Holders of the Coupons, if any, appertaining
thereto;

                  (4) to cure any ambiguity, to correct or supplement any
provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions
arising under this Indenture

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<PAGE>

provided such other provisions shall not adversely affect the interests of the
Holders of Securities of any series then Outstanding and Coupons, if any,
appertaining thereto;

                  (5) to establish any additional form of Security, as permitted
by Section 2.03, and to provide for the issuance of any additional series of
Securities and Coupons, if any, appertaining thereto as permitted by Section
3.01, and to set forth the terms thereof;

                  (6) to permit payment in the United States of principal,
premium or interest on Unregistered Securities or of interest on Coupon
Securities; or

                  (7) to provide for the issuance of uncertificated Securities
of one or more series in the place of certificated Securities. The Trustee with
respect to any series of Securities affected by such supplemental indenture is
hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance,
transfer, assignment, mortgage or pledge of any property thereunder, but the
Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee's own rights, duties or immunities under this
Indenture or otherwise.

         SECTION 9.02 Supplemental Indentures with Consent of Security Holders.
With the consent of the Holders of not less than a majority in principal amount
of the Outstanding Securities of all series (voting as one class) affected by
such supplemental indenture or indentures, by Act of said Holders delivered to
the Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of the Securities of each such series under
this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected thereby,

                  (1) change the Maturity of the principal of, or the Stated
Maturity of, or any installment of interest on, any Security, or reduce the
principal amount thereof (including in the case of an Original Issue Discount
Security the amount payable upon acceleration of the Maturity thereof) or any
premium thereon or the rate of interest thereon, or change the method of
computing the amount of principal thereof on any date, or eliminate a Place of
Payment where, or the coin or currency in which, any Security or any premium
thereon or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Maturity or the
Stated Maturity, as the case may be, thereof (or, in the case of redemption or a
repayment, on or after the Redemption Date or the Repayment Date, as the case
may be);

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

                                       55

<PAGE>

                  (3) modify any of the provisions of this Section, Section 5.06
or Section 7.13, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Security affected thereby; or

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

         SECTION 9.03 Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall receive, and (subject to Section 8.01) shall be
fully protected in relying upon, an Officers' Certificate and an Opinion of
Counsel stating that the execution and delivery of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

         SECTION 9.04 Effect of Supplemental Indentures. Upon the execution of
any supplemental indenture pursuant to the provisions of this Article Nine, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith, but only with regard to the Securities of each series affected by
such supplemental indenture, and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee for the
Securities of such series, the Company and the Holders of any Securities of such
series or any Coupons appertaining thereto affected thereby shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes with regard to the
Securities of such series and Coupons, if any, appertaining thereto.

         SECTION 9.05 Conformity with Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of
TIA as then in effect.

         SECTION 9.06 Reference in Securities to Supplemental Indentures.
Securities of any series (including any Coupons appertaining thereto)
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any
series and any Coupons appertaining thereto so modified as to conform, in the
opinion of the Trustee or the Boards of Directors of the Company to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for the Securities of
such series and any Coupons appertaining thereto then Outstanding.

                                       56

<PAGE>

                                   ARTICLE TEN

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

         SECTION 10.01 Company May Consolidate, etc., Only on Certain Terms. The
Company shall not consolidate with or merge into any other corporation or convey
or transfer its properties and assets substantially as an entirety, to any
Person, unless:

                  (1) the corporation formed by such consolidation or into which
the Company is merged or the Person which acquires by conveyance or transfer the
properties and assets of the Company substantially as an entirety shall be a
corporation organized and existing under the laws of the United States of
America or any State or the District of Columbia, and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
and premium, if any, and interest on all the Securities of each series and the
Coupons, if any, appertaining thereto and the performance of every covenant of
this Indenture on the part of the Company to be performed or observed;

                  (2) immediately after giving effect to such transaction, no
Event of Default or Default, and no event which, after notice or lapse of time
or both, would become an Event of Default or a Default, shall have happened and
be continuing;

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

         SECTION 10.02 Successor Corporation Substituted for Company. Upon any
consolidation or merger, or any conveyance or transfer of the properties and
assets of the Company substantially as an entirety in accordance with Section
10.01, the successor corporation formed by such consolidation or into which the
Company is merged or to which such conveyance or transfer is made shall succeed
to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor
corporation had been named as the Company herein.

         In the event of any such conveyance or transfer, the Person named as
the "Company" in the first paragraph of this instrument or any successor which
shall theretofore have become such in the manner prescribed in this Article may
be dissolved, wound-up and liquidated at any time thereafter, and such Person
thereafter shall be released from its liabilities as obligor and maker of all
the securities and from its obligations under this Indenture.

                                 ARTICLE ELEVEN

                     SATISFACTION AND DISCHARGE OF INDENTURE

         SECTION 11.01 Satisfaction and Discharge of Securities of Any Series.
Except as otherwise provided for the Securities of any series established
pursuant to Section

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3.01(18), the Company shall be deemed to have satisfied and discharged the
entire indebtedness on all the Outstanding Securities of any particular series
and the Coupons, if any, appertaining thereto, and the Trustee, at the expense
of the Company upon Company Request, shall execute proper instruments
acknowledging satisfaction and discharge of such indebtedness, when

                  (1) either

                      (A) all Outstanding Securities of such series theretofore
authenticated and delivered and the Coupons, if any, appertaining thereto (other
than (i) any Securities of such series or Coupons which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06
and (ii) Outstanding Securities of such series or Coupons for whose payment
money has theretofore been deposited in trust or segregated and held in trust by
the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Sections 5.03 and 11.04) have been delivered to the Trustee for
cancellation; or

                      (B) with respect to all Outstanding Securities of such
series and the Coupons, if any, appertaining thereto, described in (A) above not
theretofore delivered to the Trustee for cancellation:

                          (i) the Company has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount in the currency or
currency unit in which the Securities of such series are denominated (except as
otherwise specified pursuant to Section 3.01 for the Securities of such series
and except as provided in Sections 3.11(b), 3.11(e) and 3.11(f) hereof)
sufficient to pay and discharge the entire indebtedness on all such Outstanding
Securities of such series for principal (and premium, if any) and interest to
the Stated Maturity or any Redemption Date as contemplated by Section 11.03, as
the case may be; or

                          (ii) the Company has deposited or caused to be
deposited with the Trustee as obligations in trust such amount of Government
Obligations as will, in a written opinion of independent public accountants
delivered to the Trustee, together with the predetermined and certain income to
accrue thereon (without consideration of any reinvestment thereof), be
sufficient to pay and discharge when due the entire indebtedness on all such
Outstanding Securities of such series and the Coupons, if any, appertaining
thereto, for unpaid principal (and premium, if any) and interest to the Stated
Maturity or any Redemption Date as contemplated by Section 11.03, as the case
may be;

                  (2) the Company has paid or caused to be paid all other sums
payable with respect to the Outstanding Securities of such series and the
Coupons, if any, appertaining thereto;

                  (3) the Company has delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to due satisfaction and discharge of the
entire indebtedness on all Outstanding Securities of any such series and the
Coupons, if any, appertaining thereto, have been complied with; and

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                  (4) if the Securities of such series and the Coupons, if any,
appertaining thereto, are not to become due and payable at their Stated Maturity
within one year of the date of such deposit or are not to be called for
redemption within one year of the date of such deposit under arrangements
satisfactory to the Trustee as of the date of such deposit, then the Company
shall have given, not later than the date of such deposit, notice of such
deposit to the Holders of the Securities of such series and the Coupons, if any,
appertaining thereto.

                  Upon the satisfaction of the conditions set forth in this
Section 11.01 with respect to all the Outstanding Securities of any series and
the Coupons, if any, appertaining thereto, the terms and conditions of such
series, including the terms and conditions with respect thereto set forth in
this Indenture, shall no longer be binding upon, or applicable to, the Company,
and the Holders of the Securities of such series shall look for payment only to
the funds or obligations deposited with the Trustee pursuant to Section
11.01(1)(B); provided, however, that the Company shall not be discharged from
(a) any payment obligations in respect of Securities of such series which are
deemed not to be Outstanding under clause (c) of the definition thereof and the
Coupons, if any, appertaining thereto, if such obligations continue to be valid
obligations of the Company under applicable law, (b) any obligations under
Sections 8.07 and 8.10 and (c) any obligations under section 3.05 or 3.06
(except that Securities of such series issued upon registration of transfer or
exchange or Securities or Coupons, if any, appertaining thereto issued in lieu
of mutilated, lost, destroyed or stolen Securities or Coupons shall not be
obligations of the Company) and Section 6.01; and provided further that in the
event a petition for relief under the Bankruptcy Reform Act of 1978 or a
successor statute is filed with respect to the Company within 91 days after the
deposit, the entire indebtedness on all Securities of such series and the
Coupons, if any, appertaining thereto shall not be discharged, and in such event
the Trustee shall return such deposited funds or obligations as it is then
holding to the Company upon Company Request, as applicable; and provided further
that if the Trustee or Paying Agent is unable to apply any money in accordance
with Section 11.03 by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the obligations of the Company under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 11.01 until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 11.03, but if the
Company makes any payment of interest on or principal of any Security following
the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money
held by the Trustee or Paying Agent. Notwithstanding the satisfaction of the
conditions set forth in this Section 11.01 with respect to all the Securities of
any series not denominated in Dollars, upon the happening of any event specified
in Section 3.11(e) the Company shall be obligated to make the payments in
Dollars required by Section 3.11(e) to the extent that the Trustee is unable to
convert any Foreign Currency or currency unit in its possession pursuant to
Section 11.01(1) (B) into the Dollar Equivalent of the Foreign Currency or the
Dollar Equivalent of the Currency Unit, as the case may be. The Trustee shall
return to the Company any non-converted funds or securities in its possession
after such payments have been made.

         SECTION 11.02 Satisfaction and Discharge of Indenture. Upon compliance
by the Company with the provisions of Section 11.01 as to the satisfaction and
discharge of each series of Securities issued hereunder and the Coupons, if any,
appertaining thereto,

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and if the Company have paid or caused to be paid all other sums payable under
this Indenture, this Indenture shall cease to be of any further effect (except
as otherwise provided herein). Upon Company Request and receipt of an Opinion of
Counsel, an Officers' Certificate and, if appropriate under the circumstances,
an opinion of independent public accountants (and at the expense of the
Company), the Trustee shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture.

         Notwithstanding the satisfaction and discharge of this Indenture, any
obligations of the Company under Sections 3.05, 3.06, 6.01, 8.07 and 8.10, any
obligations of the Company under Section 3.11(d) to deliver an Exchange Rate
Officer's Certificate and the obligations of the Trustee under Section 11.03
shall survive.

         SECTION 11.03 Application of Trust Money. All money and obligations
deposited with the Trustee pursuant to Section 11.01 shall be held irrevocably
in trust and shall be made under the terms of an escrow trust agreement in form
and substance satisfactory to the Trustee. Such money and obligations shall be
applied by the Trustee, in accordance with the provisions of the Securities,
this Indenture and such escrow trust agreement, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal of (and premium, if any) and interest, if any, on the Securities and
the Coupons, if any, appertaining thereto for the payment of which such money
and obligations have been deposited with the Trustee. If Securities of any
series are to be redeemed prior to their Stated Maturity, whether pursuant to
any optional redemption provision or in accordance with any mandatory sinking
fund requirement, the Company shall make such arrangements as are satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the
name, and at the expense, of the Company.

         SECTION 11.04 Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to Securities
of any series and the Coupons, if any, appertaining thereto, all moneys with
respect to such series then held by any Paying Agent for such series under the
provisions of this Indenture with respect to such series of Securities shall,
upon demand of the Company, be repaid to it or paid to the Trustee and thereupon
such Paying Agent shall be released from all further liability with respect to
such moneys.

                                 ARTICLE TWELVE

                                  SUBORDINATION

         SECTION 12.01 Subordinated Debt Securities Subordinated to Senior
Company Indebtedness. The Company, for itself, its successors and assigns,
covenants and agrees, and each Holder of Subordinated Debt Securities and
Coupons, if any, appertaining thereto by his acceptance thereof, likewise
covenants and agrees, that the payment of the principal of and interest on each
and all of the Subordinated Debt Securities and Coupons, if any, appertaining
thereto is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of all
Senior Company Indebtedness.

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         SECTION 12.02 Payments upon Dissolution of the Company. Upon any
distribution of assets of the Company upon any dissolution, winding up,
liquidation or reorganization of the Company, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the benefit
of creditors or any other marshalling of the assets and liabilities of the
Company or otherwise (subject to the power of a court of competent jurisdiction
to make other equitable provision reflecting the rights conferred in this
Indenture or any supplemental indenture issued pursuant to Section 3.01 upon the
Senior Company Indebtedness and the holders thereof with respect to the
Subordinated Debt Securities and Coupons, if any, appertaining thereto and the
Holders thereof by a lawful plan of reorganization under applicable bankruptcy
law),

                      (i)  the holders of all Senior Company Indebtedness shall
first be entitled to receive payment in full in accordance with the terms of
such Senior Company Indebtedness of the principal thereof, premium, if any, and
the interest due thereon (including interest accruing subsequent to the
commencement of any proceeding for the bankruptcy or reorganization of the
Company under any applicable bankruptcy, insolvency, or similar law now or
hereafter in effect) before the Holders of the Subordinated Debt Securities and
Coupons, if any, appertaining thereto are entitled to receive any payment upon
the principal of or premium, if any, or interest on indebtedness evidenced by
the Subordinated Debt Securities and Coupons, if any, appertaining thereto;

                      (ii) any payment or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the
Holders of the Subordinated Debt Securities and Coupons, if any, appertaining
thereto would be entitled except for the provisions of this Article Twelve,
including any such payment or distribution which may be payable or deliverable
by reason of the payment of any other indebtedness of the Company being
subordinated to the payment of the Subordinated Debt Securities and Coupons, if
any, appertaining thereto, shall be paid by the liquidating trustee or agent or
other person making such payment or distribution, whether a trustee in
bankruptcy, a receiver or liquidating trustee or otherwise, directly to the
holders of Senior Company Indebtedness or their representative or
representatives or to the trustee or trustees under any indenture under which
any instruments evidencing any of such Senior Company Indebtedness may have been
issued, in accordance with the priorities then existing among holders of Senior
Company Indebtedness for payment of the aggregate amounts remaining unpaid on
account of the principal, premium, if any, and interest (including interest
accruing subsequent to the commencement of any proceeding for the bankruptcy or
reorganization of the Company under any applicable bankruptcy, insolvency, or
similar law now or hereafter in effect) on the Senior Company Indebtedness held
or represented by each, to the extent necessary to make payment in full of all
Senior Company Indebtedness remaining unpaid, after giving effect to any
concurrent payment or distribution to the holders of such Senior Company
Indebtedness; it being understood that if the Holders of the Subordinated Debt
Securities and Coupons, if any, appertaining thereto shall fail to file a proper
claim in the form required by any proceeding referred to in this subparagraph
(ii) prior to 30 days before the expiration of the time to file such claim or
claims, then the holders of Senior Company Indebtedness are hereby authorized to
file an appropriate claim or claims for and on behalf of the Holders of the
Subordinated Debt Securities and Coupons, if any, appertaining thereto, in the
form required in any such proceeding; and

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<PAGE>

                      (iii) in the event that, notwithstanding the foregoing,
any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or
distribution which may be payable or deliverable by reason of the payment of any
other indebtedness of the Company being subordinate to the payment of the
Subordinated Debt Securities and Coupons, if any, appertaining thereto shall be
received by the Trustee or Holders of the Subordinated Debt Securities and
Coupons, if any, appertaining thereto before all Senior Company Indebtedness is
paid in full, such payment or distribution shall be paid over to the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
Person making payment of assets of the Company for all Senior Company
Indebtedness remaining unpaid until all such Senior Company Indebtedness shall
have been paid in full, after giving effect to any concurrent payment or
distribution to the holders of such Senior Company Indebtedness.

                  Subject to the payment in full of all Senior Company
Indebtedness, the Holders of the Subordinated Debt Securities and Coupons, if
any, appertaining thereto shall be subrogated to the rights of the holders of
Senior Company Indebtedness to receive payments or distributions of cash,
property or securities of the Company applicable to the Senior Company
Indebtedness until the principal of and premium, if any, and interest on the
Subordinated Debt Securities and Coupons, if any, appertaining thereto shall be
paid in full and no such payments or distributions to holders of such Senior
Company Indebtedness to which the Holders of the Subordinated Debt Securities
and Coupons, if any, appertaining thereto would be entitled except for the
provisions hereof of cash, property or securities otherwise distributable to the
Senior Company Indebtedness shall, as between the Company, its creditors, other
than the holders of Senior Company Indebtedness, and the Holders of the
Subordinated Debt Securities and Coupons, if any, appertaining thereto, be
deemed to be a payment by the Company to or on account of the Subordinated Debt
Securities and Coupons, if any, appertaining thereto. It is understood that the
provisions of this Article Twelve are and are intended solely for the purpose of
defining the relative rights of the Holders of the Subordinated Debt Securities
and Coupons, if any, appertaining thereto, on the one hand, and the holders of
Senior Company Indebtedness, on the other hand. Nothing contained in this
Article Twelve or elsewhere in this Indenture, any supplemental indenture issued
pursuant to Section 3.01, or in the Subordinated Debt Securities and Coupons, if
any, appertaining thereto is intended to or shall impair, as between the
Company, its creditors, other than the holders of Senior Company Indebtedness,
and the Holders of the Subordinated Debt Securities and Coupons, if any,
appertaining thereto the obligation of the Company, which is unconditional and
absolute, to pay to the Holders of the Subordinated Debt Securities and Coupons,
if any, appertaining thereto the principal of, premium, if any, and interest on
the Subordinated Debt Securities and Coupons, if any, appertaining thereto as
and when the same shall become due and payable in accordance with their terms or
to affect the relative rights of the Holders of the Subordinated Debt Securities
and Coupons, if any, appertaining thereto and creditors of the Company, other
than the holders of the Senior Company Indebtedness, nor shall anything herein
or in the Subordinated Debt Securities and Coupons, if any, appertaining thereto
prevent the Trustee or the Holder of any Subordinated Debt Securities and
Coupons, if any, appertaining thereto from exercising all remedies otherwise
permitted by applicable law upon Default under this Indenture, subject to the
rights, if any, under this Article Twelve of the holders of Senior Company
Indebtedness in respect of cash, property or securities of the Company received
upon the

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<PAGE>

exercise of any such remedy. Upon any payment or distribution of assets of the
Company referred to in this Article Twelve, the Trustee and the Holders of the
Subordinated Debt Securities and Coupons, if any, appertaining thereto shall be
entitled to rely upon any order or decree of a court of competent jurisdiction
in which such dissolution, winding up, liquidation or reorganization proceeding
is pending or upon a certificate of the liquidating trustee or agent or other
Person making any distribution to the Trustee or to the Holders of the
Subordinated Debt Securities and Coupons, if any, appertaining thereto for the
purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Company Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article Twelve. In the absence of any such liquidating trustee, agent or
other person, the Trustee shall be entitled to rely upon a written notice by a
Person representing himself to be a holder of Senior Company Indebtedness (or a
trustee or representative on behalf of such holder) as evidence that such Person
is a holder of Senior Company Indebtedness (or is such a trustee or
representative). In the event that the Trustee determines, in good faith, that
further evidence is required with respect to the right of any Person, as a
holder of Senior Company Indebtedness, to participate in any payment or
distribution pursuant to this Article Twelve, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to
the amount of Senior Company Indebtedness held by such Person, as to the extent
to which such Person is entitled to participation in such payment or
distribution, and as to other facts pertinent to the rights of such Person under
this Article Twelve, and if such evidence is not furnished, the Trustee may
defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

                      The obligation of the Company in respect to the
Subordinated Debt Securities and Coupons, if any, appertaining thereto shall
rank on a parity with any other obligations of the Company ranking on a parity
with the Subordinated Debt Securities.

                      With respect to the holders of Senior Company
Indebtedness, the Trustee undertakes to perform or to observe only such of its
covenants and obligations as are specifically set forth in this Article, and no
implied covenants or obligations with respect to the holders of Senior Company
Indebtedness shall be read into this Article 12 against the Trustee; provided
that nothing contained herein shall derogate from covenants or obligations
contained in this Indenture, or any supplemental indenture issued pursuant to
Section 3.01, with respect to Senior Company Indebtedness that is issued as a
series of Securities under this Indenture. The Trustee, however, shall not be
deemed to owe any fiduciary duty to the holders of Senior Company Indebtedness
by reason of the execution of this Indenture, or any supplemental indenture
issued pursuant to Section 3.01, and shall not be liable to any such holders if
it shall mistakenly pay over or distribute to or on behalf of Holders of the
Subordinated Debt Securities and Coupons, if any, appertaining thereto or the
Company moneys or assets to which any holders of Senior Company Indebtedness
shall be entitled by virtue of this Article Twelve.

         SECTION 12.03 No Payment When Senior Company Indebtedness in Default.
In the event and during the continuation of any default in the payment of
principal of, or premium, if any, or interest on, any Senior Company
Indebtedness, beyond any applicable period of grace, or in the event that any
event of default with respect to any

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<PAGE>

Senior Company Indebtedness shall have occurred and be continuing, or would
occur as a result of the payment referred to hereinafter, permitting the holders
of such Senior Company Indebtedness (or a trustee on behalf of the holders
thereof) to accelerate the maturity thereof, then, unless and until such default
or event of default shall have been cured or waived or shall have ceased to
exist, no payment or principal of or interest on the Subordinated Debt
Securities and Coupons, if any, appertaining thereto, or in respect of any
retirement, purchase or other acquisition of any of the Subordinated Debt
Securities and Coupons, if any, appertaining thereto, shall be made by the
Company.

         SECTION 12.04 No Impairment of Holders' Rights. Nothing contained in
this Indenture, any supplemental indenture issued pursuant to Section 3.01, or
in any of the Subordinated Debt Securities or Coupons, if any, appertaining
thereto shall (i) impair, as between the Company and Holders of the Subordinated
Debt Securities and Coupons, if any, appertaining thereto, the obligations of
the Company to make, or prevent the Company from making, at any time except as
provided in Sections 12.02 and 12.03, payments of principal, premium, if any, or
interest (including interest accruing subsequent to the commencement of any
proceeding for the bankruptcy or reorganization of the Company under any
applicable bankruptcy, insolvency, or similar law now or hereafter in effect) on
the Subordinated Debt Securities and Coupons, if any, appertaining thereto, as
and when the same shall become due and payable in accordance with the terms of
the Subordinated Debt Securities and Coupons, if any, appertaining thereto (ii)
affect the relative rights of the Holders of the Subordinated Debt Securities
and Coupons, if any, appertaining thereto and creditors of the Company other
than the holders of the Senior Company Indebtedness (iii) prevent the Holder of
any Subordinated Debt Securities and Coupons, if any, appertaining thereto or
the Trustee from exercising all remedies otherwise permitted by applicable law
upon default thereunder, subject to the rights, if any, under this Article
Twelve of the holders of Senior Company Indebtedness in respect of cash,
property or securities of the Company received upon the exercise of such remedy
or (iv) prevent the application by the Trustee or any Paying Agent of any moneys
deposited with it hereunder to the payment of or on account of the principal of
or premium, if any, or interest on the Subordinated Debt Securities and Coupons,
if any, appertaining thereto or prevent the receipt by the Trustee or any Paying
Agent of such moneys, if, prior to the third Business Day prior to such deposit,
the Trustee or such Paying Agent did not have written notice of any event
prohibiting the making of such deposit by the Company.

         SECTION 12.05 Effectuation of Subordination by Trustee. Each Holder of
Subordinated Debt Securities and Coupons, if any, appertaining thereto by his
acceptance thereof authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to effectuate the subordination as
provided in this Article Twelve and appoints the Trustee his attorney-in-fact
for any and all such purposes.

         SECTION 12.06 Knowledge of Trustee. Notwithstanding the provisions of
this Article or any other provisions of this Indenture or any supplemental
indenture issued pursuant to Section 3.01, neither the Trustee nor any Paying
Agent shall be charged with knowledge of the existence of any Senior Company
Indebtedness (other than Senior Company Indebtedness issued under this Indenture
or any supplemental indenture issued pursuant to Section 3.01) or of any event
which would prohibit the making of any payment or moneys to or by the Trustee or
such Paying Agent, unless and until a Responsible Officer

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of the Trustee or such Paying Agent shall have received written notice thereof
from the Company or from the holder of any Senior Company Indebtedness

         SECTION 12.07 Trustee's Relation to Senior Company Indebtedness. The
Trustee shall be entitled to all of the rights set forth in this Article in
respect of any Senior Company Indebtedness at any time held by it in its
individual capacity to the same extent as any other holder of such Senior
Company Indebtedness, and nothing in this Indenture or any supplemental
indenture issued pursuant to Section 3.01 shall be construed to deprive the
Trustee of any of its rights as such holder.

         SECTION 12.08 No Waiver of Default or Event of Default. The failure to
make a payment pursuant to the Subordinated Debt Securities and Coupons, if any,
appertaining thereto by reason of any provision in this Article shall not be
construed as preventing the occurrence of a Default or any Event of Default.

         SECTION 12.09 Claims of the Trustee. Nothing contained in This Article
Twelve shall subordinate to Senior Company Indebtedness the claims of, or
payments to, the Trustee under or pursuant to Section 8.07.

                                ARTICLE THIRTEEN

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

         SECTION 13.01 Exemption from Individual Liability. No recourse under or
upon any obligation, covenant or agreement of this Indenture, or of any Security
or Coupon, or for any claim based thereon otherwise in respect thereof, shall be
had against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or the Trustee or of any predecessor or
successor corporation, either directly or through the Company or the Trustee,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly
understood and agreed that this Indenture and the obligations issued hereunder
are solely corporate obligations of the Company and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the
incorporators, stockholders, officers or directors, as such, of the Company or
the Trustee or of any predecessor or successor corporation, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom, and that any and all such
personal liability, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such
incorporator, stockholder, officer or director, as such, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities
or Coupons or implied therefrom, are hereby expressly waived and released as a
condition of, and as a consideration for, the execution and delivery of this
Indenture and the issue of such Securities.

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                                ARTICLE FOURTEEN

                                HOLDERS' MEETINGS

         SECTION 14.01 Purposes of Meetings. A meeting of Holders of Securities
of any or all series may be called at any time and from time to time pursuant to
the provisions of this Article Fourteen for any of the following purposes:

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

                  (2) to remove the Trustee for such series and nominate a
successor trustee pursuant to the provisions of Article Eight;

                  (3) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 9.02; or

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

         SECTION 14.02 Call of Meetings by Trustee. The Trustee for the
Securities of any series may at any time call a meeting of Holders of Securities
of such series to take any action specified in Section 14.01 to be held at such
time and at such place in the Borough of Manhattan, the City of New York, or
such other Place of Payment, as the Trustee for such series shall determine.
Notice of every meeting of the Holders of Securities of any series, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given to Holders of Securities of
such series in the manner and to the extent provided in Section 1.06. Such
notice shall be given not less than 20 nor more than 90 days prior to the date
fixed for the meeting.

         SECTION 14.03 Call of Meetings by Company, Guarantor or Holders. In
case at any time The Company, pursuant to a Board Resolution, or the Holders of
at least 10% in aggregate principal amount of the Outstanding Securities of any
or all series, as the case may be, shall have requested the Trustee for such
series to call a meeting of Holders of Securities of any or all series, as the
case may be, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee for such series shall not
have given the notice of such meeting within 20 days after receipt of such
request, then the Company or such Holders may determine the time and the place
in the [Borough of Manhattan] or other Place of Payment for such meeting and may
call such meeting to take any action authorized in Section 14.01 by giving
notice thereof as provided in Section 14.02.

         SECTION 14.04 Qualifications for Voting. To be entitled to vote at any
meeting of Holders a person shall be (a) a Holder of one or more Securities with
respect to which

                                       66

<PAGE>

such meeting is being held or (b) a person appointed by an instrument in writing
as proxy by such Holder. The only persons who shall be entitled to be present or
to speak at any meeting of Holders shall be the persons entitled to vote at such
meeting and their counsel and any representatives of the Trustee for the
Securities of the series with respect to which such meeting is being held and
its counsel and any representatives of the Company provided, however, that
representatives of the Trustee shall be entitled during a meeting of Holders to
meet with the Holders outside the presence of representatives of the Company.

         SECTION 14.05 Regulations. Notwithstanding any other provisions of this
Indenture, the Trustee for the Securities of any series may make such reasonable
regulations as it may deem advisable for any meeting of Holders of the
Securities of such series, in regard to proof of the holding of Securities of
such series and of the appointment of proxies, and in regard to the appointment
and duties of inspectors of votes, The submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall think fit.

         The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting unless the meeting shall have been called by the Company
or by Holders of the Securities of such series as provided in Section 14.03, in
which case the Company or the Holders calling the meeting as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by majority vote of the
meeting.

         At any meeting each Holder of Securities with respect to which such
meeting is being held or proxy therefor shall be entitled to one vote for each
1,000 (in the currency or currency unit in which such Securities are
denominated) principal amount (in the case of Original Issue Discount
Securities, such principal amount to be determined as provided in the definition
of "Outstanding") of Securities held or represented by him; provided, however,
that no vote shall be cast or counted at any meeting in respect of any such
Security challenged as not Outstanding and ruled by the chairman of the meeting
to be not Outstanding. The chairman of the meeting shall have no right to vote
other than by virtue of Securities of such series held by him or instruments in
writing aforesaid duly designating him as the person to vote on behalf of other
Holders of such series. At any meeting of Holders, the presence of persons
holding or representing Securities with respect to which such meeting is being
held in an aggregate principal amount sufficient to take action on the business
for the transaction of which such meeting was called shall constitute a quorum,
but, if less than a quorum is present, the persons holding or representing a
majority in aggregate principal amount of such Securities represented at the
meeting may adjourn such meeting with the same effect, for all intents and
purposes, as though a quorum had been present. Any meeting of Holders of
Securities with respect to which a meeting was duly called pursuant to the
provisions of Section 14.02 or Section 14.03 may be adjourned from time to time
by a majority of such Holders present, whether or not constituting a quorum, and
the meeting may be held as so adjourned without further notice.

         SECTION 14.06 Voting. The vote upon any resolution submitted to any
meeting of Holders of Securities with respect to which such meeting is being
held shall be by written ballots on which shall be subscribed the signatures of
such Holders or of their representatives by proxy and the serial number or
numbers of the Securities held or represented by them. The permanent chairman of
the meeting shall appoint two inspectors

                                       67
<PAGE>

of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their
verified written reports in triplicate of all votes cast at the meeting. Two
needs of the proceedings of each meeting of Holders shall be prepared by the
secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was mailed as
provided in Section 14.02. The record shall show the serial numbers of the
Securities voting in favor of or against any resolution. The record shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one of the records shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee.

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

         SECTION 14.07 No Delay of Rights by Meeting. Nothing contained in this
Article Fourteen shall be deemed or construed to authorize or permit by reason
of any call of a meeting of Holders or any rights expressly or impliedly
conferred hereunder to make such call, any hindrance or delay in the exercise of
any right or rights conferred upon or reserved to the Trustee or to the Holders
under any of the provisions of this Indenture or of the Securities of any
series.

                                       68
<PAGE>

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

                                         BANCORPSOUTH, INC.

                                         by

                                         ---------------------------------------
                                         Authorized Officer (CORPORATE SEAL)

Attest:

--------------------------------
   (Asst.) Secretary

                                         BANK OF NEW YORK

                                         by

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

(CORPORATE SEAL)

Attest:

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

                                       69

<PAGE>

STATE OF                         )
        ------------------------
                                 )  ss:
        ------------------------
COUNTY OF                        )
         -----------------------

         On this ____ day of ________, 2001, before me personally appeared
__________________, to me known, who, being by me duly sworn, did depose and say
that he resides at _____________________ ; that he is ________________ of
BANCORPSOUTH, INC., one of the corporations described in and which executed the
above instrument; that he knows the corporate seal of said corporation; that the
seal affixed to said instrument is such corporate seal; that it was so affixed
by authority of the Board of Directors of said corporation; and that he signed
his name thereto by like authority.

                                           ------------------------------------
                                           [NOTARY PUBLIC]

(NOTORIAL SEAL)

STATE OF                      )
        ---------------------
                              )    ss:
        ---------------------
COUNTY OF                     )
         --------------------

         On this ____ day of __________, 2001, before me personally appeared
_______________, to me known, who, being by me duly sworn, did depose and say
that he resides at ___________________________,; that he is the
_______________of BANK OF NEW YORK, one of the corporations described in and
which executed the foregoing instrument; that he knows the corporate seal of
said corporation; that the seal affixed to said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

                                           ------------------------------------
                                           [NOTARY PUBLIC]

(NOTARIAL SEAL)

                                       70<PAGE>
                                                                     EXHIBIT 4.8

                               BANCORPSOUTH, INC.

                                       TO

                              THE BANK OF NEW YORK

                                     TRUSTEE

              FORM OF JUNIOR SUBORDINATED DEBT SECURITIES INDENTURE

                            DATED AS OF [       ]

<PAGE>

                               BANCORPSOUTH, INC.

         Reconciliation and tie between the Trust Indenture Act of 1939
(including cross-references to provisions of Sections 310 to and including 317
which, pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended
by the Trust Reform Act of 1990, are a part of and govern the Indenture whether
or not physically contained therein) and the Junior Subordinated Indenture,
dated as of [                ].

<TABLE>
<CAPTION>
Trust Indenture Act Section                                                  Indenture Section
---------------------------                                                  -----------------
<S>                                                                          <C>
ss.310(a)(1), (2) and (5)                                                      6.09
ss.310(a)(3)                                                                   Not Applicable
ss.310(a)(4)                                                                   Not Applicable
ss.310(b)                                                                      6.08, 6.10
ss.310(c)                                                                      Not Applicable
ss.311(a)                                                                      6.13
ss.311(b)                                                                      6.13
ss.312(a)                                                                      7.01, 7.02(a)
ss.312(b)                                                                      7.02(b)
ss.312(c)                                                                      7.02(c)
ss.313(a)                                                                      7.03(a)
ss.313(b)                                                                      7.03(b)
ss.313(c)                                                                      7.03(a), 7.03(b)
ss.313(d)                                                                      7.03(c)
ss.314(a)(1), (2) and (3)                                                      7.04
ss.314(a)(4)                                                                   10.04
ss.314(b)                                                                      Not Applicable
ss.314(c)(1)                                                                   1.02
ss.314(c)(2)                                                                   1.02
ss.314(c)(3)                                                                   Not Applicable
ss.314(d)                                                                      Not Applicable
ss.314(e)                                                                      1.02
ss.314(f)                                                                      Not Applicable
ss.315(a)                                                                      6.01(a)
ss.315(b)                                                                      6.02, 7.03(a)
ss.315(c)                                                                      6.01(b)
ss.315(d)                                                                      6.01(c)
ss.315(d)(1)                                                                   6.01(c)(1)
ss.315(d)(2)                                                                   6.01(c)(2)
ss.315(d)(3)                                                                   6.01(c)(3)
ss.315(e)                                                                      5.14
ss.316(a)                                                                      1.01
ss.316(a)(1)(A)                                                                5.12
ss.316(a)(1)(B)                                                                5.13
ss.316(a)(2)                                                                   Not Applicable
ss.316(b)                                                                      5.08
ss.316(c)                                                                      1.04(f)
ss.317(a)(1)                                                                   5.03
</TABLE>

                                        i

<PAGE>

<TABLE>
<CAPTION>
Trust Indenture Act Section                                                  Indenture Section
---------------------------                                                  -----------------
<S>                                                                          <C>
ss. 317(a)(2)                                                                   5.04
ss. 317(b)                                                                      10.03
ss. 318(a)                                                                      1.07
</TABLE>

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

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

                                       ii

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                    Page
                                                                                                                    ----
<S>                                 <C>                                                                             <C>
ARTICLE I                           Definitions and Other Provisions of General Application.......................    1

         SECTION 1.01.              Definitions...................................................................    1

         SECTION 1.02.              Compliance Certificate and Opinions...........................................    9

         SECTION 1.03.              Forms of Documents Delivered to Trustee......................................    10

         SECTION 1.04.              Acts of Holders..............................................................    11

         SECTION 1.05.              Notices, Etc. to Trustee and Company.........................................    12

         SECTION 1.06.              Notice to Holders; Waiver....................................................    12

         SECTION 1.07.              Conflict with Trust Indenture Act............................................    12

         SECTION 1.08.              Effect of Headings and Table of Contents.....................................    12

         SECTION 1.09.              Successors and Assigns.......................................................    12

         SECTION 1.10.              Separability Clause..........................................................    12

         SECTION 1.11.              Benefits of Indenture........................................................    13

         SECTION 1.12.              Governing Law................................................................    13

         SECTION 1.13.              Non-Business Days............................................................    13

ARTICLE II                          Security Forms...............................................................    13

         SECTION 2.01.              Forms Generally..............................................................    13

         SECTION 2.02.              Form of Face of Security.....................................................    14

         SECTION 2.03.              Form of Reverse of Security..................................................    17

         SECTION 2.04.              Additional Provisions Required in Global Security............................    20

         SECTION 2.05.              Form of Trustee's Certificate of Authentication..............................    21

ARTICLE III                         The Securities...............................................................    21

         SECTION 3.01.              Title and Terms..............................................................    21

         SECTION 3.02.              Denominations................................................................    23

         SECTION 3.03.              Execution, Authentication, Delivery and Dating...............................    23

         SECTION 3.04.              Temporary Securities.........................................................    25

         SECTION 3.05.              Global Securities............................................................    25

         SECTION 3.06.              Registration, Transfer and Exchange Generally; Certain Transfer
                                    and Exchanges................................................................    26

         SECTION 3.08.              Payment of Interest; Interest Rights Preserved...............................    29

         SECTION 3.09.              Persons Deemed Owners........................................................    30

         SECTION 3.10.              Cancellation.................................................................    31
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                                 <C>                                                                              <C>
         SECTION 3.11.              Computation of Interest......................................................    31

         SECTION 3.12.              Deferrals of Interest Payment Dates..........................................    31

         SECTION 3.13.              Agreed Tax Treatment.........................................................    32

         SECTION 3.14.              CUSIP Numbers................................................................    32

ARTICLE IV                          Satisfaction and Discharge...................................................    32

         SECTION 4.01.              Satisfaction and Discharge of Indenture......................................    32

         SECTION 4.02.              Application of Trust Money...................................................    33

ARTICLE V                           Remedies.....................................................................    34

         SECTION 5.01.              Events of Default............................................................    34

         SECTION 5.02.              Acceleration of Maturity; Rescission and Annulment...........................    35

         SECTION 5.03.              Collection of Indebtedness and Suits for Enforcement by Trustee..............    37

         SECTION 5.04.              Trustee May File Proofs of Claim.............................................    37

         SECTION 5.05.              Trustee May Enforce Claim Without Possession of Securities...................    38

         SECTION 5.06.              Application of Money Collected...............................................    38

         SECTION 5.08.              Unconditional Right of Holders to Receive Principal, Premium and Interest;
                                    Control by Holders...........................................................    39

         SECTION 5.09.              Restoration of Rights and Remedies...........................................    40

         SECTION 5.10.              Rights and Remedies Cumulative...............................................    40

         SECTION 5.11.              Delay or Omission Not Waiver.................................................    41

         SECTION 5.12.              Control by Holders...........................................................    41

         SECTION 5.13.              Waiver of Past Defaults......................................................    42

         SECTION 5.14.              Undertaking for Costs........................................................    42

         SECTION 5.15.              Waiver of Usury, Stay or Extension Laws......................................    42

ARTICLE VI                          The Trustee..................................................................    42

         SECTION 6.01.              Certain Duties and Responsibilities..........................................    42

         SECTION 6.02.              Notice of Defaults...........................................................    43

         SECTION 6.03.              Certain Rights of Trustee....................................................    44

         SECTION 6.04.              Not Responsible for Recitals or Issuance of Securities.......................    45

         SECTION 6.05.              May Hold Securities..........................................................    45

         SECTION 6.06.              Money Held in Trust..........................................................    45

         SECTION 6.07.              Compensation and Reimbursement...............................................    45

         SECTION 6.08.              Disqualification; Conflicting Interests......................................    46
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                 <C>                                                                              <C>
         SECTION 6.09.              Corporate Trustee Required, Eligibility......................................    46

         SECTION 6.10.              Resignation and Removal; Appointment of Successor............................    47

         SECTION 6.11.              Acceptance of Appointment by Successor.......................................    48

         SECTION 6.12.              Merger, Conversion, Consolidation or Succession to Business..................    49

         SECTION 6.13.              Preferential Collection of Claims Against Company............................    49

         SECTION 6.14.              Appointment of Authenticating Agent..........................................    49

         SECTION 6.15.              Trustee's Rights and Obligations After Qualification of Indenture............    51

ARTICLE VII                         Holder's Lists and Reports by Trustee and Company............................    51

         SECTION 7.01.              Company to Furnish Trustee Names and Addresses of Holders....................    51

         SECTION 7.02.              Preservation of Information, Communications to Holders.......................    51

         SECTION 7.03.              Reports by Trustee...........................................................    52

         SECTION 7.04.              Reports by Company...........................................................    52

ARTICLE VIII                        Consolidation, Merger, Conveyance, Transfer or Lease.........................    52

         SECTION 8.01.              Company May Consolidate, etc., Only on Certain Terms.........................    52

         SECTION 8.02.              Successor Corporation Substituted............................................    53

ARTICLE IX                          Supplemental Indentures......................................................    54

         SECTION 9.01.              Supplemental Indentures without Consent of Holders...........................    54

         SECTION 9.02.              Supplemental Indentures with Consent of Holders..............................    55

         SECTION 9.03.              Execution of Supplemental Indentures.........................................    56

         SECTION 9.04.              Effect of Supplemental Indentures............................................    56

         SECTION 9.05.              Conformity with Trust Indenture Act..........................................    56

         SECTION 9.06.              Reference in Securities to Supplemental Indentures...........................    56

ARTICLE X                           Covenants....................................................................    57

         SECTION 10.01.             Payment of Principal, Premium and Interest...................................    57

         SECTION 10.02.             Maintenance of Office or Agency..............................................    57

         SECTION 10.03.             Money for Security Payments to be Held in Trust..............................    57

         SECTION 10.04.             Statement as to Compliance...................................................    58

         SECTION 10.05.             Waiver of Certain Covenants..................................................    59

         SECTION 10.06.             Payment of the Trust's Costs and Expenses....................................    59

         SECTION 10.07.             Additional Covenants.........................................................    59

         SECTION 10.08.             Information Returns..........................................................    60
</TABLE>

                                       v

<PAGE>

<TABLE>
<S>                                 <C>                                                                              <C>
ARTICLE XI                          Redemption or Prepayment of Securities.......................................    60

         SECTION 11.01.             Applicability of This Article................................................    60

         SECTION 11.02.             Election To Redeem; Notice to Trustee........................................    61

         SECTION 11.03.             Selection of Securities to be Redeemed.......................................    61

         SECTION 11.04.             Notice of Redemption.........................................................    61

         SECTION 11.05.             Deposit of Redemption Price..................................................    62

         SECTION 11.06.             Payment of Securities Called for Redemption..................................    62

         SECTION 11.07.             Company's Right of Redemption................................................    63

         SECTION 11.08.             Redemption Suspended During Event of Default.................................    63

ARTICLE XII                         Intentionally Omitted........................................................    63

ARTICLE XIII                        Sinking Funds................................................................    64

         SECTION 13.01.             Applicability of Article.....................................................    64

         SECTION 13.02.             Satisfaction of Sinking Fund Payments with Securities........................    64

         SECTION 13.03.             Redemption of Securities for Sinking Fund....................................    64

ARTICLE XIV                         Subordination of Securities..................................................    66

         SECTION 14.01.             Securities Subordinate to Senior Debt........................................    66

         SECTION 14.02.             Payment Over of Proceeds Upon Dissolution, etc. .............................    66

         SECTION 14.03.             Prior Payment to Senior Debt Upon Acceleration of Securities.................    67

         SECTION 14.04.             No Payment When Senior Debt in Default.......................................    68

         SECTION 14.05.             Payment Permitted If No Default..............................................    68

         SECTION 14.06.             Subrogation to Rights of Holders of Senior Debt..............................    69

         SECTION 14.07.             Provisions Solely to Define Relative Rights..................................    69

         SECTION 14.08.             Trustee to Effectuate Subordination..........................................    69

         SECTION 14.09.             No Waiver of Subordination Provisions........................................    69

         SECTION 14.10.             Notice to Trustee............................................................    70

         SECTION 14.11.             Reliance on Judicial Order or Certificate of Liquidating Agent...............    70

         SECTION 14.12.             Trustee Not Fiduciary for Holders of Senior Debt.............................    70

         SECTION 14.13.             Rights of Trustee as Holder of Senior Debt; Preservation of Trustee's Rights.    70

         SECTION 14.14.             Article Applicable to Paying Agents..........................................    71

         SECTION 14.15.             Certain Conversions or Exchanges Deemed Payment..............................    71
</TABLE>

                                       vi

<PAGE>

              FORM OF JUNIOR SUBORDINATED DEBT SECURITIES INDENTURE

         This JUNIOR SUBORDINATED INDENTURE, dated as of [ ], between
BANCORPSOUTH, INC., a bank holding company established under the laws of
Mississippi (hereinafter called the "Company") having its principal office at
One Mississippi Plaza, Tupelo, Mississippi 38801, and THE BANK OF NEW YORK, a
New York banking corporation, as Trustee (hereinafter called the "Trustee").

                             RECITALS OF THE COMPANY

         The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured junior
subordinated debt securities in series (hereinafter called the "Securities") of
substantially the tenor hereinafter provided, including, without limitation,
Securities issued to evidence loans made to the Company of the proceeds from the
issuance from time to time by one or more business trusts (each a "BancorpSouth
Capital Trust" and, collectively, the "BancorpSouth Capital Trusts") of
preferred trust interests in such BancorpSouth Capital Trusts (the "Capital
Securities") and common interests in such BancorpSouth Capital Trusts (the
"Common Securities" and, collectively with the Capital Securities, the "Trust
Securities"), and to provide the terms and conditions upon which the Securities
are to be authenticated, issued and delivered.

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

                                    ARTICLE I
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

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

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

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

                  (3)      All accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with generally accepted
accounting principles, and the term "generally accepted accounting principles"
with respect to any computation required or permitted hereunder shall mean such
accounting principles which are generally accepted at the date or time of such
computation; provided, that when two or more principles are so generally
accepted, it shall mean that set of principles consistent with those in use by
the Company.

                                       1

<PAGE>

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

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

         "Additional Interest" means the interest, if any, that shall accrue on
any interest on the Securities of any series the payment of which has not been
made on the applicable Interest Payment Date and which shall accrue at the rate
per annum specified or determined as specified in any Officers' Certificate
delivered pursuant to Section 3.01 of the Indenture.

         "Additional Sums" has the meaning specified in Section 10.06.

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person; provided, however, that an Affiliate of the
Company shall not be deemed to include any BancorpSouth Capital Trust to which
Securities have been issued. For the purposes of this definition, "control" when
used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

         "Agent Member" means any member of, or participant in, the Depositary.

         "Amended and Restated Declaration of Trust" for each series of
Securities has the meaning specified in the Officers' Certificate for such
series delivered pursuant to Section 3.01 of this Indenture.

         "Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

         "BancorpSouth Guarantee" means the guarantee by the Company of the
distributions on the Trust Securities of a BancorpSouth Capital Trust to the
extent of the Guarantee Agreement.

         "BancorpSouth Capital Trust" has the meaning specified in the first
recital of this Indenture.

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

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

                                       2

<PAGE>

         "Business Day" means any day other than (i) a Saturday or Sunday, (ii)
a day on which banking institutions in The City of New York are authorized or
required by law or executive order to remain closed, or (iii) a day on which the
Corporate Trust Office of the Trustee, or, with respect to the Securities of a
series issued to a BancorpSouth Capital Trust, the principal office of the
Property Trustee under the related Trust Agreement, is closed for business.

         "Capital Securities" has the meaning specified in the first recital of
this Indenture.

         "Capital Treatment Event" means the reasonable determination by the
Company that, as a result of the occurrence of any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision thereof or
therein, or as a result of any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws or regulations,
which amendment or change is effective or such pronouncement, action or decision
is announced on or after the date of issuance of the Capital Securities under
the Declaration of Trust, there is more than an insubstantial risk that the
Company will not be entitled to treat an amount equal to the liquidation amount
of the Capital Securities as "Tier I Capital" (or the then equivalent thereof)
for purposes of the capital adequacy guidelines of the Federal Reserve, as then
in effect and applicable to the Company.

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

         "Common Securities" has the meaning specified in the first recital of
this Indenture.

         "Common Stock" means the common stock, $2.50 par value, of the Company.

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

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

         "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered,
which office as of the date of this Indenture is located at [Four Albany Street,
New York, New York 10006, Attention: Corporate Trust and Agency Group--Corporate
Market Services].

         "Corporation" includes a corporation, association, company, joint-stock
company or business trust.

                                       3

<PAGE>

         "Declaration of Trust" for each series of Securities has the meaning
specified in the Officers' Certificate for such series delivered pursuant to
Section 3.01 of this Indenture.

         "Debt" means (i) the principal of and premium, if any, and unpaid
interest on indebtedness for money borrowed, (ii) purchase money and similar
obligations, (iii) obligations under capital leases, (iv) guarantees,
assumptions or purchase commitments relating to, or other transactions as a
result of which the Company is responsible for the payment of, such indebtedness
of others, (v) renewals, extensions and refunding of any such indebtedness, (vi)
interest or obligations in respect of any such indebtedness accruing after the
commencement of any insolvency or bankruptcy proceedings and (vii) obligations
associated with derivative products such as interest rate and currency exchange
contracts, foreign exchange contracts, commodity contracts and similar
arrangements; provided, however, that Debt shall not include trade accounts
payable or accrued liabilities in the ordinary course of business.

         "Defaulted Interest" has the meaning specified in Section 3.08.

         "Depositary" means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depositary by the Company pursuant to
Section 3.01 with respect to such series (or any successor thereto (a "Successor
Depositary")).

         "Discount Security" means any security which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

         "Dollar" means the currency of the United States of America that, as at
the time of payment, is legal tender for the payment of public and private
debts.

         "DTC" means The Depository Trust Company.

         "Event of Default", unless otherwise specified in the supplemental
indenture creating a series of Securities, has the meaning specified in
Article V.

         "Extension Period" has the meaning specified in Section 3.12.

         "Federal Reserve" means the Board of Governors of the Federal Reserve
System.

         "Foreign Currency" means any currency issued by the government of one
or more countries other than the United States of America or by any recognized
confederation or association of such governments.

         "Global Security" means a Security in the form prescribed in Section
2.04 evidencing all or part of a series of Securities, issued to the Depositary
of its nominee for such series, and registered in the name of such Depositary or
its nominee.

         "Guarantee Agreement" for each series of Securities has the meaning
specified in the Officers' Certificate for such series delivered pursuant to
Section 3.01 of this Indenture.

                                       4

<PAGE>

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

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

         "Interest Payment Date" means as to each series of Securities the
Stated Maturity of an installment of interest on such Securities.

         "Interest Rate" means the rate of interest specified or determined as
specified in each Security as being the rate of interest payable on such
Security.

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

         "Junior Subordinated Payment" has the meaning specified in
Section 14.02.

         "Lien" means any mortgage, pledge, lien, security interest or other
encumbrance.

         "Liquidation Amount" has the meaning specified in Section 1.01 of the
Trust Agreement.

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

         "1940 Act" means the Investment Company Act of 1940.

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

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company.

         "Optional Prepayment Price" shall have a meaning specified in
Section 2.03.

         "Original Issue Date" means the date of issuance specified as such in
each Security.

                                       5

<PAGE>

         "Other Debentures" means, with respect to any series of Securities, all
junior subordinated debt securities to be issued by the Company pursuant to this
Indenture, other than such series of Securities, with substantially similar
subordination terms, and which will be issued and sold (if at all) to any
BancorpSouth Capital Trust established by the Company (if any), and will be
unsecured and subordinate and junior in right of payment to the extent and to
the manner set forth in this Indenture to all Senior Debt of the Company.

         "Other Guarantees" means, with respect to any series of Securities, all
guarantees (if any) to be issued by the Company with respect to Capital
Securities (if any) to be issued by any BancorpSouth Capital Trust to be
established by the Company (if any), other than the guarantee related to such
series of Securities.

         "Outstanding" means, when used in reference to any Securities, as of
the date of determination, all Securities theretofore authenticated and
delivered under this Indenture, except:

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

                  (ii)     Securities for whose payment money in the necessary
         amount has been theretofore deposited with the Trustee or any Paying
         Agent in trust for the Holders of such Securities; and

                  (iii)    Securities in substitution for or in lieu of which
         other Securities have been authenticated and delivered or which have
         been paid pursuant to Section 3.07, unless proof satisfactory to the
         Trustee is presented that any such Securities are held by Holders in
         whose hands such Securities are valid, binding and legal obligations of
         the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which a Responsible Officer actually knows to
be so owned shall be so disregarded. Securities so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor. Upon the
written request of the Trustee, the Company shall furnish the Trustee promptly
an Officers' Certificate listing and identifying all Securities, if any, known
by the Company to be owned or held by or for the account of the Company, or any
other obligor on the Securities or any Affiliate of the Company or such obligor,
and, subject to the provisions of Section 6.01, the Trustee shall be entitled to
accept such Officers' Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Securities not listed therein are Outstanding
for the purpose of any such determination.

                                       6

<PAGE>

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

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

         "Place of Payment" means, with respect to the Securities of any series,
the place or places where the principal of (and premium, if any) and interest on
the Securities of such series are payable pursuant to Sections 3.01 and 3.08.

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any security
authenticated and delivered under Section 3.07 in lieu of a lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

         "Proceeding" has the meaning specified in Section 14.02.

         "Property Trustee" means, in respect of any BancorpSouth Capital Trust,
the commercial bank or trust company identified as the "Property Trustee" in the
related Trust Agreement, solely in its capacity as Property Trustee of such
BancorpSouth Capital Trust under each Trust Agreement and not in its individual
capacity, or its successor in interest in such capacity, or any successor
property trustee appointed as therein provided.

         "Redemption Date", when used with respect to any Security of a series
to be redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.

         "Regular Record Date" for the interest payable on any Interest Payment
Date with respect to the Securities of a series means, unless otherwise provided
pursuant to Section 3.01 with respect to Securities of a series, the date which
is the Business Day next preceding such Interest Payment Date.

         "Regulatory Authorities" means the Federal Reserve or any other state
or federal regulatory agency having jurisdiction over the Company.

         "Remaining Life" has the meaning specified in Section 2.03.

         "Responsible Officer", when used with respect to the Trustee means any
officer assigned to the Corporate Trust Office, including any managing director,
vice president, assistant vice president, assistant treasurer, assistant
secretary or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and having
direct responsibility for the administration of this Indenture, and also, with
respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

         "Securities" or "Security" means any debt securities or debt security,
as the case may be, authenticated and delivered under this Indenture.

         "Securities Act" means the Securities Act of 1933.

                                       7

<PAGE>

         "Securities Certificate" means a certificate evidencing ownership of
Securities.

         "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 3.06.

         "Senior Debt" with respect to any series of Securities means the
principal of (and premium, if any) and interest, if any (including interest
accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not such claim for
post-petition interest is allowed in such proceeding), on Debt of the Company,
whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, it is provided that such obligations are not
superior in right of payment to the Securities or the Other Debentures;
provided, however, that Senior Debt shall not be deemed to include (a) any Debt
of the Company which, when incurred and without respect to any election under
Section 1111(b) of the U.S. Bankruptcy Code of 1978, as amended, was without
recourse to the Company; (b) any Debt of the Company to any of its Subsidiaries;
(c) Debt to any employee of the Company; (d) Debt which by its terms is
subordinated to trade accounts payable or accrued liabilities arising in the
ordinary course of business to the extent that payments made to the holders of
such Debt by the Holders as a result of the subordination provisions of this
Indenture would be greater than such payments otherwise would have been as a
result of any obligation of such holders of such Debt to pay amounts over to the
obligees on such trade accounts payable or accrued liabilities arising in the
ordinary course of business as a result of the subordination provisions to which
such Debt is subject; and (e) any other debt securities issued pursuant to this
Indenture.

         "Special Event" has the meaning specified in Section 11.07.

         "Special Event Prepayment Price" has the meaning specified in
Section 2.03.

         "Special Record Date" for the payment of any Defaulted interest means a
date fixed by the Trustee pursuant to Section 3.08.

         "Stated Maturity" when used with respect to any Security or any
installment of principal thereof or interest thereon means the date specified
pursuant to the terms of such Security as the date on which the principal of
such Security or such installment of interest is due and payable, in the case of
such principal, as such date may be shortened or extended as provided pursuant
to the terms of such Security and this Indenture.

         "Subsidiary" means a corporation more than 50% of the outstanding
voting stock of which is owned, directly or indirectly, by the Company or by one
or more other Subsidiaries, or by the Company and one or more other
Subsidiaries. For purposes of this definition, "voting stock" means stock which
ordinarily has voting power for the election of directors, whether at all times
or only so long as no senior class of stock has such voting power by reason of
any contingency.

         "Successor Security" of any particular Security means every Security
issued after, and evidencing all or a portion of the same debt as that evidenced
by, such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered

                                       8

<PAGE>

under Section 3.07 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security.

         "Tax Event" means the receipt by the Company of an opinion of
independent counsel experienced in such matters to the effect that, as a result
of any amendment to, or change (including any announced proposed change) in, the
laws or any regulations thereunder of the United States or any political
subdivision or taxing authority thereof or therein, or as a result of any
official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
which proposed change, pronouncement or decision is announced on or after the
Original Issue Date of the applicable series of Securities or of the applicable
Capital Securities issued by the affected BancorpSouth Capital Trust, there is
more than an insubstantial risk that (i) such BancorpSouth Capital Trust is, or
will be within 90 days of the date of such opinion of independent counsel,
subject to United States federal income tax with respect to income received or
accrued on such Securities or subject to more than de minimus amount of other
taxes, duties or other governmental charges as determined by such counsel, or
(ii) interest payable by the Company on such series of Securities is not, or
within 90 days of the date of such opinion of independent counsel, will not be,
deductible by the Company, in whole or in part, for United States federal income
tax purposes.

         "Trust Agreement" with respect to each series of Securities means the
Declaration of Trust with respect to such series, as amended by the Amended and
Restated Declaration of Trust with respect to such series.

         "Trust Securities" has the meaning specified in the first recital of
this Indenture.

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

         "Trust Indenture Act" means the Trust Indenture Act of 1939 (15 U.S.C.
ss.ss. 77aaa-77bbbb), as amended and as in effect on the date of this Indenture,
except as provided in Sections 1.07 and 9.05.

         "Trust Securities" has the meaning specified in the first recital of
this Indenture.

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

         SECTION 1.02.   Compliance Certificate and Opinions.   Upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent (including covenants
compliance with which constitutes a condition precedent), if any, provided for
in this Indenture relating to the proposed action have been

                                       9

<PAGE>

complied with and an Opinion of Counsel stating that in the opinion of such
counsel that all legal matters contained within such conditions precedent
(including covenants compliance with which constitute a condition precedent), if
any, have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than the
certificates provided regarding conditions or covenants waived by the Holders
pursuant to Section 10.05) shall include:

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

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

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

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

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

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

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

                                       10

<PAGE>

         SECTION 1.04.     Acts of Holders.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
to or taken by Holders, may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
is or are delivered to the Trustee, and, where it is hereby expressly required,
to the Company. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this Section.

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

                  (c)      The fact and date of the execution by any Person of
any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient
and in accordance with such reasonable rules as the Trustee may determine.

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

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

                  (f)      The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to take any
action under this Indenture by vote or consent. Except as otherwise provided
herein, such record date shall be the later of 30 days prior to the first
solicitation of such consent or vote or the date of the most recent list of
Holders furnished to the Trustee pursuant to Section 7.01 prior to such
solicitation. If a record date is fixed, those persons who were Holders at such
record date (or their duly designated proxies), and only those persons, shall be
entitled to take such action by vote or consent or to revoke any vote or consent
previously given, whether or not such persons continue to be Holders after such
record date, provided, however, that unless such vote or consent is obtained
from the Holders (or their duly designated proxies) of the requisite principal
amount of Outstanding Securities prior to the date which is the 120th day after

                                       11

<PAGE>

such record date, any such vote or consent previously given shall automatically
and without further action by any Holder be cancelled and of no further effect.

         SECTION 1.05.   Notices, Etc. to Trustee and Company.   Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with:

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

                  (2)      the Company by the Trustee or by any Holder shall be
sufficient for every purpose (except as otherwise provided in Section 5.01
hereof) hereunder if in writing and mailed, first class, postage prepaid, to the
Company addressed to it at the address of its principal office specified in the
first paragraph of this instrument or at any other address previously furnished
in writing to the Trustee by the Company.

         SECTION 1.06.   Notice to Holders; Waiver.   Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed,
first class postage prepaid, to each Holder affected by such event, at the
address of such Holder as it appears in the Securities Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders. Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.

         SECTION 1.07.   Conflict with Trust Indenture Act.   If any provision
of this Indenture limits, qualifies or conflicts with the duties imposed by any
of Section 310 to 317, inclusive, of the Trust Indenture Act through operation
of Section 318(c) thereof, such imposed duties shall control.

         SECTION 1.08.   Effect of Headings and Table of Contents.  The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

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

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

                                       12

<PAGE>

         SECTION 1.11.   Benefits of Indenture.   Nothing in this Indenture or
in the Securities, express or implied, shall give to any Person, other than the
parties hereto, any Paying Agent and their successors and assigns, the holders
of Senior Debt and the Holders of the Securities, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

         SECTION 1.12.   Governing Law.   This Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of
New York, without regard to principles of conflicts of laws.

         SECTION 1.13.   Non-Business Days.   In any case where any Interest
Payment Date, Redemption Date or Stated Maturity of any Security shall not be a
Business Day, then (notwithstanding any other provision of this Indenture or the
Securities) payment of interest or principal need not be made on such date, but
may be made on the next succeeding Business Day (and no interest shall accrue
for the period from and after such Interest Payment Date, Redemption Date or
Stated Maturity, as the case may be, until such next succeeding Business Day)
except that, if such Business Day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on the Interest Payment Date or
Redemption Date or at the Stated Maturity, as the case may be.

                                   ARTICLE II
                                 SECURITY FORMS

         SECTION 2.01.   Forms Generally.   The Securities of each series and
the Trustee's certificate of authentication shall be in substantially the forms
set forth in this Article, or in such other form or forms as shall be
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with applicable tax laws or the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such securities,
as evidenced by their execution of the Securities. If the form of Securities of
any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Company Order contemplated by Section 3.03 with respect
to the authentication and delivery of such Securities.

         The definitive Securities shall be printed, lithographed or engraved or
produced by any combination of these methods, if required by any securities
exchange on which the Securities may be listed, on a steel engraved border or
steel engraved borders or may be produced in any other manner permitted by the
rules of any securities exchange on which the Securities may be listed, all as
determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

         Securities distributed to holders of book-entry Capital Securities
shall be distributed in the form of one or more Global Securities registered in
the name of a Depositary or its nominee, and deposited with the Securities
Registrar, as custodian for such Depositary, or

                                       13

<PAGE>

held by such Depositary for credit by the Depositary to the respective accounts
of the beneficial owners of the Securities represented thereby (or such other
accounts they may direct). Securities distributed to holders of Capital
Securities other than book-entry Capital Securities shall not be issued in the
form of a Global Security or any other form intended to facilitate book-entry
trading in beneficial interests in such Securities.

         SECTION 2.02.   Form of Face of Security.   The form of the face of
each Security shall contain the information set forth below, with provisions
being included and/or modified if applicable, in light of the designations made
in the related Officers' Certificate for that series.

                               BANCORPSOUTH, INC.
                               (Title of Security)

                                                                No. $___________

         BANCORPSOUTH, INC., a corporation organized and existing under the laws
of Mississippi (hereinafter called the "Company", which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to               , or its registered assigns,
the principal sum of                             Dollars on                (the
"Stated Maturity"). The Company further promises to pay interest on said
principal sum from                   , or from the most recent interest payment
date (each such date, an "Interest Payment Date") on which interest has been
paid or duly provided for, [monthly] [quarterly] [semi-annually] [annually] [if
applicable, insert--(subject to deferral as set forth herein)], in arrears on
[insert applicable Interest Payment Dates] of each year, commencing          ,
           , at the rate of   % per annum, until the principal hereof shall have
become due and payable, [if applicable, insert--plus Additional Interest, if
any,] until the principal hereof is paid or duly provided for or made available
for payment [if applicable, insert--and on any overdue principal and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the rate of         %
per annum, compounded [monthly] [quarterly] [semi-annually] [annually] as
Additional Interest]. [The amount of interest payable for any period shall be
computed on the basis of twelve 30-day months and a 360-day year. The amount of
interest payable for any partial period shall be computed on the basis of the
number of days elapsed in a 360-day year of twelve 30-day months.] In the event
that any date on which interest is payable on this Security is not a Business
Day, then a payment of the interest payable on such date will be made on the
next succeeding day which is a Business Day (and without any interest or other
payment in respect of any such delay), [except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case] with the same force and effect as if made
on the date the payment was originally payable. A "Business Day" shall mean any
day other than (i) a Saturday or Sunday, (ii) a day on which banking
institutions in The City of New York are authorized or required by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office of the Trustee or the Corporate Trust Office of the Property Trustee
under the Trust Agreement hereinafter referred to for BancorpSouth Capital Trust
is closed for business. The interest installment so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or

                                       14

<PAGE>

more Predecessor Securities, as defined in the Indenture) is registered at the
close of business on the Regular Record Date for such interest installment,
which shall be the [insert definition of Regular Record Dates]. In addition, if
this Security is issued in certificated form, the record dates for payment of
interest shall be the first day of the last month of each [monthly] [quarterly]
[semi-annual] [annual] period. Any such interest installment not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

         [If applicable, insert--]So long as no Event of Default has occurred
and is continuing, the Company shall have the right at any time during the term
of this Security, from time to time, to defer payment of interest on such
Security for up to      consecutive [monthly] [quarterly] [semi-annual] [annual]
interest payment periods with respect to each deferral period (each an
"Extension Period"), during which Extension Periods the Company shall have the
right to make partial payments of interest on any Interest Payment Date, and at
the end of which the Company shall pay all interest then accrued and unpaid
(together with Additional Interest thereon to the extent permitted by applicable
law); provided, however, that no Extension Period may extend beyond the Maturity
of this Security. During any such Extension Period, the Company will not (i)
declare or pay any dividends or distributions on or redeem, purchase, acquire or
make a liquidation payment with respect to, any of the Company's capital stock
or (ii) make any payment of principal of, interest or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company (including Other
Debentures) that ranks pari passu with or junior in interest to this Security or
(iii) make any guarantee payments with respect to any guarantee by the Company
of the debt securities of any Subsidiary of the Company (including Other
Guarantees) if such guarantee ranks pari passu with or junior in interest to
this Security (other than (a) dividends or distributions in Common Stock of the
Company, (b) any declaration of a dividend in connection with the implementation
of a shareholders' rights plan, or the issuance of stock under any such plan in
the future, or the redemption or repurchase of any such rights pursuant thereto,
(c) payments under the applicable BancorpSouth Guarantee, (d) purchases or
acquisitions of shares of the Company's Common Stock in connection with the
satisfaction by the Company of its obligations under any employee benefit plan
or other contractual obligation of the Company (other than a contractual
obligation ranking pari passu with or junior to these Securities), (e) as a
result of a reclassification of the Company's capital stock or the exchange or
conversion of one class or series of the Company's capital stock for another
class or series of the Company's capital stock, or (f) the purchase of
fractional interests in shares of the Company's capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged). Prior to the termination of any such Extension Period,
the Company may further extend such Extension Period, provided, however,
that such extension does not cause such Extension Period to exceed
         consecutive [monthly] [quarterly] [semi-annual] [annual] interest
payment periods or extend beyond the Maturity of this Security. Upon the
termination of any such Extension Period and the payment of all

                                       15

<PAGE>

accrued and unpaid interest and any Additional Interest then due, the Company
may elect to begin a new Extension Period, subject to the above requirements. No
interest shall be due and payable during an Extension Period except at the end
thereof. The Company shall give the Holder of this Security and the Trustee
notice of its election to begin any Extension Period at least five Business Days
prior to the Interest Payment Date, [if applicable, insert--or, with respect to
the Securities issued to a BancorpSouth Capital Trust, prior to the earlier of
(i) the date the Distributions on the Capital Securities would have been payable
except for the election to begin or extend such Extension Period or (ii) the
date the Administrative Trustees are required to give notice to any automated
quotation system or to holders of such Capital Securities of the record date or
the date such Distributions are payable, but in any event not less than five
Business Days prior to such record date]. There is no limitation on the number
of times the Company may elect to begin an Extension Period.

         Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in the United States, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts [if applicable, insert--; provided, however, that at the option of
the Company payment of any interest may be made (except Securities in Global
form) (i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Securities Register or (ii) by wire transfer in
immediately available funds at such place and to such account as may be
designated by the Person entitled thereto as specified in the Securities
Register].

         The indebtedness evidenced by this Security is, to the extent provided
in the Indenture, subordinate and junior in right of payment to the prior
payment in full of all Senior Debt, and this Security is issued subject to the
provisions of the Indenture with respect thereto. Each Holder of this Security,
by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his behalf to take such actions as may
be necessary or appropriate to effectuate the subordination so provided and (c)
appoints the Trustee his attorney-in-fact for any and all such purposes. Each
Holder hereof, by his acceptance hereof, waives all notice of the acceptance of
the subordination provisions contained herein and in the Indenture by each
holder of Senior Debt, whether now outstanding or hereinafter incurred, and
waives reliance by each such holder upon said provisions.

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

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

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

Date:                                  BANCORPSOUTH, INC.,

                                       16

<PAGE>

[Seal]

                                       By
                                          -------------------------------------
                                          [Chairman and Chief Executive Officer,
                                          President or Vice President]

Attest:

[Secretary or Assistant Secretary]

         SECTION 2.03.   Form of Reverse of Security.   This Security is one of
a duly authorized issue of securities of the Company (herein called the
"Securities"), issued and to be issued in one or more series under a Junior
Subordinated Indenture, dated as of [     ], as supplemented by an Officers'
Certificate dated as of [      ], (herein called the "Indenture"), between the
Company and [The Bank of New York], as Trustee (herein called the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Securities, and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof
[, limited in aggregate principal amount to $      ].

         All terms used in this Security that are defined in the Indenture [if
applicable, insert--and in the Amended and Restated Declaration of Trust of
[insert the applicable BancorpSouth Capital Trust ], dated as of [         ], as
amended (the "Amended and Restated Declaration of Trust"), among BancorpSouth,
Inc., as Depositor, and the Trustees named therein,] shall have the meanings
assigned to them in the Indenture or, to the extent not defined in the
Indenture, the Amended and Restated Declaration of Trust, as the case may be.

         [If applicable, insert--On or after         , the Company may at any
time, at its option, subject to the terms and conditions of Article XI of the
Indenture and subject to the Company having received prior approval of the
Regulatory Authorities if then required under applicable capital guidelines of
the Regulatory Authorities, redeem this Security in whole or in part at any time
or from time to time prior to maturity, at a redemption price (the "Optional
Prepayment Price") equal to the following prices, expressed in percentages of
the principal amount of the Securities together with accrued but unpaid interest
to but excluding the date fixed for redemption. If redeemed during the 12-month
period beginning         :

         Year                                         Redemption Price

         [Insert year and redemption prices]

and at 100% on or after          .]

         [If applicable, insert-- If a Tax Event, a Capital Treatment Event or
an Investment Company Event (each a "Special Event") shall occur and be
continuing, the Company may,

                                       17

<PAGE>

at its option and subject to receipt of prior approval of the Regulatory
Authorities if then required under applicable capital guidelines or policies of
the Regulatory Authorities and subject to the provisions of Article XI of the
Indenture, prepay the Securities prior to           within 90 days after the
occurrence of such Special Event, in whole (but not in part), at a prepayment
price (the "Special Event Prepayment Price") equal to 100% of the
principal amount of such Securities. In the case of redemption on or
after          following a Special Event, the Special Event Prepayment Price
shall equal the Optional Prepayment Price applicable to a redemption as
described above.

         In the event of redemption of this Security in part only, a new
Security or Securities of this series for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

         [If the Security is not a Discount Security,--If an Event of Default
with respect to Securities of this series shall occur and be continuing, the
principal of this Security may be declared due and payable in the manner, with
the effect and subject to the conditions provided in the Indenture].

         [If the Security is a Discount Security,--If an Event of Default with
respect to Securities of this series shall occur and be continuing, an amount of
principal of this Security may be declared due and payable in the manner, with
the effect and subject to the conditions provided in the Indenture. Such amount
shall be equal to [--insert formula for determining the amount]. Upon payment
(i) of the amount of principal so declared due and payable and (ii) of interest
on any overdue principal and overdue interest (in each case to the extent that
the payment of such interest shall be legally enforceable), all of the Company's
obligations in respect of the payment of the principal of and interest, if any,
on this Security shall terminate.]

         The Indenture permits, with certain exceptions as therein provided, the
Company and the Trustee at any time to enter into a supplemental indenture or
indentures for the purpose of modifying in any manner the rights and obligations
of the Company and of the Holders of the Securities, with the consent of the
Holders of not less than a majority in principal amount of the Outstanding
Securities of each series to be affected by such supplemental indenture. The
Indenture also contains provisions permitting Holders of specified percentages
in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

         [If the Security is not a Discount Security,--As provided in and
subject to the provisions of the Indenture, if an Event of Default with respect
to the Securities of this series at the time Outstanding occurs and is
continuing, then and in every such case the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Outstanding Securities of this
series may declare the aggregate principal amount of all the Securities of this
series to be due and payable immediately, by a notice in writing to the

                                       18

<PAGE>

Company (and to the Trustee if given by Holders), provided, however, that, in
the case of the Securities of this series issued to a BancorpSouth Capital
Trust, if upon an Event of Default, the Trustee or the Holders of not less than
25% in aggregate principal amount of the Outstanding Securities of this series
fails to declare the principal of all the Securities of this series to be
immediately due and payable, the holders of at least 25% in aggregate
Liquidation Amount of the corresponding series of Capital Securities then
outstanding shall have such right by a notice in writing to the Company and the
Trustee. The Holders of a majority in aggregate principal amount of the
Outstanding Securities of this series may annul such declaration and waive the
default by written notice to the Property Trustee, the Company and the Trustee
if the default (other than the non-payment of the principal of these Securities
which has become due solely by such acceleration) has been cured and a sum
sufficient to pay all matured installments of interest and principal due
otherwise than by acceleration has been deposited with the Trustee. Should the
Holders of these Securities fail to annul such declaration and waive such
default, the holders of a majority in aggregate Liquidation Amount of the
Capital Securities shall have such right. Upon any such declaration such
specified amount of and the accrued interest (including any Additional Interest)
on all the Securities of this series shall become immediately due and payable,
provided that the payment of principal and interest (including any Additional
Interest) on such Securities shall remain subordinated to the extent provided in
Article XIV of the Indenture.]

         [If the Security is a Discount Security,--As provided in and subject to
the provisions of the Indenture, if an Event of Default with respect to the
Securities of this series at the time Outstanding occurs and is continuing, then
and in every such case the Trustee or the Holders of not less than such portion
of the principal amount as may be specified in the terms of this series of all
the Securities of this series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), provided that,
in the case of the Securities of this series issued to a BancorpSouth Capital
Trust, if upon an Event of Default, the Trustee or the Holders of not less than
25% in aggregate principal amount of the Outstanding Securities of this series
fails to declare the principal of all the Securities of this series to be
immediately due and payable, the holders of at least 25% in aggregate
Liquidation Amount of the corresponding series of Capital Securities then
outstanding shall have such right by a notice in writing to the Company and the
Trustee. The Holders of a majority in aggregate principal amount of the
Outstanding Securities of this series may annul such declaration and waive the
default if the default (other than the nonpayment of the principal of these
Securities which has become due solely by such acceleration) has been cured and
a sum sufficient to pay all matured installments of interest and principal due
otherwise than by acceleration has been deposited with the Trustee. Should the
Holders of these Securities fail to annul such declaration and waive such
default, the holders of a majority in aggregate Liquidation Amount of the
Capital Securities shall have such right. Upon any such declaration of such
principal amount and the accrued interest (including any Additional Interest) on
all the Securities of this series shall become immediately due and payable,
provided that the payment of principal and interest (including any Additional
Interest) on such Securities shall remain subordinated to the extent provided in
Article XIV of the Indenture.]

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and

                                       19

<PAGE>

unconditional, to pay the principal of (and premium, if any) and interest on
this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Securities
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company maintained pursuant to Section 10.02 of the
Indenture duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Securities Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing and thereupon
one or more new Securities of this series, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee
or transferees. No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee shall treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $          and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of such series of a different authorized
denomination, as requested by the Holder surrendering the same.

         The Company and, by its acceptance of this Security or a beneficial
interest therein, the Holder of, and any Person that acquires a beneficial
interest in, this Security intend that such Security constitute indebtedness and
agree to treat such Security as indebtedness for all United States federal,
state and local tax purposes.

         THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES THEREOF.

         SECTION 2.04.   Additional Provisions Required in Global Security.
Any Global Security issued hereunder shall, in addition to the provisions
contained in Sections 2.02 and 2.03, bear a legend in substantially the
following form:

         "This Security is a Global Security within the meaning of the
         Indenture hereinafter referred to and is registered in the
         name of The Depository Trust Company (the "Depositary") or a
         nominee of the Depositary. This Security is exchangeable for
         Securities registered in the name of a person other than the
         Depositary or its nominee only in the limited circumstances
         described in the Indenture and no transfer of this Security
         (other than a transfer of this Security as a whole by the
         Depositary to a nominee of the Depositary or by a nominee of

                                  20

<PAGE>

         the Depositary to the Depositary or another nominee of the
         Depositary) may be registered except in limited
         circumstances.

         Unless this Security is presented by an authorized
         representative of The Depository Trust Company (55 Water
         Street, New York) to BancorpSouth, Inc. or its agent for
         registration of transfer, exchange or payment, and any
         Security issued is registered in the name of Cede & Co. or
         such other name as requested by an authorized representative
         of The Depository Trust Company and any payment hereon is
         made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
         FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL inasmuch as
         the registered owner hereof, Cede & Co., has an interest
         herein."

         SECTION 2.05.   Form of Trustee's Certificate of Authentication.  This
is one of the Securities referred to in the within mentioned Indenture:

                                  as Trustee

                                       By:
                                          -------------------------------------
                                                  Authorized Signatory

                                   ARTICLE III
                                 THE SECURITIES

         SECTION 3.01.   Title and Terms.   The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited.

         The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of a series:

                  (a)      the title of the securities of such series, which
shall distinguish the Securities of the series from all other Securities;

                  (b)      the limit, if any, upon the aggregate principal
amount of the Securities of such series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.04, 3.06, 3.07, 9.06 or 11.06); provided,
however, that the authorized aggregate principal amount of such series may be
increased above such amount by a Board Resolution to such effect;

                  (c)      the Stated Maturity or Maturities on which the
principal of the Securities of such series is payable or the method of
determination thereof;

                  (d)      the rate or rates, if any, at which the Securities of
such series shall bear interest, if any, the rate or rates and extent to which
Additional Interest, if any, shall be payable in respect of any Securities of
such series, the Interest Payment Dates on which

                                       21

<PAGE>

such interest shall be payable, the right, pursuant to Section 3.12 or as
otherwise set forth therein, of the Company to defer or extend an Interest
Payment Date, and the Regular Record Date for the interest payable on any
Interest Payment Date or the method by which any of the foregoing shall be
determined;

                  (e)      the place or places where the principal of (and
premium, if any) and interest on the Securities of such series shall be payable,
the place or places where the Securities of such series may be presented for
registration of transfer or exchange, and the place or places where notices and
demands to or upon the Company in respect of the Securities of such series may
be made;

                  (f)      the period or periods within or the date or date on
which, if any, the price or prices at which and the terms and conditions upon
which the Securities of such series may be redeemed, in whole or in part, at the
option of the Company;

                  (g)      the obligation or the right, if any, of the Company
to redeem, repay or purchase the Securities of such series pursuant to any
sinking fund, amortization or analogous provisions, or at the option of a Holder
thereof, and the period or periods within which, the prices or prices at which,
the currency or currencies (including currency unit or units) in which and the
other terms and conditions upon which Securities of the series shall be
redeemed, repaid or purchased, in whole or in part, pursuant to such
obligations;

                  (h)      the denominations in which any Securities of such
series shall be issuable, if other than denominations of $25.00 and any integral
multiple thereof;

                  (i)      if other than Dollars, the currency or currencies
(including currency unit or units) in which the principal of (and premium, if
any) and interest, if any, on the Securities of the series shall be payable, or
in which the Securities of the series shall be denominated and the manner of
determining the equivalent thereof in Dollars for purposes of the definition of
the term "Outstanding";

                  (j)      the additions, modifications or deletions, if any, in
the Events of Default or covenants of the Company set forth herein with respect
to the Securities of such series;

                  (k)      if other than the principal amount thereof, the
portion of the principal amount of Securities of such series that shall be
payable upon declaration of acceleration of the Maturity thereof;

                  (l)      the additions or changes, if any, to this Indenture
with respect to the Securities of such series as shall be necessary to permit or
facilitate the issuance of the Securities of such series in bearer form,
registrable or not registrable as to principal, and with or without interest
coupons;

                  (m)      any index or indices used to determine the amount of
payments of principal of and premium, if any, on the Securities of such series
or the manner in which such amounts will be determined;

                                       22

<PAGE>

                  (n)      the issuance of a temporary Global Security
representing all of the Securities of such series and exchange of such temporary
Global Security for definitive Securities of such series;

                  (o)      whether the Securities of the series shall be issued
in whole or in part in the form of one or more Global Securities and, in such
case, the Depositary for such Global Securities, which Depositary shall be a
clearing agency registered under the Securities Exchange Act of 1934;

                  (p)      the appointment of any Paying Agent or Agents for the
Securities of such series;

                  (q)      the terms of any right to convert or exchange
Securities of such series into any other securities or property of the Company,
and the additions or changes, if any, to this Indenture with respect to the
Securities of such series to permit or facilitate such conversion or exchange;

                  (r)      the transfer restrictions and legends required to be
on the Securities;

                  (s)      the definitions of Amended and Restated Declaration
of Trust, Declaration of Trust and Guarantee Agreement for each series;

                  (t)      the relative degree, if any, to which the Securities
of the series shall be senior to or be subordinated to other series of
Securities in right of payment, whether such other series of Securities are
Outstanding or not; and

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

         All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided herein or in
or pursuant to such Board Resolution and set forth in such Officers' Certificate
or in any such indenture supplemental hereto.

         Unless otherwise provided with respect to the Securities of any series,
at the option of the Company, interest on the Securities of any series that
bears interest may be paid by (i) mailing a check to the address of the person
entitled thereto as such address shall appear in the Securities Register or (ii)
wire transfer in immediately available funds at such place and to such account
as may be designated by the person entitled thereto as specified in the
Securities Register.

         SECTION 3.02.   Denominations.   The Securities of each series shall
be in registered form without coupons and shall be issuable in denominations of
$25.00 and any integral multiple thereof, unless otherwise specified as
contemplated by Section 3.01.

         SECTION 3.03.   Execution, Authentication, Delivery and Dating.   The
Securities shall be executed on behalf of the Company by its Chairman of the
Board, its President or one of its Vice Presidents and attested by its Secretary
or one of its Assistant Secretaries. The signature of any of these officers on
the Securities may be manual or facsimile.

                                       23

<PAGE>

         Securities bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of such Securities. At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver
Securities executed by the Company to the Trustee for authentication. Securities
may be authenticated on original issuance from time to time and delivered
pursuant to such procedures acceptable to the Trustee ("Procedures") as may be
specified from time to time by Company Order. Procedures may authorize
authentication and delivery pursuant to oral instructions of the Company or a
duly authorized agent, which instructions shall be promptly confirmed in
writing.

         Prior to the delivery of a Security in any such form to the Trustee for
authentication, the Company shall deliver to the Trustee the following:

                  (a)      a Company Order requesting the Trustee's
authentication and delivery of all or a portion of the Securities of such
series, and if less than all, setting forth procedures for such authentication;

                  (b)      the Board Resolution by or pursuant to which such
form of Security has been approved, and the Board Resolution, if any, by or
pursuant to which the terms of the Securities of such series have been approved,
and, if pursuant to a Board Resolution, an Officers' Certificate describing the
action taken;

                  (c)      an Officers' Certificate dated the date such
certificate is delivered to the Trustee, stating that all conditions precedent
provided for in this Indenture relating to the authentication and delivery of
Securities in such form and with such terms have been complied with; and

                  (d)      an Opinion of Counsel substantially to the effect
that (i) the form of such Securities has been duly authorized and approved in
conformity with the provisions of this Indenture; (ii) the terms of such
Securities have been duly authorized and determined in conformity with the
provisions of this Indenture, or, if such terms are to be determined pursuant to
Procedures, as defined above, when so determined such terms shall have been duly
authorized and determined in conformity with the provisions of this Indenture;
and (iii) Securities in such form when completed by appropriate insertions and
executed and delivered by the Company to the Trustee for authentication in
accordance with this Indenture, authenticated and delivered by the Trustee in
accordance with this Indenture within the authorization as to aggregate
principal amount established from time to time by the Board of Directors and
sold in the manner specified in such Opinion of Counsel, will be the legal,
valid and binding obligations of the Company entitled to the benefits of this
Indenture, subject to applicable bankruptcy, reorganization, insolvency and
similar laws generally affecting creditors' rights, to general equitable
principles and except as enforcement thereof may be limited by (A) requirements
that a claim with respect to any Securities denominated other than in Dollars
(or a Foreign Currency or currency unit judgment in respect of such claim) be
converted into Dollars at a rate of exchange prevailing on a date determined
pursuant to applicable law or (B) governmental authority to limit, delay or
prohibit the making of payments in Foreign Currencies or currency units

                                       24

<PAGE>

or payments outside the United States, and subject to such other qualifications
as such counsel shall conclude do not materially affect the rights of Holders of
such Securities.

         The Trustee shall be entitled to receive the documents referred to in
clauses (b) and (d) above only at or prior to the first request of the Company
to the Trustee to authenticate Securities of such series.

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture, or
be valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
officers, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and
delivered hereunder.

         SECTION 3.04.   Temporary Securities.   Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company
Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any
denomination, substantially of the tenor of the definitive Securities of such
series in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities.

         If temporary Securities of any series are issued, the Company will
cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities, the temporary Securities
shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at the office or agency of the Company designated for that purpose
without charge to the Holder. Upon surrender for cancelation of any one or more
temporary Securities, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of the same series of authorized denominations having the
same Original Issue Date and Stated Maturity and having the same terms as such
temporary Securities. Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive
Securities.

         SECTION 3.05.   Global Securities.

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

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

                                       25

<PAGE>

advises the Trustee in writing that such Depositary is no longer willing or able
to properly discharge its responsibilities as Depositary with respect to such
Global Security, and the Company is unable to locate a qualified successor, (b)
the Company executes and delivers to the Trustee a Company Order stating that
the Company elects to terminate the book-entry system through the Depositary,
(c) there shall have occurred and be continuing an Event of Default or (d)
pursuant to the following sentence. All or any portion of a Global Security may
be exchanged for a Security that has a like aggregate principal amount and is
not a Global Security upon 20 days' prior request made by the Depositary or its
Agent Member to the Securities Registrar.

                  (c)      If any Global Security is to be exchanged for other
Securities or cancelled in whole, it shall be surrendered by or on behalf of the
Depositary or its nominee to the Securities Registrar for exchange or
cancelation as provided in this Article III. If any Global Security is to be
exchanged for other Securities or cancelled in part, or if another Security is
to be exchanged in whole or in part for a beneficial interest in any Global
Security, then either (i) such Global Security shall be so surrendered for
exchange or cancelation as provided in this Article III or (ii) the principal
amount thereof shall be reduced, subject to Section 3.06(b)(iv), or increased by
an amount equal to the portion thereof to be so exchanged or cancelled, or equal
to the principal amount of such other Security to be so exchanged for a
beneficial interest therein, as the case may be, by means of an appropriate
adjustment made on the records of the Securities Registrar, whereupon the
Trustee shall instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records. Upon any such surrender or adjustment
of a Global Security by the Depositary, accompanied by registration
instructions, the Trustee shall, subject to Section 3.05(b) and as otherwise
provided in this Article III, authenticate and deliver any Securities issuable
in exchange for such Global Security (or any portion thereof) in accordance with
the instructions of the Depositary. The Trustee shall not be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be fully protected in relying on, such instructions.

                  (d)      The Depositary or its nominee, as registered owner of
a Global Security, shall be the Holder of such Global Security for all purposes
under this Indenture and the Securities, and owners of beneficial interests in a
Global Security shall hold such interest pursuant to the rules and procedures of
the Depositary. Accordingly, any such owner's beneficial interests in a Global
Security shall be shown only on, and the transfer of such interest shall be
effected only through, records maintained by the Depositary or its nominee or
its Agent Members. Neither the Trustee nor the Securities Registrar shall have
any liability in respect of any transfers effected by the Depositary.

                  (e)      The rights of the beneficial interests in a Global
Security shall be exercised only through the Depositary and shall be limited to
those established by law and agreements between such owners and the Depositary
and/or its Agent Members.

         SECTION 3.06.   Registration, Transfer and Exchange Generally; Certain
Transfer and Exchanges.

                  (a)      The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of the Securities and of transfers of

                                       26

<PAGE>

Securities. Such register is herein sometimes referred to as the "Securities
Register". The Trustee is hereby appointed "Securities Registrar" for the
purpose of registering the Securities and transfers of Securities as herein
provided.

         Upon surrender for registration of transfer of any Security at the
office or agency of the Company designated for that purpose the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series of any authorized denominations, of a like aggregate principal amount, of
the same Original Issue Date and Stated Maturity and having the same terms.

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

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

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

         No service charge shall be made to a Holder for any transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of Securities.

         Neither the Company nor the Trustee shall be required, pursuant to the
provisions of this Section, (a) to issue, transfer or exchange any Security of
any series during a period beginning at the opening of business 15 days before
the day of mailing of a notice of redemption of Securities pursuant to Article
XI and ending at the close of business on the day of mailing of notice of
redemption or (b) to transfer or exchange any Security so selected for
redemption in whole or in part, except, in the case of any Security to be
redeemed in part, any portion thereof not to be redeemed.

         (b)      Certain Transfers and Exchanges.   Notwithstanding any other
provision of the Indenture, transfers and exchanges of Securities and beneficial
interests in a Global Capital Security of the kinds specified in this Section
3.06(b) shall be made only in accordance with this Section 3.06(b).

                  (i)      Non-Global Security to Global Security. If the Holder
         of a Security (other than a Global Security) wishes at any time to
         transfer all or any

                                       27

<PAGE>

         portion of such Security to a Person who wishes to take delivery
         thereof in the form of a beneficial interest in a Global Security, such
         transfer may be effected only in accordance with the provisions of this
         clause (b)(i) and subject to the rules and procedures of the
         Depositary. Upon receipt by the Securities Registrar of (A) such
         Security as provided in Section 3.06(a) and instructions satisfactory
         to the Securities Registrar directing that a beneficial interest in the
         Global Security in a specified principal amount not greater than the
         principal amount of such Security be credited to a specified Agent
         Member's account and (B) a Securities Certificate duly executed by such
         Holder or such Holder's attorney duly authorized in writing, then the
         Securities Registrar shall cancel such Security (and issue a new
         Security in respect of the untransferred portion thereof) as provided
         in Section 3.06(a) and increase the aggregate principal amount of the
         Global Security by the specified principal amount as provided in
         Section 3.05(c).

                  (ii)     Non-Global Security to Non-Global Security. A
         Security that is not a Global Security may be transferred, in whole or
         in part, to a Person who takes delivery in the form of another Security
         that is not a Global Security as provided in Section 3.06(a).

                  (iii)    Exchanges between Global Security and Non-Global
         Security. A beneficial interest in a Global Security may be exchanged
         for a Security that is not a Global Security as provided in Section
         3.05.

                  (iv)     Limitations Relating to Principal Amount.
         Notwithstanding any other provision of this Indenture and unless
         otherwise specified as permitted by Section 3.01, Securities or
         portions thereof may be transferred or exchanged only in principal
         amounts of not less than $25.00 and integral multiples of $25.00 in
         excess thereof. Any transfer, exchange or other disposition of
         Securities in contravention of the Section 3.06(b)(iv) shall be deemed
         to be void and of no legal effect whatsoever, any such transferee shall
         be deemed not to be the Holder or owner of any beneficial interest in
         such Securities for any purpose, including but not limited to the
         receipt of interest payable on such Securities, and such transferee
         shall be deemed to have no interest whatsoever in such Securities.

         SECTION 3.07.   Mutilated, Destroyed, Lost and Stolen Securities.   If
any mutilated Security is surrendered to the Trustee together with such security
or indemnity as may be required by the Company or the Trustee to save each of
them harmless, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same issue and series of like
tenor and principal amount, having the same Original Issue Date and Stated
Maturity and bearing the same Interest Rate as such mutilated Security, and
bearing a number not contemporaneously outstanding.

         If there shall be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any
Security, and (ii) such security or indemnity as may be required by them to save
each of them harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide purchaser, the
issuing Company shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same issue and series of like tenor and
principal amount, having the same

                                       28

<PAGE>

Original Issue Date and Stated Maturity and bearing the same Interest Rate as
such destroyed, lost or stolen Security, and bearing a number not
contemporaneously outstanding.

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

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

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

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

         SECTION 3.08.   Payment of Interest; Interest Rights Preserved.
Interest on any Security of any series which is payable, and is punctually paid
or duly provided for, on any Interest Payment Date, shall be paid to the Person
in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest
in respect of Securities of such series, except that, unless otherwise provided
in the Securities of such series, interest payable on the Stated Maturity of a
Security shall be paid to the Person to whom principal is paid. The initial
payment of interest on any Security of any series which is issued between a
Regular Record Date and the related Interest Payment Date shall be payable as
provided in such Security or in the Board Resolution pursuant to Section 3.01
with respect to the related series of Securities.

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

                  (1)      The Company may elect to make payment of any
Defaulted Interest to the Persons in whose names the Securities of such series
in respect of which interest is in default (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted

                                       29

<PAGE>

Interest or shall make arrangements satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted Interest as
in this Clause provided. Thereupon the Trustee shall fix a Special Record Date
for the payment of such Defaulted Interest which shall not be more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class, postage prepaid, to each Holder of a
Security of such series at the address of such Holder as it appears in the
Securities Register not less than 10 days prior to such Special Record Date. The
Trustee may, in its discretion, in the name and at the expense of the Company,
cause a similar notice to be published at least once in a newspaper, customarily
published in the English language on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, but such
publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered on such
Special Record Date and shall no longer be payable pursuant to the following
Clause (2).

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

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

         SECTION 3.09.   Persons Deemed Owners.   The Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name any
Security is registered as the owner of such Security for the purpose of
receiving payment of principal of and (subject to Section 3.08) interest on such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary. No holder of any
beneficial interest in any Global Security held on its behalf by a Depositary
shall have any rights under this Indenture with respect to such Global Security,
and such Depositary may be treated by the Company, the Trustee and any agent of
the Company or the Trustee as the owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company or the Trustee from giving effect to any written certification, proxy,
or other authorization furnished by a Depositary or impair, as between the
Depositary and such holders of beneficial interests,

                                       30

<PAGE>

the operation of customary practices governing the exercise of the rights of the
Depositary (or its nominee) as Holder of any Security.

         SECTION 3.10.   Cancellation.   All Securities surrendered for
payment, redemption, transfer or exchange shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee, and any such Securities and
Securities surrendered directly to the Trustee for any such purpose shall be
promptly cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities
so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities shall be destroyed by the Trustee and the Trustee shall deliver to
the Company a certificate of such destruction.

         SECTION 3.11.   Computation of Interest.   Except as otherwise
specified as contemplated by Section 3.01 for Securities of any series, interest
on the Securities of each series for any period shall be computed on the basis
of a 360-day year of twelve 30-day months and interest on the Securities of each
series for any partial period shall be computed on the basis of the number of
days elapsed in a 360-day year of twelve 30-day months.

         SECTION 3.12.   Deferrals of Interest Payment Dates.   If specified as
contemplated by Section 3.01 with respect to the Securities of a particular
series, provided that no Event of Default has occurred and is continuing with
respect to the Securities, the Company shall have the right, at any time or from
time to time during the term of such series, to defer the payment of interest on
such Securities for such period or periods as may be specified as contemplated
by Section 3.01 (each, an "Extension Period") during which Extension Periods the
Company shall have the right to make partial payments of interest on any
Interest Payment Date. No Extension Period shall end on a date other than an
Interest Payment Date. At the end of any such Extension Period the Company shall
pay all interest then accrued and unpaid on the Securities (together with
Additional Interest thereon, if any, at the rate specified for the Securities of
such series to the extent permitted by applicable law), provided, however, that
no Extension Period may extend beyond the Stated Maturity of these Securities.
During any such Extension Period, the Company shall not (i) declare or pay
dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company's capital stock, or (ii)
make any payment of principal, interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Company (including Other
Debentures) that rank pari passu with or junior in interest to the Securities of
such series or (iii) make any guarantee payments with respect to any guarantee
by the Company of the debt securities of any Subsidiary of the Company
(including Other Guarantees) if such guarantee ranks pari passu with or junior
in interest to the Securities of such series (other than (a) dividends or
distributions in common stock of the Company, (b) any declaration of a dividend
in connection with the implementation of a shareholders' rights plan, or the
issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the
applicable BancorpSouth Guarantee, (d) purchases or acquisitions of shares of
the Company's Common Stock in connection with the satisfaction by the Company of
its obligations under any employee benefit plan or other contractual obligation
of the

                                       31

<PAGE>

Company (other than a contractual obligation ranking pari passu with or junior
to these Securities, (e) as a result of a reclassification of the Company's
capital stock or the exchange or conversion of one class or series of the
Company's capital stock for another class or series of the Company's capital
stock, or (f) the purchase of fractional interests in shares of the Company's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged). Prior to the termination of
any such Extension Period, the Company may further extend such Extension Period;
provided, however, that no Extension Period shall exceed the period or periods
specified in such Securities or extend beyond the Stated Maturity of such
Securities. Upon termination of any Extension Period and upon the payment of all
accrued and unpaid interest and any Additional Interest then due on any Interest
Payment Date, and subject to the foregoing limitations, the Company may elect to
begin a new Extension Period. No interest shall be due and payable during an
Extension Period, except at the end thereof. The Company shall give the Holders
of the Securities of such series and the Trustee and the Property Trustee notice
of its election to begin any such Extension Period (or an extension thereof) at
least five Business Days prior to the Interest Payment Date or, with respect to
the Securities of a series issued to a BancorpSouth Capital Trust, prior to the
earlier of (i) the date the Distributions on the Trust Securities of such
BancorpSouth Capital Trust would have been payable except for the election to
begin or extend such Extension Period or (ii) the date the Administrative
Trustees of such BancorpSouth Capital Trust are required to give notice to any
automated quotation system or to holders of Trust Securities of the record date
or the date such Distributions are payable, but in any event not less than five
Business Days prior to such record date. There is no limitation on the number of
times that the Company may elect to begin an Extension Period.

         SECTION 3.13.   Agreed Tax Treatment.   Each Security issued hereunder
shall provide that the Company and, by its acceptance of a Security or a
beneficial interest therein, the Holder of, and any Person that acquires a
beneficial interest in, such Security intend that such Security constitute
indebtedness and agree to treat such Security as indebtedness for all United
States federal, state and local tax purposes.

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

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

         SECTION 4.01.   Satisfaction and Discharge of Indenture.   This
Indenture shall cease to be of further effect (except as to (i) any surviving
rights of transfer, substitution and exchange of Securities, (ii) rights
hereunder of Holders to receive payments of principal of (and premium, if any)
and interest on the Securities and other rights, duties and obligations of the
Holders as beneficiaries hereof with respect to the amounts, if any, deposited
with the Trustee pursuant to this Article IV and (iii) the rights and
obligations of

                                       32

<PAGE>

the Trustee hereunder), and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

                  (1)      either

                           (A)      all Securities theretofore authenticated and
         delivered (other than (i) Securities which have been destroyed, lost or
         stolen and which have been replaced or paid as provided in Section 3.07
         and (ii) Securities for whose payment money has theretofore been
         deposited in trust or segregated and held in trust by the Company and
         thereafter repaid to the Company or discharged from such trust, as
         provided in Section 10.03) have been delivered to the Trustee for
         cancellation; or

                           (B)      all such Securities not theretofore
         delivered to the Trustee for cancellation

                                    (i)     have become due and payable, or

                                    (ii)     will become due and payable at
                  their Stated Maturity within one year of the date of deposit,
                  and the Company, in the case of Clause (B)(i) or (B)(ii)
                  above, has deposited or caused to be deposited with the
                  Trustee as trust funds in trust for such purpose an amount in
                  the currency or currencies in which the Securities of such
                  series are payable sufficient to pay and discharge the entire
                  indebtedness on such Securities not theretofore delivered to
                  the Trustee for cancellation, for principal (and premium, if
                  any) and interest (including any Additional Interest) to the
                  date of such deposit (in the case of Securities which have
                  become due and payable) or to the Stated Maturity;

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

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.07 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 4.02 and the last
paragraph of Section 10.03 shall survive.

         SECTION 4.02.   Application of Trust Money.   Subject to the provisions
of the last paragraph of Section 10.03, all money deposited with the Trustee
pursuant to Section 4.01, shall be held in trust and applied by the Trustee, in
accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for the
payment of which such money or obligations have been deposited with or

                                       33

<PAGE>

received by the Trustee; provided, however, that such moneys need not be
segregated from other funds except to the extent required by law.

                                    ARTICLE V
                                    REMEDIES

         SECTION 5.01.   Events of Default.   "Event of Default", wherever used
herein with respect to the Securities of any series, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

                  (1)      default in the payment of any interest upon any
Security of that series, including any Additional Interest in respect thereof,
when it becomes due and payable, and continuance of such default for a period of
30 days (subject to the deferral of any due date in the case of an Extension
Period); or

                  (2)      default in the payment of the principal of (or
premium, if any, on) any Security of that series when due, whether at its
Maturity, upon redemption, by declaration of acceleration or otherwise; or

                  (3)      default in the performance, or breach, in any
material respect, of any covenant or warranty of the Company in this Indenture
(other than a covenant or warranty a default in the performance of which or the
breach of which is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 90 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate
outstanding principal amount of the Securities of that series a written notice
specifying such default or breach and requiring it to be remedied; or

                  (4)      the entry or a decree or order by a court having
jurisdiction in the premises adjudging the Company a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or of any substantial part of its property or
ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive
days; or

                  (5)      the institution by the Company of proceedings to be
adjudicated a bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under any
applicable federal or state bankruptcy, insolvency, reorganization or other
similar law, or the consent by it to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or of any substantial part of its property, or
the making by it of an assignment for the benefit for creditors, or the
admission by it in writing of its inability to pay its debts generally as they
become due and its willingness to be adjudicated a

                                       34

<PAGE>

bankrupt, or the taking of corporate action by the Company in furtherance of any
such action; or

                  (6)      in respect of a series issued to a BancorpSouth
Capital Trust, the voluntary or involuntary dissolution, winding-up or
termination of a BancorpSouth Capital Trust, except in connection with the
distribution of the Securities to the holders of Trust Securities in liquidation
of such BancorpSouth Capital Trust, the redemption of all the Trust Securities
of a BancorpSouth Capital Trust, or certain mergers, consolidations or
amalgamations, each as permitted by the applicable Trust Agreement; or

                  (7)      any other Event of Default with respect to Securities
of that series as may be specified in an Officers' Certificate or supplemental
indenture pursuant to Section 3.01 hereof.

         SECTION 5.02.   Acceleration of Maturity; Rescission and Annulment.
If an Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of that series may declare the principal amount (or, if
the Securities of that series are Discount Securities, such portion of the
principal amount as may be specified in the terms of that series) of all the
Securities of that series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), provided,
however, that, in the case of the Securities of a series issued to a
BancorpSouth Capital Trust, if, upon an Event of Default, the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of that series fail to declare the principal of all the Securities of
that series to be immediately due and payable, the holders of at least 25% in
aggregate Liquidation Amount of the corresponding series of Capital Securities
then outstanding shall have such right by a notice in writing to the Company and
the Trustee. The Holders of a majority in aggregate principal amount of the
Outstanding Securities of these Securities may annul such declaration and waive
the default by written notice to the Property Trustee, the Company and the
Trustee if the default (other than the nonpayment of the principal of the
Securities of such a series which has become due solely by such acceleration)
has been cured and a sum sufficient to pay all matured installments of interest
and principal due otherwise than by acceleration has been deposited with the
Trustee. Should the Holders of the Securities of such a series fail to annul
such declaration and waive such default, the holders of a majority in aggregate
Liquidation Amount of the Capital Securities shall have such right. Upon any
such declaration such principal amount (or specified amount) of and the accrued
interest (including any Additional Interest) on all the Securities of such
series shall become immediately due and payable, provided, however, that the
payment of principal and interest (including any Additional Interest) on such
Securities shall remain subordinated to the extent provided in Article XIV.

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

                                       35

<PAGE>

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

                           (A) all overdue installments of interest (including
                  any Additional Interest) on all Securities of that series,

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

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

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

         The Holders of a majority in aggregate outstanding principal amount of
the Securities of a series affected thereby may, on behalf of the Holders of all
the Securities of such series, waive any past default, except a default in the
payment of principal of (or premium, if any) or interest (unless such default
has been cured and a sum sufficient to pay all matured installments of interest
and principal due otherwise than by acceleration has been deposited with the
Trustee) or a default in respect of a covenant or provision which under this
Indenture cannot be modified or amended without the consent of the Holder of
each outstanding Security of such series and, in the case of Securities of a
series issued to a BancorpSouth Capital Trust, should the holders of such
Securities fail to annul such declaration and waive such default, the holders of
a majority in aggregate Liquidation Amount of the related series of Capital
Securities shall have such right. The Company is required to file annually with
the Trustee a certificate as to whether or not the Company is in compliance with
all the conditions and covenants applicable to it under this Indenture.

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

         Upon receipt by the Trustee of written notice declaring such an
acceleration, or rescission and annulment thereof, with respect to Securities of
a series all or part of which is represented by a Global Security, a record date
shall be established for determining Holders of Outstanding Securities of such
series entitled to join in such notice, which record date shall be at the close
of business on the day the Trustee receives such notice. The Holders on such
record date, or their duly designated proxies, and only such Persons, shall be
entitled to join in such notice, whether or not such Holders remain Holders
after such record date; provided, however, that, unless such declaration of
acceleration, or rescission and annulment, as the case may be, shall have become
effective by virtue of the requisite percentage having joined in such notice
prior to the day which is 90 days after such record date, such notice of
declaration of acceleration, or rescission and annulment, as the case may be,
shall automatically and without further action by any Holder be cancelled and of
no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy
of a Holder, from giving, after expiration of such 90-day period, a new written
notice of declaration of

                                       36
<PAGE>

acceleration, or rescission and annulment thereof, as the case may be, that is
identical to a written notice which has been cancelled pursuant to the proviso
to the preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 5.02.

         SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if:

                  (1)      default is made in the payment of any installment of
interest (including any Additional Interest) on any Security when such interest
becomes due and payable and such default continues for a period of 30 days
(subject to the deferral of any due date in the case of an Extension Period), or

                  (2)      default is made in the payment of the principal of
(and premium, if any, on) any Security at the Maturity thereof, the Company
will, upon demand of the Trustee, pay to the Trustee, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal, including any sinking fund payment or analogous
obligations (and premium, if any) and interest (including any Additional
Interest); and, in addition thereto, all amounts owing to the Trustee under
Section 6.07 and Section 10.06.

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

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

         SECTION 5.04. Trustee May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors,

                  (a)      the Trustee (irrespective of whether the principal of
the Securities of any series shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand on the Company for the payment of overdue principal (and
premium, if any) or interest (including any Additional Interest)) shall be
entitled and empowered, by intervention in such proceeding or otherwise,

                                       37
<PAGE>

                           (i)      to file and prove a claim for the whole
         amount of principal (and premium, if any) and interest (including any
         Additional Interest) owing and unpaid in respect to the Securities and
         to file such other papers or documents as may be necessary or advisable
         and to take any and all actions as are authorized under the Trust
         Indenture Act in order to have the claims of the Holders and any
         predecessor to the Trustee under Section 6.07 and of the Holders
         allowed in any such judicial proceedings; and

                           (ii)     in particular, the Trustee shall be
         authorized to collect and receive any moneys or other property payable
         or deliverable on any such claims and to distribute the same in
         accordance with Section 5.06; and

                  (b)      any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee for distribution in accordance with Section 5.06, and in the event that
the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it and any predecessor Trustee
under Section 6.07.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any proceeding; provided, however, that
the Trustee may, on behalf of the Holders, vote for the election of a trustee in
bankruptcy or similar official and be a member of a creditors' or other similar
committee.

         SECTION 5.05. Trustee May Enforce Claim Without Possession of
Securities. All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of all the amounts owing the Trustee and any
predecessor Trustee under Section 6.07, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

         SECTION 5.06. Application of Money Collected. Any money or property
collected or to be applied by the Trustee with respect to a series of Securities
pursuant to this Article shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such money or
property on account of principal (or premium, if any) or interest (including any
Additional Interest), upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

                  First: to the payment of all amounts due the Trustee and any
predecessor Trustee under Section 6.07;

                                       38
<PAGE>

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

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

         SECTION 5.07. Limitation on Suits. No Holder of any Securities of any
series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture or for the appointment of a receiver, assignee,
trustee, liquidator, sequestrator (or other similar official) or for any other
remedy hereunder, unless:

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

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

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

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

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

         SECTION 5.08. Unconditional Right of Holders to Receive Principal,
Premium and Interest; Control by Holders.

                  (a)      Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right which is absolute and
unconditional to receive payment of the principal of (and premium, if any) and
(subject to Section 3.08) interest (including any Additional Interest) on such
Security on the respective Stated Maturities expressed in such Security and to
institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Holder. In the case of Securities of a
series issued to a BancorpSouth Capital Trust, any holder of the corresponding
series of Capital Securities shall have the right, upon the occurrence of an
Event of Default described in

                                       39
<PAGE>

Section 5.01(1) or 5.01(2) hereof, to institute a suit directly against the
Company for enforcement of payment to such Holder of principal of (and premium,
if any) and (subject to Section 3.08) interest (including any Additional
Interest) on the Securities having a principal amount equal to the aggregate
Liquidation Amount of the Capital Securities of the corresponding series held by
such Holder. Notwithstanding any payments made to a holder of Capital Securities
by the Company in connection with a suit directly against the Company, the
Company shall remain obligated to pay the principal of or interest on the
Securities, and the Company shall be subrogated to the rights of the holder of
such Capital Securities with respect to payments on the Capital Securities to
the extent of any payments made by the Company to such holder in any suit
directly against the Company.

                  (b)      The Holders of a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee with respect
to the Securities of such series, provided that:

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

                           (ii)     the Trustee shall not determine that the
                  action so directed would be unjustly prejudicial to the
                  Holders not taking part in such direction,

                           (iii)    subject to the provisions of Section 6.01,
                  the Trustee shall have the right to decline to follow any such
                  direction if the Trustee in good faith shall, by a Responsible
                  Officer or Officers of the Trustee, determine that the
                  proceeding so directed would involve the Trustee in personal
                  liability, and

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

                  (c)      The holders of the Capital Securities will not be
able to exercise directly any remedies, other than those set forth in this
Section 5.08, available to the holders of the Securities unless there shall have
been an Event of Default under the Trust Agreement.

         SECTION 5.09. Restoration of Rights and Remedies. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every case the Company, the Trustee and the Holders shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

         SECTION 5.10. Rights and Remedies Cumulative. Except as otherwise
provided in the last paragraph of Section 3.07, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative

                                       40
<PAGE>

and in addition to every right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

         SECTION 5.11. Delay or Omission Not Waiver. Except as otherwise
provided in the last paragraph of Section 3.07, no delay or omission of the
Trustee or of any Holder of any Security to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.

         Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders as the case may be.

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

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

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

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

         Upon receipt by the Trustee of any written notice directing the time,
method or place of conducting any such proceeding or exercising any such trust
or power, with respect to Securities of a series all or part of which is
represented by a Global Security, a record date shall be established for
determining Holders of Outstanding Securities of such series entitled to join in
such notice, which record date shall be at the close of business on the day the
Trustee receives such notice. The Holders on such record date, or their duly
designated proxies, and only such Persons, shall be entitled to join in such
notice, whether or not such Holders remain Holders after such record date;
provided, however, that, unless the Holders of a majority in principal amount of
the Outstanding Securities of such series shall have joined in such notice prior
to the day which is 90 days after such record date, such notice shall
automatically and without further action by any Holder be cancelled and of no
further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of
a Holder, from giving, after expiration of such 90-day period, a new notice
identical to a notice which has been cancelled pursuant to the proviso to the
preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 5.12.

                                       41
<PAGE>

         SECTION 5.13. Waiver of Past Defaults. The Holders of not less than a
majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of the Holders of all the Securities of such series waive
any past default hereunder and its consequences with respect to such series
except a default:

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

                  (2)      in respect of a covenant or provision hereof which
under Article IX cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

         Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

         SECTION 5.14. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group
of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of (or premium, if any) or
interest (including any Additional Interest) on any Security on or after the
respective Stated Maturities expressed in such Security.

         SECTION 5.15. Waiver of Usury, Stay or Extension Laws. The Company
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                   ARTICLE VI
                                   THE TRUSTEE

         SECTION 6.01. Certain Duties and Responsibilities.

                  (a)      Except during the continuance of an Event of Default:

                                       42
<PAGE>

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

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

                  (b)      In case an Event of Default has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his own affairs.

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

                           (i)      this Subsection shall not be construed to
         limit the effect of Subsection (a) of this Section;

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

                           (iii)    the Trustee shall not be liable with respect
         to any action taken or omitted to be taken by it in good faith in
         accordance with the direction of Holders pursuant to Section 5.12
         relating to the time, method and place of conducting any proceeding for
         any remedy available to the Trustee, or exercising any trust or power
         conferred upon the Trustee, under this Indenture with respect to the
         Securities of such series.

                  (d)      No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if there shall be grounds for believing that
repayment of such funds or indemnity satisfactory to its against such risk or
liability is not assured to it.

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

         SECTION 6.02. Notice of Defaults. Within 90 days after actual knowledge
by a Responsible Officer of the Trustee of the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall
transmit by mail to all Holders of Securities of such series, as their names and
addresses appear in the Securities Register,

                                       43
<PAGE>

notice of such default hereunder known to a Responsible Officer of the Trustee,
unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium,
if any) or interest (including any Additional Interest) on any Security of such
series, the Trustee shall be fully protected in withholding such notice if and
so long as the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders of
Securities of such series; and provided, further, however, that, in the case of
any default of the character specified in Section 5.01(3), no such notice to
Holders of Securities of such series shall be given until at least 30 days after
the occurrence thereof. For the purpose of this Section, the term "default"
means any event which is, or after notice or lapse of time or both would become,
an Event of Default with respect to Securities of such series.

         SECTION 6.03. Certain Rights of Trustee. Subject to the provisions of
Section 6.01:

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

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

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

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

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

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

                                       44
<PAGE>

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

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

                  (h)      the Trustee shall not be under any obligation to take
any action that is discretionary under the provisions of this Indenture;

                  (i)      the Trustee shall not be charged with knowledge of
any Event of Default unless either (1) a Responsible Officer of the Trustee
shall have actual knowledge or (2) the Trustee shall have received notice
thereof in accordance with Section 1.05(1) hereof from the Company or a Holder;
and

                  (j)      no permissive power or authority available to the
Trustee shall be construed as a duty.

         SECTION 6.04. Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Securities, except the Trustee's
certificates of authentication, shall be taken as the statements of the Company,
and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or
of the Securities or any offering or disclosure materials prepared in connection
therewith. The Trustee shall not be accountable for the use or application by
the Company of the Securities or the proceeds thereof.

         SECTION 6.05. May Hold Securities. The Trustee, any Paying Agent,
Securities Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to
Sections 6.08 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Paying Agent, Securities Registrar or such
other agent.

         SECTION 6.06. Money Held in Trust. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

         SECTION 6.07. Compensation and Reimbursement. The Company, as borrower
on the Securities, agrees:

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

                  (2)      to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and

                                       45
<PAGE>

disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith; and

                  (3)      to indemnify the Trustee, its officers, agents,
directors and employees for, and to hold them harmless against, any loss,
liability or expense (including the reasonable compensation and the expenses and
disbursements of its agents and counsel) incurred without negligence or bad
faith, arising out of or in connection with the acceptance or administration of
this trust or the performance of its duties hereunder, including the costs and
expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder.

         The obligations of the Company under this Section 6.07 shall survive
the termination of this Indenture or the earlier resignation or removal of the
Trustee.

         To secure the Company's payment obligations in this Section, the
Company and the Holders agree that the Trustee shall have a lien prior to the
Securities on all money or property held or collected by the Trustee. Such lien
shall survive the satisfaction and discharge of this Indenture.

         When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 5.01(4) or (5) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under the Bankruptcy Code of 1978, as amended, or any successor
statute.

         SECTION 6.08. Disqualification; Conflicting Interests. The Trustee for
the Securities of any series issued hereunder shall be subject to the provisions
of Section 310(b) of the Trust Indenture Act. Nothing herein shall prevent the
Trustee from filing with the Commission the application referred to in the
second-to-last paragraph of Section 301(b) of the Trust Indenture Act.

         SECTION 6.09. Corporate Trustee Required, Eligibility. There shall at
all times be a Trustee hereunder which shall be:

                  (a)      a corporation organized and doing business under the
laws of the United States of America or of any state, territory or the District
of Columbia, authorized under such laws to exercise corporate trust powers and
subject to supervision or examination by Federal, state, territorial or District
of Columbia authority, or

                  (b)      a corporation or other Person organized and doing
business under the laws of a foreign government that is permitted to act as
Trustee pursuant to a rule, regulation or order of the Commission, authorized
under such laws to exercise corporate trust powers, and subject to supervision
or examination by authority of such foreign government or a political
subdivision thereof substantially equivalent to the supervision or examination
applicable to United States institutional trustees, in either case having a
combined capital and surplus of at least $50,000,000, subject to supervision of
examination by Federal or state authority. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then, for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most

                                       46
<PAGE>

recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article. Neither the Company nor any Person directly or indirectly
controlling, controlled by or under common control with the Company shall serve
as Trustee for the Securities of any series issued hereunder.

         SECTION 6.10. Resignation and Removal; Appointment of Successor.

                  (a)      No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee under
Section 6.11.

                  (b)      The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the
Company. If an instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

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

                  (d)      If at any time:

                           (i)      the Trustee shall fail to comply with
         Section 6.08 after written request therefor by the Company or by any
         Holder who has been a bona fide Holder of a Security for at least six
         months, or

                           (ii)     the Trustee shall cease to be eligible under
         Section 6.09 and shall fail to resign after written request therefor by
         the Company or by any such Holder, or

                           (iii)    the Trustee shall become incapable of acting
         or shall be adjudged a bankrupt or insolvent or a receiver of the
         Trustee or of its property shall be appointed or any public officer
         shall take charge or control of the Trustee or of its property or
         affairs for the purpose of rehabilitation, conservation or liquidation,
         then, in any such case, (i) the Company, acting pursuant to the
         authority of a Board Resolution, may remove the Trustee, or (ii)
         subject to Section 5.14, any Holder who has been a bona fide Holder of
         a Security for at least six months may, on behalf of himself and all
         others similarly situated, petition any court of competent jurisdiction
         for the removal of the Trustee and the appointment of a Successor
         Trustee.

                  (e)      If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause with respect to the Securities of one or more series, the Company, by
a Board Resolution, shall promptly appoint a successor Trustee with respect to
the Securities of that or those series. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of

                                       47
<PAGE>

the Holders of a majority in principal amount of the Outstanding Securities of
such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee with respect to the Securities of such series and
supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
hereinafter provided, any Holder who has been a bona fide Holder of a Security
for at least six months may, subject to Section 5.14, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

                  (f)      The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any
series by mailing written notice of such event by first-class mail, postage
prepaid, to the Holders of Securities of such series as their names an addresses
appear in the Securities Register. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address
of its Corporate Trust Office.

         SECTION 6.11. Acceptance of Appointment by Successor.

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

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

                                       48
<PAGE>

trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and upon the execution and delivery of such instrument or
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such Successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts, and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such Successor
Trustee relates; but, on request of the Company or any Successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such Successor
Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of
such Successor Trustee relates.

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

                  (d)      No Successor Trustee shall accept its appointment
unless at the time of such acceptance such Successor Trustee shall be qualified
and eligible under this Article. In the event that the Trust Indenture Act
applies to this Indenture at the time that any Successor Trustee is appointed,
such Successor Trustee shall qualify under such Act.

         SECTION 6.12. Merger, Conversion, Consolidation or Succession to
Business. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article (including qualification under the Trustee Indenture Act, if
applicable), without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated, and in case any
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor Trustee or in
the name of such Successor Trustee, and in all cases the certificate of
authentication shall have the full force which it is provided anywhere in the
Securities or in this Indenture that the certificate of the Trustee shall have.

         SECTION 6.13. Preferential Collection of Claims Against Company. If and
when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Company
(or any such other obligor).

         SECTION 6.14. Appointment of Authenticating Agent. The Trustee may
appoint an authenticating agent or agents (each, an "Authenticating Agent") with
respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon
original issue and upon exchange, registration of transfer or partial redemption
thereof, and Securities so authenticated shall

                                       49
<PAGE>

be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Where reference
is made in this Indenture to the authentication and delivery of Securities by
the Trustee or the Trustee's certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, or of any state, Territory or
the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

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

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

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

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

                                       50
<PAGE>

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

                                   Agent Trustee

                                   By
                                     ------------------------------------------
                                       As Authenticating Agent

                                   By
                                     ------------------------------------------
                                       Authorized Signatory

         SECTION 6.15. Trustee's Rights and Obligations After Qualification of
Indenture. Following the qualification of this Indenture under the Trust
Indenture Act, the Trustee shall have and be subject to all the duties and
responsibilities specified with respect to an indenture trustee under the Trust
Indenture Act. Subject to such provisions, the Trustee is under no obligation to
exercise any of the powers vested in it by this Indenture at the request of any
holder of the Securities, unless offered indemnity to its satisfaction by such
holder against the costs, expenses and liabilities which might be incurred
thereby. The Trustee will not be required to expend or risk its own funds or
otherwise incur personal financial liability in the performance of its duties if
the Trustee reasonably believes that repayment or adequate indemnity is not
reasonably assured to it. Notwithstanding the foregoing, nothing in this Section
6.15 shall be deemed to abrogate any of the rights, indemnities or protections
otherwise provided to the Trustee under this Indenture.

                                   ARTICLE VII
                HOLDER'S LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 7.01. Company to Furnish Trustee Names and Addresses of
Holders. The Company will furnish or cause to be furnished to the Trustee:

                  (a)      semi-annually, not more than 15 days after [       ]
and [     ], a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such [       ] and [      ], and

                  (b)      at such other times as the Trustee may request in
writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished, excluding from any such list names and addresses
received by the Trustee in its capacity as Securities Registrar.

         SECTION 7.02. Preservation of Information, Communications to Holders.

                  (a)      The Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 7.01 and the
names and addresses of Holders received

                                       51
<PAGE>

by the Trustee in its capacity as Securities Registrar. The Trustee may destroy
any list furnished to it as provided in Section 7.01 upon receipt of a new list
so furnished.

                  (b)      The rights of Holders to communicate with other
Holders with respect to their rights under this Indenture or under the
Securities, and the corresponding rights and privileges of the Trustee, shall be
as provided in the Trust Indenture Act.

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

         SECTION 7.03. Reports by Trustee.

                  (a)      The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act, at the times and in the manner provided
pursuant thereto.

                  (b)      Reports so required to be transmitted at stated
intervals of not more than 12 months shall be transmitted no later than the last
calendar day in February of each calendar year dated as of December 31 of the
prior year, commencing with the last calendar day in February of the year
following the Original Issue Date.

                  (c)      A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each securities exchange
upon which the Securities are listed and also with the Commission. The Company
will notify the Trustee whenever the Securities are listed on any securities
exchange.

         SECTION 7.04. Reports by Company. The Company shall file with the
Trustee and with the Commission, and transmit to Holders, such information,
documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided in
the Trust Indenture Act; provided that any such information, documents or
reports required to be filed with the Commission pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934, as amended, shall be filed
with the Trustee within 15 days after the same is required to be filed with the
Commission. Notwithstanding that the Company may not be required to remain
subject to the reporting requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company shall continue to file with the Commission and
provide the Trustee with the annual reports and the information, documents and
other reports which are specified in Sections 13 and 15(d) of the Securities
Exchange Act of 1934. The Company also shall comply with the other provisions of
Section 314(a) of the Trust Indenture Act.

                                  ARTICLE VIII
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

         SECTION 8.01. Company May Consolidate, etc., Only on Certain Terms. The
Company shall not consolidate with or merge with or into any other Person or
convey, transfer or lease its properties and assets substantially as an entirety
to any Person, and no

                                       52
<PAGE>

Person shall consolidate with or merge with or into the Company or convey,
transfer or lease its properties and assets substantially as an entirety to the
Company, unless:

                  (1)      in case the Company shall consolidate with or merge
with or into another Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, the corporation formed by
such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets
of the Company substantially as an entirety shall be a corporation, partnership,
limited liability company or trust organized and existing under the laws of the
United States of America or any State or the District of Columbia, and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee, the due and punctual payment
of the principal of (and premium, if any) and interest (including any Additional
Interest) on all the Securities and the performance of every covenant and every
obligation of this Indenture on the part of the Company to be performed or
observed;

                  (2)      immediately after giving effect to such transaction,
no Event of Default, and no event which, after notice or lapse of time, or both,
would become an Event of Default, shall have occurred and be continuing;

                  (3)      in the case of the Securities of a series issued to a
BancorpSouth Capital Trust, such consolidation, merger, conveyance, transfer or
lease is permitted under the related Trust Agreement and BancorpSouth Guarantee
and does not give rise to any breach or violation of the related Trust Agreement
or BancorpSouth Guarantee; and

                  (4)      the Company has delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel each stating that such consolidation,
merger, conveyance, transfer or lease and any such supplemental indenture
complies with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with; and the Trustee, subject
to Section 6.01, may rely upon such Officers' Certificate and Opinion of Counsel
as conclusive evidence that such transaction complies with this Section 8.01.

         SECTION 8.02. Successor Corporation Substituted. Upon any consolidation
or merger by the Company with or into any other Person, or any conveyance,
transfer or lease by the Company of its properties and assets substantially as
an entirety to any Person in accordance with Section 8.01, the successor
corporation formed by such consolidation or into which the Company is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been named
as the Company herein; and in the event of any such conveyance, transfer or
lease the Company shall be discharged from all obligations and covenants under
the Indenture and the Securities and may be dissolved and liquidated.

         Such successor Person may cause to be signed, and may issue either in
its own name or in the name of the Company, any or all of the Securities
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such successor Person
instead of the Company and subject to all the terms, conditions and limitations
in this Indenture prescribed, the Trustee shall

                                       53
<PAGE>

authenticate and shall deliver any Securities which previously shall have been
signed and delivered by the officers of the Company to the Trustee for
authentication pursuant to such provisions and any Securities which such
successor Person thereafter shall cause to be signed and delivered to the
Trustee on its behalf for the purpose pursuant to such provisions. All the
Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had
been issued at the date of the execution hereof.

         In case of any such consolidation, merger, sale, conveyance or lease,
such changes in phraseology and form may be made in the Securities thereafter to
be issued as may be appropriate.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

         SECTION 9.01. Supplemental Indentures without Consent of Holders.
Without the consent of any Holders, the Company, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory, to the
Trustee, for any of the following:

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

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

                  (3)      to establish the form or terms of Securities of any
series as permitted by Sections 2.01 or 3.01;

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

                  (5)      to add any additional Events of Default;

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

                  (7)      to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under
this Indenture; provided that such action pursuant to this clause (7) shall not
materially adversely affect the interest of the Holders of Securities of any
series or, in the case of the Securities of a series issued to a

                                       54
<PAGE>

BancorpSouth Capital Trust and for so long as any of the corresponding series of
Capital Securities shall remain outstanding, the holders of such Capital
Securities;

                  (8)      to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of
one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.11(b); or

                  (9)      to comply with the requirements of the Commission in
order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act.

         SECTION 9.02. Supplemental Indentures with Consent of Holders. With the
consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplemental indenture,
by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

                  (1)      except to the extent permitted by Section 3.12 or as
otherwise specified as contemplated by Section 3.01 with respect to the
extension of the interest payment period of the Securities of any series, change
the Stated Maturity of the principal of, or any installment of interest
(including any Additional Interest) on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or reduce any premium payable
upon the redemption thereof, or reduce the amount of principal of a Discount
Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.02, or change the place of payment where,
or the coin or currency in which, any Security or interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after
the date fixed for redemption thereof);

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

                  (3)      modify any of the provisions of this Section, Section
5.13 or Section 10.05, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Security affected thereby; or

                  (4)      modify the provisions in Article XIII of this
Indenture with respect to the subordination of Outstanding Securities of any
series in a manner adverse to the Holders thereof; provided that, in the case of
the Securities of a series issued to a

                                       55
<PAGE>

BancorpSouth Capital Trust, so long as any of the corresponding series of
Capital Securities remains outstanding, no such amendment shall be made that
adversely affects the holders of such Capital Securities, and no termination of
this Indenture shall occur, and no waiver of any Event of Default or compliance
with any covenant under this Indenture shall be effective, without the prior
consent of the holders of at least a majority of the aggregate Liquidation
Amount of such Capital Securities then outstanding unless and until the
principal (and premium, if any) of the Securities of such series and all accrued
and, subject to Section 3.08, unpaid interest (including any Additional
Interest) thereon have been paid in full; and provided further, however, that in
the case of the Securities of a series issued to a BancorpSouth Capital Trust,
so long as any of the corresponding series of Capital Securities remain
outstanding, no amendment shall be made to Section 5.08 of this Indenture
without the prior consent of the holders of each Capital Security then
outstanding unless and until the principal (and premium, if any) of the
Securities of such series and all accrued and (subject to Section 3.08) unpaid
interest (including any Additional Interest) thereon have been paid in full.

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

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

         SECTION 9.03. Execution of Supplemental Indentures. In executing or
accepting the additional trusts created by any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section
6.01) shall be fully protected in conclusively relying upon, an Officer's
Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture, and that
all conditions precedent have been complied with. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise, or
which may subject it to liability or be contrary to applicable law.

         SECTION 9.04. Effect of Supplemental Indentures. Upon the execution of
any supplemental indenture under this Article, this Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

         SECTION 9.05. Conformity with Trust Indenture Act. Every supplemental
indenture executed shall conform to the requirements of the Trust Indenture Act.

         SECTION 9.06. Reference in Securities to Supplemental Indentures.
Securities authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Company,
bear a notation in form approved by

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<PAGE>

the Company as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.

                                    ARTICLE X
                                    COVENANTS

         SECTION 10.01. Payment of Principal, Premium and Interest. The Company
covenants and agrees for the benefit of each series of securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on
the Securities of that series in accordance with the terms of such Securities
and this Indenture.

         SECTION 10.02. Maintenance of Office or Agency. The Company will
maintain in each Place of Payment for any series, an office or agency where
Securities of that series may be presented or surrendered for payment and an
office or agency where Securities may be surrendered for transfer or exchange
and where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served. The Company initially appoints the
Trustee, acting through its Corporate Trust Office, as its agent for said
purposes. The Company will give prompt written notice to the Trustee of any
change in the location of any such office or agency. If at any time the Company
shall fail to maintain such office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

         The Company may also from time to time designate one or more other
offices or agencies where the Securities may be presented or surrendered for any
or all of such purposes, and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in each
Place of Payment for Securities of any series for such purposes. The Company
will give prompt written notice to the Trustee of any such designation and any
change in the location of any such office or agency.

         SECTION 10.03. Money for Security Payments to be Held in Trust. If the
Company shall at any time act as its own Paying Agent with respect to any series
of Securities, it will, on or before each due date of the principal of (and
premium, if any) or interest on any of the Securities of such series, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay the principal (and premium, if any) or interest so becoming
due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided, and will promptly notify the Trustee of its failure so to act.

         Whenever the Company shall have one or more Paying Agents, it will,
prior to 10:00 a.m. New York City time on each due date of the principal of or
interest on any Securities, deposit with a Paying Agent a sum sufficient to pay
the principal (and premium, if any) or interest so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal and
premium (if any) or interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its failure so to act.

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<PAGE>

         The Company will cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent will:

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

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

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

                  (4)      comply with the provisions of the Trust Indenture Act
applicable to it as a Paying Agent.

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

         Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of (and premium, if
any) or interest on any Security and remaining unclaimed for two years after
such principal (and premium, if any) or interest has become due and payable
shall (unless otherwise required by mandatory provision of applicable escheat or
abandoned or unclaimed property law) be paid on Company Request to the Company,
or (if then held by the Company) shall (unless otherwise required by mandatory
provision of applicable escheat or abandoned or unclaimed property law) be
discharged from such trust; and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, the City of New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

         SECTION 10.04. Statement as to Compliance. The Company shall deliver to
the Trustee, within 120 days after the end of such calendar year of the Company
commencing after the date hereof, an Officers' Certificate executed by
authorized officers at least one of whom shall be the principal executive,
financial or accounting officer of the Company

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<PAGE>

covering the preceding calendar year, stating whether or not to the best
knowledge of the signers thereof the Company is in default in the performance,
observance or fulfillment of or compliance with any of the terms, provisions,
covenants and conditions of this Indenture, and if the Company shall be in
default, specifying all such defaults and the nature and status thereof of which
they may have knowledge. For the purpose of this Section 10.04, compliance shall
be determined without regard to any grace period or requirement of notice
provided pursuant to the terms of this Indenture.

         SECTION 10.05. Waiver of Certain Covenants. The Company may omit in any
particular instance to comply with any covenant or condition specified as
contemplated by Section 3.01 with respect to the Securities of any series, if
before or after the time for such compliance the Holders of at least a majority
in principal amount of the Outstanding Securities of such series shall, by Act
of such Holders, either waive such compliance in such instance or generally
waive compliance with such covenant or condition, but no such waiver shall
extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the
Company in respect of any such covenant or condition shall remain in full force
and effect.

         SECTION 10.06. Payment of the Trust's Costs and Expenses. Since the
BancorpSouth Capital Trusts are being formed solely to facilitate the investment
in the Securities, the Company, as borrower on the Securities, hereby covenants
to pay all debts and obligations (other than with respect to the payment of
principal, interest and premium, if any, on the Trust Securities) and all costs
and expenses of such Trusts (including, but not limited to, all costs and
expenses relating to the organization of such Trusts, the fees and expenses of
the Trustees and all costs and expenses relating to the operation of such
Trusts) and to pay any and all taxes, duties, assessments or other governmental
charges of whatever nature (other than United States withholding taxes) imposed
on such Trusts by the United States, or any other taxing authority (such
payments of amounts in connection with taxes being herein referred to as
"Additional Sums"), so that the net amounts received and retained by such Trusts
and their respective Property Trustees after paying such expenses or Additional
Sums will be equal to the amounts such Trusts and Property Trustees would have
received had no such costs, expenses or taxes, duties, assessments or other
governmental charges been incurred by or imposed on such Trusts. The foregoing
obligations of the Company are for the benefit of, and shall be enforceable by,
any person to whom such debts, obligations, costs, expenses and taxes are owed
(a "Creditor") whether or not such Creditor has received notice thereof. Any
such Creditor may enforce such obligations of the Company hereunder directly
against the Company, and the Company hereby irrevocably waives any right or
remedy to require that any such Creditor take any action against any Trust or
any other person before proceeding against the Company. The Company also agrees
hereby to execute such additional agreements as may be necessary or desirable to
give full effect to the foregoing.

         SECTION 10.07. Additional Covenants. The Company covenants and agrees
with each Holder of Securities of a series issued to a BancorpSouth Capital
Trust that it will not (i) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any
shares of the Company's capital stock, or (ii) make any payment of principal,
interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company (including Other Debentures) that rank pari passu with
or junior in interest to the Securities of such series or (iii) make any
guarantee

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<PAGE>

payments with respect to any guarantee by the Company of debt securities of any
subsidiary of the Company (including Other Guarantees) if such guarantee ranks
pari passu with or junior in interest to the Securities (other than (a)
dividends or distributions in Common Stock of the Company, (b) any declaration
of a dividend in connection with the implementation of a shareholders' rights
plan, or the issuance of stock under any such plan in the future, or the
redemption or repurchase of any such rights pursuant thereto, (c) payments under
the BancorpSouth Guarantee, (d) purchases or acquisitions of shares of the
Company's Common Stock in connection with the satisfaction by the Company of its
obligations under any employee benefit plan or other contractual obligation of
the Company (other than a contractual obligation ranking pari passu with or
junior in interest to these Securities), (e) as a result of a reclassification
of the Company's capital stock or the exchange or conversion of one class or
series of the Company's capital stock for another class or series of the
Company's capital stock, or (f) the purchase of fractional interests in shares
of the Company's capital stock pursuant to the conversion or exchange provisions
of such capital stock or the security being converted or exchanged), if at such
time (i) there shall have occurred an Event of Default, (ii) the Company shall
be in default with respect to its payment of any obligations under the related
BancorpSouth Guarantee or (iii) the Company shall have given notice of its
election to begin an Extension Period as provided herein and shall not have
rescinded such notice, or such Extension Period, or any extension thereof, shall
be continuing.

         The Company also covenants with each Holder of Securities of a series
issued to a BancorpSouth Capital Trust (i) to maintain directly 100% ownership
of the Common Securities of such BancorpSouth Capital Trust; provided, however,
that any permitted successor of the Company hereunder may succeed to the
Company's ownership of such Common Securities, (ii) not to voluntarily
terminate, windup or liquidate such BancorpSouth Capital Trust, except in
connection with (a) a distribution of the Securities of such series to the
holders of Capital Securities in liquidation of such BancorpSouth Capital Trust,
(b) redemption of all of the Trust Securities of a BancorpSouth Capital Trust or
(c) certain mergers, consolidations or amalgamations permitted by the related
Trust Agreement and (iii) to use its reasonable efforts, consistent with the
terms and provisions of such Trust Agreement, to cause such BancorpSouth Capital
Trust to remain classified as a grantor trust and not an association taxable as
a corporation for United States Federal income tax purposes.

         SECTION 10.08. Information Returns. On or before December 15 of each
year during which any Securities are outstanding, the Company shall furnish to
each Paying Agent such information as may be reasonably requested by each Paying
Agent in order that such Paying Agent may prepare the information which it is
required to report for such year on Internal Revenue Service Forms 1096 and
1099. Such information shall include the amount of original issue discount, if
any, includible in income for each $25.00 of principal amount at Stated Maturity
of outstanding Securities during such year.

                                   ARTICLE XI
                     REDEMPTION OR PREPAYMENT OF SECURITIES

         SECTION 11.01. Applicability of This Article. Redemption of Securities
(whether by operation of a sinking fund or otherwise) as permitted or required
by any form of Security issued pursuant to this Indenture shall be made in
accordance with such form of

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<PAGE>

Security and this Article; provided, however, that if any provision of any such
form of Security shall conflict with any provision of this Article, the
provision of such form of Security shall govern. Except as otherwise set forth
in the form of Security for such series, each Security shall be subject to
partial redemption only in the amount of $25.00 or, in the case of the
Securities of a series issued to a BancorpSouth Capital Trust, $25.00, or
integral multiples thereof.

         SECTION 11.02. Election To Redeem; Notice to Trustee. The election of
the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company of
any Securities of any particular series and having the same terms, the Company
shall, not less than 45 nor more than 60 days prior to the date fixed for
redemption (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee and, in the case of Securities held by or on behalf of a
BancorpSouth Capital Trust, the Property Trustee of such date and of the
principal amount of Securities of that series to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities, the Company shall furnish
the Trustee with an Officers' Certificate and an Opinion of Counsel evidencing
compliance with such restriction. Any such notice given to the Trustee hereunder
shall include the information required by Section 11.04 hereof.

         SECTION 11.03. Selection of Securities to be Redeemed. If less than all
the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security all as designated to the Trustee by
the Company), the particular Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for redemption, by
such method as the Trustee shall deem fair and appropriate and which may provide
for the selection for redemption of a portion of the principal amount of any
Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security. If less than all the
Securities of such series and of a specified tenor are to be redeemed (unless
such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of such series and specified tenor
not previously called for redemption in accordance with the preceding sentence.

         The Trustee shall promptly notify the Company in writing of the
Securities selected for partial redemption and the principal amount thereof to
be redeemed. For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the
portion of the principal amount of such Security which has been or is to be
redeemed. If the Company shall so direct, Securities registered in the name of
the Company, any Affiliate or any Subsidiary thereof shall not be included in
the Securities selected for redemption.

         SECTION 11.04. Notice of Redemption. Notice of redemption shall be
given by first-class mail, postage prepaid, mailed not later than the thirtieth
day, and not earlier than the sixtieth day, prior to the date fixed for
redemption, to each Holder of Securities to be redeemed, at the address of such
Holder as it appears in the Securities Register.

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<PAGE>

         With respect to Securities of each series to be redeemed, each notice
of redemption shall state:

                  (a)      the Redemption Date fixed for Securities of such
series;

                  (b)      the redemption price at which Securities of such
series are to be redeemed;

                  (c)      if less than all Outstanding Securities of such
particular series and having the same terms are to be redeemed, the
identification (and, in the case of partial redemption, the respective principal
amounts) of the particular Securities to be redeemed;

                  (d)      that on the date fixed for redemption, the redemption
price at which such Securities are to be redeemed will become due and payable
upon each such Security or portion thereof, and that interest thereon, if any,
shall cease to accrue on and after said date;

                  (e)      the place or places where such Securities are to be
surrendered for payment of the redemption price at which such Securities are to
be redeemed;

                  (f)      that the redemption is for a sinking fund, if such is
the case; and

                  (g)      such other provisions as may be required in respect
of the terms of a particular series of Securities.

         Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable.
The notice if mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives such
notice. In any case, a failure to give such notice by mail or any defect in the
notice to the Holder of any Security designated for redemption as a whole or in
part shall not affect the validity of the proceedings for the redemption of any
other Security.

         SECTION 11.05. Deposit of Redemption Price. Prior to 10:00 a.m. New
York City time on the redemption date specified in the notice of redemption
given as provided in Section 11.04, the Company will deposit with the Trustee or
with one or more Paying Agents an amount of money sufficient to redeem on the
Redemption Date all the Securities so called for redemption at the applicable
redemption price.

         SECTION 11.06. Payment of Securities Called for Redemption. If any
notice of redemption has been given as provided in Section 11.04, the Securities
or portion of Securities with respect to which such notice has been given shall
become due and payable on the date and at the place or places stated in such
notice at the applicable redemption price. On presentation and surrender of such
Securities at a place of payment in said notice specified, the said Securities
or the specified portions thereof shall be paid and redeemed by the Company at
the applicable redemption price.

         Upon presentation of any Security redeemed in part only, the Company
shall execute and the Trustee shall authenticate and deliver to the Holder
thereof, at the expense of the Company, a new Security or Securities of that
same series, of authorized

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<PAGE>

denominations, in aggregate principal amount equal to the unredeemed portion of
the Security so presented and having the same Original Issue Date, Stated
Maturity and terms. If the Global Security is so surrendered, such new Security
will (subject to Section 3.06) also be a new Global Security.

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

         SECTION 11.07. Company's Right of Redemption. If specified in
accordance with Section 3.01 with respect to the Securities of a particular
series and in addition to any additional redemption rights that may be so
specified, the Company may at any time, at its option, subject to the terms and
conditions of this Article XI and subject to the Company having received prior
approval of the Regulatory Authorities if then required under applicable capital
guidelines of the Regulatory Authorities, redeem this Security in whole or in
part at any time or from time to time prior to Maturity, subject to the terms of
the Securities of a particular series.

         If a Tax Event, a Capital Treatment Event or an Investment Company
Event (each a "Special Event") shall occur and be continuing, the Company may,
at its option and subject to receipt of prior approval of the Regulatory
Authorities if then required under applicable capital guidelines or policies of
the Regulatory Authorities and subject to the provisions of this Article XI of
the Indenture, prepay the Securities within 90 days after the occurrence of such
Special Event, in whole (but not in part), at a prepayment price (the "Special
Event Prepayment Price") equal to 100% of the principal amount of such
Securities.

         SECTION 11.08. Redemption Suspended During Event of Default. The
Trustee shall not redeem any Securities (unless all Securities then Outstanding
are to be redeemed) or commence the giving of any notice of redemption of
Securities during the continuance of any Event of Default known to the Trustee,
except that where the giving of notice of redemption of any Securities shall
therefore have been made, the Trustee shall, subject to the provisions of
Section 14.10, redeem such Securities, provided funds are deposited with it for
such purpose. Subject to the rights of the holders of Senior Indebtedness,
except as aforesaid, any moneys theretofore or thereafter received by the
Trustee shall, during the continuance of such Event of Default, be held in trust
for the benefit of the Holders and applied in the manner set forth in Section
5.06, provided, however, that in case such Event of Default shall have been
waived as provided herein or otherwise cured, such moneys shall thereafter be
held and applied in accordance with the provisions of this Article.

                                   ARTICLE XII
                              INTENTIONALLY OMITTED

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<PAGE>

                                  ARTICLE XIII
                                  SINKING FUNDS

         SECTION 13.01. Applicability of Article. The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of any
series if a sinking fund is specified in accordance with Section 3.01 as being
applicable to such Securities.

         The minimum amount of any sinking fund payment provided for by the
terms of any Securities of any series is herein referred to as a "mandatory
sinking fund payment", and any sinking fund payment in excess of such minimum
amount which is permitted to be made by the terms of such Securities of any
series is herein referred to as an "optional sinking fund payment". If provided
for by the terms of any Securities of any series, the base amount of any sinking
fund payment may be subject to reduction as provided in Section 13.02. Each
sinking fund payment shall be applied to the redemption (or purchase by tender
or otherwise) of Securities of any series as provided for by the terms of such
Securities.

         SECTION 13.02. Satisfaction of Sinking Fund Payments with Securities.
In lieu of making all or any part of a mandatory sinking fund payment with
respect to any Securities of a series in cash, the Company may at its option, at
any time no more than 16 months and no less than 45 days prior to the date on
which such sinking fund payment is due, deliver to the Trustee Securities of
such series (together with the unmatured Coupons, if any, appertaining thereto)
theretofore purchased or otherwise acquired by the Company, except Securities of
such series that have been redeemed through the application of mandatory or
optional sinking fund payments pursuant to the terms of the Securities of such
series, accompanied by a Company Order instructing the Trustee to credit such
obligations and stating that the Securities of such series were originally
issued by the Company by way of bona fide sale or other negotiation for value;
provided that the Securities to be so credited have not been previously so
credited. The Securities to be so credited shall be received and credited for
such purpose by the Trustee at the redemption price for such Securities, as
specified in the Securities so to be redeemed, for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

         SECTION 13.03. Redemption of Securities for Sinking Fund. Not less than
45 days prior to each sinking fund payment date for any series of securities,
the Company will deliver to the Trustee an Officers' Certificate specifying the
amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash in the currency in which the Securities of such
series are payable (except as provided pursuant to Section 3.01) and the portion
thereof, if any, which is to be satisfied by delivering and crediting Securities
pursuant to Section 13.02 and will also deliver to the Trustee any Securities to
be so delivered. Such Certificate shall be irrevocable and upon its delivery the
Company shall be obligated to make the cash payment or payments therein referred
to, if any, on or before the succeeding sinking fund payment date. In the case
of the failure of the Company to deliver such Certificate (or, as required by
this Indenture, the Securities and coupons, if any, specified in such
Certificate) by the due date therefor, the sinking fund payment due on the
succeeding sinking fund payment date for such series shall be paid entirely in
cash and shall be sufficient to redeem the principal amount of the Securities of
such series subject to

                                       64
<PAGE>

a mandatory sinking fund payment without the right to deliver or credit
securities as provided in Section 13.02 and without the right to make the
optional sinking fund payment with respect to such series at such time.

         Any sinking fund payment or payments (mandatory or optional) made in
cash plus any unused balance of any preceding sinking fund payments made with
respect to the Securities of any particular series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent) on
the sinking fund payment date on which such payment is made (or, if such payment
is made before a sinking fund payment date, on the sinking fund payment date
immediately following the date of such payment) to the redemption of Securities
of such series at the redemption price specified in such Securities with respect
to the sinking fund. Any sinking fund moneys not so applied or allocated by the
Trustee (or by the Company if the Company is acting as its own Paying Agent,
segregated and held in trust as provided in Section 10.03) for such series and
together with such payment (or such amount so segregated) shall be applied in
accordance with the provisions of this Section 13.03. Any and all sinking fund
moneys with respect to the Securities of any particular series held by the
Trustee (or if the Company is acting as its own Paying Agent, segregated and
held in trust as provided in Section 10.03) on the last sinking fund payment
date with respect to Securities of such series and not held for the payment or
redemption of particular Securities of such series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent),
together with other moneys, if necessary, to be deposited (or segregated)
sufficient for the purpose, to the payment of the principal of the Securities of
such series at Maturity. The Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 11.03 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.04. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Section 11.06. On or before each sinking fund
payment date, the Company shall pay to the Trustee (or, if the Company is acting
as its own Paying Agent, the Company shall segregate and hold in trust as
provided in Section 10.03) in cash a sum in the currency in which Securities of
such series are payable (except as provided pursuant to Section 3.01) equal to
the principal, premium, if any, and any interest accrued to the redemption date
for Securities or portions thereof to be redeemed on such sinking fund payment
date pursuant to this Section 13.03.

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

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<PAGE>

or Event of Default shall have been cured or waived herein, such moneys shall
thereafter be applied on the next sinking fund payment date for the Securities
of such series on which such moneys may be applied pursuant to the provisions of
this Section 13.03.

                                   ARTICLE XIV
                           SUBORDINATION OF SECURITIES

         SECTION 14.01. Securities Subordinate to Senior Debt. The Company
covenants and agrees, and each Holder of a Security, by its acceptance thereof,
likewise covenants and agrees, that, to the extent and in the manner hereinafter
set forth in this Article, the payment of the principal of (and premium, if any)
and interest (including any Additional Interest) on each and all of the
Securities are hereby expressly made subordinate and junior in right of payment
to the prior payment in full of all amounts then due and payable in respect of
all Senior Debt.

         SECTION 14.02. Payment Over of Proceeds Upon Dissolution, etc. In the
event of (a) any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company, its creditors or its property, (b) any
proceeding for the liquidation, dissolution, or other winding up of the Company,
voluntary or involuntary, whether or not involving insolvency or bankruptcy
proceedings, (c) any assignment by the Company for the benefit of creditors or
(d) any other marshaling of the assets of the Company (each such event, if any,
herein sometimes referred to as a "Proceeding"), then the holders of Senior Debt
shall be entitled to receive payment in full of principal of (and premium, if
any) and interest, if any, on such Senior Debt, or provision shall be made for
such payment in cash or cash equivalents or otherwise in a manner satisfactory
to the holders of Senior Debt, before the Holders of the Securities are entitled
to receive or retain any payment or distribution of any kind or character,
whether in cash, property or securities (including any payment or distribution
which may be payable or deliverable by reason of the payment of any other Debt
of the Company (including any series of the Securities) subordinated to the
payment of the Securities, such payment or distribution being hereinafter
referred to as a "Junior Subordinated Payment"), on account of principal of (or
premium, if any) or interest (including any Additional Interest) on the
Securities or on account of the purchase or other acquisition of Securities by
the Company or any Subsidiary and to that end the holders of Senior Debt shall
be entitled to receive, for application to the payment thereof, any payment or
distribution of any kind or character, whether in cash, property or securities,
including any Junior Subordinated Payment, which may be payable or deliverable
in respect of the Securities in any such Proceeding; provided, however, that
holders of Senior Debt shall not be entitled to receive payment of any such
amounts to the extent that such holders would be required by the subordination
provisions of such Senior Debt to pay such amounts over to the obligees on trade
accounts payable or other liabilities arising in the ordinary course of
business.

         In the event that, notwithstanding the foregoing provisions of this
Section, the Trustee or the Holder of any Security shall have received any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any Junior Subordinated
Payment, before all Senior Debt is paid in full or payment thereof is provided
for in cash or cash equivalents or otherwise in a manner satisfactory to the
holders of Senior Debt, and if such fact shall, at or prior to the time of such
payment or distribution, have been made known to a Responsible Officer of the

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<PAGE>

Trustee or, as the case may be, such Holder, then and in such event such payment
or distribution shall be paid over or delivered forthwith to the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
Person making payment or distribution of assets of the Company for application
to the payment of all Senior Debt remaining unpaid, to the extent necessary to
pay all Senior Debt in full, after giving effect to any concurrent payment or
distribution to or for the holders of Senior Debt.

         For purposes of this Article only, the words "any payment or
distribution of any kind or character, whether in cash, property or securities"
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan or reorganization or readjustment which securities are subordinated in
right of payment to all then outstanding Senior Debt to substantially the same
extent as the Securities are so subordinated as provided in this Article. The
consolidation of the Company with, or the merger of the Company into, another
Person or the liquidation or dissolution of the Company following the sale of
all or substantially all of its properties and assets as an entirety to another
Person or the liquidation or dissolution of the Company following the sale of
all or substantially all of its properties and assets as an entirety to another
Person upon the terms and conditions set forth in Article VIII shall not be
deemed a Proceeding for the purposes of this Section if the Person formed by
such consolidation or into which the Company is merged or the Person which
acquires by sale such properties and assets as an entirety, as the case may be,
shall, as a part of such consolidation, merger, or sale comply with the
conditions set forth in Article VIII.

         SECTION 14.03. Prior Payment to Senior Debt Upon Acceleration of
Securities. In the event that any Securities are declared due and payable before
their Stated Maturity, then and in such event the holders of the Senior Debt
outstanding at the time such Securities so become due and payable shall first be
entitled to receive payment in full of all amounts due on or in respect of such
Senior Debt (including any amounts due upon acceleration), or provision shall be
made for such payment in cash or cash equivalents or otherwise in a manner
satisfactory to the holders of Senior Debt, before the Holders of the Securities
will be entitled to receive or retain any payment or distribution of any kind or
character, whether in cash, property or securities (including any Junior
Subordinated Payment) by the Company on account of the principal of (or premium,
if any) or interest (including any Additional Interest) on the Securities or on
account of the purchase or other acquisition of Securities by the Company or any
Subsidiary; provided, however, that nothing in this Section shall prevent the
satisfaction of any sinking fund payment in accordance with this Indenture or as
otherwise specified as contemplated by Section 3.01 for the Securities of any
series by delivering and crediting pursuant to Section 13.02 or as otherwise
specified as contemplated by Section 3.01 for the Securities of any series
Securities which have been acquired (upon redemption or otherwise) prior to such
declaration of acceleration; provided further, however, that holders of Senior
Debt shall not be entitled to receive payment of any such amounts to the extent
that such holders would be required by the subordination provisions of such
Senior Debt to pay such amounts over to the obligees on trade accounts payable
or other liabilities arising in the ordinary course of business.

         In the event that, notwithstanding the foregoing, the Company shall
make any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, and if such fact shall, at or prior to the
time of such payment, have been

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<PAGE>

made known to a Responsible Officer of the Trustee or, as the case may be, such
Holder, then and in such event such payment shall be paid over and delivered
forthwith to the Company.

         The provisions of this Section shall not apply to any payment with
respect to which Section 14.02 would be applicable.

         SECTION 14.04. No Payment When Senior Debt in Default. (a) In the event
and during the continuation of any default by the Company in the payment of
principal of (or premium, if any) or interest, if any, on any Senior Debt, or in
the event that any event of default with respect to any Senior Debt shall have
occurred and be continuing and shall have resulted in such Senior Debt becoming
or being declared due and payable prior to the date on which it would otherwise
have become due and payable, unless and until such event of default shall have
been cured or waived or shall have ceased to exist and such acceleration shall
have been rescinded or annulled, or (b) in the event any judicial proceeding
shall be pending with respect to any such default in payment or such event of
default, then no direct or indirect payment or distribution of any kind or
character, whether in cash, property or securities (including any Junior
Subordinated Payment), by set-off or otherwise, shall be made or agreed to be
made by the Company on account of principal of (or premium, if any) or interest
(including any Additional Interest), if any, on the Securities or on account of
any redemption, repayment, retirement, purchase or other acquisition of any
Securities by the Company or any Subsidiary; provided, however, that nothing in
this Section shall prevent the satisfaction of any sinking fund payment in
accordance with this Indenture or as otherwise specified as contemplated by
Section 3.01 for the Securities of any series by delivering and crediting
pursuant to Section 13.02 or as otherwise specified as contemplated by Section
3.01 for the Securities of any series which have been acquired (upon redemption
or otherwise) prior to such default in payment or event of default.

         In the event that, notwithstanding the foregoing, the Company shall
make any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, and if such fact shall, at or prior to the
time of such payment, have been made known to a Responsible Officer of the
Trustee or, as the case may be, such Holder, then and in such event such payment
shall be paid over and delivered forthwith to the Company.

         The provisions of this Section shall not apply to any payment with
respect to which Section 14.02 would be applicable.

         SECTION 14.05. Payment Permitted If No Default. Nothing contained in
this Article or elsewhere in this Indenture or in any of the Securities shall
prevent (a) the Company, at any time except during the pendency of any
Proceeding referred to in Section 14.02 or under the conditions described in
Sections 14.03 and 14.04, from making payments at any time of principal of (and
premium, if any) or interest (including any Additional Interest) on the
Securities, or (b) the application by the Trustee of any money deposited with it
hereunder to the payment of or on account of the principal of (and premium, if
any) or interest (including any Additional Interest) on the Securities or the
retention of such payment by the Holders, if, at the time of such payment by the
Company or application by the Trustee, as the case may be, it did not have
knowledge that such payment or

                                       68
<PAGE>

application, as the case may be, would have been prohibited by the provisions of
this Article.

         SECTION 14.06. Subrogation to Rights of Holders of Senior Debt. Subject
to the payment of all Senior Debt to the extent required under Sections 14.02
and 14.03 of this Indenture, or the provision for such payment in cash or cash
equivalents or otherwise in a manner satisfactory to the holders of Senior Debt,
the Holders of the Securities shall be subrogated to the extent of the payments
or distributions made to the holders of such Senior Debt pursuant to the
provisions of this Article (equally and ratably with the holders of all
indebtedness of the Company which by its express terms is subordinated to Senior
Debt of the Company to substantially the same extent as the Securities are
subordinated to the Senior Debt and is entitled to like rights of subrogation by
reason of any payments or distributions made to holders of such Senior Debt) to
the rights of the holders of such Senior Debt to receive payments and
distributions of cash, property and securities applicable to the Senior Debt
until the principal of (and premium, if any) and interest on the Securities
shall be paid in full. For purposes of such subrogation or assignment, no
payments or distributions to the holders of the Senior Debt of any cash,
property or securities to which the Holders of the Securities or the Trustee
would be entitled except for the provisions of this Article, and no payments
over pursuant to the provisions of this Article to the holders of Senior Debt by
Holders of the Securities or the Trustee, shall, as among the Company, its
creditors other than holders of Senior Debt, and the Holders of the Securities,
be deemed to be a payment or distribution by the Company to or on account of the
Senior Debt.

         SECTION 14.07. Provisions Solely to Define Relative Rights. The
provisions of this Article are and are intended solely for the purpose of
defining the relative rights of the Holders of the Securities on the one hand
and the holders of Senior Debt on the other hand. Nothing contained in this
Article or elsewhere in this Indenture or in the Securities is intended to or
shall (a) impair, as between the Company and the Holders of the Securities, the
obligations of the Company, which are absolute and unconditional, to pay to the
Holders of the Securities the principal of (and premium, if any) and interest
(including any Additional Interest) on the Securities as and when the same shall
become due and payable in accordance with their terms; or (b) affect the
relative rights against the Company of the Holders of the Securities and
creditors of the Company other than their rights in relation to the holders of
Senior Debt; or (c) prevent the Trustee or the Holder of any Security from
exercising all remedies otherwise permitted by applicable law upon default under
this Indenture including, without limitation, filing and voting claims in any
Proceeding, subject to the rights, if any, under this Article of the holders of
Senior Debt to receive cash, property and securities otherwise payable or
deliverable to the Trustee or such Holder.

         SECTION 14.08. Trustee to Effectuate Subordination. Each Holder of a
Security by his or her acceptance thereof authorizes and directs the Trustee on
his or her behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination provided in this Article and
appoints the Trustee his or her attorney-in-fact for any and all such purposes.

         SECTION 14.09. No Waiver of Subordination Provisions. No right of any
present or future holder of any Senior Debt to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the

                                       69
<PAGE>

part of the Company or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof that any such
holder may have or be otherwise charged with.

         SECTION 14.10. Notice to Trustee. The Company shall give prompt written
notice to the Trustee of any fact known to the Company which would prohibit the
making of any payment to or by the Trustee in respect of the Securities.
Notwithstanding the provisions of this Article or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts which would prohibit the making of any payment to or by the Trustee in
respect of the Securities, unless and until the Trustee shall have received
written notice thereof from the Company or a holder of Senior Debt or from any
trustee, agent or representative therefor (whether or not the facts contained in
such notice are true); provided, however, that if the Trustee shall not have
received the notice provided for in this Section at least two Business Days
prior to the date upon which by the terms hereof any monies may become payable
for any purpose (including, without limitation, the payment of the principal of
(and premium, if any) or interest (including any Additional Interest) on any
Security), then, anything herein contained to the contrary notwithstanding, the
Trustee shall have full power and authority to receive such monies and to apply
the same to the purpose for which they were received and shall not be affected
by any notice to the contrary which may be received by it within two Business
Days prior to such date.

         SECTION 14.11. Reliance on Judicial Order or Certificate of Liquidating
Agent. Upon any payment or distribution of assets of the Company referred to in
this Article, the Trustee, subject to the provisions of Article VI, and the
Holders of the Securities shall be entitled to conclusively rely upon any order
or decree entered by any court of competent jurisdiction in which such
Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee for the benefit of creditors, agent or
other Person making such payment or distribution, delivered to the Trustee or to
the Holders of Securities, for the purpose of ascertaining the Persons entitled
to participate in such payment or distribution, the holders of the Senior Debt
and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article.

         SECTION 14.12. Trustee Not Fiduciary for Holders of Senior Debt. The
Trustee, in its capacity as trustee under this Indenture, shall not be deemed to
owe any fiduciary duty to the holders of Senior Debt and shall not be liable to
any such holders if it shall in good faith mistakenly pay over or distribute to
Holders of Securities or to the Company or to any other Person cash, property or
securities to which any holders of Senior Debt shall be entitled by virtue of
this Article or otherwise.

         SECTION 14.13. Rights of Trustee as Holder of Senior Debt; Preservation
of Trustee's Rights. The Trustee in its individual capacity shall be entitled to
all the rights set forth in this Article with respect to any Senior Debt which
may at any time be held by it, to the same extent as any other holder of Senior
Debt, and nothing in this Indenture shall deprive the Trustee of any of its
rights as such holder.

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<PAGE>

         SECTION 14.14. Article Applicable to Paying Agents. In case at any time
any Paying Agent other than the Trustee shall have been appointed by the Company
and be then acting hereunder, the term "Trustee" as used in this Article shall
in such case (unless the context otherwise requires) be construed as extending
to and including such Paying Agent within its meaning as fully for all intents
and purposes as if such Paying Agent were named in this Article in addition to
or in place of the Trustee.

         SECTION 14.15. Certain Conversions or Exchanges Deemed Payment. For
purposes of this Article only, (a) the issuance and delivery of junior
securities upon conversion or exchange of Securities shall not be deemed to
constitute a payment or distribution on account of the principal of (or premium,
if any) or interest (including any Additional Interest) on Securities or on
account of the purchase or other acquisition of Securities, and (b) the payment,
issuance or delivery of cash, property or securities (other than junior
securities) upon conversion or exchange of a Security shall be deemed to
constitute payment on account of the principal of such Security. For the
purposes of this Section, the term "junior securities" means (i) shares of any
stock of any class of the Company and (ii) securities of the Company which are
subordinated in right of payment to all Senior Debt which may be outstanding at
the time of issuance or delivery of such securities to substantially the same
extent as, or to a greater extent than, the Securities are so subordinated as
provided in this Article.

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

                                       71
<PAGE>

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

                                   BANCORPSOUTH, INC.,

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

                                   THE BANK OF NEW YORK, as Trustee,

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

                                       72

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