Document:

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                                                                     Exhibit 4.8

                                                                  EXECUTION COPY

                                  Airgas, Inc.

                    9.125% Senior Subordinated Notes due 2011

                      unconditionally guaranteed as to the
 payment of principal, premium, if any, and interest by the Guarantors named in
                               Schedule I hereto

                                   ----------

                   Exchange and Registration Rights Agreement

                                                       July 30, 2001

Goldman, Sachs & Co.
Banc of America Securities LLC
Fleet Securities, Inc.
BNY Capital Markets, Inc.
CIBC World Markets Corp.
   As representatives of the several Purchasers
   named in Schedule I to the Purchase Agreement
c/o Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

      Airgas, Inc., a Delaware corporation (the "Company"), proposes to issue
and sell to the Purchasers (as defined herein) upon the terms set forth in the
Purchase Agreement (as defined herein) its 9.125% Senior Subordinated Notes due
2011, which are guaranteed by the Guarantors named in Schedule I hereto. As an
inducement to the Purchasers to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Purchasers thereunder, the
Company agrees with the Purchasers for the benefit of holders (as defined
herein) from time to time of the Registrable Securities (as defined herein) as
follows:

      1. Certain Definitions. For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following respective
meanings:

            "Base Interest" shall mean the interest that would otherwise accrue
      on the Securities under the terms thereof and the Indenture, without
      giving effect to the provisions of this Agreement.

            The term "broker-dealer" shall mean any broker or dealer registered
      with the Commission under the Exchange Act.
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            "Closing Date" shall mean the date on which the Securities are
      initially issued pursuant to the Purchase Agreement.

            "Commission" shall mean the United States Securities and Exchange
      Commission, or any other federal agency at the time administering the
      Exchange Act or the Securities Act, whichever is the relevant statute for
      the particular purpose.

            "Effective Time," in the case of (i) an Exchange Registration, shall
      mean the time and date as of which the Commission declares the Exchange
      Registration Statement effective or as of which the Exchange Registration
      Statement otherwise becomes effective and (ii) a Shelf Registration, shall
      mean the time and date as of which the Commission declares the Shelf
      Registration Statement effective or as of which the Shelf Registration
      Statement otherwise becomes effective.

            "Electing Holder" shall mean any holder of Registrable Securities
      that has returned a completed and signed Notice and Questionnaire to the
      Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, or
      any successor thereto, as the same shall be amended from time to time.

            "Exchange Offer" shall have the meaning assigned thereto in Section
      2(a) hereof.

            "Exchange Registration" shall have the meaning assigned thereto in
      Section 3(c) hereof.

            "Exchange Registration Statement" shall have the meaning assigned
      thereto in Section 2(a) hereof.

            "Exchange Securities" shall have the meaning assigned thereto in
      Section 2(a) hereof.

            "Guarantors" shall have the meaning assigned thereto in the
      Indenture.

            The term "holder" shall mean each of the Purchasers and other
      persons who acquire Registrable Securities from time to time (including
      any successors or assigns), in each case for so long as such person owns
      any Registrable Securities.

            "Indenture" shall mean the Indenture, dated as of July 30, 2001,
      among the Company, each of the Guarantors and The Bank of New York, as
      Trustee, as the same shall be amended from time to time.

            "Notice and Questionnaire" means a Notice of Registration Statement
      and Selling Securityholder Questionnaire substantially in the form of
      Exhibit A hereto.

            The term "person" shall mean a corporation, association,
      partnership, organization, business, individual, government or political
      subdivision thereof or governmental agency.

            "Purchase Agreement" shall mean the Purchase Agreement, dated as of
      July 25, 2001, between the Purchasers and the Company relating to the
      Securities.

            "Purchasers" shall mean the Purchasers named in Schedule I to the
      Purchase Agreement.

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            "Registrable Securities" shall mean the Securities; provided,
      however, that a Security shall cease to be a Registrable Security when (i)
      in the circumstances contemplated by Section 2(a) hereof, the Security has
      been exchanged for an Exchange Security in an Exchange Offer as
      contemplated in Section 2(a) hereof (provided that any Exchange Security
      that, pursuant to the last two sentences of Section 2(a), is included in a
      prospectus for use in connection with resales by broker-dealers shall be
      deemed to be a Registrable Security with respect to Sections 5, 6 and 9
      until resale of such Registrable Security has been effected within the
      90-day period referred to in Section 2(a)); (ii) in the circumstances
      contemplated by Section 2(b) hereof, a Shelf Registration Statement
      registering such Security under the Securities Act has been declared or
      becomes effective and such Security has been sold or otherwise transferred
      by the holder thereof pursuant to and in a manner contemplated by such
      effective Shelf Registration Statement; (iii) such Security is sold
      pursuant to Rule 144 (or any successor provision) under circumstances in
      which any legend borne by such Security relating to restrictions on
      transferability thereof, under the Securities Act or otherwise, is removed
      by the Company or pursuant to the Indenture; (iv) such Security is
      eligible to be sold pursuant to paragraph (k) of Rule 144; or (v) such
      Security shall cease to be outstanding.

            "Registration Default" shall have the meaning assigned thereto in
      Section 2(c) hereof.

            "Registration Expenses" shall have the meaning assigned thereto in
      Section 4 hereof.

            "Resale Period" shall have the meaning assigned thereto in Section
      2(a) hereof.

            "Restricted Holder" shall mean (i) a holder that is an affiliate of
      the Company within the meaning of Rule 405, (ii) a holder who acquires
      Exchange Securities outside the ordinary course of such holder's business,
      (iii) a holder who has arrangements or understandings with any person to
      participate in the Exchange Offer for the purpose of a distribution
      (within the meaning of the Securities Act) of the Exchange Securities and
      (iv) a holder that is a broker-dealer, but only with respect to Exchange
      Securities received by such broker-dealer pursuant to an Exchange Offer in
      exchange for Registrable Securities acquired by the broker-dealer directly
      from the Company.

            "Rule 144," "Rule 405" and "Rule 415" shall mean, in each case, such
      rule promulgated under the Securities Act (or any successor provision), as
      the same shall be amended from time to time.

            "Securities" shall mean, collectively, the [ ]% Senior Subordinated
      Notes due 2011 of the Company to be issued and sold to the Purchasers, and
      securities issued in exchange therefor or in lieu thereof pursuant to the
      Indenture. Each Security is entitled to the benefit of the guarantees
      provided for in the Indenture (the "Guarantees") and, unless the context
      otherwise requires, any reference herein to a "Security," and "Exchange
      Security" or a "Registrable Security" shall include a reference to the
      related Guarantees.

            "Securities Act" shall mean the Securities Act of 1933, or any
      successor thereto, as the same shall be amended from time to time.

            "Shelf Registration" shall have the meaning assigned thereto in
      Section 2(b) hereof.

            "Shelf Registration Statement" shall have the meaning assigned
      thereto in Section 2(b) hereof.

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            "Special Interest" shall have the meaning assigned thereto in
      Section 2(c) hereof.

            "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, or
      any successor thereto, and the rules, regulations and forms promulgated
      thereunder, all as the same shall be amended from time to time.

      Unless the context otherwise requires, any reference herein to a "Section"
or "clause" refers to a Section or clause, as the case may be, of this Exchange
and Registration Rights Agreement, and the words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any particular Section or
other subdivision.

      2. Registration Under the Securities Act.

            (a) Except as set forth in Section 2(b) below, the Company agrees to
      file under the Securities Act, as soon as practicable, but no later than
      90 days after the Closing Date, a registration statement relating to an
      offer to exchange (such registration statement, the "Exchange Registration
      Statement", and such offer, the "Exchange Offer") any and all of the
      Securities for a like aggregate principal amount of debt securities issued
      by the Company and guaranteed by each of the Guarantors, which debt
      securities and guarantees are substantially identical to the Securities
      and the Guarantees, respectively (and are entitled to the benefits of a
      trust indenture which is substantially identical to the Indenture or is
      the Indenture and which has been qualified under the Trust Indenture Act),
      except that they have been registered pursuant to an effective
      registration statement under the Securities Act and do not contain
      provisions for the additional interest contemplated in Section 2(c) below
      (such new debt securities hereinafter called "Exchange Securities"). The
      Company agrees to use its reasonable best efforts to cause the Exchange
      Registration Statement to become effective under the Securities Act as
      soon as practicable, but no later than 180 days after the Closing Date.
      The Exchange Offer will be registered under the Securities Act on the
      appropriate form and will comply with all applicable tender offer rules
      and regulations under the Exchange Act. The Company further agrees to use
      its reasonable best efforts to commence and complete the Exchange Offer
      promptly, but no later than 30 business days after such registration
      statement has become effective, hold the Exchange Offer open for at least
      20 business days and exchange Exchange Securities for all Registrable
      Securities that have been properly tendered and not withdrawn on or prior
      to the expiration of the Exchange Offer. The Exchange Offer will be deemed
      to have been "completed" only if the debt securities received by holders
      other than Restricted Holders in the Exchange Offer for Registrable
      Securities are, upon receipt, transferable by each such holder without
      need for further compliance with Section 5 of the Securities Act (except
      for the requirement to deliver a prospectus included in the Exchange
      Registration Statement applicable to resales by broker-dealers of Exchange
      Securities received by such broker-dealer pursuant to an Exchange Offer in
      exchange for Registrable Securities other than those acquired by the
      broker-dealer directly from the Company) and without material restrictions
      under the blue sky or securities laws of a substantial majority of the
      States of the United States of America. The Exchange Offer shall be deemed
      to have been completed upon the earlier to occur of (i) the Company having
      exchanged the Exchange Securities for all outstanding Registrable
      Securities pursuant to the Exchange Offer and (ii) the Company having
      exchanged, pursuant to the Exchange Offer, Exchange Securities for all
      Registrable Securities that have been properly tendered and not withdrawn
      before the expiration of the Exchange Offer, which shall be on a date that
      is at least 30 days following the commencement of the

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      Exchange Offer. The Company agrees (x) to include in the Exchange
      Registration Statement a prospectus for use in any resales by any holder
      of Exchange Securities that is a broker-dealer (where such Exchange
      Security was received by a broker-dealer in an Exchange Offer in exchange
      for a Registrable Security that was acquired by such broker-dealer for its
      own account as a result of market-making or other trading activities, so
      long as such Registrable Security was not acquired directly from the
      Company or an affiliate of the Company) and (y) to keep such Exchange
      Registration Statement effective for a period (the "Resale Period")
      beginning when Exchange Securities are first issued in the Exchange Offer
      and ending upon the earlier of the expiration of the 120th day after the
      Exchange Offer has been completed or such time as such broker-dealers no
      longer own any Registrable Securities. With respect to such Exchange
      Registration Statement, such holders shall have the benefit of the rights
      of indemnification and contribution set forth in Sections 6(a), (c), (d)
      and (e) hereof.

            (b) If (i) on or prior to the time the Exchange Offer is completed
      existing Commission interpretations are changed such that the debt
      securities or the related guarantees received by holders other than
      Restricted Holders in the Exchange Offer for Registrable Securities are
      not or would not be, upon receipt, transferable by each such holder
      without need for further compliance with Section 5 of the Securities Act
      (except for the requirement to deliver a prospectus included in the
      Exchange Registration Statement applicable to resales by broker-dealers of
      Exchange Securities received by such broker-dealer pursuant to an Exchange
      Offer in exchange for Registrable Securities that were acquired by such
      broker-dealer for its own account as a result of market-making or other
      trading activities, so long as such Registrable Security was not acquired
      directly from the Company or an affiliate of the Company), (ii) the
      Exchange Offer has not been completed within 225 days following the
      Closing Date or (iii) the Exchange Offer is not available to any holder of
      the Securities and such holder notifies the Company in writing prior to
      the 255th day following the Closing Date that: (A) it is prohibited by law
      or Commission policy from participating in the Exchange Offer; or (B) that
      it may not resell the Exchange Securities acquired by it in the Exchange
      Offer to the public without delivering a prospectus and the prospectus
      contained in the Exchange Registration Statement is not appropriate or
      available for such resales; or (C) that it is a broker-dealer and owns
      Registrable Securities acquired directly from the Company or an affiliate
      of the Company (an "Electing Holder"), the Company shall, in lieu of (or,
      in the case of clause (iii), in addition to) conducting the Exchange Offer
      contemplated by Section 2(a), file under the Securities Act as soon as
      practicable, but no later than the later of 60 days after the time such
      obligation to file arises or such later date on which the Exchange
      Registration Statement would have been required to be filed, a "shelf"
      registration statement providing for the registration of, and the sale on
      a continuous or delayed basis by the holders of, all of the Registrable
      Securities, pursuant to Rule 415 or any similar rule that may be adopted
      by the Commission (such filing, the "Shelf Registration" and such
      registration statement, the "Shelf Registration Statement"). The Company
      agrees to use its reasonable best efforts (x) to cause the Shelf
      Registration Statement to become or be declared effective no later than
      120 days after such Shelf Registration Statement is filed or such later
      date on which the Exchange Registration Statement would have been required
      to be declared effective and to keep such Shelf Registration Statement
      continuously effective for a period ending on the earlier of the second
      anniversary of the Effective Time or such time as there are no longer any
      Registrable Securities outstanding, provided, however, that no holder
      shall be entitled to be named as a selling securityholder in the Shelf
      Registration Statement or to use the prospectus forming a part thereof for
      resales of Registrable Securities unless such holder is an Electing Holder
      who agrees to be bound by all of the provisions of this Agreement
      applicable to such holder, and (y) after the Effective Time of

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      the Shelf Registration Statement, promptly upon the request of any holder
      of Registrable Securities that is not then an Electing Holder, to take any
      action reasonably necessary to enable such holder to use the prospectus
      forming a part thereof for resales of Registrable Securities, including,
      without limitation, any action reasonably necessary to identify such
      holder as a selling securityholder in the Shelf Registration Statement,
      provided, however, that nothing in this Clause (y) shall relieve any such
      holder of the obligation to return a completed and signed Notice and
      Questionnaire to the Company in accordance with Section 3(d)(iii) hereof.
      The Company further agrees to supplement or make amendments to the Shelf
      Registration Statement, as and when required by the rules, regulations or
      instructions applicable to the registration form used by the Company for
      such Shelf Registration Statement or by the Securities Act or rules and
      regulations thereunder for shelf registration, and the Company agrees to
      furnish to each Electing Holder copies of any such supplement or amendment
      prior to its being used or promptly following its filing with the
      Commission.

            (c) In the event that (i) the Company has not filed the Exchange
      Registration Statement or Shelf Registration Statement on or before the
      date on which such registration statement is required to be filed pursuant
      to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration
      Statement or Shelf Registration Statement has not become effective or been
      declared effective by the Commission on or before the date on which such
      registration statement is required to become or be declared effective
      pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange
      Offer has not been completed within 30 business days after the initial
      effective date of the Exchange Registration Statement relating to the
      Exchange Offer (if the Exchange Offer is then required to be made) or (iv)
      any Exchange Registration Statement or Shelf Registration Statement
      required by Section 2(a) or 2(b) hereof is filed and declared effective
      but shall thereafter, prior to the time such Exchange Registration
      Statement or Shelf Registration Statement is no longer required to be
      effective pursuant to Section 2(a) or 2(b), either be withdrawn by the
      Company or shall become subject to an effective stop order issued pursuant
      to Section 8(d) of the Securities Act suspending the effectiveness of such
      registration statement (except as specifically permitted herein) without
      being succeeded immediately by an additional registration statement filed
      and declared effective (each such event referred to in clauses (i) through
      (iv), a "Registration Default" and each period during which a Registration
      Default has occurred and is continuing, a "Registration Default Period"),
      then, as liquidated damages for such Registration Default, subject to the
      provisions of Section 9(b), special interest ("Special Interest"), in
      addition to the Base Interest, shall accrue at a per annum rate of 0.25%
      for the first 90 days of the Registration Default Period. The amount of
      Special Interest shall increase by an additional 0.25% per annum of the
      principal amount of the Securities with respect to each subsequent 90-day
      period until all Registration Defaults have been cured, up to a maximum
      amount of 1.0% per annum of the principal amount of the Securities.

            (d) The Company shall take, and shall cause the Guarantors to take,
      all actions reasonably necessary or advisable to be taken by it to ensure
      that the transactions contemplated herein are effected as so contemplated,
      including all actions reasonably necessary or desirable to register the
      Guarantees under the registration statement contemplated in Section 2(a)
      or 2(b) hereof, as applicable.

            (e) Any reference herein to a registration statement as of any time
      shall be deemed to include any document incorporated, or deemed to be
      incorporated, therein by reference as of such time and any reference
      herein to any post-effective amendment to a registration

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      statement as of any time shall be deemed to include any document
      incorporated, or deemed to be incorporated, therein by reference as of
      such time.

      3. Registration Procedures.

            If the Company files a registration statement pursuant to Section
2(a) or Section 2(b), the following provisions shall apply:

            (a) At or before the Effective Time of the Exchange Offer or the
      Shelf Registration, as the case may be, the Company shall qualify the
      Indenture under the Trust Indenture Act of 1939, as amended (the "Trust
      Indenture Act").

            (b) In the event that such qualification would require the
      appointment of a new trustee under the Indenture, the Company shall
      appoint a new trustee thereunder pursuant to the applicable provisions of
      the Indenture.

            (c) In connection with the Company's obligations with respect to the
      registration of Exchange Securities as contemplated by Section 2(a) (the
      "Exchange Registration"), if applicable, the Company shall, as soon as
      practicable (or as otherwise specified):

                  (i) prepare and file with the Commission, as soon as
            practicable but no later than 90 days after the Closing Date, an
            Exchange Registration Statement on any form which may be utilized by
            the Company and which shall permit the Exchange Offer and resales of
            Exchange Securities by broker-dealers during the Resale Period to be
            effected as contemplated by Section 2(a), and use its reasonable
            best efforts to cause such Exchange Registration Statement to become
            effective as soon as practicable thereafter, but no later than 180
            days after the Closing Date;

                  (ii) as soon as practicable prepare and file with the
            Commission such amendments and supplements to such Exchange
            Registration Statement and the prospectus included therein as may be
            reasonably necessary to effect and maintain the effectiveness of
            such Exchange Registration Statement for the periods and purposes
            contemplated in Section 2(a) hereof and as may be required by the
            applicable rules and regulations of the Commission and the
            instructions applicable to the form of such Exchange Registration
            Statement, and promptly provide each broker-dealer holding Exchange
            Securities with such reasonable number of copies of the prospectus
            included therein (as then amended or supplemented), in conformity in
            all material respects with the requirements of the Securities Act
            and the Trust Indenture Act and the rules and regulations of the
            Commission thereunder, as such broker-dealer reasonably may request,
            in a timely manner, prior to the expiration of the Resale Period,
            for use in connection with resales of Exchange Securities;

                  (iii) promptly notify each broker-dealer that has requested or
            received copies of the prospectus included in such registration
            statement, and confirm such advice in writing, (A) when such
            Exchange Registration Statement or the prospectus included therein
            or any prospectus amendment or supplement or post-effective
            amendment has been filed with the Commission, and, with respect to
            such Exchange Registration Statement or any post-effective
            amendment, when the same has become effective, (B) of any comments
            by the Commission and by the Blue Sky or securities commissioner or
            regulator of any state with respect thereto or any request by the
            Commission for amendments or supplements to such Exchange
            Registration

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            Statement or prospectus or for additional information, (C) of the
            receipt by the Company of any notification with respect to the
            suspension of the qualification of the Exchange Securities for sale
            in any jurisdiction or the initiation or threatening of any
            proceeding for such purpose, (D) if at any time the representations
            and warranties of the Company contemplated by Section 5 cease to be
            true and correct in all material respects, (E) of the receipt by the
            Company of any notification with respect to the suspension of the
            qualification of the Exchange Securities for sale in any
            jurisdiction or the initiation or threatening of any proceeding for
            such purpose, or (F) at any time during the Resale Period when a
            prospectus is required to be delivered under the Securities Act,
            that such Exchange Registration Statement, prospectus, prospectus
            amendment or supplement or post-effective amendment does not conform
            in all material respects to the applicable requirements of the
            Securities Act and the Trust Indenture Act and the rules and
            regulations of the Commission thereunder or contains an untrue
            statement of a material fact or omits to state any material fact
            required to be stated therein or necessary to make the statements
            therein not misleading in light of the circumstances then existing;

                  (iv) in the event that the Company would be required, pursuant
            to Section 3(c)(iii)(F) above, to notify any broker-dealers holding
            Exchange Securities, without delay prepare and furnish to each such
            holder a reasonable number of copies of a prospectus supplemented or
            amended so that, as thereafter delivered to purchasers of such
            Exchange Securities during the Resale Period, such prospectus shall
            conform in all material respects to the applicable requirements of
            the Securities Act and the Trust Indenture Act and the rules and
            regulations of the Commission thereunder and shall not contain an
            untrue statement of a material fact or omit to state a material fact
            required to be stated therein or necessary to make the statements
            therein not misleading in light of the circumstances then existing;

                  (v) use its reasonable best efforts to obtain the withdrawal
            of any order suspending the effectiveness of such Exchange
            Registration Statement or any post-effective amendment thereto at
            the earliest practicable date;

                  (vi) use its reasonable best efforts to (A) register or
            qualify the Exchange Securities under the securities laws or blue
            sky laws of such jurisdictions as are contemplated by Section 2(a)
            no later than the commencement of the Exchange Offer, (B) keep such
            registrations or qualifications in effect and comply with such laws
            so as to permit the continuance of offers, sales and dealings
            therein in such jurisdictions until the expiration of the Resale
            Period and (C) take any and all other actions as may be reasonably
            necessary or advisable to enable each broker-dealer holding Exchange
            Securities to consummate the disposition thereof in such
            jurisdictions; provided, however, that the none of the Company or
            the Guarantors shall be required for any such purpose to (1) qualify
            as a foreign corporation in any jurisdiction wherein it would not
            otherwise be required to qualify but for the requirements of this
            Section 3(c)(vi), (2) be subject to general service of process or to
            taxation in any such jurisdiction or (3) make any changes to its
            certificate of incorporation or by-laws or any agreement between it
            and its stockholders;

                  (vii) use its reasonable best efforts to obtain the consent or
            approval of each governmental agency or authority, whether federal,
            state or local, which may be reasonably required to effect the
            Exchange Registration, the Exchange Offer and

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            the offering and sale of Exchange Securities by broker-dealers
            during the Resale Period;

                  (viii) provide a CUSIP number for all Exchange Securities, not
            later than the applicable Effective Time;

                  (ix) comply with all applicable rules and regulations of the
            Commission, and make generally available to its securityholders as
            soon as practicable but no later than eighteen months after the
            effective date of such Exchange Registration Statement, an earnings
            statement of the Company and its subsidiaries complying with Section
            11(a) of the Securities Act (including, at the option of the
            Company, Rule 158 thereunder).

            (d) In connection with the Company's obligations with respect to the
      Shelf Registration, if applicable, the Company shall, as soon as
      practicable (or as otherwise specified):

                  (i) prepare and file with the Commission, as soon as
            practicable but in any case within the time periods specified in
            Section 2(b), a Shelf Registration Statement on any form which may
            be utilized by the Company and which shall register all of the
            Registrable Securities for resale by the holders thereof in
            accordance with such method or methods of disposition as may be
            specified by such of the holders as, from time to time, may be
            Electing Holders and use its reasonable best efforts to cause such
            Shelf Registration Statement to become effective as soon as
            practicable but in any case within the time periods specified in
            Section 2(b);

                  (ii) not less than 30 calendar days prior to the Effective
            Time of the Shelf Registration Statement, mail the Notice and
            Questionnaire to the holders of Registrable Securities; no holder
            shall be entitled to be named as a selling securityholder in the
            Shelf Registration Statement as of the Effective Time, and no holder
            shall be entitled to use the prospectus forming a part thereof for
            resales of Registrable Securities at any time, unless such holder
            has returned a completed and signed Notice and Questionnaire to the
            Company by the deadline for response set forth therein; provided,
            however, holders of Registrable Securities shall have at least 28
            calendar days from the date on which the Notice and Questionnaire is
            first mailed to such holders to return a completed and signed Notice
            and Questionnaire to the Company;

                  (iii) after the Effective Time of the Shelf Registration
            Statement, upon the request of any holder of Registrable Securities
            that is not then an Electing Holder, promptly send a Notice and
            Questionnaire to such holder; provided that the Company shall not be
            required to take any action to name such holder as a selling
            securityholder in the Shelf Registration Statement or to enable such
            holder to use the prospectus forming a part thereof for resales of
            Registrable Securities until such holder has returned a completed
            and signed Notice and Questionnaire to the Company;

                  (iv) as soon as practicable prepare and file with the
            Commission such amendments and supplements to such Shelf
            Registration Statement and the prospectus included therein as may be
            reasonably necessary to effect and maintain the effectiveness of
            such Shelf Registration Statement for the period specified in
            Section 2(b) hereof and as may be required by the applicable rules
            and regulations of the Commission and the instructions applicable to
            the form of such Shelf

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            Registration Statement, and furnish to each of the Electing Holders
            such copies as each Electing Holder may reasonably request of any
            such supplement or amendment simultaneously with or prior to its
            being used or filed with the Commission;

                  (v) comply with the provisions of the Securities Act with
            respect to the disposition of all of the Registrable Securities
            covered by such Shelf Registration Statement in accordance with the
            intended methods of disposition by the Electing Holders provided for
            in such Shelf Registration Statement;

                  (vi) provide (A) the Electing Holders, (B) the underwriters
            (which term, for purposes of this Exchange and Registration Rights
            Agreement, shall include a person deemed to be an underwriter within
            the meaning of Section 2(a)(11) of the Securities Act), if any,
            thereof, (C) any sales or placement agent therefor, (D) counsel for
            any such underwriter or agent and (E) not more than one counsel for
            all the Electing Holders the opportunity to participate in the
            preparation of such Shelf Registration Statement, each prospectus
            included therein or filed with the Commission and each amendment or
            supplement thereto;

                  (vii) for a reasonable period prior to the filing of such
            Shelf Registration Statement, and throughout the period specified in
            Section 2(b), make available at reasonable times at the Company's
            principal place of business or such other reasonable place for
            inspection by the persons referred to in Section 3(d)(vi) who shall
            certify to the Company that they have a current intention to sell
            the Registrable Securities pursuant to the Shelf Registration such
            financial and other information and books and records of the
            Company, and cause the officers, employees, counsel and independent
            certified public accountants of the Company to respond to such
            inquiries, as shall be reasonably necessary, in the judgment of the
            respective counsel referred to in such Section, to conduct a
            reasonable investigation within the meaning of Section 11 of the
            Securities Act; provided, however, that the foregoing inspection and
            information gathering shall be coordinated on behalf of the
            Purchasers by you and on behalf of the other parties, by one counsel
            designated by and on behalf of such other parties as described in
            Section 4 hereof; provided, further, however, that each such party
            shall be required to maintain in confidence and not to disclose to
            any other person any information or records reasonably designated by
            the Company as being confidential, until such time as (A) such
            information becomes a matter of public record (whether by virtue of
            its inclusion in such registration statement or otherwise), or (B)
            such person shall be required so to disclose such information
            pursuant to a subpoena or order of any court or other governmental
            agency or body having jurisdiction over the matter (subject to the
            requirements of such order, and only after such person shall have
            given the Company prompt prior written notice of such requirement),
            or (C) such information is required to be set forth in such Shelf
            Registration Statement or the prospectus included therein or in an
            amendment to such Shelf Registration Statement or an amendment or
            supplement to such prospectus in order that such Shelf Registration
            Statement, prospectus, amendment or supplement, as the case may be,
            complies with applicable requirements of the federal securities laws
            and the rules and regulations of the Commission and does not contain
            an untrue statement of a material fact or omit to state therein a
            material fact required to be stated therein or necessary to make the
            statements therein not misleading in light of the circumstances then
            existing;

                                       10
<PAGE>

                  (viii) promptly notify each of the Electing Holders, any sales
            or placement agent therefor and any underwriter thereof (which
            notification may be made through any managing underwriter that is a
            representative of such underwriter for such purpose) and confirm
            such advice in writing, (A) when such Shelf Registration Statement
            or the prospectus included therein or any prospectus amendment or
            supplement or post-effective amendment has been filed with the
            Commission, and, with respect to such Shelf Registration Statement
            or any post-effective amendment, when the same has become effective,
            (B) of any comments by the Commission and by the Blue Sky or
            securities commissioner or regulator of any state with respect
            thereto or any request by the Commission for amendments or
            supplements to such Shelf Registration Statement or prospectus or
            for additional information, (C) of the issuance by the Commission of
            any stop order suspending the effectiveness of such Shelf
            Registration Statement or the initiation or threatening of any
            proceedings for that purpose, (D) if at any time the representations
            and warranties of the Company contemplated by Section 3(d)(xvii) or
            Section 5 cease to be true and correct in all material respects, (E)
            of the receipt by the Company of any notification with respect to
            the suspension of the qualification of the Registrable Securities
            for sale in any jurisdiction or the initiation or threatening of any
            proceeding for such purpose, or (F) if at any time when a prospectus
            is required to be delivered under the Securities Act, that such
            Shelf Registration Statement, prospectus, prospectus amendment or
            supplement or post-effective amendment does not conform in all
            material respects to the applicable requirements of the Securities
            Act and the Trust Indenture Act and the rules and regulations of the
            Commission thereunder or contains an untrue statement of a material
            fact or omits to state any material fact required to be stated
            therein or necessary to make the statements therein not misleading
            in light of the circumstances then existing;

                  (ix) use its reasonable best efforts to obtain the withdrawal
            of any order suspending the effectiveness of such registration
            statement Shelf Registration Statement or any post-effective
            amendment thereto at the earliest practicable date;

                  (x) if requested by any managing underwriter or underwriters,
            any placement or sales agent or any Electing Holder, promptly
            incorporate in a prospectus supplement or post-effective amendment
            such information as is required by the applicable rules and
            regulations of the Commission and as such managing underwriter or
            underwriters, such agent or such Electing Holder specifies should be
            included therein relating to the terms of the sale of such
            Registrable Securities, including information with respect to the
            principal amount of Registrable Securities being sold by such
            Electing Holder or agent or to any underwriters, the name and
            description of such Electing Holder, agent or underwriter, the
            offering price of such Registrable Securities and any discount,
            commission or other compensation payable in respect thereof, the
            purchase price being paid therefor by such underwriters and with
            respect to any other terms of the offering of the Registrable
            Securities to be sold by such Electing Holder or agent or to such
            underwriters; and make all required filings of such prospectus
            supplement or post-effective amendment promptly after notification
            of the matters to be incorporated in such prospectus supplement or
            post-effective amendment;

                  (xi) furnish to each Electing Holder, each placement or sales
            agent, if any, therefor, each underwriter, if any, thereof and the
            respective counsel referred to in Section 3(d)(vi) a copy of such
            Shelf Registration Statement, each such amendment

                                       11
<PAGE>

            and supplement thereto (in each case including all exhibits thereto
            (in the case of an Electing Holder of Registrable Securities, upon
            written request) and documents incorporated by reference therein)
            and such number of copies of such Shelf Registration Statement
            (excluding exhibits thereto and documents incorporated by reference
            therein unless specifically so requested by such Electing Holder,
            agent or underwriter, as the case may be) and of the prospectus
            included in such Shelf Registration Statement (including each
            preliminary prospectus and any summary prospectus), in conformity in
            all material respects with the applicable requirements of the
            Securities Act and the Trust Indenture Act and the rules and
            regulations of the Commission thereunder, and such other documents,
            as such Electing Holder, agent, if any, and underwriter, if any, may
            reasonably request in order to facilitate the offering and
            disposition of the Registrable Securities owned by such Electing
            Holder, offered or sold by such agent or underwritten by such
            underwriter and to permit such Electing Holder, agent and
            underwriter to satisfy the prospectus delivery requirements of the
            Securities Act; and the Company hereby consents to the use of such
            prospectus (including such preliminary and summary prospectus) and
            any amendment or supplement thereto by each such Electing Holder and
            by any such agent and underwriter, in each case in the form most
            recently provided to such person by the Company, in connection with
            the offering and sale of the Registrable Securities covered by the
            prospectus (including such preliminary and summary prospectus) or
            any supplement or amendment thereto;

                  (xii) use its reasonable best efforts to (A) register or
            qualify the Registrable Securities to be included in such Shelf
            Registration Statement under such securities laws or blue sky laws
            of such jurisdictions as any Electing Holder and each placement or
            sales agent, if any, therefor and underwriter, if any, thereof shall
            reasonably request in writing, (B) keep such registrations or
            qualifications in effect and comply with such laws so as to permit
            the continuance of offers, sales and dealings therein in such
            jurisdictions during the period the Shelf Registration is required
            to remain effective under Section 2(b) above and for so long as may
            be necessary to enable any such Electing Holder, agent or
            underwriter to complete its distribution of Securities pursuant to
            such Shelf Registration Statement and (C) take any and all other
            actions as may be reasonably necessary or advisable to enable each
            such Electing Holder, agent, if any, and underwriter, if any, to
            consummate the disposition in such jurisdictions of such Registrable
            Securities; provided, however, that none of the Company or the
            Guarantors shall be required for any such purpose to (1) qualify as
            a foreign corporation in any jurisdiction wherein it would not
            otherwise be required to qualify but for the requirements of this
            Section 3(d)(xii), (2) consent to be subject to general service of
            process or to taxation in any such jurisdiction or (3) make any
            changes to its certificate of incorporation or by-laws or any
            agreement between it and its stockholders;

                  (xiii) use its reasonable best efforts to obtain the consent
            or approval of each governmental agency or authority, whether
            federal, state or local, which may be required to effect the Shelf
            Registration or the offering or sale in connection therewith or to
            enable the selling holder or holders to offer, or to consummate the
            disposition of, their Registrable Securities;

                  (xiv) unless any Registrable Securities shall be in book-entry
            only form, cooperate with the Electing Holders and the managing
            underwriters, if any, to facilitate the timely preparation and
            delivery of certificates representing Registrable

                                       12
<PAGE>

            Securities to be sold, which certificates, if so required by any
            securities exchange upon which any Registrable Securities are
            listed, shall be penned, lithographed or engraved, or produced by
            any combination of such methods, on steel engraved borders, and
            which certificates shall not bear any restrictive legends; and, in
            the case of an underwritten offering, enable such Registrable
            Securities to be in such denominations and registered in such names
            as the managing underwriters may request at least three business
            days prior to any sale of the Registrable Securities;

                  (xv) provide a CUSIP number for all Registrable Securities,
            not later than the applicable Effective Time;

                  (xvi) enter into such customary agreements, including if
            requested, an underwriting agreement in customary form, and take
            such other actions in connection therewith as any Electing Holders
            aggregating at least 20% in aggregate principal amount of the
            Registrable Securities at the time outstanding shall request in
            order to expedite or facilitate the disposition of such Registrable
            Securities, provided that the Company shall not be required to enter
            into any such agreement more than two times with respect to all the
            Registrable Securities and may delay entering into such agreement
            until the consummation of any underwritten public offering in which
            the Company shall have then engaged;

                  (xvii) whether or not an agreement of the type referred to in
            Section 3(d)(xvi) hereof is entered into and whether or not any
            portion of the offering contemplated by the Shelf Registration is an
            underwritten offering or is made through a placement or sales agent
            or any other entity, (A) make such representations and warranties to
            the Electing Holders and the placement or sales agent, if any,
            therefor and the underwriters, if any, thereof in form, substance
            and scope as are customarily made in connection with an offering of
            debt securities pursuant to any appropriate agreement or to a
            registration statement filed on the form applicable to the Shelf
            Registration; (B) obtain an opinion of counsel to the Company in
            customary form and covering such matters, of the type customarily
            covered by such an opinion, as the managing underwriters, if any, or
            as any Electing Holders of at least 20% in aggregate principal
            amount of the Registrable Securities at the time outstanding may
            reasonably request, addressed to such Electing Holder or Electing
            Holders and the placement or sales agent, if any, therefor and the
            underwriters, if any, thereof and dated the effective date of such
            Shelf Registration Statement (and if such Shelf Registration
            Statement contemplates an underwritten offering of a part or all of
            the Registrable Securities, dated the date of the closing under the
            underwriting agreement relating thereto) (it being agreed that the
            matters to be covered by such opinion shall include the due
            incorporation and good standing of the Company and its subsidiaries;
            the qualification of the Company and its subsidiaries to transact
            business as foreign corporations; the due authorization, execution
            and delivery of the relevant agreement of the type referred to in
            Section 3(d)(xvi) hereof; the due authorization, execution,
            authentication and issuance, and the validity and enforceability, of
            the applicable Registrable Securities; the absence of material legal
            or governmental proceedings involving the Company; the absence of a
            breach by the Company or any of its subsidiaries of, or a default
            under, material agreements binding upon the Company or any
            subsidiary of the Company; the absence of governmental approvals
            required to be obtained in connection with the Shelf Registration,
            the offering and sale of the applicable Registrable Securities or
            any agreement of the type referred to in Section 3(d)(xvi) hereof,
            except such approvals

                                       13
<PAGE>

            as may be required under state securities or blue sky laws; the
            material compliance as to form of such Shelf Registration Statement
            and any documents incorporated by reference therein and of the
            Indenture with the requirements of the Securities Act and the Trust
            Indenture Act and the rules and regulations of the Commission
            thereunder, respectively; and, as of the date of the opinion and as
            of the effective date of the Shelf Registration Statement or most
            recent post-effective amendment thereto, as the case may be, the
            absence from such Shelf Registration Statement and the prospectus
            included therein, as then amended or supplemented, and from the
            documents incorporated by reference therein (in each case other than
            the financial statements and other financial information contained
            therein) of an untrue statement of a material fact or the omission
            to state therein a material fact necessary to make the statements
            therein not misleading (in the case of such documents, in the light
            of the circumstances existing at the time that such documents were
            filed with the Commission under the Exchange Act)); (C) obtain a
            "cold comfort" letter or letters from the independent certified
            public accountants of the Company addressed to the selling Electing
            Holders, the placement or sales agent, if any, therefor or the
            underwriters, if any, thereof, dated (i) the effective date of such
            Shelf Registration Statement and (ii) the effective date of any
            prospectus supplement to the prospectus included in such Shelf
            Registration Statement or post-effective amendment to such Shelf
            Registration Statement which includes unaudited or audited financial
            statements as of a date or for a period subsequent to that of the
            latest such statements included in such prospectus (and, if such
            Shelf Registration Statement contemplates an underwritten offering
            pursuant to any prospectus supplement to the prospectus included in
            such Shelf Registration Statement or post-effective amendment to
            such Shelf Registration Statement which includes unaudited or
            audited financial statements as of a date or for a period subsequent
            to that of the latest such statements included in such prospectus,
            dated the date of the closing under the underwriting agreement
            relating thereto), such letter or letters to be in customary form
            and covering such matters of the type customarily covered by letters
            of such type; (D) deliver such customary documents and certificates,
            including officers' certificates, as may be reasonably requested by
            any Electing Holders of at least 20% in aggregate principal amount
            of the Registrable Securities at the time outstanding or the
            placement or sales agent, if any, therefor and the managing
            underwriters, if any, thereof to evidence the accuracy of the
            representations and warranties made pursuant to clause (A) above or
            those contained in Section 5(a) hereof and the compliance with or
            satisfaction of any agreements or conditions contained in the
            underwriting agreement or other agreement entered into by the
            Company; and (E) undertake such obligations relating to expense
            reimbursement, indemnification and contribution as are provided in
            Section 6 hereof;

                  (xviii) notify in writing each holder of Registrable
            Securities of any proposal by the Company to amend or waive any
            provision of this Exchange and Registration Rights Agreement
            pursuant to Section 9(h) hereof and of any amendment or waiver
            effected pursuant thereto, each of which notices shall contain the
            text of the amendment or waiver proposed or effected, as the case
            may be;

                  (xix) in the event that any broker-dealer registered under the
            Exchange Act shall underwrite any Registrable Securities or
            participate as a member of an underwriting syndicate or selling
            group or "assist in the distribution" (within the meaning of the
            Conduct Rules (the "Conduct Rules") of the National Association of
            Securities Dealers, Inc. ("NASD") or any successor thereto, as
            amended from time to time)

                                       14
<PAGE>

            thereof, whether as a holder of such Registrable Securities or as an
            underwriter, a placement or sales agent or a broker or dealer in
            respect thereof, or otherwise, assist such broker-dealer in
            complying with the requirements of such Conduct Rules, including by
            (A) if such Conduct Rules shall so require, engaging a "qualified
            independent underwriter" (as defined in such Conduct Rules) to
            participate in the preparation of the Shelf Registration Statement
            relating to such Registrable Securities, to exercise usual standards
            of due diligence in respect thereto and, if any portion of the
            offering contemplated by such Shelf Registration Statement is an
            underwritten offering or is made through a placement or sales agent,
            to recommend the yield of such Registrable Securities, (B)
            indemnifying any such qualified independent underwriter to the
            extent of the indemnification of underwriters provided in Section 6
            hereof, and (C) providing such information to such broker-dealer as
            may be required in order for such broker-dealer to comply with the
            requirements of the Conduct Rules; and

                  (xx) comply with all applicable rules and regulations of the
            Commission, and make generally available to its securityholders as
            soon as practicable but in any event not later than eighteen months
            after the effective date of such Shelf Registration Statement, an
            earning statement of the Company and its subsidiaries complying with
            Section 11(a) of the Securities Act (including, at the option of the
            Company, Rule 158 thereunder).

            (e) In the event that the Company would be required, pursuant to
      Section 3(d)(viii)(F) above, to notify the Electing Holders, the placement
      or sales agent, if any, therefor and the managing underwriters, if any,
      thereof, the Company shall without delay prepare and furnish to each of
      the Electing Holders, to each placement or sales agent, if any, and to
      each such underwriter, if any, a reasonable number of copies of a
      prospectus supplemented or amended so that, as thereafter delivered to
      purchasers of Registrable Securities, such prospectus shall conform in all
      material respects to the applicable requirements of the Securities Act and
      the Trust Indenture Act and the rules and regulations of the Commission
      thereunder and shall not contain an untrue statement of a material fact or
      omit to state a material fact required to be stated therein or necessary
      to make the statements therein not misleading in light of the
      circumstances then existing. Each Electing Holder agrees that upon receipt
      of any notice from the Company pursuant to Section 3(d)(viii)(F) hereof,
      such Electing Holder shall forthwith discontinue the disposition of
      Registrable Securities pursuant to the Shelf Registration Statement
      applicable to such Registrable Securities until such Electing Holder shall
      have received copies of such amended or supplemented prospectus, and if so
      directed by the Company, such Electing Holder shall deliver to the Company
      (at the Company's expense) all copies, other than permanent file copies,
      then in such Electing Holder's possession of the prospectus covering such
      Registrable Securities at the time of receipt of such notice.

            (f) In the event of a Shelf Registration, in addition to the
      information required to be provided by each Electing Holder in its Notice
      Questionnaire, the Company may require such Electing Holder to furnish to
      the Company such additional information regarding such Electing Holder and
      such Electing Holder's intended method of distribution of Registrable
      Securities as may be required in order to comply with the Securities Act.
      Each such Electing Holder agrees to notify the Company as promptly as
      practicable of any inaccuracy or change in information previously
      furnished by such Electing Holder to the Company or of the occurrence of
      any event in either case as a result of which any prospectus relating to
      such Shelf Registration contains or would contain an untrue statement of a
      material fact

                                       15
<PAGE>

      regarding such Electing Holder or such Electing Holder's intended method
      of disposition of such Registrable Securities or omits to state any
      material fact regarding such Electing Holder or such Electing Holder's
      intended method of disposition of such Registrable Securities required to
      be stated therein or necessary to make the statements therein not
      misleading in light of the circumstances then existing, and promptly to
      furnish to the Company any additional information required to correct and
      update any previously furnished information or required so that such
      prospectus shall not contain, with respect to such Electing Holder or the
      disposition of such Registrable Securities, an untrue statement of a
      material fact or omit to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading in
      light of the circumstances then existing.

            (g) Until the expiration of two years after the Closing Date, the
      Company will not, and will not permit any of its "affiliates" (as defined
      in Rule 144) to, resell any of the Securities that have been reacquired by
      any of them except pursuant to an effective registration statement under
      the Securities Act.

      4. Registration Expenses.

            The Company agrees to bear and to pay or cause to be paid promptly
all expenses incident to the Company's performance of or compliance with this
Exchange and Registration Rights Agreement, including (a) all Commission and any
NASD registration, filing and review fees and expenses including fees and
disbursements of outside counsel for the placement or sales agent or
underwriters in connection with such registration, filing and review, (b) all
fees and expenses in connection with the qualification of the Securities for
offering and sale under the state securities laws referred to in Section
3(d)(xii) hereof and determination of their eligibility for investment under the
laws of such jurisdictions as any managing underwriters or the Electing Holders
may designate, including any, including the reasonable fees and disbursements of
outside counsel for the Electing Holders or underwriters in connection with such
qualification and determination, (c) all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration
statement required to be filed hereunder, each prospectus included therein or
prepared for distribution pursuant hereto, each amendment or supplement to the
foregoing, the expenses of preparing the Securities for delivery and the
expenses of printing or producing any underwriting agreements, agreements among
underwriters, selling agreements and blue sky or legal investment memoranda and
all other documents in connection with the offering, sale or delivery of
Securities to be disposed of (including certificates representing the
Securities), (d) messenger, telephone and delivery expenses relating to the
offering, sale or delivery of Securities and the preparation of documents
referred in clause (c) above, (e) reasonable fees and expenses of the Trustee
under the Indenture, any agent of the Trustee and any counsel for the Trustee
and of any collateral agent or custodian, (f) internal expenses (including all
salaries and expenses of the Company's officers and employees performing legal
or accounting duties), (g) reasonable fees, disbursements and expenses of
counsel and independent certified public accountants of the Company (including
the expenses of any opinions or "cold comfort" letters required by or incident
to such performance and compliance), (h) reasonable fees, disbursements and
expenses of any "qualified independent underwriter" engaged pursuant to Section
3(d)(xix) hereof, (i) fees, disbursements and expenses of no more than one
counsel for the Electing Holders retained in connection with a Shelf
Registration, as selected by the Electing Holders of at least a majority in
aggregate principal amount of the Registrable Securities held by Electing
Holders (which counsel shall be reasonably satisfactory to the Company), (j) any
fees charged by securities rating services for rating the Securities, and (k)
reasonable fees, expenses and disbursements of any other persons, including
special experts, retained by the Company in

                                       16
<PAGE>

connection with such registration (collectively, the "Registration Expenses").
To the extent that any Registration Expenses are incurred, assumed or paid by
any holder of Registrable Securities or any placement or sales agent therefor or
underwriter thereof, the Company shall reimburse such person for the full amount
of the Registration Expenses so incurred, assumed or paid promptly after receipt
of a request therefor. Notwithstanding the foregoing, the holders of the
Registrable Securities being registered shall pay all agency fees and
commissions and underwriting discounts and commissions attributable to the sale
of such Registrable Securities and the fees and disbursements of any counsel or
other advisors or experts retained by such holders (severally or jointly), other
than the counsel and experts specifically referred to above.

      5. Representations and Warranties.

            Each of the Company and the Guarantors represents and warrants to,
and agrees with, each Purchaser and each of the holders from time to time of
Registrable Securities that:

            (a) Each registration statement covering Registrable Securities and
      each prospectus (including any preliminary or summary prospectus)
      contained therein or furnished pursuant to Section 3(d) or Section 3(c)
      hereof and any further amendments or supplements to any such registration
      statement or prospectus, when it becomes effective or is filed with the
      Commission, as the case may be, and, in the case of an underwritten
      offering of Registrable Securities, at the time of the closing under the
      underwriting agreement relating thereto, will conform in all material
      respects to the requirements of the Securities Act and the Trust Indenture
      Act and the rules and regulations of the Commission thereunder and will
      not contain an untrue statement of a material fact or omit to state a
      material fact required to be stated therein or necessary to make the
      statements therein not misleading; and at all times subsequent to the
      Effective Time when a prospectus would be required to be delivered under
      the Securities Act, other than from (i) such time as a notice has been
      given to holders of Registrable Securities pursuant to Section
      3(d)(viii)(F) or Section 3(c)(iii)(F) hereof until (ii) such time as the
      Company furnishes an amended or supplemented prospectus pursuant to
      Section 3(e) or Section 3(c)(iv) hereof, each such registration statement,
      and each prospectus (including any summary prospectus) contained therein
      or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then
      amended or supplemented, will conform in all material respects to the
      requirements of the Securities Act and the Trust Indenture Act and the
      rules and regulations of the Commission thereunder and will not contain an
      untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein
      not misleading in the light of the circumstances then existing; provided,
      however, that this representation and warranty shall not apply to any
      statements or omissions made in reliance upon and in conformity with
      information furnished in writing to the Company by a holder of Registrable
      Securities expressly for use therein.

            (b) Any documents incorporated by reference in any prospectus
      referred to in Section 5(a) hereof, when they become or became effective
      or are or were filed with the Commission, as the case may be, will conform
      or conformed in all material respects to the requirements of the
      Securities Act or the Exchange Act, as applicable, and none of such
      documents will contain or contained an untrue statement of a material fact
      or will omit or omitted to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading;
      provided, however, that this representation and warranty shall not apply
      to any statements or omissions made in reliance upon and in conformity
      with information furnished in writing to the Company by a holder of
      Registrable Securities expressly for use therein.

                                       17
<PAGE>

            (c) The compliance by the Company with all of the provisions of this
      Exchange and Registration Rights Agreement and the consummation of the
      transactions herein contemplated will not (i) conflict with or result in a
      breach or violation of any of the terms or provisions of, or constitute a
      default under, any indenture, mortgage, deed of trust, loan agreement or
      other agreement or instrument to which the Company or the Guarantors is a
      party or by which the Company or the Guarantors is bound or to which any
      of the property or assets of the Company or the Guarantors is subject, nor
      will such action result in any violation of the provisions of the
      Certificate of Incorporation, the By-laws or similar organizational
      documents of the Company or any of the Guarantors nor (ii) result in any
      violation of any existing statute, order, rule or regulation of any court
      or governmental agency or body having jurisdiction over the Company or the
      Guarantors or any of their properties except, in the case of clauses (i)
      and (ii) above, such breaches or violations which would not, individually
      or in the aggregate, have any material adverse change or any development
      that can be expected to cause a material adverse change, in or affecting
      the general affairs, management, financial position, stockholders' equity
      or results of operations of the Company and the Guarantors taken as a
      whole or be reasonably likely to prevent the Company or the Guarantors
      from performing their respective obligations hereunder; and no consent,
      approval, authorization, order, registration or qualification of or with
      any such court or governmental agency or body is required for the
      consummation by the Company and each of the Guarantors of the transactions
      contemplated by this Exchange and Registration Rights Agreement, except
      the registration under the Securities Act of the Securities, qualification
      of the Indenture under the Trust Indenture Act and such consents,
      approvals, authorizations, registrations or qualifications as may be
      required under state securities or Blue Sky laws in connection with the
      offering and distribution of the Securities.

            (d) This Exchange and Registration Rights Agreement has been duly
      authorized, executed and delivered by the Company.

      6. Indemnification.

            (a) Indemnification by the Company and each of the Guarantors. The
      Company and each of the Guarantors, jointly and severally, will indemnify
      and hold harmless each of the holders of Registrable Securities included
      in an Exchange Registration Statement, each of the Electing Holders of
      Registrable Securities included in a Shelf Registration Statement and each
      person who controls such holder within the meaning of the Securities Act
      or Exchange Act against any losses, claims, damages or liabilities, joint
      or several, to which such indemnified person may become subject under the
      Securities Act or otherwise, insofar as such losses, claims, damages or
      liabilities (or actions in respect thereof) arise out of or are based upon
      an untrue statement or alleged untrue statement of a material fact
      contained in any Exchange Registration Statement or Shelf Registration
      Statement, as the case may be, under which such Registrable Securities
      were registered under the Securities Act, or any preliminary, final or
      summary prospectus contained therein or furnished by the Company to any
      such indemnified person, or any amendment or supplement thereto, or arise
      out of or are based upon the omission or alleged omission to state therein
      a material fact required to be stated therein or necessary to make the
      statements therein not misleading, and will reimburse such indemnified
      person for any legal or other expenses reasonably incurred by them in
      connection with investigating or defending any such action or claim as
      such expenses are incurred; provided, however, that none of the Company or
      the Guarantors shall be liable to any such person in any such case to the
      extent that any such loss, claim, damage or liability arises out of or is
      based upon an untrue statement or alleged untrue statement or omission or
      alleged omission made in such registration

                                       18
<PAGE>

      statement, or preliminary, final or summary prospectus, or amendment or
      supplement thereto, in reliance upon and in conformity with written
      information furnished to the Company by such person expressly for use
      therein. The Company will also indemnify agents and underwriters to the
      same extent as provided above with respect to the indemnification of
      Electing Holders of the Registrable Securities.

            (b) Indemnification by the Holders and any Agents and Underwriters.
      The Company may require, as a condition to including any Registrable
      Securities in any registration statement filed pursuant to Section 2(b)
      hereof and to entering into any underwriting agreement with respect
      thereto, that the Company shall have received an undertaking reasonably
      satisfactory to it from the Electing Holder of such Registrable Securities
      and from each underwriter named in any such underwriting agreement,
      severally and not jointly, to (i) indemnify and hold harmless the Company,
      each of the Guarantors, each person who controls the Company or any of the
      Guarantors within the meaning of the Securities Act or Exchange Act and
      all other holders of Registrable Securities, against any losses, claims,
      damages or liabilities to which such indemnified person may become
      subject, under the Securities Act or otherwise, insofar as such losses,
      claims, damages or liabilities (or actions in respect thereof) arise out
      of or are based upon an untrue statement or alleged untrue statement of a
      material fact contained in such registration statement, or any
      preliminary, final or summary prospectus contained therein or furnished by
      the Company to any such indemnified person, or any amendment or supplement
      thereto, or arise out of or are based upon the omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein not misleading, in each case to
      the extent, but only to the extent, that such untrue statement or alleged
      untrue statement or omission or alleged omission was made in reliance upon
      and in conformity with written information furnished to the Company by
      such indemnified person expressly for use therein, and (ii) reimburse the
      Company and each of the Guarantors for any legal or other expenses
      reasonably incurred by the Company and each of the Guarantors in
      connection with investigating or defending any such action or claim as
      such expenses are incurred; provided, however, that no such Electing
      Holder shall be required to undertake liability to any person under this
      Section 6(b) for any amounts in excess of the dollar amount of the
      proceeds to be received by such Electing Holder from the sale of such
      Electing Holder's Registrable Securities pursuant to such registration.

            (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
      party under subsection (a) or (b) above of written notice of the
      commencement of any action or proceeding (including a government
      investigation), such indemnified party shall, if a claim in respect
      thereof is to be made against an indemnifying party pursuant to the
      indemnification provisions of or contemplated by this Section 6, notify
      such indemnifying party in writing of the commencement thereof; but the
      omission so to notify the indemnifying party shall not relieve it from any
      liability which it may have to any indemnified party otherwise than under
      the indemnification provisions of or contemplated by Section 6(a) or 6(b)
      hereof. In case any such action shall be brought against any indemnified
      party and it shall notify an indemnifying party of the commencement
      thereof, such indemnifying party shall be entitled to participate therein
      and, to the extent that it shall wish, jointly with any other indemnifying
      party similarly notified, to assume the defense thereof, with counsel
      reasonably satisfactory to such indemnified party (who shall not, except
      with the consent of the indemnified party, be counsel to the indemnifying
      party), and, after notice from the indemnifying party to such indemnified
      party of its election so to assume the defense thereof, such indemnifying
      party shall not be liable to such indemnified party for any legal expenses
      of other counsel or any other expenses, in each case subsequently incurred
      by such indemnified party, in

                                       19
<PAGE>

      connection with the defense thereof other than reasonable costs of
      investigation. No indemnifying party shall, without the prior written
      consent of the indemnified party, effect the settlement or compromise of,
      or consent to the entry of any judgment with respect to, any pending or
      threatened action or claim in respect of which indemnification or
      contribution may be sought hereunder (whether or not the indemnified party
      is an actual or potential party to such action or claim) unless such
      settlement, compromise or judgment (i) includes an unconditional release
      of the indemnified party from all liability arising out of such action or
      claim and (ii) does not include a statement as to or an admission of
      fault, culpability or a failure to act by or on behalf of any indemnified
      party.

            (d) Contribution. If for any reason the indemnification provisions
      contemplated by Section 6(a) or Section 6(b) are unavailable to or
      insufficient to hold harmless an indemnified party in respect of any
      losses, claims, damages or liabilities (or actions in respect thereof)
      referred to therein, then each indemnifying party shall contribute to the
      amount paid or payable by such indemnified party as a result of such
      losses, claims, damages or liabilities (or actions in respect thereof) in
      such proportion as is appropriate to reflect the relative fault of the
      indemnifying party and the indemnified party in connection with the
      statements or omissions which resulted in such losses, claims, damages or
      liabilities (or actions in respect thereof), as well as any other relevant
      equitable considerations. The relative fault of such indemnifying party
      and indemnified party shall be determined by reference to, among other
      things, whether the untrue or alleged untrue statement of a material fact
      or omission or alleged omission to state a material fact relates to
      information supplied by such indemnifying party or by such indemnified
      party, and the parties' relative intent, knowledge, access to information
      and opportunity to correct or prevent such statement or omission. The
      parties hereto agree that it would not be just and equitable if
      contributions pursuant to this Section 6(d) were determined by pro rata
      allocation (even if the holders or any agents or underwriters or all of
      them were treated as one entity for such purpose) or by any other method
      of allocation which does not take account of the equitable considerations
      referred to in this Section 6(d). The amount paid or payable by an
      indemnified party as a result of the losses, claims, damages, or
      liabilities (or actions in respect thereof) referred to above shall be
      deemed to include any legal or other fees or expenses reasonably incurred
      by such indemnified party in connection with investigating or defending
      any such action or claim. Notwithstanding the provisions of this Section
      6(d), no holder shall be required to contribute any amount in excess of
      the amount by which the dollar amount of the proceeds received by such
      holder from the sale of any Registrable Securities (after deducting any
      fees, discounts and commissions applicable thereto) exceeds the amount of
      any damages which such holder has otherwise been required to pay by reason
      of such untrue or alleged untrue statement or omission or alleged
      omission, and no underwriter shall be required to contribute any amount in
      excess of the amount by which the total price at which the Registrable
      Securities underwritten by it and distributed to the public were offered
      to the public exceeds the amount of any damages which such underwriter has
      otherwise been required to pay by reason of such untrue or alleged untrue
      statement or omission or alleged omission. No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Securities
      Act) shall be entitled to contribution from any person who was not guilty
      of such fraudulent misrepresentation. The holders' and any underwriters'
      obligations in this Section 6(d) to contribute shall be several in
      proportion to the principal amount of Registrable Securities registered or
      underwritten, as the case may be, by them and not joint. For purposes of
      this Section 6(d), each person, if any, who controls such indemnified
      party within the meaning of the Securities Act or the Exchange Act shall
      have the same rights to contribution as such indemnified party

                                       20
<PAGE>

      and each person, if any, who controls the Company within the meaning of
      the Securities or the Exchange Act shall have the same rights to
      contribution as the Company.

            (e) The obligations of the Company and each of the Guarantors under
      this Section 6 shall be in addition to any liability which the Company or
      any of the Guarantors may otherwise have and shall extend, upon the same
      terms and conditions, to each officer, director and partner of each
      holder, agent and underwriter and each person, if any, who controls any
      holder, agent or underwriter within the meaning of the Securities Act; and
      the obligations of the holders and any agents or underwriters contemplated
      by this Section 6 shall be in addition to any liability which the
      respective holder, agent or underwriter may otherwise have and shall
      extend, upon the same terms and conditions, to each officer and director
      of the Company or any of the Guarantors (including any person who, with
      his consent, is named in any registration statement as about to become a
      director of the Company or any of the Guarantors) and to each person, if
      any, who controls the Company within the meaning of the Securities Act.

      7. Underwritten Offerings.

            (a) Selection of Underwriters. If any of the Registrable Securities
      covered by the Shelf Registration are to be sold pursuant to an
      underwritten offering, the managing underwriter or underwriters thereof
      shall be designated by Electing Holders holding at least a majority in
      aggregate principal amount of the Registrable Securities to be included in
      such offering, provided that such designated managing underwriter or
      underwriters is or are reasonably acceptable to the Company.

            (b) Participation by Holders. Each holder of Registrable Securities
      hereby agrees with each other such holder that no such holder may
      participate in any underwritten offering hereunder unless such holder (i)
      agrees to sell such holder's Registrable Securities on the basis provided
      in any underwriting arrangements approved by the persons entitled
      hereunder to approve such arrangements and (ii) completes and executes all
      questionnaires, powers of attorney, indemnities, underwriting agreements
      and other documents reasonably required under the terms of such
      underwriting arrangements.

      8. Rule 144.

            The Company covenants to the holders of Registrable Securities that
to the extent it shall be required to do so under the Exchange Act, the Company
shall timely file the reports required to be filed by it under the Exchange Act
or the Securities Act (including the reports under Section 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the
Commission under the Securities Act) and the rules and regulations adopted by
the Commission thereunder, and shall take such further action as any holder of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of the exemption
provided by Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or any similar or successor rule or regulation hereafter adopted
by the Commission. Upon the request, in writing, of any holder of Registrable
Securities in connection with that holder's sale pursuant to Rule 144, the
Company shall deliver to such holder a written statement as to whether it has
complied with such requirements.

                                       21
<PAGE>

      9. Miscellaneous.

            (a) No Inconsistent Agreements. The Company represents, warrants,
      covenants and agrees that it has not granted, and shall not grant, on or
      after the date of this Exchange and Registration Rights Agreement,
      registration rights with respect to its securities which would be
      inconsistent with the rights granted to holders of Registrable Securities
      in this Exchange and Registration Rights Agreement.

            (b) Specific Performance. The parties hereto acknowledge that there
      would be no adequate remedy at law if the Company fails to perform any of
      its obligations hereunder and that the Purchasers and the holders from
      time to time of the Registrable Securities may be irreparably harmed by
      any such failure, and accordingly agree, that the Purchasers and such
      holders, in addition to any other remedy to which they may be entitled at
      law or in equity, may obtain such relief as may be required to
      specifically enforce the obligations of the Company under this Exchange
      and Registration Rights Agreement in accordance with the terms and
      conditions of this Exchange and Registration Rights Agreement, in any
      court of the United States or any State thereof having jurisdiction.

            (c) Notices. All notices, requests, claims, demands, waivers and
      other communications hereunder shall be in writing and shall be deemed to
      have been duly given when delivered by hand, if delivered personally or by
      courier, or three days after being deposited in the mail (registered or
      certified mail, postage prepaid, return receipt requested) as follows: If
      to the Company, to it at 259 North Radnor-Chester Road, Suite 100, Radnor,
      Pennsylvania 19087-5283, and if to a holder, to the address of such holder
      set forth in the security register or other records of the Company, or to
      such other address as the Company or any such holder may have furnished to
      the other in writing in accordance herewith, except that notices of change
      of address shall be effective only upon receipt.

            (d) Parties in Interest. All the terms and provisions of this
      Exchange and Registration Rights Agreement shall be binding upon, shall
      inure to the benefit of and shall be enforceable by the parties hereto and
      the holders from time to time of the Registrable Securities and the
      respective successors and assigns of the parties hereto and such holders.
      In the event that any transferee of any holder of Registrable Securities
      shall acquire Registrable Securities, in any manner, whether by gift,
      bequest, purchase, operation of law or otherwise, such transferee shall,
      without any further writing or action of any kind, be deemed a beneficiary
      hereof for all purposes and such Registrable Securities shall be held
      subject to all of the terms of this Exchange and Registration Rights
      Agreement, and by taking and holding such Registrable Securities such
      transferee shall be entitled to receive the benefits of, and be
      conclusively deemed to have agreed to be bound by all of the applicable
      terms and provisions of this Exchange and Registration Rights Agreement.
      If the Company shall so request, any such successor, assign or transferee
      shall agree in writing to acquire and hold the Registrable Securities
      subject to all of the applicable terms hereof.

            (e) Survival. The respective indemnities, agreements,
      representations, warranties and each other provision set forth in this
      Exchange and Registration Rights Agreement or made pursuant hereto shall
      remain in full force and effect regardless of any investigation (or
      statement as to the results thereof) made by or on behalf of any holder of
      Registrable Securities, any director, officer or partner of such holder,
      any agent or underwriter or any director, officer or partner thereof, or
      any controlling person of any of the foregoing, and shall survive delivery
      of and payment for the Registrable Securities pursuant to the

                                       22
<PAGE>

      Purchase Agreement and the transfer and registration of Registrable
      Securities by such holder and the consummation of an Exchange Offer.

            (f) Governing Law. This Exchange and Registration Rights Agreement
      shall be governed by and construed in accordance with the laws of the
      State of New York.

            (g) Headings. The descriptive headings of the several Sections and
      paragraphs of this Exchange and Registration Rights Agreement are inserted
      for convenience only, do not constitute a part of this Exchange and
      Registration Rights Agreement and shall not affect in any way the meaning
      or interpretation of this Exchange and Registration Rights Agreement.

            (h) Entire Agreement; Amendments. This Exchange and Registration
      Rights Agreement and the other writings referred to herein (including the
      Indenture and the form of Securities) or delivered pursuant hereto which
      form a part hereof contain the entire understanding of the parties with
      respect to its subject matter. This Exchange and Registration Rights
      Agreement supersedes all prior agreements and understandings between the
      parties with respect to its subject matter. This Exchange and Registration
      Rights Agreement may be amended and the observance of any term of this
      Exchange and Registration Rights Agreement may be waived (either generally
      or in a particular instance and either retroactively or prospectively)
      only by a written instrument duly executed by the Company and the holders
      of at least a majority in aggregate principal amount of the Registrable
      Securities at the time outstanding. Each holder of any Registrable
      Securities at the time or thereafter outstanding shall be bound by any
      amendment or waiver effected pursuant to this Section 9(h), whether or not
      any notice, writing or marking indicating such amendment or waiver appears
      on such Registrable Securities or is delivered to such holder.

            (i) Inspection. For so long as this Exchange and Registration Rights
      Agreement shall be in effect, this Exchange and Registration Rights
      Agreement and a complete list of the names and addresses of all the
      holders of Registrable Securities shall be made available for inspection
      and copying on any business day by any holder of Registrable Securities
      for proper purposes only (which shall include any purpose related to the
      rights of the holders of Registrable Securities under the Securities, the
      Indenture and this Agreement) at the offices of the Company at the address
      thereof set forth in Section 9(c) above and at the office of the Trustee
      under the Indenture.

            (j) Counterparts. This agreement may be executed by the parties in
      counterparts, each of which shall be deemed to be an original, but all
      such respective counterparts shall together constitute one and the same
      instrument.

                                       23
<PAGE>

      If the foregoing is in accordance with your understanding, please sign and
return to us two counterparts hereof, and upon the acceptance hereof by you, on
behalf of each of the Purchasers, this letter and such acceptance hereof shall
constitute a binding agreement between each of the Purchasers, each of the
Guarantors and the Company. It is understood that your acceptance of this letter
on behalf of each of the Purchasers is pursuant to the authority set forth in a
form of Agreement among Purchasers, the form of which shall be submitted to the
Company for examination upon request, but without warranty on your part as to
the authority of the signers thereof.

                                        Very truly yours,

                                        Airgas, Inc.

                                        By: /s/ Joseph C. Sullivan
                                            ____________________________________
                                            Name: Joseph C. Sullivan
                                            Title: Vice President and Treasurer

                                        Each Guarantor Listed On Schedule I
                                        Hereto

                                        By: /s/ Robert M. McLaughlin
                                            ____________________________________
                                            Name: Robert M. McLaughlin
                                            Title: Vice President

Accepted as of the date hereof:
Goldman, Sachs & Co.
Banc of America Securities LLC
Fleet Securities, Inc.
BNY Capital Markets, Inc.
CIBC World Markets Corp.

By:     /s/ Goldman, Sachs & Co.
    _________________________________
         (Goldman, Sachs & Co.)

Exchange and Registration Rights Agreement
Dated: July 25, 2001
<PAGE>

                                   SCHEDULE I

                                   Guarantors

Airgas Carbonic, Inc.

Airgas Data, LLC

Airgas Direct Industrial Vessel, LLC

Airgas-East, Inc. (formerly Airgas- Northeast, Inc.)

Airgas-Great Lakes, Inc (formerly Airgas-Michigan, Inc.)

Airgas-Gulf States, Inc.

Airgas-Intermountain, Inc.

Airgas-Mid America, Inc.

Airgas-Mid South, Inc.

Airgas-NorPac, Inc.

Airgas-North Central, Inc.

Airgas-Northern California & Nevada, Inc.

Airgas Realty, Inc.

Airgas-Safety, Inc.

Airgas-South, Inc.

Airgas-Southwest, Inc.

Airgas Specialty Gases, Inc.

Airgas-West, Inc.

ATNL, Inc.

Cylinder Leasing Corp.

Nitrous Oxide Corp.

Puritan Medical Products, Inc.

Red-D-Arc, Inc.

Rutland Tool & Supply Co., Inc.
<PAGE>

                                                                       Exhibit A

                                  AIRGAS, INC.

                         INSTRUCTION TO DTC PARTICIPANTS

                                (Date of Mailing)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                        DEADLINE FOR RESPONSE: [DATE] *

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in the Airgas, Inc. (the "Company") [ ]%
Senior Subordinated Notes due 2011 (the "Securities") are held.

The Company is in the process of registering the Securities under the Securities
Act of 1933 for resale by the beneficial owners thereof. In order to have their
Securities included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration Statement and Selling
Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by [Deadline For Response]. Please forward a copy of the
enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Airgas, Inc., 259
North Radnor-Chester Road, Suite 100, Radnor, Pennsylvania 19087-5283, (610)
687-5253.

----------
*Not less than 28 calendar days from date of mailing.
<PAGE>

                                  AIRGAS, INC.

                        Notice of Registration Statement
                                       and
                      Selling Securityholder Questionnaire

                                     (Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the
"Exchange and Registration Rights Agreement") between Airgas, Inc. (the
"Company") and the Purchasers named therein. Pursuant to the Exchange and
Registration Rights Agreement, the Company has filed with the United States
Securities and Exchange Commission (the "Commission") a registration statement
on Form [__] (the "Shelf Registration Statement") for the registration and
resale under Rule 415 of the Securities Act of 1933, as amended (the "Securities
Act"), of the Company's [ ]% Senior Subordinated Notes due 2011 (the
"Securities"). A copy of the Exchange and Registration Rights Agreement is
attached hereto. All capitalized terms not otherwise defined herein shall have
the meanings ascribed thereto in the Exchange and Registration Rights Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the
Shelf Registration Statement. In order to have Registrable Securities included
in the Shelf Registration Statement, this Notice of Registration Statement and
Selling Securityholder Questionnaire ("Notice and Questionnaire") must be
completed, executed and delivered to the Company's counsel at the address set
forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners
of Registrable Securities who do not complete, execute and return this Notice
and Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus forming
a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in
the Shelf Registration Statement and related Prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and
related Prospectus.

The term "Registrable Securities" is defined in the Exchange and Registration
Rights Agreement.

                                      A-2
<PAGE>

                                    ELECTION

The undersigned holder (the "Selling Securityholder") of Registrable Securities
hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to
be bound with respect to such Registrable Securities by the terms and conditions
of this Notice and Questionnaire and the Exchange and Registration Rights
Agreement, including, without limitation, Section 6 of the Exchange and
Registration Rights Agreement, as if the undersigned Selling Securityholder were
an original party thereto.

Upon any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the Company
and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and
as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

                                      A-3
<PAGE>

                                  QUESTIONNAIRE

(1)   (a)   Full Legal Name of Selling Securityholder:

            ____________________________________________________________________

      (b)   Full Legal Name of Registered Holder (if not the same as in (a)
            above) of Registrable Securities Listed in Item (3) below:

            ____________________________________________________________________

      (c)   Full Legal Name of DTC Participant (if applicable and if not the
            same as (b) above) Through Which Registrable Securities Listed in
            Item (3) below are Held:

            ____________________________________________________________________

(2)   Address for Notices to Selling Securityholder:

                      _____________________________

                      _____________________________

                      _____________________________

      Telephone:      _____________________________

      Fax:            _____________________________

      Contact Person: _____________________________

(3)   Beneficial Ownership of Securities:

      Except as set forth below in this Item (3), the undersigned does not
      beneficially own any Securities.

      (a)   Principal amount of Registrable Securities beneficially
            owned: _____________________________________________________________
            CUSIP No(s). of such Registrable Securities: _______________________

      (b)   Principal amount of Securities other than Registrable Securities
            beneficially owned:
            ____________________________________________________________________
            CUSIP No(s). of such other Securities: _____________________________

      (c)   Principal amount of Registrable Securities which the undersigned
            wishes to be included in the Shelf Registration
            Statement: _________________________________________________________
            CUSIP No(s). of such Registrable Securities to be included in the
            Shelf Registration Statement: ______________________________________

(4)   Beneficial Ownership of Other Securities of the Company:

      Except as set forth below in this Item (4), the undersigned Selling
      Securityholder is not the beneficial or registered owner of any other
      securities of the Company, other than the Securities listed above in Item
      (3).

      State any exceptions here:

                                      A-4
<PAGE>

(5)   Relationships with the Company:

      Except as set forth below, neither the Selling Securityholder nor any of
      its affiliates, officers, directors or principal equity holders (5% or
      more) has held any position or office or has had any other material
      relationship with the Company (or its predecessors or affiliates) during
      the past three years.

      State any exceptions here:

(6)   Plan of Distribution:

      Except as set forth below, the undersigned Selling Securityholder intends
      to distribute the Registrable Securities listed above in Item (3) only as
      follows (if at all): Such Registrable Securities may be sold from time to
      time directly by the undersigned Selling Securityholder or, alternatively,
      through underwriters, broker-dealers or agents. Such Registrable
      Securities may be sold in one or more transactions at fixed prices, at
      prevailing market prices at the time of sale, at varying prices determined
      at the time of sale, or at negotiated prices. Such sales may be effected
      in transactions (which may involve crosses or block transactions) (i) on
      any national securities exchange or quotation service on which the
      Registered Securities may be listed or quoted at the time of sale, (ii) in
      the over-the-counter market, (iii) in transactions otherwise than on such
      exchanges or services or in the over-the-counter market, or (iv) through
      the writing of options. In connection with sales of the Registrable
      Securities or otherwise, the Selling Securityholder may enter into hedging
      transactions with broker-dealers, which may in turn engage in short sales
      of the Registrable Securities in the course of hedging the positions they
      assume. The Selling Securityholder may also sell Registrable Securities
      short and deliver Registrable Securities to close out such short
      positions, or loan or pledge Registrable Securities to broker-dealers that
      in turn may sell such securities.

      State any exceptions here:

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

In the event that the Selling Securityholder transfers all or any portion of the
Registrable Securities listed in Item (3) above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Securityholder understands that such information
will be relied upon by the Company in connection with the preparation of the
Shelf Registration Statement and related Prospectus.

                                      A-5
<PAGE>

In accordance with the Selling Securityholder's obligation under Section 3(d) of
the Exchange and Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any inaccuracies
or changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in
effect. All notices hereunder and pursuant to the Exchange and Registration
Rights Agreement shall be made in writing, by hand-delivery, first-class mail,
or air courier guaranteeing overnight delivery as follows:

      (i)   To the Company:

                                       Todd Craun, General Counsel and Secretary
                                       Airgas, Inc.
                                       259 North Radnor-Chester Road, Suite 100
                                       Radnor, Pennsylvania 19087-5283

      (ii)  With a copy to:

                                       Kris Heinzelman, Esq.
                                       Cravath, Swaine & Moore
                                       825 Eighth Avenue
                                       Worldwide Plaza
                                       New York, New York 10019-7475

Once this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company's counsel, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on,
shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Company and the
Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This
Agreement shall be governed in all respects by the laws of the State of New
York.

                                      A-6
<PAGE>

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated: ___________________

            ____________________________________________________________________
            Selling Securityholder
            (Print/type full legal name of beneficial owner of Registrable
            Securities)

            By: ________________________________________________________________
            Name:
            Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

                          Kris Heinzelman, Esq.
                          Cravath, Swaine & Moore
                          825 Eighth Avenue
                          Worldwide Plaza
                          New York, New York 10019-7475

                                      A-7
<PAGE>

                                                                       Exhibit B

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

The Bank of New York
Airgas, Inc.
c/o The Bank of New York
[Address of The Bank of New York]

Attention: Trust Officer

      Re:   Airgas, Inc. (the "Company")
            |_|% Senior Subordinated Notes due 2011

Dear Sirs:

Please be advised that __________________ has transferred $_________________
aggregate principal amount of the above-referenced Notes pursuant to an
effective Registration Statement on Form [___] (File No. 333-_____) filed by the
Company.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the above-named
beneficial owner of the Notes is named as a "Selling Holder" in the Prospectus
dated ___________ or in supplements thereto, and that the aggregate principal
amount of the Notes transferred are the Notes listed in such Prospectus opposite
such owner's name.

Dated:

                                        Very truly yours,

                                              __________________________________
                                              (Name)

                                        By:   __________________________________
                                                    (Authorized Signature)

                                      B-1<PAGE>   1
                                                                     EXHIBIT 4.1

                            FORM OF SENIOR INDENTURE

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

                       AFFILIATED COMPUTER SERVICES, INC.
                                    as Issuer

                                       and

                        U.S. TRUST COMPANY OF TEXAS, N.A.
                                   as Trustee

                                   ---------

                                    Indenture

                        Dated as of               , 2001
                                    -------- -----

                                 Debt Securities

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

<PAGE>   2

                       AFFILIATED COMPUTER SERVICES, INC.

          RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
               AND INDENTURE, DATED AS OF ________ _____, 2001

                                   ---------

<Table>
<Caption>
  Section of
Trust Indenture                                                            Section(s) of
  Act of 1939                                                                Indenture
---------------                                                            -------------
<S>                                                                        <C>
Section 310 (a)(1) ........................................................    7.10
            (a)(2) ........................................................    7.10
            (a)(3) ........................................................    Not Applicable
            (a)(4) ........................................................    Not Applicable
            (a)(5) ........................................................    7.10
            (b) ...........................................................    7.08, 7.10
Section 311 (a) ...........................................................    7.11
            (b) ...........................................................    7.11
            (c) ...........................................................    Not Applicable
Section 312 (a) ...........................................................    2.07
            (b) ...........................................................    10.03
            (c) ...........................................................    10.03
Section 313 (a) ...........................................................    7.06
            (b) ...........................................................    7.06
            (c) ...........................................................    7.06
            (d) ...........................................................    7.06
Section 314 (a) ...........................................................    4.03, 4.04
            (b) ...........................................................    Not Applicable
            (c)(1) ........................................................    10.04
            (c)(2) ........................................................    10.04
            (c)(3) ........................................................    Not Applicable
            (d) ...........................................................    Not Applicable
            (e) ...........................................................    10.05
Section 315 (a) ...........................................................    7.01(b)
            (b) ...........................................................    7.05
            (c) ...........................................................    7.01(a)
            (d) ...........................................................    7.01(c)
            (d)(1) ........................................................    7.01(c)(1)
            (d)(2) ........................................................    7.01(c)(2)
            (d)(3) ........................................................    7.01(c)(3)
            (e) ...........................................................    6.11
Section 316 (a)(1)(A) .....................................................    6.05
            (a)(1)(B) .....................................................    6.04
            (a)(2) ........................................................    Not Applicable
            (a)(last sentence) ............................................    2.11
            (b) ...........................................................    6.07
Section 317 (a)(1) ........................................................    6.08
            (a)(2) ........................................................    6.09
            (b) ...........................................................    2.06
Section 318 (a) ...........................................................   10.01
</Table>

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

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

<PAGE>   3
                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                    Page
                                                                                    ----
<S>                <C>                                                              <C>
                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

   SECTION 1.01    Definitions........................................................1
   SECTION 1.02    Other Definitions..................................................5
   SECTION 1.03    Incorporation by Reference of Trust Indenture Act..................6
   SECTION 1.04    Rules of Construction..............................................6

                                            ARTICLE II
                                          THE SECURITIES

   SECTION 2.01    Amount Unlimited; Issuable in Series...............................7
   SECTION 2.02    Denominations.....................................................10
   SECTION 2.03    Forms Generally...................................................10
   SECTION 2.04    Execution, Authentication, Delivery and Dating....................10
   SECTION 2.05    Registrar and Paying Agent........................................12
   SECTION 2.06    Paying Agent to Hold Money in Trust...............................13
   SECTION 2.07    Holder Lists......................................................13
   SECTION 2.08    Transfer and Exchange.............................................13
   SECTION 2.09    Replacement Securities............................................14
   SECTION 2.10    Outstanding Securities............................................14
   SECTION 2.11    Original Issue Discount, Foreign-Currency Denominated
                   and Treasury Securities...........................................15
   SECTION 2.12    Temporary Securities..............................................15
   SECTION 2.13    Cancellation......................................................15
   SECTION 2.14    Payments; Defaulted Interest......................................16
   SECTION 2.15    Persons Deemed Owners.............................................16
   SECTION 2.16    Computation of Interest...........................................16
   SECTION 2.17    Global Securities; Book-Entry Provisions..........................16

                                   ARTICLE III
                                   REDEMPTION

   SECTION 3.01    Applicability of Article..........................................19
   SECTION 3.02    Notice to the Trustee.............................................19
   SECTION 3.03    Selection of Securities To Be Redeemed............................19
   SECTION 3.04    Notice of Redemption..............................................19
   SECTION 3.05    Effect of Notice of Redemption....................................20
   SECTION 3.06    Deposit of Redemption Price.......................................21
   SECTION 3.07    Securities Redeemed or Purchased in Part..........................21
   SECTION 3.08    Purchase of Securities............................................21
   SECTION 3.09    Mandatory and Optional Sinking Funds..............................21
   SECTION 3.10    Satisfaction of Sinking Fund Payments with Securities.............22
</Table>

                                       i
<PAGE>   4

<Table>
<Caption>
                                                                                    Page
                                                                                    ----
<S>                <C>                                                              <C>
   SECTION 3.11    Redemption of Securities for Sinking Fund.........................22

                                   ARTICLE IV
                                    COVENANTS

   SECTION 4.01    Payment of Securities.............................................23
   SECTION 4.02    Maintenance of Office or Agency...................................23
   SECTION 4.03    SEC Reports; Financial Statements.................................24
   SECTION 4.04    Compliance Certificate............................................24
   SECTION 4.05    Existence.........................................................24
   SECTION 4.06    Waiver of Stay, Extension or Usury Laws...........................25
   SECTION 4.07    Additional Amounts................................................25

                                    ARTICLE V
                                   SUCCESSORS

   SECTION 5.01    Limitations on Mergers, Consolidations and Other Transactions.....27
   SECTION 5.02    Successor Person Substituted......................................27

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

   SECTION 6.01    Events of Default.................................................27
   SECTION 6.02    Acceleration......................................................30
   SECTION 6.03    Other Remedies....................................................30
   SECTION 6.04    Waiver of Defaults................................................30
   SECTION 6.05    Control by Majority...............................................31
   SECTION 6.06    Limitations on Suits..............................................31
   SECTION 6.07    Rights of Holders to Receive Payment..............................32
   SECTION 6.08    Collection Suit by Trustee........................................32
   SECTION 6.09    Trustee May File Proofs of Claim..................................32
   SECTION 6.10    Priorities........................................................33
   SECTION 6.11    Undertaking for Costs.............................................33

                                   ARTICLE VII
                                     TRUSTEE

   SECTION 7.01    Duties of Trustee.................................................34
   SECTION 7.02    Rights of Trustee.................................................35
   SECTION 7.03    May Hold Securities...............................................35
   SECTION 7.04    Trustee's Disclaimer..............................................36
   SECTION 7.05    Notice of Defaults................................................36
   SECTION 7.06    Reports by Trustee to Holders.....................................36
   SECTION 7.07    Compensation and Indemnity........................................36
   SECTION 7.08    Replacement of Trustee............................................37
   SECTION 7.09    Successor Trustee by Merger, etc..................................39
</Table>

                                       ii
<PAGE>   5

<Table>
<Caption>
                                                                                    Page
                                                                                    ----
<S>                <C>                                                              <C>
   SECTION 7.10    Eligibility; Disqualification.....................................39
   SECTION 7.11    Preferential Collection of Claims Against Company.................39

                                  ARTICLE VIII
                             DISCHARGE OF INDENTURE

   SECTION 8.01    Termination of Company's Obligations..............................40
   SECTION 8.02    Application of Trust Money........................................43
   SECTION 8.03    Repayment to Company..............................................44
   SECTION 8.04    Reinstatement.....................................................44

                                   ARTICLE IX
                     SUPPLEMENTAL INDENTURES AND AMENDMENTS

   SECTION 9.01    Without Consent of Holders........................................44
   SECTION 9.02    With Consent of Holders...........................................46
   SECTION 9.03    Compliance with Trust Indenture Act...............................47
   SECTION 9.04    Revocation and Effect of Consents.................................48
   SECTION 9.05    Notation on or Exchange of Securities.............................48
   SECTION 9.06    Trustee to Sign Amendments, etc...................................48

                                             ARTICLE X
                                           MISCELLANEOUS

   SECTION 10.01   Trust Indenture Act Controls......................................49
   SECTION 10.02   Notices...........................................................49
   SECTION 10.03   Communication by Holders with Other Holders.......................50
   SECTION 10.04   Certificate and Opinion as to Conditions Precedent................50
   SECTION 10.05   Statements Required in Certificate or Opinion.....................50
   SECTION 10.06   Rules by Trustee and Agents.......................................51
   SECTION 10.07   Legal Holidays....................................................51
   SECTION 10.08   No Recourse Against Others........................................51
   SECTION 10.09   Governing Law.....................................................51
   SECTION 10.10   No Adverse Interpretation of Other Agreements.....................52
   SECTION 10.11   Successors........................................................52
   SECTION 10.12   Severability......................................................52
   SECTION 10.13   Counterpart Originals.............................................52
   SECTION 10.14   Table of Contents, Headings, etc..................................52
</Table>

                                      iii
<PAGE>   6
                  INDENTURE dated as of _______ ___, 2001 between Affiliated
Computer Services, Inc., a Delaware corporation (the "Company"), and U.S. Trust
Company of Texas, N.A., as trustee (the "Trustee").

                  Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders of the Company's
unsecured debentures, notes or other evidences of indebtedness (the
"Securities") to be issued from time to time in one or more series as provided
in this Indenture:

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01      Definitions.

                  "Additional Amounts" means any additional amounts required by
the express terms of a Security or by or pursuant to a Board Resolution, under
circumstances specified therein or pursuant thereto, to be paid by the Company
with respect to certain taxes, assessments or other governmental charges imposed
on certain Holders and that are owing to those Holders.

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

                  "Agent" means any Registrar or Paying Agent.

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

                  "Board of Directors" means the Board of Directors of the
Company or any committee thereof duly authorized, with respect to any particular
matter, to act by or on behalf of the Board of Directors of the Company.

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

                  "Business Day" means any day that is not a Legal Holiday.

                  "Capital Stock" means, with respect to any corporation, any
and all shares, interests, rights to purchase (other than convertible or
exchangeable Debt), warrants, options, participations or other equivalents of or
interests (however designated) in stock issued by that corporation.

                                       1
<PAGE>   7
                  "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor corporation shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean that successor corporation; provided, however, that for
purposes of any provision contained herein which is required by the TIA,
"Company" shall also mean each other obligor (if any) on the Securities of a
series.

                  "Company Order" and "Company Request" mean, respectively, a
written order or request signed in the name of the Company by two Officers of
the Company, and delivered to the Trustee.

                  "Corporate Trust Office" of the Trustee means the office of
the Trustee located at 2001 Ross Avenue, Suite 2700, Dallas, Texas 75201-2936,
and as may be located at such other address as the Trustee may give notice to
the Company.

                  "Debt" of any Person means, without duplication, (i) all
indebtedness of that Person for borrowed money (whether or not the recourse of
the lender is to the whole of the assets of that Person or only to a portion
thereof), (ii) all obligations of that Person evidenced by bonds, debentures,
notes or other similar instruments, (iii) all obligations of that Person in
respect of letters of credit or other similar instruments (or reimbursement
obligations with respect thereto), other than standby letters of credit, bid or
performance bonds and other similar obligations issued by or for the account of
that Person in the ordinary course of business, to the extent not drawn or, to
the extent drawn, if that drawing is reimbursed not later than 30 Business Days
following demand for reimbursement, (iv) all obligations of that Person to pay
the deferred and unpaid purchase price of property or services, except trade
payables, advances on contracts and accrued expenses arising in the ordinary
course of business, (v) all Capitalized Lease Obligations of that Person, (vi)
all Debt of others secured by a Lien on any asset of that Person, whether or not
that Debt is assumed by that Person (provided that if the obligations so secured
have not been assumed in full by that Person or are not otherwise that Person's
legal liability in full, then those obligations shall be deemed to be in an
amount equal to the greater of (a) the lesser of (1) the full amount of those
obligations and (2) the fair market value of those assets, as determined in good
faith by the board of directors or other managing body of that Person and (b)
the amount of obligations as have been assumed by that Person or which are
otherwise that Person's legal liability), and (vii) all guarantees by that
Person of or with respect to Debt of others (other than endorsements in the
ordinary course of business), in each case to the extent of the Debt guaranteed.

                  "Default" means any event, act or condition that is, or after
notice or the passage of time or both would be, an Event of Default.

                  "Depositary" means, with respect to the Securities of any
series issuable or issued in whole or in part in global form, the Person
specified pursuant to Section 2.01 hereof as the initial Depositary with respect
to the Securities of that series, until a successor shall have been appointed
and become such pursuant to the applicable provision of this Indenture, and
thereafter "Depositary" shall mean or include that successor.

                                       2
<PAGE>   8
                  "Dollar" or "$" means a dollar or other equivalent unit in
such coin or currency of the United States as at the time shall be legal tender
for the payment of public and private debt.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute.

                  "GAAP" means generally accepted accounting principles in the
United States as in effect from time to time set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and the statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other
entity as may be approved by a significant segment of the accounting profession
of the United States, which are applicable to the circumstances as of the date
of determination.

                  "Global Security" of any series means a Security of that
Series that is issued in global form in the name of the Depositary with respect
thereto or its nominee.

                  "Government Obligations" means, with respect to a series of
Securities, direct obligations of the government that issues the currency in
which the Securities of the series are payable for the payment of which the full
faith and credit of that government is pledged, or obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of that
government, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by that government.

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

                  "Indenture" means this Indenture as amended or supplemented
from time to time pursuant to the provisions hereof, and includes the terms of a
particular series of Securities established as contemplated by Section 2.01.

                  "interest" means, with respect to an Original Issue Discount
Security that by its terms bears interest only after Maturity, interest payable
after Maturity.

                  "Interest Payment Date," when used with respect to any
Security, shall have the meaning assigned to that term in the Security as
contemplated by Section 2.01.

                  "Issue Date" means, with respect to Securities of a series,
the date on which the Securities of that series are originally issued under this
Indenture.

                  "Legal Holiday" means a Saturday, a Sunday or a day on which
banking institutions in any of The City of New York, New York, Dallas, Texas or
a Place of Payment are authorized or obligated by law, regulation or executive
order to remain closed.

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

                                       3
<PAGE>   9
                  "Officer" means the Chairman of the Board, the President, any
Vice Chairman of the Board, any Vice President, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary or any
Assistant Secretary of a Person.

                  "Officers' Certificate" means a certificate signed by two
Officers of a Person.

                  "Opinion of Counsel" means a written opinion from legal
counsel who is reasonably acceptable to the Trustee. That counsel may be an
employee of or counsel to the Company or the Trustee.

                  "Original Issue Discount Security" means any Security that
provides for an amount less than the principal amount thereof to be due and
payable on a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02.

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

                  "Place of Payment" means, with respect to the Securities of
any series, the place or places where, subject to the provisions of Section
4.02, the principal of, premium (if any) on and interest on the Securities of
that series are payable as specified in accordance with Section 2.01.

                  "principal" of a Security means the principal of the Security
plus, when appropriate, the premium, if any, on the Security.

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

                  "Redemption Price" means, with respect to any Security to be
redeemed, the price at which it is to be redeemed pursuant to this Indenture.

                  "Rule 144A Securities" means Securities of a series designated
pursuant to Section 2.01 as entitled to the benefits of Section 4.03(b).

                  "SEC" means the Securities and Exchange Commission.

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

                  "Security Custodian" means, with respect to Securities of a
series issued in global form, the Trustee for Securities of that series, as
custodian with respect to the Securities of that series, or any successor entity
thereto.

                                       4
<PAGE>   10
                  "Stated Maturity" means, when used with respect to any
Security or any installment of principal thereof or interest thereon, the date
specified in that Security as the fixed date on which the principal of that
Security or that installment of principal or interest is due and payable.

                  "Subsidiary" means any corporation or other entity of which at
least a majority of the outstanding stock or other beneficial interests having
by the terms thereof ordinary voting power to elect a majority of the full Board
of Directors or other governing body of such corporation or other entity
(irrespective of whether or not at the time stock or other beneficial interests
of any other class or classes of such corporation shall have or might have
voting power by reason of the happening of any contingency) is at the time owned
by the Company, or by one or more Subsidiaries, or by the Company and one or
more Subsidiaries.

                  "TIA" means the Trust Indenture Act of 1939, as amended (15
U.S.C. Sections 77aaa-77bbbb), as in effect on the date hereof.

                  "Trust Officer" means any officer or assistant officer of the
Trustee assigned by the Trustee to administer its corporate trust matters.

                  "Trustee" means the Person named as such above until a
successor replaces it in accordance with the applicable provisions of this
Indenture, and thereafter "Trustee" means 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 means the Trustee with respect
to Securities of that series.

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

                  "United States Alien" means any Person who, for United States
federal income tax purposes, is a foreign corporation, a nonresident alien
individual, a nonresident alien or foreign fiduciary of an estate or trust, or a
foreign partnership.

                  "U.S. Government Obligations" means Government Obligations
with respect to Securities payable in Dollars.

SECTION 1.02      Other Definitions.

<Table>
<Caption>
                                                                                   DEFINED
         TERM                                                                     IN SECTION
         ----                                                                     ----------
<S>                                                                               <C>
"Bankruptcy Custodian"........................................................       6.01
"Conversion Event"............................................................       6.01
"covenant defeasance".........................................................       8.01
"Event of Default"............................................................       6.01
"Exchange Rate"...............................................................       2.11
"Judgment Currency"...........................................................       6.10
</Table>

                                       5
<PAGE>   11
<Table>
<Caption>
                                                                                   DEFINED
         TERM                                                                     IN SECTION
         ----                                                                     ----------
<S>                                                                               <C>
"legal defeasance"............................................................       8.01
"mandatory sinking fund payment"..............................................       3.09
"optional sinking fund payment"...............................................       3.09
"Paying Agent"................................................................       2.05
"Registrar"...................................................................       2.05
"Required Currency"...........................................................       6.10
"Successor"...................................................................       5.01
</Table>

SECTION 1.03      Incorporation by Reference of Trust Indenture Act.

                  Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

                  "Commission" means the SEC.

                  "indenture securities" means the Securities.

                  "indenture security holder" means a Holder.

                  "indenture to be qualified" means this Indenture.

                  "indenture trustee" or "institutional trustee" means the
Trustee.

                  "obligor" on the indenture securities means the Company or any
other obligor on the Securities.

                  All terms used in this Indenture that are defined by the TIA,
defined by a TIA reference to another statute or defined by an SEC rule under
the TIA have the meanings so assigned to them.

SECTION 1.04      Rules of Construction.

                  Unless the context otherwise requires:

                  (1) a term has the meaning assigned to it;

                  (2) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with GAAP;

                  (3) "or" is not exclusive;

                  (4) words in the singular include the plural, and in the
         plural include the singular;

                  (5) provisions apply to successive events and transactions;
         and

                                       6
<PAGE>   12
                  (6) all references in this instrument to Articles and Sections
         are references to the corresponding Articles and Sections in and of
         this instrument.

                                   ARTICLE II
                                 THE SECURITIES

SECTION 2.01      Amount Unlimited; Issuable in Series.

                  The aggregate principal amount of Securities that 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, or
determined in a manner provided, in an Officers' Certificate or in a Company
Order, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series:

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

                  (2) if there is to be a limit, the limit on the aggregate
         principal amount of the Securities of the series that may be
         authenticated and delivered under this Indenture (except for Securities
         authenticated and delivered on registration of transfer of, or in
         exchange for, or in lieu of, other Securities of the series pursuant to
         Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 and except for any
         Securities that, pursuant to Section 2.04 or 2.17, are deemed never to
         have been authenticated and delivered hereunder); provided, however,
         that unless otherwise provided in the terms of the series, the
         authorized aggregate principal amount of that series may be increased
         before or after the issuance of any Securities of the series by a Board
         Resolution (or action pursuant to a Board Resolution) to that effect;

                  (3) whether any Securities of the series are to be issuable
         initially in temporary global form and whether any Securities of the
         series are to be issuable in permanent global form, as Global
         Securities or otherwise, and, if so, whether beneficial owners of
         interests in any such Global Security may exchange those interests for
         Securities of that series and of like tenor of any authorized form and
         denomination and the circumstances under which those exchanges may
         occur, if other than in the manner provided in Section 2.17, and the
         initial Depositary and Security Custodian, if any, for any Global
         Security or Securities of that series;

                  (4) (i) if other than provided herein, the Person to whom any
         interest on Securities of the series shall be payable, and (ii) the
         manner in which any interest payable on a temporary Global Security on
         any Interest Payment Date will be paid if other than in the manner
         provided in Section 2.14;

                                       7
<PAGE>   13
                  (5) the date or dates on which the principal of (and premium,
         if any, on) the Securities of the series is payable or the method of
         determination thereof;

                  (6) the rate or rates, or the method of determination thereof,
         at which the Securities of the series shall bear interest, if any,
         whether and under what circumstances Additional Amounts with respect to
         those Securities shall be payable, the date or dates from which that
         interest shall accrue, the Interest Payment Dates on which that
         interest shall be payable and the record date for the interest payable
         on any Securities on any Interest Payment Date;

                  (7) the place or places where, subject to the provisions of
         Section 4.02, the principal of, premium (if any) and interest on and
         any Additional Amounts with respect to the Securities of the series
         shall be payable;

                  (8) the period or periods within which, the price or prices
         (whether denominated in cash, securities or otherwise) at which and the
         terms and conditions on which Securities of the series may be redeemed,
         in whole or in part, at the option of the Company, if the Company is to
         have that option, and the manner in which the Company may exercise any
         such option, if different from those set forth herein;

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

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

                  (11) if other than Dollars, the currency or currencies
         (including composite currencies) or the form, including equity
         securities, other debt securities (including Securities), warrants or
         any other securities or property of the Company or any other Person, in
         which payment of the principal of, premium (if any) and interest on and
         any Additional Amounts with respect to the Securities of the series
         shall be payable;

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

                                       8
<PAGE>   14
                  (13) if the amount of payments of principal, premium (if any),
         interest and any Additional Amounts with respect to the Securities of
         the series may be determined with reference to any commodities,
         currencies or indices, values, rates or prices or any other index or
         formula, the manner in which those amounts shall be determined;

                  (14) if other than the entire principal amount thereof, the
         portion of the principal amount of Securities of the series that shall
         be payable on declaration of acceleration of the Maturity thereof
         pursuant to Section 6.02;

                  (15) any additional means of satisfaction and discharge of
         this Indenture and any additional conditions or limitations to
         discharge with respect to Securities of the series pursuant to Article
         VIII or any modifications of or deletions from those conditions or
         limitations;

                  (16) any deletions or modifications of or additions to the
         Events of Default set forth in Section 6.01 or covenants of the Company
         set forth in Article IV pertaining to the Securities of the series;

                  (17) any restrictions or other provisions with respect to the
         transfer or exchange of Securities of the series, which may amend,
         supplement, modify or supersede those contained in this Article II;

                  (18) if the Securities of the series are to be convertible
         into or exchangeable for Capital Stock, other debt securities
         (including Securities), warrants, other equity securities or any other
         securities or property of the Company or any other Person, at the
         option of the Company or the Holder or on the occurrence of any
         condition or event, the terms and conditions for that conversion or
         exchange;

                  (19) if the Securities of the series are to be entitled to the
         benefit of Section 4.03(b) (and accordingly constitute Rule 144A
         Securities); and

                  (20) any other terms of the series (which terms shall not be
         prohibited by 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 in
or pursuant to the Board Resolution referred to above and (subject to Section
2.03) set forth, or determined in the manner provided, in the Officers'
Certificate or Company Order referred to above or in any such indenture
supplemental hereto.

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

                                       9
<PAGE>   15

SECTION 2.02      Denominations.

                  The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 2.01. In the
absence of any such provisions with respect to the Securities of any series, the
Securities of that series denominated in Dollars shall be issuable in
denominations of $1,000 and any integral multiples thereof.

SECTION 2.03      Forms Generally.

                  The Securities of each series shall be in fully registered
form and in substantially the form or forms (including temporary or permanent
global form) established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto. The Securities may have notations, legends or
endorsements required by law, securities exchange rule, the Company's
certificate of incorporation, bylaws or other similar governing documents,
agreements to which the Company is subject, if any, or usage (provided that any
such notation, legend or endorsement is in a form acceptable to the Company). A
copy of the Board Resolution establishing the form or forms of Securities of any
series shall be delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 2.04 for the authentication and delivery
of those Securities.

                  The definitive Securities 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 those Securities, as
evidenced by their execution thereof.

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

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

                                   U.S. Trust Company of Texas, N.A., as Trustee

                                   By:
                                      ------------------------------------------
                                               Authorized Officer".

SECTION 2.04      Execution, Authentication, Delivery and Dating.

                  Two Officers of the Company shall sign the Securities of each
series on behalf of the Company by manual or facsimile signature. The Company's
seal, if any, shall be impressed, affixed, imprinted or reproduced on the
Securities and may be in facsimile form.

                  If an Officer of the Company whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the
Security shall be valid nevertheless.

                  A Security shall not be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of an authorized signatory

                                       10
<PAGE>   16

of the Trustee, which signature shall be conclusive evidence that the Security
has been authenticated under this Indenture. Notwithstanding the foregoing, if
any Security has been authenticated and delivered hereunder but never issued and
sold by the Company, and the Company delivers that Security to the Trustee for
cancellation as provided in Section 2.13 together with a written statement
(which need not comply with Section 10.05 and need not be accompanied by an
Opinion of Counsel) stating that such Security has never been issued and sold by
the Company, for all purposes of this Indenture that Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture.

                  At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, and the Trustee shall
authenticate and deliver those Securities for original issue on a Company Order
for the authentication and delivery of those Securities or pursuant to such
procedures reasonably acceptable to the Trustee as may be specified from time to
time by Company Order. That order shall specify the amount of the Securities to
be authenticated, the date on which the original issue of Securities is to be
authenticated, the name or names of the initial Holder or Holders and any other
terms of the Securities of that series not otherwise determined. If provided for
in those procedures, that Company Order may authorize (1) authentication and
delivery of Securities of that series for original issue from time to time, with
certain terms (including, without limitation, the Maturity date or dates,
original issue date or dates and interest rate or rates) that differ from
Security to Security and (2) may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing.

                  If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Section 2.01, in authenticating those Securities, and accepting the additional
responsibilities under this Indenture in relation to those Securities, the
Trustee shall be entitled to receive (in addition to the Company Order referred
to above and the other documents required by Section 10.04), and (subject to
Section 7.01) shall be fully protected in relying on,

                  (a)      an Officers' Certificate setting forth the Board
Resolution and, if applicable, an appropriate record of any action taken
pursuant thereto, as contemplated by the last paragraph of Section 2.01; and

                  (b)      an Opinion of Counsel to the effect that:

                           (i)      if the form of those Securities has been
                                    established by or pursuant to Board
                                    Resolution, as is permitted by Section 2.01,
                                    that such form has been established in
                                    conformity with the provisions of this
                                    Indenture;

                           (ii)     if the terms of those Securities have been
                                    established by or pursuant to Board
                                    Resolution, as is permitted by Section 2.01,
                                    that

                                       11
<PAGE>   17

                                    such terms have been established in
                                    conformity with the provisions of this
                                    Indenture; and

                           (iii)    those Securities, when authenticated and
                                    delivered by the Trustee and issued by the
                                    Company in the manner and subject to any
                                    conditions specified in that Opinion of
                                    Counsel, will constitute valid and binding
                                    obligations of the Company, enforceable
                                    against the Company in accordance with their
                                    terms, except as the enforceability thereof
                                    may be limited by applicable bankruptcy,
                                    insolvency, reorganization, moratorium,
                                    fraudulent conveyance or other similar laws
                                    in effect from time to time affecting the
                                    rights of creditors generally, and the
                                    application of general principles of equity
                                    (regardless of whether that enforceability
                                    is considered in a proceeding in equity or
                                    at law).

                  If all the Securities of any series are not to be issued at
one time, it shall not be necessary to deliver an Officers' Certificate and
Opinion of Counsel at the time of issuance of each such Security, but that
Officers' Certificate and Opinion of Counsel shall be delivered at or before the
time of issuance of the first Security of the series to be issued.

                  The Trustee shall not be required to authenticate those
Securities if the issuance of those Securities pursuant to this Indenture would
affect the Trustee's own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner not reasonably acceptable to the
Trustee.

                  The Trustee may appoint an authenticating agent acceptable to
the Company to authenticate Securities. Unless limited by the terms of that
appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by that agent. An authenticating agent has the
same rights as an Agent to deal with the Company or an Affiliate of the Company.

                  Each Security shall be dated the date of its authentication.

SECTION 2.05      Registrar and Paying Agent.

                  The Company shall maintain an office or agency for each series
of Securities where Securities of that series may be presented for registration
of transfer or exchange ("Registrar") and an office or agency where Securities
of that series may be presented for payment ("Paying Agent"). The Registrar
shall keep a register of the Securities of that series and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term "Registrar" includes any co-registrar, and
the term "Paying Agent" includes any additional paying agent.

                  The Company shall enter into an appropriate agency agreement
with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to that Agent. The
Company shall notify the Trustee of

                                       12
<PAGE>   18

the name and address of any Agent not a party to this Indenture. The Company may
change any Paying Agent or Registrar without notice to any Holder. If the
Company fails to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may
act as Paying Agent or Registrar.

                  The Company initially appoints the Trustee as Registrar and
Paying Agent.

SECTION 2.06      Paying Agent to Hold Money in Trust.

                  With respect to each series of Securities, the Company shall
require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders of Securities of that
series or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, or interest on or any Additional Amounts with
respect to Securities of that series and will notify the Trustee of any default
by the Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed. Upon payment over to the Trustee and upon accounting for any
funds disbursed, the Paying Agent (if other than the Company or a Subsidiary of
the Company) shall have no further liability for the money. If the Company or a
Subsidiary of the Company acts as Paying Agent with respect to a series of
Securities, it shall segregate and hold in a separate trust fund for the benefit
of the Holders of Securities of that series all money held by it as Paying
Agent. Each Paying Agent shall otherwise comply with TIA Section 317(b).

SECTION 2.07      Holder Lists.

                  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Holders of each series of Securities and shall otherwise comply
with TIA Section 312(a). If the Trustee is not the Registrar with respect to a
series of Securities, the Company shall furnish to the Trustee at least five
Business Days before each Interest Payment Date with respect to that series of
Securities, and at such other times as the Trustee may request in writing, a
list in such form and as of such date as the Trustee may reasonably require of
the names and addresses of Holders of the Securities of that series, and the
Company shall otherwise comply with TIA Section 312(a).

SECTION 2.08      Transfer and Exchange.

                  Except as set forth in Section 2.17 or as may be provided
pursuant to Section 2.01, when Securities of any series are presented to the
Registrar with the request to register the transfer of those Securities or to
exchange those Securities for an equal principal amount of Securities of the
same series of like tenor and of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its
requirements and the requirements of this Indenture for those transactions are
met; provided, however, that the Securities presented or surrendered for
registration of transfer or exchange shall be duly endorsed or accompanied by a
written instruction of transfer in form reasonably satisfactory to

                                       13
<PAGE>   19

the Registrar duly executed by the Holder thereof or by his attorney, duly
authorized in writing, on which instruction the Registrar can rely.

                  To permit registrations of transfers and exchanges, the
Company shall execute and the Trustee shall authenticate Securities at the
Registrar's written request and submission of the Securities (other than Global
Securities). No service charge shall be made to a Holder for any registration of
transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than such
transfer tax or similar governmental charge payable on exchanges pursuant to
Section 2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in
accordance with the provisions of Section 2.04. Notwithstanding any other
provisions of this Indenture to the contrary, the Company shall not be required
to register the transfer or exchange of (a) any Security selected for redemption
in whole or in part pursuant to Article III, except the unredeemed portion of
any Security being redeemed in part or (b) any Security during the period
beginning 15 Business Days before the mailing of notice of any offer to
repurchase Securities of the series required pursuant to the terms thereof or of
redemption of Securities of a series to be redeemed and ending at the close of
business on the date of mailing.

SECTION 2.09      Replacement Securities.

                  If any mutilated Security is surrendered to the Trustee, or if
the Holder of a Security claims that the Security has been destroyed, lost or
stolen and the Company and the Trustee receive evidence to their satisfaction of
the destruction, loss or theft of that Security, the Company shall issue and the
Trustee shall authenticate a replacement Security of the same series if the
Trustee's requirements are met. If 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 that Security. If
required by the Trustee or the Company, the Holder must furnish an indemnity
bond that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent or any authenticating agent from any
loss that any of them may suffer if a Security is replaced. The Company and the
Trustee may charge the Holder for their expenses in replacing a Security.

                  Every replacement Security is an additional obligation of the
Company.

SECTION 2.10      Outstanding Securities.

                  The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security
effected by the Trustee hereunder and those described in this Section 2.10 as
not outstanding.

                  If a Security is replaced pursuant to Section 2.09, it ceases
to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

                                       14
<PAGE>   20

                  If the principal amount of any Security is considered paid
under Section 4.01, it ceases to be outstanding and interest on it ceases to
accrue.

                  A Security does not cease to be outstanding because the
Company or an Affiliate of the Company holds the Security.

SECTION 2.11      Original Issue Discount, Foreign-Currency Denominated and
                  Treasury Securities.

                  In determining whether the Holders of the required principal
amount of Securities have concurred in any direction, amendment, supplement,
waiver or consent, (a) the principal amount of an Original Issue Discount
Security shall be the principal amount thereof that would be due and payable as
of the date of that determination upon acceleration of the Maturity thereof
pursuant to Section 6.02, (b) the principal amount of a Security denominated in
a foreign currency shall be the Dollar equivalent, as determined by the Company
by reference to the noon buying rate in The City of New York for cable transfers
for that currency, as that rate is certified for customs purposes by the Federal
Reserve Bank of New York (the "Exchange Rate") on the date of original issuance
of that Security, of the principal amount (or, in the case of an Original Issue
Discount Security, the Dollar equivalent, as determined by the Company by
reference to the Exchange Rate on the date of original issuance of that
Security, of the amount determined as provided in (a) above), of that Security
and (c) Securities owned by the Company or any other obligor on the Securities
or any Affiliate of the Company or of that other obligor shall be disregarded,
except that, for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, amendment, supplement, waiver or
consent, only Securities that the Trustee actually knows are so owned shall be
so disregarded.

SECTION 2.12      Temporary Securities.

                  Until definitive Securities of any series are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities. Temporary Securities shall be substantially in the form of
definitive Securities, but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate definitive Securities in
exchange for 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 2.13      Cancellation.

                  The Company at any time may deliver Securities to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer,
exchange, payment or redemption or for credit against any sinking fund payment.
The Trustee shall cancel all Securities surrendered for registration of
transfer, exchange, payment, redemption, replacement or cancellation or for
credit against any sinking fund. Unless the Company shall direct in writing that
canceled Securities be returned to it, after written notice to the Company all
canceled Securities held by the Trustee shall be disposed of in accordance with
the usual disposal procedures of the Trustee, and the Trustee

                                       15
<PAGE>   21

shall maintain a record of their disposal. The Company may not issue new
Securities to replace Securities that have been paid or that have been delivered
to the Trustee for cancellation.

SECTION 2.14      Payments; Defaulted Interest.

                  Unless otherwise provided as contemplated by Section 2.01 with
respect to the Securities of any series, interest (except defaulted interest) on
any Security that is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Persons who are registered
Holders of that Security at the close of business on the record date next
preceding that Interest Payment Date, even if those Securities are canceled
after that record date and on or before that Interest Payment Date. Unless
otherwise provided with respect to the Securities of any series, the Company
will pay the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities in Dollars. Those amounts shall be
payable at the offices of the Trustee, provided that at the option of the
Company, the Company may pay those amounts (1) by wire transfer with respect to
Global Securities or (2) by check payable in that money mailed to a Holder's
registered address with respect to any Securities.

                  If the Company defaults in a payment of interest on the
Securities of any series, it shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest on the defaulted interest, in each
case at the rate provided in the Securities of that series and in Section 4.01.
The Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date
selected by the Company, the Company (or the Trustee, in the name of and at the
expense of the Company upon 20 days' prior written notice from the Company
setting forth that record date and the interest amount to be paid) shall mail to
Holders of any such series of Securities a notice that states the special record
date, the related payment date and the amount of that interest to be paid.

SECTION 2.15      Persons Deemed Owners.

                  The Company, the Trustee, any Agent and any authenticating
agent may treat the Person in whose name any Security is registered as the owner
of that Security for the purpose of receiving payments of principal of, premium
(if any) or interest on, or any Additional Amounts with respect to that Security
and for all other purposes. None of the Company, the Trustee, any Agent or any
authenticating agent shall be affected by any notice to the contrary.

SECTION 2.16      Computation of Interest.

                  Except as otherwise specified as contemplated by Section 2.01
for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year comprising twelve 30-day months.

SECTION 2.17      Global Securities; Book-Entry Provisions.

                  If Securities of a series are issuable in global form as a
Global Security, as contemplated by Section 2.01, then, notwithstanding clause
(10) of Section 2.01 and the provisions of Section 2.02, any such Global
Security shall represent those of the outstanding

                                       16
<PAGE>   22

Securities of that series as shall be specified therein and may provide that it
shall represent the aggregate amount of outstanding Securities from time to time
endorsed thereon and that the aggregate amount of outstanding Securities
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges or redemptions. Any endorsement of a Global
Security to reflect the amount, or any increase or decrease in the amount, of
outstanding Securities represented thereby shall be made by the Trustee (i) in
such manner and upon instructions given by such Person or Persons as shall be
specified in that Security or in a Company Order to be delivered to the Trustee
pursuant to Section 2.04 or (ii) otherwise in accordance with written
instructions or such other written form of instructions as is customary for the
Depositary for that Security, from that Depositary or its nominee on behalf of
any Person having a beneficial interest in that Global Security. Subject to the
provisions of Section 2.04 and, if applicable, Section 2.12, the Trustee shall
deliver and redeliver any Security in permanent global form in the manner and
upon instructions given by the Person or Persons specified in that Security or
in the applicable Company Order. With respect to the Securities of any series
that are represented by a Global Security, the Company authorizes the execution
and delivery by the Trustee of a letter of representations or other similar
agreement or instrument in the form customarily provided for by the Depositary
appointed with respect to that Global Security. Any Global Security may be
deposited with the Depositary or its nominee, or may remain in the custody of
the Trustee or the Security Custodian therefor pursuant to a FAST Balance
Certificate Agreement or similar agreement between the Trustee and the
Depositary. If a Company Order has been, or simultaneously is, delivered, any
instructions by the Company with respect to endorsement or delivery or
redelivery of a Security in global form shall be in writing but need not comply
with Section 10.05 and need not be accompanied by an Opinion of Counsel.

                  Members of, or participants in, the Depositary ("Agent
Members") shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary, or the Trustee or the Security
Custodian as its custodian, or under that Global Security, and the Depositary
may be treated by the Company, the Trustee or the Security Custodian and any
agent of the Company, the Trustee or the Security Custodian as the absolute
owner of that Global Security for all purposes whatsoever. Notwithstanding the
foregoing, (i) the registered holder of a Global Security of any series may
grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action that a
Holder of Securities of that series is entitled to take under this Indenture or
the Securities of that series and (ii) nothing herein shall prevent the Company,
the Trustee or the Security Custodian or any agent of the Company, the Trustee,
or the Security Custodian from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or shall impair, as between
the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a beneficial owner of any Security.

                  Notwithstanding Section 2.08, and except as otherwise provided
pursuant to Section 2.01, transfers of a Global Security shall be limited to
transfers of that Global Security in whole, but not in part, to the Depositary,
its successors or their respective nominees. Interests of beneficial owners in a
Global Security may be transferred in accordance with the rules and procedures
of the Depositary. Securities of any series shall be transferred to all
beneficial owners of a Global Security of that series in exchange for their
beneficial interests in that Global

                                       17
<PAGE>   23

Security if, and only if, either (1) the Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for that Global Security and a
successor Depositary is not appointed by the Company within 90 days of that
notice, (2) an Event of Default has occurred with respect to that series and is
continuing and the Registrar has received a request from the Depositary to issue
Securities of that series in lieu of all or a portion of that Global Security
(in which case the Company shall deliver Securities of that series within 30
days of that request) or (3) the Company determines not to have the Securities
of that series represented by a Global Security.

                  In connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to this Section
2.17, the Registrar shall reflect on its books and records the date and a
decrease in the principal amount of the Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee on receipt of a
Company Order for the authentication and delivery of Securities shall
authenticate and deliver, one or more Securities of the same series of like
tenor and amount.

                  In connection with the transfer of all the beneficial
interests in a Global Security of any series to beneficial owners pursuant to
this Section 2.17, the Global Security shall be deemed to be surrendered to the
Trustee for cancellation, and the Company shall execute, and the Trustee shall
authenticate and deliver, to each beneficial owner identified by the Depositary
in exchange for its beneficial interest in the Global Security, an equal
aggregate principal amount of Securities of that series of authorized
denominations.

                  Neither the Company nor the Trustee will have any
responsibility or liability for any aspect of the records relating to, or
payments made on account of, Securities by the Depositary, or for maintaining,
supervising or reviewing any records of the Depositary relating to those
Securities. Neither the Company nor the Trustee shall be liable for any delay by
the related Global Security Holder or the Depositary in identifying the
beneficial owners, and each such Person may conclusively rely on, and shall be
protected in relying on, instructions from that Global Security Holder or the
Depositary for all purposes (including with respect to the registration and
delivery, and the respective principal amounts, of the Securities to be issued).

                  The provisions of the last sentence of the third paragraph of
Section 2.04 shall apply to any Global Security if that Global Security was
never issued and sold by the Company and the Company delivers to the Trustee the
Global Security together with written instructions (which need not comply with
Section 10.05 and need not be accompanied by an Opinion of Counsel) with regard
to the cancellation or reduction in the principal amount of Securities
represented thereby, together with the written statement contemplated by the
last sentence of the third paragraph of Section 2.04.

                  Notwithstanding the provisions of Sections 2.03 and 2.14,
unless otherwise specified as contemplated by Section 2.01 with respect to
Securities of any series, payment of principal of and premium (if any) and
interest on and any Additional Amounts with respect to any Global Security shall
be made to the Person or Persons specified therein.

                                       18
<PAGE>   24
                                   ARTICLE III
                                   REDEMPTION

SECTION 3.01      Applicability of Article.

                  Securities of any series that are redeemable before their
Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 2.01 for Securities of any
series) in accordance with this Article III.

SECTION 3.02      Notice to the Trustee.

                  If the Company elects to redeem Securities of any series
pursuant to this Indenture, it shall notify the Trustee of the Redemption Date
and principal amount of Securities of that series to be redeemed. The Company
shall so notify the Trustee at least 45 days before the Redemption Date (unless
a shorter notice shall be satisfactory to the Trustee) by delivering to the
Trustee an Officers' Certificate stating that the redemption will comply with
the provisions of this Indenture and of the Securities of that series. Any such
notice may be canceled at any time prior to the mailing of that notice of
redemption to any Holder of the Securities of that series and shall thereupon be
void and of no effect.

SECTION 3.03      Selection of Securities To Be Redeemed.

                  If less than all the Securities of any series are to be
redeemed (unless all of the Securities of that series of a specified tenor are
to be redeemed), 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 that series (and tenor) not previously called for
redemption, either pro rata, by lot or by such other method as the Trustee shall
deem fair and appropriate. That redemption may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of that series of a denomination larger than the minimum
authorized denomination for Securities of that series or of the principal amount
of Global Securities of that series.

                  The Trustee shall promptly notify the Company and the
Registrar in writing of the Securities selected for redemption and, in the case
of any Securities selected for partial redemption, the principal amount thereof
to be redeemed.

                  For purposes of this Indenture, unless the context otherwise
requires, all provisions relating to redemption of Securities of any series
shall relate, in the case of any of the Securities redeemed or to be redeemed
only in part, to the portion of the principal amount thereof which has been or
is to be redeemed.

SECTION 3.04      Notice of Redemption.

                  Notice of redemption shall be given by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of

                                       19
<PAGE>   25

Securities of a series to be redeemed, at the address of that Holder appearing
in the register of Securities for that series maintained by the Registrar.

                  All notices of redemption shall identify the Securities to be
redeemed and shall state:

                  (1) the Redemption Date;

                  (2) the Redemption Price;

                  (3) that, unless the Company defaults in making the redemption
          payment, interest on Securities called for redemption ceases to accrue
          on and after the Redemption Date, and the only remaining right of the
          Holders of those Securities is to receive payment of the Redemption
          Price on surrender to the Paying Agent of the Securities redeemed;

                  (4) if any Security is to be redeemed in part, the portion of
          the principal amount thereof to be redeemed and that on and after the
          Redemption Date, on surrender for cancellation of that Security to the
          Paying Agent, a new Security or Securities in the aggregate principal
          amount equal to the unredeemed portion thereof will be issued without
          charge to the Holder;

                  (5) that Securities called for redemption must be surrendered
          to the Paying Agent to collect the Redemption Price and the name and
          address of the Paying Agent;

                  (6) that the redemption is for a sinking or analogous fund, if
          that is the case; and

                  (7) the CUSIP number, if any, relating to those 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
written request, by the Trustee in the name and at the expense of the Company.

SECTION 3.05      Effect of Notice of Redemption.

                  Once notice of redemption is mailed, Securities called for
redemption become due and payable on the Redemption Date and at the Redemption
Price. Upon surrender to the Paying Agent, those Securities called for
redemption shall be paid at the Redemption Price, but interest installments
whose maturity is on or prior to that Redemption Date will be payable on the
relevant Interest Payment Dates to the Holders of record at the close of
business on the relevant record dates specified pursuant to Section 2.01.

                                       20
<PAGE>   26

SECTION 3.06      Deposit of Redemption Price.

                  On or prior to any Redemption Date, the Company shall deposit
with the Trustee or the Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount
of money in same day funds sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued
interest on and any Additional Amounts with respect to, the Securities or
portions thereof which are to be redeemed on that date, other than Securities or
portions thereof called for redemption on that date which have been delivered by
the Company to the Trustee for cancellation.

                  If the Company complies with the preceding paragraph, then,
unless the Company defaults in the payment of that Redemption Price, interest on
the Securities to be redeemed will cease to accrue on and after the applicable
Redemption Date, whether or not those Securities are presented for payment, and
the Holders of those Securities shall have no further rights with respect to
those Securities except for the right to receive the Redemption Price on
surrender of those Securities. If any Security called for redemption shall not
be so paid on surrender thereof for redemption, the principal of and premium, if
any, any Additional Amounts, and, to the extent lawful, accrued interest thereon
shall, until paid, bear interest from the Redemption Date at the rate specified
pursuant to Section 2.01 or provided in the Securities or, in the case of
Original Issue Discount Securities, their initial yield to maturity.

SECTION 3.07      Securities Redeemed or Purchased in Part.

                  Upon surrender to the Paying Agent of a Security to be
redeemed in part, the Company shall execute and the Trustee shall authenticate
and deliver to the Holder of that Security without service charge a new Security
or Securities, of the same series and of any authorized denomination as
requested by that Holder in aggregate principal amount equal to, and in exchange
for, the unredeemed portion of the principal of the Security so surrendered that
is not redeemed.

SECTION 3.08      Purchase of Securities.

                  Unless otherwise specified as contemplated by Section 2.01,
the Company and any Affiliate of the Company may at any time purchase or
otherwise acquire Securities in the open market or by private agreement. Any
such acquisition shall not operate as or be deemed for any purpose to be a
redemption of the indebtedness represented by those Securities. Any Securities
purchased or acquired by the Company may be delivered to the Trustee for
cancellation and, on that cancellation, the indebtedness represented thereby
shall be deemed to be satisfied. Section 2.13 shall apply to all Securities so
delivered.

SECTION 3.09      Mandatory and Optional Sinking Funds.

                  The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment," and any payment in excess of the minimum amount provided
for by the terms of Securities of any series is herein referred to as an
"optional sinking fund payment." Unless otherwise provided by the terms of
Securities of any series, the cash amount of any sinking fund payment may be
subject to

                                       21
<PAGE>   27

reduction as provided in Section 3.10. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of that series and by this Article III.

SECTION 3.10      Satisfaction of Sinking Fund Payments with Securities.

                  The Company may deliver outstanding Securities of a series
(other than any previously called for redemption) and may apply as a credit
Securities of a series that have been redeemed either at the election of the
Company pursuant to the terms of those Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of those
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of that series required to be made
pursuant to the terms of that series of Securities; provided that those
Securities have not been previously so credited. Those Securities shall be
received and credited for that purpose by the Trustee at the Redemption Price
specified in those Securities for redemption through operation of the sinking
fund, and the amount of that sinking fund payment shall be reduced accordingly.

SECTION 3.11      Redemption of Securities for Sinking Fund.

                  Not less than 45 days prior (unless a shorter period shall be
satisfactory to the Trustee) to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate of
the Company specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
that is to be satisfied by payment of cash and the portion thereof, if any, that
is to be satisfied by delivery of or by crediting Securities of that series
pursuant to Section 3.10 and will also deliver to the Trustee any Securities to
be so delivered. Failure of the Company to timely deliver that Officers'
Certificate and Securities specified in this paragraph, if any, shall not
constitute a default but shall constitute the election of the Company (i) that
the mandatory sinking fund payment for that series due on the next succeeding
sinking fund payment date shall be paid entirely in cash without the option to
deliver or credit Securities of that series in respect thereof and (ii) that the
Company will make no optional sinking fund payment with respect to that series
as provided in this Section.

                  If the sinking fund payment or payments (mandatory or optional
or both) to be made in cash on the next succeeding sinking fund payment date
plus any unused balance of any preceding sinking fund payments made in cash
shall exceed $100,000 (or the Dollar equivalent thereof based on the applicable
Exchange Rate on the date of original issue of the applicable Securities) or a
lesser sum if the Company shall so request with respect to the Securities of any
particular series, that cash shall be applied on the next succeeding sinking
fund payment date to the redemption of Securities of that series at the sinking
fund redemption price together with accrued interest to the date fixed for
redemption. If that amount shall be $100,000 (or the Dollar equivalent thereof
as aforesaid) or less and the Company makes no such request, then it shall be
carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof
as aforesaid) is available. Not less than 30 days before each such sinking fund
payment date, the Trustee shall select the Securities to be redeemed on that
sinking fund payment date in the manner specified in Section 3.03 and cause
notice of the redemption thereof to be given in the name of and at the

                                       22
<PAGE>   28

expense of the Company in the manner provided in Section 3.04. That notice
having been duly given, the redemption of those Securities shall be made on the
terms and in the manner stated in Sections 3.05, 3.06 and 3.07.

                                   ARTICLE IV
                                    COVENANTS

SECTION 4.01      Payment of Securities.

                  The Company shall pay the principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of each
series on the dates and in the manner provided in the Securities of that series
and in this Indenture. Principal, premium, interest and any Additional Amounts
shall be considered paid on the date due if the Paying Agent, other than the
Company or a Subsidiary of the Company, holds on that date money deposited by
the Company designated for and sufficient to pay all principal, premium (if
any), interest and any Additional Amounts then due.

                  The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal of and
premium (if any) on Securities of any series, at a rate equal to the then
applicable interest rate on the Securities of that series to the extent lawful;
and it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest on and any overdue
payments of Additional Amounts with respect to Securities of that series
(without regard to any applicable grace period) at the same rate to the extent
lawful.

SECTION 4.02      Maintenance of Office or Agency.

                  The Company will maintain in each Place of Payment for any
series of Securities an office or agency (which may be an office of the Trustee,
the Registrar or the Paying Agent) where Securities of that series may be
presented for registration of transfer or exchange, where Securities of that
series may be presented for payment and where notices and demands to or on the
Company in respect of the Securities of that series and this Indenture may be
served. Unless otherwise designated by the Company by written notice to the
Trustee, that office or agency shall be the office of the Trustee in the Borough
of Manhattan, The City of New York, which on the date hereof is located at 30
Broad Street, New York, New York 10004-2304. The Company will give prompt
written notice to the Trustee of the location, and any change in the location,
of that office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the
address thereof, those presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee.

                  The Company may also from time to time designate one or more
other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all those purposes and may from time to time
rescind those 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
those

                                       23
<PAGE>   29

purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

SECTION 4.03      SEC Reports; Financial Statements.

                  (a)      The Company shall file with the Trustee, within 15
days after it files the same with the SEC, copies of the annual reports and the
information, documents and other reports (or copies of those portions of any of
the foregoing as the SEC may by rules and regulations prescribe) that the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act. The Company shall also comply with the provisions of TIA Section
314(a).

                  (b)      If the Company is not subject to the requirements of
Section 13 or 15(d) of the Exchange Act, the Company shall furnish to all
Holders of Rule 144A Securities and prospective purchasers of Rule 144A
Securities designated by the Holders of Rule 144A Securities, promptly on their
request, the information required to be delivered pursuant to Rule 144A(d)(4)
promulgated under the Securities Act of 1933, as amended.

SECTION 4.04      Compliance Certificate.

                  (a)      The Company shall deliver to the Trustee, within 120
days after the end of each fiscal year of the Company, a statement signed by an
Officer of the Company, which need not constitute an Officers' Certificate,
complying with TIA Section 314(a)(4) and stating that, in the course of
performance by the signing Officer of the Company of his or her duties as such
Officer of the Company, he or she would normally obtain knowledge of the
keeping, observing, performing and fulfilling by the Company of its obligations
under this Indenture, and further stating that, to the best of his or her
knowledge, the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which that Officer may have knowledge and what
action the Company is taking or proposes to take with respect thereto).

                  (b)      The Company shall, so long as Securities of any
series are outstanding, deliver to the Trustee, promptly on any Officer of the
Company becoming aware of any Default or Event of Default under this Indenture,
an Officers' Certificate specifying that Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto.

SECTION 4.05      Existence.

                  Subject to Article V hereof, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its
existence and the existence of each of its Subsidiaries and all rights (charter
and statutory) of the Company and its Subsidiaries, provided that the Company
shall not be required to preserve the existence of any Subsidiary of the Company
or any such right if the Company shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a

                                       24
<PAGE>   30

whole and that the loss thereof would not have a material adverse effect on the
business, operations, assets or financial condition of the Company and its
Subsidiaries taken as a whole and would not have any material adverse effect on
the payment and performance of the obligations of the Company under the
Securities and this Indenture.

SECTION 4.06      Waiver of Stay, Extension or Usury Laws.

                  The Company covenants (to the extent that it may lawfully do
so) that it will not at any time insist on, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law
or any usury law or other law that would prohibit or forgive the Company from
paying all or any portion of the principal of or interest on the Securities as
contemplated herein, wherever enacted, now or at any time hereafter in force, or
which may affect the covenants or the performance of this Indenture; and (to the
extent that it may lawfully do so) the Company 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.

SECTION 4.07      Additional Amounts.

                  If the Securities of a series expressly provide for the
payment of Additional Amounts, the Company will pay to the Holder of any
Security of that series Additional Amounts as expressly provided therein.
Whenever in this Indenture there is mentioned, in any context, the payment of
the principal of or any premium or interest on, or in respect of, any Security
of any series or the net proceeds received from the sale or exchange of any
Security of any series, that mention shall be deemed to include mention of the
payment of Additional Amounts provided for in this Section 4.07 to the extent
that, in that context, Additional Amounts are, were or would be payable in
respect thereof pursuant to the provisions of this Section 4.07, and express
mention of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where that express mention is not made.

                  Unless otherwise provided pursuant to Section 2.01 with
respect to Securities of any series, if the Securities of a series provide for
the payment of Additional Amounts, at least ten days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of
that series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least ten days prior to
each date of payment of principal and any premium or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers' Certificate, the Company shall furnish the Trustee and the Company's
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers' Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether that payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
who are United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that
series. If any such withholding shall be required, then that Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on those payments to those Holders of

                                       25
<PAGE>   31

Securities, and the Company will pay to that Paying Agent the Additional Amounts
required by this Section. The Company covenants to indemnify the Trustee and any
Paying Agent for and to hold them harmless against any loss, liability or
expense reasonably incurred without negligence or bad faith on their part
arising out of or in connection with actions taken or omitted by any of them in
reliance on any Officers' Certificate furnished pursuant to this Section 4.07.

                                       26
<PAGE>   32
                                    ARTICLE V
                                   SUCCESSORS

SECTION 5.01      Limitations on Mergers, Consolidations and Other Transactions.

                  The Company shall not, in any transaction or series of related
transactions, consolidate with any other Person into, or merge into, any other
Person, or sell, lease, convey, transfer or otherwise dispose of its assets
substantially as an entirety to any Person, unless:

                  (1) the Person formed by that consolidation or into which the
         Company is merged, or to which that sale, lease, conveyance, transfer
         or other disposition shall be made (collectively, the "Successor"),
         expressly assumes by supplemental indenture the due and punctual
         payment of the principal of (and premium, if any) and interest on and
         Additional Amounts with respect to all the Securities and the
         performance of the Company's covenants and obligations under this
         Indenture and the Securities;

                  (2) immediately after giving effect to that transaction or
         series of related transactions, no Default or Event of Default shall
         have occurred and be continuing; and

                  (3) the Company delivers to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that the
         transaction and that supplemental indenture comply with this Indenture.

SECTION 5.02      Successor Person Substituted.

                  Upon any consolidation or merger of the Company or any sale,
lease, conveyance, transfer or other disposition of the assets of the Company
substantially as an entirety in accordance with Section 5.01, any Successor
formed by that consolidation or into or with which the Company is merged or to
which that sale, lease, conveyance, transfer or other disposition is made shall
succeed to, and be substituted for, and may exercise every right and power of
the Company under this Indenture and the Securities with the same effect as if
that Successor had been named as the Company herein and the predecessor Company,
in the case of a sale, conveyance, transfer or other disposition, shall be
released from all obligations under this Indenture and the Securities.

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

SECTION 6.01      Events of Default.

                  Unless either inapplicable to a particular series or
specifically deleted or modified in or pursuant to the supplemental indenture or
Board Resolution establishing that series of

                                       27
<PAGE>   33

Securities or in the form of Security for that series, an "Event of Default,"
wherever used herein with respect to Securities of any series, occurs if:

                  (1) the Company defaults in the payment of interest on or any
         Additional Amounts with respect to any Security of that series when the
         same becomes due and payable and that default continues for a period of
         30 days;

                  (2) the Company defaults in the payment of (A) the principal
         of any Security of that series at its Maturity or (B) premium (if any)
         on any Security of that series when the same becomes due and payable,
         regardless of whether such payment became due because of maturity,
         redemption, acceleration or otherwise, or is required by any sinking
         fund established with respect to such series;

                  (3) the Company fails to comply with any of its other
         covenants or agreements in, or provisions of, the Securities of that
         series or this Indenture (other than an agreement, covenant or
         provision that has expressly been included in this Indenture solely for
         the benefit of one or more series of Securities other than that series)
         which shall not have been remedied within the specified period after
         written notice, as specified in the last paragraph of this Section
         6.01;

                  (4) the Company pursuant to or within the meaning of any
          Bankruptcy Law:

                           (A) commences a voluntary case,

                           (B) consents to the entry of an order for relief
                  against it in an involuntary case,

                           (C) consents to the appointment of a Bankruptcy
                  Custodian of it or for all or substantially all of its
                  property, or

                           (D) makes a general assignment for the benefit of its
                  creditors;

                  (5) a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that remains unstayed and in effect for
         90 days and that:

                           (A) is for relief against the Company as debtor in an
                  involuntary case,

                           (B) appoints a Bankruptcy Custodian of the Company or
                  a Bankruptcy Custodian for all or substantially all of the
                  property of the Company, or

                           (C) orders the liquidation of the Company;

                  (6) the Company defaults with respect to its Debt (other than
         the Securities for that series) in an aggregate principal amount in
         excess of that dollar amount specified in the supplemental indenture
         for the Securities, which

                                       28
<PAGE>   34

                           (A) consists of the failure to make any payment at
         maturity, or

                           (B) results in acceleration of the maturity of such
         Debt; or

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

                  The term "Bankruptcy Custodian" means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

                  The Trustee shall not be deemed to know or have notice of a
Default unless a Trust Officer at the Corporate Trust Office of the Trustee
receives written notice at the Corporate Trust Office of the Trustee of that
Default with specific reference to that Default.

                  When a Default is cured, it ceases.

                  Notwithstanding the foregoing provisions of this Section 6.01,
if the principal of, premium (if any) or interest on or Additional Amounts with
respect to any Security is payable in a currency or currencies (including a
composite currency) other than Dollars and such currency or currencies are not
available to the Company for making payment thereof due to the imposition of
exchange controls or other circumstances beyond the control of the Company (a
"Conversion Event"), the Company will be entitled to satisfy its obligations to
Holders of the Securities by making that payment in Dollars in an amount equal
to the Dollar equivalent of the amount payable in such other currency, as
determined by the Company by reference to the Exchange Rate on the date of that
payment, or, if that rate is not then available, on the basis of the most
recently available Exchange Rate. Notwithstanding the foregoing provisions of
this Section 6.01, any payment made under such circumstances in Dollars where
the required payment is in a currency other than Dollars will not constitute an
Event of Default under this Indenture.

                  Promptly after the occurrence of a Conversion Event, the
Company shall give written notice thereof to the Trustee; and the Trustee,
promptly after receipt of that notice, shall give notice thereof in the manner
provided in Section 10.02 to the Holders. Promptly after the making of any
payment in Dollars as a result of a Conversion Event, the Company shall give
notice in the manner provided in Section 10.02 to the Holders, setting forth the
applicable Exchange Rate and describing the calculation of those payments.

                  A Default under clause (3) of this Section 6.01 is not an
Event of Default until the Trustee notifies the Company, or the Holders of at
least 25% in principal amount of the then outstanding Securities of the series
affected by that Default, or, if outstanding Securities of other series are
affected by that Default, then at least 25% in principal amount of the then
outstanding Securities so affected, notify the Company and the Trustee, of the
Default, and the Company fails to cure the Default within the period of days
specified in the applicable indenture supplement after receipt of the notice.
The notice must specify the Default, demand that it be remedied and state that
the notice is a "Notice of Default."

                                       29
<PAGE>   35

SECTION 6.02      Acceleration.

                  If an Event of Default with respect to any Securities of any
series at the time outstanding (other than an Event of Default specified in
clause (4) or (5) of Section 6.01 hereof) occurs and is continuing, the Trustee
by notice to the Company, or the Holders of at least 25% in principal amount of
the then outstanding Securities of the series affected by that default (or, in
the case of an Event of Default described in clause (3) of Section 6.01, if
outstanding Securities of other series are affected by that Default, then at
least 25% in principal amount of the then outstanding Securities so affected) by
notice to the Company and the Trustee, may declare the principal of (or, if any
of those Securities are Original Issue Discount Securities, that portion of the
principal amount as may be specified in the terms of that series) and all
accrued and unpaid interest on all then outstanding Securities of that series or
of all series, as the case may be, to be due and payable. Upon any such
declaration, the amounts due and payable on those Securities shall be due and
payable immediately. If an Event of Default specified in clause (4) or (5) of
Section 6.01 hereof occurs, those amounts shall ipso facto become and be
immediately due and payable without any declaration, notice or other act on the
part of the Trustee or any Holder. The Holders of a majority in principal amount
of the then outstanding Securities of the series affected by that default or all
series, as the case may be, by written notice to the Trustee may rescind an
acceleration and its consequences (other than nonpayment of principal of or
premium or interest on or any Additional Amounts with respect to the Securities)
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default with respect to Securities of that series (or of all
series, as the case may be) have been cured or waived, except nonpayment of
principal, premium, interest or any Additional Amounts that has become due
solely because of the acceleration.

SECTION 6.03      Other Remedies.

                  If an Event of Default with respect to Securities of any
series occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of, or premium, if any, or interest on the
Securities of that series or to enforce the performance of any provision of the
Securities of that series or this Indenture.

                  The Trustee may maintain a proceeding with respect to
Securities of any series even if it does not possess any of the Securities of
that series or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing
on an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.

SECTION 6.04      Waiver of Defaults.

                  Subject to Sections 6.07 and 9.02, the Holders of a majority
in principal amount of the then outstanding Securities of any series or of all
series (acting as one class) by notice to the Trustee may waive an existing or
past Default or Event of Default with respect to that series or all series, as
the case may be, and its consequences (including waivers obtained in connection
with a tender offer or exchange offer for Securities of that series or all
series or a solicitation of consents in respect of Securities of that series or
all series, provided that in each case that offer or solicitation is made to all
Holders of then outstanding Securities of that series or all series (but

                                       30
<PAGE>   36

the terms of that offer or solicitation may vary from series to series)), except
(1) a continuing Default or Event of Default in the payment of the principal of,
or premium, if any, or interest on or any Additional Amounts with respect to any
Security or (2) a continued Default in respect of a provision that under Section
9.02 cannot be amended or supplemented without the consent of each Holder
affected. Upon any such waiver, that 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 6.05      Control by Majority.

                  With respect to Securities of any series, the Holders of a
majority in principal amount of the then outstanding Securities of that series
may direct in writing the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on it relating to or arising under an Event of Default described in
clause (1), (2) or (7) of Section 6.01, and with respect to all Securities, the
Holders of a majority in principal amount of all the then outstanding Securities
affected may direct in writing the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on it not relating to or arising under such an Event of Default.
However, the Trustee may refuse to follow any direction that conflicts with
applicable law or this Indenture, that the Trustee determines may be unduly
prejudicial to the rights of other Holders, or that may involve the Trustee in
personal liability; provided, however, that the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with that
direction. Prior to taking any action hereunder, the Trustee shall be entitled
to indemnification satisfactory to it in its sole discretion from Holders
directing the Trustee against all losses and expenses caused by taking or not
taking that action.

SECTION 6.06      Limitations on Suits.

                  Subject to Section 6.07 hereof, a Holder of a Security of any
series may pursue a remedy with respect to this Indenture or the Securities of
that series only if:

                  (1) the Holder gives to the Trustee written notice of a
          continuing Event of Default with respect to that series;

                  (2) the Holders of at least 25% in principal amount of the
          then outstanding Securities of that series make a written request to
          the Trustee to pursue the remedy;

                  (3) such Holder or Holders offer to the Trustee indemnity
          reasonably satisfactory to the Trustee against any loss, liability or
          expense;

                  (4) the Trustee does not comply with the request within 60
          days after receipt of the request and the offer of indemnity; and

                                       31
<PAGE>   37
                  (5) during that 60-day period, the Holders of a majority in
          principal amount of the Securities of that series do not give the
          Trustee a direction inconsistent with the request.

                  A Holder may not use this Indenture to prejudice the rights of
another Holder or to obtain a preference or priority over another Holder.

SECTION 6.07      Rights of Holders to Receive Payment.

                  Notwithstanding any other provision of this Indenture, the
right of any Holder of a Security to receive payment of principal of and
premium, if any, and interest on and any Additional Amounts with respect to that
Security, on or after the respective due dates expressed in that Security, or to
bring suit for the enforcement of any such payment on or after those respective
dates, is absolute and unconditional and shall not be impaired or affected
without the consent of the Holder.

SECTION 6.08      Collection Suit by Trustee.

                  If an Event of Default specified in clause (1) or (2) of
Section 6.01 hereof occurs and is continuing with respect to Securities of any
series, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the amount of principal,
premium (if any), interest and any Additional Amounts remaining unpaid on the
Securities of that series, and interest on overdue principal and premium, if
any, and, to the extent lawful, interest on overdue interest, and 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.

SECTION 6.09      Trustee May File Proofs of Claim.

                  The Trustee is authorized to file such proofs of claim and
other papers or documents and to take such actions, including participating as a
member, voting or otherwise, of any committee of creditors, as may be necessary
or advisable to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and the Holders allowed in any judicial proceeding
relative to the Company or its creditors or properties and shall be entitled and
empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any Bankruptcy Custodian in any such
judicial proceeding is hereby authorized by each Holder to make those payments
to the Trustee, and in the event that the Trustee shall consent to the making of
those payments directly to the 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 7.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 out of the estate in any such
proceeding, 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,
money, securities and other properties which the Holders of the Securities may
be entitled to receive in that proceeding

                                       32
<PAGE>   38

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 any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

SECTION 6.10      Priorities.

                  If the Trustee collects any money pursuant to this Article VI,
it shall pay out the money in the following order:

                  First:  to the Trustee for amounts due under Section 7.07;

                  Second: to Holders for amounts due and unpaid on the
Securities in respect of which or for the benefit of which that money has been
collected, for principal, premium (if any), interest and any Additional Amounts
ratably, without preference or priority of any kind, according to the amounts
due and payable on those Securities for principal, premium (if any), interest
and any Additional Amounts, respectively; and

                  Third:  to the Company.

                  The Trustee, on prior written notice to the Company, may fix
record dates and payment dates for any payment to Holders pursuant to this
Article VI.

                  To the fullest extent allowed under applicable law, if for the
purpose of obtaining a judgment against the Company in any court it is necessary
to convert the sum due in respect of the principal of, premium (if any) or
interest on or Additional Amounts with respect to the Securities of any series
(the "Required Currency") into a currency in which a judgment will be rendered
(the "Judgment Currency"), the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the New
York Business Day next preceding that on which final judgment is given. Neither
the Company nor the Trustee shall be liable for any shortfall nor shall it
benefit from any windfall in payments to Holders of Securities under this
Section 6.10 caused by a change in exchange rates between the time the amount of
a judgment against it is calculated as above and the time the Trustee converts
the Judgment Currency into the Required Currency to make payments under this
Section to Holders of Securities, but payment of that judgment shall discharge
all amounts owed by the Company on the claim or claims underlying that judgment.

SECTION 6.11      Undertaking for Costs.

                  In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in the suit, having due
regard to the merits and good

                                       33
<PAGE>   39

faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.07, or a suit by a Holder or Holders of more than 10% in principal amount of
the then outstanding Securities of any series.

                                   ARTICLE VII
                                     TRUSTEE

SECTION 7.01      Duties of Trustee.

                  (a)      If an Event of Default with respect to the Securities
of any series has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture with respect to the
Securities of that series, and use the same degree of care and skill in that
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his own affairs.

                  (b) Except during the continuance of an Event of Default with
respect to the Securities of any series:

                  (1) the Trustee need perform only those duties that are
         specifically set forth in this Indenture and no others, 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, on certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture. However, the Trustee shall examine those certificates
         and opinions to determine whether, on their face, they appear to
         conform to the requirements of this Indenture.

                  (c) The Trustee may not be relieved from liabilities for its
own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

                  (1) this paragraph does not limit the effect of Section
          7.01(b);

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

                  (3) the Trustee shall not be liable with respect to any action
          it takes or omits to take in good faith in accordance with a direction
          received by it pursuant to Section 6.05 hereof.

                  (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to
the provisions of this Section 7.01.

                                       34
<PAGE>   40

                  (e) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or incur any liability. The Trustee may refuse
to perform any duty or exercise any right or power unless it receives indemnity
reasonably satisfactory to it against any loss, liability or expense.

                  (f) The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by law. All money received by the Trustee with
respect to Securities of any series shall, until applied as herein provided, be
held in trust for the payment of the principal of, premium (if any) and interest
on and Additional Amounts with respect to the Securities of that series.

SECTION 7.02      Rights of Trustee.

                  (a) The Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in the document.

                  (b) Before the Trustee acts or refrains from acting, it may
require instruction, an Officers' Certificate or an Opinion of Counsel or both
to be provided. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on that instruction, Officers' Certificate or
Opinion of Counsel. The Trustee may consult with counsel, and the written advice
of that 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.

                  (c) The Trustee may act through agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due
care.

                  (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers conferred on it by this Indenture.

                  (e) Unless otherwise specifically provided in this Indenture,
any demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company.

SECTION 7.03      May Hold Securities.

                  The Trustee in its individual or any other capacity may become
the owner or pledgee of Securities and may otherwise deal with the Company or
any of its Affiliates with the same rights it would have if it were not Trustee.
Any Agent may do the same with like rights and duties. However, the Trustee is
subject to Sections 7.10 and 7.11.

                                       35
<PAGE>   41

SECTION 7.04      Trustee's Disclaimer.

                  The Trustee makes no representation as to the validity or
adequacy of this Indenture or the Securities; it shall not be accountable for
the Company's use of the proceeds from the Securities or any money paid to the
Company or upon the Company's direction under any provision hereof; it shall not
be responsible for the use or application of any money received by any Paying
Agent other than the Trustee; and it shall not be responsible for any statement
or recital herein or any statement in the Securities other than its certificate
of authentication.

SECTION 7.05      Notice of Defaults.

                  If a Default or Event of Default with respect to the
Securities of any series occurs and is continuing and it is known to the
Trustee, the Trustee shall mail to Holders of Securities of that series a notice
of the Default or Event of Default within 90 days after it occurs. Except in the
case of a Default or Event of Default in payment of principal of, premium (if
any) and interest on and Additional Amounts or any sinking fund installment with
respect to the Securities of that series, the Trustee may withhold the notice if
and so long as a committee of its Trust Officers in good faith determines that
withholding the notice is in the interests of Holders of Securities of that
series.

SECTION 7.06      Reports by Trustee to Holders.

                  Within 60 days after each May 15 of each year after the
execution of this Indenture, the Trustee shall mail to Holders of a series and
the Company a brief report dated as of that reporting date that complies with
TIA Section 313(a); provided, however, that if no event described in TIA Section
313(a) has occurred within the twelve months preceding the reporting date with
respect to a series, no report need be transmitted to Holders of that series.
The Trustee also shall comply with TIA Section 313(b). The Trustee shall also
transmit by mail all reports if and as required by TIA Sections 313(c) and
313(d).

                  A copy of each report at the time of its mailing to Holders of
a series of Securities shall be filed by the Company with the SEC and each
securities exchange, if any, on which the Securities of that series are listed.
The Company shall notify the Trustee if and when any series of Securities is
listed on any stock exchange.

SECTION 7.07      Compensation and Indemnity.

                  The Company agrees to pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and services
hereunder. The Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company agrees to reimburse
the Trustee on request for all reasonable disbursements, advances and expenses
incurred by it. Those expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee's agents and counsel.

                  The Company hereby indemnifies the Trustee against any loss,
liability or expense incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, except as set
forth in the next paragraph. The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity. The Company shall defend

                                       36
<PAGE>   42

the claim and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel, and the Company shall pay the reasonable fees and expenses of
that counsel. The Company need not pay for any settlement made without its
consent.

                  The Company shall not be obligated to reimburse any expense or
indemnify against any loss or liability incurred by the Trustee through
negligence or bad faith.

                  To secure the payment obligations of the Company in this
Section 7.07, the Trustee shall have a lien prior to the Securities on all money
or property held or collected by the Trustee, except that held in trust to pay
principal of, premium (if any) and interest on and any Additional Amounts with
respect to the Securities of any series. That 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 6.01(4) or (5) occurs, the expenses and
the compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

SECTION 7.08      Replacement of Trustee.

                  A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only on the successor Trustee's
acceptance of appointment as provided in this Section 7.08.

                  The Trustee may resign and be discharged at any time with
respect to the Securities of one or more series by so notifying the Company. The
Holders of a majority in principal amount of the then outstanding Securities of
any series may remove the Trustee with respect to the Securities of that series
by so notifying the Trustee and the Company. The Company may remove the Trustee
if:

                  (1) the Trustee fails to comply with Section 7.10;

                  (2) the Trustee is adjudged a bankrupt or an insolvent or an
order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

                  (3) a Bankruptcy Custodian or public officer takes charge of
the Trustee or its property; or

                  (4) the Trustee otherwise becomes incapable of acting.

                  If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, with respect to the Securities of one or
more series, the Company shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that
any such successor Trustee may be appointed with respect to the Securities of
one or more or all of those series and that at any time there shall be only one
Trustee

                                       37
<PAGE>   43

with respect to the Securities of any particular series). Within one year after
the successor Trustee with respect to the Securities of any series takes office,
the Holders of a majority in principal amount of the Securities of that series
may appoint a successor Trustee to replace the successor Trustee appointed by
the Company.

                  If a successor Trustee with respect to the Securities of any
series does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the then outstanding Securities of that series may petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of that series.

                  If the Trustee with respect to the Securities of a series
fails to comply with Section 7.10, any Holder of Securities of that series may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee with respect to the Securities of that
series.

                  In case of the appointment of a successor Trustee with respect
to all Securities, each such successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the retiring Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to
the lien provided for in Section 7.07.

                  In case of the appointment of a successor Trustee with respect
to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
(but not all) series shall execute and deliver an indenture supplemental hereto
in which each successor Trustee shall accept that appointment and that (1) shall
confer to each successor Trustee all the rights, powers and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of that successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall confirm that all the
rights, powers 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.
Nothing herein or in that supplemental indenture shall constitute those Trustees
co-trustees of the same trust, and 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. Upon the execution and delivery of that
supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, and each such successor Trustee
shall have all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of
that successor Trustee relates. On the request of the Company or any successor
Trustee, that retiring Trustee shall transfer to that successor Trustee all
property held by that retiring Trustee as Trustee with respect to the Securities
of that or those series to which the appointment of that successor Trustee
relates.

                                       38
<PAGE>   44
                  Notwithstanding replacement of the Trustee or Trustees
pursuant to this Section 7.08, the obligations of the Company under Section 7.07
shall continue for the benefit of the retiring Trustee or Trustees.

SECTION 7.09      Successor Trustee by Merger, etc.

                  Subject to Section 7.10, if the Trustee consolidates, merges
or converts into, or transfers all or substantially all of its corporate trust
business to, another corporation, the successor corporation without any further
act shall be the successor Trustee; provided, however, that in the case of a
transfer of all or substantially all of its corporate trust business to another
corporation, the transferee corporation expressly assumes all of the Trustee's
liabilities hereunder.

                  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 that authenticating Trustee may adopt that authentication and
deliver the Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee may
authenticate those Securities either in the name of any predecessor hereunder or
in the name of the successor to the Trustee; and in all those cases those
certificates shall have the full force which it is anywhere in the Securities or
in this Indenture provided that the certificate of the Trustee shall have.

SECTION 7.10      Eligibility; Disqualification.

                  There shall at all times be a Trustee hereunder which shall be
a corporation organized and doing business under the laws of the United States,
any State thereof or the District of Columbia and authorized under those laws to
exercise corporate trust power, shall be subject to supervision or examination
by Federal or State (or the District of Columbia) authority and shall have, or
be a Subsidiary of a bank or bank holding company having, a combined capital and
surplus of at least $50 million as set forth in its most recent published annual
report of condition.

                  The Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is
subject to and shall comply with the provisions of TIA Section 310(b) during the
period of time required by this Indenture. Nothing in this Indenture shall
prevent the Trustee from filing with the SEC the application referred to in the
penultimate paragraph of TIA Section 310(b).

SECTION 7.11      Preferential Collection of Claims Against Company.

                  The Trustee is subject to and shall comply with the provisions
of TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). A Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein.

                                       39
<PAGE>   45

                                  ARTICLE VIII
                             DISCHARGE OF INDENTURE

SECTION 8.01      Termination of Company's Obligations.

                  (a)      This Indenture shall cease to be of further effect
with respect to the Securities of a series (except as to any surviving rights of
conversion or of registration of transfer or exchange of Securities expressly
provided for herein and except that the Company's obligations under Section
7.07, the Trustee's and Paying Agent's obligations under Section 8.03 and the
rights, powers, protections and privileges accorded the Trustee under Article
VII shall survive), and the Trustee, on demand of the Company, shall execute
proper instruments acknowledging the satisfaction and discharge of this
Indenture with respect to the Securities of that series, when:

                  (1) either

                           (A) all outstanding Securities of that series
                  theretofore authenticated and issued (other than destroyed,
                  lost or stolen Securities that have been replaced or paid)
                  have been delivered to the Trustee for cancellation; or

                           (B) all outstanding Securities of that series not
                  theretofore delivered to the Trustee for cancellation:

                               (i) have become due and payable, or

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

                               (iii) are to be called for redemption within
                           one year under arrangements satisfactory to the
                           Trustee for the giving of notice of redemption by
                           the Trustee in the name, and at the expense, of the
                           Company,

                  and, in the case of clause (i), (ii) or (iii) above, the
Company has irrevocably deposited or caused to be deposited with the Trustee as
funds (immediately available to the Holders in the case of clause (i)) in trust
for that purpose (x) cash in an amount, or (y) Government Obligations, maturing
as to principal and interest at such times and in such amounts as will ensure
the availability of cash in an amount or (z) a combination thereof, which will
be sufficient, in the opinion (in the case of clauses (y) and (z)) of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge the
entire indebtedness on the Securities of that series for principal and any
interest and any Additional Amounts to the date of that deposit (in the case of
Securities which have become due and payable) or for principal, premium, if any,
interest and any Additional Amounts to the Stated Maturity or Redemption Date,
as the case may be; or
                           (C) the Company has properly fulfilled such other
                  means of satisfaction and discharge as is specified, as
                  contemplated by Section 2.01, to be applicable to the
                  Securities of that series;

                                       40
<PAGE>   46
                  (2) the Company has paid or caused to be paid all other sums
         payable by it hereunder with respect to the Securities of that series;
         and

                  (3) the Company has delivered to the Trustee an Officers'
         Certificate stating that all conditions precedent to satisfaction and
         discharge of this Indenture with respect to the Securities of that
         series have been complied with, together with an Opinion of Counsel to
         the same effect.

                  (b)      Unless this Section 8.01(b) is specified as not being
applicable to Securities of a series as contemplated by Section 2.01, the
Company may terminate certain of its obligations under this Indenture ("covenant
defeasance") with respect to the Securities of a series if:

                  (1) the Company has irrevocably deposited or caused to be
         irrevocably deposited with the Trustee as trust funds in trust for the
         purpose of making the following payments, specifically pledged as
         security for and dedicated solely to the benefit of the Holders of
         Securities of that series, (i) money in the currency in which payment
         of the Securities of that series is to be made in an amount, or (ii)
         Government Obligations with respect to that series, maturing as to
         principal and interest at such times and in such amounts as will ensure
         the availability of money in the currency in which payment of the
         Securities of that series is to be made in an amount or (iii) a
         combination thereof, that is sufficient, in the opinion (in the case of
         clauses (ii) and (iii)) of a nationally recognized firm of independent
         public accountants expressed in a written certification thereof
         delivered to the Trustee, to pay, without consideration of the
         reinvestment of any such amounts and after payment of all taxes or
         other charges or assessments in respect thereof payable by the Trustee,
         the principal of and premium (if any) and interest on and any
         Additional Amounts with respect to all Securities of that series on
         each date that such principal, premium (if any), interest or Additional
         Amounts are due and payable and (at the Stated Maturity thereof or on
         redemption as provided in Section 8.01(e)) to pay all other sums
         payable by it hereunder; provided that the Trustee shall have been
         irrevocably instructed to apply that money and/or the proceeds of those
         Government Obligations to the payment of said principal, premium (if
         any), interest and Additional Amounts with respect to the Securities of
         that series as the same shall become due;

                  (2) the Company has delivered to the Trustee an Officers'
         Certificate stating that all conditions precedent to satisfaction and
         discharge of this Indenture with respect to the Securities of that
         series have been complied with, and an Opinion of Counsel to the same
         effect;

                  (3) no Default or Event of Default with respect to the
         Securities of that series shall have occurred and be continuing on the
         date of that deposit;

                  (4) the Company shall have delivered to the Trustee an Opinion
         of Counsel from counsel reasonably acceptable to the Trustee or a tax
         ruling to the effect that the Holders of Securities of that series will
         not recognize income, gain or loss for Federal

                                       41
<PAGE>   47

         income tax purposes as a result of the Company's exercise of its option
         under this Section 8.01(b) and will be subject to Federal income tax on
         the same amount and in the same manner and at the same times as would
         have been the case if that option had not been exercised;

                  (5) the Company has complied with any additional conditions
         specified pursuant to Section 2.01 to be applicable to the discharge of
         Securities of that series pursuant to this Section 8.01; and

                  (6) that deposit and discharge shall not cause the Trustee to
         have a conflicting interest as defined in TIA Section 310(b).

                  In that event, this Indenture shall cease to be of further
effect (except as set forth in this paragraph), and the Trustee, on demand of
the Company, shall execute proper instruments acknowledging satisfaction and
discharge under this Indenture. However, the Company's obligations in Sections
2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 5.01, 7.07, 7.08 and 8.04, the
Trustee's and Paying Agent's obligations in Section 8.03 and the rights, powers,
protections and privileges accorded the Trustee under Article VII shall survive
until all Securities of that series are no longer outstanding. Thereafter, only
the Company's obligations in Section 7.07 and the Trustee's and Paying Agent's
obligations in Section 8.03 shall survive with respect to Securities of that
series.

                  After making the irrevocable deposit pursuant to this Section
8.01(b) and following satisfaction of the other conditions set forth herein, the
Trustee on request shall acknowledge in writing the discharge of the Company's
obligations under this Indenture with respect to the Securities of that series,
except for those surviving obligations specified above.

                  In order to have money available on a payment date to pay
principal of or premium (if any) or interest on or any Additional Amounts with
respect to the Securities, the Government Obligations shall be payable as to
principal or interest on or before that payment date in such amounts as will
provide the necessary money. Any such Government Obligations shall not be
callable at the issuer's option.

                  (c) If the Company has previously complied or is concurrently
complying with Section 8.01(b) (other than any additional conditions specified
pursuant to Section 2.01 that are expressly applicable only to covenant
defeasance) with respect to Securities of a series, then, unless this Section
8.01(c) is specified as not being applicable to Securities of that series as
contemplated by Section 2.01, the Company may elect to be discharged ("legal
defeasance") from its obligations to make payments with respect to Securities of
that series, if:

                  (1) no Default or Event of Default under clauses (4) and (5)
         of Section 6.01 hereof shall have occurred at any time during the
         period ending on the 91st day after the date of deposit contemplated by
         Section 8.01(b) (it being understood that this condition shall not be
         deemed satisfied until the expiration of that period);

                                       42
<PAGE>   48
                  (2) unless otherwise specified with respect to Securities of
         that series as contemplated by Section 2.01, the Company has delivered
         to the Trustee an Opinion of Counsel from counsel reasonably acceptable
         to the Trustee to the effect referred to in Section 8.01(b)(4) with
         respect to that legal defeasance, which opinion is based on (i) a
         private ruling of the Internal Revenue Service addressed to the
         Company, (ii) a published ruling of the Internal Revenue Service or
         (iii) a change in the applicable federal income tax law (including
         regulations) after the date of this Indenture;

                  (3) the Company has complied with any other conditions
         specified pursuant to Section 2.01 to be applicable to the legal
         defeasance of Securities of that series pursuant to this Section
         8.01(c); and

                  (4) the Company has delivered to the Trustee a Company Request
         requesting legal defeasance of the Securities of that series and an
         Officers' Certificate stating that all conditions precedent with
         respect to legal defeasance of the Securities of that series have been
         complied with, together with an Opinion of Counsel to the same effect.

                  In that event, the Company will be discharged from its
obligations under this Indenture and the Securities of that series to pay
principal of, premium (if any) and interest on, and any Additional Amounts with
respect to, Securities of that series, the Company's obligations under Sections
4.01, 4.02 and 5.01 shall terminate with respect to those Securities, and the
entire indebtedness of the Company evidenced by those Securities shall be deemed
paid and discharged.

                  (d) If and to the extent additional or alternative means of
satisfaction, discharge or defeasance of Securities of a series are specified to
be applicable to that series as contemplated by Section 2.01, the Company may
terminate any or all of its obligations under this Indenture with respect to
Securities of a series and any or all of its obligations under the Securities of
that series if it fulfills such other means of satisfaction and discharge as may
be so specified, as contemplated by Section 2.01, to be applicable to the
Securities of that series.

                  (e) If Securities of any series subject to subsections (a),
(b), (c) or (d) of this Section 8.01 are to be redeemed prior to their Stated
Maturity, whether pursuant to any optional redemption provisions or in
accordance with any mandatory or optional sinking fund provisions, the terms of
the applicable trust arrangement shall provide for that redemption, and the
Company shall make such arrangements as are reasonably 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 8.02      Application of Trust Money.

                  The Trustee or a trustee reasonably satisfactory to the
Trustee and the Company shall hold in trust money or Government Obligations
deposited with it pursuant to Section 8.01 hereof. It shall apply the deposited
money and the money from Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal of, premium (if any)
and interest on and any Additional Amounts with respect to the Securities of the
series with respect to which the deposit was made.

                                       43
<PAGE>   49
SECTION 8.03      Repayment to Company.

                  The Trustee and the Paying Agent shall promptly pay to the
Company at any time on the written request of the Company any excess money or
Government Obligations (or proceeds therefrom) held by them.

                  Subject to the requirements of any applicable abandoned
property laws, the Trustee and the Paying Agent shall pay to the Company on
written request any money held by them for the payment of principal, premium (if
any), interest or any Additional Amounts that remain unclaimed for two years
after the date on which that payment shall have become due. After payment to the
Company, Holders entitled to the money must look to the Company for payment as
general creditors unless an applicable abandoned property law designates another
Person, and all liability of the Trustee and the Paying Agent with respect to
that money shall cease.

SECTION 8.04      Reinstatement.

                  If the Trustee or the Paying Agent is unable to apply any
money or Government Obligations deposited with respect to Securities of any
series in accordance with Section 8.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting that application, the
obligations of the Company under this Indenture with respect to the Securities
of that series and under the Securities of that series shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.01 until such
time as the Trustee or the Paying Agent is permitted to apply all such money or
Government Obligations in accordance with Section 8.01; provided, however, that
if the Company has made any payment of principal of, premium (if any) or
interest on or any Additional Amounts with respect to any Securities because of
the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of those Securities to receive such payment from the money
or Government Obligations held by the Trustee or the Paying Agent.

                                   ARTICLE IX
                     SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01      Without Consent of Holders.

                  The Company and the Trustee may amend or supplement this
Indenture or the Securities or waive any provision hereof or thereof without the
consent of any Holder:

                  (1) to cure any ambiguity, omission, defect or inconsistency;

                  (2) to comply with Section 5.01;

                                       44
<PAGE>   50
                  (3) to provide for uncertificated Securities in addition to or
         in place of certificated Securities, or to provide for the issuance of
         bearer Securities (with or without coupons);

                  (4) to provide any security for any series of Securities or to
         add guarantees of any series of Securities;

                  (5) to comply with any requirement in order to effect or
         maintain the qualification of this Indenture under the TIA;

                  (6) to add to the covenants of the Company for the benefit of
         the Holders of all or any series of Securities (and if those covenants
         are to be for the benefit of less than all series of Securities,
         stating that those covenants are expressly being included solely for
         the benefit of that series), or to surrender any right or power herein
         conferred on the Company;

                  (7) to add any additional Events of Default with respect to
         all or any series of the Securities (and, if any such Event of Default
         is applicable to less than all series of Securities, specifying the
         series to which that Event of Default is applicable);

                  (8) to change or eliminate any of the provisions of this
         Indenture; provided that any such change or elimination shall become
         effective only when there is no outstanding Security of any series
         created prior to the execution of that amendment or supplemental
         indenture that is adversely affected in any material respect by that
         change in or elimination of that provision;

                  (9) to establish the form or terms of Securities of any series
         as permitted by Section 2.01;

                  (10) to supplement any of the provisions of this Indenture to
         such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Section 8.01; provided, however, that any such action shall not
         adversely affect the interest of the Holders of Securities of that
         series or any other series of Securities in any material respect; or

                  (11) 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 7.08.

                  Upon the request of the Company, accompanied by a Board
Resolution, and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company
in the execution of any supplemental indenture authorized or permitted by the
terms of this Indenture and make any further appropriate agreements and
stipulations that may be therein contained.

                                       45
<PAGE>   51
SECTION 9.02      With Consent of Holders.

                  Except as provided below in this Section 9.02, the Company and
the Trustee may amend or supplement this Indenture with the written consent
(including consents obtained in connection with a tender offer or exchange offer
for Securities of any one or more series or all series or a solicitation of
consents in respect of Securities of any one or more series or all series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of each such series (but the terms of that offer or
solicitation may vary from series to series)) of the Holders of at least a
majority in principal amount of the then outstanding Securities of all series
affected by that amendment or supplement (acting as one class).

                  Upon the request of the Company, accompanied by a Board
Resolution, and upon the filing with the Trustee of evidence of the consent of
the Holders as aforesaid, and upon receipt by the Trustee of the documents
described in Section 9.06, the Trustee shall, subject to Section 9.06, join with
the Company in the execution of that amendment or supplemental indenture.

                  It shall not be necessary for the consent of the Holders under
this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if that consent approves the
substance thereof.

                  The Holders of a majority in principal amount of the then
outstanding Securities of one or more series or of all series may waive
compliance in a particular instance by the Company with any provision of this
Indenture with respect to Securities of that series (including waivers obtained
in connection with a tender offer or exchange offer for Securities of that
series or a solicitation of consents in respect of Securities of that series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of that series (but the terms of that offer or
solicitation may vary from series to series)).

                  However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not:

                  (1) reduce the amount of Securities whose Holders must consent
         to an amendment, supplement or waiver;

                  (2) reduce the rate of or change the time for payment of
         interest, including default interest, on any Security;

                  (3) reduce the principal of, premium on or any mandatory
         sinking fund payment with respect to, or change the Stated Maturity of,
         any Security or reduce the amount of the principal of an Original Issue
         Discount Security that would be due and payable on a declaration of
         acceleration of the Maturity thereof pursuant to Section 6.02;

                  (4) reduce the premium, if any, payable on the redemption of
         any Security or change the time at which any Security may or shall be
         redeemed;

                                       46
<PAGE>   52
                  (5) change any obligation of the Company to pay Additional
         Amounts with respect to any Security;

                  (6) change the coin or currency or currencies (including
         composite currencies) in which any Security or any premium, interest or
         Additional Amounts with respect thereto are payable;

                  (7) impair the right to institute suit for the enforcement of
         any payment of principal of, premium (if any) or interest on or any
         Additional Amounts with respect to any Security pursuant to Sections
         6.07 and 6.08, except as limited by Section 6.06;

                  (8) make any change in the percentage of principal amount of
         Securities necessary to waive compliance with certain provisions of
         this Indenture pursuant to Section 6.04 or 6.07 or make any change in
         this sentence of Section 9.02; or

                  (9) waive a continuing Default or Event of Default in the
         payment of principal of, premium (if any) or interest on or Additional
         Amounts with respect to the Securities.

                  A supplemental indenture that changes or eliminates any
covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which
modifies the rights of the Holders of Securities of that series with respect to
that covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.

                  The right of any Holder to participate in any consent required
or sought pursuant to any provision of this Indenture (and the obligation of the
Company to obtain any such consent otherwise required from that Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Securities with respect to which that consent is required or sought as of
a date identified by the Company in a notice furnished to Holders in accordance
with the terms of this Indenture.

                  After an amendment, supplement or waiver under this Section
9.02 becomes effective, the Company shall mail to the Holders of each Security
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to mail that notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver.

SECTION 9.03      Compliance with Trust Indenture Act.

                  Every amendment or supplement to this Indenture or the
Securities shall comply in form and substance with the TIA as then in effect.

                                       47
<PAGE>   53

SECTION 9.04      Revocation and Effect of Consents.

                  Until an amendment, supplement or waiver becomes effective, a
consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security, even if notation of the consent is not
made on any Security. However, any such Holder or subsequent Holder may revoke
the consent as to his or her Security or portion of a Security if the Trustee
receives written notice of revocation before the date the amendment, supplement
or waiver becomes effective. An amendment, supplement or waiver becomes
effective in accordance with its terms and thereafter binds every Holder.

                  The Company may, but shall not be obligated to, fix a record
date (which need not comply with Section 316(c) of the TIA) for the purpose of
determining the Holders entitled to consent to any amendment, supplement or
waiver or to take any other action under this Indenture. If a record date is
fixed, then notwithstanding the provisions of the immediately preceding
paragraph, those Persons who were Holders at that record date (or their duly
designated proxies), and only those Persons, shall be entitled to consent to
that amendment, supplement or waiver or to revoke any consent previously given,
whether or not those Persons continue to be Holders after that record date. No
consent shall be valid or effective for more than 90 days after that record date
unless consents from Holders of the principal amount of Securities required
hereunder for that amendment or waiver to be effective shall have also been
given and not revoked within that 90-day period.

                  After an amendment, supplement or waiver becomes effective, it
shall bind every Holder, unless it is of the type described in any of clauses
(1) through (9) of Section 9.02 hereof. In that case, the amendment, supplement
or waiver shall bind each Holder who has consented to it and every subsequent
Holder that evidences the same debt as the consenting Holder's Security.

SECTION 9.05      Notation on or Exchange of Securities.

                  If an amendment or supplement changes the terms of an
outstanding Security, the Company may require the Holder of the Security to
deliver it to the Trustee. The Trustee may place an appropriate notation on the
Security at the request of the Company regarding the changed terms and return it
to the Holder. Alternatively, if the Company so determines, the Company in
exchange for the Security shall issue and the Trustee shall authenticate a new
Security that reflects the changed terms. Failure to make the appropriate
notation or to issue a new Security shall not affect the validity of that
amendment or supplement.

                  Securities of any series authenticated and delivered after the
execution of any amendment or supplement may, and shall if required by the
Company, bear a notation in form approved by the Company as to any matter
provided for in that amendment or supplement.

SECTION 9.06      Trustee to Sign Amendments, etc.

                  The Trustee shall sign any amendment or supplement authorized
pursuant to this Article if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, sign it. In signing or refusing to sign that
amendment or supplement, the Trustee shall be entitled to receive, and,

                                       48
<PAGE>   54

subject to Section 7.01 hereof, shall be fully protected in relying on, an
Opinion of Counsel provided at the expense of the Company as conclusive evidence
that such amendment or supplement is authorized or permitted by this Indenture,
that it is not inconsistent herewith, and that it will be valid and binding on
the Company in accordance with its terms.

                                    ARTICLE X
                                  MISCELLANEOUS

SECTION 10.01     Trust Indenture Act Controls.

                  If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by operation of TIA Section 318(c), the
imposed duties shall control.

SECTION 10.02     Notices.

                  Any notice or communication by the Company or the Trustee to
the other is duly given if in writing and delivered in person or mailed by
first-class mail (registered or certified, return receipt requested), telex,
facsimile or overnight air courier guaranteeing next day delivery, to the
other's address:

                  If to the Company:

                  Affiliated Computer Services, Inc.
                  2828 North Haskell Avenue
                  Dallas, TX  75204
                  Attention:  General Counsel

                  If to the Trustee:

                  U.S. Trust Company of Texas, N.A.
                  2001 Ross Avenue, Suite 2700
                  Dallas, Texas 75201
                  Attention: Corporate Trust Administration

                  The Company or the Trustee by notice to the other may
designate additional or different addresses for subsequent notices or
communications.

                  All notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when answered back, if telexed; when receipt acknowledged, if by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery.

                  Any notice or communication to a Holder shall be mailed by
first-class mail, postage prepaid, to the Holder's address shown on the register
kept by the Registrar. Failure to

                                       49
<PAGE>   55

mail a notice or communication to a Holder or any defect in it shall not affect
its sufficiency with respect to other Holders.

                  If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee
receives it, except in the case of notice to the Trustee, it is duly given only
when received.

                  If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

                  All notices or communications, including without limitation
notices to the Trustee or the Company by Holders, shall be in writing, except as
otherwise set forth herein.

                  In case by reason of the suspension of regular mail service,
or by reason of any other cause, it shall be impossible to mail any notice
required by this Indenture, then such method of notification as shall be made
with the approval of the Trustee shall constitute a sufficient mailing of that
notice.

SECTION 10.03 Communication by Holders with Other Holders.

                  Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or the
Securities. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA Section 312(c).

SECTION 10.04     Certificate and Opinion as to Conditions Precedent.

                  Upon any request or application by the Company to the Trustee
to take any action under this Indenture, the Company shall, if requested by the
Trustee, furnish to the Trustee at the expense of the Company:

                  (1) an Officers' Certificate (which shall include the
         statements set forth in Section 10.05) stating that, in the opinion of
         the signers, all conditions precedent and covenants, if any, provided
         for in this Indenture relating to the proposed action have been
         complied with; and

                  (2) an Opinion of Counsel (which shall include the statements
         set forth in Section 10.05 hereof) stating that, in the opinion of that
         counsel, all those conditions precedent and covenants have been
         complied with.

SECTION 10.05     Statements Required in Certificate or Opinion.

                  Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of
TIA Section 314(e) and shall include:

                                       50
<PAGE>   56
                  (1) a statement that the Person making that certificate or
         opinion has read that covenant or condition;

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

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

                  (4) a statement as to whether or not, in the opinion of that
         Person, that condition or covenant has been complied with.

SECTION 10.06     Rules by Trustee and Agents.

                  The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Registrar or the Paying Agent may make reasonable rules
and set reasonable requirements for its functions.

SECTION 10.07     Legal Holidays.

                  If a payment date is a Legal Holiday at a Place of Payment,
payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.

SECTION 10.08     No Recourse Against Others.

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

SECTION 10.09     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 GIVING
EFFECT TO ANY PRINCIPLES OF CONFLICTS OF LAWS THEREUNDER TO THE EXTENT THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

                                       51
<PAGE>   57

SECTION 10.10     No Adverse Interpretation of Other Agreements.

                  This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company or any Subsidiary. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

SECTION 10.11     Successors.

                  All agreements of the Company in this Indenture and the
Securities shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors.

SECTION 10.12     Severability.

                  In case any provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall, to the fullest extent
permitted by applicable law, not in any way be affected or impaired thereby.

SECTION 10.13     Counterpart Originals.

                  The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement.

SECTION 10.14     Table of Contents, Headings, etc.

                  The table of contents, cross-reference table and headings of
the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms or provisions hereof.

                                       52
<PAGE>   58
                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed as of the day and year first above written.

                                              AFFILIATED COMPUTER SERVICES, INC.

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

                                              U.S. TRUST COMPANY OF TEXAS, N.A.
                                                as Trustee

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

                                       53

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