Document:

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                                                                     Exhibit 4.5

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                              CARNIVAL CORPORATION

                                       AND

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                     TRUSTEE

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

                                    INDENTURE

                           DATED AS OF APRIL 25, 2001

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

                  UNSECURED AND UNSUBORDINATED DEBT SECURITIES

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                              CARNIVAL CORPORATION
                             CROSS REFERENCE SHEET*

THIS CROSS REFERENCE SHEET SHOWS THE LOCATION IN THE INDENTURE OF THE PROVISIONS
INSERTED PURSUANT TO SECTION 310-318(A), INCLUSIVE, OF THE TRUST INDENTURE ACT
OF 1939.

                                                                   SECTIONS OF
                                 TRUST INDENTURE ACT               INDENTURE
                                 -------------------               -----------
310(a)(1)(2)...................................................    6.9
      (3)(4)...................................................    Inapplicable
         (5)...................................................    6.9

310(b).........................................................    6.8 and 6.10
   (b)(1)(A)(C)................................................    Inapplicable

310(c).........................................................    Inapplicable

310(a)(b)......................................................    6.13 and 7.3
   (c).........................................................    Inapplicable

313(a)(1)(2)(3)(4)(5)(7).......................................    7.3
   (6).........................................................    Inapplicable
   (b)(1)......................................................    Inapplicable
      (2)......................................................    7.3
   (c)(d)......................................................    7.3

314(a).........................................................    7.4
   (b).........................................................    Inapplicable
   (c)(1)(2)...................................................    1.2
      (3)......................................................    Inapplicable
   (d).........................................................    Inapplicable
   (e).........................................................    1.2

315(a)(c)(d)...................................................    6.1
   (b).........................................................    6.2
   (e).........................................................    5.14

316(a)(1)......................................................    5.12 and 5.13
      (2)......................................................    Inapplicable
   (b).........................................................    5.8
   (c).........................................................    5.15

317(a).........................................................    5.3 and 5.4
   (b).........................................................    10.3

318(a)(c)......................................................    1.5
   (b).........................................................    Inapplicable

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* The Cross Reference Sheet is not part of the Indenture.
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                                TABLE OF CONTENTS
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                                   ARTICLE I.
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1       Certain Terms Defined................................................................1
Section 1.2       Compliance Certificates and Opinions.................................................9
Section 1.3       Form of Documents Delivered to Trustee..............................................10
Section 1.4       Acts of Holders.....................................................................10
Section 1.5       Conflict with Trust Indenture Act of 1939...........................................11
Section 1.6       Effect of Headings and Table of Contents............................................12
Section 1.7       Separability Clause.................................................................12
Section 1.8       Benefits of Indenture...............................................................12
Section 1.9       Legal Holidays......................................................................12

                                   ARTICLE II.
                                 SECURITY FORMS

Section 2.1       Forms Generally.....................................................................12
Section 2.2       Form of Face of Security............................................................13
Section 2.3       Form of Reverse of Security.........................................................15
Section 2.4       Form of Trustee's Certificate of Authentication.....................................21
Section 2.5       Securities Issuable in the Form of a Global Security................................21

                                  ARTICLE III.
                                 THE SECURITIES

Section 3.1       Amount Unlimited; Issuable in Series................................................22
Section 3.2       Denominations.......................................................................24
Section 3.3       Execution, Authentication, Delivery and Dating......................................24
Section 3.4       Temporary Securities................................................................26
Section 3.5       Registration; Registration of Transfer and Exchange.................................26
Section 3.6       Mutilated, Destroyed, Lost or Stolen Securities.....................................27
Section 3.7       Payment of Interest; Interest Rights Preserved......................................28
Section 3.8       Persons Deemed Owners...............................................................29
Section 3.9       Cancellation........................................................................30
Section 3.10      Computation of Interest.............................................................30

                                   ARTICLE IV.
                           SATISFACTION AND DISCHARGE

Section 4.1       Satisfaction and Discharge of Indenture.............................................30
Section 4.2       Application of Trust Money..........................................................31
Section 4.3       Repayment of Moneys Held by Paying Agent............................................32
Section 4.4       Repayment of Moneys Held by Trustee.................................................32
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                                   ARTICLE V.
                                    REMEDIES

Section 5.1       Events of Default...................................................................32
Section 5.2       Acceleration of Maturity; Rescission and Annulment..................................34
Section 5.3       Collection of Indebtedness and Suits for Enforcement by Trustee.....................35
Section 5.4       Trustee May File Proofs of Claim....................................................36
Section 5.5       Trustee May Enforce Claims Without Possession of Securities.........................37
Section 5.6       Application of Money Collected......................................................37
Section 5.7       Limitation on Suits.................................................................37
Section 5.8       Unconditional Right of Holders to Receive Principal, Premium and Interest...........38
Section 5.9       Restoration of Right and Remedies...................................................38
Section 5.10      Rights and Remedies Cumulative......................................................38
Section 5.11      Delay or Omission Not Waiver........................................................39
Section 5.12      Control by Holders..................................................................39
Section 5.13      Waiver of Past Defaults.............................................................39
Section 5.14      Undertaking for Costs...............................................................40
Section 5.15      Waiver of Stay or Extension Laws....................................................40

                                   ARTICLE VI.
                                   THE TRUSTEE

Section 6.1       Certain Duties and Responsibilities.................................................40
Section 6.2       Notice of Defaults..................................................................41
Section 6.3       Certain Rights of Trustee...........................................................42
Section 6.4       Trustee Not Responsible for Recitals in Indenture or in Securities..................43
Section 6.5       May Hold Securities.................................................................43
Section 6.6       Money Held in Trust.................................................................43
Section 6.7       Compensation and Reimbursement......................................................43
Section 6.8       Disqualification; Conflicting Interest..............................................44
Section 6.9       Corporate Trustee Required; Eligibility.............................................50
Section 6.10      Resignation and Removal; Appointment of Successor...................................50
Section 6.11      Acceptance of Appointment by Successor..............................................52
Section 6.12      Merger, Conversion, Consolidation or Succession to Business.........................53
Section 6.13      Preferential Collection of Claims Against Company...................................54

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

Section 7.1       Company to Furnish Trustee Information as to Names and Addresses of Holders.........58
Section 7.2       Preservation of Information; Communications to Holders..............................58
Section 7.3       Reports by Trustee..................................................................60
Section 7.4       Reports by Company..................................................................61

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                                  ARTICLE VIII.
                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section 8.1       Consolidations and Mergers of Company Permitted Subject to Certain Conditions.......62
Section 8.2       Rights and Duties of Successor Corporation..........................................63

                                   ARTICLE IX.
                             SUPPLEMENTAL INDENTURES

Section 9.1       Supplemental Indentures Without Consent of Holders..................................63
Section 9.2       Supplemental Indentures with Consent of Holders.....................................65
Section 9.3       Execution of Supplemental Indentures................................................66
Section 9.4       Effect of Supplemental Indentures...................................................66
Section 9.5       Reference in Securities to Supplemental Indentures..................................66

                                   ARTICLE X.
                       PARTICULAR COVENANTS OF THE COMPANY

Section 10.1      Payment of Principal, Premium and Interest..........................................66
Section 10.2      Maintenance of Office or Agency.....................................................67
Section 10.3      Money for Securities Payments to be Held in Trust...................................67
Section 10.4      Statement by Officers as to Default.................................................68
Section 10.5      Additional Amounts..................................................................68

                                   ARTICLE XI.
                            REDEMPTION OF SECURITIES

Section 11.1      Applicability of Article............................................................70
Section 11.2      Election to Redeem; Notice to Trustee...............................................70
Section 11.3      Selection by Trustee of Securities to Be Redeemed...................................71
Section 11.4      Notice of Redemption................................................................71
Section 11.5      Deposit of Redemption Price.........................................................72
Section 11.6      Securities Payable on Redemption Date...............................................72
Section 11.7      Securities Redeemed in Part.........................................................72
Section 11.8      Optional Redemption or Assumption of Securities under Certain Circumstances.........73

                                  ARTICLE XII.
                         REPAYMENT AT OPTION OF HOLDERS

Section 12.1      Applicability of Article............................................................74
Section 12.2      Repayment of Securities.............................................................74
Section 12.3      Exercise of Option..................................................................74
Section 12.4      When Securities Presented for Repayment Become Due and Payable......................75
Section 12.5      Securities Repaid in Part...........................................................75

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                                  ARTICLE XIII.
                                  SINKING FUNDS

Section 13.1      Applicability of Article............................................................75
Section 13.2      Satisfaction of Sinking Fund Payments with Securities...............................75
Section 13.3      Redemption of Securities for Sinking Fund...........................................76

                                  ARTICLE XIV.
   IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES

Section 14.1      Exemption from Individual Liability.................................................77

                                   ARTICLE XV.
                            MISCELLANEOUS PROVISIONS

Section 15.1      Successors and Assigns of Company Bound by Indenture................................77
Section 15.2      Acts of Board, Committee or Officer of Successor Corporation Valid..................77
Section 15.3      Required Notices or Demands.........................................................77
Section 15.4      Indenture and Securities To Be Construed In Accordance With
                    the Laws of the State of New York.................................................78
Section 15.5      Indenture May Be Executed in Counterparts...........................................78
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         INDENTURE, dated as of the 25th day of April, 2001, between CARNIVAL
CORPORATION, a corporation duly organized and existing under the laws of the
Republic of Panama (hereinafter sometimes called the "Company"), party of the
first part, and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking
association organized and existing under the laws of the United States of
America (hereinafter sometimes called the "Trustee"), party of the second part.

         WHEREAS, for its lawful corporate purposes, the Company deems it
necessary to issue its securities and has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its
unsecured and unsubordinated debentures, notes or other evidences of
indebtedness (herein called the "Securities"), to be issued in one or more
series as in this Indenture provided.

         WHEREAS, all things necessary to constitute these presents a valid
indenture and agreement according to its terms have been done and performed by
the Company, and the execution of this Indenture has in all respects been duly
authorized by the Company, and the Company, in the exercise of legal right and
power in it vested, executes this Indenture.

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

         That in order to declare the terms and conditions upon which the
Securities are made, executed, authenticated, issued and delivered, and in
consideration of the premises, of the purchase and acceptance of Securities by
the Holders thereof and of the sum of One Dollar to it duly paid by the Trustee
at the execution of these presents, the receipt whereof is hereby acknowledged,
the Company and the Trustee covenant and agree with each other, for the equal
and proportionate benefit of the respective Holders from time to time of the
Securities or of series thereof, as follows:

                                   ARTICLE I.

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

         SECTION 1.1 CERTAIN TERMS DEFINED. The terms defined in this Section
1.1 (except as herein otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section
1.1. All other terms used in this Indenture which are defined in the Trust
Indenture Act of 1939 or which are by reference therein defined in the
Securities Act of 1933, as amended (except as herein otherwise expressly
provided or unless the context otherwise requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said Securities Act as
in force at the date of this Indenture as originally executed.

         Certain terms, used principally in Article 6, are defined in that
Article.
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ACT

         The term "Act", when used with respect to any Holder, shall have the
meaning specified in Section 1.4.

AFFILIATE; CONTROL

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

AUTHORIZED NEWSPAPER

         The term "Authorized Newspaper" shall mean a newspaper printed in the
English language and customarily published at least once a day on each business
day in each calendar week and of general circulation in the Borough of
Manhattan, the City and State of New York, whether or not such newspaper is
published on Saturdays, Sundays and legal holidays.

BOARD OF DIRECTORS

         The term "Board of Directors" or "Board", when used with reference to
the Company, shall mean the Board of Directors of the Company or any duly
authorized committee of such Board.

BOARD RESOLUTION

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

BUSINESS DAY

         The term "business day", when used with respect to any Place of
Payment, shall mean any day other than a Saturday or a Sunday or a day on which
banking institutions in the Place of Payment are authorized or obligated by law
or regulation to close.

COMMISSION

         The term "Commission" shall mean the Securities and Exchange
Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act of 1939, then the body performing
such duties at such time.

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COMPANY

         The term "Company" shall mean Carnival Corporation, a Panama
corporation, and, subject to the provisions of Article 8, shall also include its
successors and assigns.

COMPANY REQUEST; COMPANY ORDER

         The term "Company Request" or "Company Order" shall mean a written
request or order signed in the name of the Company by its Chairman or Vice
Chairman of the Board, its President, an Executive Vice President or a Vice
President, and by its Treasurer, an Assistant Treasurer, its Controller, an
Assistant Controller, its Secretary or an Assistant Secretary, and delivered to
the Trustee.

CORPORATE TRUST OFFICE

         The term "Corporate Trust Office" or other similar term shall mean the
principal office of the Trustee in the City of St. Paul, the State of Minnesota,
at which at any particular time its corporate trust business shall be
administered, which office at the date of this Indenture is located at 180 East
Fifth Street, St. Paul, Minnesota 55101.

CORPORATION

         The term "corporation" includes corporations, associations, companies
and business trusts.

DEFAULTED INTEREST

         The term "Defaulted Interest" shall have the meaning specified in
Section 3.7.

DEPOSITORY

         The term "Depository" shall mean, with respect to Securities of any
series for which the Company shall determine that such Securities will be issued
as a Global Security, The Depositary Trust Company, another clearing agency or
any successor registered under the Securities and Exchange Act of 1934, as
amended, or other applicable statue or regulation, which in each case, shall be
designated by the Company pursuant to either Section 2.5 or 3.1.

EVENT OF DEFAULT

         The term "Event of Default" shall have the meaning specified in Section
5.1.

GLOBAL SECURITY

         The term "Global Security" shall mean, with respect to any series of
Securities, a Security executed by the Company and authenticated and delivered
by the Trustee to the Depository or pursuant to the Depository's instruction,
all in accordance with this Indenture and pursuant to a Company Order, which (i)
shall be registered in the name of the Depository or its

                                       3
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nominee and (ii) shall represent, and shall be denominated in an amount equal to
the aggregate principal amount of, all of the Outstanding Securities of such
series.

HOLDER

         The term "Holder" shall mean a Person in whose name a Security is
registered in the Security Register.

INDENTURE

         The term "Indenture" shall mean this instrument as originally executed
or as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable
provisions hereof and shall include the terms of the or those particular series
of Securities established as contemplated by Section 3.1; provided, however,
that if at any time more than one Person is acting as Trustee under this
instrument, "Indenture" shall mean, with respect to any one or more series of
Securities for which one Person is Trustee, this instrument as originally
executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof and shall include the terms of the or those particular series
of Securities for which such Person is Trustee established as contemplated by
Section 3.1, exclusive, however, of any provisions or tenor which relate solely
to other series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions
or terms adopted by means of one or more indentures supplemental hereto executed
and delivered after such Person had become such Trustee but to which such
Person, as such Trustee, was not a party.

INTEREST

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

INTEREST PAYMENT DATE

         The term "Interest Payment Date", when used with respect to any
Security, shall mean the Stated Maturity of an installment of interest on such
Security.

MATURITY

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

NATIONAL BANKRUPTCY ACT

         The term "National Bankruptcy Act" shall mean the Bankruptcy Act or
title 11 of the United States Code.

                                       4
<PAGE>

OFFICERS' CERTIFICATE

         The term "Officers' Certificate" shall mean a certificate signed by the
Chairman or Vice Chairman of the Board, the President, an Executive Vice
President or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Controller, an Assistant Controller, the Secretary or an Assistant Secretary, of
the Company, and delivered to the Trustee. Each such certificate shall include
(except as otherwise provided in this Indenture) the statements provided for in
Section 1.2, if and to the extent required by the provisions thereof.

OPINION OF COUNSEL

         The term "Opinion of Counsel" shall mean an opinion in writing signed
by legal counsel, who may be an employee of or of counsel to the Company, and
delivered to the Trustee. Each such opinion shall include the statements
provided for in Section 1.2, if and to the extent required by the provisions
thereof.

ORIGINAL ISSUE DISCOUNT SECURITY

         The term "Original Issue Discount Security" shall mean any Security
which provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 5.2.

OUTSTANDING

         The term "Outstanding", when used with respect to Securities, shall
mean, as of the date of determination, all Securities theretofore authenticated
and delivered under this Indenture, except

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

                  (ii) Securities or portions thereof for whose payment,
         redemption or repayment at the option of the Holder money is the
         necessary amount has been theretofore deposited with the Trustee or any
         Paying Agent (other than the Company) in trust or set aside and
         segregated in trust by the Company (if the Company shall act as its own
         Paying Agent) for the Holders of such Securities; provided that, if
         such Securities or portions thereof are to be redeemed, notice of such
         redemption has been duly given pursuant to this Indenture or provision
         therefor reasonably satisfactory to the Trustee has been made; and

                  (iii) Securities which have been paid pursuant to Section 3.6
         or in exchange for or in lieu of which other Securities have been
         authenticated and delivered pursuant to this Indenture;

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver under this Indenture, (i)
the principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding shall be the amount of the principal thereof that

                                       5
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would be due and payable as of the date of such determination upon acceleration
of the Maturity thereof pursuant to Section 5.2, (ii) the principal amount of a
Security denominated in one or more foreign currencies or currency units shall
be the U.S. dollar equivalent, determined in the manner provided as contemplated
by Section 3.1 on the date of original issuance of such Security of the
principal amount (or, in the case of an Original Issue Discount Security, the
U.S. dollar equivalent on the date of original issuance of such Security of the
amount determined as provided in (i) above) of such Security, and (iii)
Securities owned by the Company or any other obligor on the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding for the purposes of such determination, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor on the Securities or any Affiliate of
the Company or of such other obligor.

PAYING AGENT

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

PERSON

         The term "Person" shall mean any individual, corporation, limited
liability company partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political
subdivision thereof.

PLACE OF PAYMENT

         The term "Place of Payment", when used with respect to the Securities
of any series, shall mean the place or places where the principal of (and
premium, if any, on) and interest on the Securities of that series are payable
as specified as contemplated by Section 3.1.

PREDECESSOR SECURITY

         The term "Predecessor Security" of any particular Security shall mean
every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition,
any Security authenticated and delivered under Section 3.6 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

REDEMPTION DATE

         The term "Redemption Date" shall mean, when used with respect to any
Security to be redeemed, in whole or in part, the date fixed for such redemption
by or pursuant to this Indenture.

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<PAGE>

REDEMPTION PRICE

         The term "Redemption Price" shall mean, when used with respect to any
Security to be redeemed, the price at which it is to be redeemed by or pursuant
to this Indenture.

REGULAR RECORD DATE

         The term "Regular Record Date" for the interest payable on any Interest
Payment Date on the Securities of any series shall mean the date specified for
that purpose as contemplated by Section 3.1.

REPAYMENT DATE

         The term "Repayment Date" shall mean, when used with respect to any
Security to be repaid at the option of the Holder, the date fixed for such
repayment by or pursuant to this Indenture.

REPAYMENT PRICE

         The term "Repayment Price" shall mean, when used with respect to any
Security to be repaid at the option of the Holder, the price at which it is to
be repaid by or pursuant to this Indenture.

RESPONSIBLE OFFICER

         The term "responsible officer" when used with respect to the Trustee
shall mean the Chairman or Vice Chairman of the Board of Directors, the Chairman
or Vice Chairman of the Executive Committee of the Board of Directors, the
President, any Vice President, any Vice President, any Second Vice President,
the Cashier, the Secretary, any Assistant Secretary, the Treasurer, any
Assistant Treasurer, any Corporate Trust Officer, any Assistant Trust Officer,
or any other officer or assistant officer of the Trustee customarily performing
functions similar to those performed by the persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of his knowledge of and familiarity with the particular subject.

SECURITIES

         The term "Securities" shall have the meaning stated in the first
recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture;. PROVIDED, HOWEVER, that if at
any time there is more than one Person acting as Trustee under this Indenture,
"Securities" with respect to the series as to which such Person is Trustee shall
have the meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not
Trustee.

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<PAGE>

SECURITY REGISTER; SECURITY REGISTRAR

         The terms "Security Register" and "Security Registrar" shall have the
respective meanings set forth in Section 3.5.

SPECIAL RECORD DATE

         The term "Special Record Date" for the payment of any Defaulted
Interest shall mean a date fixed by the Trustee pursuant to Section 3.7.

STATED MATURITY

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

SUBSIDIARY OF THE COMPANY

         The term "subsidiary of the Company" shall mean a corporation a
majority of the outstanding voting stock of which is owned, directly or
indirectly, by the Company or by one or more subsidiaries of the Company, or by
the Company and one or more subsidiaries of the Company.

         As used under this heading, the term "voting stock" means stock having
ordinary voting power to elect a majority of the directors irrespective of
whether or not stock of any other class or classes shall have or might have
voting power by reason of the happening of any contingency.

TRUSTEE

         The term "Trustee" shall mean U.S. Bank Trust National Association and,
subject to the provisions of Article 6, shall also include its successors and
assigns, and, if at any time there is more than one Person acting as Trustee
hereunder, "Trustee" as used with respect to the Securities of any series shall
mean the Trustee with respect to Securities of that series.

TRUST INDENTURE ACT OF 1939

         The term "Trust Indenture Act of 1939" (except as herein otherwise
expressly provided) shall mean the Trust Indenture Act of 1939, as amended, as
in force at the date of this Indenture as originally executed.

         SECTION 1.2 COMPLIANCE CERTIFICATES AND OPINIONS. Upon any application
or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officers'
Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is
specifically required by

                                       8
<PAGE>

any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than certificates
provided pursuant to Section 7.4(d)) shall include:

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

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

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

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

         SECTION 1.3 FORM OF DOCUMENTS DELIVERED TO TRUSTEE. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

         Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer actually knows that the
certificate or opinion or representations with respect to the matters upon which
his certificate or opinion is based are erroneous. Any such certificate or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is
in the possession of the Company, unless such counsel knows, or in the exercise
of reasonable care (but without having made an investigation specifically for
the purpose of rendering such opinion) should know, that the certificate or
opinion or representations with respect to such matters are erroneous.

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

         SECTION 1.4 ACTS OF HOLDERS. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders of the Outstanding Securities of all series or one
or more series, as the case may be, may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in person
or by an agent duly appointed in writing; and, except as herein otherwise

                                       9
<PAGE>

expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section 1.4.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other manner which the Trustee deems sufficient and in accordance with
such reasonable rules as the Trustee may determine.

         (c) The Company may, in the circumstances permitted by the Trust
Indenture Act of 1939, fix any date as the record date for the purpose of
determining the Holders of Securities of any series entitled to give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action, or to vote on any action, authorized or permitted to be given or taken
by Holders of Securities of such series. If not set by the Company prior to the
first solicitation of a Holder of Securities of such series made by any person
with respect of any such action, or, in the case of any such vote, prior to such
vote, the record date for any such action or vote shall be the 30th day (or, if
later, the date of the most recent list of Holders required to be provided
pursuant to Section 7.1) prior to such first solicitation or vote, as the case
may be. With regard to any record date, only the Holders of Securities of such
series on such date (or their duly designated proxies) shall be entitled to give
or take, or vote on, the relevant action.

         (d) The ownership of Securities shall be proved by the Security
Register.

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

         SECTION 1.5 CONFLICT WITH TRUST INDENTURE ACT OF 1939. If any provision
hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act of 1939 that is required under such Act to be part of and govern this
Indenture, the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act of 1939
that may be so modified or excluded, the latter provision shall be deemed either
to apply to thin Indenture so modified or to be excluded, as the case may be.

                                       10
<PAGE>

         SECTION 1.6 EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 1.7 SEPARABILITY CLAUSE. In case any provision in this
Indenture or in any Security shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

         SECTION 1.8 BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

         SECTION 1.9 LEGAL HOLIDAYS. In any case where any Interest Payment
Date, Redemption Date or Stated Maturity of any Security shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities) payment of interest or principal (and premium,
if any) need not be made at such Place of Payment on such date, but may be made
on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity; provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the
case may be.

                                  ARTICLE II.

                                 SECURITY FORMS

         SECTION 2.1 FORMS GENERALLY. The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form or forms
as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution of the Securities. If the from or forms of
Securities of any series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by Section
3.3 for the authentication and delivery of such Securities.

         The Trustee's certificates of authentication shall be in substantially
the form set forth in this Article.

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

                                       11
<PAGE>

         SECTION 2.2 FORM OF FACE OF SECURITY. [INSERT ANY LEGEND REQUIRED BY
THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.](1)

                              CARNIVAL CORPORATION

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

$                                                           No.

         CARNIVAL CORPORATION, a corporation duly organized and existing under
the laws of the Republic of Panama (herein called the "Company", which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to     , or registered assigns, the
principal sum of     Dollars on    [IF THE SECURITY IS TO BEAR INTEREST PRIOR TO
MATURITY, INSERT --, and to pay    interest thereon from     or from the most
recent Interest Payment Date on which interest has been paid or duly provided
for, semi-annually on      and      in each year, commencing         , at the
rate of    % per annum, until the principal hereof is paid or made available for
payment [IF APPLICABLE, INSERT --, and (to the extent that the payment of such
interest shall be legally enforceable) at the rate of % per annum on any overdue
principal and premium and on any overdue installment of interest]. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be
the    or     (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or, one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice thereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture].

         [IF THE SECURITY IS NOT TO BEAR INTEREST PRIOR TO MATURITY, INSERT --.
The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption, upon
repayment at the option of the Holder or at Stated Maturity and in such case the
overdue principal of this Security shall bear interest at the rate of   % per
annum (to the extent that the payment of such interest shall be legally
enforceable), which shall accrue from the date of such default in payment to the
date payment of such principal has been made or duly provided for. Interest on
any overdue principal shall be payable on demand. Any

----------
(1) All legends should be reviewed by a tax lawyer.

                                       12
<PAGE>

such interest on any overdue principal that is not so paid on demand shall bear
interest at the rate of   % per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such
demand for payment to the date payment of such interest has been made or duly
provided for, and such interest shall also be payable on demand.]

         Payment of the principal of (and premium, if any, on) and [IF
APPLICABLE, INSERT -- any such] Interest on this Security will be made at the
office or agency of the Company maintained for that purpose in either the City
of ___________, the State of _________, or the City of St. Paul, the State of
Minnesota, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts [IF
APPLICABLE, INSERT --; PROVIDED, HOWEVER, that at the option of the Company
payment of interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register].

         Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

         IN WITNESS WHEREOF, Carnival Corporation has caused this Instrument to
be signed by its Chairman of the Board, or its President, or one of its Vice
Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or
in facsimile.

Dated:

                                             CARNIVAL CORPORATION

                                             By
                                               ---------------------------------

                                             By
                                               ---------------------------------

         SECTION 2.3 FORM OF REVERSE OF SECURITY. This Security is one of a duly
authorized issue of securities of the Company (herein called the "Securities"),
issued and to be issued in one or more series under an Indenture, dated as of
____ (herein called the "Indenture"), between the Company and U.S. Bank Trust
National Association, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture with respect to the series of
which this Security is a part), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the tame upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the Series designated on the face hereof [, limited in aggregate principal
amount to $  ].

                                       13
<PAGE>

         [The Company will pay to the Holders such Additional Amounts in respect
of Panamanian taxes as may become payable under Section 10.5 of the Indenture.]

         [IF APPLICABLE-INSERT-The Securities may be converted pursuant to the
terms herein into [ ] if:[detail terms of conversion]. The Securities in respect
of which a Holder has delivered [form of conversion notice] exercising the
option of such Holder to require the Company to purchase such Security.]

         [IF APPLICABLE, INSERT -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, [IF APPLICABLE, INSERT --
(1) on in any year commencing with the year and ending with the year at a
Redemption Price equal to % of the principal amount, and (2)] at any time [on or
after , 20 ], as a whole or in part, at the election of the Company, at the
following Redemption Prices (expressed as percentages of the principal amount):
If redeemed [on or before , %, and if redeemed] during the 12-month period
beginning of the years indicated,

<TABLE>
<CAPTION>
             YEAR      REDEMPTION PRICE    YEAR      REDEMPTION PRICE
             ----      ----------------    ----      ----------------
<S>                    <C>                 <C>       <C>

</TABLE>

and thereafter at a Redemption Price equal to % of the principal amount,
together in the case of any such redemption with accrued interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior
so such Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, of record at the close of business on the
relevant Regular Record Dates referred to on the face hereof, all as provided in
the Indenture.]

         [The Securities will also be subject to redemption as a whole, but not
in part, at the option of the Company at any time at 100% of the principal
amount, together with accrued interest thereon to the Redemption Date, in the
event the Company has become or would become obligated to pay, on the next date
on which any amount would be payable with respect to the Securities, any
Additional Amounts as a result of certain changes affecting Panamanian
withholding taxes which are specified in the Indenture.]

         [IF APPLICABLE - INSERT - The Securities may be converted pursuant to
the terms herein into [ ] if: [detail terms of conversion]. The Securities in
respect of which a Holder has delivered [form of conversion notice] exercising
the option of such Holder to require the Company to purchase such Security.]

         [IF APPLICABLE, INSERT -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, (1) on in any year
commencing with the year and ending with the year through operation of the
sinking fund for this series at the Redemption Prices for redemption through
operation of the sinking fund (expressed as pages of the principal amount) set
forth in the table below, and (2) at any time [on or after ], as a

                                       14
<PAGE>

whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning ___________ of the years indicated,

<TABLE>
<CAPTION>
                                                  REDEMPTION PRICE
                         REDEMPTION PRICE          FOR REDEMPTION
                          FOR REDEMPTION           OTHERWISE THAN
                        THROUGH OPERATION        THROUGH OPERATION
             YEAR      OF THE SINKING FUND      OF THE SINKING FUND
             ----      -------------------      -------------------
<S>                    <C>                      <C>

</TABLE>

and thereafter at a Redemption Price equal to % of the principal amount,
together is the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant
Regular Record Dates referred to on the face hereof, all as provided in the
Indenture.]

         [Notwithstanding the foregoing, the Company may not, prior to , redeem
any Securities of this series as contemplated by [Clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding operation by the
application, directly or indirectly, of moneys borrowed having an interest cost
to the Company (calculated in accordance with generally accepted financial
practice) of less than % per annum.]

         [The sinking fund for this series provides for the redemption on in
each year beginning with the year and ending with the year of [not less than] $
[("mandatory sinking fund") and not more than $ ] aggregate principal amount of
Securities of this series. Securities of this series acquired or redeemed by the
Company otherwise than through [mandatory] sinking fund payments may be credited
against subsequent [mandatory] sinking fund payments otherwise required to be
made in the [describe order] order in which they became due.]

         [In the event of redemption or repayment of this Security in part only,
a new Security or Securities of this series for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.]

         [IF APPLICABLE, INSERT -- The Securities of this series are subject to
repayment in whole [or in part] [but not in part], in integral multiples of $ ,
on [and ] at the option of the Holder hereof at a Repayment Price equal to % of
the principal amount thereof [to be repaid], together with interest thereon
accrued to the Repayment Date, all as provided in

                                       15
<PAGE>

the Indenture [; PROVIDED, HOWEVER, that the principal amount of this Security
may not be repaid in part if, following such repayment, the unpaid principal
amount of this Security would be less than [$ ] [the minimum authorized
denomination for Securities of this series]]. To be repaid at the option of the
Holder, this Security, with the "Option to Elect Repayment" form duly completed
by the Holder hereof, must be received by the Company at its office or agency
maintained for that purpose in either the City of ____________, the State of
______________, or the City of St. Paul, the State of Minnesota [, which will be
located initially at the office of the Trustee at ____________________], not
earlier than 30 days nor later than 15 days prior to the Repayment Date.
Exercise of such option by the Holder of this Security shall be irrevocable
unless waived by the Company.]

         [IF THE SECURITY IS NOT AN ORIGINAL ISSUE DISCOUNT SECURITY -- If an
Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.]

         [IF THE SECURITY IS AN ORIGINAL ISSUE DISCOUNT SECURITY -- If an Event
of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to -- INSERT FORMULA FOR DETERMINING THE
AMOUNT. Upon payment (i) of the amount of principal so declared due sad payable
and (ii) of interest on any overdue principal; and overdue interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company's obligations in respect of the payment of the
principal of and interest, if any, on the Securities of this series shall
terminate.]

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the holders of a majority in principal amount of the Outstanding
Securities of each series to be affected. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the
Outstanding Securities of each series, on behalf of the Holders of all
Outstanding Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the amount of principal of (and premium,
if any, on) and interest on this Security herein provided, and at the times,
place and rate, and in the coin or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of

                                       16
<PAGE>

(and premium, if any, on) and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $ and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series of like tenor of different authorized denominations
as requested by the Holder surrendering the same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

[IF APPLICABLE, INSERT--

                                       17
<PAGE>

                            OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably requests and instructs the Company
to repay the within Security [(or the portion thereof specified below)],
pursuant to its terms, on the "Repayment Date" first occurring after the date of
receipt of the within Security as specified below, at a Repayment Price equal to
____% of the principal amount thereof, together with interest thereon accrued to
the Repayment Date, to the undersigned at:

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

----------------------------------------------------------------
(Please Print or Type Name and Address of the Undersigned.)

         FOR THIS OPTION TO ELECT REPAYMENT TO BE EFFECTIVE, THIS SECURITY WITH
THE OPTION TO ELECT REPAYMENT DULY COMPLETED MUST BE RECEIVED NOT EARLIER THAN
30 DAYS PRIOR TO THE REPAYMENT DATE AND NOT LATER THAN 15 DAYS PRIOR TO THE
REPAYMENT DATE BY THE COMPANY AT ITS OFFICE OR AGENCY EITHER IN THE CITY OF
______________, THE STATE OF __________, OR THE CITY OF ST. PAUL, THE STATE OF
MINNESOTA [, WHICH WILL BE LOCATED INITIALLY AT THE OFFICE OF THE TRUSTEE AT
______________________].

         (If less than the entire principal amount of the within Security is to
be repaid, specify the portion thereof (which shall be $   or an integral
multiple thereof) which is to be repaid: $   . The principal amount of this
Security may not be repaid in part if, following such repayment, the unpaid
principal amount of this Security would be less than [$   [the minimum
authorized denomination for Securities of this series].]

         [If less than the entire principal amount of the within Security is to
be repaid, specify the denomination(s) of the Security(ies) to be issued for the
unpaid amount: ($   or any integral multiple of $   ): $   .]

Dated:

                                                     ---------------------------
                                                     Note: The signature to this
                                                     Option to Elect Repayment
                                                     must correspond with the
                                                     name as written upon the
                                                     face of the within Security
                                                     in every particular without
                                                     alterations or enlargement
                                                     or any change whatsoever.]

                                       18
<PAGE>

         SECTION 2.4 FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

                                                                               ,
                                                        -----------------------
                                                                      As Trustee

                                                     By
                                                        -----------------------
                                                              AUTHORIZED OFFICER

         SECTION 2.5 SECURITIES ISSUABLE IN THE FORM OF A GLOBAL SECURITY. (a)
If the Company shall establish pursuant to Section 3.1 that the Securities of a
particular series are to be issued as a Global Security, then the Company shall
execute and the Trustee shall, in accordance with Section 3.3 and the Company
Order delivered to the Trustee thereunder, authenticate and deliver, a Global
Security which (i) shall represent, and shall be denominated in an amount equal
to the aggregate principal amount of, all of the Outstanding Securities of such
series, (ii) shall be registered in the name of the Depository or its nominee,
(iii) shall be delivered by the Trustee to the Depository or pursuant to the
Depository's instruction and (iv) shall bear a legend substantially to the
following effect: "Except as otherwise provided in Section 2.5 of the Indenture,
this Security may be transferred, in whole but not in part, only to another
nominee of the Depository or to a successor Depository or to a nominee of such
successor Depository."

         (b) Notwithstanding any other provision of this Section 2.5 or of
Section 3.5, but subject to the provisions of paragraph (c) below, the Global
Security of a series may be transferred, in whole but not in part and in the
manner provided in Section 3.5, only to another nominee of the Depository for
such series, or to a successor Depository for such series selected or approved
by the Company or to a nominee of such successor Depository.

         (c) If at any time the Depository for a series of Securities notifies
the Company that it is unwilling or unable to continue as Depository for such
series or if at any time the Depository for such series shall no longer be
registered or in good standing under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation and a successor Depository
for such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such condition, as the case may be,
this Section 2.5 shall no longer be applicable to the Securities of such series
and the Company will execute, and the Trustee will authenticate and deliver,
Securities of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange for such
Global Security. In addition, the Company may at any time determine that the
Securities of any series shall no longer be represented by a Global Security and
that the provisions of this Section 2.5 shall no longer apply to the Securities
of such series. In such event the Company will execute and the Trustee, upon
receipt of an Officers' Certificate evidencing such determination by the
Company, will authenticate and deliver Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security
of such series in exchange for such Global Security. Upon the exchange

                                       19
<PAGE>

of the Global Security for such Securities in definitive registered form without
coupons, in authorized denominations, the Global Security shall be canceled by
the Trustee. Such Securities in definitive registered form issued in exchange
for the Global Security pursuant to this Section 2.5(c) shall be registered in
such names and in such authorized denominations as the Depository, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the Persons
in whose names such Securities are so registered, but without any liability on
the part of the Company or the Trustee for the accuracy of the Depository's
instructions.

                                  ARTICLE III.

                                 THE SECURITIES

         SECTION 3.1 AMOUNT UNLIMITED; ISSUABLE IN SERIES. The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is not limited.

         The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and set forth in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following as
applicable:

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

                  (2) the limit upon the aggregate principal amount of the
         Securities of the series which may be authenticated and delivered under
         this Indenture (except for Securities authenticated and delivered upon
         registration of transfer of, or in exchange for, or in lieu of, other
         Securities of the series pursuant to Sections 2.5, 3.4, 3.5, 3.6, 9.5,
         11.7 or 12.5, and except for any Securities which, pursuant to Section
         3.3, are deemed never to have been authenticated and delivered
         hereunder);

                  (3) the date or dates on which the principal of the Securities
         of the series is payable or the manner in which such dates are
         determined;

                  (4) the rate or rates at which the Securities of the series
         shall bear interest, or the manner in which such rates are determined,
         the date or dates from which such interest shall accrue, or the manner
         in which such dates are determined, the Interest Payment Dates on which
         such interest shall be payable and the Regular Record Dates, if any,
         for the interest payable on any Interest Payment Date;

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

                  (6) the period or periods within which, the price or prices at
         which and the terms and conditions upon which Securities of the series
         may be redeemed, in whole or in part, at the option of the Company;

                                       20
<PAGE>

                  (7) the obligation 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 or the date or dates on which, the price or prices
         at which and the terms and conditions upon which Securities of the
         series shall be redeemed, purchased or repaid, in whole or in part,
         pursuant to such obligation;

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

                  (9) if other than the Trustee, the identity of the Security
         Registrar and/or Paying Agent;

                  (10) if other than the principal amount thereof, the portion
         of the principal amount of Securities of the series which shall be
         payable upon declaration of acceleration of the Maturity thereof
         pursuant to Section 5.2;

                  (11) if other than such coin or currency of the United States
         of America as at the time of payment is legal tender for payment of
         public or private debts, the coin or currency or currency unit in which
         payment of the principal of (and premium, if any) or interest on the
         Securities of the series shall be payable;

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

                  (13) if the principal of (and premium, if any) or interest on
         the Securities of the series are to be payable, at the election of the
         Company or a Holder thereof, in a coin or currency or currency unit
         other than that in which the Securities are stated to be payable, the
         period or periods within which, and the terms and conditions upon
         which, such election may be made;

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

                  (15) any other terms, conditions, rights and preferences (or
         limitations on such rights and preferences) relating to the series
         (which terms shall not be inconsistent with the provisions of this
         Indenture).

         All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to such Board Resolution and set forth in such Officers' Certificate or in any
indenture supplemental hereto. Not all Securities of any one series need be
issued at the same time, and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series.

         If any of the terms of the series are established by action taken
pursuant to a Board Resolution, such Board Resolution and the Officers'
Certificate setting forth the terms of the

                                       21
<PAGE>

series shall be delivered to the Trustee at or prior to the delivery of the
Company Order for authentication and delivery of Securities of such series.

         SECTION 3.2 DENOMINATIONS. The Securities of each series shall be
issuable in definitive registered form without coupons and, except for any
Global Security, in such denominations as shall be specified as contemplated by
Section 3.1. In the absence of any such provisions with respect to the
Securities of any series, the Securities of such series, other than a Global
Security, shall be issuable in denominations of $1,000 and any integral multiple
thereof.

         SECTION 3.3 EXECUTION, AUTHENTICATION, DELIVERY AND DATING. The
Securities shall be signed on behalf of the Company by its Chairman of the
Board, its President or one of its Vice Presidents and its Treasurer or one of
its Assistant Treasurers. Such signatures upon the Securities may be the manual
or facsimile signatures of the present or any future such authorized officers
and may be imprinted or otherwise reproduced on the Securities.

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

                  (a) 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,
         together with a Company Order for the authentication and delivery of
         such Securities, and the Trustee in accordance with the Company Order
         shall authenticate and deliver such Securities. If not all the
         Securities of any series are to be issued at one time and if the Board
         Resolution or supplemental indenture establishing such series shall so
         permit, such Company Order may set forth procedures acceptable to the
         Trustee for the issuance of such Securities and determining terms of
         particular Securities of such series such as interest rate, maturity
         date, date of issuance and date from which interest shall accrue. In
         authenticating such Securities, and accepting the additional
         responsibilities under this Indenture in relation to such Securities,
         the Trustee shall be entitled to receive, and (subject to Section 6.1)
         shall be fully protected in relying upon, an Opinion of Counsel stating
         that all conditions precedent of the Indenture to the authentication
         and delivery of such Securities have been complied with and that such
         Securities, when completed by appropriate insertions and executed and
         delivered by the Company to the Trustee for authentication in
         accordance with this Indenture, authenticated and delivered by the
         Trustee in accordance with this Indenture and issued by the Company in
         the manner and subject to any conditions specified in such Opinion of
         Counsel, will constitute the legal, valid and binding obligations of
         the Company, enforceable in accordance with their terms, subject to
         applicable bankruptcy, insolvency, reorganization and other similar
         laws of general applicability relating to or affecting the enforcement
         of creditors' rights, to general equitable principles and to such other
         qualifications as such counsel shall conclude do not materially affect
         the rights of Holders of such Securities.

                                       22
<PAGE>

         Notwithstanding the provisions of Section 3.1 and of the preceding
paragraph, if not all the Securities of any series are to be issued at one time,
it shall not be necessary to deliver an Opinion of Counsel at the time of
issuance of each Security, but such opinion with appropriate modifications shall
be delivered at or before the time of issuance of the first Security of such
series.

         The Trustee shall not be required to authenticate and deliver any such
Securities if the Trustee, being advised by counsel, determines that such action
(i) may not lawfully be taken or (ii) would expose the Trustee to personal
liability to existing Holders of Securities.

         Each Security shall be dated the date of its authentication.

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

         SECTION 3.4 TEMPORARY SECURITIES. Pending the preparation of definitive
Securities of any series, the Company may execute, and upon Company Order the
Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of
which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may
determine, as evidenced by their execution of such Securities.

         If temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of the same series of authorized denominations.
Until so exchanged the temporary Securities of any series shall in all respects
be entitled to the same benefits under this Indenture as the definitive
Securities of such series.

         SECTION 3.5 REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE. The
Company shall cause to be kept at the office or agency of the Company maintained
pursuant to Section 10.2 a register (the register maintained in such office and
in any other office or agency of the Company in a Place of Payment being herein
sometimes collectively referred to as the "Security Register") in which, subject
to such reasonable regulations as it may prescribe, the Company shall, subject
to the provisions of Section 2.5, provide for the registration of Securities and
transfers of Securities. The Trustee is hereby appointed "Security Registrar"
for the purpose of registering Securities and transfers of Securities as herein
provided.

                                       23
<PAGE>

         Subject to the provisions of Section 2.5, upon surrender for
registration of transfer of any definitive Security of any series at the office
or agency in a Place of Payment for that series, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new definitive Securities of the same
series of any authorized denominations and of a like aggregate principal amount.

         Subject to the provisions of Section 2.5, at the option of the Holder,
definitive Securities of any series may be exchanged for other definitive
Securities of the same series, of any authorized denominations and of a like
aggregate principal amount, upon surrender of the definitive Securities to be
exchanged at such office or agency. Whenever any definitive Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the definitive Securities which the Holder making the
exchange is entitled to receive.

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

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation
thereto.

         The Company shall not be required (i) issue or register the transfer of
or exchange Securities of any series during a period beginning at the opening of
business 15 days before the day of the selection for redemption of Securities of
that series under Section 11.3 and ending at the close of business on the day of
the mailing of notice of redemption, (ii) to register the transfer of or
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part, or (iii) to issue or
register the transfer of or exchange any Security which has been surrendered for
repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

         SECTION 3.6 MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES. If any
mutilated Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding, or, in case any such mutilated Security has
become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.

         If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a

                                       24
<PAGE>

bona fide purchaser, the Company shall execute and upon its request the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding or, in case any
such destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.

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

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

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

         SECTION 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. Interest on
any Security which is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest at the office or agency of
the Company maintained for such purpose pursuant to Section 10.2; PROVIDED,
HOWEVER, that each installment of interest on any Security may at the Company's
option be paid by mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 3.8, to the
address of such Person as it appears on the Security Register.

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

                  (1) The Company may elect to make payment of any Defaulted
         Interest to the Persons in whose names the Securities of such series
         (or their respective Predecessor Securities) are registered at the
         close of business on a Special Record Date for the payment of such
         Defaulted Interest, which shall be fixed in the following manner. The
         Company shall notify the Trustee in writing of the amount of Defaulted
         Interest proposed to be paid on each Security of such series and the
         date of the proposed payment, and at the same time the Company shall
         deposit with the Trustee an amount of money equal to the aggregate
         amount proposed to be paid in respect of such Defaulted Interest or
         shall make arrangements satisfactory to the Trustee for such deposit on
         or prior to the

                                       25
<PAGE>

         date of the proposed payment, such money when deposited to be held in
         trust for the benefit of the Persons entitled to such Defaulted
         Interest as in this clause provided. Thereupon the Trustee shall fix a
         Special Record Date for the payment of such Defaulted Interest which
         shall be not more than 15 days and not less than 10 days prior to the
         date of the proposed payment and not less than 10 days after the
         receipt by the Trustee of the notice of the proposed payment. The
         Trustee shall promptly notify the Company of such Special Record Date
         and, in the name and at the expense of the Company, shall cause notice
         of the proposed payment of such Defaulted Interest and the Special
         Record Date therefor to be mailed, first-class postage prepaid, to each
         Holder of Securities of such series at his address as it appears in the
         Security Register, not less than 10 days prior to such Special Record
         Date. Notice of the proposed payment of such Defaulted Interest and the
         Special Record Date therefor having been so mailed, such Defaulted
         Interest shall be paid to the Persons in whose names the Securities of
         such series (or their respective Predecessor Securities) are registered
         at the close of business on such Special Record Date and shall no
         longer be payable pursuant to the following clause (2).

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

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

         SECTION 3.8 PERSONS DEEMED OWNERS. Prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of (and premium, if any, on) and (subject to Section 3.7) interest on
such Security and for all other purposes whatsoever, whether or not such
Security be overdue, and neither the Company, the Trustee nor any agent of the
Company or the Trustee shall be affected by notice to the contrary.

         SECTION 3.9 CANCELLATION. All Securities surrendered for payment,
redemption, repayment at the option of the Holder, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee and shall be
promptly canceled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities
so delivered shall be promptly canceled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by this Indenture. All canceled
Securities held by the Trustee shall be destroyed by it and the Trustee shall
deliver its certificate of such destruction to the Company, unless by a Company
Order the Company directs their return to it.

                                       26
<PAGE>

         SECTION 3.10 COMPUTATION OF INTEREST. Except as otherwise specified as
contemplated by Section 3.1 for Securities of any series, interest on the
Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

                                   ARTICLE IV.

                           SATISFACTION AND DISCHARGE

         SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein
expressly provided for), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

                  (1) either

                           (A) all Securities theretofore authenticated and
                  delivered (other than (i) Securities which have been
                  destroyed, lost or stolen and which have been replaced or paid
                  as provided in Section 3.6 and (ii) Securities for whose
                  payment money has theretofore been deposited in trust or
                  segregated and held in trust by the Company and thereafter
                  repaid to the Company or discharged from such trust, as
                  provided in Section 10.3) have been delivered to the Trustee
                  for cancellation; or

                           (B) all such Securities not theretofore delivered to
                  the Trustee for cancellation

                                    (i) have become due and payable, or

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

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

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

                                       27
<PAGE>

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

In the event there are Securities of two or more series hereunder, the Trustee
shall be required to execute an instrument acknowledging satisfaction and
discharge of this Indenture only if requested to do so with respect to
Securities of all series as to which it is Trustee and if the other conditions
thereto are met. In the event there are two or more Trustees hereunder, then the
effectiveness of any such instrument shall be conditioned upon receipt of such
instruments from all Trustees hereunder.

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.7 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 4.2 and the last
paragraph of Section 10.3 shall survive.

         SECTION 4.2 APPLICATION OF TRUST MONEY. Subject to the provisions of
the last paragraph of Section 10.3, all money deposited with the Trustee
pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

         SECTION 4.3 REPAYMENT OF MONEYS HELD BY PAYING AGENT. In connection
with the satisfaction and discharge of this Indenture all moneys then held by
any Paying Agent (other than the Trustee, if the Trustee be a Paying Agent)
under the provisions of this Indenture shall, upon demand of the Company, be
repaid to it or paid to the Trustee and thereupon such Paying Agent shall be
released from all further liability with respect to such moneys.

         SECTION 4.4 REPAYMENT OF MONEYS HELD BY TRUSTEE. Any moneys deposited
with the Trustee or any Paying Agent for the payment of the principal of (or
premium, if any, on) or interest on any Security of any series and not applied
but remaining unclaimed by the Holders for two years after the date upon which
the principal of (or premium, if any, on) or interest on such Security shall
have become due and payable, shall be repaid to the Company by the Trustee or
such Paying Agent on demand; and the Holder of any of the Securities entitled to
receive such payment shall thereafter look only to the Company for the payment
thereof and all liability of the Trustee or such Paying Agent with respect to
such moneys shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be mailed to each such Holder or published once
a week for two successive weeks (in each case on any day of the week) in an
Authorized Newspaper, or both, a notice that said moneys have not been so
applied and that after a date named therein any unclaimed balance of said moneys
then remaining will be returned to the Company. It shall not be necessary for
more than one such publication to be made in the same newspaper.

                                       28
<PAGE>

                                   ARTICLE V.

                                    REMEDIES

         SECTION 5.1 EVENTS OF DEFAULT. "Event of Default," wherever used herein
with respect to Securities of any series, shall mean any one of the following
events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

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

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

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

                  (4) default in the performance, or breach, of any covenant or
         warranty of the Company in this Indenture (other than a covenant or
         warranty a default in whose performance or whose breach is elsewhere in
         this Section specifically dealt with or which has expressly been
         included in this Indenture solely for the benefit of series of
         Securities other than that series), and continuance of such default or
         breach for a period of 60 days after there has been given, by
         registered or certified mail, to the Company by the Trustee or to the
         Company and the Trustee by the Holders of at least 25% in principal
         amount of the Outstanding Securities of that series a written notice
         specifying such default or breach and requiring it to be remedied and
         stating that such notice is a "Notice of Default" hereunder, or

                  (5) a default under any bond, debenture, note or other
         evidence of indebtedness for money borrowed by the Company or under any
         mortgage, indenture or instrument under which there may be issued or by
         which there may be secured or evidenced any indebtedness for money
         borrowed by the Company, whether such indebtedness now exists or shall
         hereafter be created, which default shall constitute a failure to pay
         the principal of indebtedness in excess of $20,000,000 when due and
         payable after the expiration of any applicable grace period with
         respect thereto or shall have resulted in indebtedness in excess of
         $20,000,000 becoming or being declared due and payable prior to the
         date on which it would otherwise have become due and payable, without
         such indebtedness having been discharged, or such acceleration having
         been rescinded or annulled, within a period of 30 days after there
         shall have been given, by registered or certified mail, to the Company
         by the Trustee or to the Company and the Trustee by the Holders of at
         least 25% in an principal amount of the Outstanding Securities a
         written notice specifying such default and requiring the Company to
         cause such indebtedness to be discharged or cause such acceleration to
         be rescinded or annulled and stating that such notice is a "Notice of
         Default" hereunder; PROVIDED, HOWEVER, that, subject to the

                                       29
<PAGE>

         provisions of Sections 6.1 and 6.2, the Trustee shall not be deemed to
         have knowledge of such default unless either (A) a Responsible Officer
         of the Trustee shall have actual knowledge of such default or (B) the
         Trustee shall have received written notice thereof from the Company,
         from any Holder, from the holder of any such indebtedness or from the
         trustee under any such mortgage, indenture or other instrument; or

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

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

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

         SECTION 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount (or, if the Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) of all of the Securities
of that series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and
payable.

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

                                       30
<PAGE>

                  (1) the Company has paid or deposited with the Trustee a sum
         sufficient to pay

                           (A) all overdue interest on all Securities of that
                  series,

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

                           (C) to the extent that payment of such interest is
                  enforceable under applicable law, interest upon overdue
                  interest to the date of such payment or deposit at the rate or
                  rates prescribed therefor in such Securities or, if no such
                  rate or rates are so prescribed, at the rate borne by the
                  Securities during the period of such default, and

                           (D) all sums paid or advanced by the Trustee
                  hereunder and the reasonable compensation, expenses,
                  disbursements and advances of the Trustee, its agents and
                  counsel;

         and

                  (2) all Events of Default with respect to Securities of that
         series, other than the non-payment of the principal of Securities of
         that series which have become due solely by such declaration of
         acceleration, have been cured or waived as provided in Section 5.13.

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

         SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. The Company covenants that (1) in case default shall be made in the
payment of any installment of interest on any Security of any series, as and
when the same shall become due and payable, and such default shall have
continued for a period of 30 days, or (2) in case default shall be made in the
payment of the principal of (and premium, if any, on) any Security of any series
on its Maturity and such default shall have continued for a period of five
business days then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the Holders of such Securities of such series, the
whole amount that then shall have become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be,
with interest upon the overdue principal and (to the extent that payment of such
interest is enforceable under applicable law) upon overdue installments of
interest at the rate borne by the Securities during the period of such default;
and, in addition thereto, such further amount as shall be sufficient to cover
reasonable compensation to the Trustee, its agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the
Trustee except as a result of its negligence or bad faith.

         If an Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce is rights and the rights of the Holders of Securities of such series by
such appropriate judicial proceedings as the Trustee shall

                                       31
<PAGE>

deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.

         SECTION 5.4 TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors, the Trustee, irrespective
of whether the principal of the Securities shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Company for the payment of overdue
principal or interest, shall be emitted and empowered, by intervention in such
proceeding or otherwise,

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

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 6.7.

         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 5.5 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES. All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

         SECTION 5.6 APPLICATION OF MONEY COLLECTED. Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if

                                       32
<PAGE>

any) or interest, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

                  FIRST: To the payment of all amounts due the Trustee under
         Section 6.7;

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

                  THIRD: To the payment of the remainder, if any, to the
         Company, its successors or assigns or to whosoever may be lawfully
         entitled to receive the same, or as a court of competent jurisdiction
         may direct.

         SECTION 5.7 LIMITATION ON SUITS. No Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless

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

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

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

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

                  (5) no direction inconsistent with such written request shall
         have been given to the Trustee pursuant to Section 5.12 during such
         60-day period by the Holders of a majority in principal amount of the
         Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable and common benefit of
all of such Holders.

         SECTION 5.8 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,
PREMIUM AND INTEREST. Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any, on)
and (subject to Section 3.7) interest on such Security on the Stated Maturity

                                       33
<PAGE>

or Maturities expressed in such Security (or, in the case of redemption or
repayment at the option of the Holder, on the Redemption Date or Repayment Date,
as the case may be) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder.

         SECTION 5.9 RESTORATION OF RIGHT AND REMEDIES. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

         SECTION 5.10 RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.6, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         SECTION 5.11 DELAY OR OMISSION NOT WAIVER. No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

         SECTION 5.12 CONTROL BY HOLDERS. The Holders of a majority in aggregate
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series; PROVIDED, HOWEVER,
that

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

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

                  (3) such direction is not unduly prejudicial to the rights of
         Holders not taking part in such direction, and

                  (4) such direction would not involve the Trustee in personal
         liability, as the Trustee, upon being advised by counsel, shall
         reasonably determine.

                                       34
<PAGE>

         SECTION 5.13 WAIVER OF PAST DEFAULTS. The Holders of not less than a
majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of the holders of all the Securities of such series waive
any past default hereunder with respect to such series and its consequences,
except a default

                  (1) in the payment of the principal of (or premium, if any,
         on) or interest on any Security of such series, or

                  (2) in respect of a covenant or provision hereof which under
         Article 9 cannot be modified or amended without the consent of the
         Holder of each Outstanding Security of such series affected.

         Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture, and the Company, the Trustee and Holders shall be
restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

         SECTION 5.14 UNDERTAKING FOR COSTS. All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of
the principal of (or premium, if any, on) or interest on any Security on or
after the Stated Maturity or Maturities expressed in such Security (or, in the
case of redemption, on or after the Redemption Date).

         SECTION 5.15 WAIVER OF STAY OR EXTENSION LAWS. The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                                       35
<PAGE>

                                   ARTICLE VI.

                                   THE TRUSTEE

         SECTION 6.1 CERTAIN DUTIES AND RESPONSIBILITIES. (a) Except during the
continuance of an Event of Default,

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

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

         (b) In case an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

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

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

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

                  (3) the Trustee shall not be liable with respect to any action
         taken or omitted to be taken by it in good faith in accordance with the
         direction of the Holders of not less than a majority in aggregate
         principal amount of the Outstanding Securities of any series,
         determined as provided in Section 5.12, relating to the time, method
         and place of conducting any proceeding for any remedy available to the
         Trustee, or exercising any trust or power conferred upon the Trustee,
         under this Indenture with respect to the Securities of such series; and

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

                                       36
<PAGE>

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

         SECTION 6.2 NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any default hereunder with respect to the Securities of any series, the Trustee
shall transmit by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such default
hereunder known to the Trustee, unless such default shall have been cured or
waived; PROVIDED, HOWEVER, that, except in the case of a default in the payment
of the principal of (or premium, if any, on) or interest on any Security of such
series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee, or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interest of the
Holders of Securities of such series; and PROVIDED, FURTHER, that in the case of
any default of the character specified in Section 5.1(4) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 30 days after the occurrence thereof. For the purpose of this Section, the
term "default" means any event which is, or after notice or lapse of time or
both would become, an Event of Default (not including periods of grace, if any)
with respect to Securities of such series.

         SECTION 6.3 CERTAIN RIGHTS OF TRUSTEE. Subject to the provisions of
Section 6.1:

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

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

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

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

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

                                       37
<PAGE>

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

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

         SECTION 6.4 TRUSTEE NOT RESPONSIBLE FOR RECITALS IN INDENTURE OR IN
SECURITIES. The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities, except that the Trustee represents that it is
duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by
it in a Statement of Eligibility on Form T-1 supplied to the Company are true
and accurate, subject to the qualifications set forth therein. The Trustee shall
not be accountable for the use or application by the Company of Securities or
the proceeds thereof.

         SECTION 6.5 MAY HOLD SECURITIES. The Trustee, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to
Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Paying Agent, Security Registrar or such
other agent.

         SECTION 6.6 MONEY HELD IN TRUST. Subject to the provisions of Section
4.4, all moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Trustee stall pay such interest on any moneys received by it hereunder as it
may agree with the Company to pay thereon. So long as no Event of Default shall
have occurred and be continuing, all interest allowed on any such moneys shall
be paid from time to time upon the receipt of a Company Order with respect
thereto.

         SECTION 6.7 COMPENSATION AND REIMBURSEMENT. The Company covenants and
agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, reasonable compensation for all services rendered by it hereunder
(which stall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), and, except as otherwise
expressly provided, the Company will pay or reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its
agents, attorneys and counsel and of all persons not regularly in its employ)
except any such expense, disbursement or advance as may arise from its
negligence or bad faith. The Company also covenants to indemnify the Trustee
for, and to hold

                                       38
<PAGE>

it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee, arising out of or in connection with
the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder.

         SECTION 6.8 DISQUALIFICATION; CONFLICTING INTEREST. (a) If the Trustee
has or shall acquire any conflicting interest, as defined in this Section, with
respect to the Securities of any series:

                  (1) then, within 90 days after ascertaining that it has such
         conflicting interest, and if the Event of Default to which such
         conflicting interest relates has not been cured or duly waived or
         otherwise eliminated before the end of such 90-day period, the Trustee
         shall either eliminate such conflicting interest or, except as
         otherwise provided below in this Section, resign, and the Company shall
         take prompt steps to have a successor appointed in the manner provided
         in Section 6.10;

                  (2) in the event that the Trustee shall fail to comply with
         the provisions of clause (i) of this Subsection, the Trustee shall,
         within 10 days after the expiration of such 90-day period, transmit
         notice of such failure to the Holders of the Securities of the
         applicable series in the manner and to the extent provided in Section
         7.3(c); and

                  (3) subject to the provisions of Section 5.14, unless the
         Trustee's duty to resign is stayed as provided below in this Section,
         any Holder of the Securities of the applicable series who has been a
         bona fide Holder of such Securities for at least six months may, on
         behalf of himself and all others similarly situated, petition any court
         of competent jurisdiction for the removal of the Trustee, and the
         appointment of a successor, if the Trustee fails, after written request
         thereof by such Holder to comply with the provisions of clause (1) of
         this Subsection.

         (b) For the purposes of this Section, a Trustee shall be deemed to have
a conflicting interest if an Event of Default exists with respect to the
Securities of the applicable series and:

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

                           (i) this Indenture and such other indenture or
                  indentures are wholly unsecured and ranks equally, and such
                  other indenture or indentures are hereafter qualified under
                  the Trust Indenture Act of 1939, unless the Commission shall
                  have found and declared by order pursuant to

                                       39
<PAGE>

                  Section 305(b) or Section 307(c) of the Trust Indenture Act of
                  1939 that differences exist between the provisions of this
                  Indenture with respect to Securities of the applicable series
                  and one or more other series or the provisions of such other
                  indenture or indentures which are so likely to involve a
                  material conflict of interest as to make it necessary in the
                  public interest or for the protection of investors to
                  disqualify the Trustee from acting as such under this
                  Indenture with respect to the Securities of the applicable
                  series and such other series or under such other indenture or
                  indentures, or

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

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

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

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

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

                                       40
<PAGE>

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

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

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

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

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

                                       41
<PAGE>

         For purposes of paragraph (1) of this Subsection, and of Sections 5.12
and 5.13, the term "series of securities" and "series" means a series, class or
group of securities issuable under an indenture pursuant to whose terms holders
of one such series may vote to direct the indenture trustee, or otherwise take
action pursuant to a vote of such holders, separately from holders of another
such series; provided, HOWEVER, that "series of securities" or "series" shall
not include any series of securities issuable under an indenture if all such
series rank equally and are wholly unsecured.

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

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

         Except as provided in the next preceding paragraph, the word "security"
or "securities" as used in this Indenture shall mean any note, stock, treasury
stock, bond, debenture, evidence of indebtedness, certificate of interest or
participation in any profit-sharing agreement, collateral-trust certificate,
pre-organization certificate or subscription, transferable share, investment
contract, voting-trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas or other mineral rights, or, in
general, any interest or instrument commonly known as a "security", or any
certificate of interest or participation in, temporary or interim certificate
for, receipt for, guarantee of, or warrant or right to subscribe to or purchase,
any of the foregoing.

         (c) For the purposes of this Section:

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

                                       42
<PAGE>

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

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

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

                  (5) The term "Company" shall mean any obligor upon the
         Securities.

                  (6) The term "Event of Default" shall mean an Event of Default
         pursuant to Section 5.1, but exclusive of any period of grace or
         requirement of notice.

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

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

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

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

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

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

                                       43
<PAGE>

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

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

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

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

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

                  (5) A security shall be deemed to be of the same class as
         another security if both securities confer upon the holder or holders
         thereof substantially the same rights and privileges; PROVIDED,
         HOWEVER, that, in the case of secured evidences of indebtedness, all of
         which are issued under a single indenture, differences in the interest
         rates or maturity dates of various series thereof shall not be deemed
         sufficient to constitute such series different classes; and, PROVIDED,
         FURTHER, that, in the case of unsecured evidences of indebtedness,
         differences in the interest rates or maturity dates thereof shall not
         be deemed sufficient to constitute them securities of different
         classes, whether or not they are issued under a single indenture.

         SECTION 6.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall at all
times be a Trustee hereunder which shall be a corporation organized and doing
business under the laws of the United States of America, any State thereof or
the District of Columbia or a corporation or other person permitted to act as
Trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $5,000,000, and
subject to supervision or examination by Federal, State or District of Columbia
authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined-capital and
surplus as set forth in its most recent report of condition so published. No
obligor upon the Securities or Person directly or indirectly controlling by, or
under common control with such obligor shall serve as Trustee hereunder. If at
any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in Section 6.10.

         SECTION 6.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 6.11.

                                       44
<PAGE>

         (b) The Trustee may resign at any time with respect to the Securities
of one or more series by giving written notice thereof to the Company and by
mailing notice thereof to the Holders of Securities of such one or more series,
as their names and addresses appear in the Security Register. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such one or more series or any Holder who has been a bona fide
holder of a Security or Securities of such one or more series for at least six
months may, subject to the provisions of Section 5.14, on behalf of himself and
all others similarly situated, petition any such court for the appointment of a
successor Trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, appoint a successor Trustee.

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

         (d) If at any time:

                  (1) the Trustee shall fail to comply with Section 6.8(a) after
         written request therefor by the Company or by any Holder who has been a
         bona fide holder of a Security for at least six months, or

                  (2) the Trustee shall cease to be eligible under Section 6.9
         and shall fail to resign after written request therefor by the Company
         or by any such Holder, or

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee and appoint a successor Trustee with respect to all Securities, one copy
of which Board Resolution shall be delivered to the Trustee so removed and one
copy to the successor Trustee, or (ii) subject to Section 5.14, any Holder who
has been a bona fide holder of a Security for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and
the appointment of a successor Trustee or Trustees. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor Trustee.

         (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee 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 such series and that at any time there shall be only one Trustee with
respect to the Securities of any

                                       45
<PAGE>

particular series) and shall comply with the applicable requirements of Section
6.11. If, within one year after such resignation, removal or incapability, or
the occurrence of such vacancy, a successor Trustee with respect to the
Securities of any series shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 6.11, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 6.11, any
Holder who has been a bona fide holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a Successor Trustee
with respect to the Securities of such series.

         SECTION 6.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) In case of the
appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges
pursuant to Section 6.7, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder.

         (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates;

                                       46
<PAGE>

but, on request of the Company or any successor Trustee, such retiring Trustee
shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Securities
of that or those series to which the appointment of such successor Trustee
relates.

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

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

         (e) Upon acceptance of appointment by a successor Trustee as provided
in this Section, the Company shall mail notice of the succession of such Trustee
hereunder to the Holders of the Securities of one or more or all series, as the
case may be, to which the appointment of such successor Trustee relates as their
names and addresses appear on the Security Register. If the Company fails to
mail such notice within 10 days after acceptance of appointment by the successor
Trustee, the successor Trustee shall cause such notice to be mailed at the
expense of the Company.

         SECTION 6.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities; and in
case at that time any of the Securities shall not have been authenticated, any
successor Trustee may authenticate such Securities either in the name of any
predecessor hereunder or in the name of the successor Trustee; and in all such
cases such certificates shall have the full force which the Securities or this
Indenture provide that the certificate of the Trustee shall have; PROVIDED,
HOWEVER, that the right to adopt the certificate of authentication of any
predecessor Trustee or to authenticate Securities in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion or
consolidation.

         SECTION 6.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. (a)
Subject to Subsection (b) of this Section, if the Trustee shall be or shall
become a creditor, directly or indirectly, secured or unsecured, of the Company
within three months prior to a default, as defined in Subsection (c) of this
Section, or subsequent to such a default, then, unless and until such default
shall be cured, the Trustee shall set apart and hold in a special account for
the benefit of the Trustee individually, the Holders and the holders of other
indenture securities, as defined in Subsection (c) of this Section:

                                       47
<PAGE>

                  (1) an amount equal to any and all reductions in the amount
         due and owing upon any claim as such creditor in respect of principal
         or interest, effected after the beginning of such three months' period
         and valid as against the Company and its other creditors, except any
         such reduction resulting from the receipt or disposition of any
         property described in paragraph (2) of this Subsection, or from the
         exercise of any right of set-off which the Trustee could have exercised
         if a petition in bankruptcy had been filed by or against the Company
         upon the date of such default; and

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

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

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

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

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

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

         For the purposes of paragraphs (B), (C) and (D), property substituted
after the beginning of such three months' period for property held as security
at the time of such substitution shall, to the extent of the fair value of the
property released, have the same status as the property released, and, to the
extent that any claim referred to in any of such paragraphs is created in
renewal of or

                                       48
<PAGE>

in substitution for or for the purpose of repaying or refunding any pre-existing
claim of the Trustee as such creditor, such claim shall have the same status as
such pre-existing claim.

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

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

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

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

                                       49
<PAGE>

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

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

                  (2) advances authorized by a receivership or bankruptcy court
         of competent jurisdiction or by this Indenture, for the purpose of
         preserving any property which shall at any time be subject to the lien
         of this Indenture or of discharging tax liens or other prior liens or
         encumbrances thereon, if notice of such advances and of the
         circumstances surrounding the making thereof is given to the Holders at
         the time and in the manner provided in Section 7.3 of this indenture;

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

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

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

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

         (c) For the purposes of this Section only:

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

                  (2) the term "other indenture securities" shall mean
         securities upon which the Company is an obligor (as defined in the
         Trust Indenture Act of 1939) outstanding under any other indenture (i)
         under which the Trustee is also trustee, (ii) which contains provisions
         substantially similar to the provisions of Subsection (a) of this
         Section, and (iii) under which a default exists at the time of the
         apportionment of the funds and property held in such special account;

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

                                       50
<PAGE>

                  (4) the term "self-liquidating paper" shall mean any draft,
         bill of exchange, acceptance or obligation which is made, drawn,
         negotiated or incurred by the Company for the purpose of financing the
         purchase processing, manufacturing shipment, storage or sale of goods,
         wares or merchandise and which is secured by documents evidencing title
         to, possession of, or a lien upon, the goods, wares or merchandise or
         the receivables or proceeds arising from the sale of the goods, wares
         or merchandise previously constituting the security, provided the
         security is received by the Trustee simultaneously with the creation of
         the creditor relationship whit the Company arising from the making,
         drawing, negotiating or incurring of the draft, bill of exchange,
         acceptance or obligation; and

                  (5) the term "Company" shall mean any obligor upon the
         Securities.

                                  ARTICLE VII.

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 7.1 COMPANY TO FURNISH TRUSTEE INFORMATION AS TO NAMES AND
ADDRESSES OF HOLDERS. The Company covenants and agrees that it will furnish or
cause to be furnished to the Trustee:

                  (a) Semi-annually, not later than April 1 and October 1 in
         each year, commencing October 1, 2001, a list, in such form as the
         Trustee may reasonably require, of the names and addresses of the
         Holders as of a date not more than 15 days prior to the time such list
         is furnished and

                  (b) at such other times as the Trustee may request in writing,
         within 30 days after the receipt by the Company of any such request, a
         list of similar form and content as of a date not more than 15 days
         prior to the time such list is furnished;

PROVIDED, HOWEVER, that so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished.

         SECTION 7.2 PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS. (a)
The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the Holders of Securities (1)
contained in the most recent list furnished to it as provided in Section 7.1 and
(2) received by it in the capacity of Paying Agent or Security Registrar (if so
acting) hereunder.

         The Trustee may destroy any list furnished to it as provided in Section
7.1 upon receipt of a new list so furnished.

         (b) In case three or more Holders of Securities of any series
(hereinafter called "applicants") apply in writing to the Trustee, and furnish
to the Trustee reasonable proof that each such applicant has owned a Security of
such series for a period of at least six months preceding the date of such
application, and such application states that the applicants desire to
communicate with other Holders of Securities of the same series or of all
series, as the case may be, with respect to their rights under this Indenture or
under the Securities of such series or of all

                                       51
<PAGE>

series, as the case may be, and is accompanied by a copy of the form of proxy or
other communication which such applicants propose to transmit, then the Trustee
shall, within five business days after the receipt of such application, at its
election, either

                  (1) afford such applicants access to the information preserved
         a the time by the Trustee in accordance with the provisions of
         Subsection (a) of this Section 7.2, or

                  (2) inform such applicants as to the approximate number of
         Holders of Securities of such series or of all series, as the case may
         be, whose names and addresses appear in the information preserved at
         the time by the Trustee in accordance with the provisions of Subsection
         (a) of this Section 7.2, and as to the approximate cost of mailing to
         such Holders the form of proxy or other communication, if any,
         specified in such application.

         If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder of Securities of such series or of all series, as the case
may be, whose name and address appear in the information preserved at the time
by the Trustee in accordance with the provisions of Subsection (a) of this
Section 7.2, a copy of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment, or provision for the
payment, of the reasonable expenses of mailing, unless within five days after
such tender the Trustee shall mail to such applicants send file with the
Commission, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interests of the Holders of Securities of such series or
of all series, as the case may be, or would be in violation of applicable law.
Such written statement shall specify the basis of such opinion. If said
Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such
objections, said Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Holders with reasonable promptness after the entry of such order and the renewal
of such tender; otherwise the Trustee shall be relieved of any obligation or
duty to such applicants respecting their application.

         (c) Each and every Holder of Securities, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Security Registrar nor any Paying Agent shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders in accordance with the provisions of Subsection (b)
of this Section 7.2, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under said Subsection (b).

         SECTION 7.3 REPORTS BY TRUSTEE. (a) On or before October 1, 2001, and
on or before October 1 in every year thereafter, so long as required by the
Trust Indenture Act of 1939, as then amended, and so long as any Securities are
Outstanding hereunder, the Trustee shall transmit to the Holders as hereinafter
in this Section 7.3 provided and to the Company a brief

                                       52
<PAGE>

report, dated as of the preceding April 1, with respect to any of the following
events which may have occurred within the 12 months prior to the date of such
report (but if no such event has occurred within such period no report need be
transmitted):

                  (1) any change to its eligibility under Section 6.9, and its
         qualification under Section 6.8;

                  (2) the creation of or any material change to a relationship
         specified in paragraphs (1) through (10) of Subsection (b) of Section
         6.8;

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

                  (4) the amount, interest rate, and maturity date of all other
         indebtedness owing by the Company (or by any other obligor on the
         Securities) to the Trustee in its individual capacity, on the date of
         such report, with a brief description of any property held as
         collateral security therefor, except an indebtedness based upon a
         creditor relationship arising in any manner described in paragraph (2),
         (3), (4) or (5) of Subsection (b) of Section 6.13;

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

                  (6) any additional issue of Securities which it has not
         previously reported; and

                  (7) any action taken by the Trustee in the performance of its
         duties under this Indenture which it has not previously reported and
         which in its opinion materially affects the Securities, except action
         in respect of a default, notice of which has been or is to be withheld
         by it in accordance with the provisions of Section 6.2.

         (b) The Trustee shall transmit to the Holders, as hereinafter provided,
and to the Company a brief report with respect to the character and amount of
any advances (and if the Trustee elects so to state, the circumstances
surrounding the making thereof) made by the Trustee (as such) since the date of
the last report transmitted pursuant to the provisions of Subsection (a) of this
Section 7.3 (or if no such report has yet been so transmitted, since the date of
execution of this Indenture) for the reimbursement of which it claims or may
claim a lien or charge prior to that of the Securities on property or funds held
or collected by it as Trustee and which it has not previously reported pursuant
to this Subsection, except that the Trustee shall not be required (but may
elect) to report such advances if such advances remaining unpaid at any time
aggregate ten per cent or less of the aggregate principal amount of the
Outstanding Securities not such time, such report to be transmitted within 90
days after such time.

                                       53
<PAGE>

         (c) Reports pursuant to this Section 7.3 shall be transmitted by mail
to all Holders, as the names and addresses of such Holders appear upon the
Security Register.

         (d) A copy of each such report shall, at the time of such transmission
to Holders, be filed by the Trustee with each stock exchange upon which any of
the Securities are listed and also with the Commission. The Company agrees to
notify the Trustee when and as any of the Securities become listed on any stock
exchange.

         SECTION 7.4 REPORTS BY COMPANY. (a) The Company covenants and agrees to
file with the Trustee, within 15 days after the Company is required to file the
same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as said Commission may from time to time by rules and regulations prescribe)
which the Company may be required to file with said Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the
Company is not required to file information, documents or reports pursuant to
either of such Sections, then to file with the Trustee and said Commission, in
accordance with rules and regulations prescribed from time to time by said
Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Securities Exchange
Act of 1934 in respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and
regulations.

         (b) The Company covenants and agrees to file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from time to
time by said Commission, such additional information, documents, and reports
with respect to compliance by the Company with the conditions and covenants
provided for in this Indenture as may be required from time to time by such
rules and regulations.

         (c) The Company covenants and agrees to transmit to the Holders within
30 days after the filing thereof with the Trustee, in the manner and to the
extent provided In Subsection (c) of Section 7.3, such summaries of any
information, documents and reports required to be filed by the Company pursuant
to Subsections (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission.

         (d) The Company covenants and agrees to furnish to the Trustee, on or
within 15 days before October 1, 2001, and on or within 15 days before October 1
in every year thereafter, a brief certificate from the chief executive officer,
the chief financial officer or the chief accounting officer as to his or her
knowledge of the Company's compliance with all conditions and covenants under
this Indenture. For purposes of this Subsection, such compliance shall be
determined without regard to any period of grace or requirement of notice
provided under this Indenture.

                                  ARTICLE VIII.

                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

         SECTION 8.1 CONSOLIDATIONS AND MERGERS OF COMPANY PERMITTED SUBJECT TO
CERTAIN CONDITIONS. The Company shall not consolidate with or merge into any
other Person or convey,

                                       54
<PAGE>

transfer or lease its properties and assets substantially as an entirety to any
Person, and the Company shall not permit any Person to consolidate with or merge
into the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

         (a) in case the Company shall consolidate with or merge into another
Person or convey, transfer or lease its properties and assets substantially as
an entirety to any Person, the Person formed by such consolidation or into which
the Company is merged or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as an
entirety shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Trustee, in form reasonably satisfactory to the Trustee,
the due and punctual payment of the principal of (and premium, if any) and
interest on all the Securities and the performance or observance of every
covenant of this Indenture on the part of the Company to be performed or
observed and shall have provided for conversion rights in any supplemental
indenture hereto;

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

         (c) the Company has delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture comply with this
Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.

         SECTION 8.2 RIGHTS AND DUTIES OF SUCCESSOR CORPORATION. Upon any
consolidation of the Company with, or merger of the Company into, any other
Person or any conveyance, transfer or lease of the properties and assets of the
Company substantially as an entirety in accordance with Section 8.1, the
successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been
named as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities.

                                   ARTICLE IX.

                             SUPPLEMENTAL INDENTURES

         SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. The
Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act of 1939 as in
force at the date of the execution thereof) for one or more of the following
purposes:

                  (1) to evidence the succession of another corporation or
         entity to the Company, or successive successions, and the assumption by
         the successor corporation or

                                       55
<PAGE>

         entity of the covenants, agreements and obligations of the Company
         pursuant to Article Eight hereof;

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

                  (3) to add any additional Events of Default for the benefit of
         the Holders of all or any series of Securities (and if such Events of
         Default are to be for the benefit of less than all series of
         Securities, stating that such Events of Default are expressly being
         included solely for the benefit of such series); PROVIDED, HOWEVER,
         that in respect of any such additional Events of Default such
         supplemental indenture may provide for a particular period of grace
         after default (which period may be shorter or longer than that allowed
         in the case of other defaults) or may provide for an immediate
         enforcement upon such default or may limit the remedies available to
         the Trustee upon such default or may limit the right of the Holders of
         a majority in aggregate principal amount of that or those series of
         Securities to which such additional Events of Default apply to waive
         such default;

                  (4) to add to or change any of the provisions of this
         Indenture to such extent as shall be necessary to permit or facilitate
         the issuance of Securities in coupon form, registrable or not
         registrable as to principal, and to provide for exchangeability of such
         Securities with Securities issued hereunder in fully registered form;

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

                  (6) to secure the Securities;

                  (7) to establish the form or terms of Securities of any series
         as permitted by Sections 2.1 and 3.1;

                  (8) to evidence and provide for the acceptance of appointment
         hereunder by a successor Trustee with respect to the Securities of one
         or more series and to add to or change any of the provisions of this
         Indenture as shall be necessary to provide for or facilitate the
         administration of the trusts hereunder by more than one Trustee,
         pursuant to the requirements of Section 6.11(b);

                  (9) to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture which may be
         defective or inconsistent with any other provision herein or in any
         supplemental indenture, or to make such other provisions with respect
         to matters or questions arising under this Indenture, provided such
         action shall not adversely affect the interests of the Holders of
         Securities of any series in any material respect;

                                       56
<PAGE>

                  (10) to comply with any requirement of the Commission in
         connection with the qualification of the Indenture under the Trust
         Indenture Act of 1939;

                  (11) to make provision with respect to the conversion rights,
         if any, to holders of the Securities issued pursuant to the
         requirements any such supplemental indenture.

         The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations which may be therein contained and to accept the
conveyance, transfer, assignment, mortgage or pledge of any property thereunder.

         Any supplemental indenture authorized by the provisions of this Section
9.1 may be executed by the Company and the Trustee without the consent of the
Holders of any of the Outstanding Securities, notwithstanding any of the
provisions of Section 9.2.

         SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. With the
consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplement indenture, by
Act of said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act of 1939 as in force at the
date of execution thereof) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; PROVIDED, HOWEVER,
that no such supplemental indenture shall (i) change the Stated Maturity of the
principal of (or premium, if any, on), or any installment of principal of or
interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon, or reduce the amount of principal of an Original Issue
Discount Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof (or,
in the case of redemption or repayment at the option of the Holder, on or after
the Redemption Date or Repayment Date, as the case away be), without the consent
of the Holder of each Outstanding Security so affected, (ii) reduce the
aforesaid percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental
indenture, without the consent of the Holders of all the Outstanding Securities
of such aeries or (iii) adversely effect the right to convert any Securities as
provider in any supplemental indenture, or adversely affect the right of the
Company to repurchase any Securities as provided in any supplemental indenture
hereto.

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

         Upon the request of the Company accompanied by a copy of a Board
Resolution authorizing the execution of any such supplemental indenture, and
upon the filing with the

                                       57
<PAGE>

Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture.

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

         SECTION 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section
6.1) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Trustee may, but shall not be obligated to enter into any
such supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

         SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of
any supplemental indenture pursuant to the provisions of this Article, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith, and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the Holders
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

         SECTION 9.5 REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

                                   ARTICLE X.

                       PARTICULAR COVENANTS OF THE COMPANY

         SECTION 10.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. The Company
covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay or cause to be paid the principal of (and premium, if
any, on) and interest on the Securities of that series in accordance with the
terms of the Securities and this Indenture. Each installment of interest on any
Security may at the Company's option be paid by mailing a check for such
interest, payable to or upon the written order of the Person entitled thereto
pursuant to Section 3.7, to the address of such Person as it appears on the
Security Register. At the option of the Company, all

                                       58
<PAGE>

payments of principal may be paid by official bank check to the registered
Holder of the Security or other person entitled thereto against surrender of
such Security.

         SECTION 10.2 MAINTENANCE OF OFFICE OR AGENCY. The Company will maintain
in each Place of Payment for any series of Securities an office or agency where
Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or
exchange as in this Indenture provided and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may
be served. The Company will give notice to the Trustee of the location, and any
change in the location, of each such office or agency. In case the Company shall
fail to maintain any such required office or agency or shall fail to give notice
of the location or of any change thereof, presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee. The
Company hereby initially appoints the Trustee as its office or agency for such
purpose.

         The Company may also from time to time designate one or more other
offices or agencies in any location where the Securities of one or more series
may be presented or surrendered for any or all such purposes and may from time
to time rescind such designations; PROVIDED, HOWEVER, that no such designation
or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in each Place of Payment for Securities of any
series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

         SECTION 10.3 MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. If the
Company shall at any time act as its own Paying Agent with respect to any series
of Securities, it will, on or before each due date of the principal of (or
premium, if any, on) or interest on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal (or premium, if any) or interest so becoming
due until such sums shall be paid no such Persons or otherwise disposed of as
herein provided. The Company will promptly notify the Trustee of any failure by
the Company to take such action or failure so to act.

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

         The Company will cause each Paying Agent for any series of Securities,
other than the Trustee, to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent will:

                  (1) hold all sums held by it for the payment of the principal
         of (or premium, if any, on) or interest on Securities of that series
         (whether such sums have been paid to it by

                                       59
<PAGE>

         the Company or by any other obligor on the Securities) in trust for the
         benefit of the Persons entitled thereto;

                  (2) give the Trustee notice of any failure by the Company (or
         any other obligor upon the Securities of that series) to make any
         payment of principal of (or premium, if any, on) or interest on the
         Securities of that series when the same shall be due and payable; and

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

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

         SECTION 10.4 STATEMENT BY OFFICERS AS TO DEFAULT. The Company will
deliver to the Trustee, on or before a date not more than 120 days after the end
of each fiscal year ending after the date hereof, an Officers' Certificate
stating, as to each officer signing such certificate, whether or not to the best
of his knowledge the Company is in default in the performance and observance of
any of the terms, provisions and conditions hereof, and, if the Company shall be
in default, specifying all such defaults and the nature thereof of which he may
have knowledge.

         SECTION 10.5 ADDITIONAL AMOUNTS. The Company hereby agrees that any
amounts to be paid by the Company with respect to each Security shall be paid
without deduction or withholding for any and all present and future taxes,
levies, imposts or other governmental charges whatsoever imposed, assessed,
levied or collected by or for the account of the Republic of Panama (or by or
for the account of the jurisdiction of incorporation (other than the United
States) of a successor corporation to the Company pursuant to Section 8.1, to
the extent that such taxes first become applicable as a result of the successor
corporation becoming the obligor on the Debt Securities) or any political
subdivision or taxing authority thereof or therein ("Panamanian Taxes") or, if
deduction or withholding of any Panamanian Taxes shall at any time be required
by the Republic of Panama (or the jurisdiction of incorporation (other than the
United States) of a successor corporation to the Company pursuant to Section
8.1) or any such subdivision or authority, the Company shall (subject to
compliance by the Holder or beneficial owner of the Security with any relevant
administrative requirements) pay such additional amounts ("Additional Amounts")
in respect of principal, premium, if any, interest, if any, and sinking fund or
analogous payments, if any, as may be necessary in order that the net amount
paid to the Holder of such Security or the Trustee under this Indenture, as the
case may be, after such deduction or withholding, shall equal the respective
amounts of principal, premium, if any, interest, if any, and sinking fund or
analogous payments, if any, as specified in the Security to which such Holder or
the Trustee is entitled; provided, however, that the foregoing shall not apply
to (i) any present or future Panamanian Taxes which would not have been so
imposed,

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<PAGE>

assessed, levied or collected but for the fact that the Holder or beneficial
owner of such Security being or having been a domiciliary, national or resident
of, or engaging or having been engaged in business or maintaining or having
maintained a permanent establishment or being or having been physically present
in, the Republic of Panama (or the jurisdiction of incorporation of a successor
corporation to the Company pursuant to Section 8.1) or such political
subdivision or otherwise having or having had some connection with the Republic
of Panama (or the jurisdiction of incorporation of a successor corporation to
the Company pursuant to Section 8.1) or such political subdivision other than
the holding or ownership of a Security, or the collection of principal of and
interest, if any, on, or the enforcement of, a Security, (ii) any present or
future Panamanian Taxes which would not have been so imposed, assessed, levied
or collected but for the fact that, where presentation is required, such
Security was presented more than thirty days after the date such payment became
due or was provided for, whichever is later, or (iii) any present or future
Panamanian Taxes which would not have been so imposed, assessed, levied or
collected but for the failure to comply with any certification, identification
or other reporting requirements concerning the nationality, residence, identity
or connection with the Republic of Panama (or the jurisdiction of incorporation
of a successor corporation to the Company pursuant to Section 8.1) or any
political subdivision thereof of the Holder or beneficial owner of such
Security, if compliance is required by statute or by rules or regulations of the
Republic of Panama (or the jurisdiction of incorporation of a successor
corporation to the Company pursuant to Section 8.1) or such political
subdivision as a condition to relief or exemption from Panamanian Taxes. The
provisions described in (i) through (iii) above are referred to herein as
"Excluded Taxes." The Company or any successor to the Company, as the case may
be, shall indemnify and hold harmless each Holder of the Securities and upon
written request reimburse each Holder for the amount of (i) any Panamanian Taxes
levied or imposed and paid by such Holder of the Securities (other than Excluded
Taxes) as a result of payments made with respect to the Securities, (ii) any
liability (including penalties, interest and expenses) arising therefrom or with
respect thereto, and (iii) any Panamanian Taxes with respect to payment of
Additional Amounts or any reimbursement pursuant to this sentence. The Company
or any successor to the Company, as the case may be, shall also (1) make such
withholding or deduction and (2) remit the full amount deducted or withheld to
the relevant authority in accordance with applicable law. The Company or any
successor to the Company, as the case may be, shall furnish the Trustee within
30 days after the date the payment of any Panamanian Taxes is due pursuant to
applicable law, certified copies of tax receipts evidencing such payment by the
Company or any successor to the Company, as the case may be, which the Trustee
shall forward to the Holders of the Securities.

         At least 30 days prior to each date on which any payment under or with
respect to the Securities is due and payable, if the Company will be obligated
to pay Additional Amounts with respect to such payments, the Company will
deliver to the Trustee an Officers' Certificate stating the fact that such
Additional Amounts will be payable, stating the amounts so payable and setting
forth such other information as may be necessary to enable the Trustee to pay
such Additional Amounts to Holders of the Securities on the payment date.

         Whenever in this Indenture or any Security there is mentioned, in any
context, the payment of the principal, premium, if any, or interest, or sinking
fund or analogous payment, if any, in respect of such Security or overdue
principal or overdue interest or overdue sinking fund or analogous payment, such
mention shall be deemed to include mention of the payment of

                                       61
<PAGE>

Additional Amounts provided for herein to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of this Section and express mention thereof in any provisions
hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where such express mention is not made (if applicable).

         The obligations of the Company (and any successor corporation to the
Company pursuant to Section 8.1) under this Section 10.5 shall survive the
termination of this Indenture and the payment of all amounts under or with
respect to the Securities.

                                  ARTICLE XI.

                            REDEMPTION OF SECURITIES

         SECTION 11.1 APPLICABILITY OF ARTICLE. Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with their term and (except as otherwise specified as contemplated by Section
3.1 for Securities of any series) in accordance with this Article.

         SECTION 11.2 ELECTION TO REDEEM; NOTICE TO TRUSTEE. The right of the
Company to elect to redeem any Securities of any series shall be set forth in
the terms of such Securities of such series established in accordance with
Section 3.1. The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution. In case of any redemption at the election of
the Company of less than all the Securities of any series, the Company shall, at
least 45 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be
redeemed and shall deliver to the Trustee such documentation and records as
shall enable the Trustee to select the Securities to be redeemed pursuant to
Section 11.3. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers' Certificate evidencing compliance with such restriction.

         SECTION 11.3 SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. If less
than all the Securities of any series are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 45 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption, by such method as may be specified by the
terms of such Securities or, if no such method is so specified, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount of Securities of
such series; PROVIDED, HOWEVER, that no such partial redemption shall reduce the
portion of the principal amount of such Security not redeemed to less than the
minimum authorized denomination for Securities of that series.

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

                                       62
<PAGE>

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

         SECTION 11.4 NOTICE OF REDEMPTION. Notice of redemption shall be given
by the Company or, at the Company's request, by the Trustee, in the name and at
the expense of the Company, to the Holders of the Securities to be redeemed, 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 Securities to be redeemed, at
his address appearing in the Security Register.

         All notices of redemption shall state:

                  (1) the Redemption Date,

                  (2) the Redemption Price,

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

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

                  (5) the place or places where such Securities are to be
         surrendered for payment of the Redemption Price, and

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

         SECTION 11.5 DEPOSIT OF REDEMPTION PRICE. On or before any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that date.

         SECTION 11.6 SECURITIES PAYABLE ON REDEMPTION DATE. Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest to the
Redemption Date; PROVIDED, HOWEVER, that unless otherwise specified as
contemplated by Section 3.1, installment of interest whose Stated Maturity is on
or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Regular Record Dates according to their terms
and the provisions of Section 3.7.

                                       63
<PAGE>

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

         SECTION 11.7 SECURITIES REDEEMED IN PART. Any Security which is to be
redeemed only in part shall be surrendered at a Place of Payment therefor (with,
if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or his attorney duly authorized in writing), and
the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of
the same series, of any authorized denomination as requested by such Holder, in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered.

         SECTION 11.8 OPTIONAL REDEMPTION OR ASSUMPTION OF SECURITIES UNDER
CERTAIN CIRCUMSTANCES. (a) Unless otherwise specified with respect to the
Securities of any series, if as the result of any change in or any amendment to
the laws, including any regulations thereunder and any applicable double
taxation treaty or convention, of the Republic of Panama (or the jurisdiction of
incorporation (other than the United States) of a successor corporation to the
Company pursuant to Section 8.1), or of any political subdivision or taxing
authority thereof or therein affecting taxation, or any change in an application
or interpretation of such laws, including any applicable double, taxation treaty
or convention, which change, amendment, application or interpretation ("Change")
becomes effective on or after the original issuance date of such series (or, if
such Change is imposed with respect to tax imposed with respect to payments from
the jurisdiction in which a successor corporation to the Company pursuant to
Section 8.1 is incorporated, such later date on which such successor corporation
becomes a successor corporation to the Company pursuant to Section 8.1), it is
determined by the Company based upon an opinion of independent counsel of
recognized standing that (i) the Company would be required to pay Additional
Amounts (as defined in Section 10.5 herein) in aspect of principal, premium, if
any, interest, if any, or sinking fund or analogous payments, if any, on the
next succeeding date for the payment thereof, or (ii) any taxes would be imposed
(whether by way of deduction, withholding or otherwise) by the Republic of
Panama (or the jurisdiction of incorporation (other than the United States) of a
successor corporation to the Company pursuant to Section 8.1) or by any
political subdivision or taxing authority thereof or therein, upon or with
respect to any principal, premium, if any, interest, if any, or sinking fund or
analogous payments, if any, then the Company may, at its option, on giving not
less than 30 nor more than 60 days' notice (which shall be irrevocable) redeem
such series of Securities in whole, but not in part, at any time (except in the
case of Securities of a series having a variable rate of interest, which may be
redeemed only on an Interest Payment Date) at a Redemption Price equal to 100
percent of the principal amount thereof plus accrued interest to the Redemption
Date (except in the case of outstanding Original Issue Discount Securities which
may be redeemed at the Redemption Price specified by the terms of each series of
such Securities); provided, however, that (i) no notice of redemption may be
given more than 90 days prior to the earliest date on which the Company would be
obligated to pay such Additional Amounts or such tax would be imposed, as the
case may be, and (ii) at the time that such notice of redemption is given, such
obligation to pay Additional Amounts or such tax, as the case may be, remains in
effect.

                                       64
<PAGE>

         (b) Prior to any redemption of a series of Securities pursuant to
paragraph (a) above, the Company shall provide the Trustee with an opinion of
independent counsel of recognized standing which states that the conditions
precedent to the right of the Company to redeem such Securities pursuant to this
Section shall have occurred. Each such opinion of independent counsel of
recognized standing shall be based on the laws in effect on the date of such
opinion or to become effective on or before the next succeeding date of payment
of principal, premium, if any, interest. if any, and sinking fund or analogous
payments, if any. For purposes of this Section, all references to the Company in
this paragraph shall include any successor corporation thereto pursuant to
Section 8.1.

                                  ARTICLE XII.

                         REPAYMENT AT OPTION OF HOLDERS

         SECTION 12.1 APPLICABILITY OF ARTICLE. Repayment of Securities of any
series before their Stated Maturity at the option of Holders thereof shall be
made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 3.1 for Securities of any series) in
accordance with this Article.

         SECTION 12.2 REPAYMENT OF SECURITIES. Securities of any series subject
to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms of such Securities, be repaid at a price
equal to the principal amount thereof, together with interest thereon accrued to
the Repayment Date specified in the terms of such Securities. The Company
covenants that on or before the Repayment Date it will deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.3) an amount of money
sufficient to pay the principal (or, if so provided by the terms of the
Securities of any series, a percentage of the principal) of, and (except if the
Repayment Date shall be an Interest Payment Date) accrued interest on, all the
Securities or portions thereof, as the case may be, to be repaid on such date.

         SECTION 12.3 EXERCISE OF OPTION. Securities of any series subject to
repayment at the option of the Holders thereof will contain an "Option to Elect
Repayment" form on the reverse of such Securities. To be repaid at the option of
the Holder, any Security so providing for such repayment, with the "Option to
Elect Repayment" form on the reverse of such Security duly completed by the
Holder, must be received by the Company at the Place of Payment therefor
specified in the terms of such Security (or at such other place or places of
which the Company shall from time to time notify the Holders of such Securities)
not earlier than 30 days nor later than 15 days prior to the Repayment Date. If
less than the entire principal amount of such Security is to be repaid in
accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of $1,000 unless otherwise specified in the
terms of such Security, and the denomination or denominations of the Security or
Securities to be issued to the Holder for the portion of the principal amount of
such Security surrendered that is not to be repaid must be specified. The
principal amount of any Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to be
repaid is a part. Except as otherwise may be

                                       65
<PAGE>

provided by the terms of any Security providing for repayment at the option of
the Holder thereof, exercise of the repayment option by the Holder shall be
irrevocable unless waived by the Company.

         SECTION 12.4 WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME DUE AND
PAYABLE. If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and
as provided by the terms of such Securities, such Securities or the portions
thereof, as the case may be, to be repaid shall become due and payable and shall
be paid by the Company on the Repayment Date therein specified, and on and after
such Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) interest on such Securities or the portions
thereof, as the case may be, shall cease to accrue.

         SECTION 12.5 SECURITIES REPAID IN PART. Upon surrender of any Security
which is to be repaid in part only, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security, without service
charge and at the expense of the Company, a new Security or Securities of the
same series, of any authorized denomination specified by the Holder, in an
aggregate principal amount equal to and in exchange for the portion of the
principal of such Security so surrendered which is not to be repaid.

                                  ARTICLE XIII.

                                  SINKING FUNDS

         SECTION 13.1 APPLICABILITY OF ARTICLE. The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 3.1 for
Securities of such series.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment." If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as
provided in Section 13.2. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of
Securities of such series.

         SECTION 13.2 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. The
Company may (1) deliver to the Trustee Outstanding Securities of a series (other
than any previously called for redemption) theretofore purchased or otherwise
acquired by the Company and (2) receive credit for Securities of a series which
have been previously delivered to the Trustee by the Company or for Securities
of a series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each
case in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of the same series required to be made pursuant to the terms
of such Securities as provided for by the terms of such Series, provided that
such Securities have not been previously so credited. Such

                                       66
<PAGE>

Securities shall be received and credited for such purpose by the Trustee at the
Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

         SECTION 13.3 REDEMPTION OF SECURITIES FOR SINKING FUND. Not less than
60 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers' Certificate specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the
terms of that series, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by
delivering or crediting Securities of that series pursuant to Section 13.2
(which Securities will, if not previously delivered, accompany such certificate)
and whether the Company intends to exercise its right to make a permitted
optional sinking fund payment with respect to such series. Such certificate
shall be irrevocable and upon its delivery the Company shall be obligated to
make the cash payment or payments therein referred to, if any, on or before the
next succeeding sinking food payment date. In the case of the failure of the
Company to deliver such certificate, the sinking fund payment due on the next
succeeding sinking fund payment date for that series shall be paid entirely in
cash and shall be sufficient to redeem the principal amount of such Securities
subject to a mandatory sinking fund payment without the option to deliver or
credit Securities as provided in Section 13.2 and without the right to make any
optional sinking fund payment, if any, with respect to such series.

         Not more than 60 days before each such sinking fund payment date, the
Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.3 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 11.4. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 11.6 and 11.7.

         Prior to any sinking fund payment date, the Company shall pay to the
Trustee in cash a sum equal to any interest accrued to the date fixed for
redemption of Securities or portions thereof to be redeemed on such sinking fund
payment date pursuant to this Section 13.3.

                                  ARTICLE XIV.

                    IMMUNITY OF INCORPORATORS, SHAREHOLDERS,
                        OFFICERS, DIRECTORS AND EMPLOYEES

         SECTION 14.1 EXEMPTION FROM INDIVIDUAL LIABILITY. No recourse under or
upon any obligation, covenant or agreement of this Indenture, or of any
Security, or for any claim based thereon or otherwise in respect thereof, shall
be had against any incorporator, shareholder, officer, director or employee, as
such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that this Indenture and the obligations
issued hereunder are solely corporate obligations of the Company, and that no
such personal liability whatever shall attach to, or is or shall be incurred by,
the incorporators, shareholders, officers, directors or

                                       67
<PAGE>

employees, as such, of the Company or of any successor corporation, or any of
them, because of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in this
Indenture or in any of the Securities or implied therefrom; and that any and all
such personal liability, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such
incorporator, shareholders, officer, director or employee, as such, because of
the creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of
the Securities or implied therefrom, are hereby expressly waived and released as
a condition of, and as a consideration for, the execution of this Indenture and
the issue of such Securities.

                                   ARTICLE XV.

                            MISCELLANEOUS PROVISIONS

         SECTION 15.1 SUCCESSORS AND ASSIGNS OF COMPANY BOUND BY INDENTURE. All
the covenants, stipulations, promises and agreements in this Indenture contained
by or in behalf of the Company shall bind its successors and assigns, whether so
expressed or not.

         SECTION 15.2 ACTS OF BOARD, COMMITTEE OR OFFICER OF SUCCESSOR
CORPORATION VALID. Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or
officer of the Company shall and may be done and performed with like force and
effect by the like board, committee or officer of any corporation that shall at
that time be the successor of the Company.

         SECTION 15.3 REQUIRED NOTICES OR DEMANDS. Any notice or demand which by
any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the Holders to or on the Company may, except as otherwise
provided in Section 5.1(4), be given or served by being deposited postage
prepaid in a post office letter box in the United States addressed (until
another address is filed by the Company with the Trustee), as follows: Carnival
Corporation, 3655 N.W. 87th Avenue, Miami, Florida 33178-2428, Attention:
Treasurer. Any notice, direction, request or demand by the Company or by any
Holder to or upon the Trustee may be given or made, for all purposes, by being
deposited postage prepaid in a post office letter box in the United States
addressed to the Corporate Trust Office of the Trustee. Any notice required or
permitted to be mailed to a Holder by the Company or the Trustee pursuant to the
provisions of this Indenture shall be deemed to be properly mailed by being
deposited postage prepaid in a post office letter box in the United States
addressed to such Holder at the address of such Holder as shown on the Security
Register. In any case, where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be flied with the Trustee. but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

                                       68
<PAGE>

         In case, by reason of the suspension of or irregularities in regular
mail service, it shall be impractical to mail notice of any event to Holders
when such notice is required to be given pursuant to any provision of this
Indenture, then any manner of giving such notice as shall be satisfactory to the
Trustee shall be deemed to be a sufficient giving of such notice.

         SECTION 15.4 INDENTURE AND SECURITIES TO BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. THIS INDENTURE AND EACH SECURITY SHALL
BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR
ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
SAID STATE.

         SECTION 15.5 INDENTURE MAY BE EXECUTED IN COUNTERPARTS. This Indenture
may be exacted in any number of counterparts, each of which shall be an
original, but all of which shal1 together constitute one and the same
instrument.

                                       69
<PAGE>

U.S. BANK TRUST NATIONAL ASSOCIATION, the party of the second part, hereby
accepts the trusts in this Indenture declared and provided, upon the terms and
conditions hereinabove set forth.

         IN WITNESS WHEREOF, CARNIVAL CORPORATION, the party of the first part,
has caused this Indenture to be duly signed and acknowledged by its Chairman of
the Board or its President or an Executive Vice President or a Vice President or
its Treasurer or its Secretary or its Assistant Secretary thereunto duly
authorized; and U.S. BANK TRUST NATIONAL ASSOCIATION, the party of the second
part, has caused this Indenture to be duly signed and acknowledged by one of its
Vice Presidents or Assistant Vice Presidents thereunto duly authorized and the
same to be attested by one of its Trust Officers.

                                        CARNIVAL CORPORATION

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

                                        U.S. BANK TRUST NATIONAL ASSOCIATION

                                        By:
                                           -------------------------------------
                                            Name: Lori-Ann Rosenberg
                                            Title: Assistant Vice President

                                       70<PAGE>

                                                                    EXHIBIT 4.6

                              CARNIVAL CORPORATION

                                       and

                      U.S. BANK TRUST NATIONAL ASSOCIATION,

                                   As Trustee

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

                          FIRST SUPPLEMENTAL INDENTURE

                           DATED AS OF APRIL 25, 2001

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

                            Supplemental to Indenture

                           DATED AS OF APRIL 25, 2001

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

                         Creating a series of Securities
                                   designated
                    2% Convertible Senior Debentures due 2021

<PAGE>

                                TABLE OF CONTENTS

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101 DEFINITIONS......................................................2

                                   ARTICLE TWO

                               THE 2021 DEBENTURES

Section 201 DESIGNATION OF 2021 DEBENTURES; ESTABLISHMENT OF FORM............6
Section 202 TRANSFER AND EXCHANGE............................................8
Section 203 AMOUNT..........................................................13
Section 204 INTEREST........................................................14
Section 205 LIQUIDATED DAMAGES..............................................14
Section 206 DENOMINATIONS...................................................14
Section 207 PLACE OF PAYMENT................................................14
Section 208 REDEMPTION......................................................14
Section 209 CONVERSION......................................................14
Section 210 STATED MATURITY.................................................15
Section 211 REPURCHASE......................................................15
Section 212 DISCHARGE OF LIABILITY ON 2021 DEBENTURES.......................15
Section 213 OTHER TERMS OF 2021 DEBENTURES..................................15
Section 214 OWNERSHIP LIMITATION ON 2021 DEBENTURES.........................15
Section 215 PAYMENTS OF ADDITIONAL AMOUNTS..................................17

                                  ARTICLE THREE

                           AMENDMENTS TO THE INDENTURE

Section 301 PROVISIONS APPLICABLE ONLY TO 2021 DEBENTURES...................17
Section 302 REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.............17
Section 303 RESERVED........................................................18
Section 304 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED..................18
Section 305 DISCHARGE OF LIABILITY ON SECURITIES............................18
Section 306 REPAYMENT TO THE COMPANY........................................19
Section 307 EVENTS OF DEFAULT...............................................19
Section 308 UNCONDITIONAL   RIGHT  OF  HOLDERS  TO  RECEIVE   PRINCIPAL,
            PREMIUM AND INTEREST............................................21
Section 309 REPORTS BY COMPANY..............................................21
Section 310 CONSOLIDATION, MERGER AND SALE..................................22
Section 311 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS..............22
Section 312 SUPPLEMENTAL INDENTURE WITH CONSENT OF HOLDER...................22
Section 313 MAINTENANCE OF OFFICE OR AGENCY.................................23
Section 314 REDEMPTION......................................................24
Section 315 CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION...................24

                                        i
<PAGE>

Section 316 OPTIONAL   REDEMPTION  OR  ASSUMPTION  OF  SECURITIES  UNDER
            CERTAIN CIRCUMSTANCES...........................................25

                                  ARTICLE FOUR

                                   CONVERSION

Section 401 CONVERSION RIGHTS...............................................25
Section 402 CONVERSION RIGHTS BASED ON COMMON STOCK PRICE...................25
Section 403 CONVERSION RIGHTS UPON NOTICE OF REDEMPTION.....................26
Section 404 CONVERSION RIGHTS UPON OCCURRENCE OF CERTAIN CORPORATE
            TRANSACTIONS....................................................26
Section 405 CONVERSION PROCEDURES...........................................26
Section 406 FRACTIONAL SHARES...............................................29
Section 407 TAXES ON CONVERSION.............................................29
Section 408 COMPANY TO PROVIDE COMMON STOCK.................................29
Section 409 ADJUSTMENT OF CONVERSION RATE...................................29
Section 410 NO ADJUSTMENT...................................................34
Section 411 ADJUSTMENT FOR TAX PURPOSES.....................................35
Section 412 NOTICE OF ADJUSTMENT............................................35
Section 413 NOTICE OF CERTAIN TRANSACTIONS..................................35
Section 414 EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE
            ON CONVERSION PRIVILEGE.........................................36
Section 415 TRUSTEE'S DISCLAIMER............................................36
Section 416 VOLUNTARY INCREASE..............................................37

                                  ARTICLE FIVE

              REDEMPTION OF DEBENTURES AT THE OPTION OF THE COMPANY

Section 501 GENERAL.........................................................37

                                   ARTICLE SIX

              REPURCHASE OF 2021 DEBENTURES AT OPTION OF THE HOLDER

Section 601 GENERAL.........................................................37
Section 602 THE COMPANY'S RIGHT TO ELECT MANNER OF PAYMENT OF
            REPURCHASE PRICE................................................39
Section 603 PURCHASE WITH CASH..............................................40
Section 604 PAYMENT BY ISSUANCE OF COMMON STOCK.............................40
Section 605 NOTICE OF ELECTION..............................................42
Section 606 COVENANTS OF THE COMPANY........................................43
Section 607 PROCEDURE UPON REPURCHASE.......................................43
Section 608 TAXES...........................................................43
Section 609 EFFECT OF REPURCHASE NOTICE.....................................44
Section 610 DEPOSIT OF REPURCHASE PRICE.....................................45
Section 611 SECURITIES REPURCHASED IN PART..................................45
Section 612 COMPLIANCE WITH SECURITIES LAWS UPON PURCHASE OF
            SECURITIES......................................................45
Section 613 REPAYMENT TO THE COMPANY........................................46
Section 614 CONVERSION ARRANGEMENT ON REPURCHASE............................46

                                       ii
<PAGE>

                                  ARTICLE SEVEN

                    PURCHASE OF 2021 DEBENTURES AT OPTION OF
                        THE HOLDER UPON CHANGE IN CONTROL

Section 701 RIGHT TO REQUIRE REPURCHASE.....................................46
Section 702 EFFECT OF CHANGE IN CONTROL PURCHASE NOTICE.....................49
Section 703 DEPOSIT OF CHANGE IN CONTROL PURCHASE PRICE.....................50
Section 704 SECURITIES PURCHASED IN PART....................................50
Section 705 COMPLIANCE WITH SECURITIES LAWS UPON PURCHASE OF
            SECURITIES......................................................51
Section 706 REPAYMENT TO THE COMPANY........................................51

                                  ARTICLE EIGHT

                            MISCELLANEOUS PROVISIONS

Section 801 INTEGRAL PART...................................................51
Section 802 GENERAL DEFINITIONS.............................................51
Section 803 ADOPTION, RATIFICATION AND CONFIRMATION.........................52
Section 804 COUNTERPARTS....................................................52
Section 805 GOVERNING LAW...................................................52
Section 806 CONFLICT OF ANY PROVISION OF INDENTURE WITH TRUST INDENTURE
            ACT OF 1939.....................................................52
Section 807 EFFECT OF HEADINGS..............................................52
Section 808 SEVERABILITY OF PROVISIONS......................................52
Section 809 SUCCESSORS AND ASSIGNS..........................................52
Section 810 BENEFIT OF SUPPLEMENTAL INDENTURE...............................53
Section 811 ACCEPTANCE BY TRUSTEE...........................................53

ANNEX A     ...............................................................A-1
ANNEX B     ...............................................................B-1
Exhibit B-1 .............................................................B-1-1
Exhibit B-2 .............................................................B-2-1

                                      iii
<PAGE>

                              CARNIVAL CORPORATION

                          FIRST SUPPLEMENTAL INDENTURE

      THIS FIRST SUPPLEMENTAL INDENTURE, dated as of April 25, 2001, between
Carnival Corporation, a corporation organized and existing under the laws of the
Republic of Panama (the "Company"), and U.S. Bank Trust National Association, a
national banking association organized and existing under the laws of the United
States of America (the "Trustee").

                                   WITNESSETH

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture, dated as of April 25, 2001 (the "Indenture"), providing for the
issuance from time to time of its debentures, notes, bonds or other evidences of
indebtedness (hereinafter called "Securities") in one or more fully registered
series;

      WHEREAS, Section 9.1(7) of the Indenture provides that the Company and the
Trustee may from time to time enter into one or more indentures supplemental
thereto to establish the form or terms of Securities of a new series;

      WHEREAS, Section 3.1 of the Indenture provides that the Company may enter
into supplemental indentures to establish the terms and provisions of a series
of Securities issued pursuant to the Indenture;

      WHEREAS, the Company desires to issue 2% Convertible Senior Debentures due
2021 (the "2021 Debentures"), a new series of Security, the issuance of which
was authorized by resolution of the Board of Directors of the Company, dated
April 20, 2001;

      WHEREAS, the Company, pursuant to the foregoing authority, proposes in and
by this First Supplemental Indenture (the "Supplemental Indenture") to
supplement and amend in certain respects the Indenture insofar as it will apply
only to the 2021 Debentures (and not to any other series); and

      WHEREAS, all things necessary have been done to make the 2021 Debentures,
when executed by the Company and authenticated and delivered hereunder and duly
issued by the Company, the valid obligations of the Company, and to make this
Supplemental Indenture a valid agreement of the Company, in accordance with
their and its terms.

      NOW THEREFORE:

      In consideration of the premises provided for herein, the Company and the
Trustee mutually covenant and agree for the equal and proportionate benefit of
all Holders of the 2021 Debentures as follows:

<PAGE>

                                   ARTICLE ONE

                              DEFINITIONS AND OTHER
                        PROVISIONS OF GENERAL APPLICATION

Section 101       DEFINITIONS. For all purposes of the Indenture and this
Supplemental Indenture relating to the series of Securities (consisting of
Debentures) created hereby, except as otherwise expressly provided or unless the
context otherwise requires, the terms defined in this Article have the meanings
assigned to them in this Article. Each capitalized term that is used in this
Supplemental Indenture but not defined herein shall have the meaning specified
in the Indenture.

      "AGENT MEMBERS" has the meaning specified in Section 201.

      "APPLICABLE PROCEDURES" means, with respect to any transfer or exchange of
beneficial ownership interests in a Global Security, the rules and procedures of
the Depositary that are applicable to such transfer or exchange.

      "BENEFICIAL OWNER" has the meaning specified in Section 701(a).

      "CAPITAL STOCK" or "CAPITAL STOCK" of any Person means any and all shares,
interests, partnership interests, participations, rights or other equivalents
(however designated) of equity interests (however designated) issued by that
Person.

      "CERTIFICATED SECURITY" means a Security that is in substantially the form
attached hereto as ANNEX A.

      "CHANGE IN CONTROL" has the meaning specified in Section 701.

      "CHANGE IN CONTROL PURCHASE DATE" has the meaning specified in Section
701.

      "CHANGE IN CONTROL PURCHASE NOTICE" has the meaning specified in Section
701.

      "CHANGE IN CONTROL PURCHASE PRICE" has the meaning specified in Section
701.

      "Code" means the U.S. Internal Revenue Code of 1986, as amended.

      "COMMON STOCK" means the common stock, par value $0.01 per share, of the
Company as it exists on the date of this Supplemental Indenture or any other
shares of Capital Stock of the Company into which such common stock is
reclassified or changed.

      "COMPANY NOTICE DATE" has the meaning specified in Section 603.

       "CONSOLIDATED NET WORTH" means, at any time, the Net Worth of the Company
and its Subsidiaries on a consolidated basis determined in accordance with GAAP.

      "CONVERSION AGENT" shall be the agent specified in Section 201.

      "CONVERSION DATE" has the meaning specified in Section 405.

                                       2
<PAGE>

      "CONVERSION RATE" has the meaning specified in Section 401.

      "DEPOSITARY" has the meaning specified in Section 201(a).

      "DETERMINATION DATE" has the meaning specified in Section 409(d)(1).

      "DTC" has the meaning specified in Section 201(a).

      "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, or
any successor statute.

      "EXPIRATION DATE" has the meaning specified in Section 409(d)(2).

      "EXPIRATION TIME" has the meaning specified in Section 409(d)(2).

      "EXCESS 2021 DEBENTURES" has the meaning specified in Section 214.

      "GAAP" means generally accepted accounting principles as in effect on the
date of this Supplemental Indenture in the United States.

      "GLOBAL SECURITY" means a permanent Global Security that is in
substantially the form attached hereto as ANNEX A and that includes the
information and schedule called for by footnotes 1, 3 and 4 thereof and which is
deposited with the Depositary or the Securities Custodian and registered in the
name of the Depositary or its nominee.

      "INDENTURE" has the meaning specified in the recitals.

      "INSTITUTIONAL ACCREDITED INVESTORS" has the meaning specified in Section
201(b).

      "ISSUE DATE" of any 2021 Debenture means the date on which the 2021
Debenture was originally issued or deemed issued as set forth on the face of the
2021 Debenture.

      "LIQUIDATED DAMAGES" shall have the meaning set forth in the Registration
Rights Agreement.

      "MARKET PRICE" has the meaning specified in Section 604.

      "NET WORTH" means, at any time with respect to the Company or a Subsidiary
thereof, the net worth of the Company or such Subsidiary, as the case may be,
determined in accordance with GAAP.

      "NYSE" has the meaning specified in Section 409(e).

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

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

                                       3
<PAGE>

                  (2) Securities for whose payment, repurchase or redemption
      money or Common Stock in the necessary amount has been theretofore
      deposited with the Trustee or any Paying Agent (other than the Company) in
      trust or set aside and segregated in trust by the Company (if the Company
      shall act as its own Paying Agent) for the Holders of such Securities;
      provided that, if such Securities are to be redeemed, notice of such
      redemption has been duly given pursuant to this Indenture or provision
      therefor satisfactory to the Trustee has been made;

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

                  (4) Securities converted into Common Stock pursuant to the
      terms of the Indenture or such Securities;

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which the Trustee knows to be so owned shall
be so disregarded. Securities so owned which have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

      "PERMITTED HOLDERS" has the meaning specified in Section 701(a).

      "PURCHASED SHARES" has the meaning specified in Section 409(d)(2).

      "purchases" has the meaning specified in Section 409(d)(3).

      "QIB" has the meaning specified in Section 201(a).

      "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated as of April 25, 2001, between the Company and Merrill Lynch & Co., Merrill
Lynch, Pierce, Fenner & Smith Incorporated.

      "REPURCHASE DATE" has the meaning specified in Section 601.

      "REPURCHASE NOTICE" has the meaning specified in Section 601.

      "REPURCHASE PRICE" has the meaning specified in Section 601.

                                       4
<PAGE>

      "RESTRICTED CERTIFICATED SECURITY" means a Certificated Security which is
a Transfer Restricted Security.

      "RESTRICTED GLOBAL SECURITY" means a Global Security that is a Transfer
Restricted Security.

      "RULE 144" means Rule 144 under the Securities Act or any successor to
such Rule.

      "RULE 144A" means Rule 144A under the Securities Act or any successor to
such Rule.

      "SALE PRICE" has the meaning specified in Section 604.

      "SECURITIES" has the meaning specified in the preamble of this
Supplemental Indenture.

      "SECURITIES ACT" means the Securities Act of 1933, as amended, or any
successor statute.

      "SECURITIES CUSTODIAN" means the Trustee, as custodian with respect to the
Securities in global form, or any successor thereto.

      "SIGNIFICANT SUBSIDIARY" means any Subsidiary, the Net Worth of which
represents more than 10% of the Consolidated Net Worth of the Company and its
Subsidiaries.

      "SUPPLEMENTAL INDENTURE" has the meanings specified in the recitals.

      "TENDER OFFER" has the meaning specified in Section 409(d)(3).

      "TENDERED SHARES" has the meaning specified in Section 409(d)(3).

      "TRADING DAY" means a day during which trading in securities generally
occurs on the New York Stock Exchange or, if the Common Stock is not listed on
the New York Stock Exchange, on the principal other national or regional
securities exchange on which the Common Stock is then listed or, if the Common
Stock is not listed on a national or regional securities exchange, on the
National Association of Securities Dealers Automated Quotation System or, if the
Common Stock is not quoted on the National Association of Securities Dealers
Automated Quotation System, on the other principal market on which the Common
Stock is then traded.

      "TRANSFER CERTIFICATE" has the meaning specified in Section 202(b)(1).

      "TRANSFER RESTRICTED SECURITIES" has the meaning specified in Section
202(f)(1).

      "TRIGGER EVENT" has the meaning specified in Section 409(c).

      "TRIGGERING DISTRIBUTION" has the meaning specified in Section 409(d)(1).

      "2021 DEBENTURES" has the meaning specified in the recitals.

      "UNRESTRICTED CERTIFICATED SECURITY" means a Certificated Security which
is not a Transfer Restricted Security.

                                       5
<PAGE>

      "UNRESTRICTED GLOBAL SECURITY" means a Global Security which is not a
Transfer Restricted Security.

      "VOTING STOCK" means any class or classes of Capital Stock pursuant to
which the holders thereof under ordinary circumstances have the power to vote in
the election of the board of directors, managers or trustees of any Person (or
other Persons performing similar functions), irrespective of whether or not, at
the time, Capital Stock of any other class or classes shall have, or might have,
voting power by reason of the happening of any contingency.

                                  ARTICLE TWO

                               THE 2021 DEBENTURES

Section 201       DESIGNATION OF 2021 DEBENTURES; ESTABLISHMENT OF FORM.

      There shall be a series of Securities designated "2% Convertible Senior
Debentures due 2021" of the Company, and the form thereof shall be substantially
as set forth in ANNEX A hereto, which is incorporated into and shall be deemed a
part of this Supplemental Indenture, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
the Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers of the Company executing
such 2021 Debentures, as evidenced by their execution of the 2021 Debentures.

            (a) RESTRICTED GLOBAL SECURITIES. All of the 2021 Debentures are
initially being offered and sold to qualified institutional buyers as defined in
Rule 144A (collectively, "QIBs" or individually a "QIB") in reliance on Rule
144A under the Securities Act and shall be issued initially in the form of one
or more Restricted Global Securities, which shall be deposited on behalf of the
purchasers of the 2021 Debentures represented thereby with the Trustee, at its
Corporate Trust Office, as Securities Custodian for the depositary, The
Depository Trust Company ("DTC") (such depositary, or any successor thereto,
being hereinafter referred to as the "Depositary'), and registered in the name
of its nominee, Cede & Co., duly executed by the Company and authenticated by
the Trustee as hereinafter provided. The aggregate principal amount of a
Restricted Global Security may from time to time be increased or decreased by
adjustments made on the records of the Securities Custodian as hereinafter
provided, subject in each case to compliance with the Applicable Procedures.

            (b) INSTITUTIONAL ACCREDITED INVESTOR SECURITIES. Except as provided
in this Section 201 or Section 202, owners of beneficial interests in Global
Securities will not be entitled to receive physical delivery of Certificated
Securities. Securities offered and sold within the United States to
institutional accredited investors as defined in Rule 501(a)(1), (2), (3) and
(7) under the Securities Act ("Institutional Accredited Investors") shall be
issued, initially in the form of Certificated Securities, duly executed by the
Company and authenticated by the Trustee as hereinafter provided.

                                       6
<PAGE>

            (c) GLOBAL SECURITIES IN GENERAL. Each Global Security shall
represent such of the Outstanding 2021 Debentures as shall be specified therein
and each shall provide that it shall represent the aggregate principal amount of
Outstanding 2021 Debentures from time to time endorsed thereon and that the
aggregate principal amount of Outstanding 2021 Debentures represented thereby
may from time to time be reduced or increased, as appropriate, to reflect
exchanges, redemptions, purchases or conversions of such 2021 Debentures. Any
endorsement of a Global Security to reflect the amount of any increase or
decrease in the principal amount of Outstanding 2021 Debentures represented
thereby shall be made by the Securities Custodian in accordance with the
standing instructions and procedures existing between the Depositary and the
Securities Custodian.

            Neither any members of, or participants in, the Depositary ("Agent
Members") nor any other Persons on whose behalf Agent Members may act shall have
rights under this Indenture with respect to any Global Security held in the name
of the Depositary or any nominee thereof, or under the Global Security, and the
Depositary (including, for this purpose, its nominee) may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and Holder of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or (B) impair, as between the Depositary, its Agent Members and any other Person
on whose behalf an Agent Member may act, the operation of customary practices
governing the exercise of the rights of a Holder of any 2021 Debenture.

            (d) CERTIFICATED SECURITIES. Certificated Securities shall be issued
only under the limited circumstances provided in Sections 201(b), 202(a)(1) and
202(b) hereof.

            (e) PAYING AGENT AND CONVERSION AGENT. The Company shall maintain an
office or agency where 2021 Debentures may be presented for purchase or payment
("Paying Agent") and an office or agency where 2021 Debentures may be presented
for conversion ("Conversion Agent"). The Company may have one or more additional
paying agents and one or more additional conversion agents.

            The Company shall enter into an appropriate agency agreement with
any Paying Agent or Conversion Agent (other than the Trustee). The agreement
shall implement the provisions of this Indenture that relate to such agent. The
Company shall notify the Trustee of the name and address of any such agent. If
the Company fails to maintain a Paying Agent or Conversion Agent, the Trustee
shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 6.7 of the Indenture. The Company or any Subsidiary or an
Affiliate of either of them may act as Paying Agent or Conversion Agent.

      The Company initially appoints the Trustee as Conversion Agent and Paying
Agent in connection with the 2021 Debentures.

                                       7
<PAGE>

Section 202       TRANSFER AND EXCHANGE.

            (a)   TRANSFER AND EXCHANGE OF GLOBAL SECURITIES.

                  (1) Except as provided in Section 202(b), Certificated
      Securities shall be issued in exchange for interests in the Global
      Securities only if (x) the Depositary notifies the Company that it is
      unwilling or unable to continue as depositary for the Global Securities or
      if it at any time ceases to be a "clearing agency" registered under the
      Exchange Act if so required by applicable law or regulation and a
      successor depositary is not appointed by the Company within 90 days, or
      (y) an Event of Default has occurred and is continuing. In either case,
      the Company shall execute, and the Trustee shall, upon receipt of a
      Company Order (which the Company agrees to deliver promptly), authenticate
      and deliver Certificated Securities in an aggregate principal amount equal
      to the principal amount of such Global Securities in exchange therefor.
      Only Restricted Certificated Securities shall be issued in exchange for
      beneficial interests in Restricted Global Securities, and only
      Unrestricted Certificated Securities shall be issued in exchange for
      beneficial interests in Unrestricted Global Securities. Certificated
      Securities issued in exchange for beneficial interests in Global
      Securities shall be registered in such names and shall be in such
      authorized denominations as the Depositary, pursuant to instructions from
      its direct or indirect participants or otherwise, shall instruct the
      Trustee. The Trustee shall deliver or cause to be delivered such
      Certificated Securities to the persons in whose names such Securities are
      so registered. Such exchange shall be effected in accordance with the
      Applicable Procedures. Nothing herein shall require the Trustee to
      communicate directly with beneficial owners, and the Trustee shall in
      connection with any transfers hereunder be entitled to rely on
      instructions received through the registered Holder.

                  In the event that Certificated Securities are issued in
      exchange for beneficial interests in Global Securities in accordance with
      the foregoing paragraph and, thereafter, the events or conditions
      specified in this Section 202(a)(1) which required such exchange shall
      have ceased to exist, the Company shall mail notice to the Trustee and to
      the Holders stating that Holders may exchange Certificated Securities for
      interests in Global Securities by complying with the procedures set forth
      in this Indenture and briefly describing such procedures and the events or
      circumstances requiring that such notice be given.

                  (2) Notwithstanding any other provisions of this Supplemental
      Indenture other than the provisions set forth in Section 202(a)(1) hereof,
      a Global Security may not be transferred, except as a whole by the
      Depositary to a nominee of the Depositary or by a nominee of the
      Depositary to the Depositary or another nominee of the Depositary or by
      the Depositary or any such nominee to a successor Depositary or a nominee
      of such successor Depositary. Nothing in this Section 202(a)(2) shall
      prohibit or render ineffective any transfer of a beneficial interest in a
      Global Security effected in accordance with the other provisions of this
      Section 202.

            (b)   RESTRICTIONS ON TRANSFER OF A BENEFICIAL INTEREST IN A GLOBAL
SECURITY FOR A CERTIFICATED SECURITY. A beneficial interest in a Global Security
may not be exchanged for a

                                       8
<PAGE>

Certificated Security except upon satisfaction of the requirements set forth
below. Upon receipt by the Trustee of a request in the form satisfactory to the
Trustee from the Depositary or its nominee on behalf of a person having a
beneficial interest in a Global Security to register the transfer of all or a
portion of such beneficial interest in accordance with Applicable Procedures for
a Certificated Security, together with:

                  (1) in the case of a request to register the transfer of a
            beneficial interest in a Restricted Global Security, a certificate
            (a "TRANSFER CERTIFICATE"), in substantially the form set forth in
            Exhibit B-1, and a certification in substantially the form set forth
            in Exhibit B-2, that such beneficial interest in the Restricted
            Global Security is being transferred to an Institutional Accredited
            Investor;

                  (2) written instructions to the Trustee to make, or direct the
            Security Registrar to make, an adjustment on its books and records
            with respect to such Global Security to reflect a decrease in the
            aggregate principal amount of the 2021 Debentures represented by the
            Global Security, such instructions to contain information regarding
            the Depositary account to be credited with such decrease; and

                  (3) if the Company or the Trustee so requests, a customary
            opinion of counsel, certificates and other information reasonably
            acceptable to them as to the compliance with the restrictions set
            forth in the legend described in Section 202(f)(1),

      then the Trustee shall cause, or direct the Security Registrar to cause,
      in accordance with the standing instructions and procedures existing
      between the Depositary and the Security Registrar, the aggregate principal
      amount of 2021 Debentures represented by the Global Security to be
      decreased by the aggregate principal amount of the Certificated Security
      to be issued, shall authenticate and deliver such Certificated Security
      and shall debit or cause to be debited to the account of the Person
      specified in such instructions a beneficial interest in the Global
      Security equal to the principal amount of the Certificated Security so
      issued.

            (c)   TRANSFER AND EXCHANGE OF CERTIFICATED SECURITIES. When
Certificated Securities are presented by a Holder to a Security Registrar with a
request:

                  (1) to register the transfer of the Certificated Securities to
      a person who will take delivery thereof in the form of Certificated
      Securities only; or

                  (2) to exchange such Certificated Securities for an equal
      principal amount of Certificated Securities of other authorized
      denominations,

such Security Registrar shall register the transfer or make the exchange as
requested; PROVIDED, HOWEVER, that the Certificated Securities presented or
surrendered for register of transfer or exchange:

                  (1) shall be duly endorsed or accompanied by a written
      instrument of transfer in accordance with the fifth paragraph of Section
      3.5 of the Indenture; and

                                       9
<PAGE>

                  (2) in the case of a Restricted Certificated Security, such
      request shall be accompanied by the following additional information and
      documents, as applicable:

                        (A) if such Restricted Certificated Security is being
            delivered to the Security Registrar by a Holder for registration in
            the name of such Holder, without transfer, or such Restricted
            Certificated Security is being transferred to the Company or a
            Subsidiary of the Company, a certification to that effect from such
            Holder (in substantially the form set forth in the Transfer
            Certificate)

                        (B) if such Restricted Certificated Security is being
            transferred to a person the Holder reasonably believes is a QIB in
            accordance with Rule 144A or pursuant to an effective registration
            statement under the Securities Act, a certification to that effect
            from such Holder (in substantially the form set forth in the
            Transfer Certificate); or

                        (C) if such Restricted Certificated Security is being
            transferred to an Institutional Accredited Investor, a certification
            to that effect from such Holder (in substantially the form set forth
            in the Transfer Certificate), a certification from the Institutional
            Accredited Investor to whom such Restricted Certificated Security is
            being transferred in substantially the form set forth in Exhibit
            B-2, and, if the Company or such Security Registrar so requests, a
            customary opinion of counsel, certificates and other information
            reasonably acceptable to them as to the compliance with the
            restrictions set forth in the legend described in Section 202(f)(1).

                        (D) if such Restricted Certificated Security is being
            transferred (i) pursuant to an exemption from the registration
            requirements of the Securities Act in accordance with Rule 144 or
            (ii) pursuant to an exemption from the registration requirements of
            the Securities Act (other than pursuant to Rule 144A or Rule 144)
            and as a result of which, in the case of a Security transferred
            pursuant to this clause (ii), such Security shall cease to be a
            "restricted security" within the meaning of Rule 144, a
            certification to that effect from the Holder (in substantially the
            form set forth in the Transfer Certificate) and, if the Company or
            such Security Registrar so requests, a customary opinion of counsel,
            certificates and other information reasonably acceptable to the
            Company and such Security Registrar to the effect that such transfer
            is in compliance with the Securities Act.

            (d)   TRANSFER OF A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
SECURITY FOR A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY. Any
person having a beneficial interest in a Restricted Global Security may upon
request, subject to the Applicable Procedures, transfer such beneficial interest
to a person who is required or permitted to take delivery thereof in the form of
an Unrestricted Global Security. Upon receipt by the Trustee of written
instructions or such other form of instructions as is customary for the
Depositary, from the Depositary or its nominee on behalf of any person having a
beneficial interest in a Restricted Global Security and the following additional
information and documents in such form as is customary for the Depositary from
the Depositary or its nominee on behalf of the person having such beneficial

                                       10
<PAGE>

interest in the Restricted Global Security (all of which may be submitted by
facsimile or electronically):

                  (1) if such beneficial interest is being transferred pursuant
      to an effective registration statement under the Securities Act, a
      certification to that effect from the transferor (in substantially the
      form set forth in the Transfer Certificate); or

                  (2) if such beneficial interest is being transferred (i)
      pursuant to an exemption from the registration requirements of the
      Securities Act in accordance with Rule 144 or (ii) pursuant to an
      exemption from the registration requirements of the Securities Act (other
      than pursuant to Rule 144A or Rule 144) and as a result of which, in the
      case of a Security transferred pursuant to this clause (ii), such Security
      shall cease to be a "restricted security" within the meaning of Rule 144,
      a certification to that effect from the transferor (in substantially the
      form set forth in the Transfer Certificate) and, if the Company or the
      Trustee so requests, a customary opinion of counsel, certificates and
      other information reasonably acceptable to the Company and the Trustee to
      the effect that such transfer is in compliance with the Securities Act,

the Trustee, as a Security Registrar and Securities Custodian, shall reduce or
cause to be reduced the aggregate principal amount of the Restricted Global
Security by the appropriate principal amount and shall increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Security by
a like principal amount. Such transfer shall otherwise be effected in accordance
with the Applicable Procedures. If no Unrestricted Global Security is then
outstanding, the Company shall execute and the Trustee shall, upon receipt of a
Company Order (which the Company agrees to deliver promptly), authenticate and
deliver an Unrestricted Global Security.

            (e) TRANSFERS OF CERTIFICATED SECURITIES FOR BENEFICIAL INTEREST IN
GLOBAL SECURITIES. If Certificated Securities are presented by a Holder to a
Security Registrar with a request:

                  (1) to register the transfer of such Certificated Securities
      to a person who will take delivery thereof in the form of a beneficial
      interest in a Global Security, which request shall specify whether such
      Global Security will be a Restricted Global Security or an Unrestricted
      Global Security; or

                  (2) to exchange such Certificated Securities for an equal
      principal amount of beneficial interests in a Global Security, which
      beneficial interests will be owned by the Holder transferring such
      Certificated Securities (provided that in the case of such an exchange,
      Restricted Certificated Securities may be exchanged only for Restricted
      Global Securities and Unrestricted Certificated Securities may be
      exchanged only for Unrestricted Global Securities),

the Security Registrar shall register the transfer or make the exchange as
requested by canceling such Certificated Security and causing, or directing the
Securities Custodian to cause, the aggregate principal amount of the applicable
Global Security to be increased accordingly and, if no such Global Security is
then outstanding, the Company shall issue and the Trustee shall

                                       11
<PAGE>

authenticate and deliver a new Global Security; provided, however, that the
Certificated Securities presented or surrendered for registration of transfer or
exchange:

                  (1) shall be duly endorsed or accompanied by a written
      instrument of transfer in accordance with the fifth paragraph of Section
      3.5 of the Indenture;

                  (2) in the case of a Restricted Certificated Security to be
      transferred for a beneficial interest in an Unrestricted Global Security,
      such request shall be accompanied by the following additional information
      and documents, as applicable:

                        (A) if such Restricted Certificated Security is being
            transferred pursuant to an effective registration statement under
            the Securities Act, a certification to that effect from such Holder
            (in substantially the form set forth in the Transfer Certificate);
            or

                        (B) if such Restricted Certificated Security is being
            transferred pursuant to (i) an exemption from the registration
            requirements of the Securities Act in accordance with Rule 144 or
            (ii) pursuant to an exemption from the registration requirements of
            the Securities Act (other than pursuant to Rule 144A or Rule 144)
            and as a result of which, in the case of a Security transferred
            pursuant to this clause (ii), such Security shall cease to be a
            "restricted security" within the meaning of Rule 144, a
            certification to that effect from such Holder (in substantially the
            form set forth in the Transfer Certificate), and, if the Company or
            the Security Registrar so requests, a customary opinion of counsel,
            certificates and other information reasonably acceptable to the
            Company and the Trustee to the effect that such transfer is in
            compliance with the Securities Act;

                  (3) in the case of a Restricted Certificated Security to be
      transferred or exchanged for a beneficial interest in a Restricted Global
      Security, such request shall be accompanied by a certification from such
      Holder (in substantially the form set forth in the Transfer Certificate)
      to the effect that such Restricted Certificated Security is being
      transferred to a person the Holder reasonably believes is a QIB (which, in
      the case of an exchange, shall be such Holder) in accordance with Rule
      144A; and

                  (4) in the case of an Unrestricted Certificated Security to be
      transferred or exchanged for a beneficial interest in an Unrestricted
      Global Security, such request need not be accompanied by any additional
      information or documents.

            (f) LEGENDS.

                  (1) Except as permitted by the following paragraphs (2) and
      (3), each Global Security and Certificated Security (and all Securities
      issued in exchange therefor or upon registration of transfer or
      replacement thereof and any Common Stock issuable upon conversion thereof)
      shall bear a legend in substantially the form called for by footnote 2 to
      ANNEX A hereto (each a "TRANSFER RESTRICTED SECURITY" for so long as such
      Security or Common Stock issuable upon conversion thereof is required by
      this Indenture to bear such legend). Each Transfer Restricted Security
      shall have attached thereto a Transfer Certificate in substantially the
      form set forth in EXHIBIT B-1 hereto.

                                       12
<PAGE>

                  (2) Upon any sale or transfer of a Transfer Restricted
      Security (x) pursuant to Rule 144, (y) pursuant to an effective
      registration statement under the Securities Act or (z) pursuant to any
      other available exemption (other than Rule 144A) from the registration
      requirements of the Securities Act and as a result of which, in the case
      of a Security transferred pursuant to this clause (z), such Security shall
      cease to be a "restricted security" within the meaning of Rule 144:

                        (A) in the case of any Restricted Certificated Security,
            any Security Registrar shall permit the Holder thereof to exchange
            such Restricted Certificated Security for an Unrestricted
            Certificated Security, or (under the circumstances described in
            Section 202(e) hereof) to transfer such Restricted Certificated
            Security to a transferee who shall take such Security in the form of
            a beneficial interest in an Unrestricted Global Security, and in
            each case shall rescind any restriction on the transfer of such
            Security; PROVIDED, HOWEVER, that the Holder of such Restricted
            Certificated Security shall, in connection with such exchange or
            transfer, comply with the other applicable provisions of this
            Section 202; and

                        (B) in the case of any beneficial interest in a
            Restricted Global Security, the Trustee shall permit the beneficial
            owner thereof to transfer such beneficial interest to a transferee
            who shall take such interest in the form of a beneficial interest in
            an Unrestricted Global Security and shall rescind any restriction on
            transfer of such beneficial interest; PROVIDED, HOWEVER, that such
            Unrestricted Global Security shall continue to be subject to the
            provisions of Section 202(a)(2) hereof, and PROVIDED FURTHER,
            HOWEVER, that the owner of such beneficial interest shall, in
            connection with such transfer, comply with the other applicable
            provisions of this Section 202.

                  (3) Upon the exchange, registration of transfer or replacement
      of Securities not bearing the legend described in paragraph (1) above, the
      Company shall execute, the Trustee shall authenticate and deliver
      Securities that do not bear such legend and which do not have a Transfer
      Certificate attached thereto.

            (g)   TRANSFERS TO THE COMPANY. Nothing in this Supplemental
Indenture or in the Securities shall prohibit the sale or other transfer of any
Securities (including beneficial interests in Global Securities) to the Company
or any of its Subsidiaries, which Securities shall thereupon be canceled in
accordance Section 3.9 of the Indenture.

Section 203       AMOUNT.

            (a)   The Trustee shall authenticate and deliver 2021 Debentures for
original issue in an aggregate principal amount of up to $600,000,000 upon a
Company Order for the authentication and delivery of 2021 Debentures, without
any further action by the Company. The aggregate principal amount of 2021
Debentures that may be authenticated and delivered under the Indenture may not
exceed the amount set forth in the foregoing sentence, except for 2021
Debentures authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other 2021 Debentures pursuant to Section 202 of
this Supplemental Indenture or Section 2.4, 3.4, 3.5, 3.6 or 11.7 of the
Indenture.

                                       13
<PAGE>

            (b)   The Company may not issue new 2021 Debentures to replace 2021
Debentures that it has paid or delivered to the Trustee for cancellation or that
any Holder has converted pursuant to Article Four.

Section 204       INTEREST.

      The principal of the 2021 Debentures shall bear interest at the rate of 2%
per annum from April 25, 2001 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, payable semiannually in
arrears on April 15 and October 15 of each year, commencing October 15, 2001, to
the Persons in whose names the 2021 Debentures are registered at the close of
business on the April 1 or October 1 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date. Interest on the 2021
Debentures will be computed on the basis of a 360-day year comprised of twelve
30-day months.

Section 205       LIQUIDATED DAMAGES.

      Liquidated Damages with respect to the 2021 Debentures shall be payable in
accordance with the provisions and in the amounts set forth in the Registration
Rights Agreement.

Section 206       DENOMINATIONS.

      The 2021 Debentures shall be in fully registered form without coupons in
denominations of $1,000 of principal amount or any integral multiple thereof.

Section 207       PLACE OF PAYMENT.

      The Place of Payment for the 2021 Debentures and the place or places where
the 2021 Debentures may be surrendered for registration of transfer, exchange,
repurchase, redemption or conversion and where notices may be given to the
Company in respect of the 2021 Debentures is at the office of the Trustee in New
York, New York and at the agency of the Trustee maintained for that purpose at
the office of the Trustee; PROVIDED, HOWEVER, that payment of interest may be
made at the option of the Company by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register (as
defined in the Indenture).

Section 208       REDEMPTION.

            (a) There shall be no sinking fund for the retirement of the 2021
Debentures.

            (b) The Company, at its option, may redeem the 2021 Debentures on or
after April 15, 2008 in accordance with the provisions and at the Redemption
Price set forth under the captions "Optional Redemption" and "Notice of
Redemption" in the 2021 Debentures and in accordance with the provisions of the
Indenture and this Supplemental Indenture, including, without limitation,
Article Five.

Section 209       CONVERSION.

      The 2021 Debentures shall be convertible in accordance with the provisions
and at the Conversion Rate set forth under the caption "Conversion" in the 2021
Debentures and in

                                       14
<PAGE>

accordance with the provisions of the Indenture and this Supplemental Indenture,
including, without limitation, Article Four.

Section 210       STATED MATURITY.

      The date on which the principal of the 2021 Debentures is due and payable,
unless earlier converted, accelerated, redeemed or repurchased pursuant to the
Indenture or this Supplemental Indenture, shall be April 15, 2021.

Section 211       REPURCHASE.

            (a) The 2021 Debentures shall be repurchased by the Company, at the
option of the Holder in accordance with the provisions and at the Repurchase
Price set forth under the caption "Repurchase by the Company at the Option of
the Holder" in the 2021 Debentures and in accordance with the provisions of the
Indenture and this Supplemental Indenture, including, without limitation,
Article Six.

            (b) The 2021 Debentures shall be purchased by the Company in
accordance with the provisions and at the Change in Control Purchase Price set
forth under the caption "Purchase of Securities at Option of Holder Upon a
Change in Control" in the 2021 Debentures and in accordance with the provisions
of this Supplemental Indenture, including, without limitation, Article Seven.

Section 212       DISCHARGE OF LIABILITY ON 2021 DEBENTURES.

      The 2021 Debentures may be discharged by the Company in accordance with
the provisions of Article Four of the Indenture, as amended by Section 305
hereof.

Section 213       OTHER TERMS OF 2021 DEBENTURES.

      Without limiting the foregoing provisions of this Article, the terms of
the 2021 Debentures shall be as set forth in the form of the 2021 Debentures set
forth in ANNEX A hereto and as provided in the Indenture.

Section 214       OWNERSHIP LIMITATION ON 2021 DEBENTURES

      The 2021 Debentures shall have the following ownership limitations, as set
forth more fully in Annex B.

      No Holder of 2021 Debentures shall effect a transfer of a 2021 Debenture
which would result in the ownership, whether direct, indirect or by
construction, by any one Person or group of related Persons by virtue of the
attribution provisions of the Code, other than Arison holders, of more than 4.9%
of the Company's Common Stock, whether measured by vote, value or number of
shares. For purposes of calculating a holder's Common Stock holdings, the
conversion of the 2021 Debentures and other convertible securities issued by the
Company held by such Person or group of Persons shall be deemed effected. If any
Person attempts to acquire 2021 Debentures in violation of the 4.9% ownership
limitation, the putative transfer to such Person shall be void, and the intended
transferee shall acquire no rights to the 2021 Debentures.

                                       15
<PAGE>

For purposes of this 4.9% limitation, a "transfer" will include any sale,
transfer, gift, assignment, devise or other disposition, whether voluntary or
involuntary, whether of record, constructively or beneficially, and whether by
operation of law or otherwise.

      Upon any prohibited transfer of 2021 Debentures resulting in the ownership
of 2021 Debentures and shares of Common Stock by any person in violation of the
4.9% limit or causing the Company to be subject to United States federal
shipping or aircraft income taxation, those debentures the ownership of which is
in excess of the 4.9% limit or would cause the Company to be subject to United
States federal shipping or aircraft income tax shall automatically be designated
as "Excess 2021 Debentures."

      The Company may waive such 4.9% limit and related transfer restrictions if
evidence satisfactory to the Company's board of directors and tax counsel is
presented that such ownership will not jeopardize the Company's exemption from
United States income taxation on gross income from the international operation
of a ship or ships, within the meaning of Section 883 of the Code. The board of
directors may also terminate the 4.9% limit and transfer restrictions generally
at any time for any reason.

      Excess 2021 Debentures shall be transferred to a trust. The trustee of
such trust shall be appointed by the Company and shall be independent of the
Company and the purported holder of the Excess 2021 Debentures. The beneficiary
of such trust shall be one or more charitable organizations selected by the
trustee of such trust. The trust shall be deemed to own the 2021 Debentures on
behalf of the beneficiary of such trust on the day prior to the date of the
putative violative transfer.

      At the direction of the Company's board of the directors, the trustee of
such trust shall transfer the Excess 2021 Debentures held in trust to a person
or persons (including the Company) whose ownership of such Excess 2021
Debentures shall not violate the 4.9% limit or otherwise cause the Company to
become subject to United States shipping income tax within 180 days after the
later of the transfer or other event that resulted in such Excess 2021
Debentures or the Company becomes aware of such transfer or event. If such a
transfer is made, the interest of the charitable beneficiary will terminate, the
designation of 2021 Debentures shares as Excess 2021 Debentures will cease and
the holder of the Excess 2021 Debentures will receive the payment that reflects
a price per debenture for such Excess 2021 Debentures equal to the lesser of (i)
the price received by the trustee of such trust for the sale or other
disposition of the 2021 Debentures held in trust, and (ii) the price paid by the
prohibited transferee for the 2021 Debentures, or, if the prohibited transferee
did not give value for such 2021 Debentures, the market price of the 2021
Debentures on the date of the event that resulted in the Excess 2021 Debentures.
A prohibited transferee or holder of the Excess 2021 Debentures will not be
permitted to receive an amount that reflects any appreciation in the Excess 2021
Debentures during the period that such Excess 2021 Debentures were outstanding.
Any amount received in excess of the amount permitted to be received by the
prohibited transferee or holder of the Excess 2021 Debentures shall be turned
over to the charitable beneficiary of the trust.

      In the event that the foregoing restrictions are determined to be void or
invalid by virtue of any legal decision, statute, rule or regulation, then the
intended transferee or holder of any Excess 2021 Debentures may be deemed, at
the Company's option, to have acted as an agent on

                                       16
<PAGE>

the Company's behalf in acquiring or holding such Excess 2021 Debentures and to
hold such Excess 2021 Debentures on the Company's behalf.

      The Company shall have the right to purchase any Excess 2021 Debentures
held by the trust for a period of 90 days from the later of (i) the date the
transfer or other event resulting in Excess 2021 Debentures has occurred and
(ii) the date the Company determines in good faith that a transfer or other
event resulting in Excess 2021 Debentures has occurred. The price per Excess
2021 Debenture to be paid by the Company shall be equal to the lesser of (i) the
price per debenture paid in the transaction that created such Excess 2021
Debentures (or, in the case of certain other events, the market price per
debenture for the Excess 2021 Debentures on the date of such event), or (ii) the
lowest market price for the Excess 2021 Debentures at any time after their
designation as Excess 2021 Debentures and prior to the date the Company accepts
such offer.

      The Trustee shall have no responsibility to monitor the ownership of the
2021 Debentures.

Section 215       PAYMENTS OF ADDITIONAL AMOUNTS.

      Sections 10.5 and 11.8 of the Indenture shall apply to the 2021
Debentures.

                                 ARTICLE THREE

                           AMENDMENTS TO THE INDENTURE

Section 301       PROVISIONS APPLICABLE ONLY TO 2021 DEBENTURES.

      The Provisions contained herein shall apply to the 2021 Debentures only
and not to any other series of Security issued under the Indenture and any
covenants provided herein are expressly being included solely for the benefit of
the 2021 Debentures and not for the benefit of any other series of Security
issued under the Indenture. These amendments shall be effective for so long as
there remain any 2021 Debentures Outstanding.

Section 302       REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

      The Indenture is hereby amended, subject to Section 301 hereof and with
respect to the 2021 Debentures only, by replacing the seventh paragraph of
Section 3.5 with the following paragraph:

      The Company shall not be required (i) to issue, register the transfer of
or exchange the Securities of any series during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of Securities of that series selected for redemption and ending at
the close of business on the day of such mailing, (ii) to register the transfer
of or exchange any 2021 Debenture so selected for redemption in whole or in
part, except the unredeemed portion of any 2021 Debenture being redeemed in
part, or (iii) to exchange or register a transfer of any 2021 Debenture or
portions thereof in respect of which a Change in Control Purchase Notice or
Repurchase Notice has been delivered and not withdrawn by the

                                       17
<PAGE>

Holder thereof (except, in the case of the purchase of a 2021 Debenture in part,
the portion not to be purchased).

Section 303       RESERVED.

Section 304       PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

      The Indenture is hereby amended, subject to Section 301 hereof and with
respect to the 2021 Debentures only, by inserting the following paragraph before
the final paragraph in Section 3.7 of the Indenture:

      On conversion of a Holder's 2021 Debentures, such Holder shall not receive
any cash payment of interest (unless such 2021 Debentures or portions thereof
have been called for redemption in accordance with Article 5 hereof on a
Redemption Date that occurs between a Regular Record Date and the third business
day after the Interest Payment Date to which it relates). The Company's delivery
to a Holder of the full number of shares of Common Stock into which a 2021
Debenture is convertible, together with any cash payment for such Holder's
fractional shares, or cash or a combination of cash and Common Stock in lieu
thereof, shall be deemed to satisfy the Company's obligation to pay the
principal amount at maturity of the 2021 Debenture and to satisfy the Company's
obligation to pay accrued interest attributable to the period from the most
recent Interest Payment Date through the Conversion Date.

      Notwithstanding the above, if any 2021 Debentures are converted after a
Regular Record Date but prior to the next succeeding Interest Payment Date,
Holders of such 2021 Debentures at the close of business on such Regular Record
Date shall receive the interest payable on such 2021 Debentures on the
corresponding Interest Payment Date notwithstanding the conversion. Such 2021
Debentures, upon surrender for conversion, must be accompanied by funds equal to
the amount of interest payable on the principal amount of the 2021 Debentures so
converted, unless such 2021 Debentures have been called for redemption on a
Redemption Date that occurs between a Regular Record Date and the third business
day after the Interest Payment Date to which it relates, in which case no such
payment shall be required.

Section 305       DISCHARGE OF LIABILITY ON SECURITIES.

      When (i) the Company delivers to the Trustee or any Paying Agent all
Outstanding 2021 Debentures (other than 2021 Debentures replaced pursuant to
Section 3.6 of the Indenture) for cancellation or (ii) all Outstanding 2021
Debentures have become due and payable and the Company deposits with the Trustee
or any Paying Agent cash or, if expressly permitted by the terms of the 2021
Debentures, Common Stock sufficient to pay all amounts due and owing on all
Outstanding 2021 Debentures (other than 2021 Debentures replaced pursuant to
Section 3.6), and if in either case the Company pays all other sums payable
hereunder by the Company, then this Supplemental Indenture shall, subject to
Section 6.7 of the Indenture, cease to be of further effect, except for the
indemnification of the Trustee, which shall survive. The Trustee shall join in
the execution of a document prepared by the Company acknowledging satisfaction
and discharge of this Supplemental Indenture on demand of the Company
accompanied by an Officers' Certificate and Opinion of Counsel and at the
reasonable cost and expense of the Company.

                                       18
<PAGE>

Section 306       REPAYMENT TO THE COMPANY.

      The Trustee and the Paying Agent shall return to the Company upon written
request any money or securities held by them for the payment of any amount with
respect to the 2021 Debentures that remains unclaimed for two years, subject to
applicable unclaimed property law. After return to the Company, Holders entitled
to the money or securities must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person
and the Trustee and the Paying Agent shall have no further liability to the
Holders of 2021 Debentures with respect to such money or securities for that
period commencing after the return thereof.

Section 307       EVENTS OF DEFAULT.

      The Indenture is hereby amended, subject to Section 301 hereof and with
respect to the 2021 Debentures only, by replacing Section 5.1 with the following
paragraph:

      "Event of Default", wherever used herein, means with respect to the 2021
Debentures any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                  (1) default in the payment of any interest upon any 2021
      Debenture when it becomes due and payable or in the payment of any
      Liquidated Damages pursuant to the Registration Rights Agreement, and
      continuance of such default for a period of 30 days; or

                  (2) default in the payment of the principal amount at its
      Maturity on the 2021 Debentures (or upon declaration of acceleration
      thereof), the Repurchase Price, when due, or the Change in Control
      Purchase Price, when due; or

                  (3) a default under any bonds, debentures, notes or other
      evidences of indebtedness for money borrowed by the Company or a
      Subsidiary or under any mortgages, indentures or instruments under which
      there may be issued or by which there may be secured or evidenced any
      indebtedness for money borrowed by the Company or a Subsidiary, whether
      such indebtedness now exists or shall hereafter be created, which
      indebtedness, individually or in the aggregate, is in excess of
      $30,000,000 principal amount (excluding any such indebtedness of any
      Subsidiary other than a Significant Subsidiary, all the indebtedness of
      which Subsidiary is nonrecourse to the Company or any other Subsidiary),
      which default shall constitute a failure to pay any portion of the
      principal of or interest on such indebtedness when due and payable after
      the expiration of any applicable grace or cure period with respect thereto
      or shall have resulted in such indebtedness becoming or being declared due
      and payable prior to the date on which it would otherwise have become due
      and payable, without such indebtedness having been discharged, or such
      acceleration having been rescinded or annulled, within a period of 30 days
      after there shall have been given, by registered or certified mail, to the
      Company by the Trustee or to the Company and the Trustee by the Holders of
      at least 25% in principal

                                       19
<PAGE>

      amount of the Outstanding 2021 Debentures a written notice specifying such
      default and requiring the Company to cause such indebtedness to be
      discharged or cause such acceleration to be rescinded or annulled and
      stating that such notice is a "Notice of Default" hereunder; or

                  (4) default by the Company in the performance, or breach, of
      any covenant or warranty of the Company in the Indenture or this
      Supplemental Indenture for the benefit of the 2021 Debentures (other than
      a covenant or warranty a default in whose performance or whose breach is
      elsewhere in this Section 501 specifically dealt with), and continuance of
      such default or breach for a period of 60 days after there has been given,
      by registered or certified mail, to the Company by the Trustee or to the
      Company and the Trustee by the Holders of at least 25% in principal amount
      of the Outstanding 2021 Debentures a written notice specifying such
      default or breach and requiring it to be remedied and stating that such
      notice is a "Notice of Default" hereunder; or

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

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

                                       20
<PAGE>

      taking of corporate action by the Company or a Significant Subsidiary in
      furtherance of any such action.

Section 308       UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM
                  AND INTEREST.

      Notwithstanding any other provision in this Supplemental Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 3.7 of the Indenture) interest on such Security on the
Stated Maturity or Maturities expressed in such Security (or in the case of
redemption, to receive the Redemption Price on the Redemption Date, in the case
of a repurchase, to receive the Repurchase Price on the Repurchase Date, or in
the case of a Change in Control, to receive the Change in Control Purchase Price
on the Change in Control Purchase Date) and to institute suit for the
enforcement of any such payment on or after such respective dates, and such
rights shall not be impaired without the consent of such Holder.

Section 309       REPORTS BY COMPANY.

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

                  (2) file with the Trustee and the Commission, in accordance
with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the
Company with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and

                  (3) transmit by mail to all Securityholders, as their names
and addresses appear in the Security Register, within 30 days after the filing
thereof with the Trustee, such summaries of any information, documents and
reports required to be filed by the Company pursuant to paragraphs (1) and (2)
of this Section as may be required by rules and regulations prescribed from time
to time by the Commission.

                  If at any time while any of the Securities are "restricted
securities" within the meaning of Rule 144, the Company is no longer subject to
the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Company will prepare and will furnish to any Holder, any beneficial owner of
Securities and any prospective purchaser of Securities designated by a Holder or
a beneficial owner of Securities, promptly upon request, the

                                       21
<PAGE>

information required pursuant to Rule 144A(d)(4) (or any successor thereto)
under the Securities Act in connection with the offer, sale or transfer of
Securities.

Section 310       CONSOLIDATION, MERGER AND SALE.

      Section 8.1 of the Indenture is, with respect to the 2021 Debentures only,
hereby amended and restated in its entirety to read as follows:

            The Company shall not consolidate with or merge into any other
entity or convey or transfer its properties and assets substantially as an
entirety to any entity, unless:

      (a) the successor or transferee entity is a corporation, limited liability
company trust or partnership organized under the laws of the United States or
any State of the United States or the District of Columbia or the Republic of
Panama or any other country recognized by the United States and all political
subdivisions of such countries;

      (b) the successor or transferee entity, if other than the Company,
expressly assumes by a supplemental indenture executed and delivered to the
Trustee, in form reasonably satisfactory to the Trustee, the due and punctual
payment of the principal of, any premium on and any interest on, all the
outstanding 2021 Debentures and the performance of every covenant in the
Indenture (as supplemented by this Supplemental Indenture) to be performed or
observed by the Company and provides for conversion rights in accordance with
applicable provisions of the Indenture and this Supplemental Indenture;

      (c) immediately after giving the effect to the transaction, no Event of
Default and no event which, after notice or lapse of time or both, would become
an Event of Default, has occurred and is continuing; and

      (d) the Company has delivered to the Trustee an officers' certificate and
an opinion of counsel, each in the form required by the Indenture and this
Supplemental Indenture, stating that such consolidation, merger, conveyance or
transfer and such supplemental indenture comply with the foregoing provisions
relating to such transaction.

Section 311       SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

      Section 9.1 of the Indenture is hereby amended, subject to Section 301
hereof and with respect to the 2021 Debentures only, by inserting the following
paragraph:

      (12) to add any rights for the benefit of Holders of 2001 Debentures; and

      (13) to provide any additional events of default.

      Section 312 Supplemental Indenture with Consent of Holder.

      Section 9.2 of the Indenture is, with respect to the 2021 Debentures only,
hereby amended and restated in its entirety to read as follows:

                                       22
<PAGE>

      With the consent of the Holders of not less than a majority in principal
amount of the Outstanding 2021 Debentures, by Act of said Holders delivered to
the Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act of 1939 as in force at the date of execution thereof) for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of 2021 Debentures; provided,
however, that no such supplemental indenture shall (i) change the Maturity of
any payment of principal of, or any premium on, or any installment of interest
on any 2021 Debenture, or reduce the principal amount thereof or the rate of
interest or any premium thereon, or change the place of payment where, or the
coin or currency in which any 2021 Debenture or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any
such payment on or after the Maturity thereof (or, in the case of redemption or
repayment, on or after the redemption date or the repayment date, as the case
may be), (ii) adversely affect the conversion rights of the Holders under
Article Four of the Supplemental Indenture or the right of Holders to require
the Company to repurchase the 2021 Debentures under Articles Six and Seven of
the Supplemental Indenture, (iii) reduce the percentage in aggregate principal
amount of the Outstanding 2021 Debentures, the consent of whose holders is
required for any such modification, or the consent of whose holders is required
for any waiver of compliance with the provisions of the Indenture or the
Supplemental Indenture or for any waiver of an Event of Default; or (iv) modify
this Section 9.2, except to increase any percentages required for approval or to
provide that certain other provisions of the Indenture or the Supplemental
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding 2021 Debenture affected thereby.

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

      Upon the request of the Company accompanied by a copy of a Board
Resolution authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of Holders as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture. It shall not be necessary for any Act of Holders under
this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

Section 313       MAINTENANCE OF OFFICE OR AGENCY.

      The first paragraph of Section 10.2 of the Indenture is hereby amended,
subject to Section 301 hereof and with respect to the 2021 Debentures only, by
changing the first sentence thereof to read in its entirety as follows:

      The Company shall maintain in each Place of Payment for the 2021
Debentures an office or agency where the 2021 Debentures may be presented or
surrendered for payment, where the 2021 Debentures may be surrendered for
registration of transfer or exchange, where the 2021

                                       23
<PAGE>

Debentures may be surrendered for conversion and where notices and demands to or
upon the Company in respect of the 2021 Debentures and this Indenture may be
served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such 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, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

Section 314       REDEMPTION.

            (a) Section 11.4 of the Indenture is hereby amended, subject to
Section 301 hereof and with respect to the 2021 Debentures only, by deleting the
word "and" at the end of paragraph (5) thereof, replacing the period at the end
of paragraph (6) thereof with ", and" and by inserting the following paragraph:

      (7) the election of the Company (which, subject to the provisions of
Article Four of the Supplemental Indenture, shall be irrevocable) to deliver
shares of Common Stock or to pay cash or a combination of cash and Common Stock
in lieu of delivery of such shares with respect to any 2021 Debentures.

Section 315       CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION.

      In connection with 2021 Debentures, the Company may arrange for the
purchase and conversion of any 2021 Debentures called for redemption by an
agreement with one or more investment bankers or other purchasers to purchase
such 2021 Debentures by paying to a Paying Agent (other than the Company or any
of its Affiliates) in trust for the Holders, on or before 11:00 A.M. New York
City time on the Redemption Date, an amount that, together with any amounts
deposited with such Paying Agent by the Company for the redemption of such 2021
Debentures, is not less than the Redemption Price of such 2021 Debentures.
Notwithstanding anything to the contrary contained in this Article, the
obligation of the Company to pay the Redemption Price of such 2021 Debentures
shall be deemed to be satisfied and discharged to the extent such amount is so
paid by such purchasers; provided, however, that nothing in this Section 319
shall relieve the Company of its obligation to pay the Redemption Price of 2021
Debentures called for redemption. If such an agreement is entered into, any 2021
Debentures called for redemption and not surrendered for conversion by the
Holders thereof prior to the relevant Redemption Date may, at the option of the
Company upon written notice to the Trustee, be deemed, to the fullest extent
permitted by law, acquired by such purchasers from such Holders and
(notwithstanding anything to the contrary contained in Article Four) surrendered
by such purchasers for conversion, all as of immediately prior to the close of
business on the Business Day immediately prior to the Redemption Date, subject
to payment of the above amount as aforesaid. The Paying Agent shall hold and pay
to the Holders whose 2021 Debentures are selected for redemption any such amount
paid to it for purchase in the same manner as it would money deposited with it
by the Company for the redemption of 2021 Debentures. Without the Paying Agent's
prior written consent, no arrangement between the Company and such purchasers
for the purchase and conversion of any 2021 Debentures shall increase or
otherwise affect any of the powers, duties, responsibilities or obligations of
the

                                       24
<PAGE>

Paying Agent as set forth in this Indenture, and the Company agrees to indemnify
the Paying Agent from, and hold it harmless against, any loss, liability or
expense arising out of or in connection with any such arrangement for the
purchase and conversion of any 2021 Debentures between the Company and such
purchasers, including the costs and expenses incurred by the Paying Agent in the
defense of any claim or liability reasonably incurred without negligence or bad
faith on its part arising out of or in connection with the exercise or
performance of any of its powers, duties, responsibilities or obligations under
this Indenture, in accordance with the indemnity provisions applicable to the
Trustee set forth herein.

Section 316       OPTIONAL REDEMPTION OR ASSUMPTION OF SECURITIES UNDER CERTAIN
                  CIRCUMSTANCES.

      The Debentures may be redeemed in accordance with Section 11.8 of the
Indenture which is hereby amended, subject to Section 301 hereof and with
respect to the 2021 Debentures only, by adding the following subsection:

      (c) In the event that the 2021 Debentures are called for redemption
pursuant to the terms of this Section, the Holders of 2021 Debentures shall have
all rights, including rights to conversion and to the receipt of interest upon
conversion, which such Holders would have had if the 2021 Debentures had been
called for redemption by the Company pursuant to Article Five hereof.

                                  ARTICLE FOUR

                                   CONVERSION

Section 401       CONVERSION RIGHTS.

      2021 Debentures shall be convertible in accordance with their terms and in
accordance with this Article.

      The initial conversion rate (the "Conversion Rate") is 25.5467 shares of
Common Stock per $1,000 principal amount of 2021 Debentures, subject to
adjustment upon the occurrence of certain events described in this Article. A
Holder of a 2021 Debenture otherwise entitled to a fractional share shall
receive cash in an amount equal to the value of such fractional share based on
the Sale Price on the trading day immediately preceding the Conversion Date.
Upon a conversion, the Company may deliver cash or a combination of cash and
Common Stock in lieu of Common Stock, as described in Section 405.

      A Holder of 2021 Debentures is not entitled to any rights of a holder of
Common Stock until such Holder has converted its 2021 Debentures to Common
Stock, and only to the extent such 2021 Debentures are deemed to have been
converted into Common Stock pursuant to this Article.

Section 402       CONVERSION RIGHTS BASED ON COMMON STOCK PRICE.

      Commencing after May 31, 2001, a Holder of a 2021 Debenture may convert
the principal amount of such 2021 Debentures into shares of Common Stock in any
fiscal quarter

                                       25
<PAGE>

(and only during such fiscal quarter), if, as of the last day of the preceding
fiscal quarter, the closing sale price of the Common Stock for at least 20
Trading Days in a period of 30 consecutive Trading Days ending on the last
Trading Day of such preceding fiscal quarter is more than 110% of the Conversion
Price (as defined below) per share of Common Stock that is in effect on such
last day of such preceding fiscal quarter.

      The "Conversion Price" per share of Common Stock shall initially equal
$39.14 and shall be adjusted as described in Section 409(g).

Section 403       CONVERSION RIGHTS UPON NOTICE OF REDEMPTION.

      A Holder of a 2021 Debenture may surrender for conversion a 2021 Debenture
called for redemption under Article Five hereof at any time prior to the close
of business on the Redemption Date, even if it is not otherwise convertible at
such time. A 2021 Debenture for which a Holder has delivered a Repurchase Notice
as described in Section 601 or a Change in Control Purchase Notice as described
in Section 701 requiring the Company to purchase such 2021 Debentures may be
surrendered for conversion only if such notice is withdrawn in accordance with
this Supplemental Indenture.

      In case a 2021 Debenture or portion thereof is called for redemption
pursuant to Article Eleven of the Indenture and/or Article Five hereof, such
conversion right shall terminate at the close of business on the Business Day
immediately preceding the Redemption Date for such 2021 Debenture or such
earlier date as the Holder presents such 2021 Debenture for redemption (unless
the Company shall default in making the payment of the Redemption Price when
due, in which case the conversion right shall terminate at the close of business
on the date such default is cured and such Redemption Price is paid).

Section 404       CONVERSION RIGHTS UPON OCCURRENCE OF CERTAIN CORPORATE
                  TRANSACTIONS.

      If the Corporation is a party to a consolidation, merger or binding share
exchange pursuant to which the shares of Common Stock would be converted into
cash, securities or other property, any 2021 Debenture may be surrendered for
conversion at any time from and after the date which is 15 days prior to the
anticipated effective date of the transaction until 15 days after the actual
date of such transaction and, at the effective time of the transaction, the
right to convert a 2021 Debenture into shares of Common Stock shall be changed
into a right to convert such 2021 Debenture into the kind and amount of cash,
securities or other property of the Company or another person which the Holder
would have received if the Holder had converted such 2021 Debenture immediately
prior to the transaction. Notwithstanding anything to the contrary, no 2021
Debentures may be surrendered for conversion pursuant to this Section 404 by
reason of the completion of a merger, consolidation or other transaction
effected with one of the Company's Affiliates for the purpose of (i) changing
the Company's jurisdiction of organization or (ii) effecting a corporate
reorganization, including, without limitation, the implementation of a holding
company structure.

Section 405 CONVERSION PROCEDURES.

      To convert a 2021 Debenture, a Holder must (a) complete and manually sign
the conversion notice or a facsimile of the Conversion Notice on the back of the
2021 Debenture and

                                       26
<PAGE>

deliver such notice to a Conversion Agent, (b) surrender the 2021 Debenture to a
Conversion Agent, (c) furnish appropriate endorsements and transfer documents if
required by the Security Registrar or a Conversion Agent, and (d) pay any
transfer or similar tax, if required. The date on which the Holder satisfies all
of those requirements is the "Conversion Date." Within two Business Days
following the Conversion Date, the Company shall deliver to the Holder, through
the Conversion Agent, written notice of whether such 2021 Debentures shall be
converted into Common Stock or paid in cash or a combination of cash and Common
Stock, unless the Company shall have delivered to such Holder notice of
redemption pursuant to Section 11.4 of the Indenture and the Conversion Date
occurs before the Redemption Date set forth in such notice. If the Company shall
have notified the Holder that all of such 2021 Debentures shall be converted
into Common Stock, the Company shall deliver to the Holder through the
Conversion Agent, as soon as practicable but in any event no later than the
fifth Business Day following the Conversion Date, a certificate for the number
of whole shares of Common Stock issuable upon the conversion and cash in lieu of
any fractional shares pursuant to Section 406. Except as otherwise provided in
this Article Four, if the Company shall have notified the Holder that all or a
portion of such 2021 Debenture shall be paid in cash, the Company shall deliver
to the Holder surrendering such 2021 Debenture the amount of cash payable with
respect to such 2021 Debenture no later than the tenth Business Day following
such Conversion Date, together with a certificate for the number of full shares
of Common Stock deliverable upon the conversion and cash in lieu of any
fractional share determined pursuant to Section 406 hereof. Except as otherwise
provided in this Article Four, the Company may not change its election with
respect to the consideration to be delivered upon conversion of a 2021 Debenture
once the Company has notified the Holder in accordance with this paragraph.
Anything herein to the contrary notwithstanding, in the case of Global
Securities, conversion notices may be delivered and such 2021 Debentures may be
surrendered for conversion in accordance with the Applicable Procedures of the
Depositary as in effect from time to time. The Person in whose name the Common
Stock certificate is registered shall be deemed to be a shareholder of record on
the Conversion Date; PROVIDED, HOWEVER, that no surrender of a 2021 Debenture on
any date when the stock transfer books of the Company are closed shall be
effective to constitute the Person or Persons entitled to receive the shares of
Common Stock upon such conversion as the record holder or holders of such shares
of Common Stock on such date, but such surrender shall be effective to
constitute the Person or Persons entitled to receive such shares of Common Stock
as the record holder or holders thereof for all purposes at the close of
business on the next succeeding day on which such stock transfer books are open;
PROVIDED FURTHER, HOWEVER, that such conversion shall be at the Conversion Rate
in effect on the date that such 2021 Debenture shall have been surrendered for
conversion, as if the stock transfer books of the Company had not been closed.
Upon conversion of a 2021 Debenture, such Person shall no longer be a Holder of
such 2021 Debenture.

      No payment or adjustment shall be made for dividends on, or other
distributions with respect to, any Common Stock except as provided in this
Article. On conversion of a 2021 Debenture, except as provided below in the case
of certain 2021 Debentures or portions thereof called for redemption described
in Section 304 hereof, that portion of accrued and unpaid interest on the
converted 2021 Debenture attributable to the period from the most recent
Interest Payment Date (or, if no Interest Payment Date has occurred, from the
Issue Date) through the Conversion Date attributable to the most recent accrual
date with respect to the converted 2021 Debenture shall not be cancelled,
extinguished or forfeited, but rather shall be deemed to be paid in full to

                                       27
<PAGE>

the Holder thereof through delivery of the Common Stock (together with the cash
payment, if any, in lieu of fractional shares), or cash or a combination of cash
and Common Stock in lieu thereof, in exchange for the 2021 Debenture being
converted pursuant to the provisions hereof, and the fair market value of such
shares of Common Stock (together with any such cash payment in lieu of
fractional shares), or cash or a combination of cash and Common Stock in lieu
thereof, shall be treated as issued, to the extent thereof, first in exchange
for accrued and unpaid interest through the Conversion Date and the balance, if
any, of such fair market value of such Common Stock (and any such cash payment),
or cash in lieu thereof, shall be treated as issued in exchange for the
principal amount of the 2021 Debenture being converted pursuant to the
provisions hereof.

      If a Holder converts more than one 2021 Debenture at the same time, the
number of shares of Common Stock issuable upon the conversion shall be based on
the aggregate principal amount of 2021 Debentures converted.

      Upon surrender of a 2021 Debenture that is converted in part, the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder, a
new 2021 Debenture equal in principal amount to the principal amount of the
unconverted portion of the 2021 Debenture surrendered.

      2021 Debentures or portions thereof surrendered for conversion during the
period from the close of business on any Regular Record Date immediately
preceding any Interest Payment Date to the opening of business on such Interest
Payment Date shall (except for 2021 Debentures called for redemption pursuant to
Article Five hereof on a Redemption Date that occurs during the period between a
Regular Record Date and the third business day after the Interest Payment Date
to which such Regular Record Date relates) be accompanied by payment to the
Company or its order, in New York Clearing House funds or other funds acceptable
to the Company, of an amount equal to the interest payable on such Interest
Payment Date on the principal amount of 2021 Debentures or portions thereof
being surrendered for conversion.

      The Holders' rights to convert 2021 Debentures into Common Stock are
subject to the Company's right to elect instead to pay each such Holder the
amount of cash set forth in the next succeeding sentence (or an equivalent
amount in a combination of cash and shares of Common Stock), in lieu of
delivering such Common Stock; PROVIDED, HOWEVER, that if an Event of Default
(other than a default in a cash payment upon conversion of the 2021 Debentures)
shall have occurred and be continuing, the Company shall deliver Common Stock in
accordance with this Article, whether or not the Company has delivered a notice
pursuant to Section 11.4 of the Indenture or Section 405 hereof to the effect
that the Debentures would be paid in cash or a combination of cash and Common
Stock. The amount of cash to be paid pursuant to Section 405 hereof for each
$1,000 of principal amount of a 2021 Debenture (or portion thereof) upon
conversion shall be equal to the average Sale Price of the Common Stock for the
five consecutive trading days immediately following (i) the date of the
Company's notice of its election to deliver cash upon conversion, if the Company
shall not have given a notice of redemption pursuant to Section 11.4 of the
Indenture, or (ii) the Conversion Date, in the case of a conversion following
such a notice of redemption specifying an intent to deliver cash upon
conversion, in either case multiplied by the Conversion Rate (or appropriate
fraction of such Conversion Rate) in effect on such Conversion Date.

                                       28
<PAGE>

Section 406       FRACTIONAL SHARES.

      The Company shall not issue a fractional share of Common Stock upon
conversion of a Security. Instead, the Company will deliver cash for the current
market value of the fractional share. The current market value of a fractional
share of Common Stock shall be determined, to the nearest 1/1,000th of a share,
by multiplying the Sale Price on the Trading Day immediately prior to the
Conversion Date, of a full share of Common Stock by the fractional amount and
rounding the product to the nearest whole cent.

Section 407       TAXES ON CONVERSION.

      If a Holder converts a 2021 Debenture, the Company shall pay any
documentary, stamp or similar issue or transfer tax due on the issue of shares
of Common Stock upon such conversion. However, the Holder shall pay any such tax
which is due because the Holder requests the shares to be issued in a name other
than the Holder's name. The Conversion Agent may refuse to deliver the
certificate representing the Common Stock being issued in a name other than the
Holder's name until the Conversion Agent receives a sum sufficient to pay any
tax which will be due because the shares are to be issued in a name other than
the Holder's name. Nothing herein shall preclude any tax withholding required by
law or regulation.

Section 408       COMPANY TO PROVIDE COMMON STOCK.

      The Company shall, prior to issuance of any 2021 Debentures under this
Article, and from time to time as may be necessary, reserve, out of its
authorized but unissued Common Stock, a sufficient number of shares of Common
Stock to permit the conversion of all 2021 Debentures Outstanding into shares of
Common Stock. All shares of Common Stock delivered upon conversion of the 2021
Debentures shall be newly issued shares, shall be duly authorized, validly
issued, fully paid and nonassessable and shall be free from preemptive rights
and free of any Lien or adverse claim.

      The Company will endeavor promptly to comply with all federal and state
securities laws regulating the registration of the offer and delivery of shares
of Common Stock to a converting Holder upon conversion of 2021 Debentures, if
any, and will list or cause to have quoted such shares of Common Stock on each
national securities exchange or on the NASDAQ National Market or other
over-the-counter market or such other market on which the Common Stock are then
listed or quoted.

Section 409       ADJUSTMENT OF CONVERSION RATE.

      The Conversion Rate shall be adjusted from time to time by the Company as
follows:

      (a) In case the Company (i) pays a dividend on its Common Stock in shares
of Common Stock, (ii) makes a distribution on its Common Stock in shares of
Common Stock, (iii) subdivides its outstanding Common Stock into a greater
number of shares, or (iv) combines its outstanding Common Stock into a smaller
number of shares, the Conversion Rate in effect thereto shall be adjusted so
that the Holder of any 2021 Debenture thereafter surrendered for conversion
shall be entitled to receive that number of shares of Common Stock which it
would have owned had such 2021 Debenture been converted immediately prior to the

                                       29
<PAGE>

happening of such event. An adjustment made pursuant to this subsection (a)
shall become effective immediately after the record date in the case of a
dividend or distribution and shall become effective immediately after the
effective date in the case of subdivision or combination.

      (b) In case the Company issues rights or warrants to all or substantially
all holders of its Common Stock entitling them (for a period commencing no
earlier than the record date described below and expiring not more than 60 days
after such record date) to subscribe for or purchase shares of Common Stock (or
securities convertible into Common Stock) at a price per share (or having a
conversion price per share) less than the current market price per share of
Common Stock (as determined in accordance with subsection (e) of this Section
409) on the record date for the determination of shareholders entitled to
receive such rights or warrants, the Conversion Rate in effect immediately prior
thereto shall be adjusted so that the same shall equal the rate determined by
multiplying the Conversion Rate in effect immediately prior to such record date
by a fraction of which the numerator shall be the number of shares of Common
Stock outstanding on such record date plus the number of additional shares of
Common Stock offered (or into which the convertible securities so offered are
convertible), and of which the denominator shall be the number of shares of
Common Stock outstanding on such record date plus the number of shares which the
aggregate offering price of the total number of shares of Common Stock so
offered (or the aggregate conversion price of the convertible securities so
offered, which shall be determined by multiplying the number of shares of Common
Stock issuable upon conversion of such convertible securities by the conversion
price per share of Common Stock pursuant to the terms of such convertible
securities) would purchase at the current market price per share (as determined
in accordance with subsection (e) of this Section 409) of Common Stock on such
record date. Such adjustment shall be made successively whenever any such rights
or warrants are issued, and shall become effective immediately after such record
date. If at the end of the period during which such rights or warrants are
exercisable not all rights or warrants shall have been exercised, the adjusted
Conversion Rate shall be immediately readjusted to what it would have been based
upon the number of additional shares of Common Stock actually issued (or the
number of shares of Common Stock issuable upon conversion of convertible
securities actually issued).

      (c) In case the Company distributes to all or substantially all holders of
its Common Stock any shares of capital stock (other than dividends or
distributions of Common Stock on Common Stock to which Section 409(a) applies)
of the Company, evidences of indebtedness or other assets (including securities
of any Person other than the Company, but excluding all-cash distributions or
any rights or warrants referred to in Section 409(b)), then in each such case
the Conversion Rate shall be adjusted so that the same shall equal the rate
determined by multiplying the current Conversion Rate by a fraction of which the
numerator shall be the current market price per share (as determined in
accordance with subsection (e) of this Section 409) of the Common Stock on the
record date mentioned below, and of which the denominator shall be the current
market price per share (as determined in accordance with subsection (e) of this
Section 409) of the Common Stock on such record date less the fair market value
on such record date (as determined by the Board of Directors, whose
determination shall be conclusive evidence of such fair market value and which
shall be evidenced by an Officers' Certificate delivered to the Trustee) of the
portion of the capital stock, evidences of indebtedness or other non-cash assets
so distributed applicable to one share of Common Stock (determined on the basis
of the number of shares of Common Stock outstanding on the record date). Such
adjustment shall be

                                       30
<PAGE>

made successively whenever any such distribution is made and shall become
effective immediately after the record date for the determination of
shareholders entitled to receive such distribution.

      In the event that the Company implements a shareholder rights plan, such
rights plan shall provide, subject to customary exceptions and limitations, that
upon conversion of the 2021 Debentures the Holders will receive, in addition to
the Common Stock issuable upon such conversion, the rights issued under such
rights plan (notwithstanding the occurrence of an event causing such rights to
separate from the Common Stock at or prior to the time of conversion). Any
distribution of rights or warrants pursuant to a shareholder rights plan
complying with the requirements set forth in the immediately preceding sentence
of this paragraph shall not constitute a distribution of rights or warrants for
the purposes of this Section 409(c) or any other provision of this Section 409.

      Rights or warrants distributed by the Company to all holders of Common
Stock entitling the holders thereof to subscribe for or purchase shares of the
Company's capital stock (either initially or under certain circumstances), which
rights or warrants, until the occurrence of a specified event or events
("Trigger Event"): (i) are deemed to be transferred with such shares of Common
Stock; (ii) are not exercisable; and (iii) are also issued in respect of future
issuances of Common Stock, shall be deemed not to have been distributed for
purposes of this Section 409(c) or any other provision of this Section 409(c)
(and no adjustment to the Conversion Rate under this Section 409(c) or any other
provision of this Section 409 will be required) until the occurrence of the
earliest Trigger Event. If such right or warrant is subject to subsequent
events, upon the occurrence of which such right or warrant shall become
exercisable to purchase different securities, evidences of indebtedness or other
assets or entitle the holder to purchase a different number or amount of the
foregoing or to purchase any of the foregoing at a different purchase price,
then the occurrence of each such event shall be deemed to be the date of
issuance and record date with respect to a new right or warrant (and a
termination or expiration of the existing right or warrant without exercise by
the holder thereof). In addition, in the event of any distribution (or deemed
distribution) of rights or warrants, or any Trigger Event or other event (of the
type described in the preceding sentence) with respect thereto, that resulted in
an adjustment to the Conversion Rate under this Section 409(c), (1) in the case
of any such rights or warrants which shall all have been redeemed or repurchased
without exercise by any holders thereof, the Conversion Rate shall be readjusted
upon such final redemption or repurchase to give effect to such distribution or
Trigger Event, as the case may be, as though it were a cash distribution, equal
to the per share redemption or repurchase price received by a holder of Common
Stock with respect to such rights or warrants (assuming such holder had retained
such rights or warrants), made to all holders of Common Stock as of the date of
such redemption or repurchase, and (2) in the case of such rights or warrants
all of which shall have expired or been terminated without exercise, the
Conversion Rate shall be readjusted as if such rights and warrants had never
been issued.

      (d)(1) In case the Company, by dividend or otherwise, at any time
distributes (a "Triggering Distribution") to all or substantially all holders of
its Common Stock all-cash distributions in an aggregate amount that, together
with the aggregate amount of (A) any cash and the fair market value (as
determined by the Board of Directors, whose determination shall be conclusive
evidence thereof and which shall be evidenced by an Officers' Certificate
delivered to

                                       31
<PAGE>

the Trustee) of any other consideration payable in respect of any tender offer
by the Company or a Subsidiary of the Company for Common Stock consummated
within the 12 months preceding the date of payment of the Triggering
Distribution and in respect of which no Conversion Rate adjustment pursuant to
this Section 409 has been made and (B) all other cash distributions to all or
substantially all holders of its Common Stock made within the 12 months
preceding the date of payment of the Triggering Distribution and in respect of
which no Conversion Rate adjustment pursuant to this Section 409 has been made,
exceeds an amount equal to 7.5% of the product of the current market price per
share of Common Stock (as determined in accordance with subsection (e) of this
Section 409) on the Business Day (the "Determination Date") immediately
preceding the day on which such Triggering Distribution is declared by the
Company multiplied by the number of shares of Common Stock outstanding on the
Determination Date (excluding shares held in the treasury of the Company), the
Conversion Rate shall be increased so that the same shall equal the rate
determined by multiplying such Conversion Rate in effect immediately prior to
the Determination Date by a fraction of which the numerator shall be such
current market price per share of Common Stock (as determined in accordance with
subsection (e) of this Section 409) on the Determination Date, and the
denominator shall be the current market price per share of Common Stock (as
determined in accordance with subsection (e) of this Section 409) on the
Determination Date less the sum of the aggregate amount of cash and the
aggregate fair market value (determined as aforesaid) of any such other
consideration so distributed, paid or payable within such 12 months (including,
without limitation, the Triggering Distribution) applicable to one share of
Common Stock (determined on the basis of the number of shares of Common Stock
outstanding on the Determination Date), such increase to become effective
immediately prior to the opening of business on the day following the date on
which the Triggering Distribution is paid.

      (2) In case any tender offer made by the Company or any of its
Subsidiaries for Common Stock expires and such tender offer (as amended upon the
expiration thereof) involves the payment of aggregate consideration in an amount
(determined as the sum of the aggregate amount of cash consideration and the
aggregate fair market value (as determined by the Board of Directors, whose
determination shall be conclusive evidence thereof and which shall be evidenced
by an Officers' Certificate delivered to the Trustee thereof ) of any other
consideration) that, together with the aggregate amount of (A) any cash and the
fair market value (as determined by the Board of Directors, whose determination
shall be conclusive evidence thereof and which shall be evidenced by an
Officers' Certificate delivered to the Trustee) of any other consideration
payable in respect of any other tender offers by the Company or any Subsidiary
of the Company for Common Stock consummated within the 12 months preceding the
date of the Expiration Date (as defined below) and in respect of which no
Conversion Rate adjustment pursuant to this Section 409 has been made and (B)
all cash distributions to all or substantially all holders of its Common Stock
made within the 12 months preceding the Expiration Date and in respect of which
no Conversion Rate adjustment pursuant to this Section 409 has been made,
exceeds an amount equal to 7.5% of the product of the current market price per
share of Common Stock (as determined in accordance with subsection (e) of this
Section 409) as of the last date (the "Expiration Date") tenders could have been
made pursuant to such tender offer (as it may be amended) (the last time at
which such tenders could have been made on the Expiration Date is hereinafter
sometimes called the "Expiration Time") multiplied by the number of shares of
Common Stock outstanding (including tendered shares but excluding any shares
held in the treasury of the Company) at the Expiration Time, then,

                                       32
<PAGE>

immediately prior to the opening of business on the day after the Expiration
Date, the Conversion Rate shall be increased so that the same shall equal the
rate determined by multiplying the Conversion Rate in effect immediately prior
to close of business on the Expiration Date by a fraction of which the numerator
shall be the sum of (x) the aggregate consideration (determined as aforesaid)
payable to stockholders based on the acceptance (up to any maximum specified in
the terms of the tender offer) of all shares validly tendered and not withdrawn
as of the Expiration Time (the shares deemed so accepted, up to any such
maximum, being referred to as the "Purchased Shares") and (y) the product of the
number of shares of Common Stock outstanding (less any Purchased Shares and
excluding any shares held in the treasury of the Company) at the Expiration Time
and the current market price per share of Common Stock (as determined in
accordance with subsection (e) of this Section 409) on the Trading Day next
succeeding the Expiration Date, and the denominator shall be the product of the
number of shares of Common Stock outstanding (including tendered shares but
excluding any shares held in the treasury of the Company) at the Expiration Time
multiplied by the current market price per share of Common Stock (as determined
in accordance with subsection (e) of this Section 409) on the Trading Day next
succeeding the Expiration Date, such increase to become effective immediately
prior to the opening of business on the day following the Expiration Date. In
the event that the Company is obligated to purchase shares pursuant to any such
tender offer, but the Company is permanently prevented by applicable law from
effecting any or all such purchases or any or all such purchases are rescinded,
the Conversion Rate shall again be adjusted to be the Conversion Rate which
would have been in effect based upon the number of shares actually purchased. If
the application of this Section 409(d)(2) to any tender offer would result in a
decrease in the Conversion Rate, no adjustment shall be made for such tender
offer under this Section 409(d)(2).

      (3) For purposes of this Section 409(d), the term "tender offer" shall
mean and include both tender offers and exchange offers, all references to
"purchases" of shares in tender offers (and all similar references) shall mean
and include both the purchase of shares in tender offers and the acquisition of
shares pursuant to exchange offers, and all references to "tendered shares" (and
all similar references) shall mean and include shares tendered in both tender
offers and exchange offers.

      (e) For the purpose of any computation under subsections (b), (c) and (d)
of this Section 409 the current market price per share of Common Stock on any
date shall be deemed to be the average of the daily closing prices for the 10
consecutive Trading Days commencing five Trading Days before (i) the
Determination Date or the Expiration Date, as the case may be, with respect to
distributions or tender offers under subsection (d) of this Section 409 or (ii)
the record date with respect to distributions, issuances or other events
requiring such computation under subsection (b) or (c) of this Section 409. The
closing price for each day shall be the last reported sales price or, in case no
such reported sale takes place on such date, the average of the reported closing
bid and asked prices in either case on the New York Stock Exchange (the "NYSE")
or, if the Common Stock is not listed or admitted to trading on the NYSE, on the
principal national securities exchange on which the Common Stock are listed or
admitted to trading or, if not listed or admitted to trading on any national
securities exchange, the last reported sales price of the Common Stock as quoted
on NASDAQ (the term "NASDAQ" shall include, without limitation, the NASDAQ
National Market) or, in case no reported sales takes place, the average of the
closing bid and asked prices as quoted on NASDAQ or any comparable system or, if
the

                                       33
<PAGE>

Common Stock is not quoted on NASDAQ or any comparable system, the closing sales
price or, in case no reported sale takes place, the average of the closing bid
and asked prices, as furnished by any two members of the National Association of
Securities Dealers, Inc. selected from time to time by the Company for that
purpose. If no such prices are available, the current market price per share
shall be the fair value of a share of Common Stock as determined by the Board of
Directors (which shall be evidenced by an Officers' Certificate delivered to the
Trustee).

      (f) In any case in which this Section 409 requires that an adjustment be
made following a record date or a Determination Date or Expiration Date, as the
case may be, established for purposes of this Section 409, the Company may elect
to defer (but only until five Business Days following the filing by the Company
with the Trustee of the certificate described in Section 412) issuing to the
Holder of any 2021 Debenture converted after such record date or Determination
Date or Expiration Date the shares of Common Stock and other capital stock of
the Company issuable upon such conversion over and above the shares of Common
Stock and other capital stock of the Company issuable upon such conversion only
on the basis of the Conversion Rate prior to adjustment; and, in lieu of the
shares the issuance of which is so deferred, the Company shall issue or cause
its transfer agents to issue due bills or other appropriate evidence prepared by
the Company of the right to receive such shares. If any distribution in respect
of which an adjustment to the Conversion Rate is required to be made as of the
record date or Determination Date or Expiration Date therefor is not thereafter
made or paid by the Company for any reason, the Conversion Rate shall be
readjusted to the Conversion Rate which would then be in effect if such record
date had not been fixed or such effective date or Determination Date or
Expiration Date had not occurred.

      (g) Upon adjustment of the Conversion Rate pursuant to this Section 409,
the Conversion Price shall be adjusted to equal $1,000 divided by the Conversion
Rate and rounded to the nearest cent.

      (h) Upon the election by the Company to make a distribution as described
in paragraphs (b), (c) and (d) of this Section 409, which in the case of
paragraph (d) has a per share value equal to more than 15% of the Sale Price of
shares of Common Stock on the Trading Day preceding the declaration date for
such distribution, the Company shall give notice to Holders of the 2021
Debentures not less than 20 days prior to the ex-dividend date for such
distribution. Upon giving such notice, Holders may surrender the 2021 Debentures
for conversion pursuant to this Article Four at any time until the close of
business on the Business Day prior to the ex-dividend date or until the Company
publicly announces that such distribution will not be given effect.

Section 410       NO ADJUSTMENT.

      No adjustment in the Conversion Rate shall be required unless the
adjustment would require an increase or decrease of at least 1% in the
Conversion Rate as last adjusted; PROVIDED, HOWEVER, that any adjustments which
by reason of this Section 410 are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
under this Article shall be made to the nearest cent or to the nearest 1/1000th
of a share, as the case may be.

                                       34
<PAGE>

      Except pursuant to Section 414, no adjustment in the Conversion Rate will
be made by reason of the completion of a merger, consolidation or other
transaction effected with one of the Company's Affiliates for the purpose of (1)
changing the jurisdiction of organization of the Company or (2) effecting a
corporate reorganization including, without limitation, the implementation of a
holding company structure.

      No adjustment need be made for issuances of Common Stock pursuant to a
Company plan for reinvestment of dividends or interest or for a change in the
par value or a change to no par value of the Common Stock.

      To the extent that the 2021 Debentures become convertible into the right
to receive cash, no adjustment need be made thereafter as to the cash. Interest
will not accrue on the cash.

Section 411       ADJUSTMENT FOR TAX PURPOSES.

      The Company shall be entitled to make such adjustments in the Conversion
Rate, in addition to those required by Section 409, as in its discretion shall
determine to be advisable in order that any stock dividends, subdivisions of
shares, distributions of rights to purchase stock or securities or distributions
of securities convertible into or exchangeable for stock hereafter made by the
Company to its stockholders shall not be taxable.

Section 412       NOTICE OF ADJUSTMENT.

      Whenever the Conversion Rate is adjusted, the Company shall promptly mail
to Holders a notice of the adjustment and file with the Trustee an Officers'
Certificate specifying the adjusted Conversion Rate, and briefly stating the
facts requiring the adjustment and the manner of computing it.

Section 413       NOTICE OF CERTAIN TRANSACTIONS.

      In the event that:

      (1) the Company takes any action which would require an adjustment in the
Conversion Rate,

      (2) the Company takes any action that requires a supplemental indenture
pursuant to Section 414, or

      (3) there is a dissolution or liquidation of the Company,

the Company shall mail to Holders and file with the Trustee a notice stating the
proposed record or effective date, as the case may be. The Company shall mail
the notice at least fifteen days before such date. Failure to mail such notice
or any defect therein shall not affect the validity of any transaction referred
to in clause (1), (2) or (3) of this Section 413.

                                       35
<PAGE>

Section 414       EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER
                  OR SALE ON CONVERSION PRIVILEGE.

      If any of the following shall occur, namely: (a) any reclassification or
change of shares of Common Stock issuable upon conversion of the 2021 Debentures
(other than a change in par value, or from par value to no par value, or from no
par value to par value, or as a result of a subdivision or combination); (b) any
consolidation or merger in which the Company is a party consolidating with
another entity or merging with or into another entity other than a merger in
which the Company is the continuing corporation and which does not result in any
reclassification of, or change (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a
subdivision or combination) in, Outstanding shares of Common Stock; or (c) any
sale or conveyance of all or substantially all of the property and assets of the
Company to any Person, then the Company, or such successor, purchasing or
transferee corporation, as the case may be, shall, as a condition precedent to
such reclassification, change, consolidation, merger, sale or conveyance,
execute and deliver to the Trustee a supplemental indenture providing that the
Holder of each 2021 Debenture then Outstanding shall have the right to convert
such 2021 Debenture into the kind and amount of shares of stock and other
securities and property (including cash) receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of
shares of Common Stock deliverable upon conversion of such 2021 Debenture
immediately prior to such reclassification, change, consolidation, merger, sale
or conveyance. Such supplemental indenture shall provide for adjustments of the
Conversion Rate which shall be as nearly equivalent as may be practicable to the
adjustments of the Conversion Rate provided for in this Article. If, in the case
of any such consolidation, merger, sale or conveyance, the stock or other
securities and property (including cash) receivable thereupon by a holder of
Common Stock include shares of stock or other securities and property of a
Person other than the successor, purchasing or transferee corporation, as the
case may be, in such consolidation, merger, sale or conveyance, then such
supplemental indenture shall also be executed by such other Person and shall
contain such additional provisions to protect the interests of the Holders of
the 2021 Debentures as the Board of Directors shall reasonably consider
necessary by reason of the foregoing. The provisions of this Section 414 shall
similarly apply to successive reclassifications, changes, consolidations,
mergers, sales or conveyances.

      In the event the Company shall execute a supplemental indenture pursuant
to this Section 414, the Company shall promptly file with the Trustee (x) an
Officers' Certificate briefly stating the reasons therefor, the kind or amount
of shares of stock or other securities or property (including cash) receivable
by Holders of the 2021 Debentures upon the conversion of their 2021 Debentures
after any such reclassification, change, consolidation, merger, sale or
conveyance, any adjustment to be made with respect thereto and that all
conditions precedent have been complied with and (y) an Opinion of Counsel that
all conditions precedent have been complied with, and shall promptly mail notice
thereof to all Holders.

Section 415       TRUSTEE'S DISCLAIMER.

      The Trustee shall have no duty to determine when an adjustment under this
Article should be made, how it should be made or what such adjustment should be,
but may accept as conclusive evidence of that fact or the correctness of any
such adjustment, and shall be protected

                                       36
<PAGE>

in relying upon, an Officers' Certificate including the Officers' Certificate
with respect thereto which the Company is obligated to file with the Trustee
pursuant to Section 412. The Trustee makes no representation as to the validity
or value of any securities or assets issued upon conversion of 2021 Debentures,
and the Trustee shall not be responsible for the Company's failure to comply
with any provisions of this Article.

      The Trustee shall not be under any responsibility to determine the
correctness of any provisions contained in any supplemental indenture executed
pursuant to Section 414, but may accept as conclusive evidence of the
correctness thereof, and shall be fully protected in relying upon, the Officers'
Certificate with respect thereto which the Company is obligated to file with the
Trustee pursuant to Section 414.

Section 416       VOLUNTARY INCREASE.

      The Company from time to time may increase the Conversion Rate by any
amount for any period of time if the period is at least 20 days or such longer
period as may be required by law and if the increase is irrevocable during the
period.

                                  ARTICLE FIVE

              REDEMPTION OF DEBENTURES AT THE OPTION OF THE COMPANY

Section 501       GENERAL.

      Beginning on April 15, 2008, the Company may redeem the 2021 Debentures
for cash at any time as a whole, or from time to time in part, at a price equal
to 100% of the principal amount of the 2021 Debentures to be redeemed plus
accrued and unpaid interest to, but excluding, the Redemption Date in accordance
with Article 11 of the Indenture and Section 318 of this Supplemental Indenture.

                                  ARTICLE SIX

              REPURCHASE OF 2021 DEBENTURES AT OPTION OF THE HOLDER

Section 601       GENERAL.

      The Company shall be required to repurchase 2021 Debentures in accordance
with this Article Six.

      2021 Debentures shall be purchased by the Company pursuant to the terms
and conditions under the caption "Repurchase by the Company at the Option of the
Holder" in the 2021 Debentures on any April 15 occurring in the years 2005, 2008
and 2011 (each, a "Repurchase Date"), at the repurchase price specified therein
(each, a "Repurchase Price"), at the option of the Holder thereof, upon:

      (1) delivery to the Paying Agent, by the Holder of a written notice of
purchase (a "Repurchase Notice") at any time from the opening of business on the
date that is 20 Business Days prior to a Repurchase Date until the close of
business on such Repurchase Date stating:

                                       37
<PAGE>

            (A) if Certificated Security has been issued, the certificate number
of the 2021 Debenture which the Holder will deliver to be repurchased or if not,
such information as may be required under appropriate DTC Procedures,

            (B) the portion of the principal amount of the 2021 Debenture which
the Holder will deliver to be repurchased, which portion must be $ 1,000 or an
integral multiple thereof,

            (C) that such 2021 Debenture shall be purchased as of the Repurchase
Date pursuant to the terms and conditions specified under the paragraph
"Repurchase by the Company at the Option of the Holder" of the 2021 Debentures
and in the Indenture as supplemented by this Supplemental Indenture,

            (D) in the event that the Company elects, pursuant to Section 602
hereof, to pay the Repurchase Price to be paid as of such Repurchase Date, in
whole or in part, in Common Stock but such portion of the Repurchase Price shall
ultimately be payable to such Holder entirely in cash because any of the
conditions to payment of the Repurchase Price in Common Stock is not satisfied
prior to the close of business on such Repurchase Date, as set forth in Section
603 hereof, whether such Holder elects (i) to withdraw such Repurchase Notice as
to some or all of the 2021 Debentures to which such Repurchase Notice relates
(stating the principal amount and certificate numbers of the 2021 Debentures as
to which such withdrawal shall relate), or (ii) to receive cash in respect of
the entire Repurchase Price for all 2021 Debentures (or portions thereof) to
which such Repurchase Price relates, and

      (2) delivery of such 2021 Debenture to the Paying Agent prior to, on or
after the Repurchase Date (together with all necessary endorsements) at the
offices of the Paying Agent, such delivery being a condition to receipt by the
Holder of the Repurchase Price therefor; PROVIDED, HOWEVER, that such Repurchase
Price shall be so paid pursuant to this Article only if the 2021 Debenture so
delivered to the Paying Agent shall conform in all respects to the description
thereof in the related Repurchase Notice.

      If a Holder, in such Holder's Repurchase Notice and in any written notice
of withdrawal delivered by such Holder pursuant to the terms of Section 609
hereof, fails to indicate such Holder's choice with respect to the election set
forth in clause (D) of Section 601(1), such Holder shall be deemed to have
elected to receive cash in respect of the Repurchase Price for all 2021
Debentures subject to the Repurchase Notice in the circumstances set forth in
such clause (D).

      The Company shall purchase from the Holder thereof, pursuant to this
Article, a portion of a 2021 Debenture if the principal amount of such portion
is $1,000 or an integral multiple of $1,000. Provisions of this Indenture that
apply to the purchase of all of a 2021 Debenture also apply to the purchase of
such portion of such 2021 Debenture.

      Any purchase by the Company contemplated pursuant to the provisions of
this Article shall be consummated by the delivery of the consideration to be
received by the Holder (if any) promptly following the later of the Repurchase
Date and the time of delivery of the 2021 Debenture.

                                       38
<PAGE>

      Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent the Repurchase Notice contemplated by this Section 601 shall
have the right to withdraw such Repurchase Notice at any time prior to the close
of business on the Repurchase Date by delivery of a written notice of withdrawal
to the Paying Agent in accordance with Section 609.

      The Paying Agent shall promptly notify the Company of the receipt by it of
any Repurchase Notice or written notice of withdrawal thereof.

      The Company may, at its option, specify additional dates on which Holders
will have the right to require it to repurchase 2021 Debentures upon written
notice to the Trustee and the Holders. Such notice shall specify the additional
dates upon which the Company shall be required to repurchase the 2021 Debentures
at the option of the Holders and shall be delivered to the Trustee and the
Holders no less than 25 Business Days prior to the earliest repurchase date
specified in such notice.

Section 602       THE COMPANY'S RIGHT TO ELECT MANNER OF PAYMENT OF
                  REPURCHASE PRICE.

      (a) The Repurchase Price of 2021 Debentures in respect of which a
Repurchase Notice pursuant to Section 601 has been given, or a specified
percentage thereof, will be paid by the Company, at the election of the Company,
with cash or Common Stock or in any combination of cash and Common Stock,
subject to the conditions set forth in Section 602 and 603 hereof. The Company
shall designate, in the Company Notice delivered pursuant to Section 605 hereof,
whether the Company will purchase the 2021 Debentures for cash or Common Stock,
or, if a combination thereof, the percentages of the Repurchase Price of 2021
Debentures in respect of which it will pay in cash and Common Stock; provided,
however, that the Company will pay cash for fractional interests in Common
Stock. For purposes of determining the existence of potential fractional
interests, all 2021 Debentures subject to purchase by the Company held by a
Holder shall be considered together (no matter how many separate certificates
are to be presented). Each Holder whose 2021 Debentures are purchased pursuant
to this Article shall receive the same percentage of cash or Common Stock in
payment of the Repurchase Price for such 2021 Debentures, except (i) as provided
in Section 604 with regard to the payment of cash in lieu of fractional Common
Stock and (ii) in the event that the Company is unable to purchase the 2021
Debentures of a Holder or Holders for Common Stock because any necessary
qualifications or registrations of the Common Stock under applicable state
securities laws cannot be obtained, the Company may purchase the 2021 Debentures
of such Holder or Holders for cash. The Company may not change its election with
respect to the consideration (or components or percentages of components
thereof) to be paid once the Company has given its Company Notice to Holders
except pursuant to this Section 602 or pursuant to Section 604 in the event of a
failure to satisfy, prior to the close of business on the Repurchase Date, any
condition to the payment of the Repurchase Price, in whole or in part, in Common
Stock.

      At least three Business Days before the Company Notice Date (as defined in
Section 604 of this Supplemental Indenture), the Company shall deliver an
Officers' Certificate to the Trustee specifying:

                                       39
<PAGE>

      (i)   the manner of payment selected by the Company,

      (ii)  the information required by Section 605,

      (iii) if the Company elects to pay the Repurchase Price, or a specified
percentage thereof, in Common Stock, that the conditions to such manner of
payment set forth in Section 604 have been or will be complied with, and

      (iv)  whether the Company desires the Trustee to give the Company Notice
required by Section 605.

Section 603       PURCHASE WITH CASH.

      On each Repurchase Date, at the option of the Company, the Repurchase
Price of 2021 Debentures in respect of which a Repurchase Notice pursuant to
Section 601 has been given, or a specified percentage thereof, may be paid by
the Company with cash equal to the aggregate Repurchase Price of such 2021
Debentures. If the Company elects to purchase 2021 Debentures with cash, the
Company Notice, as provided in Section 605, shall be sent to Holders (and to
beneficial owners as required by applicable law) not less than 20 Business Days
prior to such Purchase Date (the "Company Notice Date").

Section 604       PAYMENT BY ISSUANCE OF COMMON STOCK.

      On each Repurchase Date, at the option of the Company, the Repurchase
Price of 2021 Debentures in respect of which a Repurchase Notice pursuant to
Section 601 has been given, or a specified percentage thereof, may be paid by
the Company by the issuance of a number of shares of Common Stock equal to the
quotient obtained by dividing (i) the amount of cash to which the Holders would
have been entitled had the Company elected to pay all or such specified
percentage, as the case may be, of the Repurchase Price of such 2021 Debentures
in cash by (ii) the Market Price of a share of Common Stock, subject to the next
succeeding paragraph.

      The Company will not issue a fractional share of Common Stock in payment
of the Repurchase Price. Instead the Company will pay cash for the current
market value of the fractional share. The current market value of a fraction of
a share of Common Stock shall be determined by multiplying the Market Price by
such fraction and rounding the product to the nearest whole cent with one half
cent being rounded upwards. It is understood that if a Holder elects to have
more than one 2021 Debenture repurchased, the number of shares of Common Stock
shall be based on the aggregate amount of 2021 Debentures to be repurchased.

      If the Company elects to purchase the 2021 Debentures by the issuance of
Common Stock, the Company Notice, as provided in Section 605, shall be sent to
the Holders (and to beneficial owners as required by applicable law) not later
than the Company Notice Date.

      The Company's right to exercise its election to purchase the 2021
Debentures pursuant to this Article through the issuance of Common Stock shall
be conditioned upon:

                                       40
<PAGE>

      (i)   the Company's not having given its Company Notice of an election to
pay entirely in cash and its giving of timely Company Notice of election to
purchase all or a specified percentage of the 2021 Debentures with Common Stock
as provided herein;

      (ii)  the listing of shares of Common Stock to be issued in respect of the
payment of the Repurchase Price on the principal United States securities
exchange on which the Common Stock is then listed or, if not so listed, the
quotation of such shares on NASDAQ;

      (iii) the registration of the shares of Common Stock to be issued in
respect of the payment of the Repurchase Price under the Securities Act or the
Exchange Act, in each case, if required for the initial issuance thereof;

      (iv)  any necessary qualification or registration under applicable state
securities laws or the availability of an exemption from such qualification and
registration; and

      (v)   the receipt by the Trustee of an Officers' Certificate and an
Opinion of Counsel each stating that (A) the terms of the issuance of the Common
Stock are in conformity in all material respects with this Supplemental
Indenture and (B) the Common Stock to be issued by the Company in payment of the
Repurchase Price in respect of 2021 Debentures have been duly authorized and,
when issued and delivered pursuant to the terms of this Supplemental Indenture
in payment of the Repurchase Price in respect of the 2021 Debentures, will be
validly issued, fully paid and non-assessable and, to the best of such counsel's
knowledge, free from preemptive rights, and, in the case of such Officer's
Certificate, stating that conditions (i), (ii) (iii) and (iv) above and the
condition set forth in the second succeeding sentence have been satisfied and,
in the case of such Opinion of Counsel, stating that conditions (ii) and (iii)
above have been satisfied.

      Such Officers' Certificate shall also set forth the number of shares of
Common Stock to be issued for each $1,000 principal amount of 2021 Debentures
and the Sale Price of a share of Common Stock on each trading day during the
period commencing on the first trading day of the period during which the Market
Price is calculated and ending three Business Days prior to the applicable
Repurchase Date. The Company shall pay the Repurchase Price (or any portion
thereof) in Common Stock only if the information necessary to calculate the
Market Price is published in THE WALL STREET JOURNAL or another daily newspaper
of national circulation or is otherwise readily publicly available. If the
foregoing conditions are not satisfied with respect to a Holder or Holders prior
to the close of business on the Repurchase Date and the Company has elected to
repurchase the 2021 Debentures pursuant to this Article through the issuance of
Common Stock, the Company shall pay, without further notice, the entire
Repurchase Price of the 2021 Debentures of such Holder or Holders in cash.

      The "Market Price" means the average of the Sale Prices of the Common
Stock for the five Trading Day period ending on the third Business Day (if the
third Business Day prior to the applicable Repurchase Date is a Trading Day, or
if not, then on the last Trading Day prior to the third Business Day), prior to
the applicable Repurchase Date appropriately adjusted to take into account the
occurrence, during the period commencing on the first of such Trading Days
during such five Trading Day period and ending on such Repurchase Date, of any
event described in Section 409; subject, however, to the conditions set forth in
Sections 409(f) and 410.

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<PAGE>

      The "Sale Price" of the Common Stock on any date means the closing per
share sale price (or, if no closing sale price is reported, the average of the
bid and ask prices or, if more than one in either case, the average of the
average bid and average ask prices) on such date as reported in the composite
transactions for the principal United States securities exchange on which the
Common Stock is traded or, if the Common Stock is not listed on a United States
national or regional securities exchange, as reported by the National
Association of Securities Dealers Automated Quotation System or by the National
Quotation Bureau Incorporated.

Section 605       NOTICE OF ELECTION.

      The Company's notice of election to repurchase with cash or Common Stock
or any combination thereof shall be sent to the Holders in the manner provided
in Section 206 of the Indenture at the time specified in Section 603 or 604, as
applicable (the "Company Notice"). Such Company Notice shall state the manner of
payment elected and shall contain the following information:

      In the event the Company has elected to pay the Repurchase Price (or a
specified percentage thereof) with Common Stock, the Company Notice shall:

      (1) state that each Holder will receive Common Stock with a Market Price
equal to such specified percentage of the Repurchase Price of the 2021
Debentures held by such Holder (except any cash amount to be paid in lieu of
fractional shares);

      (2) set forth the method of calculating the Market Price of the Common
Stock; and

      (3) state that because the Market Price of Common Stock will be determined
prior to the Repurchase Date, Holders will bear the market risk with respect to
the value of the Common Stock to be received from the date such Market Price is
determined to the Repurchase Date.

      In any case, each Company Notice shall include a form of Repurchase Notice
to be completed by a Holder and shall state:

      (A) the Repurchase Price, the Conversion Rate and, to the extent known at
the time of such notice the amount of interest that will be accrued and payable
with respect to the 2021 Debentures as of the Repurchase Date;

      (B) the name and address of the Paying Agent and the Conversion Agent;

      (C) that 2021 Debentures as to which a Repurchase Notice has been given
may be converted pursuant to Article Four hereof only if the applicable
Repurchase Notice has been withdrawn in accordance with the terms of this
Indenture;

      (D) that 2021 Debentures must be surrendered to the Paying Agent to
collect payment of the Purchase Price;

      (E) that the Repurchase Price for any 2021 Debenture as to which a
Repurchase Notice has been given and not withdrawn will be paid promptly
following the later of the Repurchase Date and the time of surrender of such
2021 Debenture as described in (D);

                                       42
<PAGE>

      (F) the procedures the Holder must follow to exercise repurchase rights
under this Article and a brief description of those rights;

      (G) briefly, the conversion rights of the 2021 Debentures; and

      (H) the procedures for withdrawing a Repurchase Notice (including, without
limitation, for a conditional withdrawal pursuant to the terms of Section 601 or
609).

      If any of the 2021 Debentures is in the form of a Global Security, then
the Company shall modify the Company Notice to the extent necessary to accord
with the procedures of the Depositary applicable to the repurchase of Global
Securities.

      At the Company's request, the Trustee shall give such Company Notice in
the Company's name and at the Company's expense; provided, however, that, in all
cases, the text of such Company Notice shall be prepared by the Company.

      Upon determination of the actual number of shares of Common Stock to be
issued for each $1,000 principal amount of 2021 Debentures, the Company will
publish such determination at the Company's Web site on the World Wide Web or
through such other public medium as the Company may use at that time.

Section 606       COVENANTS OF THE COMPANY.

      All Common Stock delivered upon purchase of the 2021 Debentures shall be
newly issued shares or treasury shares, shall be duly authorized, validly
issued, fully paid and nonassessable and shall be free from preemptive rights
and free of any Lien or adverse claim.

Section 607       PROCEDURE UPON REPURCHASE.

      As soon as practicable after the Repurchase Date, the Company shall
deliver to each Holder entitled to receive Common Stock through the Paying
Agent, a certificate for the number of full shares of Common Stock issuable in
payment of the Repurchase Price and cash in lieu of any fractional shares of
Common Stock. The Person in whose name the certificate for Common Stock is
registered shall be treated as a holder of record of Common Stock on the
Business Day following the Repurchase Date. Subject to Section 604, no payment
or adjustment will be made for dividends on the Common Stock the record date for
which occurred on or prior to the Repurchase Date.

Section 608       TAXES.

      If a Holder of a 2021 Debenture is paid in Common Stock, the Company shall
pay any documentary, stamp or similar issue or transfer tax due on such issue of
Common Stock. However, the Holder shall pay any such tax which is due because
the Holder requests the Common Stock to be issued in a name other than the
Holder's name. The Paying Agent may refuse to deliver the certificates
representing the shares of Common Stock being issued in a name other than the
Holder's name until the Paying Agent receives a sum sufficient to pay any tax
which will be due because the shares of Common Stock are to be issued in a name
other than the Holder's name.

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<PAGE>

Section 609       EFFECT OF REPURCHASE NOTICE.

      Upon receipt by the Paying Agent of the Repurchase Notice specified in
Section 605, the Holder of the 2021 Debenture in respect of which such
Repurchase Notice was given shall (unless such Repurchase Notice is withdrawn as
specified in the following two paragraphs) thereafter be entitled to receive
solely the Repurchase Price with respect to such 2021 Debenture. Such Repurchase
Price shall be paid to such Holder, subject to receipt of funds and/or Common
Stock by the Paying Agent, promptly following the later of (x) the Repurchase
Date with respect to such 2021 Debenture (provided the conditions in Section 601
have been satisfied) and (y) the time of delivery of such 2021 Debenture to the
Paying Agent by the Holder thereof in the manner required by Section 601. 2021
Debentures in respect of which a Repurchase Notice has been given by the Holder
thereof may not be converted pursuant to Article Four hereof on or after the
date of the delivery of such Repurchase Notice unless such Repurchase Notice has
first been validly withdrawn as specified in the following two paragraphs.

      A Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the office of the Paying Agent in accordance with the
Repurchase Notice at any time prior to the close of business on the applicable
Repurchase Date specifying:

      (1) if Certificated Securities have been issued, the certificate number of
the 2021 Debenture in respect of which such notice of withdrawal is being
submitted, or if not, such information as may be required under appropriate
procedures of the Depositary;

      (2) the principal amount of the 2021 Debenture with respect to which such
notice of withdrawal is being submitted; and

      (3) the principal amount, if any, of such 2021 Debenture which remains
subject to the original Repurchase Notice and which has been or will be
delivered for purchase by the Company.

      A written notice of withdrawal of a Repurchase Notice may be in the form
set forth in the preceding paragraph or may be in the form of (i) a conditional
withdrawal contained in a Repurchase Notice pursuant to the terms of Section
601(1)(D) or (ii) a conditional withdrawal containing the information set forth
in Section 601(l)(D) and the preceding paragraph and contained in a written
notice of withdrawal delivered to the Paying Agent as set forth in the preceding
paragraph.

      There shall be no purchase of any 2021 Debentures pursuant to this Article
(other than through the issuance of Common Stock in payment of the Repurchase
Price, including cash in lieu of fractional shares) if there has occurred (prior
to, on or after, as the case may be, the giving, by the Holders of such 2021
Debentures, of the required Repurchase Notice) and is continuing an Event of
Default (other than a default in the payment of the Repurchase Price with
respect to such 2021 Debentures). The Paying Agent will promptly return to the
respective Holders thereof any 2021 Debentures (x) with respect to which a
Repurchase Notice has been withdrawn in compliance with this Indenture, or (y)
held by it during the continuance of an Event of Default (other than a default
in the payment of the Repurchase Price with respect to

                                       44
<PAGE>

such 2021 Debentures) in which case, upon such return, the Repurchase Notice
with respect thereto shall be deemed to have been withdrawn.

Section 610       DEPOSIT OF REPURCHASE PRICE.

      Prior to 11:00 a.m. (New York City time) on the Business Day following the
Repurchase Date, the Company shall deposit with the Trustee or with the Paying
Agent an amount of money (in immediately available funds if deposited on such
Business Day) and/or Common Stock, if permitted hereunder, sufficient to pay the
aggregate Repurchase Price of all of the 2021 Debentures or portions thereof
which are to be purchased as of the Repurchase Date. The manner in which the
deposit required by this Section 610 is made by the Company shall be at the
option of the Company, provided, however, that such deposit shall be made in a
manner such that the Trustee or a Paying Agent shall have immediately available
funds on the Repurchase Date.

      If a Paying Agent holds, in accordance with the terms hereof, money and/or
Common Stock sufficient to pay the Repurchase Price of any 2021 Debenture for
which a Repurchase Notice has been tendered and not withdrawn in accordance with
this Indenture then, immediately after Repurchase Date, such 2021 Debenture will
cease to be Outstanding and the rights of the Holder in respect thereof shall
terminate (other than the right to receive the Repurchase Price as aforesaid).

Section 611       SECURITIES REPURCHASED IN PART.

      Any 2021 Debenture which is to be purchased only in part shall be
surrendered at the office of the Paying Agent (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company or the Trustee duly executed by, the Holder
thereof or such Holder's attorney duly authorized in writing) and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of
such 2021 Debenture, without service charge except for any taxes to be paid by
the Holder in the event a 2021 Debenture is registered under a new name, a new
2021 Debenture or 2021 Debentures, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to, and in exchange for, the
portion of the principal amount of the 2021 Debenture so surrendered which is
not purchased.

Section 612       COMPLIANCE WITH SECURITIES LAWS UPON PURCHASE OF
                  SECURITIES.

      In connection with any offer to purchase or purchase of 2021 Debentures
under this Article (provided that such offer or purchase constitutes an "issuer
tender offer" for purposes of Rule 13e-4 (which term, as used herein, includes
any successor provision thereto) under the Exchange Act at the time of such
offer or purchase), the Company shall (i) comply with Rule 13e-4 under the
Exchange Act, (ii) file the related Schedule TO (or any successor schedule, form
or report), if required, under the Exchange Act, and (iii) otherwise comply with
all applicable Federal and state securities laws so as to permit the rights and
obligations under Article Six to be exercised in the time and in the manner
specified in this Article.

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<PAGE>

Section 613       REPAYMENT TO THE COMPANY.

      The Trustee and the Paying Agent shall return to the Company any cash or
Common Stock that remain unclaimed for two years, subject to applicable
unclaimed property law, together with interest or dividends, if any, thereon
held by them for the payment of the Repurchase Price, PROVIDED, HOWEVER, that to
the extent that the aggregate amount of cash or Common Stock deposited by the
Company pursuant to Section 610 exceeds the aggregate Repurchase Price of the
2021 Debentures or portions thereof which the Company is obligated to purchase
as of the Repurchase Date, then promptly after the Business Day following the
Repurchase Date, the Trustee shall return any such excess to the Company
together with interest or dividends, if any, thereon. Thereafter, any Holder
entitled to payment must look to the Company for payment as general creditors,
unless an applicable abandoned property law designates another Person.

Section 614       CONVERSION ARRANGEMENT ON REPURCHASE.

      Any 2021 Debentures required to be repurchased under this Article, unless
surrendered for conversion before the close of business on the Repurchase Date,
may be deemed to be purchased from the Holders of such 2021 Debentures for an
amount in cash not less than the Repurchase Price, by one or more investment
bankers or other purchasers who may agree with the Company to purchase such 2021
Debentures from the Holders, to convert them into Common Stock of the Company
and to make payment for such 2021 Debentures to the Trustee in trust for such
Holders.

                                 ARTICLE SEVEN

                    PURCHASE OF 2021 DEBENTURES AT OPTION OF
                        THE HOLDER UPON CHANGE IN CONTROL

Section 701       RIGHT TO REQUIRE REPURCHASE.

      (a) If at any time on or before April 15, 2008 that 2021 Debentures remain
Outstanding there shall occur a Change in Control, 2021 Debentures shall be
purchased by the Company in integral multiples of $1,000 principal amount at the
option of the Holders thereof as of the date that is 35 Business Days after the
occurrence of the Change in Control (the "Change in Control Purchase Date")
subject to satisfaction by or on behalf of any Holder of the requirements set
forth in subsection (c) of this Section 701. The purchase price of such 2021
Debentures (the "Change in Control Purchase Price") shall be equal to 100% of
the principal amount of the 2001 Debentures to be purchased plus accrued and
unpaid interest to, but excluding, the Change in Control Purchase Date.

      A "Change in Control" shall be deemed to have occurred at such time after
the date hereof as (a) any Person or any Persons acting together in a manner
which would constitute a "group" for purposes of Section 13(d) of the Exchange
Act, or any successor provision thereto, together with any Affiliates thereof
(but in each case excluding Subsidiaries, any employee benefit plans of the
Company or its Subsidiaries or any Permitted Holders), after the first issuance
of 2021 Debentures files a Schedule TO or a Schedule 13D (or any successors to
those

                                       46
<PAGE>

forms) stating that it or they has or have become and actually is or are
Beneficial Owners, directly or indirectly, of Capital Stock of the Company,
entitling such Person or Persons and its or their Affiliates to exercise more
than 50% of the total voting power of all classes of the Company's Capital Stock
entitled to vote generally in the election of the Company's directors or (b) any
of the Permitted Holders, after the first issuance of 2021 Debentures, file a
Schedule TO or a Schedule 13D (or any successors to those forms) stating that
they have become and actually are Beneficial Owners of the Company's Capital
Stock representing more than 80%, in the aggregate, of the voting power entitled
to vote generally in the election of the Company's directors or (c) the Company
shall consolidate with or merge into any other Person (other than a Subsidiary),
or any other Person (other than a Subsidiary) shall consolidate with or merge
into the Company, or the Company shall sell, convey, transfer or lease its
properties and assets substantially as an entirety to any Person other than a
Subsidiary, and, in the case of any such transaction the outstanding Common
Stock is reclassified into, exchanged for or converted into the right to receive
any other property or security, unless the stockholders of the Company
immediately before such transaction, own, directly or indirectly, immediately
following such transaction, at least a majority of the combined voting power of
the outstanding voting securities of the Person resulting from such transaction
or the Person acquiring such properties and assets, entitled to vote generally
on the election of such resulting or acquiring Person's directors, in
substantially the same proportion as their ownership of the Common Stock
immediately before such transaction, PROVIDED, HOWEVER, that a Change in Control
shall not be deemed to have occurred upon the completion of a merger,
consolidation or other transaction effected with any Affiliates of the Company
for the purpose of (x) changing the Company's jurisdiction of organization, or
(y) effecting a corporate reorganization of the Company, including, without
limitation, the implementation of a holding company structure.

      The term "Beneficial Owner" shall be determined in accordance with Rules
13d-3 and 13d-5 promulgated by the Securities and Exchange Commission under the
Exchange Act or any successor provision thereto, except that a Person shall be
deemed to have "beneficial ownership" of all shares that such Person has the
right to acquire, whether such right is exercisable immediately or only after
the passage of time.

      The term "Permitted Holder" shall mean each of Marilyn B. Arison, Micky
Meir Arison, Shari Arison, Michael Arison or their spouses, children or lineal
descendants of Marilyn B. Arison, Micky Meir Arison, Shari Arison, Michael
Arison or their spouses, any trust established for the benefit of any Arison
family member mentioned in this paragraph, or any "person" (as such term is used
in Section 13(d) or 14(d) of the Exchange Act), directly or indirectly,
controlling, controlled by or under common control with any Arison family member
mentioned in this paragraph or any trust established for the benefit of any such
Arison family member or any charitable trust or non-profit entity established by
a Permitted Holder.

      (b) Within 15 Business Days after the occurrence of a Change in Control,
the Company shall mail a written notice of the Change in Control to the Trustee
and to each Holder. The notice shall include the form of a Change in Control
Purchase Notice to be completed by the Holder and shall state:

                  (1) the date of such Change in Control and, briefly, the
            events causing such Change in Control;

                                       47
<PAGE>

                  (2) the date by which the Change in Control Purchase Notice
            pursuant to this Section 701 must be given;

                  (3) the Change in Control Purchase Date;

                  (4) the Change in Control Purchase Price that will be accrued
            and payable with respect to the 2021 Debentures as of the Change in
            Control Purchase Date;

                  (5) briefly, the conversion rights of the 2021 Debentures;

                  (6) the name and address of each Paying Agent and Conversion
            Agent;

                  (7) the Conversion Rate and any adjustments thereto;

                  (8) that 2021 Debentures as to which a Change in Control
            Purchase Notice has been given may be converted into Common Stock
            pursuant to Article Four only to the extent that the Change in
            Control Purchase Notice has been withdrawn in accordance with the
            terms of this Indenture;

                  (9) the procedures that the Holder must follow to exercise
            rights under this Section 701;

                  (10) the procedures for withdrawing a Change in Control
            Purchase Notice, including a form of notice of withdrawal; and

                  (11) that the Holder must satisfy the requirements set forth
            in the 2021 Debentures in order to convert the 2021 Debentures.

      If any of the 2021 Debentures is in the form of a Global Security, then
the Company shall modify such notice to the extent necessary to accord with the
procedures of the Depositary applicable to the repurchase of Global Securities.

      (c)   A Holder may exercise its rights specified in subsection (a) of this
Section 701 upon delivery of a written notice (which shall be in substantially
the form included as an attachment to the 2021 Debentures and which may be
delivered by letter, overnight courier, hand delivery, facsimile transmission or
in any other written form and, in the case of Global Securities, may be
delivered electronically or by other means in accordance with the Depositary's
customary procedures) of the exercise of such rights (a "Change in Control
Purchase Notice") to any Paying Agent at any time prior to the close of business
on the Business Day next preceding the Change in Control Purchase Date.

      The delivery of such 2021 Debenture to any Paying Agent (together with all
necessary endorsements) at the office of such Paying Agent shall be a condition
to the receipt by the Holder of the Change in Control Purchase Price.

                                       48
<PAGE>

      The Company shall purchase from the Holder thereof, pursuant to this
Section 701, a portion of a 2021 Debenture if the principal amount of such
portion is $1,000 or an integral multiple of $1,000. Provisions of this
Indenture that apply to the purchase of all of a 2021 Debenture pursuant to
Sections 701 through 706 also apply to the purchase of such portion of such 2021
Debenture.

      Any purchase by the Company contemplated pursuant to the provisions of
this Section 701 shall be consummated by the delivery of the consideration to be
received by the Holder promptly following the later of the Change in Control
Purchase Date and the time of delivery of the 2021 Debenture to the Paying Agent
in accordance with this Section 701.

      Notwithstanding anything herein to the contrary, any Holder delivering to
a Paying Agent the Change in Control Purchase Notice contemplated by this
subsection (c) shall have the right to withdraw such Change in Control Purchase
Notice in whole or as to a portion thereof that is a principal amount of $1,000
or an integral multiple thereof at any time prior to the close of business on
the Business Day next preceding the Change in Control Purchase Date by delivery
of a written notice of withdrawal to the Paying Agent in accordance with Section
702.

      A Paying Agent shall promptly notify the Company of the receipt by it of
any Change in Control Purchase Notice or written withdrawal thereof.

      Anything herein to the contrary notwithstanding, in the case of Global
Securities, any Change in Control Purchase Notice may be delivered or withdrawn
and such 2021 Debentures may be surrendered or delivered for purchase in
accordance with the applicable procedures of the Depositary as in effect from
time to time.

Section 702       EFFECT OF CHANGE IN CONTROL PURCHASE NOTICE.

      Upon receipt by any Paying Agent of the Change in Control Purchase Notice
specified in Section 701(c), the Holder of the 2021 Debenture in respect of
which such Change in Control Purchase Notice was given shall (unless such Change
in Control Purchase Notice is withdrawn as specified below) thereafter be
entitled to receive the Change in Control Purchase Price with respect to such
2021 Debenture. Such Change in Control Purchase Price shall be paid to such
Holder promptly following the later of (a) the Change in Control Purchase Date
with respect to such 2021 Debenture (provided the conditions in Section 701(c)
have been satisfied) and (b) the time of delivery of such 2021 Debenture to a
Paying Agent by the Holder thereof in the manner required by Section 701(c).
2021 Debentures in respect of which a Change in Control Purchase Notice has been
given by the Holder thereof may not be converted into Common Stock on or after
the date of the delivery of such Change in Control Purchase Notice unless such
Change in Control Purchase Notice has first been validly withdrawn as specified
in the following paragraph.

      A Change in Control Purchase Notice may be withdrawn by means of a written
notice of withdrawal delivered to the office of the Paying Agent in accordance
with the Change in Control Purchase Notice at any time prior to the close of
business on the applicable Change in Control Purchase Date specifying:

                                       49
<PAGE>

      (1) if a Certificated Security has been issued, the certificate number of
the 2021 Debentures in respect of which such notice of withdrawal is being
submitted, or if not, such information as required by the Depositary;

      (2) the principal amount, in integral multiples of $1,000, of the 2021
Debentures with respect to which such notice of withdrawal is being submitted;
and

      (3) the principal amount, if any, of such 2021 Debentures which remain
subject to the original Change in Control Purchase Notice and which has been or
will be delivered for purchase by the Company.

      There shall be no purchase of any 2021 Debentures pursuant to this Article
if there has occurred (prior to, on or after, as the case may be, the giving, by
the Holders of such 2021 Debentures, of the required Change in Control Purchase
Notice) and is continuing an Event of Default (other than a default in the
payment of the Change in Control Purchase Price with respect to such 2021
Debentures). The Paying Agent will promptly return to the respective Holders
thereof any 2021 Debentures (x) with respect to which a Change in Control
Purchase Notice has been withdrawn in compliance with this Indenture, or (y)
held by it during the continuance of an Event of Default (other than a default
in the payment of the Change in Control Purchase Price with respect to such 2021
Debentures) in which case, upon such return, the Change in Control Purchase
Notice with respect thereto shall be deemed to have been withdrawn.

Section 703       DEPOSIT OF CHANGE IN CONTROL PURCHASE PRICE.

      On or before 11:00 a.m. New York City time on the Change in Control
Purchase Date, the Company shall deposit with the Trustee or with a Paying Agent
(other than the Company or an Affiliate of the Company) an amount of money (in
immediately available funds if deposited on such Business Day) sufficient to pay
the aggregate Change in Control Purchase Price of all the 2021 Debentures or
portions thereof that are to be purchased as of such Change in Control Purchase
Date. The manner in which the deposit required by this Section 703 is made by
the Company shall be at the option of the Company, PROVIDED, HOWEVER, that such
deposit shall be made in a manner such that the Trustee or a Paying Agent shall
have immediately available funds on the Change in Control Purchase Date.

      If a Paying Agent holds, in accordance with the terms hereof, money
sufficient to pay the Change in Control Purchase Price of any 2021 Debenture for
which a Change in Control Purchase Notice has been tendered and not withdrawn in
accordance with this Indenture then, on the Change in Control Purchase Date,
such 2021 Debenture will cease to be Outstanding and the rights of the Holder in
respect thereof shall terminate (other than the right to receive the interest
thereon). The Company shall publicly announce the principal amount of 2021
Debentures purchased as a result of such Change in Control on or as soon as
practicable after the Change in Control Purchase Date.

Section 704       SECURITIES PURCHASED IN PART.

      Any 2021 Debenture that is to be purchased only in part shall be
surrendered at the office of a Paying Agent and promptly after the Change in
Control Purchase Date the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such 2021 Debenture,

                                       50
<PAGE>

without service charge (other than amounts to be paid in respect of applicable
transfer taxes), a new 2021 Debenture or 2021 Debentures, of such authorized
denomination or denominations in integral multiples of $1,000 as may be
requested by such Holder, in aggregate principal amount equal to, and in
exchange for, the portion of the principal amount of the 2021 Debenture so
surrendered that is not purchased.

Section 705       COMPLIANCE WITH SECURITIES LAWS UPON PURCHASE OF
                  SECURITIES.

      In connection with any offer to purchase or purchase of 2021 Debentures
under this Article (provided that such offer or purchase constitutes an "issuer
tender offer" for purposes of Rule 13e-4 (which term, as used herein, includes
any successor provision thereto) under the Exchange Act at the time of such
offer or purchase), the Company shall (i) comply with Rule 13e-4 under the
Exchange Act, (ii) file the related Schedule TO (or any successor schedule, form
or report), if required, under the Exchange Act, and (iii) otherwise comply with
all applicable Federal and state securities laws so as to permit the rights and
obligations under this Article to be exercised in the time and in the manner
specified in this Article.

Section 706       REPAYMENT TO THE COMPANY.

      The Trustee and the Paying Agent shall return to the Company any cash or
Common Stock that remains unclaimed for two years, subject to applicable
unclaimed property law, together with interest or dividends, if any, thereon
held by them for the payment of the Change in Control Purchase Price; PROVIDED,
HOWEVER, that to the extent that the aggregate amount of cash or Common Stock
deposited by the Company pursuant to Section 703 exceeds the aggregate Change in
Control Purchase Price of the 2021 Debentures or portions thereof which the
Company is obligated to purchase as of the Change in Control Purchase Date, then
on the Business Day following the Repurchase Date, the Trustee shall return any
such excess to the Company together with interest or dividends, if any, thereon.
Thereafter, any Holder entitled to payment must look to the Company for payment
as general creditors, unless an applicable abandoned property law designates
another Person.

                                 ARTICLE EIGHT

                            MISCELLANEOUS PROVISIONS

Section 801       INTEGRAL PART.

      This Supplemental Indenture constitutes an integral part of the Indenture
with respect to the 2021 Debentures only.

Section 802       GENERAL DEFINITIONS.

      For all purposes of this Supplemental Indenture:

            (a) capitalized terms used herein without definition shall have the
meanings specified in the Indenture; and

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<PAGE>

            (b) the terms "herein", "hereof', "hereunder" and other words of
similar import refer to this Supplemental Indenture.

Section 803       ADOPTION, RATIFICATION AND CONFIRMATION.

      The Indenture, as supplemented and amended by this Supplemental Indenture,
is in all respects hereby adopted, ratified and confirmed, and this Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent
herein and therein provided. The provisions of this Supplemental Indenture
shall, subject to the terms hereof, supersede the provisions of the Indenture to
the extent the Indenture is inconsistent herewith.

Section 804       COUNTERPARTS.

      This Supplemental Indenture may be executed in any number of counterparts,
each of which when so executed shall be deemed an original; and all such
counterparts shall together constitute but one and the same instrument.

Section 805       GOVERNING LAW.

      THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAW RULES OF SAID STATE.

Section 806       CONFLICT OF ANY PROVISION OF INDENTURE WITH TRUST INDENTURE
                  ACT OF 1939.

      If and to the extent that any provision of this Supplemental Indenture
limits, qualifies or conflicts with a provision required under the terms of the
Trust Indenture Act of 1939, as amended, such Trust Indenture Act provision
shall control.

Section 807       EFFECT OF HEADINGS.

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

Section 808       SEVERABILITY OF PROVISIONS.

      In case any provision in this Supplemental Indenture or in the 2021
Debentures shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

Section 809       SUCCESSORS AND ASSIGNS.

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

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<PAGE>

Section 810       BENEFIT OF SUPPLEMENTAL INDENTURE.

      Nothing in this Supplemental Indenture, express or implied, shall give to
any Person, other than the parties hereto, any Security Registrar, any Paying
Agent, any Conversion Agent and their successors hereunder, and the Holders of
the 2021 Debentures, any benefit or any legal or equitable right, remedy or
claim under this Supplemental Indenture.

Section 811       ACCEPTANCE BY TRUSTEE.

      The Trustee accepts the amendments to the Indenture effected by this
Supplemental Indenture and agrees to execute the trusts created by the Indenture
as hereby amended, but only upon the terms and conditions set forth in this
Supplemental Indenture and the Indenture. Without limiting the generality of the
foregoing, the Trustee assumes no responsibility for the correctness of the
recitals contained herein, which shall be taken as the statements of the Company
and except as provided in the Indenture the Trustee shall not be responsible or
accountable in any way whatsoever for or with respect to the validity or
execution or sufficiency of this Supplemental Indenture and the Trustee makes no
representation with respect thereto.

                                       53
<PAGE>

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

                                    CARNIVAL CORPORATION

                                    By:
                                        --------------------------------------

                                    U.S. BANK TRUST NATIONAL ASSOCIATION

                                    By:
                                        --------------------------------------

                                       54
<PAGE>

                                                                         ANNEX A

                                 GLOBAL SECURITY

                           [FORM OF FACE OF SECURITY]

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

      THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.](1)

      THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF
THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. NEITHER THIS
SECURITY, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD ,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED
THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A ("RULE
144A") THEREUNDER.
----------
(1)   These paragraphs should be included only if the Security is a Global
      Security.

                                       A-1
<PAGE>

      THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") ON WHICH THIS SECURITY IS SALEABLE PURSUANT TO
RULE 144(K) UNDER THE SECURITIES ACT ONLY (A) TO CARNIVAL CORPORATION (THE
"COMPANY", OR THE "ISSUER") OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT
REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (C) TO AN INSTITUTIONAL "ACCREDITED
INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501
UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR
FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL "ACCREDITED INVESTOR," FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (D) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO
ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C) OR (E) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE
OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS
COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE AND IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER OF THIS DEBENTURE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO
ABOVE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.(2)

      THIS SECURITY IS SUBJECT TO LIMITATIONS ON OWNERSHIP CONTAINED IN THE
INDENTURE, IN ORDER TO PERMIT THE COMPANY TO RETAIN ITS STATUS AS A PUBLICLY
TRADED CORPORATION UNDER PROPOSED TREASURY REGULATIONS UNDER SECTION 883 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED.

----------
(2)   [These paragraphs to be included only if the Security is a Transfer
      Restricted Security.]

                                       A-2
<PAGE>

                           [FORM OF FACE OF SECURITY]

                              CARNIVAL CORPORATION

                    2% CONVERTIBLE SENIOR DEBENTURES DUE 2021

Issue Date: April 25, 2001                       Principal Amount: $____________

                                                 CUSIP: ________________________
Registered: No. R-

      Carnival Corporation, a corporation organized and existing under the laws
of the Republic of Panama (herein called the "Company", which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of ___________________________ DOLLARS ($___________) on April 15,
2021, [or such greater or lesser amount as is indicated in the Schedule of
Exchanges of Securities on the other side of this 2021 Debenture](3) and to pay
interest thereon from April 25, 2001 or from the most recent date to which
interest has been paid or duly provided for, semiannually on April 15 and
October 15 in each year (each, an "Interest Payment Date"), commencing October
15, 2001, at the rate of 2% per annum, until the principal hereof is paid or
duly made available for payment. Interest on this 2021 Debenture shall be
calculated on the basis of a 360-day year consisting of twelve 30-day months.
The interest so payable and punctually paid or duly provided for on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this 2021 Debenture (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which
shall be the April 1 or October 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any interest which is
payable, but is not punctually paid or duly provided for, on any Interest
Payment Date shall forthwith cease to be payable to the registered Holder hereof
on the relevant Regular Record Date by virtue of having been such Holder, and
may be paid to the Person in whose name this 2021 Debenture (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Company, notice whereof shall be given to the Holders of 2021 Debentures not
less than 10 days prior to such Special Record Date, or may be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the 2021 Debentures may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in such
Indenture. This 2021 Debenture is convertible as specified on the other side on
this 2021 Debenture.

      Payment of the principal of and interest, if any, on this 2021 Debenture
will be made at the office or agency of the Company maintained for that purpose
in The City of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender

----------
(3)   [To be included only if the Security is a Global Security.]

                                      A-3
<PAGE>

for payment of public and private debts; PROVIDED, HOWEVER, that at the option
of the Company, payment of interest, if any, may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register.

      Reference is hereby made to the further provisions of this 2021 Debenture
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

      Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this 2021
Debenture shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

                                      A-4
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated:________________________

                                    CARNIVAL CORPORATION

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

-----------------------------
Corporate Secretary

                                      A-5
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    U.S. BANK TRUST NATIONAL ASSOCIATION, as
                                    Trustee

                                    ____________________________________________
                                    Authorized Signature

Date of Authentication:_______________

                                      A-6
<PAGE>

                       [FORM OF REVERSE SIDE OF SECURITY]

                              CARNIVAL CORPORATION

                    2% CONVERTIBLE SENIOR DEBENTURE DUE 2021

      This Security is one of a duly authorized issue of senior securities of
the Company (herein called the "Securities"), issued and to be issued in one or
more series under an Indenture, dated as of April 25, 2001, as amended by the
Supplemental Indenture thereto, dated as of April 25, 2001 (as so amended,
herein called the "Indenture"), between the Company and U.S. Bank Trust National
Association, as Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof (herein called the "2021
Debentures"), limited in aggregate principal amount to $600,000,000 created
pursuant to the Indenture as supplemented by the Supplemental Indenture.
Capitalized terms used and not otherwise defined in this 2021 Debenture are used
as defined in the Indenture.

      The 2021 Debentures are general unsecured and unsubordinated obligations
of the Company. The Indenture does not limit other indebtedness of the Company,
secured or unsecured.

INTEREST ON OVERDUE AMOUNTS

      If the principal amount hereof or any portion of such principal amount is
not paid when due (whether upon acceleration pursuant to Section 5.2 of the
Indenture, upon the date set for payment of the Redemption Price as described
under "Optional Redemption", upon the date set for payment of the Change in
Control Purchase Price pursuant to "Purchase of 2021 Debentures at Option of
Holder Upon a Change in Control", upon the date set for payment of the
Repurchase Price under "Repurchase by the Company at the Option of the Holder"
or upon the Stated Maturity of this 2021 Debenture) or if interest due hereon,
if any (or any portion of such interest), is not paid when due, then in each
such case the overdue amount shall, to the extent permitted by law, bear
interest at the rate of 2% per annum, compounded semiannually, which interest
shall accrue from the date such overdue amount was originally due to the date
payment of such amount, including interest thereon, has been made or duly
provided for. All such interest shall be payable as set forth in the Indenture.

METHOD OF PAYMENT

      Payments in respect of principal of and interest, if any, on the 2021
Debentures shall be made by the Company in immediately available funds.

PAYING AGENT, CONVERSION AGENT AND SECURITY REGISTRAR.

      Initially, the Trustee will act as Paying Agent, Conversion Agent and
Security Registrar. The Company may appoint and change any Paying Agent,
Conversion Agent, Security Registrar or co-registrar without notice, other than
notice to the Trustee, except that the Company will maintain at least one Paying
Agent in the State of New York, City of New York, Borough of

                                      A-7
<PAGE>

Manhattan, which shall initially be an office or agency of the Trustee. The
Company or any of its Subsidiaries or any of their Affiliates may act as Paying
Agent, Conversion Agent, Security Registrar or co-registrar.

OPTIONAL REDEMPTION

      No sinking fund is provided for the 2021 Debentures. At any time on or
after April 15, 2008, the 2021 Debentures are redeemable as a whole at any time,
or in part from time to time, at the option of the Company in accordance with
the Indenture at a redemption price (the "Redemption Price") equal to 100% of
the principal amount of the Debentures to be redeemed plus accrued and unpaid
interest to, but excluding, the Redemption Date.

      If the Company redeems less than all of the outstanding 2021 Debentures,
the Trustee will select the 2021 Debentures to be redeemed (i) by lot; (ii) pro
rata; or (iii) by another method the Trustee considers fair and appropriate. If
the Trustee selects a portion of a Holder's 2021 Debentures for partial
redemption and the Holder converts a portion of the same 2021 Debentures, the
converted portion shall be deemed to be from the portion selected for
redemption.

NOTICE OF REDEMPTION

      Notice of optional redemption by the Company will be mailed by first-class
mail at least 30 days but not more than 60 days before the Redemption Date to
each Holder of 2021 Debentures to be redeemed at its registered address. 2021
Debentures in denominations larger than $1,000 principal amount may be redeemed
in part, but only in whole multiples of $1,000. On and after the Redemption
Date, subject to the deposit with the Paying Agent of funds sufficient to pay
the Redemption Price for such 2021 Debentures, all interest shall cease to
accrue on such 2021 Debentures or portions thereof called for redemption in such
notice.

PURCHASE OF 2021 DEBENTURES AT OPTION OF HOLDER UPON A CHANGE IN CONTROL

      At the option of the Holder and subject to the terms and conditions of the
Indenture, the Company shall purchase all or any part specified by the Holder in
such Holder's Change in Control Purchase Notice (so long as the principal amount
of such part is $1,000 or an integral multiple of $1,000 in excess thereof) of
the 2021 Debentures held by such Holder on the date that is 35 Business Days
after the occurrence of a Change in Control, at a purchase price (the "Change in
Control Purchase Price") equal to the 100% of the principal amount of the 2021
Debentures to be purchased plus accrued and unpaid interest to, but excluding,
the Change in Control Purchase Date.

      The Holder shall have the right to withdraw any Change in Control Purchase
Notice (in whole or in a portion thereof that is $1,000 principal amount or an
integral multiple of $1,000 in excess thereof) at any time prior to the close of
business on the Business Day prior to the Change in Control Purchase Date by
delivering a written notice of withdrawal to the Paying Agent in accordance with
the terms of the Indenture.

      If cash sufficient to pay the Change in Control Purchase Price of all 2021
Debentures or portions thereof to be purchased as of the Change in Control
Purchase Date, is deposited with the Paying Agent on the Business Day following
the Change in Control Purchase Date, all interest shall cease to accrue on such
2021 Debentures (or portions thereof) immediately after such

                                      A-8
<PAGE>

Change in Control Purchase Date, and the Holder thereof shall have no other
rights as such (other than the right to receive the Change in Control Purchase
Price upon surrender of such 2021 Debenture).

CONVERSION

      Subject to the terms of the Indenture, the Holder of a 2021 Debenture may
convert the 2021 Debenture into shares of Common Stock: (1) if, as of the last
day of the preceding fiscal quarter, the closing sale price of Common Stock for
at least 20 Trading Days in a period of 30 consecutive Trading Days ending on
the last trading day of that preceding fiscal quarter is more than 110% of the
Conversion Price (as adjusted in accordance with the Indenture), (2) if the 2021
Debentures have been called for redemption or (3) upon the occurrence of certain
corporate transactions or distributions described in the Indenture. A 2021
Debenture in respect of which a Holder has delivered a Repurchase Notice or a
Change in Control Purchase Notice exercising the option of such Holder to
require the Company to purchase such 2021 Debenture may be converted only if
such notice of exercise is withdrawn in accordance with the terms of the
Indenture. The initial Conversion Rate is 25.5467 shares of Common Stock per
$1,000 principal amount, subject to adjustment upon the occurrence of certain
events described in the Indenture. The Company shall deliver cash or a check in
lieu of any fractional share of Common Stock.

      A Holder's right to convert the 2021 Debentures into Common Stock of the
Company is also subject to the Company's right to elect to pay such Holder the
amount of cash set forth in the next succeeding sentence in lieu of delivering
all or part of such Common Stock; provided, however, that if such payment of
cash is not permitted pursuant to the provisions of the Indenture, the Company
shall deliver Common Stock (and cash in lieu of fractional shares of Common
Stock) in accordance with the Indenture, whether or not the Company has
delivered a notice pursuant to the Indenture to the effect that the 2021
Debentures will be paid in cash. The amount of cash to be paid for each $1,000
principal amount of a 2021 Debenture shall be equal to the average Sale Price of
a share of Common Stock of the Company for the five consecutive Trading Days
immediately following (i) the date of the Company's notice of its election to
deliver cash upon conversion, if the Company shall not have given a notice of
redemption pursuant to the Indenture, or (ii) the Conversion Date, in the case
of a conversion following such a notice of redemption specifying an intent to
deliver cash or a combination of cash and Common Stock upon conversion, in
either case multiplied by the Conversion Rate in effect on such Conversion Date.
If the Company shall elect to make such payment wholly in shares of Common
Stock, then such shares shall be delivered through the Conversion Agent to
Holders surrendering 2021 Debentures as promptly as practicable but in any event
no later than the fifth Business Day following the Conversion Date. If, however,
the Company shall elect to make any portion of such payment in cash, then the
payment, including any delivery of shares of Common Stock, shall be made to
Holders surrendering 2021 Debentures no later than the tenth Business Day
following the Conversion Date.

      The Company may not pay cash in lieu of delivering all or part of such
shares of Common Stock upon the conversion of any 2021 Debenture pursuant to the
terms of the Indenture (other than cash in lieu of fractional shares) if there
has occurred (prior to, on or after, as the case may be, the Conversion Date or
the date on which the Company delivers its notice specifying whether each
Conversion shall be converted into shares of Common Stock or cash) and is
continuing an Event of Default (other than a default in such payment on such
2021 Debentures).

                                      A-9
<PAGE>

      A Holder may convert a portion of a 2021 Debenture if the principal amount
of such portion is $1,000 or an integral multiple of $1,000. No payment or
adjustment shall be made for dividends on the Common Stock except as provided in
the Indenture. On conversion of a 2021 Debenture, except as otherwise provided
in the Supplemental Indenture, that portion of accrued and unpaid interest on
the converted 2021 Debenture attributable to the period from the most recent
Interest Payment Date (or, if no Interest Payment Date has occurred, from the
Issue Date) through the Conversion Date with respect to the converted 2021
Debenture shall not be cancelled, extinguished or forfeited, but rather shall be
deemed to be paid in full to the Holder thereof through delivery of the Common
Stock (together with the cash payment, if any, in lieu of fractional shares), or
cash in lieu thereof, in exchange for the 2021 Debenture being converted
pursuant to the provisions hereof, and the fair market value of such shares of
Common Stock (together with any such cash payment in lieu of fractional shares),
or cash in lieu thereof, shall be treated as issued in exchange for the
principal amount of the 2021 Debenture being converted pursuant to the
provisions hereof.

      2001 Debentures or portions thereof surrendered for conversion during the
period from the close of business on any Regular Record Date immediately
preceding any Interest Payment Date to the opening of business on such Interest
Payment Date shall (except for 2021 Debentures called for redemption pursuant to
Article Five of the Supplemental Indenture on a Redemption Date that occurs
during the period between the close of business on a Regular Record Date and the
opening of business on the fourth business day after the Interest Payment Date
to which such Regular Record Date relates) be accompanied by payment to the
Company or its order, in New York Clearing House funds or other funds acceptable
to the Company, of an amount equal to the interest payable on such Interest
Payment Date on the principal amount of 2021 Debentures or portions thereof
being surrendered for conversion.

      No fractional shares will be issued upon conversion; in lieu thereof, an
amount will be paid in cash based upon the Sale Price of the Common Stock on the
Trading Day immediately prior to the Conversion Date.

      To convert a 2021 Debenture, a Holder must (a) complete and manually sign
the conversion notice set forth below and deliver such notice to a Conversion
Agent, (b) surrender the 2021 Debenture to the Conversion Agent, (c) furnish
appropriate endorsements and transfer documents (including any certification
that may be required under applicable law) if required by the Conversion Agent,
and (d) pay any transfer or similar tax, if required.

REPURCHASE BY THE COMPANY AT THE OPTION OF THE HOLDER

      Subject to the terms and conditions of the Indenture, the Company shall
become obligated to purchase, at the option of the Holder, the 2021 Debentures
held by such Holder on any April 15 in the years 2005, 2008 and 2011 at a
Repurchase Price equal to 100% of the principal amount thereof plus accrued and
unpaid interest to, but excluding, the Repurchase Date, upon delivery of a
Repurchase Notice containing the information set forth in the Indenture, at any
time from the opening of business on the date that is 20 Business Days prior to
such Repurchase Date until the close of business on such Repurchase Date and
upon delivery of the 2021 Debentures to the Paying Agent by the Holder as set
forth in the Indenture.

      The Repurchase Price may be paid, at the option of the Company, in cash or
by the issuance of Common Stock (as provided in the Indenture), or in any
combination thereof.

                                      A-10
<PAGE>

      Holders have the right to withdraw any Repurchase Notice by delivering to
the Paying Agent a written notice of withdrawal prior to the close of business
on the Repurchase Date in accordance with the provisions of the Indenture.

      If cash (and/or securities if permitted under the Indenture) sufficient to
pay the Repurchase Price of all 2021 Debentures or portions thereof to be
purchased as of the Repurchase Date, is deposited with the Paying Agent on the
Business Day following the Repurchase Date, all interest shall cease to accrue
on such 2021 Debentures (or portions thereof) immediately after such Repurchase
Date, and the Holder thereof shall have no other rights as such (other than the
right to receive the Repurchase Price upon surrender of such 2021 Debenture).

CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION

      Any 2021 Debentures called for redemption, unless surrendered for
conversion before the close of business on the Redemption Date, may be deemed to
be purchased from the Holders of such 2021 Debentures at an amount not less than
the Redemption Price by one or more investment bankers or other purchasers who
may agree with the Company to purchase such 2021 Debentures from the Holders, to
convert them into Common Stock of the Company and to make payment for such 2021
Debentures to the Paying Agent in trust for such Holders.

TRANSFER

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this 2021 Debenture is registrable in the Security
Register, upon surrender of this 2021 Debenture for registration or transfer at
the office or agency in a Place of Payment for the 2021 Debentures, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new 2021 Debentures, of any authorized denominations and for the same
aggregate principal amount, executed by the Company and authenticated and
delivered by the Trustee, will be issued to the designated transferee or
transferees.

      The Securities are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this 2021 Debenture, 2021 Debentures are exchangeable for a like aggregate
principal amount of 2021 Debentures of a different authorized denomination as
requested by the Holder surrendering the same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment of this 2021 Debenture for registration of
transfer, the Company, the Trustee or any agent of the Company or the Trustee
may treat the Person in whose name this 2021 Debenture is registered as the
owner hereof for all purposes, whether or not this 2021 Debenture be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

                                      A-11
<PAGE>

OWNERSHIP LIMITATION ON 2021 DEBENTURES

      In order to permit the Company to retain its status as a publicly traded
corporation under the proposed Treasury regulations to Section 883 of the
Internal Revenue Code of 1986, as amended (the "Code"), 2021 Debentures
generally may not be transferred if the transfer would result in the ownership,
including 2021 Debentures and other convertible securities of the Company on an
as-converted basis, by one Person or a group of related Persons by virtue of the
attribution provisions of the Code, of more than 4.9% of the outstanding Common
Stock of the Company.

AMENDMENT, SUPPLEMENT AND WAIVER

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the 2021 Debentures under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a
majority in principal amount of the 2021 Debentures at the time Outstanding. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the 2021 Debentures at the time Outstanding,
on behalf of the Holders of all 2021 Debentures, to waive compliance by the
Company with certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this 2021 Debenture shall be
conclusive and binding upon such Holder and upon all future Holders of this 2021
Debenture and of any 2021 Debenture issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not notation of such
consent or waiver is made upon this 2021 Debenture.

SUCCESSOR CORPORATION

      When a successor corporation assumes all the obligations of its
predecessor under the 2021 Debentures and the Indenture in accordance with the
terms and conditions of the Indenture, the predecessor corporation will (except
in certain circumstances specified in the Indenture) be released from those
obligations.

DEFAULTS AND REMEDIES

      Under the Indenture, Events of Default include (i) default in the payment
of interest when it becomes due and payable or in the payment of any Liquidated
Damages which default in either case continues for a period of 30 days; (ii)
default in payment of the principal amount, Redemption Price, Repurchase Price
or Change in Control Purchase Price, as the case may be, in respect of the
Securities when the same becomes due and payable; (iii) failure by the Company
to comply with other agreements in the Indenture or the Securities, subject to
notice and lapse of time; (iv) default under any bond, debenture, note or other
evidence of indebtedness for money borrowed of the Company or any Subsidiary
having an aggregate outstanding principal amount of in excess of $30,000,000
(excluding such indebtedness of any Subsidiary other than a Significant
Subsidiary, all the indebtedness of which is nonrecourse to the Company or any
other Subsidiary), which default shall be with respect to payment or shall have
resulted in such indebtedness being accelerated, without such indebtedness being
discharged or such acceleration having been rescinded or annulled, subject to
notice and passage of time; and (v) certain events of bankruptcy, insolvency or
reorganization of the Company or any Significant Subsidiary. If an Event of
Default with respect to Securities of this series shall occur and be continuing,
the

                                      A-12
<PAGE>

principal amount through the acceleration date of and accrued and unpaid
interest on the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture. If an Event of Default
occurs as a result of certain events of bankruptcy, insolvency or reorganization
of the Company, the principal amount of and accrued and unpaid interest on the
Securities Outstanding shall become due and payable immediately without any
declaration or other act on the part of the Trustee or any Holder, all as and to
the extent provided in the Indenture.

INDENTURE

      The Company issued the Securities under an Indenture dated as of April 25,
2001, as supplemented and amended by a Supplemental Indenture dated as of April
25, 2001 (as amended, the "Indenture"), among the Company and the Trustee. The
terms of the Securities include those stated in the Indenture and those made
part of the Indenture by reference to the Securities themselves and the Trust
Indenture Act of 1939, as in effect from time to time (the "TIA"). Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture. The Securities are subject to all such terms, and Holders are
referred to the Indenture and the TIA for a statement of those terms.

NO RECOURSE AGAINST OTHERS

      No recourse shall be had for the payment of the principal of or the
interest, if any, on this 2021 Debenture, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Company or of any
successor corporation, whether by virtue of any constitution, statute or rule of
law or by the enforcement of any assessment of penalty or otherwise, all such
liability being, by acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released.

AUTHENTICATION

      This 2021 Debenture shall not be valid until the Trustee or an
authenticating agent manually signs the certificate of authentication on the
other side of this 2021 Debenture.

INDENTURE TO CONTROL; GOVERNING LAW

      In the case of any conflict between the provisions of this 2021 Debenture
and the Indenture, the provisions of the Indenture shall control.

      THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAW RULES OF SAID STATE.

ABBREVIATIONS AND DEFINITIONS

      Customary abbreviations may be used in the name of the Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors
Act).

                                      A-13
<PAGE>

      All terms defined in the Indenture and used in this 2021 Debenture but not
specifically defined herein are defined in the Indenture and are used herein as
so defined.

                                      A-14
<PAGE>

                                CONVERSION NOTICE

      To convert this 2021 Debenture into Common Stock of the Company, check the
box: / /

      To convert only part of this 2021 Debenture, state the principal amount to
be converted (must be $1,000 or a multiple of $1,000): $__________.

      If you want the stock certificate made out in another person's name, fill
in the form below:

--------------------------------------------------------------------------------
               (Insert other person's soc. sec. or tax I.D. no.)

--------------------------------------------------------------------------------
           (Print or type other person's name, address and zip code)

Your Signature:___________________________________  Date:_______________________
(Sign exactly as your name appears on the other side of this 2021 Debenture)

(3)Signature guaranteed by:_____________________________________________________

By:_________________________________

----------
(3) The Signature must be guaranteed by an institution which is a member of
one of the following recognized signature guaranty programs: (i) the Securities
Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or
(iv) such other guaranty program acceptable to the Trustee.

                                      A-15
<PAGE>

                 OPTION OF HOLDER TO ELECT PURCHASE ON CHANGE IN
                                     CONTROL

      If you want to elect to have this 2021 Debenture purchased, in whole or in
part, by the Company pursuant to Section 701 of the Indenture, check the
following box: / /

      If you want to have only part of this 2021 Debenture purchased by the
Company pursuant to Section 701 of the Indenture, state the principal amount you
want to be purchased (must be $1,000 or a multiple of $1,000): $____________.

(3)Signature guaranteed by:_____________________________________________________

By:__________________________________

----------
(3) The Signature must be guaranteed by an institution which is a member of
one of the following recognized signature guaranty programs: (i) the Securities
Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or
(iv) such other guaranty program acceptable to the Trustee.

                                      A-16
<PAGE>

SCHEDULE OF EXCHANGES OF SECURITIES(4)

      The following exchanges, redemptions, repurchases or conversions of a part
of this Global Security have been made:

                              AMOUNT OF DECREASE IN      AMOUNT OF INCREASE IN
                             PRINCIPAL AMOUNT OF THIS   PRINCIPAL AMOUNT OF THE
    DATE OF TRANSACTION          GLOBAL SECURITY            GLOBAL SECURITY
--------------------------- --------------------------  ------------------------

----------
(4)   This schedule should be included only if the Security is a Global
      Security.

                                      A-17
<PAGE>

                                                                         ANNEX B

                              TRANSFER RESTRICTIONS
                      RELATING TO PROPOSED TAX REGULATIONS

      (a) For purposes of this Annex B, the following terms shall have the
following meanings:

      "BENEFICIAL OWNERSHIP" shall mean ownership of Shares (including Shares
deemed to be held as a result of ownership of the 2021 Debentures) by a Person
who would be treated as an owner of such Shares directly, indirectly or
constructively through the application of Section 267(b) of the Code, as
modified in any way by Section 883 of the Code and the regulations promulgated
thereunder. The terms "Beneficial Owner", "Beneficially Owns" and "Beneficially
Owned" shall have correlative meanings.

      "CHARITABLE BENEFICIARY" shall mean the organization or organizations
described in Section 170(c)(2) and 501(c)(3) of the Code selected by the Excess
Debentures Trustee.

      "CODE" shall mean the United States Internal Revenue Code of 1986, as
amended from time to time.

      "EXCESS DEBENTURES" shall mean 2021 Debentures resulting from an event
described in subsection (c) hereof.

      "EXCESS DEBENTURES TRUST" shall mean the trust created pursuant to this
Annex B.

      "EXCESS DEBENTURES TRUSTEE" shall mean a Person, who shall be unaffiliated
with the Company, any Purported Beneficial Transferee and any Purported Record
Transferee, appointed by the Company as the trustee of the Excess Debentures
Trust.

      "EXISTING HOLDERS" shall mean (i) any member of the group of Persons that
jointly filed Amendment No. 2 to the Third Amended and Restated Schedule 13D
with the United States Securities and Exchange Commission on January 19, 2001
with respect to the beneficial ownership of shares of Common Stock; and (ii) any
Permitted Transferee.

      "MARKET PRICE" of the 2021 Debentures on any date shall mean the average
of the Closing Price for the five (5) consecutive trading days ending on such
date, or if such date is not a trading date, the five consecutive trading days
preceding such date. The "Closing Price" on any date shall mean (i) the last
sale price, regular way, or, in case no such sale takes place on such day, the
average of the closing bid and asked prices, regular way, in either case as
reported in the principal consolidated transaction reporting system if the 2021
Debentures are listed or admitted to trading on the New York Stock Exchange, or
(ii) if the 2021 Debentures are not listed or admitted to trading on the New
York Stock Exchange, the last sale price, regular way, or in case no such sale
takes place on such day, the average of the closing bid and asked prices, as
reported in the principal consolidated transaction reporting system with respect
to securities listed on the principal national securities exchange on which the
2021 Debentures are listed or admitted to trading, or (iii) if the 2021
Debentures are not listed or admitted to trading on any national securities
exchange, the last quoted price, or if not so quoted, the average of the high
bid and low asked prices in the over-the-counter market, as reported by the
National Association of

                                      B-1
<PAGE>

Securities Dealers, Inc. Automated Quotation System or, if such system is no
longer in use, the principal other automated quotations system that may then be
in use, or (iv) if the 2021 Debentures are not quoted by any such organization,
the average of the closing bid and asked prices as furnished by a professional
market maker making a market in the 2021 Debentures selected by the Company.
Such Market Price shall be expressed as a percentage price per $1,000 of
principal amount of the 2021 Debentures.

      "OWNERSHIP LIMIT" shall mean, in the case of a Person other than an
Existing Holder, Beneficial Ownership of more than four and nine-tenths percent
(4.9%), by value, vote or number, of the Shares. The Ownership Limit shall not
apply to any Existing Holder.

      "PERMITTED TRANSFER" shall mean a Transfer by an Existing Holder to any
Person which does not result in the Company losing its exemption from taxation
on gross income derived from the international operation of a ship or ships
within the meaning of Section 883 of the Code. Any such transferee is herein
referred to as a "Permitted Transferee."

      "PERSON" shall mean a person as defined by Section 7701(a) of the Code.

      "PURPORTED BENEFICIAL HOLDER" shall mean, with respect to any event (other
than a purported Transfer, but including holding Shares or 2021 Debentures in
excess of the Ownership Limitation) which results in Excess Debentures, the
Person for whom the Purported Record Holder held 2021 Debentures that, pursuant
to subsection (c) hereof, became Excess Debentures upon the occurrence of such
event.

      "PURPORTED BENEFICIAL TRANSFEREE" shall mean, with respect to any
purported Transfer which results in Excess Debentures, the purported beneficial
transferee for whom the Purported Record Transferee would have acquired 2021
Debentures if such Transfer had been valid under subsection (b) hereof.

      "PURPORTED RECORD HOLDER" shall mean, with respect to any event (other
than a purported Transfer, but including holding Shares or 2021 Debentures in
excess of the Ownership Limitation) which results in Excess Debentures, the
record holder of the 2021 Debentures that, pursuant to subsection (c) hereof,
became Excess Debentures upon the occurrence of such event.

      "PURPORTED RECORD TRANSFEREE" shall mean, with respect to any purported
Transfer which results in Excess Debentures, the record holder of the 2021
Debentures if such Transfer had been valid under subsection (b) hereof.

      "RESTRICTION TERMINATION DATE" shall mean such date as may be determined
by the Company in its sole discretion (and for any reason) as the date on which
the ownership and transfer restrictions set forth in this Annex B should cease
to apply.

      "SHARES" shall means shares of the Company as may be authorized and issued
from time to time pursuant to its Articles of Incorporation. For purposes of
determining a Person's Beneficial Ownership of any Shares, the conversion of the
2021 Debentures and any other convertible securities held by such Person shall
be deemed effected and any option, warrant or similar instrument held by such
Person shall be deemed exercised.

      "TRANSFER" shall mean any sale, transfer, gift, hypothecation, pledge,
assignment, devise or other disposition of the Shares or the 2021 Debentures
(including (i) the granting of any

                                      B-2
<PAGE>

option or interest similar to an option (including an option to acquire an
option or any series of such options) or entering into any agreement for the
sale, transfer or other disposition of the 2021 Debentures or (ii) the sale,
transfer, assignment or other disposition of any securities or rights
convertible into or exchangeable for the 2021 Debentures or Shares, whether
voluntary or involuntary, whether of record, constructively or beneficially and
whether by operation of law or otherwise. For purposes of this definition,
whether securities or rights are convertible or exchangeable for the 2021
Debentures or Shares shall be determined in accordance with Sections 267(b) and
883 of the Code.

      Terms used in this Annex B, but not defined herein, shall have the meaning
set forth in the Supplemental Indenture.

      (b) Except as provided in subsection (i) hereof, until the Restriction
Termination Date: (1) no Person (other than an Existing Holder) shall
Beneficially Own Shares and/or 2021 Debentures representing Shares in excess of
the Ownership Limit; (2) any Transfer that, if effective, would result in any
Person (other than an Existing Holder) Beneficially Owning Shares and/or 2021
Debentures representing Shares in excess of the Ownership Limit shall be void ab
initio as to the Transfer of that amount of the 2021 Debentures representing
Shares which would be otherwise Beneficially Owned by such Person in excess of
the Ownership Limit, and the intended transferee shall acquire no rights in such
2021 Debentures in excess of the Ownership Limit; and (3) any Transfer of the
2021 Debentures that, if effective, would result in the Company being "closely
held" within the meaning of Section 883 of the Code and the regulations
promulgated thereunder shall be void ab initio as to the Transfer of that amount
of such 2021 Debentures which would cause the Company to be "closely held"
within the meaning of Section 883 of the Code and the regulations promulgated
thereunder and the intended transferee shall acquire no rights in such 2021
Debentures.

      (c)   (1) If, notwithstanding the other provisions contained in this
Supplemental Indenture, at any time until the Restriction Termination Date,
there is a purported Transfer or other event such that any Person (other than an
Existing Holder) would Beneficially Own Shares and/or 2021 Debentures
representing Shares in excess of the Ownership Limit, then, except as otherwise
provided in subsection (i) hereof, such 2021 Debentures representing Shares
which would be in excess of the Ownership Limit, shall automatically be
designated as Excess Debentures, as further described below. The designation of
such 2021 Debentures as Excess Debentures shall be effective as of the close of
business on the business day prior to the date of the Transfer or other event.
If, after designation of such 2021 Debentures owned directly by a Person as
Excess Debentures, such Person still owns 2021 Debentures representing Shares in
excess of the applicable Ownership Limit, 2021 Debentures representing Shares
Beneficially Owned by such Person constructively in excess of the Ownership
Limit shall be designated as Excess Debentures until such Person does not
Beneficially Own Shares and/or 2021 Debentures representing Shares in excess of
the applicable Ownership Limit. Where such Person owns 2021 Debentures
constructively through one or more Persons and the 2021 Debentures as held by
such other Persons must be designated as Excess Debentures, the designation of
2021 Debentures held by such other Persons as Excess Debentures shall be pro
rata.

            (2) If, notwithstanding the other provisions contained in this
Supplemental Indenture, at any time until the Restriction Termination Date,
there is a purported Transfer or other event which, if effective, would cause
the Company to become "closely held" within the meaning of Section 883 of the
Code and regulations promulgated thereunder, then, except as

                                      B-3
<PAGE>

otherwise provided in subsection (i) hereof, the 2021 Debentures being
Transferred or which are otherwise affected by such event and which, in either
case, would cause, when taken together with all 2021 Debentures and Shares, the
Company to be "closely held" within the meaning of Section 883 of the Code and
the regulations promulgated thereunder shall automatically be designated as
Excess Debentures. The designation of such 2021 Debentures as Excess Debentures
shall be effective as of the close of business on the business day prior to the
date of the Transfer or other event. If, after designation of such 2021
Debentures owned directly by a Person as Excess Debentures, such Person still
owns 2021 Debentures representing Shares in excess of the applicable Ownership
Limit, 2021 Debentures representing Shares Beneficially Owned by such Person
constructively in excess of the Ownership Limit shall be designated as Excess
Debentures until such Person does not own Shares and/or 2021 Debentures or in
excess of the applicable Ownership Limit. Where such Person owns 2021 Debentures
constructively through one or more Persons and the 2021 Debentures held by such
other Persons must be designated as Excess Debentures, the designation of 2021
Debentures held by such other Persons as Excess Debentures shall be pro rata.

      (d) If the Company shall at any time determine in good faith that a
purported Transfer or other event has taken place in violation of subsection (b)
hereof or that a Person intends to acquire or has attempted to acquire 2021
Debentures representing Beneficial Ownership of Shares in violation of
subsection (b) hereof, the Company may take such action as it deems advisable to
refuse to give effect to or to prevent such Transfer or other event, including,
but not limited to, refusing to give effect to such Transfer or other event on
the books of the Company and the Trustee, instituting proceedings to enjoin such
Transfer or other event or transaction, provided, however, that any Transfers or
attempted Transfers (or, in the case of events other than a Transfer, Beneficial
Ownership) in violation of subsection (b) hereof shall be void ab initio and
automatically result in the designation and treatment described in subsection
(c) hereof, irrespective of any action (or non-action) by the Company.

      (e) Any Person who acquires or attempts to acquire 2021 Debentures in
violation of subsection (b) hereof, or any Person who is a purported transferee
such that Excess Debentures result under subsection (c) hereof, shall
immediately give written notice to the Company of such Transfer, attempted
Transfer or other event and shall provide to the Company such other information
as the Company may request in order to determine the effect, if any, of such
Transfer or attempted Transfer or other event on the Company's status as
qualifying for exemption from taxation on gross income from the international
operation of a ship or ships within the meaning of Section 883 of the Code.

      (f) Prior to the Restriction Termination Date: (1) every Person who holds
2021 Debentures and/or Shares representing Beneficial Ownership of three percent
(3%) or more, by vote, value or number, or such lower percentages as required
pursuant to regulations under the Code, of the outstanding Shares (including any
2021 Debentures deemed to be converted into Shares) shall promptly after
becoming such a three percent (3%) Beneficial Owner, give written notice to the
Company stating the name and address of such Beneficial Owner, the general
ownership structure of such Beneficial Owner, the number of shares of each class
of Shares and/or the amount of 2021 Debentures Beneficially Owned, and a
description of how such Shares or 2021 Debentures are held and (2) each Person
who is a Beneficial Owner of Shares (including 2021 Debentures deemed to be
converted into Shares) or 2021 Debentures and each Person (including the holder
of record) who is holding Shares or 2021 Debentures for a Beneficial Owner shall
provide on demand to the Company such information as the Company

                                      B-4
<PAGE>

may request from time to time in order to determine the Company's status as
exempt from taxation on gross income from the international operation of a ship
or ships within the meaning of Section 883 of the Code and to ensure compliance
with the Ownership Limit.

      (g) Nothing contained in this Supplemental Indenture shall limit the
ability of the Company to take such other action as it deems necessary or
advisable to protect the interests of the Company by preservation of the
Company's status as exempt from taxation on gross income from the international
operation of a ship or ships within the meaning of Section 883 of the Code and
to ensure compliance with the Ownership Limit.

      (h) Reserved.

      (i) The Company upon receipt of a ruling from the Internal Revenue Service
or an opinion of tax counsel, satisfactory to it in its sole and absolute
discretion, in each case to the effect that the Company's status as exempt from
taxation on gross income from the international operation of a ship or ships
within the meaning of Section 883 of the Code will not be jeopardized, may
exempt a Person (or may generally exempt any class of Persons) from the
Ownership Limit if the Company, in its sole discretion, ascertains that such
Person's (or Persons') Beneficial Ownership of Shares and/or 2021 Debentures
will not jeopardize the Company's status as exempt from taxation on gross income
from the international operation of a ship or ships within the meaning of
Section 883 of the Code. The Company may require representations and
undertakings from such Person or Persons as are necessary to make such
determination.

      (j) Prior to the Restriction Termination Date, each certificate for the
2021 Debentures shall bear the following legend:

      THIS SECURITY IS SUBJECT TO LIMITATIONS ON OWNERSHIP CONTAINED IN THE
INDENTURE, IN ORDER TO PERMIT THE COMPANY TO RETAIN ITS STATUS AS A PUBLICLY
TRADED CORPORATION UNDER PROPOSED TREASURY REGULATIONS UNDER SECTION 883 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED.

      (k) Upon any purported Transfer or other event that results in Excess
Debentures pursuant to subsection (b) or (c) hereof, such Excess Debentures
shall be deemed to have been transferred to the Excess Debentures Trustee, as
trustee of the Excess Debentures Trust, for the benefit of the Charitable
Beneficiary effective as of the close of business on the business day prior to
the date of the Transfer or other event. The Purported Record Transferee or
Purported Record Holder shall have no rights in such Excess Debentures. The
Purported Beneficial Transferee or Purported Beneficial Holder shall have no
rights in such Excess Debentures except as provided in subsection (m). The
Excess Debentures Trustee may resign at any time so long as the Company shall
have appointed a successor trustee. The Excess Debentures Trustee shall, from
time to time, designate one or more charitable organization or organizations as
the Charitable Beneficiary.

      (l) Excess Debentures shall be entitled to the same interest or
distributions as determined as if the designation of Excess Debentures had not
occurred. Any interest or distributions paid prior to the discovery by the
Company that the 2021 Debentures have been designated as Excess Debentures shall
be repaid to the Excess Debentures Trust upon demand.

                                      B-5
<PAGE>

Otherwise, any interest or distributions on the Excess Debentures shall be paid
to the Excess Debentures Trust. All interest or distributions received or other
income earned by the Excess Debentures Trust shall be paid over to the
Charitable Beneficiary.

      (m) Excess Debentures shall be transferable only as provided in this
subsection (m). At the direction of the Company, the Excess Debentures Trustee
shall transfer the Excess Debentures held in the Excess Debentures Trust to a
Person or Persons (including, without limitation, the Company under subsection
(n) below) whose ownership of such 2021 Debentures shall not violate the
Ownership Limit or otherwise cause the Company to become "closely held" within
the meaning of Section 883 of the Code within 180 days after the later of (i)
the date of the Transfer or other event which resulted in Excess Debentures and
(ii) the date the Company determines in good faith that a Transfer or other
event resulting in Excess Debentures has occurred, if the Company does not
receive a notice of such Transfer or other event pursuant to subsection (e)
hereof. If such a transfer is made, the interest of the Charitable Beneficiary
shall terminate, the designation of such 2021 Debentures as Excess Debentures
shall thereupon cease and a payment shall be made to the Purported Beneficial
Transferee, Purported Beneficial Holder and/or the Charitable Beneficiary as
described below. If the Excess Debentures resulted from a purported Transfer,
the Purported Beneficial Transferee shall receive a payment from the Excess
Debentures Trustee that reflects a price for such Excess Debentures equal to the
lesser of (A) the price received by the Excess Debentures Trustee and (B)(x) the
price such Purported Beneficial Transferee paid for the 2021 Debentures in the
purported Transfer that resulted in the Excess Debentures, or (y) if the
Purported Beneficial Transferee did not give value for such Excess Debentures
(through a gift, devise or other similar event) a price equal to the product of
(1) the Market Price of such 2021 Debentures on the date of the purported
Transfer that resulted in the Excess Debentures and (2) the aggregate principal
amount of such Excess Debentures. If the Excess Debentures resulted from an
event other than a purported Transfer, the Purported Beneficial Holder shall
receive a payment from the Excess Debentures Trustee that reflects a price for
Excess Debentures equal to the lesser of (A) the price received by the Excess
Debentures Trustee and (B) the product of (1) the Market Price of such 2021
Debentures on the date of the event that resulted in Excess Debentures and (2)
the aggregate principal amount of such Excess Debentures. Prior to any transfer
of any interest in the Excess Debenture Trust, the Company must have waived in
writing its purchase rights, if any, under subsection (n) hereof. Any funds
received by the Excess Debentures Trustee in excess of the funds payable to the
Purported Beneficial Holder or the Purported Beneficial Transferor shall be paid
to the Charitable Beneficiary. The Company shall pay the costs and expenses of
the Excess Debentures Trustee.

      Notwithstanding the foregoing, if the provisions of this subsection (m)
are determined to be void or invalid by virtue of any legal decision, statute,
rule or regulation, then the Purported Beneficial Transferee or Purported
Beneficial Holder of Excess Debentures may be deemed, at the option of the
Company, to have acted as an agent on behalf of the Company, in acquiring or
holding such Excess Debentures and to hold such Excess Debentures on behalf of
the Company.

      (n) Excess Debentures shall be deemed to have been offered for sale by the
Excess Debentures Trustee to the Company, or its designee, at a price equal to
(i) in the case of Excess Debentures resulting from a purported Transfer, the
lesser of (A) the price of the 2021 Debentures in the transaction that created
such Excess Debentures (or, in the case of devise, gift or other similar event,
the Market Price of the 2021 Debentures on the date of such devise, gift or
other similar event), or (B) the product of (1) the lowest Market Price of the
2021 Debentures

                                      B-6
<PAGE>

which resulted in the Excess Debentures at any time after the date such 2021
Debentures were designated as Excess Debentures and prior to the date the
Company, or its designee, accepts such offer and (2) the aggregate principal
amount of such Excess Debentures or (ii) in the case of Excess Debentures
resulting from an event other than a purported Transfer, the lesser of (A) the
product of (1) the Market Price of the 2021 Debentures on the date of such event
and (2) the aggregate principal amount of such Excess Debentures or (B) the
product of (1) the lowest Market Price for 2021 Debentures at any time from the
date of the event resulting in such Excess Debentures and prior to the date the
Company, or its designee, accepts such offer and (2) the aggregate principal
amount of such Excess Debentures. The Company shall have the right to accept
such offer for a period of ninety (90) days after the later of (i) the date of
the Transfer or other event which resulted in such Excess Debentures and (ii)
the date the Company determines in good faith that a Transfer or other event
resulting in Excess Debentures has occurred, if the Company does not receive a
notice of such Transfer or other event pursuant to subsection (e) hereof.

      (o) The Company is authorized specifically to seek equitable relief,
including injunctive relief, to enforce the provisions of this Annex B. No delay
or failure on the part of the Company in exercising any right hereunder shall
operate as a waiver of any right of the Company, except to the extent
specifically waived in writing.

      (p) The Trustee of the 2021 Debentures shall have no responsibility to
monitor the ownership of the 2021 Debentures.

                                      B-7
<PAGE>

                                   EXHIBIT B-1

                  CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR
              REGISTRATION OF TRANSFER OF RESTRICTED SECURITIES(5)

      Re:   2% Convertible Senior Debentures due 2021 (the "Securities") of
            Carnival Corporation

      This certificate relates to $___________ principal amount of Securities
owned in (check applicable box)

      / /      book-entry or

      / /      definitive form

by ___________________________________________________________ (the
"Transferor").

      The Transferor has requested a Security Registrar or the Trustee to
exchange or register the transfer of such Securities.

      In connection with such request and in respect of each such Security, the
Transferor does hereby certify that the Transferor is familiar with transfer
restrictions relating to the Securities as provided in Section 202 of the
Supplemental Indenture dated as of April 25, 2001 (the "Indenture"), between
Carnival Corporation and US Bank Trust National Association, as trustee.

      In connection with any transfer of any of the Securities evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act after the later of the date of original issuance
of the Securities and the last date, if any, on which such Securities were owned
by the Company or any Affiliate of the Company, the undersigned confirms that
such Securities are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

      (1)     / /     to the Company or a subsidiary of the Company; or

      (2)     / /     pursuant to an  effective  registration  statement  under
                      the Securities Act of 1933; or

      (3)     / /     to a "qualified institutional buyer" (as defined in Rule
                      144A under the Securities Act of 1933) that purchases for
                      its own account or for the account of a qualified
                      institutional buyer to whom notice is given that such
                      transfer is being made in reliance on Rule 144A, in each
                      case pursuant to and in compliance with Rule 144A under
                      the Securities Act of 1933; or

----------
(5)   This certificate should only be included if this Security is a Transfer
      Restricted Security.

                                     B-1-1
<PAGE>

      (4)     / /     to an institutional accredited investor, defined in Rule
                      501(a)(1), (2), (3) or (7) of Regulation D under the
                      Securities Act; or

      (5)     / /     pursuant to another available exemption from registration
                      under the Securities Act of 1933.

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered holder thereof, PROVIDED, HOWEVER, that if box (4) or (5) is
checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the
Company has reasonably requested to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933, such as the exemption
provided by Rule 144 under such Act.

                                    ____________________________________________
                                    Signature

Signature Guarantee:

________________________________    ____________________________________________
Signature must be guaranteed        Signature

              TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED

      The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon the undersigned's foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

Dated:________________________    ____________________________________________
                                  NOTICE: To be executed by an executive officer

                                     B-1-2
<PAGE>

                                   EXHIBIT B-2

             FORM OF LETTER TO BE DELIVERED BY ACCREDITED INVESTORS

Carnival Corporation
3655 N.W. 87th Avenue,
Miami, Florida  33178-2428
Attention:  Corporate Secretary

US Bank Trust National Association, as Security Registrar
100 Wall Street, 16th floor
New York, NY 10005
Attention:  Corporate Trust Administration

Dear Sirs:

      We are delivering this letter in connection with the proposed transfer of
$_____________ principal amount of the 2% Convertible Senior Debentures due 2021
(the "Debentures") of Carnival Corporation (the "Company"), which are
convertible into shares of Common Stock of the Company.

      We hereby confirm that:

            (i) we are an "accredited investor" within the meaning of Rule
      501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act of
      1933, as amended (the "Securities Act"), or an entity in which all of the
      equity owners are "accredited investors" within the meaning of Rule
      501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an
      "Institutional Accredited Investor");

            (ii) the purchase of Debentures by us is for our own account or for
      the account of one or more other Institutional Accredited Investors or as
      fiduciary for the account of one or more trusts, each of which is an
      "accredited investor" within the meaning of Rule 501(a)(7) under the
      Securities Act and for each of which we exercise sole investment
      discretion or (B) we are a "bank," within the meaning of Section 3(a)(2)
      of the Securities Act, or a "savings and loan association" or other
      institution described in Section 3(a)(5)(A) of the Securities Act that is
      acquiring Debentures as fiduciary for the account of one or more
      institutions for which we exercise sole investment discretion;

            (iii) we will acquire Debentures having a minimum aggregate
      principal amount of not less than $100,000 for our own account or for any
      separate account for which we are acting;

            (iv) we have such knowledge and experience in financial and business
      matters that we are capable of evaluating the merits and risks of
      purchasing Debentures; and

            (v) we are not acquiring Debentures with a view to distribution
      thereof or with any present intention of offering or selling Debentures or
      the Common Stock deliverable upon conversion thereof, except as permitted
      below; provided that the disposition of our

                                     B-2-1
<PAGE>

      property and property of any accounts for which we are acting as fiduciary
      shall remain at all times within our control.

      We understand that the Debentures were originally offered and sold in a
transaction not involving any public offering within the United States within
the meaning of the Securities Act and that the Debentures and the shares of
Common Stock (the "Securities") issuable upon conversion thereof have not been
registered under the Securities Act, and we agree, on our own behalf and on
behalf of each account for which we acquire any Debentures, that if in the
future we decide to resell or otherwise transfer such Securities prior to the
date on which the Securities are transferable pursuant to Rule 144(k) under the
Securities Act, such Securities may be resold or otherwise transferred only (i)
to the Company or any subsidiary thereof, or (ii) for as long as the Debentures
are eligible for resale pursuant to Rule 144A, to a person we reasonably believe
to be a "qualified institutional buyer" (as defined in Rule 144A under the
Securities Act) that purchases for its own account or for the account of such a
qualified institutional buyer to which notice is given that the transfer is
being made in reliance on Rule 144A, or (iii) to an Institutional Accredited
Investor that is acquiring the Security for its own account, or for the account
of such an Institutional Accredited Investor for investment purposes and not
with a view to, or for offer or sale in connection with, any distribution in
violation of the Securities Act, or (iv) pursuant to another available exemption
from registration under the Securities Act (if applicable), or (v) pursuant to a
registration statement which has been declared effective under the Securities
Act and, in each case, in accordance with any applicable securities laws of any
State of the United States or any other applicable jurisdiction and in
accordance with the legends set forth on the Securities. We further agree to
provide any person purchasing any of the Securities other than pursuant to
clause (v) above from us a notice advising such purchaser that resales of such
securities are restricted as stated herein. We understand that the trustee or
the transfer agent, as the case may be, for the Securities will not be required
to accept for registration of transfer any Securities pursuant to (iii) or (iv)
above except upon presentation of evidence satisfactory to the Company and the
trustee that the foregoing restrictions on transfer have been complied with. We
further understand that any Securities will be in the form of definitive
physical certificates and that such certificates will bear a legend reflecting
the substance of this paragraph other than certificates representing Securities
transferred pursuant to clause (v) above.

      We acknowledge that the Company, others, the Trustee, the Security
Registrar and you will rely upon our confirmations, acknowledgments and
agreements set forth herein, and we agree to notify you promptly in writing if
any of our representations or warranties herein ceases to be accurate and
complete.

                                     B-2-2
<PAGE>

      THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK.

                                          ______________________________________
                                          (Name of Purchaser)

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                     B-2-3

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