Document:

<PAGE>
                                                                     Exhibit 4.1

                        NORTH FORK BANCORPORATION, INC.

                                      AND

                      U.S. BANK TRUST NATIONAL ASSOCIATION

                                   INDENTURE

                           DATED AS OF AUGUST 7, 2002

                          SUBORDINATED DEBT SECURITIES
<PAGE>
                        NORTH FORK BANCORPORATION, INC.

         RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND
                     INDENTURE, DATED AS OF AUGUST 7, 2002

<TABLE>
<CAPTION>
        TRUST INDENTURE
          ACT SECTION                                 INDENTURE SECTION
<S>                                                   <C>
           3.10(a)(1)                                        8.09
           3.10(a)(2)                                        8.09
           3.10(a)(3)                                        N/A
           3.10(a)(4)                                        N/A
           3.10(a)(5)                                        8.09
           3.10(b)                                           8.08
           3.10(c)                                           N/A

           3.11                                              8.13

           3.12(a)                                           6.01(i)
           3.12(b)                                           6.02(ii)
           3.12(c)                                           6.02(iii)

           3.13(a)                                           6.03(i)
           3.13(b)                                           6.03(ii)
           3.13(c)                                           6.03(i) and (ii)

           3.14(a)(1), (2) and (3)                           6.04
           3.14(b)                                           N/A
           3.14(c)(1)                                        1.02
           3.14(c)(2)                                        1.02
           3.14(c)(3)                                        N/A
           3.14(d)                                           N/A
           3.14(e)                                           1.02
           3.14(f)                                           N/A

           3.15(a)                                           8.01(i)
           3.15(b)                                           8.02
           3.15(c)                                           8.01(ii)
           3.15(d)                                           8.01(iii)
           3.15(d)(1)                                        8.01(iii)(a)
           3.15(d)(2)                                        8.01(iii)(b)
           3.15(d)(3)                                        8.10(iii)(c)
           3.15(e)                                           7.14

           3.16(a)                                           7.12
           3.16(a)(1)(A)                                     7.12
           3.16(a)(1)(B)                                     7.13
           3.16(a)(2)                                        N/A
           3.16(b)                                           7.08
           3.16(c)                                           1.04(vii)

           3.17(a)(1)                                        7.03
           3.17(a)(2)                                        7.04
           3.17(b)                                           5.03

           3.18(a)                                           1.08
</TABLE>

     THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE
                             PART OF THE INDENTURE.
<PAGE>
                                Table of Contents

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                                                     ARTICLE I
                              DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.01.   Definitions. ..............................................................................     1
SECTION 1.02.   Compliance Certificates and Opinions. .....................................................    10
SECTION 1.03.   Form of Documents Delivered to Trustee. ...................................................    10
SECTION 1.04.   Acts of Securityholders. ..................................................................    11
SECTION 1.05.   Notices, etc., to Trustee and Company. ....................................................    13
SECTION 1.06.   Notices to Securityholders; Waiver. .......................................................    13
SECTION 1.07.   Language of Notices, Etc. .................................................................    14
SECTION 1.08.   Conflict with Trust Indenture Act. ........................................................    14
SECTION 1.09.   Effect of Headings and Table of Contents. .................................................    14
SECTION 1.10.   Successors and Assigns. ...................................................................    14
SECTION 1.11.   Separability Clause. ......................................................................    15
SECTION 1.12.   Benefits of Indenture. ....................................................................    15
SECTION 1.13.   Legal Holidays. ...........................................................................    15
SECTION 1.14.   Governing Law. ............................................................................    15
SECTION 1.15.   Judgment Currency; Payment to be in Proper Currency. ......................................    15
SECTION 1.16.   Moneys of Different Currencies to be Segregated. ..........................................    16

                                                    ARTICLE II
                                                  SECURITY FORMS

SECTION 2.01.   Forms Generally. ..........................................................................    16
SECTION 2.02.   Form of Securities.........................................................................    17
SECTION 2.03.   Form of Trustee's Certificate of Authentication............................................    17

                                                    ARTICLE III
                                                  THE SECURITIES

SECTION 3.01.   Title and Terms............................................................................    18
SECTION 3.02.   Denominations. ............................................................................    20
SECTION 3.03.   Execution, Authentication, Delivery and Dating. ...........................................    21
SECTION 3.04.   Temporary Securities. .....................................................................    22
SECTION 3.05.   Registration, Registration of Transfer and Exchange. ......................................    24
SECTION 3.06.   Mutilated, Destroyed, Lost and Stolen Securities. .........................................    27
SECTION 3.07.   Payment of Interest; Interest Rights Preserved. ...........................................    28
SECTION 3.08.   Persons Deemed Owners. ....................................................................    30
SECTION 3.09.   Cancellation. .............................................................................    30
SECTION 3.10.   Computation of Interest. ..................................................................    31
SECTION 3.11.   Forms of Certification. ...................................................................    31
SECTION 3.12.   Payment in Currencies. ....................................................................    31
SECTION 3.13.   CUSIP Numbers. ............................................................................    33
</TABLE>

                                       i
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                                                    ARTICLE IV
                                             REDEMPTION OF SECURITIES

SECTION 4.01.   Applicability of Article. .................................................................    33
SECTION 4.02.   Election to Redeem; Notice to Trustee. ....................................................    34
SECTION 4.03.   Selection by Trustee of Securities to be Redeemed. ........................................    34
SECTION 4.04.   Notice of Redemption. .....................................................................    34
SECTION 4.05.   Deposit of Redemption Price. ..............................................................    35
SECTION 4.06.   Securities Payable on Redemption Date. ....................................................    35
SECTION 4.07.   Securities Redeemed in Part. ..............................................................    36
SECTION 4.08.   Redemption Suspended During Event of Default. .............................................    36

                                                     ARTICLE V
                                                     COVENANTS

SECTION 5.01.   Payment of Principal, Premium, if any, the Maturity Consideration and Interest. ...........    37
SECTION 5.02.   Maintenance of Office or Agency. ..........................................................    37
SECTION 5.03.   Money or Other Property for Security Payments and Deliveries to be Held in Trust. .........    38
SECTION 5.04.   Additional Amounts. .......................................................................    40
SECTION 5.05.   Corporate Existence. ......................................................................    40
SECTION 5.06.   Statement as to Compliance. ...............................................................    41
SECTION 5.07.   Waiver of Certain Covenants. ..............................................................    41
SECTION 5.08.   Calculation of Original Issue Discount. ...................................................    41
SECTION 5.09.   Statement by Officers as to Default. ......................................................    42

                                                    ARTICLE VI
                                 HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 6.01.   Company to Furnish Trustee Names and Addresses of Holders. ................................    42
SECTION 6.02.   Preservation of Information; Communications to Holders. ...................................    42
SECTION 6.03.   Reports by Trustee. .......................................................................    43
SECTION 6.04.   Reports by the Company. ...................................................................    44

                                                      ARTICLE
                                                   VII REMEDIES

SECTION 7.01.   Events of Default. ........................................................................    45
SECTION 7.02.   Acceleration of Maturity; Rescission and Annulment. .......................................    45
SECTION 7.03.   Collection of Indebtedness and Suits for Enforcement by Trustee. ..........................    46
SECTION 7.04.   Trustee May File Proofs of Claim. .........................................................    47
SECTION 7.05.   Trustee May Enforce Claims Without Possession of Securities. ..............................    48
SECTION 7.06.   Application of Money or Other Property Collected. .........................................    48
SECTION 7.07.   Limitation on Suits. ......................................................................    49
SECTION 7.08.   Unconditional Right of Securityholders to Receive Principal, Premium, Maturity
                Consideration and Interest. ...............................................................    50
SECTION 7.09.   Restoration of Rights and Remedies. .......................................................    50
</TABLE>

                                       ii
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<S>                                                                                                            <C>
SECTION 7.10.   Rights and Remedies Cumulative. ...........................................................    51
SECTION 7.11.   Delay or Omission Not Waiver. .............................................................    51
SECTION 7.12.   Control by Securityholders. ...............................................................    51
SECTION 7.13.   Waiver of Past Defaults. ..................................................................    52
SECTION 7.14.   Undertaking for Costs. ....................................................................    52
SECTION 7.15.   Waiver of Stay or Extension Laws. .........................................................    52

                                                   ARTICLE VIII
                                                    THE TRUSTEE

SECTION 8.01.   Certain Duties and Responsibilities. ......................................................    53
SECTION 8.02.   Notice of Default. ........................................................................    54
SECTION 8.03.   Certain Rights of Trustee. ................................................................    54
SECTION 8.04.   Not Responsible for Recitals or Issuance of Securities. ...................................    55
SECTION 8.05.   May Hold Securities. ......................................................................    56
SECTION 8.06.   Money or Other Property Held in Trust. ....................................................    56
SECTION 8.07.   Compensation and Reimbursement. ...........................................................    56
SECTION 8.08.   Disqualification; Conflicting Interests. ..................................................    57
SECTION 8.09.   Corporate Trustee Required; Eligibility. ..................................................    57
SECTION 8.10.   Resignation and Removal; Appointment of Successor. ........................................    58
SECTION 8.11.   Acceptance of Appointment by Successor. ...................................................    60
SECTION 8.12.   Merger, Conversion, Consolidation or Succession to Business of Trustee. ...................    61
SECTION 8.13.   Preferential Collection of Claims against Company. ........................................    61
SECTION 8.14.   Appointment of Authenticating Agent. ......................................................    61

                                                    ARTICLE IX
                                              SUPPLEMENTAL INDENTURES

SECTION 9.01.   Supplemental Indentures Without Consent of Securityholders.................................    64
SECTION 9.02.   Supplemental Indentures With Consent of Securityholders....................................    65
SECTION 9.03.   Execution of Supplemental Indentures. .....................................................    66
SECTION 9.04.   Effect of Supplemental Indentures. ........................................................    66
SECTION 9.05.   Conformity with Trust Indenture Act. ......................................................    67
SECTION 9.06.   Reference in Securities to Supplemental Indentures. .......................................    67

                                                     ARTICLE X
                                   CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 10.01.  Company May Consolidate, etc., Only on Certain Terms. .....................................    67
SECTION 10.02.  Successor Corporation Substituted. ........................................................    68

                                                    ARTICLE XI
                                            SATISFACTION AND DISCHARGE

SECTION 11.01   Satisfaction and Discharge of Indenture. ..................................................    68
SECTION 11.02.  Application of Trust Money or Property. ...................................................    70
</TABLE>

                                      iii
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<TABLE>
<S>                                                                                                            <C>
                                                    ARTICLE XII
                          IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01.  Exemption from Individual Liability. ......................................................    70

                                                   ARTICLE XIII
                                                   SINKING FUNDS

SECTION 13.01.  Applicability of Article. .................................................................    71
SECTION 13.02.  Satisfaction of Sinking Fund Payments with Securities. ....................................    71
SECTION 13.03.  Redemption of Securities for Sinking Fund. ................................................    71

                                                    ARTICLE XIV
                                                   SUBORDINATION

SECTION 14.01.  Agreement to Subordinate. .................................................................    72
SECTION 14.02.  Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities. ...    72
SECTION 14.03.  Payments on Securities Prohibited During Event of Default Under Senior Indebtedness. ......    75
SECTION 14.04.  Reserved. .................................................................................    75
SECTION 14.05.  Authorization of Holders to Trustee to Effect Subordination. ..............................    75
SECTION 14.06.  Notice to Trustee. ........................................................................    75
SECTION 14.07.  Right of Trustee to Hold Senior Indebtedness. .............................................    76
SECTION 14.08.  Article Fourteen Not to Prevent Defaults or Events of Default. ............................    76
SECTION 14.09.  Trustee Compensation, etc. Not Prejudiced. ................................................    76

                                                    ARTICLE XV
                                                   MISCELLANEOUS

SECTION 15.01.  Counterparts. .............................................................................    76
</TABLE>

EXHIBIT A         Form of Certificate to be Given by Person Entitled to Receive
                  Bearer Note Certificate

EXHIBIT B         Form of Certificate to be Given by Euroclear and Clearstream
                  in Connection with the Exchange of a Portion of a Temporary
                  Global Note Certificate

EXHIBIT C         Form of Certificate to be Given by Euroclear and Clearstream
                  to Obtain Interest Prior to an Exchange Date Certificate

EXHIBIT D         Form of Certificate to be Given by Beneficial Owners to Obtain
                  Interest Prior to an Exchange Date Certificate

                                       iv
<PAGE>
      THIS INDENTURE is dated as of August 7, 2002 between NORTH FORK
BANCORPORATION, INC., a corporation duly organized and existing under the laws
of the State of Delaware (hereinafter called the "Company"), having its
principal executive office at 275 Broadhollow Road, Melville, New York, 11747
and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association
(hereinafter called the "Trustee"), having its principal corporate trust office
located in New York, New York.

                             RECITALS OF THE COMPANY

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

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

      NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

      SECTION 1.01. Definitions.

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

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

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

      (3)   all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles
and, except as otherwise herein expressly provided, the term "generally accepted
accounting principles" with respect to any computation required or permitted
hereunder shall mean such accounting principles as are generally accepted at the
date of such computation; and

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

      Certain terms, used principally in Article Eight, are defined in that
Article.
<PAGE>
      "Act", when used with respect to any Holder, has the meaning specified in
Section 1.04.

      "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote, 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person, (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person, (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person, (d) a partnership in which the specified Person is a
general partner, (e) any executive officer or director of the specified Person,
and (f) if the specified Person is an individual, any entity of which the
specified Person is an executive officer, director or general partner.

      "Authenticating Agent" means any Person authorized to act on behalf of the
Trustee to authenticate Securities pursuant to Section 8.14.

      "Authorized Newspaper" means a newspaper, in an official language of the
country of publication or in the English language, customarily published on each
Business Day whether or not published on Saturdays, Sundays or holidays, and of
general circulation in the place in connection with which the term is used or in
the financial community of such place. Where successive publications are
required to be made in Authorized Newspapers, the successive publications may be
made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day.

      "Authorized Officer" means the Chairman of the Board, the Chief Executive
Officer, the President, any Vice Chairman of the Board, the Chief Financial
Officer, any Vice President, the Treasurer, the Secretary, the Controller, any
Assistant Controller, any Assistant Treasurer or any Assistant Secretary of the
Company.

      "Bearer Security" means any Security in the form established pursuant to
Section 2.02 which is payable to bearer.

      "Board of Directors" means either the board of directors of the Company,
any duly authorized committee of that board, the Chairman, any Vice Chairman,
the President or any Vice President of the Company duly authorized by the Board
of Directors of the Company to take a specified action or make a specified
determination.

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

      "Business Day" means any day other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are authorized
or obligated by law or regulation to close in The City of New York or, with
respect to Securities denominated in a Foreign Currency, in the city specified
in the Board Resolution pursuant to Section 3.01, and with respect to Securities
which will bear interest based on a specified percentage of London interbank

                                       2
<PAGE>
offered quotations, a day which is also a day on which banks in London, England
are open for business (including dealings in foreign exchange and foreign
currency deposits).

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

      "Common Depository" has the meaning specified in Section 3.04.

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

      "Company Request" or "Company Order" mean, respectively, a written request
or order signed in the name of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, a Vice Chairman, its Chief Financial
Officer 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.

      "Components", with respect to a composite currency means the currency
amounts that are components of such composite currency on the conversion date
with respect to such composite currency. After such conversion date if the
official unit of any component currency is altered by way of combination or
subdivision, the number of units of such currency in the Component shall be
proportionately divided or multiplied. After such conversion date if two or more
component currencies are consolidated into a single currency, the amounts of
those currencies as Components shall be replaced by an amount in such single
currency equal to the sum of the amounts of such consolidated component
currencies expressed in such single currency, and such amount shall thereafter
be a Component. If after such conversion date any component currency shall be
divided into two or more currencies, the amount of such currency as a Component
shall be replaced by amounts of such two or more currencies, each of which shall
be equal to the amount of such former component currency divided by the number
of currencies into which such component currency was divided, and such amounts
shall thereafter be Components.

      "Corporate Trust Office" means the corporate trust office of the Trustee
located in The City of New York, at which at any particular time its corporate
trust business shall be principally administered, which office, at the date of
execution of this Agreement, is located at 100 Wall Street, Suite 1600, New
York, New York 10005, Attention: Corporate Trust Services.

      "Corporation" includes corporations, associations, companies and business
trusts.

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

      "Default" has the meaning specified in Section 7.07.

                                       3
<PAGE>
      "Defaulted Interest" has the meaning specified in Section 3.07.

      "Euro" means the single currency of participating member states which was
introduced on January 1, 1999 at the commencement of the third stage of European
economic and monetary union pursuant to the Treaty establishing the European
Communities as amended by the Treaty on European Union.

      "Event of Default" has the meaning specified in Section 7.01.

      "Exchange Date" has the meaning specified in Section 3.04.

      "Exchange Rate" means (a) if pursuant to Section 3.12(i) payment is to be
made in U.S. dollars with respect to a Security denominated in a Foreign
Currency, the highest firm bid quotation for U.S. dollars received by the
Exchange Rate Agent at approximately 11:00 A.M., New York City time on the
second Business Day preceding the applicable payment date (or, if no such rates
are quoted on such date, the last date on which such rates were quoted), from
three recognized foreign exchange dealers in The City of New York selected by
the Exchange Rate Agent and approved by the Company (one of which may be the
Exchange Rate Agent) for the purchase by the quoting dealer, for settlement on
such payment date, of the aggregate amount of the Foreign Currency payable on
such payment date in respect of all Securities denominated in such Foreign
Currency and (b) if an Exchange Rate is to be computed for purposes of any
provisions other than Section 3.12(i), the rate determined pursuant to the
foregoing clause (a) on such date and at such time as may be specified in the
relevant provision.

      In the case of clause (a) above, if no such bid quotations are available,
payments pursuant to Section 3.12(i) will be made in the applicable Foreign
Currency, unless such Foreign Currency is unavailable due to the imposition of
exchange controls (or, in the case of a composite currency, such currency ceases
to be used for the purposes for which it was established as provided in Section
3.12(iv)) or other circumstances beyond the control of the Company, in which
case the Company will be entitled to make payments in U.S. dollars on the basis
of the Market Exchange Rate for such Foreign Currency.

      If for any reason any of the foregoing rates are not available with
respect to one or more Foreign Currencies for which an Exchange Rate is
required, the Company shall use the most recently available quotation of the
Federal Reserve Bank of New York, or quotations from one or more commercial
banks in The City of New York or in the country of issue of the Foreign Currency
in question, or such other quotations as the Company, in each case, shall deem
appropriate; provided, however, that if there is more than one market for
dealing in any Foreign Currency by reason of foreign exchange regulations or
otherwise, the market to be used for such quotations shall be the largest market
upon which a nonresident issuer of securities designated in such Foreign
Currency would purchase such Foreign Currency in order to make payments in
respect of such securities.

      "Exchange Rate Agent" means the New York clearing house bank designated by
the Company to act as such for any series of Securities for that series (with
notice to the Trustee for that series), or any successor thereto, and may be the
Trustee for that series.

                                       4
<PAGE>
      "Exchange Rate Officer's Certificate", with respect to any date for the
payment of principal of (and premium, if any) and interest on any series of
Securities, means a certificate signed by an officer of the Exchange Rate Agent
and delivered to the Company and to the Trustee, setting forth (i) the
applicable Market Exchange Rate or Exchange Rate and (ii) the U.S. dollar or
Foreign Currency amount of principal (and premium, if any) and interest payable
with respect to a Security of any series on the basis of the Market Exchange
Rate or Exchange Rate, as the case may be (on an aggregate basis and on the
basis of a Security having the lowest denomination principal amount pursuant to
Section 3.02 in the relevant currency).

      "Foreign Currency" means a currency issued by the government of any
country (other than a currency of the United States of America) or any composite
currency based on the aggregate value of currencies of any group of countries.

      "Holder", when used with respect to any Security, means a Securityholder.

      "Indebtedness Ranking Junior to the Securities" means any obligation of
the Company which ranks junior to and not equally with or senior to the
Securities in right of payment upon the occurrence of any insolvency,
receivership, conservatorship, reorganization, readjustment of debt, marshalling
of assets and liabilities or similar proceedings or any liquidation or
winding-up of or relating to the Company, whether voluntary or involuntary.

      "Indebtedness Ranking on a Parity with the Securities" means any
obligation of the Company which ranks equally with and not senior to the
Securities in right of payment upon the occurrence of any insolvency,
receivership, conservatorship, reorganization, readjustment of debt, marshalling
of assets and liabilities or similar proceedings or any liquidation or
winding-up of or relating to the Company, whether voluntary or involuntary.

      "Indenture" means with respect to each series of Securities for which a
Person is acting as 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 particular series of Securities for which such
Person is Trustee established as contemplated by Section 3.01 exclusive,
however, of any provisions or terms 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", when used with respect to an Original Issue Discount Security
which by its terms bears interest only after Maturity, means interest payable
after Maturity.

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

      "Judgment Currency" has the meaning specified in Section 1.15.

                                       5
<PAGE>
      "Market Exchange Rate" means (a) if pursuant to Section 3.12(iv) payment
is to be made in U.S. dollars with respect to a Security denominated in a
Foreign Currency (other than a composite currency), the noon buying rate in The
City of New York for cable transfers of such Foreign Currency as certified by
the Federal Reserve Bank of New York on the second Business Day preceding the
applicable payment date and (b) if pursuant to Section 3.12(iv) payment is to be
made in U.S. dollars with respect to a Security denominated in a composite
currency, for each Component of such composite currency, the Market Exchange
Rate determined pursuant to the foregoing clause (a) on the second Business Day
preceding the applicable payment date.

      In the event a Market Exchange Rate as described in clause (a) or (b)
above is not available, the Company will be entitled to make payments in U.S.
dollars pursuant to Section 3.12(iv) on the basis of the most recently available
Market Exchange Rate for such Foreign Currency or each Component of such
composite currency, as the case may be.

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

      "Maturity Consideration" means securities, which may be issued by the
Company or another Person, or a combination of cash, such securities and/or
other property that may be delivered to Holders of Securities of any series to
satisfy the Company's obligations with regard to payment upon Maturity, or upon
any redemption or required repurchase or in connection with any exchange
provisions, or any interest payment.

      "New York Banking Day" has the meaning specified in Section 1.15.

      "Officers' Certificate" means a certificate signed by two Authorized
Officers, one of whom must be the principal financial officer, and delivered to
the Trustee. Each such certificate shall contain the statements set forth in
Section 1.02.

      "Opinion of Counsel" means a written opinion of counsel, who may (except
as otherwise expressly provided in this Indenture) be an employee of the
Company, and who shall be acceptable to the Trustee.

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

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

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

                                       6
<PAGE>
                  (ii)  such Securities for whose payment or redemption money in
      the necessary amount has been theretofore deposited with the Trustee for
      such series or any Paying Agent in trust for the Holders of such
      Securities, provided that, if such Securities are to be redeemed, notice
      of such redemption has been duly given pursuant to this Indenture or
      provision therefor satisfactory to the Trustee has been made; and

                  (iii) such Securities which have been paid pursuant to Section
      3.06 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
      protected purchaser (within the meaning of Article 8 of the Uniform
      Commercial Code) in whose hands such Securities are valid obligations of
      the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of such Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal
amount of Original Issue Discount Securities that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon a declaration
of acceleration of the Maturity thereof pursuant to Section 7.02, and 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 are registered in the Security
Register in the name of the Company, any obligor stated to be so obligated on
such Securities or any Affiliate of the Company or such obligor which is listed
as such on an Officers' Certificate delivered to the Trustee for that Series
shall be 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. The Trustee shall be
entitled to rely upon an Officers' Certificate as conclusive evidence regarding
the ownership or pledge of Securities by the Company or any Affiliate of the
Company.

      "Paying Agent" means, with respect to any series of Securities, any Person
authorized by the Company to pay or deliver the principal of (and premium, if
any), Maturity Consideration or interest on, any Securities of that series on
behalf of the Company.

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

      "Place of Payment", when used with respect to the Securities of any
series, means the place or places where, subject to the provisions of Section
5.02, the principal of (and premium, if any), Maturity Consideration and
interest on the Securities of that series are payable or deliverable as
specified in accordance with Section 3.01.

                                       7
<PAGE>
      "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.06 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.

      "Principal Paying Agent" means the Paying Agent designated as such by the
Company pursuant to Section 3.01 of this Indenture.

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

      "Redemption Price", when used with respect to any Security to be redeemed,
means the price or Maturity Consideration specified in such Security at which it
is to be redeemed pursuant to this Indenture.

      "Registered Security" means any Security in the form established pursuant
to Section 2.01 which is registered in the Security Register.

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

      "Required Currency" means the currency in which principal of (and premium,
if any), Maturity Consideration and interest on a Security is payable pursuant
to Section 3.12.

      "Responsible Officer", means, when used with respect to the Trustee, an
officer within the corporate trust department, who has direct responsibility for
the administration of this Indenture and any other officer of the Trustee to
whom corporate trust matters are referred because of his knowledge and
familiarity with the particular subject.

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

      "Securityholder" means, in the case of a Registered Security, the Person
in whose name the Security is registered in the Security Register and, in the
case of a Bearer Security (or any temporary global Security in bearer form), the
bearer thereof and, when used with respect to any coupon, the bearer thereof.

      "Security Register" has the meaning specified in Section 3.05.

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

      "Senior Indebtedness" means all obligations of the Company, whether
outstanding on the date of the execution of this Indenture or thereafter
created, assumed or incurred, to make payment or delivery pursuant to the terms
of (i) the Company's indebtedness for money borrowed (as defined herein), other
than (a) the Securities, (b) any Indebtedness Ranking Junior to the Securities
and (c) any Indebtedness Ranking on a Parity with the Securities, (ii) all

                                       8
<PAGE>
obligations of the Company to make payment or delivery pursuant to the terms of
financial instruments such as (a) securities contracts and foreign currency
exchange contracts, (b) derivative instruments, such as swap agreements
(including interest rate and foreign exchange rate swap agreements), cap
agreements, floor agreements, interest rate agreements, commodity contracts or
options, and (c) in the case of both (a) and (b) above, similar financial
instruments, and (iii) any deferrals, renewals or extensions of any such Senior
Indebtedness. The term "indebtedness for money borrowed" as used in the
foregoing sentence shall include, without limitation, any obligation of the
Company, or any obligation guaranteed by the Company, for the repayment of
borrowed money, whether or not evidenced by bonds, debentures, notes or other
written instruments, and any deferred obligation of the Company of the payment
of the purchase price of property or assets (excluding trade accounts payable or
accrued liabilities in the ordinary course of business). Senior Indebtedness may
also include other obligations of the Company if, and to the extent specifically
provided in the Officer's Certificate pursuant to Section 3.01 setting forth the
terms of a series of Securities.

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

      "Specified Currency" means the currency in which the Securities of any
series are denominated.

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

      "Subsidiary", means a Corporation more than 50% of the Voting Stock of
which is owned, directly or indirectly, by the Company or by one or more other
Subsidiaries or by the Company and one or more other Subsidiaries.

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

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

      "United States" means the United States of America (including the States
and the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction.

      "United States Alien" means any Person who, for United States federal
income tax purposes, is a foreign corporation, a non-resident alien individual,
a non-resident alien subsidiary

                                       9
<PAGE>
of a foreign estate or trust, or a foreign partnership one or more of the
members of which is, for United States federal income tax purposes, a foreign
corporation, a non-resident alien individual or a non-resident alien fiduciary
of a foreign estate or trust.

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

      "Voting Stock" means stock of the class or classes having general voting
power under ordinary circumstances to elect at least a majority of the Board of
Directors, managers or trustees of such Corporation (irrespective of whether or
not at the time stock of any other class or classes shall have or might have
voting power by reason of the happening of any contingency).

      SECTION 1.02. Compliance Certificates and Opinions.

      Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the
Trustee an Officers' Certificate stating that all conditions precedent
(including any covenants, compliance with which constitutes a condition
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 that such action is authorized or permitted by this
Indenture and that all such conditions precedent (including any covenants,
compliance with which constitutes a condition precedent), if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.

      Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than annual certificates
provided pursuant to Section 5.10) shall include:

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

                  (ii)  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;

                  (iii) 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

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

                                       10
<PAGE>
      SECTION 1.03. Form of Documents Delivered to Trustee.

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

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

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

      SECTION 1.04. Acts of Securityholders.

                  (i)    Any request, demand, authorization, direction, notice,
      consent, waiver or other action provided by this Indenture to be given or
      taken by Securityholders of any series may be embodied in and evidenced by
      one or more instruments of substantially similar tenor signed by such
      Securityholders in person or by an agent duly appointed in writing; and,
      except as herein otherwise expressly provided, such action shall become
      effective when such instrument or instruments 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
      Securityholders 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 8.01)
      conclusive in favor of the Trustee and the Company, if made in the manner
      provided in this Section.

                  (ii)   The fact and date of the execution by any Person of any
      such instrument or writing may be proved by the affidavit of a witness of
      such execution or by the certificate of 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 or on behalf of any legal
      entity other than an individual, such certificate or affidavit shall also
      constitute proof of the authority of the Person executing the same. The
      fact and date of

                                       11
<PAGE>
      the execution of any such instrument or writing, or the authority of the
      Person executing the same, may also be provided in any other manner which
      the Trustee deems sufficient.

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

                  (iv)   The principal amount and serial numbers of Bearer
      Securities held by any Person, and the date of holding the same, may be
      proved by the production of such Bearer Securities or by a certificate
      executed, as depository, by any trust company, bank, banker or other
      depositary, wherever situated, if such certificate shall be deemed by the
      Trustee to be satisfactory, showing that at the date therein mentioned
      such Person had on deposit with such depositary, or exhibited to it, the
      Bearer Securities therein described; or such facts may be proved by the
      certificate or affidavit of the Person holding such Bearer Security, if
      such certificate or affidavit is deemed by the Trustee to be satisfactory.
      The Trustee and the Company may assume that such ownership of any Bearer
      Security continues until (1) another certificate or affidavit bearing a
      later date issued in respect of the same Bearer Security is produced, or
      (2) such Bearer Security is produced to the Trustee by some other Person,
      or (3) such Bearer Security is surrendered in exchange for a Registered
      Security, or (4) such Bearer Security is no longer Outstanding.

                  (v)    The fact and date of execution of any such instrument
      or writing, the authority of the Person executing the same and the
      principal amount and serial numbers of Bearer Securities held by the
      Person so executing such instrument or writing and the date of holding the
      same may also be proved in any other manner which the Trustee deems
      sufficient; and the Trustee may in any instance require further proof with
      respect to any of the matters referred to in this Section.

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

                  (vii)  For purposes of determining the principal amount of
      Outstanding Securities of any series, or if such Outstanding Securities
      are not payable at Maturity for a fixed principal amount, the issue price
      of Outstanding Securities of any series, the Securityholders of which are
      required, requested or permitted to give any request, demand,
      authorization, direction, notice, consent, waiver or take any other Act
      under the Indenture, each Security denominated in a Foreign Currency shall
      be deemed to have a principal amount or issue price determined by
      converting the principal amount or issue price of such Security in the
      currency or currencies in which such Security is denominated into U.S.
      dollars at the Exchange Rate(s) as of 9:00 A.M. New York City time as
      determined by an Exchange Rate Agent (as evidenced by a certificate of
      such Exchange Rate Agent) on the date such Act is delivered to the Trustee
      pursuant to

                                       12
<PAGE>
      Section 1.04(i). Any such determination by the Company or an Exchange Rate
      Agent shall be conclusive and binding on the Holders and the Trustee for
      such series, and neither the Company nor such Exchange Rate Agent shall be
      liable therefor in the absence of bad faith.

                  (viii) The Company may, but shall not be obligated to, set a
      record date for purposes of determining the identity of Holders entitled
      to vote or consent to any action by vote or consent authorized or
      permitted under this Indenture, which record date shall be the later of 10
      days prior to the first solicitation of such consent or the date of the
      most recent list of Holders furnished to the Trustee pursuant to Section
      6.01 of this Indenture prior to such solicitation. If a record date is
      fixed, those persons who were Holders of Securities at such record date
      (or their duly designated proxies), and only those persons, shall be
      entitled to take such action by vote or consent or to revoke any vote or
      consent previously given, whether or not such persons continue to be
      Holders after such record date. No such vote or consent shall be valid or
      effective for more than 120 days after such record date.

      SECTION 1.05. Notices, etc., to Trustee and Company.

      Any request, demand, authorization, direction, notice, consent, waiver or
Act of Securityholders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

                  (i)   the Trustee by any Securityholder or by the Company
      shall be sufficient for every purpose hereunder if made, given, furnished
      or filed in writing to or with the Trustee and received at its Corporate
      Trust Office; or

                  (ii)  the Company by any Securityholder or by the Trustee
      shall be sufficient for every purpose hereunder (unless otherwise herein
      expressly provided) if in writing and mailed, first-class, postage
      prepaid, to the Company addressed to the attention of its Secretary at the
      address of its principal office specified in the first paragraph of this
      Indenture, or at any other address previously furnished in writing to the
      Trustee by the Company.

      SECTION 1.06. Notices to Securityholders; Waiver.

         Where this Indenture or any Security provides for notice to Holders of
any series of Securities of any event:

                  (1) Such notice shall be sufficiently given (unless otherwise
            herein, or in such Security, expressly provided) if in writing and
            mailed, first-class postage prepaid, to each Holder of a Registered
            Security affected by such event, at his address as it appears in the
            Security Register, not later than the latest date, and not earlier
            than the earliest date, prescribed for the giving of such notice.

                  (2) Such notice shall be sufficiently given to Holders of
            Bearer Securities if published in an Authorized Newspaper in The
            City of New York and, if the

                                       13
<PAGE>
            Securities of such series are then listed on The International Stock
            Exchange of the United Kingdom and the Republic of Ireland Limited
            and such stock exchange shall so require, in London and, if the
            Security of such series are then listed on the Luxembourg Stock
            Exchange and such stock exchange shall so require, in Luxembourg
            and, if the Security of such series are then listed on any other
            stock exchange and such stock exchange shall so require, in any
            other required city outside the United States or, if not
            practicable, elsewhere in Europe on a Business Day at least twice,
            the first such publication to be not earlier than the earliest date,
            and not later than the latest date, prescribed for the giving of
            such notice; it being understood that the Company shall notify the
            Trustee of any of the foregoing requirements a reasonable amount of
            time prior to the date on which such notice must be given (but in no
            event less than five Business Days).

      In case by reason of the suspension of regular mail service in the
applicable country or countries or by reason of any other case it shall be
impracticable to give such notice to Holders of Registered Securities by mail,
then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case
where notice to Holders of Registered Securities is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder of a Registered Security shall affect the sufficiency of such
notice with respect to other Holders of Registered Securities or the sufficiency
of any notice by publication to Holders of Bearer Securities given as provided
above.

      In case by reason of the suspension of publication of any Authorized
Newspaper or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided
above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither the failure to give notice by
publication to Holders of Bearer Securities as provided above, nor any defect in
any notice so published, shall affect the sufficiency of any notice mailed to
Holders of Registered Securities as provided above.

      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. Such
waivers of notice by Securityholders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

      SECTION 1.07. Language of Notices, etc.

      Any request, demand, authorization, direction, notice, consent, or waiver
required or permitted under this Indenture shall be in the English language,
except that any published notice may be in an official language of the country
of publication, as may be specified in a form of Security or, in the absence of
such specification, as directed in writing by the Company.

                                       14
<PAGE>
      SECTION 1.08. Conflict with Trust Indenture Act.

      If and to the extent that any provision hereof limits, qualifies or
conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of
the Trust Indenture Act through operation of Section 318(c) thereof, such
imposed duties shall control.

      SECTION 1.09. 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 1.10. Successors and Assigns.

      All covenants and agreements in this Indenture by the Company shall bind
its successors and assigns, whether so expressed or not.

      SECTION 1.11. Separability Clause.

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

      SECTION 1.12. 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, the Holders and, to the extent provided in Article Fourteen hereof,
the holders of Senior Indebtedness, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

      SECTION 1.13. Legal Holidays.

      In any case where any Interest Payment Date, Stated Maturity or Redemption
Date of any Security or any date on which any Defaulted Interest is proposed to
be paid or delivered shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provisions of the Securities or this Indenture)
payment or delivery of the principal of (and premium, if any), Maturity
Consideration or interest on any Securities need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day or
such other Business Day as may be specified in an Officers' Certificate
delivered to the appropriate Trustee pursuant to Section 3.01 hereof, at such
Place of Payment with the same force and effect as if made on the Interest
Payment Date, Stated Maturity or Redemption Date or on the date on which
Defaulted Interest is proposed to be paid or delivered, and, if such payment or
delivery is made, no interest shall accrue on such payment or delivery for the
period from and after any such Interest Payment Date, Stated Maturity,
Redemption Date or on the date on which Defaulted Interest is proposed to be
paid or delivered, as the case may be.

                                       15
<PAGE>
      SECTION 1.14. Governing Law.

      This Indenture and the Securities shall be construed in accordance with
and governed by the laws of the State of New York without regard to conflicts of
laws principles thereof.

      SECTION 1.15. Judgment Currency; Payment to be in Proper Currency.

      Each reference in any Security, or in the Board Resolution relating
thereto, to any currency shall be of the essence. Subject to Section 3.12(iv),
the Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum or amount of Maturity Consideration due or
payable in respect of the principal of (and premium, if any), Maturity
Consideration or interest on the Securities of any series in a Specified
Currency into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the Exchange Rate (as determined
by the Exchange Rate Agent) as of 11:00 A.M. New York City time on the New York
Banking Day immediately preceding that on which final unappealable judgment is
given and (b) its obligations to make any payment or delivery of principal of
(and premium, if any), Maturity Consideration and interest on any Security (i)
shall not be discharged or satisfied by any tender by the Company, or recovery
by the Trustee, either pursuant to any judgment (whether or not entered in
accordance with subsection (a) above) or otherwise, in any currency other than
the Required Currency except to the extent that such tender or recovery shall
result in the Trustee timely holding the full amount of the Required Currency
then due and payable in respect of such payments, (ii) shall be enforceable as
an alternative or additional cause of action for the purpose of recovering, in
the Required Currency, the amount, if any, by which such timely holding shall
fall short of the full amount of the Required Currency so expressed to be then
due and (iii) shall not be affected by judgment being obtained for any other sum
due under this Indenture. For purposes of the foregoing, "New York Banking Day"
means any day except a Saturday, Sunday or a legal holiday in The City of New
York or a day on which banking institutions in The City of New York are
authorized or required by law or executive order to close. Except as permitted
under Section 3.12(iv), if any such tender or recovery is in a currency other
than the Required Currency, the Trustee may take such actions as it considers
appropriate to exchange such currency for the Required Currency; provided,
however, the Trustee shall have no obligation to make any payment in any
currency tendered to or recovered by such Trustee. The costs and risks of any
such exchange, including without limitation the risks of delay and exchange rate
fluctuation, shall be borne by the Company, and the Company shall remain fully
liable for any shortfall or delinquency in the full amount of the Required
Currency then due and payable, and in no circumstances shall the Trustee be
liable therefor. The Company hereby waives any defense of payment based upon any
such tender or recovery which is not in the Required Currency, or which, when
exchanged for the Required Currency by the Trustee, is less than the full amount
of the Required Currency then due and payable.

      SECTION 1.16. Moneys of Different Currencies to be Segregated.

      The Trustee shall, to the extent required by law, segregate all moneys,
funds and accounts held by the Trustee hereunder in one currency from any money,
funds or accounts in any other currencies, notwithstanding any provision herein
which would otherwise permit the Trustee to commingle such moneys, funds and
accounts.

                                       16
<PAGE>
                                   ARTICLE II

                                 SECURITY FORMS

      SECTION 2.01. Forms Generally.

      The Securities of each series shall be in substantially the form set forth
in this Article, or in such other form 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 form of Securities of any series is established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary and
delivered to the Trustee at or prior to the delivery of the Company Order
contemplated by Section 3.03 for the authentication and delivery of such
Securities. If temporary Securities of any series are issued in global form as
permitted by Section 3.04, the form thereof also shall be established as
provided in the preceding sentence.

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

      Unless otherwise provided as contemplated by Section 3.01 with respect to
any series of Securities, the Securities of each series shall be issuable in
registered form without coupons. If so provided as contemplated by Section 3.01,
the Securities of a series shall be issuable solely in bearer form, or in both
registered and bearer form. Unless otherwise specified as contemplated by
Section 3.01, Securities in bearer form shall have interest coupons attached.

      The definitive Securities shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or 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.

      SECTION 2.02. Form of Securities.

      Each Security shall be in one of the forms approved from time to time by
or pursuant to a Board Resolution. Upon or prior to the delivery of a Security
in any such form to the Trustee for authentication, the Company shall deliver to
the Trustee the following:

                  (i)   the Board Resolution by or pursuant to which such form
      of Security has been approved, certified by the Secretary or an Assistant
      Secretary of the Company;

                  (ii)  the Officers' Certificate required by Section 3.01 of
      this Indenture;

                  (iii) the Company Order required by Section 3.03 of this
      Indenture; and

                                       17
<PAGE>
                  (iv)  the Opinion of Counsel required by Section 3.03 of this
      Indenture.

      SECTION 2.03. Form of Trustee's Certificate of Authentication.

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                           U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           as Trustee

                                           By:__________________________________
                                               Authorized Officer

                                       18
<PAGE>
                                  ARTICLE III

                                 THE SECURITIES

      SECTION 3.01. Title and Terms.

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

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

                  (i)     the title of the Securities, including CUSIP numbers,
      of the series (which shall distinguish the Securities of the series from
      all other Securities);

                  (ii)    the Trustee for the Securities of the series (which
      Trustee shall be the Trustee named herein or a successor Trustee appointed
      in accordance with the terms of this Indenture);

                  (iii)   any limit upon the aggregate principal amount of the
      Securities of the series which may be authenticated and delivered under
      this Indenture (except for Securities authenticated and delivered upon
      registration of transfer of, or in exchange for, or in lieu of, other
      Securities of that series pursuant to this Article Three or Sections 4.07
      or 9.06);

                  (iv)    the date or dates on which the principal or Maturity
      Consideration of the Securities of the series is payable or deliverable;

                  (v)     the rate or rates, or the method to be used in
      ascertaining the rate or rates, at which the Securities of the series
      shall bear interest, if any, the date or dates from which such interest
      shall accrue, the Interest Payment Dates on which such interest shall be
      payable or deliverable and the Regular Record Date for the interest
      payable or deliverable on any Interest Payment Date;

                  (vi)    the place or places where, subject to the provisions
      of Section 5.02, the principal of (and premium, if any), Maturity
      Consideration and interest, if any, on Securities of the series shall be
      payable or deliverable;

                  (vii)   the office or offices or agency where the Registered
      Securities may be presented for registration of transfer or exchange and
      the place or places where notices

                                       19
<PAGE>
      and demands to or upon the Company in respect of the Securities of such
      series may be made;

                  (viii)  the period or periods within which, the price, prices
      or Maturity Consideration 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;

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

                  (x)     the denominations in which Securities of the series
      shall be issuable;

                  (xi)    (A) the currency of denomination of the Securities of
      the series, which may be in U.S. dollars or any Foreign Currency, (B) if
      such currency of denomination of such series is a composite currency other
      than the Euro, the agency or organization, if any, responsible for
      overseeing such composite currency and (C) if such Securities are
      denominated in a Foreign Currency, the financial center relative to such
      Foreign Currency;

                  (xii)   the designation of the currency or currencies in which
      payment of the principal of (and premium, if any) and interest on the
      Securities of the series will be made (which shall be either U.S. dollars
      or the Foreign Currency in which such Security is denominated), and if in
      U.S. dollars on a Security denominated in a Foreign Currency, whether the
      Holders thereof may elect to have such payments made in such Foreign
      Currency;

                  (xiii)  if the Securities of the series are to be denominated
      in a Foreign Currency, the designation of an Exchange Rate Agent for
      purposes of determining the amounts payable or deliverable with respect to
      such Securities in U.S. dollars or a Foreign Currency and exchanging a
      Foreign Currency into U.S. dollars or U.S. dollars into a Foreign
      Currency, as the case may be;

                  (xiv)   if other than the principal amount thereof, the
      portion of the principal amount of Securities of the series which shall be
      payable or deliverable upon declaration of acceleration of the Maturity
      thereof pursuant to Section 7.02;

                  (xv)    if the amount of payments of principal of (and
      premium, if any), Maturity Consideration or interest, if any, on
      Securities of the series may be determined with reference to an index
      based on a coin or currency other than that in which the Securities are to
      be payable or deliverable, the method or methods by which such amounts
      shall be determined;

                                       20
<PAGE>
                  (xvi)   the extent to which any of the Securities will be
      issuable in temporary or permanent global form, and the manner in which
      any interest payable or deliverable on a temporary or permanent global
      Security shall be paid or delivered;

                  (xvii)  any addition to or modification or deletion of any
      Event of Default, Default or covenants of the Company with respect to the
      Securities of the series, whether or not such Events of Default or
      covenants are consistent with the Events of Default or covenants set forth
      herein;

                  (xviii) any covenants solely for the benefit of the Securities
      of the Series;

                  (xix)   the appointment of any Paying Agent or Agents for the
      Securities of the series; and

                  (xx)    whether, and the terms and conditions relating to when
      the Company may satisfy all or part of its obligations with regard to
      payment or delivery upon Maturity, or any redemption or required
      repurchase or in connection with any exchange provisions, or any interest
      payment, by paying or delivering Maturity Consideration to the Holders of
      the Securities;

                  (xxi)   any restrictions on transfer of the Securities;

                  (xxii)  any additional obligation of the Company to be
      included as Senior Indebtedness; and

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

      All Securities of any one series and the coupons appertaining to Bearer
Securities of such series, if any, 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 such
indenture supplemental hereto.

      All Securities shall be subordinate and junior in right of payment to the
obligations of the Company to holders of Senior Indebtedness of the Company as
provided in Article Fourteen.

      At the option of the Company, interest on the Securities of any series
that bear interest may be paid by mailing a check to the address of the Person
entitled thereto as such address shall appear in the Security Register.

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

      SECTION 3.02. Denominations.

                                       21
<PAGE>
      The Securities of each series shall be issuable in such form and
denominations as shall be specified as contemplated by Section 3.01. In the
absence of any specification with respect to the Securities of any series, the
Registered Securities of each series shall be issuable only as Securities
without coupons in minimum denominations of $1,000 and any integral multiple of
$1,000 in excess thereof and the Bearer Securities of each series, if any, shall
be issuable with coupons and in denominations of $10,000 and $50,000.

      SECTION 3.03. Execution, Authentication, Delivery and Dating.

      The Securities shall be executed on behalf of the Company by its Chairman
of the Board, its Chief Executive Officer, its President, one of its Vice
Chairmen or one of its Vice Presidents, under its corporate seal reproduced
thereon attested by its Secretary or one of its Assistant Secretaries. The
signatures of any or all of these officers on the Securities may be manual or
facsimile. Coupons shall bear the facsimile signature of the Company's Chairman
of the Board, its Chief Executive Officer, its President, a Vice Chairman of the
Board, its Chief Financial Officer, one of its Executive Vice Presidents or the
Treasurer.

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

      At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series, together with any
coupons appertaining thereto, executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities and such other documents as the Trustee may
reasonably request, and the Trustee shall, upon receipt of the Company Order,
authenticate and deliver such Securities as provided in this Indenture and not
otherwise; provided, however, that, in connection with its original issuance, no
Bearer Security shall be mailed or otherwise delivered to any location in the
United States; and provided, further, that a definitive Bearer Security may be
delivered in connection with its original issuance only if the Person entitled
to receive such Bearer Security shall have delivered to the Trustee, or such
other Person as shall be specified in a temporary global Security delivered
pursuant to Section 3.04, a certificate in the form required by Section 3.11(i).

      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 8.01) shall be
fully protected in relying upon, an Opinion of Counsel complying with Section
1.02 and stating that,

                  (i)   the form of such Securities has been established in
      conformity with the provisions of this Indenture;

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

                                       22
<PAGE>
                  (iii) all conditions precedent to the authentication and
      delivery of such Securities have been complied with and that such
      Securities, when authenticated and delivered by the Trustee and issued by
      the Company in the manner and subject to any conditions specified in such
      Opinion of Counsel, will constitute valid and legally binding obligations
      of the Company enforceable in accordance with their terms, subject to
      bankruptcy, insolvency, reorganization, moratorium and other laws of
      general applicability relating to or affecting the enforcement of
      creditors' rights and to general principles of equity; and

                  (iv)  such other matters as the Trustee may reasonably
      request.

      The Trustee shall not be required to authenticate such Securities if the
issue thereof will adversely affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee. Notwithstanding the
generality of the foregoing, the Trustee will not be required to authenticate
Securities denominated in a Foreign Currency if the Trustee reasonably believes
that it would be unable to perform its duties with respect to such Securities.

      Each Registered Security shall be dated the date of its authentication;
and unless otherwise specified as contemplated by Section 3.01, each Bearer
Security and any temporary global Security referred to in Section 3.04 shall be
dated as of the date of issuance of such Security.

      No Security or coupon 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 under this Indenture. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 3.09 together with a written
statement (which need not comply with Section 1.02 and need not be accompanied
by an Opinion of Counsel) stating that such Security has never been issued or
sold by the Company, for all purposes of this Indenture, such Security shall be
deemed never to have been authenticated and delivered under this Indenture and
shall never be entitled to the benefits of this Indenture.

      SECTION 3.04. Temporary Securities.

      Pending the preparation of definitive Securities of any series, the
Company may execute, and upon delivery of a Company Order, the Trustee of such
series shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denominations, substantially of the tenor of the definitive Securities in lieu
of which they are issued in registered form or, if authorized, in bearer form
with one or more coupons or without coupons 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. In the case of any series which may be issuable as Bearer

                                       23
<PAGE>
Securities, such temporary Securities may be in global form, representing such
of the Outstanding Securities of such series as shall be specified therein.

      Except in the case of temporary Securities in global form, each of which
shall be exchanged in accordance with the provisions of the following paragraph,
if temporary Securities of any series are issued, the Company will cause
definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities, the temporary Securities 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 such
series of authorized denominations provided, however, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security; and
provided, further, that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth in Section 3.03. Until so exchanged the, temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series.

      If temporary Securities of any series are issued in global form, any such
temporary global Security shall, unless otherwise provided in such temporary
global Security, be delivered to the London office of a depository or common
depository (the "Common Depository"), as directed by the Company, for the
benefit of the operator of the Euroclear System ("Euroclear") and Clearstream
Banking, societe anonyme ("Clearstream"), for credit to the respective accounts
of the beneficial owners of such Securities (or to such other accounts as they
may direct). Upon receipt of a Company Order, the Trustee or any Authenticating
Agent shall authenticate such temporary global Security and make such indication
to reflect the initial principal amount, or an increase in the principal amount,
of Outstanding Securities represented thereby. Until such initial
authentication, such temporary global Security shall not evidence any obligation
of the Company. Such temporary global Security shall at any time represent the
aggregate principal amount of Outstanding Securities theretofore indicated
thereon as provided above, subject to reduction to reflect exchanges as
described below.

      Unless otherwise specified in such temporary global Security, and subject
to the second proviso in the following paragraph, the interest of a beneficial
owner of Securities in a series in a temporary global Security shall be
exchanged for definitive Securities of such series and of like tenor following
the Exchange Date when the account holder instructs Euroclear or Clearstream, as
the case may be, to request such exchange on his behalf and delivers to
Euroclear or Clearstream, as the case may be, a certificate in the form required
by Section 3.11(i), dated no earlier than fifteen days prior the Exchange Date,
copies of which certificate shall be available from the offices of Euroclear and
Clearstream, the Trustee, any Authenticating Agent appointed for such series of
Securities and each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that the Company may
charge any Person receiving definitive Securities for the cost of insurance,
postage, transportation and the like in the event that such Person does not take
delivery of such definitive Securities in person at the offices of Euroclear or
Clearstream.

                                       24
<PAGE>
      Without unnecessary delay but in any event not later than five Business
Days prior to the date specified in, or determined pursuant to the terms of, any
such temporary global Security as the "Exchange Date" (the "Exchange Date"), the
Company shall deliver to the Trustee, or, if the Trustee appoints an
Authenticating Agent pursuant to Section 8.14, to any such Authenticating Agent,
definitive Securities in aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Company. Unless
otherwise specified as contemplated by Section 3.01, such definitive Securities
shall be in the form of Bearer Securities or Registered Securities, or any
combination thereof, as may be specified by the Company to the Trustee or any
such Authenticating Agent, as may be appropriate. On or after the Exchange Date,
such temporary global Security shall be surrendered by the Common Depository to
the Trustee or any such Authenticating Agent, as the Company's agent for such
purpose, to be exchanged, in whole or from time to time in part, for definitive
Securities without charge to the Common Depository and the Trustee or any such
Authenticating Agent shall authenticate and deliver, in exchange for each
portion of such temporary global Securities, an equal aggregate principal amount
of definitive Securities of the same series, of authorized denominations and of
like tenor as the portion of such temporary global Security to be exchanged,
which, except as otherwise specified as contemplated by Section 3.01, shall be
in the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; provided,
however, that, unless otherwise specified in such temporary global Security,
upon such presentation by the Common Depository, such temporary global Security
is accompanied by a certificate dated the Exchange Date or a subsequent date and
signed by Euroclear as to the portion of such temporary global Security held for
its account then to be exchanged and a certificate dated the Exchange Date or a
subsequent date and signed by Clearstream, as to the portion of such temporary
global Security held for its account then to be exchanged, each in the form
required by Section 3.11(ii); and provided, further, that a definitive Bearer
Security shall be delivered in exchange for a portion of a temporary global
Security only in compliance with the conditions set forth in Section 3.03.

      Upon any exchange of a portion of any such temporary global Security, the
Trustee or any such Authenticating Agent or the Common Depository, as the case
may be, shall indicate upon such temporary global Security, the amount of such
exchange to reflect the reduction of the principal amount evidenced thereby,
whereupon its remaining principal amount shall be reduced for all purposes by
the amount so exchanged. Until so exchanged in full, such temporary global
Security shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series authenticated and delivered
hereunder, except that, unless otherwise specified as contemplated by Section
3.01, interest payable on such temporary global Security on an Interest Payment
Date for Securities of such series occurring prior to the applicable Exchange
Date shall be payable, without interest, to Euroclear and Clearstream on or
after such Interest Payment Date upon delivery by Euroclear and Clearstream to
the Trustee or such Authenticating Agent, as the case may be, of a certificate
or certificates in the form required by Section 3.11(iii), for credit on or
after such Interest Payment Date to the respective accounts of the Persons who
are the beneficial owners of such temporary global Security on such Interest
Payment Date and who have each delivered to Euroclear or Clearstream, as the
case may be, a certificate in the form required by Section 3.11(iv).

      SECTION 3.05. Registration, Registration of Transfer and Exchange.

                                       25
<PAGE>
      With respect to Registered Securities, the Company shall keep or cause to
be kept at the office of the Security Registrar designated pursuant to this
Section 3.05 or Section 5.02 a register (being the combined register of the
Security Registrar and all Co-Security Registrars and herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and the registration of transfers of Securities and
the Company shall appoint a Security Registrar, and any Co-Security Registrar as
may be appropriate, to keep the Security Register. The Trustee is hereby
initially appointed Security Registrar with respect to the series of Securities
for which it is acting as Trustee. Such Security Register shall be in written
form or in any other form capable of being converted into written form within a
reasonable time. At all reasonable times the information contained in such
Security Register shall be available for inspection by the Trustee at the office
of the Security Registrar. In the event that any Registered Securities issued
hereunder have The City of New York as a Place of Payment, the Company shall
appoint either a Security Registrar or Co-Security Registrar located in The City
of New York.

      Upon surrender for registration of transfer of any Registered Security of
any series at the office or agency of the Company in a Place of Payment, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series of any authorized denominations and of a like aggregate
principal amount and Stated Maturity.

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

      Registered Securities may not be exchanged for Bearer Securities. Bearer
Securities may not be exchanged for Bearer Securities of other authorized
denominations.

      At the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor, upon surrender
of the Bearer Securities to be exchanged at any such office or agency, with all
unmatured coupons and all matured coupons in default appertaining thereto. If
the Holder of a Bearer Security is unable to produce any such unmatured coupon
or coupons or matured coupon or coupons in default, such exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable
to the Company in an amount equal to the face amount of such missing coupon or
coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to any Paying Agent any
such missing coupon in respect of which such a payment shall have been made,
such Holder shall be entitled to receive the amount of such payment from the
Company; provided, however, that interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or
agency of a Paying Agent located outside the United States. Notwithstanding the

                                       26
<PAGE>
foregoing, in case a Bearer Security of any series is surrendered at any such
office or agency in exchange for a Registered Security of the same series and
like tenor after the close of business at such office or agency on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and
before the opening of business at such office or agency on the related date for
payment of Defaulted Interest, such Bearer Security shall be surrendered without
the coupon relating to such Interest Payment Date or proposed date for payment,
as the case may be.

      Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

      Notwithstanding the foregoing, except as otherwise provided in or pursuant
to this Indenture, any global Security shall be exchangeable for definitive
Securities only if (i) the depositary is at any time unwilling, unable or
ineligible to continue as Depositary and a successor depositary is not appointed
by the Company within 90 days of the date the Company is so informed in writing,
(ii) the Company executes and delivers to the Trustee a Company Order to the
effect that such global Security shall be so exchangeable, or (iii) an Event of
Default has occurred and is continuing with respect to the Securities. If the
beneficial owners of interests in a global Security are entitled to exchange
such interests for definitive Securities, then without unnecessary delay but in
any event not later than the earliest date on which such interests may be so
exchanged, the Company shall deliver to the Trustee definitive Securities in
such form and denominations as are required by or pursuant to this Indenture,
and of the same series, containing identical terms and in aggregate principal
amount equal to the principal amount of such global Security, executed by the
Company. On or after the earliest date on which such interests may be so
exchanged, such global Security shall be surrendered from time to time by the
depositary as shall be specified in the Company Order with respect thereto, and
in accordance with instructions given to the Trustee and the depositary (which
instructions shall be in writing, but need not be contained in or accompanied by
an Officers' Certificate or be accompanied by an Opinion of Counsel), as shall
be specified in the Company Order with respect thereto to the Trustee, as the
Company's agent for such purpose, to be exchanged, in whole or in part, for
definitive Securities as described above without charge. The Trustee shall
authenticate and make available for delivery, in exchange for each portion of
such surrendered global Security, a like aggregate principal amount of
definitive Securities of the same series of authorized denominations and of like
tenor as the portion of such global Security to be exchanged; provided, however,
that no such exchanges may occur during a period beginning at the opening of
business 15 days before any selection of Securities of the same series to be
redeemed and ending on the relevant Redemption Date; and provided, further, that
(unless otherwise provided in or pursuant to this Indenture) no Bearer Security
delivered in exchange for a portion of a global Security shall be mailed or
otherwise delivered to any location in the United States. Promptly following any
such exchange in part, such global Security shall be returned by the Trustee to
the depositary in accordance with the instructions of the Company referred to
above. If a Registered Security is issued in exchange for any portion of a
global Security after the close of business at the office or agency of such
global Security where such exchange occurs on or after (i) any Regular Record
Date for such Security and before the opening of business at such office or
agency on the next Interest Payment Date, or (ii) any Special Record Date for
such Security and before the opening

                                       27
<PAGE>
of business at such office or agency on the related proposed date for payment of
interest or Default Interest, as the case may be, interest shall not be payable
on such Interest Payment Date or proposed date for payment, as the case may be,
in respect of such Registered Security, but shall be payable on such Interest
Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such global Security shall
be payable in accordance with the provisions of this Indenture.

      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
exchange shall (if so required by the Company, the Security Registrar or the
Co-Security Registrar for the Series) be duly endorsed or be accompanied by a
written instrument of transfer in form satisfactory to the Company, the Security
Registrar or the Co-Security Registrar for the series duly executed, by the
Holder thereof or his attorney duly authorized in writing.

      Unless otherwise provided in the Securities to be transferred or
exchanged, no service charge shall be made to the Holder for any registration of
transfer or exchange of Securities, but the Company may (unless otherwise
provided in such Securities) require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 3.04, 4.07, or 9.06 not involving any transfer.

      None of the Company, the Security Registrar or any Co-Security Registrar
shall be required (i) to issue, register the transfer of or exchange any
Securities of any series during a period beginning at the opening of business 15
days before the day of the mailing of a notice of redemption of Securities that
series selected for redemption under Section 4.03 and ending at the close of
business on (A) if Securities of the series are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption of
Registered Securities of such series so selected for redemption, or (B) if
Securities of the series are issuable as Bearer Securities, the day of the first
publication of the relevant notice of redemption or, if Securities of the series
are also issuable as Registered Securities and there is no publication, the
mailing of the relevant notice of redemption, or (ii) to register the transfer
or exchange of any Securities so selected for redemption in whole or in part.

      SECTION 3.06. Mutilated, Destroyed, Lost and Stolen Securities.

      If (i) any mutilated Security or Security with a mutilated coupon,
surrendered to the Trustee or the Security Registrar, or if the Company, the
Trustee and the Security Registrar receive evidence to their satisfaction of the
destruction, loss or theft of any Security or coupon, and (ii) there is
delivered to the Company, the Trustee and the Security Registrar such Security
or indemnity as may be required by them to save each of them harmless, then, in
the absence of notice to the Company, the Trustee or the Security Registrar that
such Security has been acquired by a protected purchaser (within the meaning of
Article 8 of the Uniform Commercial Code), the Company shall execute and upon
its request the Trustee shall authenticate and deliver, in lieu of any such
mutilated, destroyed, lost or stolen Security or in exchange for the Security to
which a

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<PAGE>
destroyed, lost or stolen coupon appertains (with all appurtenant coupons not
destroyed, lost or stolen), a new Security of the same series and Stated
Maturity and of like tenor and principal amount, bearing a number not
contemporaneously outstanding and, if applicable, with coupons corresponding to
the coupons appertaining thereto.

      In case any such mutilated, destroyed, lost or stolen Security or coupon
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 or deliver the
Maturity Consideration deliverable thereon; provided, however, that payment of
principal of (and premium, if any), Maturity Consideration and any interest on
Bearer Securities shall be payable only at an office or agency located outside
the United States, and, in the case of interest, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of the
coupons appertaining thereto.

      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, with its coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security, or
in exchange for a Security with a destroyed, lost or stolen coupon, shall
constitute an original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Security and its coupons, if any, or the
destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of the same series and their
coupons, if any, 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 or coupons.

      SECTION 3.07. Payment of Interest; Interest Rights Preserved.

      Unless otherwise provided, as contemplated by Section 3.01, interest on
any Registered Security which is payable or deliverable, and is punctually paid,
delivered or duly provided for, on any Interest Payment Date shall unless
otherwise provided in such Security be paid or delivered 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; provided,
however, that in the case of a Registered Security originally issued between a
Regular Record Date and the Interest Payment Date or on an Interest Payment Date
relating to such Regular Record Date, interest for the period beginning on the
date of issue and ending on such Interest Payment Date shall be paid or
delivered on the next succeeding Interest Payment Date to the Person in whose
name such Registered Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date with respect to
such succeeding Interest Payment Date. Unless otherwise specified as
contemplated by Section 3.01, in case a Bearer Security of any series is
surrendered in exchange for a Registered Security of such series after the close
of business (at an office or agency referred to in Section 3.05) on any Regular
Record Date and before the opening of business (at such office or agency) on the
next

                                       29
<PAGE>
succeeding Interest Payment Date, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date and interest will not
be payable or deliverable on such Interest Payment Date in respect of the
Registered Security issued in exchange for such Bearer Security, but will be
payable or deliverable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

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

                  (i)   The Company may elect to make payment or delivery of any
      Defaulted Interest to the Persons in whose names any such Registered
      Securities of such series (or their respective Predecessor Securities) are
      registered at the close of business on a Special Record Date for the
      payment or delivery 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 or delivered on each
      Registered Security of such series and the date of the proposed payment or
      delivery, and at the same time the Company shall deposit with the Trustee
      an amount of money or other property equal to the aggregate amount
      proposed to be paid or delivered in respect to such Defaulted Interest or
      shall make arrangements satisfactory to the Trustee for such deposit prior
      to the date of the proposed payment or delivery, such money or other
      property when deposited to be held in trust for the benefit of the Persons
      entitled to such Defaulted Interest as provided in this clause (i).
      Thereupon the Trustee shall fix a Special Record Date for the payment or
      delivery of such Defaulted Interest which shall be not more than 15 nor
      less than 10 days prior to the date of the proposed payment or delivery
      and not less than 10 days after the receipt by the Trustee of the notice
      of the proposed payment or delivery. 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 or delivery 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 or
      delivery of such Defaulted Interest and the Special Record Date therefor
      having been so mailed, such Defaulted Interest shall be paid or delivered
      to the Persons in whose names such Registered 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 or
      deliverable pursuant to the following clause (ii). In case a Bearer
      Security of any series is surrendered at the office or agency in a Place
      of Payment for such series in exchange for a Registered Security of such
      series after the close of business at such office or agency on any Special
      Record Date and before the opening of business at such office or agency on
      the related proposed date of payment or delivery of Defaulted Interest,
      such Bearer Security shall be surrendered without the coupon relating to
      such proposed date for payment or delivery and Defaulted Interest will not
      be payable or deliverable on such proposed date for

                                       30
<PAGE>
      payment or delivery in respect of the Registered Security issued in
      exchange for such Bearer Security, but will be payable only to the Holder
      of such coupon when due in accordance with the provisions of this
      Indenture.

                  (ii)  The Company may make payment or delivery 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 the Securities, with respect to which there exists such default,
      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 or delivery pursuant to this clause, such payment shall be deemed
      practicable by the Trustee.

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

      SECTION 3.08. Persons Deemed Owners.

      Title to any Bearer Security, any coupons appertaining thereto and any
temporary global Security in bearer form shall pass by delivery.

      Prior to due presentment of a Security of any series for registration of
transfer of any Registered Security, 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 or
delivery of principal of (and premium, if any), Maturity Consideration in
respect of, and (subject to Section 3.07) interest on such Security, and for all
purposes whatsoever, whether or not such Security is overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

      The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security and the bearer of any coupon, as the
case may be, as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

      SECTION 3.09. Cancellation.

      All Securities and coupons surrendered for payment, registration of
transfer, exchange, repayment, redemption or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee. All Securities so delivered or surrendered directly to the
Trustee for any such purpose 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

                                       31
<PAGE>
in this Section, except as expressly permitted by this Indenture or such
Securities. All canceled Securities or coupons held by the Trustee shall be
disposed of by the Trustee in accordance with its customary procedures and the
Trustee shall deliver a certificate of such disposition to the Company, if
requested by the Company in writing.

      SECTION 3.10. Computation of Interest.

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

      SECTION 3.11. Forms of Certification.

                  (i)   Whenever any provision of this Indenture or the forms of
      Securities contemplate that certifications be given by a Person entitled
      to receive a Bearer Security, such certification shall be provided
      substantially in the form of Exhibit A hereto, with only such changes as
      shall be approved by the Company.

                  (ii)  Whenever any provision of this Indenture or the forms of
      Securities contemplate that certification be given by Euroclear and
      Clearstream in connection with the exchange of a portion of a temporary
      global Security, such certification shall be provided substantially in the
      form of Exhibit B hereto, with only such changes as shall be approved by
      the Company.

                  (iii) Whenever any provision of the Indenture or the forms of
      Securities contemplate that certification be given by Euroclear and
      Clearstream in connection with payment of interest with respect to a
      temporary global Security prior to the related Exchange Date, such
      certification shall be provided substantially in the form of Exhibit C
      hereto, with only such changes as shall be approved by the Company.

                  (iv)  Whenever any provision of the Indenture or the forms of
      securities contemplate that certification be given by a beneficial owner
      of a portion of a temporary global Security in connection with payment or
      delivery of interest in respect to a temporary global Security prior to
      the related Exchange Date, such certification shall be provided
      substantially in the form of Exhibit D hereto, with only such changes as
      shall be approved by the Company.

      SECTION 3.12. Payment in Currencies.

                  (i)   Unless otherwise provided in Section 3.01 hereof,
      subject to Subsection (ii) hereof, payment of the principal of (and
      premium, if any), Maturity Consideration if the Maturity Consideration is
      to be satisfied by a cash payment, and interest on the Securities of any
      series, whether or not denominated in a Foreign Currency pursuant to
      Section 3.01 shall be made in U.S. dollars. If a series of Securities is
      denominated in a Foreign Currency, the amount receivable in U.S. dollars
      by the Holders of such series shall be determined as provided in Section
      3.12(iii).

                                       32
<PAGE>
                  (ii)  If authorized pursuant to Section 3.01, any Holder of a
      Security of a series of Securities denominated in a Foreign Currency may
      elect to receive payments in the Foreign Currency in which such Security
      is denominated pursuant to Section 3.01. A Holder may make such election
      by delivering to the Trustee a written notice thereof, in such form as may
      be acceptable to the Trustee, not later than the close of business on the
      Regular Record Date or Special Record Date, as the case may be,
      immediately preceding the applicable Interest Payment Date or the
      fifteenth day immediately preceding the Maturity of an installment of
      principal, as the case may be. Such election shall remain in effect with
      respect to such Holder until such Holder delivers to the Trustee a written
      notice rescinding such election; provided, however, that any such notice
      must be delivered to such Trustee not later than the close of business on
      the Regular Record Date or Special Record Date, as the case may be,
      immediately preceding the next Interest Payment Date or the fifteenth day
      immediately preceding the Maturity of an installment of principal, as the
      case may be, in order to be effective for the payment to be made thereon;
      and provided, further, that no such rescission may be made with respect to
      payments to be made on any Security with respect to which notice of
      redemption has been given by the Company pursuant to Article Four. The
      Trustee will advise the Company in writing of the aggregate amount payable
      in a Foreign Currency pursuant to an election under this subsection (ii).

                  (iii) For each series of Securities denominated in a Foreign
      Currency, the Exchange Rate Agent shall deliver to the Company and to the
      Trustee, by personal delivery, telecopy or other means reasonably
      acceptable to such Trustee and the Company, not later than the close of
      business on the second Business Day prior to the date each payment is
      required to be made with respect to the Securities of such series, a copy
      of the Exchange Rate Officer's Certificate relating to each such Foreign
      Currency. Payments in U.S. dollars pursuant to Section 3.12(i) shall be
      equal to the sum obtained by converting the specified Foreign Currency,
      which is to be paid in U.S. dollars pursuant to Section 3.12(i), at the
      applicable Exchange Rate or Market Exchange Rate set forth in such
      Exchange Rate Officer's Certificate.

                  (iv)  If the Foreign Currency, other than a composite
      currency, in which a series of Securities is denominated is not available
      to the Company for making payment thereof due to the imposition of
      exchange controls or other circumstances beyond the control of the
      Company, then with respect to each date for the payment of principal of
      (and premium, if any) and interest on such series of Securities occurring
      after the last date on which the Foreign Currency was so used, all
      payments with respect to the Securities of any such series shall be made
      in U.S. dollars. If payment is to be made in U.S. dollars to the Holders
      of any such series of Securities pursuant to the provisions of the
      preceding sentence, then the amount to be paid in U.S. dollars on a
      payment date by the Company to the Trustee for the series and by such
      Trustee or any Paying Agent to Holders of Securities of such series shall
      be determined by an Exchange Rate Agent and shall be equal to the sum
      obtained by converting the specified Foreign Currency into U.S. dollars at
      the applicable Market Exchange Rate set forth in an Exchange Rate
      Officer's Certificate.

                                       33
<PAGE>
                  (v)   All decisions and determinations of the Company or an
      Exchange Rate Agent regarding the Exchange Rate, Market Exchange Rate or
      conversion of Foreign Currency into U.S. dollars pursuant to Section
      1.04(vii) or this Subsection shall, in the absence of manifest error, be
      conclusive for all purposes and irrevocably binding upon the Company (in
      the case of a determination by an Exchange Rate Agent), the Trustee for
      the series, any Paying Agent and all Holders of the Securities of such
      series. If a Foreign Currency (other than a composite currency) in which
      payment of a series of Securities may be made, pursuant to Subsection (i)
      above, is not available to the Company for making payments thereof due to
      the imposition of exchange controls or other circumstances beyond the
      control of the Company, the Company, after learning thereof, will give
      notice thereof to the Trustee promptly (and the Trustee promptly
      thereafter will give notice to the Holders of such series denominated in a
      Foreign Currency in the manner provided in Section 1.06) specifying the
      last date on which such Foreign Currency was used for the payment of
      principal of (and premium, if any) or interest on such series of
      Securities. In the event any composite currency in which a Security is
      denominated or payable ceases to be used for the purposes for which it was
      established or is not available due to circumstances beyond the control of
      the Company, the Company, after learning thereof, will give notice thereof
      to the Trustee for such series promptly (and such Trustee thereafter will
      give notice to the Holders of such series of Securities denominated in a
      Foreign Currency in the manner provided in Section 1.06). In the event of
      any subsequent change in any Component of any composite currency in which
      a series of securities is denominated or payable, the Company, after
      learning thereof, will give notice to the Trustee for the series similarly
      (and such Trustee promptly thereafter will give notice to the Holders in
      the manner provided in Section 1.06). The Trustee for such series shall be
      fully justified and protected in reasonably relying and acting upon the
      information so received by it from the Company and from any Exchange Rate
      Agent and shall not otherwise have any duty or obligation to determine
      such information independently. The Company agrees to appoint and maintain
      an Exchange Rate Agent as is necessary for the performance of the
      obligations of the Exchange Rate Agent specified herein.

      SECTION 3.13. CUSIP Numbers.

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

                                   ARTICLE IV

                            REDEMPTION OF SECURITIES

      SECTION 4.01. Applicability of Article.

                                       34
<PAGE>
      Securities of any series which are redeemable before their Stated Maturity
shall be redeemable in accordance with their terms and, except as otherwise
specified as contemplated by Section 3.01 for Securities of any series, in
accordance with this Article.

      SECTION 4.02. Election to Redeem; Notice to Trustee.

      The election of the Company to redeem any Securities redeemable at the
option of the Company shall be evidenced by a Board Resolution. In case of any
redemption at the election of the Company, the Company shall, at least 60 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 or amount of Maturity Consideration of Securities of
such series to be redeemed. In the case of any redemption of Securities prior to
the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officers' Certificate evidencing compliance with such
restriction.

      SECTION 4.03. 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 60 days
prior to the Redemption Date by the Trustee from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions of the principal amount or issue price of Securities of
such series or a denomination equal to or larger than the minimum authorized
denomination for Securities of such series. Unless otherwise provided by the
terms of the Securities of any series, the denominations of the Securities so
selected for partial redemption shall be, in the case of Registered Securities,
equal in value to $100,000 or an integral multiple of $1,000 in excess thereof,
or, in the case of Bearer Securities, equal to $10,000 or $50,000, and the
principal amount of any such Securities which remains outstanding shall not be
less than the minimum authorized denomination for Securities of such series.

      The Trustee shall promptly notify the Company, the Trustee and the
Co-Security Registrar, if any, in writing of the Securities selected for
redemption and, in the case of any Security selected for partial redemption, the
principal amount or Maturity Consideration thereof to be redeemed.

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

      SECTION 4.04. Notice of Redemption.

                                       35
<PAGE>
      Notice of redemption shall be given by first-class mail, postage prepaid,
mailed not less than 30 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed at his address appearing in the
Security Register.

      All notices of redemption shall identify the Securities to be redeemed
(including CUSIP numbers) and shall state:

                  (i)   the Redemption Date;

                  (ii)  the Redemption Price;

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

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

                  (v)   the place or places where such Securities, together in
      the case of Bearer Securities with all remaining coupons appertaining
      thereto, if any, maturing after the Redemption Date, are to be surrendered
      for payment of the Redemption Price; and

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

      Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, on Company Request, by the Trustee in
the name and at the expense of the Company. The notice if mailed in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the Holder receives such notice. In any case, a failure to give such
notice by mail or any defect in the notice to the Holder of any Security
designated for redemption as a whole or in part shall not affect the validity of
the proceedings for the redemption of any other Security.

      SECTION 4.05. Deposit of Redemption Price.

      Prior to the opening of business on any Redemption Date, the Company shall
deposit or cause to be deposited 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 5.03) an amount of money sufficient to pay the Redemption
Price of all the Securities which are to be redeemed on that date.

      SECTION 4.06. 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) such Securities
shall cease to bear interest and the coupons for such interest appertaining to
any Bearer Securities so to be redeemed, except to the extent provided below,

                                       36
<PAGE>
shall be void. Upon surrender of any such Securities for redemption in
accordance with said notice, such Securities shall be paid by the Company at the
Redemption Price; provided, however, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States and,
unless otherwise specified as contemplated by Section 3.01, only upon
presentation and surrender of coupons for such interest. Installments of
interest on Registered Securities 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 on the close of business on the
relevant Regular Record Dates according to their terms and the provisions of
Section 3.07.

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

      If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium, if any) shall, until paid,
bear interest from the Redemption Date at the rate borne by such Security, or as
otherwise provided in such Security.

      SECTION 4.07. Securities Redeemed in Part.

      Any Security which is to be redeemed only in part shall be surrendered at
the office or agency of the Company in 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 of such Security 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 to the Holder, a new Security or
Securities of the same series and Stated Maturity of any authorized
denominations 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 4.08. Redemption Suspended During Event of Default.

      The Trustee shall not redeem any Securities (unless all Securities then
Outstanding are to be redeemed) or commence the giving of any notice of
redemption of Securities during the continuance of any Event of Default known to
the Trustee, except that where the giving of notice of redemption of any
Securities shall theretofore have been made, the Trustee shall, subject to the
provisions of Section 14.04, redeem such Securities, provided funds are
deposited with it for

                                       37
<PAGE>
such purpose. Subject to the rights of the holders of Senior Indebtedness,
except as aforesaid, any moneys theretofore or thereafter received by the
Trustee shall, during the continuance of such Event of Default, be held in trust
for the benefit of the Securityholders and applied in the manner set forth in
Section 7.06; provided, however, that in case such Event of Default shall have
been waived as provided herein or otherwise cured, such moneys shall thereafter
be held and applied in accordance with the provisions of this Article.

                                   ARTICLE V

                                   COVENANTS

      SECTION 5.01. Payment of Principal, Premium, if any, the Maturity
Consideration and Interest.

      The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay or deliver the principal of (and
premium, if any), Maturity Consideration and interest (if any) on the Securities
of such series and any additional amounts described in Section 5.04 in
accordance with the terms of the Securities of such series, any coupons
appertaining thereto and this Indenture. Unless otherwise specified as
contemplated by Section 3.01 with respect to any series of Securities, any
interest due on Bearer Securities on or before Maturity shall be payable or
deliverable only outside the United States upon presentation and surrender of
the several coupons for such interest installments as are evidenced thereby as
they severally mature. Any payment by the Company to a Paying Agent hereunder
shall be made in the applicable currency or currencies in which the respective
payments are required to be made.

      SECTION 5.02. Maintenance of Office or Agency.

      If Securities of a series are issuable only as Registered Securities, the
Company will maintain in each Place of Payment for any such series of Securities
an office or agency where Securities of that series may be presented or
surrendered for payment or delivered for Maturity Consideration, where
Securities of that series may be surrendered for registration of transfer or
exchange 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 prompt written notice to the Trustee of the location, and of any change in
the location, of such office or agency. If Securities of a series may be
issuable as Bearer Securities, the Company will maintain an office or agency
where any Securities of that series may be presented or surrendered for payment
(A) in the Borough of Manhattan, The City of New York, (B) subject to any laws
or regulations applicable thereto, in a Place of Payment for that series which
is located outside the United States, an office or agency where Securities of
that series and related coupons may be presented and surrendered for payment
(including payment of any additional amounts payable on Securities of that
series pursuant to Section 5.04); provided, however, that if the Securities of
that series are listed on The International Stock Exchange of the United Kingdom
and the Republic of Ireland Limited or the Luxembourg Stock Exchange or any
other stock exchange located outside the United States and such stock exchange
shall so require, the Company will maintain a Paying Agent for the Securities of
that series in London or Luxembourg or any other required city located outside
the United States, as the case may be, so long as the Securities of that series
are listed on such exchange, and (C) subject to any laws or regulations
applicable thereto, in a Place of Payment for

                                       38
<PAGE>
such series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange 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 prompt
written notice to the Trustee of the location, and any change in the location,
of any such office or agency. If at any time the Company shall fail to maintain
any such required office or agency in respect of any series of Securities or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, except that the Bearer Securities of that series and the
related coupons may be presented and surrendered for payment (including payment
of any additional amounts payable on Bearer Securities of that series pursuant
to Section 5.04) at the place specified for the purpose as contemplated by
Section 3.01, and the Company hereby appoints the Trustee as its agent to
receive such respective presentations, surrenders, notices and demands.
Notwithstanding any other provisions, to the contrary, the Company at its option
may make payment of principal (and premium if any), Maturity Consideration and
interest with respect to Registered Securities by check mailed to the address of
the Person entitled thereto, as such address appears on the registry books of
the Company.

      No payment or delivery of principal, premium, Maturity Consideration or
interest on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United
States or by transfer to an account maintained with a bank located in the United
States.

      The Company may also from time to time designate one or more other offices
or agencies where the Securities of one or more series may be presented or
surrendered for any or all of such purposes specified above in this Section and
may from time to time rescind such designations; provided, however, that no such
designation, appointment 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 for such series of any such designation or rescission and
of any change in the location of any such other office or agency. Unless and
until the Company rescinds such appointment, the Company hereby appoints the
Trustee, acting through its Corporate Trust Office, as its Paying Agent in The
City of New York with respect to all series of Securities having a Place of
Payment in The City of New York.

      SECTION 5.03. Money or Other Property for Security Payments and Deliveries
to be Held in Trust.

      If the Company shall at any time act as its own Paying Agent for any
series of Securities, it will, on or before each due date of the principal of
(and premium, if any), Maturity Consideration or interest on any of the
Securities of such series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum or other property sufficient to pay or deliver
the principal (and premium, if any), Maturity Consideration or interest so
becoming due until such sums or other property shall be paid or delivered to
such Persons or otherwise disposed of as herein provided, and will promptly
notify the Trustee of its action or failure so to act. If the Company chooses to
act as its own Paying Agent, the Company shall notify the Trustee 15 Business
Days prior to such action.

                                       39
<PAGE>
      Whenever the Company shall have one or more Paying Agents for any series
of Securities, it will, prior to the opening of business on each due date of the
principal of (and premium, if any), Maturity Consideration or interest on any
Securities of such series, deposit with a Paying Agent a sum or other property
sufficient to pay or deliver the principal (and premium, if any), Maturity
Consideration or interest so becoming due, such sum or other property to be held
in trust for the benefit of the Persons entitled to such principal (and premium,
if any), Maturity Consideration 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 other than the Trustee for any
series of Securities 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

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

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

                  (iii) at any time during the continuance of any such Default,
      upon the written request of the Trustee, forthwith pay or deliver to the
      Trustee all sums or other property so held in trust by such Paying Agent.

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

      Any money or other property deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment or delivery of the
principal of (and premium, if any), Maturity Consideration or interest on any
Security of any series and remaining unclaimed for two years after such
principal (and premium, if any), Maturity Consideration or interest has become
due and payable or deliverable shall be paid or delivered to the Company on
Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment or delivery thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money
or other property, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being

                                       40
<PAGE>
required to make any such repayment or delivery, may at the expense of the
Company cause to be published once, in an Authorized Newspaper in each Place of
Payment, notice that such money or other property remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money or other property
then remaining will be repaid or delivered to the Company.

      SECTION 5.04. Additional Amounts.

      If the Securities of a series provide for the payment of additional
amounts, the Company will pay to the Holder of any Security of any series or any
coupon appertaining thereto additional amounts as provided therein. Whenever in
this Indenture there is mentioned, in any context, the payment of the principal
of (or premium, if any) or interest on, or in respect to, any Security of any
series or payment of any related coupon or the net proceeds received on the sale
or exchange of any Securities of any series, such mention shall be deemed to
include mention of the payment of additional amounts provided for in this
Section 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 of the payment of additional amounts (if applicable) in any
provisions hereof shall not be construed as excluding additional amounts in
those provisions hereof where such express mention is not made.

      If the Securities of a series provided for the payment of additional
amounts, at least 15 days prior to the first Interest Payment Date with respect
to that series of Securities (or if the Securities of that series will not bear
interest prior to Maturity, the first day on which a payment or delivery of
principal (and premium, if any) or Maturity Consideration is made), and at least
15 days prior to each date of payment or delivery of principal of (and premium,
if any) or Maturity Consideration or interest if there has been any change with
respect to the matters set forth in the below-mentioned Officers' Certificate,
the Company will furnish the Trustee and the Company's principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers' Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such
payment or delivery of principal of (and premium, if any) or Maturity
Consideration or interest on the Securities of that series shall be made to
Holders of Securities of that series or any related coupons who are United
States Aliens without withholding for or on account of any tax, assessment or
other governmental charge described in the Securities of that series. If any
such withholding shall be required, then such Officers' Certificate shall
specify by country the amount, if any, required to be withheld on such payments
or deliveries to such Holders of Securities or coupons and the Company will pay
to the Trustee or such Paying Agent the additional amounts required by this
Section. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against any loss, liability or expense reasonably
incurred without negligence or bad faith on their part arising out of or in
connection with actions taken or omitted by any of them in reliance on any
Officers' Certificate furnished pursuant to this Section.

      SECTION 5.05. Corporate Existence.

      Subject to Article Ten, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence
and the rights (charter and statutory) and franchises of the Company; provided,
however, that the Company shall not be

                                       41
<PAGE>
required to preserve any such right or franchise if the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries considered as a whole and that the
loss thereof is not disadvantageous in any material respect to the Holders of
Securities.

      SECTION 5.06. Statement as to Compliance.

      The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year, commencing with the first calendar year following the issuance
of securities of any series under this Indenture, a brief certificate, which
need not comply with Section 1.02, signed by the principal executive officer,
the principal financial officer or the principal accounting officer of the
Company, covering the period from the date of issuance of such Securities to the
end of the calendar year in which such Securities were issued in the case of the
first such certificate, and covering the preceding calendar year, in the case of
each subsequent certificate, stating, as to each signer thereof, that

                  (1) a review of the activities of the Company during such year
            and of performance under this Indenture has been made under his
            supervision, and

                  (2) to the best of his knowledge, based on such review, (a)
            the Company has complied with all conditions and covenants on its
            part contained in this Indenture throughout such year, or, if there
            has been a Default by the Company in the performance, observance or
            fulfillment of any such condition or covenant, specifying each such
            Default known to him and the nature and status thereof, and (b) no
            event has occurred and is continuing which is, or after notice or
            lapse of time or both would become, an Event of Default, or, if such
            an event has occurred and is continuing, specifying each such event
            known to him and the nature and status thereof.

      For the purpose of this Section 5.08, compliance shall be determined
without regard to any grace period or requirement of notice provided pursuant to
the terms of this Indenture.

      SECTION 5.07. Waiver of Certain Covenants.

      The Company may omit in any particular instance to comply with any term,
provision or condition set forth in Section 5.05 with respect to the Securities
of any series if before the time for such compliance the Holders of at least 50%
in principal amount, or if such Securities are not payable at Maturity for a
fixed principal amount, 50% of the aggregate issue price, of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of
the Trustee for such series in respect of any such term, provision or condition
shall remain in full force and effect.

      SECTION 5.08. Calculation of Original Issue Discount.

                                       42
<PAGE>
      To the extent applicable to the Securities of any series, the Company
shall file with the Trustee promptly at the end of each calendar year (i) a
written notice specifying the amount of original issue discount (including daily
rates and accrual periods) accrued on Outstanding Securities of such series as
of the end of such year and (ii) such other specific information relating to
such original issue discount as may then be relevant under the Internal Revenue
Code of 1986, as amended from time to time.

      SECTION 5.09. Statement by Officers as to Default.

      The Company shall deliver to the Trustee, as soon as possible and in any
event within five days after the Company becomes aware of the occurrence of any
Event of Default or an event which, with notice or the lapse of time or both,
would constitute an Event of Default, an Officers' Certificate setting forth the
details of such Event of Default or default and the action which the Company
proposes to take with respect thereto.

                                   ARTICLE VI

               HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

      SECTION 6.01. Company to Furnish Trustee Names and Addresses of Holders.

      The Company will furnish or cause to be furnished to the Trustee for each
series

                  (a) semiannually, not more than 15 days after each Regular
            Record Date, a list, in such form as the Trustee may reasonably
            require, containing the names and addresses of the Holders of
            Registered Securities as of such Regular Record Date, and

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

except that no such lists need to be furnished so long as the trustee is in
possession thereof by reason of its acting as Security Registrar for such
series.

      SECTION 6.02. Preservation of Information; Communications to Holders.

                  (i)   The Trustee shall preserve, in as current a form as is
      reasonably practicable, the names and addresses of Holders contained in
      the most recent list furnished to the Trustee as provided in Section 6.01
      and the names and addresses of Holders of Securities received by the
      Trustee in its capacity as the Security Registrar or Co-Security
      Registrar, if so acting. The Trustee may destroy any list furnished to it
      as provided in Section 6.01 upon receipt of a new list so furnished.

                  (ii)  If three or more Holders of Securities of any series
      (hereinafter referred to as "applicants") apply in writing to the Trustee,
      and furnish to the Trustee reasonable proof that each such applicant has
      owned a Security of such series for a period

                                       43
<PAGE>
      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 such series or with the Holders of all Securities
      with respect to their rights under this Indenture or under such Securities
      and is accompanied by a copy of the form of proxy or other communication
      which such applicants propose to transmit, then the Trustee shall, within
      five Business Days after the receipt of such application, at its election,
      either

                        (a) afford such applicants access to the information
                  preserved at the time by the Trustee in accordance with
                  Section 6.02(i), or

                        (b) inform such applicants as to the approximate number
                  of Holders of Securities of such series or all Securities, as
                  the case may be, whose names and addresses appear in the
                  information preserved at the time by the Trustee in accordance
                  with Section 6.02(i), and as to the approximate cost of
                  mailing 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 a Security of such series or all Holders of Securities,
as the case may be, whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 6.02(i), a copy
of the form of proxy or other communication which is specified in such request,
with reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses
of mailing, unless, within five days after such tender, the Trustee shall mail
to such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion of
the Trustee, such mailing would be contrary to the best interests of the Holders
of Securities of such series or all Securities, as the case may be, or would be
in violation of applicable law. Such written statement shall specify the basis
of such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if, after the entry of an order
sustaining one or more of such objections, the Commission shall find, after
notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall mail copies of
such material to all such Holders of Securities 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.

                  (iii) Every Holder of Securities, by receiving and holding the
      same, agrees with the Company and the Trustee that neither the Company nor
      the Trustee nor any agent of either of them shall be held accountable by
      reason of the disclosure of any such information as to the names and
      addresses of the Holders of Securities in accordance with Section
      6.02(ii), 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 Section 6.02(ii).

      SECTION 6.03. Reports by Trustee.

                                       44
<PAGE>
                  (i)   The term "reporting date", as used in this Section,
      shall be May 15 of each year, commencing with the later of May 15, 2003 or
      the first May 15 after the first issuance of Securities of a series for
      which the Trustee is acting as Trustee pursuant to this Indenture. Within
      60 days after the reporting date in each year, the Trustee shall transmit
      by mail to all Holders of Registered Securities as provided in Section
      313(c) of the Trust Indenture Act, as their names and addresses appear in
      the Security Register, a brief report dated as of such reporting date if
      required by Section 313(a) of the Trust Indenture Act.

                  (ii)  A copy of each such report shall, at the time of such
      transmission to Holders, be filed by the Trustee with each stock exchange,
      if any, upon which the Securities are listed, with the Commission and with
      the Company. The Company will promptly notify the Trustee when the
      Securities are listed on any stock exchange and of any delisting thereof.

      SECTION 6.04. Reports by the Company.

      The Company shall:

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

                  (ii)  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

                  (iii) transmit by mail to Holders of Securities, 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 (i) and (ii) of this Section as may be required by rules and
      regulations prescribed from time to time by the Commission.

      Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any

                                       45
<PAGE>
information contained therein or determinable from information contained
therein, including the Company's compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers'
Certificates).

                                   ARTICLE VII

                                    REMEDIES

      SECTION 7.01. Events of Default.

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

                  (i)   the entry of a decree or order by a court having
      jurisdiction in the premises granting relief in respect of the Company in
      an involuntary case under the Federal Bankruptcy Code, adjudging the
      Company a bankrupt, or approving as properly filed a petition seeking
      reorganization, arrangement, adjustment or composition of or in respect of
      the Company under the Federal Bankruptcy Code or any other applicable
      federal or state bankruptcy, insolvency or other similar law, or
      appointing a receiver, liquidator, custodian, assignee, trustee,
      sequestrator (or other similar official) of the Company or of
      substantially all of its properties, or ordering the winding up or
      liquidation of its affairs under any such law, and the continuance of any
      such decree or order unstayed and in effect for a period of 60 consecutive
      days; or

                  (ii)  the institution by the Company of proceedings to be
      adjudicated a bankrupt, or the consent by the Company to the institution
      of bankruptcy proceedings against it, or the filing by the Company of a
      petition or answer or consent seeking reorganization or relief under the
      Federal Bankruptcy Code or any other applicable federal or state
      bankruptcy, insolvency or other similar law, or the consent by the Company
      to the filing of any such petitioner to the appointment of a receiver,
      liquidator, custodian, assignee, trustee, sequestrator (or other similar
      official) of the Company, or of substantially all of its respective
      properties, under any such law; or

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

      SECTION 7.02. Acceleration of Maturity; Rescission and Annulment.

      If an Event of Default with respect to any series of Securities for which
there are Securities Outstanding occurs and is continuing, then, and in every
such case, the Trustee or the Holders of not less than 25% in principal amount
or, if such Securities are not payable at Maturity for a fixed principal amount,
25% of the aggregate issue price of the Outstanding

                                       46
<PAGE>
Securities of such series may declare the principal amount or Maturity
Consideration of all of the Securities of such series (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) to be
immediately due and payable or deliverable, by a notice in writing to the
Company (and to the Trustee if given by Securityholders), and upon any such
declaration the same shall become immediately due and payable or deliverable.

      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 or other property due or deliverable has been obtained by
the Trustee as hereinafter in this Article provided, the Holders of a majority
in principal amount or, if such Securities are not payable at Maturity for a
fixed principal amount, the aggregate issue price of the Outstanding Securities
of such series, by written notice to the Company and the Trustee, may rescind
and annul such declaration and its consequences if

                  (i)   the Company has paid or deposited with, or delivered to,
      the Trustee a sum or other property sufficient to pay

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

                        (b) the principal of (and premium, if any), or Maturity
                  Consideration of 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
                  by the terms of the Securities of such series,

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

                        (d) all sums paid or advanced by the Trustee hereunder
                  and the reasonable compensation, expenses, disbursements and
                  advances of the Trustee, the Security Registrar, Co-Security
                  Registrar, any Paying Agent, and their agents and counsel; and

                  (ii)  all other Defaults with respect to Securities of that
      series, other than the non-payment of the principal of, or non-delivery of
      the Maturity Consideration of, Securities of that series which have become
      due solely by such declaration of acceleration, have been cured or waived
      as provided in Section 7.13.

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

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

      The Company covenants that if

                                       47
<PAGE>
                  (i)   default is made in the payment of any installment of
      interest on any Security of any series when such interest becomes due and
      payable and such default continues for a period of 30 days, or

                  (ii)  default is made in the payment or delivery of the
      principal of (or premium, if any, on), or the delivery of the Maturity
      Consideration of any Security of any series at the Maturity thereof,

the Company will, upon demand of the Trustee, pay or deliver to it, for the
benefit of the Holder of any such Security or coupon appertaining thereto, if
any, the whole amount or other property then due and payable or deliverable on
any such Security or coupon for principal (and premium, if any), Maturity
Consideration and interest, with interest on the overdue principal (and premium,
if any), Maturity Consideration and (to the extent that payment of such interest
shall be lawful) upon overdue installments of interest, at the rate or rates
prescribed therefor by the terms of any such Security; and, in addition thereto,
such further amount as shall be sufficient to cover the reasonable costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and any other
amounts due the Trustee under Section 8.07.

      If the Company fails to pay or deliver such amounts and/or other
consideration forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the
collection of the sums or other property so due and unpaid or not delivered, and
may prosecute such proceeding to judgment or final decree, and may enforce the
same against the Company or any other obligor upon such Securities and collect
the moneys or other property adjudged or decreed to be payable or deliverable in
the manner provided by law out of the property of the Company or any other
obligor upon such Securities, wherever situated.

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

      SECTION 7.04. Trustee May File Proofs of Claim.

      In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, judgment, 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 or Maturity Consideration of any
Securities shall then be due and payable or deliverable as therein expressed or
by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of overdue principal (and
premium, if any), Maturity Consideration or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

                                       48
<PAGE>
                  (i)   to file and prove a claim for the whole amount of
      principal (and premium, if any), Maturity Consideration and interest owing
      and unpaid or undelivered in respect of the Securities of each series 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 any other amounts due the Trustee
      under Section 8.07) and of the Securityholders 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 Securityholder to make such payments or deliveries to the Trustee, and in
the event that the Trustee shall consent to the making of such payments or
deliveries directly to the Securityholders, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 8.07.

      Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Security
or coupon 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 of a Security or
coupon in any such proceeding.

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

      All rights of action and claims under this Indenture or under the
Securities of any series or coupons (if any) appertaining thereto, may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities of such series or coupons appertaining thereto or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and any other amounts due the Trustee under Section 8.07,
be for the ratable benefit of the Holders of the Securities of such series and
coupons appertaining thereto in respect of which such judgment has been
recovered.

      SECTION 7.06. Application of Money or Other Property Collected.

      Subject to the rights of holders of Senior Indebtedness, any money or
other property collected by the Trustee with respect to a series of Securities
pursuant to this Article shall be applied in the following order, at the date or
dates fixed by the Trustee, and, in case of the distribution of such money or
other property on account of principal (or premium, if any), Maturity
Consideration or interest upon presentation of the Securities of such series or
coupons appertaining thereto, if any, or both, as the case may be, and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

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<PAGE>
                        First: To the payment of all amounts due the Trustee
                  under Section 8.07;

                        Second: To the payment of the amounts then due and
                  unpaid upon the Securities of such series and coupons for
                  principal of (and premium if any), Maturity Consideration and
                  interest, respectively. Subject to 3.12(iv), the Holders of
                  each series of Securities denominated in a Foreign Currency
                  shall be entitled to receive a ratable portion of the amount
                  determined by an Exchange Rate Agent by converting the
                  principal amount Outstanding of such series of Securities in
                  the currency in which such series of Securities is denominated
                  into U.S. dollars at the Exchange Rate (as determined by the
                  Exchange Rate Agent) as of the date of declaration of
                  acceleration of the Maturity of the Securities (or, if there
                  is no such rate on such date for the reasons specified in
                  Section 3.12(iv), such rate of the date specified in such
                  section);

                        Third: The balance, if any, to the persons entitled
                  thereto.

      SECTION 7.07. Limitation on Suits.

      No Holder of any Security of any series or any related coupons 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

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

                  (ii)  the Holders of not less than a majority in principal
      amount or, if such Securities are not payable at Maturity for a fixed
      principal amount, the aggregate issue price of the Outstanding Securities
      of such series shall have made written request to the Trustee to institute
      proceedings in respect of such Default in its own name as Trustee
      hereunder;

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

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

                  (v)   no direction inconsistent with such written request has
      been given to the Trustee during such 60-day period by the Holders of a
      majority in principal amount or, if such Securities are not payable at
      Maturity for a fixed principal amount, the aggregate issue price of the
      Outstanding Securities of such series;

                                       50
<PAGE>
      it being understood and intended that no one or more Holders of Securities
      of such series shall have any right in any manner whatever by virtue of,
      or by availing of, any provision of this Indenture to affect, disturb or
      prejudice the rights of any other Holders of Securities of such series of
      Holders of any other series, or to obtain or to seek to obtain priority or
      preference over any other such Holders or to enforce any right under this
      Indenture, except in the manner herein provided and for the equal and
      ratable benefit of all the Holders of Securities of such series.

      The following events shall be "Defaults" with respect to any series of
Securities under this Indenture:

                        (a) an Event of Default with respect to such series
                  specified in Section 7.01; or

                        (b) default in the payment of principal of or premium,
                  if any, on any Securities of such series at its Maturity; or

                        (c) default in the delivery or payment of Maturity
                  Consideration when due; or

                        (d) default in the payment of any interest upon any
                  Securities of such series as and when the same shall become
                  due and payable, and continuance of such default for a period
                  of 30 days; or

                        (e) failure on the part of the Company to duly observe
                  or perform any of the other covenants or agreements on its
                  part in the Securities of such series or in this Indenture and
                  continuance of such failure for a period of sixty days after
                  the date on which written notice of such failure, requiring
                  the Company to remedy the same and stating that such notice is
                  a "Notice of Default" hereunder, shall have been given by
                  registered mail to the Company by the Trustee, or to the
                  Company and the Trustee by the holders of at least a majority
                  in aggregate principal amount or, if such Securities are not
                  payable at Maturity for a fixed principal amount, a majority
                  of the aggregate issue price, of the Securities of such series
                  at the time Outstanding; or

                        (f) any other Default provided with respect to
                  Securities of that Series.

      SECTION 7.08. Unconditional Right of Securityholders to Receive Principal,
Premium, Maturity Consideration and Interest.

      Notwithstanding any other provision in this Indenture, the Holder of any
Security or coupon shall have the right, which is absolute and unconditional, to
receive payment or delivery of the principal of (and premium, if any), Maturity
Consideration and (subject to Section 3.07) interest on such Security or payment
of such coupon on the respective Stated Maturity or Maturities expressed in such
Security or coupon (or, in the case of redemption, on the

                                       51
<PAGE>
Redemption Date) and to institute suit for the enforcement of such payment or
delivery, and such rights shall not be impaired without the consent of such
Holder.

      SECTION 7.09. Restoration of Rights and Remedies.

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

      SECTION 7.10. Rights and Remedies Cumulative.

      Except as otherwise provided with respect to the replacement or payment of
mutilated, lost, destroyed or stolen Securities or coupons in the last paragraph
of Section 3.06, 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 7.11. Delay or Omission Not Waiver.

      No delay or omission of the Trustee or of any Holder of any Security or
coupon to exercise any right or remedy accruing upon any Default shall impair
any such right or remedy or constitute a waiver of any such 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 7.12. Control by Securityholders.

      The Holders of not less than a majority in principal amount, or if such
Securities are not payable at Maturity for a fixed principal amount, the
aggregate issue price of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series, provided that:

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

                  (ii)  such direction is not unjustly prejudicial to the rights
      of Holders of such series not taking part in such direction;

                  (iii) subject to the provisions of Section 8.01, the Trustee
      shall have the right to decline to follow any such direction if the
      Trustee, in good faith, shall by a

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<PAGE>
      Responsible Officer or Officers of the Trustee, determine that the
      proceeding so directed would involve the Trustees in personal liability;
      and

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

      SECTION 7.13. Waiver of Past Defaults.

      The Holders of not less than a majority in principal amount, or if such
Securities are not payable at Maturity for a fixed principal amount, the
aggregate issue price, of the Outstanding Securities of any series may on behalf
of the Holders of all the Securities of such series waive any past Default
hereunder and its consequences, except a Default not theretofore cured

                  (i)   in the payment or delivery of the principal of (and
      premium, if any), Maturity Consideration or interest on any Security of
      such series, or

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

      Upon any such waiver, such default shall cease to exist, and any Default
or Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of the Securities of such series under this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

      SECTION 7.14. Undertaking for Costs.

      All parties to this Indenture agree and each Holder of any Security 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 and
expenses, 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
Securityholder, or group of Securityholders, holding in the aggregate more than
10% in principal amount, or if such Securities are not payable at Maturity for a
fixed principal amount, the aggregate issue price of the Outstanding Securities
of any series, or to any suit instituted by any Holder of Securities or coupons
for the enforcement of the payment of the principal of (and premium, if any),
Maturity Consideration or interest on any Security or payment of any coupon on
or after the respective Stated Maturities expressed in such Security or coupon
(or, in the case of redemption, on or after the Redemption Date).

      SECTION 7.15. Waiver of Stay or Extension Laws.

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<PAGE>
      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 exercise of
every such power as though no such law had been enacted.

                                  ARTICLE VIII

                                  The Trustee

      SECTION 8.01. Certain Duties and Responsibilities.

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

                        (a) the Trustee undertakes to perform such duties and
                  only such duties as are specifically set forth in this
                  Indenture and only with respect to series of Securities as to
                  which it is Trustee, and no implied covenants or obligations
                  shall be read into this Indenture against the Trustee; and

                        (b) 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 the Indenture.

                  (ii)  In case a Default has occurred and is continuing as to a
      series of Securities as to which it is Trustee, the Trustee shall exercise
      such of the rights and powers vested in it by this Indenture, and use the
      same degree of care and skill in their exercise, as a prudent person would
      exercise or use under the circumstances in the conduct of his or her own
      affairs.

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

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

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<PAGE>
                        (b) 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;

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

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

                  (v)   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 Trustees shall be subject to
      the provisions of this Section.

      SECTION 8.02. Notice of Default.

      Within 90 days after the occurrence of any default hereunder known to the
Trustee with respect to 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, 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),
Maturity Consideration 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 determines
that the withholding of such notice is in the interests of the Holders of
Securities of such series; and provided further, that in the case of any default
of the character specified in Section 7.07(d) with respect to Securities of such
series, no such notice to Holders of Securities of such series shall be given
until at least 30 days after the occurrence thereof. For the purpose of this
Section, the term "default" with respect to Securities of any series, means any
event which is, or after notice or lapse of time, or both, would become, a
Default or Event of Default with respect to Securities of such series.

      SECTION 8.03. Certain Rights of Trustee.

      Subject to the provisions of Section 8.01:

                                       55
<PAGE>
                  (i)    the Trustee may conclusively rely and shall be
      protected in acting or refraining from acting upon any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document believed to be genuine and to have
      been signed or presented by the proper party or parties;

                  (ii)   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;

                  (iii)  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;

                  (iv)   the Trustee may consult with counsel of its selection
      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;

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

                  (vi)   the Trustee shall not be bound to make any
      investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document, but the Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or matters as it may see fit, and, if the Trustee shall determine to make
      such further inquiry or investigation, it shall be entitled to examine the
      books, records and premises of the Company, personally or by agent or
      attorney;

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

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

                  (ix)   the Trustee shall not be deemed to have notice of any
      Default or Event of Default unless a Responsible Officer of the Trustee
      has actual knowledge thereof or unless written notice of any event which
      is in fact such a default is received by

                                       56
<PAGE>
      the Trustee at the Corporate Trust Office of the Trustee, and such notice
      references the Securities and this Indenture; and

                  (x)    the rights, privileges, protections, immunities and
      benefits given to the Trustee, including, without limitation, its right to
      be indemnified, are extended to, and shall be enforceable by, the Trustee
      in each of its capacities hereunder, and to each agent, custodian and
      other Person employed to act hereunder.

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

      The recitals contained herein and in the Securities, except the Trustee's
certificates of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof. The Trustee shall not be
responsible for the use or application of any monies received by any Paying
Agent other than the Trustee.

      SECTION 8.05. May Hold Securities.

      The Trustee, any Authenticating Agent, any Paying Agent, the Security
Registrar, any Co-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 8.08 and 8.13, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar, Co-Security Registrar or such other agent.

      SECTION 8.06. Money or Other Property Held in Trust.

      Subject to Section 1.16, money or other property held by the Trustee or
any Paying Agent in trust hereunder need not be segregated from other funds or
other property except to the extent required by law. Neither the Trustee nor any
Paying Agent shall be under any liability for interest on any money or other
property received by it hereunder except as otherwise agreed with the Company.

      SECTION 8.07. Compensation and Reimbursement.

      The Company agrees:

                  (i)   to pay to each of the Trustee, any Co-Trustee, the
      Security Registrar, any Co-Security Registrar and Paying Agent, as the
      case may be, from time to time such compensation as shall be agreed in
      writing between the Company and the Trustee for all services rendered by
      them hereunder (which compensation shall not be limited by any provisions
      of law in regard to the compensation of a trustee of an express trust);

                  (ii)  except as otherwise expressly provided herein, to pay to
      or to reimburse each of the Trustee, any Co-Trustee, the Security
      Registrar, any Co-Security

                                       57
<PAGE>
      Registrar and any Paying Agent, as the case may be, upon their request for
      all reasonable expenses, disbursements and advances incurred or made by
      any one of them in accordance with any provision of this Indenture
      (including the reasonable compensation and the expenses and disbursements
      of their agents and counsel), except any such expense, disbursement or
      advance as may be attributable to their negligence or bad faith; and

                  (iii) to indemnify each of the Trustee, any Co-Trustee, the
      Security Registrar, any Co-Security Registrar and any Paying Agent, as the
      case may be, for, and to hold each of them harmless against any and all
      loss, liability, damage, claim or expense, including taxes (other than
      taxes based on the income of the Trustee) incurred without negligence or
      bad faith on the part of such entity, arising out of or in connection with
      the acceptance or administration of the trust or trusts hereunder,
      including the costs and expenses of defending themselves against any claim
      (whether asserted by the Company, a Holder or any other Person) or
      liability in connection with the exercise or performance of any of its
      powers or duties hereunder.

      As security for the performance of the obligations of the Company pursuant
to this Section 8.07, the Trustee for the Securities of any series shall have a
lien prior to the Securities of all such series upon all property and funds held
or collected by the Trustee as such, except funds held in trust for the payment
of principal of (and premium, if any), or interest, if any, on Securities of any
such series. The claims of the Trustee under this Section shall not be subject
to the provisions of Article Fourteen.

      The obligations of the Company under this Section shall survive the
resignation and removal of the Trustee and the satisfaction and discharge of
this Indenture.

      When the Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 7.01(i) or Section 7.01(ii), the expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses or
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

      SECTION 8.08. Disqualification; Conflicting Interests.

      The Trustee for the Securities of any series issued hereunder shall be
subject to the provisions of Section 310(b) of the Trust Indenture Act during
the period of time provided for therein. In determining whether the Trustee has
a conflicting interest as defined in Section 310(b) of the Trust Indenture Act
with respect to the Securities of any series, there shall be excluded this
Indenture with respect to Securities of any particular series of Securities
other than that series.

      Nothing herein shall prevent the Trustee from filing with the Securities
and Exchange Commission the application referred to in the second to last
paragraph of Section 310(b) of the Trust Indenture Act.

      SECTION 8.09. Corporate Trustee Required; Eligibility.

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<PAGE>
      There shall at all times be a Trustee with respect to each series of
Securities hereunder which shall at all times be either

                  (i)   a Corporation organized and doing business under the
      laws of the United States of America, any State thereof or the District of
      Columbia, authorized under such laws to exercise corporate trust powers
      and subject to supervision or examination by federal, state or District of
      Columbia authority or

                  (ii)  a Corporation or other Person organized and doing
      business under the laws of a foreign government that is permitted to act
      as Trustee pursuant to a rule, regulation or order of the Commission,
      authorized under such laws to exercise corporate trust powers, and subject
      to supervision or examination by authority of such foreign government or a
      political subdivision thereof substantially equivalent to supervision or
      examination applicable to United States institutional trustees, in either
      case having a combined capital and surplus of at least $50,000,000.

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

      SECTION 8.10. Resignation and Removal; Appointment of Successor.

                  (i)   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 8.11.

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

                  (iii) The Trustee may be removed with respect to any series of
      Securities at any time by Act of the Holders of a majority in principal
      amount of the Outstanding Securities of such series, delivered to the
      Trustee and to the Company. If an instrument of acceptance by a successor
      Trustee shall not have been delivered to the Trustee within 30 days after
      the giving of such notice of removal, the Trustee being

                                       59
<PAGE>
      removed may petition, at the expense of the Company, any court of
      competent jurisdiction for the appointment of a successor Trustee with
      respect to the Securities of such series.

                  (iv)  If at any time:

                        (a) the Trustee shall fail to comply with Section 310(b)
                  of the Trust Indenture Act with respect to any series of
                  Securities after written request therefor by the Company or by
                  any Securityholder who has been a bona fide Holder of a
                  Security of any series for at least six months; or

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

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

then, in any such case, (1) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (2) subject to Section 7.14, any
Securityholder who has been a bona fide Holder of a Security of such series for
at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with
respect to all Securities and the appointment of a successor Trustee or
Trustees.

                  (v)   If the Trustee shall resign, be removed or become
      incapable of acting with respect to any series of Securities, or if a
      vacancy shall occur in the office of Trustee with respect to any series of
      Securities for any cause, the Company, 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 other Securities of any particular series) and
      shall comply with the applicable requirements of Section 8.11. If, within
      one year after such resignation, removal or incapability, or the
      occurrence of such vacancy, a successor Trustee with respect to such
      series of Securities shall be appointed by the 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 with respect to such
      series, the successor Trustee so appointed shall, forthwith upon its
      acceptance of such appointment in accordance with the applicable
      requirements of Section 8.11, become the successor Trustee with respect to
      such series and to that extent supersede the successor Trustee appointed
      by the Company with respect to such series. If no successor Trustee with
      respect to such series shall have been so appointed by the Company or the
      Holders of Securities of such series and accepted appointment in the
      manner hereinafter provided, any Securityholder who has been a bona fide
      Holder of a Security of such series for at

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      least six months may, on behalf of himself and all others similarly
      situated, petition any court of competent jurisdiction for the appointment
      of a successor Trustee with respect to such series.

                  (vi)  The Company shall give notice of each resignation and
      each removal of the Trustee with respect to the Securities of any series
      and each appointment of a successor trustee with respect to the Securities
      of any series by mailing written notice of such event by first-class mail,
      postage prepaid, to all Holders of Registered Securities of such series as
      their names and addresses appear in the Security Register and, if
      Securities of such series are issuable as Bearer Securities, by publishing
      notice of such event once in an Authorized Newspaper in each Place of
      Payment located outside the United States. Each notice shall include the
      name of the successor Trustee with respect to the Securities of such
      series and the address of its Corporate Trust Office.

      SECTION 8.11. Acceptance of Appointment by Successor.

                  (i)   In the case of the appointment hereunder of a successor
      Trustee with respect to any series of Securities, every such successor
      Trustee so appointed shall execute, acknowledge and deliver to the Company
      and to the retiring Trustee or Trustees an instrument accepting such
      appointment and thereupon the resignation or removal of the retiring
      Trustee or Trustees shall become effective with respect to all or any
      series as to which it is resigning as Trustee, and such successor Trustee,
      without any further act, deed, or conveyance, shall become vested with all
      the rights, powers, trusts and duties of the retiring Trustee or Trustees
      with respect to all or any such series; but, on request of the Company or
      such successor Trustee, such retiring Trustee or Trustees shall upon
      payment of its charges and all amounts owing under Section 8.07, execute
      and deliver an instrument transferring to such successor Trustee all the
      rights, powers and trusts of such retiring Trustee or Trustees with
      respect to all or any such series; and shall duly assign, transfer and
      deliver to such successor Trustee all property and money held by such
      retiring Trustee or Trustees hereunder with respect to all or any such
      series.

                  (ii)  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 (a) 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, (b) 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 (c) 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

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<PAGE>
      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 that no Trustee shall be responsible for any notice
      given to, or received by, or any act or failure to act on the part of any
      other Trustee hereunder, 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, such retiring
      Trustee shall with respect to the Securities of that or those series to
      which the appointment of such successor Trustee relates have no further
      responsibility for the exercise of rights and powers or for the
      performance of the duties and obligations vested in the Trustee under this
      Indenture, and each successor Trustee, without any further act, deed or
      conveyance, shall become vested with all the rights, powers, trusts and
      duties of the retiring Trustee with respect to the Securities of that or
      those series to which the appointment of such successor Trustee relates;
      but, on request to the Company or any successor Trustee, such retiring
      Trustee shall duly assign, transfer and deliver to such successor Trustee,
      to the extent contemplated by such supplemental indenture, 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.

                  (iii) 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 (i) and (ii) of this Section, as the case
      may be.

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

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

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

      SECTION 8.13. Preferential Collection of Claims against Company.

      The Trustee shall comply with Section 311(a) of the Trust Indenture Act
with respect to each series of Securities for which it is Trustee.

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<PAGE>
      SECTION 8.14. Appointment of Authenticating Agent.

      At any time when any of the Securities of any series remain Outstanding
the Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities, which may include any Affiliate of the Company. Such
Authenticating Agent or Agents, at the option of the Trustee, shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series issued upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.06, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by a
Trustee or the Trustee's certificate of authentication or the delivery of
Securities to the Trustee for authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent, a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent and delivery of Securities to the
Authenticating Agent on behalf of the Trustee. Each Authenticating Agent shall
be acceptable to the Company and shall at all times be a corporation or national
banking association organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and
surplus as most recently reported or determined by it sufficient under the laws
of any jurisdiction under which it is organized and in which it is doing
business to conduct a trust business, and which is otherwise authorized under
such laws to conduct such business and is subject to supervision or examination
by federal or state authority. Notwithstanding the foregoing, an Authenticating
Agent located outside the United States may be appointed by the Trustee if
previously approved in writing by the Company and if such Authenticating Agent
has a combined capital and surplus as most recently reported or determined by it
sufficient under the laws of any jurisdiction under which it is organized and in
which it is doing business to conduct a trust business. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

      The Trustee shall initially act as Authenticating Agent located within the
United States for each series of Securities issued hereunder.

      Any corporation or national banking association into which an
Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation or national banking association resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall
be a party, or any corporation or national banking association succeeding to all
or substantially all of the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation or national banking association shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

      An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time (and upon
request by the Company shall) terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon

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<PAGE>
such termination, or in case at any time such Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, the Trustee
may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall mail written notice of such appointment by first-class mail,
postage prepaid, to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, as their names and addresses appear
in the Security Register. Any successor Authenticating Agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

      The Company agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section.

      The provisions of Sections 3.08, 8.04 and 8.05 shall be applicable to each
Authenticating Agent.

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

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

                                           U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           as Trustee
                                           As Authenticating Agent

                                           By:__________________________________
                                              Authorized Officer

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<PAGE>
                                   ARTICLE IX

                            SUPPLEMENTAL INDENTURES

      SECTION 9.01. Supplemental Indentures Without Consent of Securityholders.

      Without notice to or the consent of any Holder of any Security or coupon,
the Company, when authorized by a Board Resolution, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

                  (i)    to evidence the succession of another corporation to
      the Company, and the assumption by any such successor of the covenants of
      the Company herein and in the Securities in accordance with Section 10.01
      hereof; or

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

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

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

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

                  (vi)   to add to or change any of the provisions of this
      Indenture to provide that Bearer Securities may be registerable as to
      principal, to change or eliminate any restrictions on the payment of
      principal of (or premium, if any), Maturity Consideration or any interest
      on Bearer Securities, to permit Bearer Securities to be issued in exchange
      for Registered Securities, to permit Bearer Securities to be issued in
      exchange for Bearer Securities of other authorized denominations or to
      permit the issuance of Securities in uncertificated form, provided any
      such action shall not adversely affect the interests of the Holders of
      Securities of any series or any related coupons in any material respect;
      or

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<PAGE>
                  (vii)  to change or eliminate any of the provisions of this
      Indenture, provided that, any such change or elimination shall become
      effective only when there is no Security Outstanding of any series created
      prior to the execution of such supplemental indenture which is adversely
      affected in any material respect by such change in or elimination of such
      provisions; or

                  (viii) to establish the form or terms of a Security of any
      series as permitted by Sections 2.01 and 3.01; or

                  (ix)   to convey, transfer, assign, mortgage or pledge any
      property to or with the Trustee; or

                  (x)    to provide for conversion rights of the Holders of the
      Securities of any series to enable such Holders to convert such Securities
      into other securities of the Company.

      SECTION 9.02. Supplemental Indentures With Consent of Securityholders.

      With the consent of the Holders of not less than 66 2/3% in principal
amount or, if such Securities are not payable at Maturity for a fixed principal
amount, 66 2/3% of the aggregate issue price of the Outstanding Securities of
each series affected by such supplemental indenture or indentures, by Act of
said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purposes of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of each such
series and any related coupons under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the Holders of each
Outstanding Security affected thereby:

                  (i)   change the Stated Maturity of the principal of, or the
      Stated Maturity of any installment of principal of or interest (or
      premium, if any) or any Maturity Consideration on, any Outstanding
      Security, or reduce the principal amount or Maturity Consideration thereof
      (or premium, if any, thereon) or the rate of interest thereon, or change
      the obligation of the Company to pay additional amounts pursuant to
      Section 5.04 (except as contemplated by Section 10.01(i) and permitted by
      Section 9.01), or reduce the amount of the principal of an Original Issue
      Discount Security that would be due and payable or deliverable upon a
      declaration of acceleration of the Maturity thereof pursuant to Section
      7.02, or change the method of calculating interest thereon or the Place of
      Payment where, or the coin or currency unit or other property in which any
      Outstanding Security (or premium, if any, thereon) or the interest
      therefor is payable or deliverable or impair the right to institute suit
      for the enforcement of any such payment or delivery on or after the Stated
      Maturity thereof (or, in the case of redemption, on or after the
      Redemption Date); or

                  (ii)  reduce the percentage in principal amount or issue price
      of the Outstanding Securities of any series, the consent of whose Holders
      is required for any such supplemental indenture or the consent of whose
      Holders is required for any waiver

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<PAGE>
      (of compliance with certain provisions of this Indenture or of certain
      Defaults hereunder and their consequences) provided for in this Indenture;
      or

                  (iii) change any obligations of the Company to maintain an
      office or agency in the places and for the purposes specified in Section
      5.02; or

                  (iv)  make any change relating to the subordination of the
      Securities in a manner adverse to the Holders of such Securities; or

                  (v)   make any change relating to the subordination of the
      Securities in a manner adverse to holders of Senior Indebtedness unless
      the holders of such Senior Indebtedness consent to such change under the
      terms of such Senior Indebtedness; or

                  (vi)  modify any of the provisions of this Section or Section
      7.13, except to increase any such percentage or to provide that certain
      other provisions of this Indenture cannot be modified or waived without
      the consent of the Holder of each Outstanding Security affected thereby;
      provided, however, that this clause shall not be deemed to require the
      consent of any Holder with respect to changes in the references to "the
      Trustee" and concomitant changes in this Section and Section 5.09 or the
      deletion of this proviso, in accordance with the requirements of Sections
      8.11(ii) and 9.01(ii).

      A supplemental indenture which changes or eliminates any covenant or other
provisions 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.

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

      SECTION 9.03. Execution of Supplemental Indentures.

      In executing, or accepting the additional trusts created by any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
in addition to the documents required by Section 1.02, and (subject to Section
8.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by
and complies with this Indenture and has been duly authorized, executed and
delivered and is enforceable in accordance with its terms. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee's own rights, liabilities, duties or immunities under this
Indenture or otherwise.

      SECTION 9.04. Effect of Supplemental Indentures.

      Upon the execution of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith and any such supplemental
indenture shall form a part of

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<PAGE>
this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bounded thereby.

      SECTION 9.05. Conformity with Trust Indenture Act.

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

      SECTION 9.06. 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 of the series, 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 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.

                                   ARTICLE X

                 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

      SECTION 10.01. Company May Consolidate, etc., Only on Certain Terms.

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

                  (i)   the corporation formed by such consolidation or into
      which the Company is merged or the Person which acquires by conveyance or
      transfer or which leases the properties and assets of the Company
      substantially as an entirety shall be a corporation organized and existing
      under the laws of the United States of America, any State thereof or the
      District of Columbia and shall expressly assume, by an indenture
      supplemental hereto, executed and delivered to the Trustee, in form
      satisfactory to the Trustee, the due and punctual payment or delivery of
      the principal of (and premium, if any), Maturity Consideration and
      interest on (including all additional amounts, if any, payable pursuant to
      Section 5.04) all the Securities and the performance of every covenant of
      this Indenture on the part of the Company to be performed or observed;

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

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

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<PAGE>
provided, that, the provisions of this Section 10.01 may be changed as to any
series of Securities if and to the extent provided in an Officer's Certificate
delivered pursuant to Section 3.01 establishing the terms of such series of
Securities.

      SECTION 10.02. Successor Corporation Substituted.

      Upon any consolidation or merger, or any conveyance or transfer of the
properties and assets of the Company substantially as an entirety in accordance
with Section 10.01, the successor corporation formed by such consolidation or
into which the Company is merged or to which such conveyance or transfer is made
shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor
corporation had been named as the Company herein. In the event of any such
conveyance or transfer, the Company as the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and may be
dissolved, wound up and liquidated at any time thereafter.

      Such successor corporation may cause to be signed, and may issue either in
its own name or in the name of the Company, any or all of the Securities
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such successor corporation
instead of the Company and subject to all the terms, conditions and limitations
in this Indenture prescribed, the Trustee shall authenticate and shall deliver
any Securities which previously shall have been signed and delivered by the
officers of the Company to the Trustee for authentication pursuant to such
provisions and any Securities which such successor corporation thereafter shall
cause to be signed and delivered to the Trustee on its behalf for the purpose
pursuant to such provisions. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
hereof.

      In case of any such consolidation, merger, sale or conveyance, such
changes in phraseology and form may be made in the Securities thereafter to be
issued as may be appropriate.

                                   ARTICLE XI

                           SATISFACTION AND DISCHARGE

      SECTION 11.01. 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 rights to receive payments thereon
and any right to receive additional amounts, as provided in Section 5.04), and
each Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when

                  (i)   either

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<PAGE>
                        (a) all Securities theretofore authenticated and
                  delivered (other than (1) coupons appertaining to Bearer
                  Securities surrendered for exchange for Registered Securities
                  and maturing after such exchange, whose surrender is not
                  required or has not been waived as provided in Section 3.05,
                  (2) coupons appertaining to Bearer Securities called for
                  redemption and maturing after the relevant Redemption Date,
                  whose surrender has been waived as provided in Section 4.07,
                  (3) Securities and coupons which have been destroyed, lost or
                  stolen and which have been replaced or paid as provided in
                  Section 3.06, and (4) 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 5.03) have
                  been delivered to the Trustee for cancellation; or

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

                              (1) have become due and payable, or

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

                              (3) 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 (b)(1), (2) or (3) above, has
                        deposited or caused to be deposited with the Trustee, as
                        trust funds in trust for the purpose, an amount (said
                        amount to be immediately due and payable to the Holders)
                        sufficient to pay and discharge the entire indebtedness
                        on such Securities and coupons of the relevant series
                        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;

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

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

      Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 8.07, the obligations of
the Company to any Authenticating Agent under Section 8.14 and, if money shall
have been deposited with the Trustee pursuant to subclause (b) of clause (i) of
this Section, the obligations of the Trustee

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<PAGE>
under Section 11.02 and the last paragraph of Section 5.03 shall survive such
satisfaction and discharge. The Trustee may give notice to the Holders of
Securities Outstanding of the immediate availability of the amount referred to
in Clause (i) of this Section 11.01. Funds held pursuant to this Section shall
not be subject to the provisions of Article Fourteen.

      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 the 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. The effectiveness of any such instrument shall be conditional
upon receipt of such instruments from the Trustee.

      SECTION 11.02. Application of Trust Money or Property.

      Subject to the provisions of the last paragraph of Section 5.03, all money
or property deposited with the Trustee pursuant to Section 11.01 in respect of
Securities of a series shall be held in trust and applied by it, in accordance
with the provisions of such Securities, the coupons, if any, and this Indenture,
to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent), as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any), Maturity
Consideration and interest for whose payment such money has been deposited with
the Trustee; unless otherwise specified herein, such money need not be
segregated from other funds except to the extent required by law.

                                  ARTICLE XII

                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

      SECTION 12.01. Exemption from Individual Liability.

      No recourse under or upon any obligation, covenant or agreement of this
Indenture, or of any Security or coupon, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator,
stockholder, officer or director, 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,
stockholders, officers or directors, 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 coupons or implied
therefrom; and that any and all such personal liability, either at common law or
in equity or by constitution or statute, of, and any and all such rights and
claims against, every such incorporator, stockholder, officer or director, as
such, because of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in this
Indenture or in any of the Securities or coupons or implied therefrom, are
hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issuance of the Securities.

                                       71
<PAGE>
                                  ARTICLE XIII

                                 SINKING FUNDS

      SECTION 13.01. Applicability of Article.

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

      The minimum amount of any sinking fund payment provided for by the terms
of 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 13.02. 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 13.02. Satisfaction of Sinking Fund Payments with Securities.

      The Company (i) may deliver Outstanding Securities of a series (other than
any previously called for redemption), together in the case of any Bearer
Securities of such series, with all unmatured coupons appertaining thereto and
(ii) may apply as a credit 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 such 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 Securities shall be received and credited for such purpose by
the Trustee for 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 13.03. 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 and the Security
Registrar an Officers' Certificate specifying (i) the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of that series, (ii)
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 and crediting
Securities of that series pursuant to Section 13.02 (such Security to be
credited, or proof of ownership thereof by the Company satisfactory to the
Trustee, to be delivered together with the Officers' Certificate), and (iii)
that none of such Securities has theretofore been so credited and stating the
basis for such credit, and will also deliver to the Trustee any Securities to be
so delivered. Not less than 30 days before each 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 4.03 and cause notice of the
redemption thereof to be given in the name of and at the expense of the

                                       72
<PAGE>
Company in the manner provided in Section 4.04. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 4.06 and 4.07 and subject to the limitations set forth
in Section 4.08.

                                  ARTICLE XIV

                                 SUBORDINATION

      SECTION 14.01. Agreement to Subordinate.

      The Company, for itself, its successors and assigns, covenants and agrees,
and each Holder of a Security by his acceptance thereof, likewise covenants and
agrees, that the payment or delivery of the principal of and premium, if any,
Maturity Consideration and interest on each and all of the Securities is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment or delivery to the prior payment or satisfaction in full of
all Senior Indebtedness.

      SECTION 14.02. Distribution on Dissolution, Liquidation and
Reorganization; Subrogation of Securities.

            (a) Upon any distribution of assets of the Company upon any
dissolution, winding up, liquidation or reorganization of the Company, whether
in bankruptcy, insolvency, reorganization or receivership proceedings or upon an
assignment for the benefit of creditors or any other marshalling of the assets
and liabilities of the Company or otherwise (subject to the power of a court of
competent jurisdiction to make other equitable provision reflecting the rights
conferred in this Indenture upon the Senior Indebtedness and the holders thereof
with respect to the Securities and the Holders thereof by a lawful plan of
reorganization under applicable bankruptcy law),

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

                  (ii)  any payment or distribution of assets of the Company of
      any kind or character, whether in cash, property or securities, to which
      the Holders of the Securities or the Trustee would be entitled except for
      the provisions of this Article Fourteen, including any such payment or
      distribution which may be payable or deliverable by reason of the payment
      of any other indebtedness of the Company being subordinated to the payment
      of the Securities, shall be paid by the liquidating trustee or agent or
      other person making such payment or distribution, whether a trustee in
      bankruptcy, a receiver or liquidating trustee or otherwise, directly to
      the holders of Senior

                                       73
<PAGE>
      Indebtedness or their representative or representatives or to the trustee
      or trustees under any indenture under which any instruments evidencing any
      of such Senior Indebtedness may have been issued, in accordance with the
      priorities then existing among holders of Senior Indebtedness for payment
      of the aggregate amounts remaining unpaid on account of the principal of
      and premium, if any, and interest (including interest accruing subsequent
      to the commencement of any proceeding for the bankruptcy or reorganization
      of the Company under any applicable bankruptcy, insolvency, or similar law
      now or hereafter in effect) on the Senior Indebtedness held or represented
      by each, to the extent necessary to make payment in full of all Senior
      Indebtedness remaining unpaid, after giving effect to any concurrent
      payment or distribution to the holders of such Senior Indebtedness; it
      being understood that if the Holders of Securities shall fail to file a
      proper claim in the form required by any proceeding referred to in this
      subparagraph (ii) prior to thirty days before the expiration of the time
      to file such claim or claims, then the holders of Senior Indebtedness are
      hereby authorized to file an appropriate claim or claims for and on behalf
      of the Holders of Securities in the form required in any such proceeding;
      and

                  (iii) in the event that, notwithstanding the foregoing, any
      payment or distribution of assets of the Company of any kind or character,
      whether in cash, property or securities, including any such payment or
      distribution which may be payable or deliverable by reason of the payment
      of any other indebtedness of the Company being subordinate to the payment
      of the Securities, shall be received by the Trustee or Holders of the
      Securities before all Senior Indebtedness is paid in full, such payment or
      distribution shall be held for the benefit of and shall be paid over to
      the holders of such Senior Indebtedness or their representative or
      representatives or to the trustee or trustees under any indenture under
      which any instruments evidencing any of such Senior Indebtedness may have
      been issued, as aforesaid, for application to the payment of all Senior
      Indebtedness remaining unpaid until all such Senior Indebtedness shall
      have been paid in full, after giving effect to any concurrent payment or
      distribution (or provision thereof) to the holders of such Senior
      Indebtedness.

            (b) Subject to the payment in full of all Senior Indebtedness, the
Holders of the Securities shall be subrogated (equally and ratably with the
holders of all indebtedness of the Company which by its express terms is
subordinated to indebtedness of the Company to substantially the same extent as
the Securities are subordinated and is entitled to like rights of subordination)
to the rights of the holders of Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to the
Senior Indebtedness until the principal of and premium, if any, Maturity
Consideration and interest on the Securities shall be paid in full and no such
payments or distributions to holders of such Senior Indebtedness to which the
Holders of the Securities would be entitled except for the provisions hereof of
cash, property or securities otherwise distributable to the Senior Indebtedness
shall, as between the Company, its creditors, other than the holders of Senior
Indebtedness, and the Holders of the Securities, be deemed to be a payment by
the Company to or on account of the Senior Indebtedness.

            (c) It is understood that the provisions of this Article Fourteen
are intended solely for the purpose of defining the relative rights of the
Holders of the Securities, on the one hand,

                                       74
<PAGE>
and the holders of Senior Indebtedness, on the other hand. Nothing contained in
this Article Fourteen or elsewhere in this Indenture or in the Securities is
intended to or shall (i) impair, as between the Company, and the Holders of the
Securities, the obligation of the Company, which is unconditional and absolute
(and which, subject to the rights under this Article Fourteen of the holders of
Senior Indebtedness, is intended to rank equally with all other general
obligations of the Company), to pay to the Holders of the Securities the
principal of, premium, if any, Maturity Consideration and interest (including
interest accruing subsequent to the commencement of any proceeding for the
bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency or similar law now or hereafter in effect) on the Securities as and
when the same shall become due and payable in accordance with their terms, (ii)
affect the relative rights of the Holders of the Securities and creditors of the
Company, other than the holders of the Senior Indebtedness, (iii) prevent the
Trustee or the Holder of any Security from exercising all remedies otherwise
permitted by applicable law upon Default under this Indenture, subject to the
rights, if any, under this Article Fourteen of the holders of Senior
Indebtedness, in respect of cash, property or securities of the Company received
upon the exercise of any such remedy or (iv) prevent the application by the
Trustee or any Paying Agent of any moneys deposited with it hereunder to the
payment of or on account of the principal of or premium, if any, Maturity
Consideration or interest on the Securities or prevent the receipt by the
Trustee or any Paying Agent of such moneys, if, prior to the second Business Day
prior to such deposit, the Trustee or such Paying Agent did not have written
notice, in accordance with Section 14.06 hereof, of any event prohibiting the
making of such deposit by the Company and the Trustee shall not be affected by
any notice which may be received by it on or after such second Business Day.

            (d) Upon any payment or distribution of assets of the Company
referred to in this Article Fourteen, the Trustee, subject to the provisions of
Section 8.01, and the Holders of the Securities shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which such
dissolution, winding up, liquidation or reorganization proceedings are pending
or upon a certificate of the liquidating trustee or agent or other person making
any distribution to the Trustee or to the Holders of the Securities for the
purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article
Fourteen. In the absence of any such liquidating trustee, agent or other person
or any certification by any such person, the Trustee shall be entitled to rely
upon a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee or representative on behalf of such holder) as
evidence that such Person is a holder of Senior Indebtedness (or is such a
trustee or representative). In the event that the Trustee determines, in good
faith, that further evidence is required with respect to the right of any
Person, as a holder of Senior Indebtedness, to participate in any payment or
distribution pursuant to this Section, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of Senior Indebtedness held by such Person, as to the extent to which such
Person is entitled to participation in such payment or distribution, and as to
other facts pertinent to the rights of such Person under this Section, and if
such evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

                                       75
<PAGE>
            (e) With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Indenture, and no implied covenants or
obligations with respect to the holders of Senior Indebtedness shall be read
into this Indenture against the Trustee. The Trustee, however, shall not be
deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and
shall not be liable to any such holders if it shall mistakenly pay over or
distribute to or on behalf of Holders of Securities or the Company moneys or
assets to which any holders of Senior Indebtedness shall be entitled by virtue
of this Article Fourteen.

      SECTION 14.03. Payments on Securities Prohibited During Event of Default
Under Senior Indebtedness.

      In the event and during the continuation of any default in the payment of
principal of, or premium, if any, or interest on, any Senior Indebtedness beyond
any applicable period of grace, or in the event that any event of default with
respect to any Senior Indebtedness shall have occurred and be continuing, or
would occur as a result of the payment referred to hereinafter, permitting the
holders of such Senior Indebtedness (or a trustee on behalf of the holders
thereof) to accelerate the maturity thereof, then, unless and until such default
or event of default shall have been cured or waived or shall have ceased to
exist, no payment or delivery of principal of, or premium, Maturity
Consideration or interest on the Securities, or in respect of any redemption,
retirement, purchase or other acquisition of any of the Securities, shall be
made by the Company.

      SECTION 14.04. Reserved.

      SECTION 14.05. Authorization of Holders to Trustee to Effect
Subordination.

      Each Holder of a Security by his acceptance thereof authorizes and directs
the Trustee in his behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article Fourteen and
appoints the Trustee his attorney-in-fact for any and all such purposes.

      SECTION 14.06. Notice to Trustee.

      Notwithstanding the provisions of this Article or any other provisions of
the Indenture, neither the Trustee nor any Paying Agent shall be charged with
knowledge of the existence of any Senior Indebtedness or of any event which
would prohibit the making of any payment of moneys to or by the Trustee or such
Paying Agent, unless and until a Responsible Officer of the Trustee assigned to
its Corporate Trust Department or such Paying Agent shall have received written
notice thereof from the Company or from the holder of any Senior Indebtedness or
from the representative of any such holder and prior to receipt of any such
written notice the Trustee shall be entitled to assume that no such indebtedness
or event exists; provided, however, that if a Responsible Officer of the Trustee
shall not have received, at least three Business Days prior to the date upon
which by the terms hereof any such money may become payable for any purpose
(including, without limitation, the payment of the principal, issue price,
accrued original issue discount, redemption price or interest, if any, as the
case may be, in respect of any Security), the notice with respect to such money
provided for in this Section 14.06, then, anything herein

                                       76
<PAGE>
contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purpose for which
such money was received and shall not be affected by any notice to the contrary
which may be received by it within three Business Days prior to such date.

      Subject to the provisions of Section 8.01, the Trustee shall be entitled
to conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee or
agent on behalf of such holder) to establish that such notice has been given by
a holder of Senior Indebtedness (or a trustee or agent on behalf of any such
holder). In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of
Senior Indebtedness to participate in any payment or distribution pursuant to
this Article, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article, and if such evidence is not furnished, the
Trustee may defer any payment which it may be required to make for the benefit
of such Person pursuant to the terms of this Indenture pending judicial
determination as to the rights of such Person to receive such payment.

      SECTION 14.07. Right of Trustee to Hold Senior Indebtedness.

      The Trustee shall be entitled to all of the rights set forth in this
Article in respect of any Senior Indebtedness at any time held by it in its
individual capacity to the same extent as any other holder of such Senior
Indebtedness, and nothing in this Indenture shall be construed to deprive the
Trustee of any of its rights as such holder.

      SECTION 14.08. Article Fourteen Not to Prevent Defaults or Events of
Default.

      The failure to make a payment pursuant to the Securities by reason of any
provision in this Article shall not be construed as preventing the occurrence of
a Default or an Event of Default.

      SECTION 14.09. Trustee Compensation, etc. Not Prejudiced.

      Nothing in this Article shall apply to claims of, or payments to, the
Trustee pursuant to Section 8.07 or to funds held by the Trustee pursuant to
Section 11.01.

                                   ARTICLE XV

                                  MISCELLANEOUS

      SECTION 15.01. Counterparts.

      This Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original; but all such counterparts
shall together constitute but one and the same instrument.

                                       77
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, all as of the day and year first above written.

                                           NORTH FORK BANCORPORATION, INC.

                                           By: /s/Daniel M. Healy
                                               ---------------------------------
                                               Name:  Daniel M. Healy
                                               Title: Executive Vice President
                                                      and Chief Financial
                                                      Officer

                                           U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           as Trustee

                                           By: /s/ Marlene J. Fahey
                                               ---------------------------------
                                               Name:  Marlene J. Fahey
                                               Title: Vice President

                                       78
<PAGE>
                                   EXHIBIT A
                       FORM OF CERTIFICATE TO BE GIVEN BY
                     PERSON ENTITLED TO RECEIVE BEARER NOTE
                                  CERTIFICATE

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

      This is to certify that the above-captioned Securities are not being
acquired by or on behalf of a United States person, or, if a beneficial interest
in the Securities is being acquired by or on behalf of a United States person,
that such United States person is a financial institution within the meaning of
Section 1.165-12(c)(1)(v) of the United States Treasury regulations which agrees
to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, and the regulations thereunder. If the
undersigned is a dealer, the undersigned agrees to obtain a similar certificate
from each person entitled to delivery of any of the above-captioned Securities
in bearer form purchased from it; provided, however, that, if the undersigned
has actual knowledge that the information contained in such a certificate is
false, the undersigned will not deliver a Security in temporary or definitive
bearer form to the person who signed such certificate notwithstanding the
delivery of such certificate to the undersigned.

      As used herein, "United States person" means any citizen or resident of
the United States, any corporation, partnership or other entity created or
organized in or under the laws of the United States and any estate or trust the
income of which is subject to United States federal income taxation regardless
of its source, and "United States" means the United States of America (including
the States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

      We undertake to advise you by telex if the above statement as to
beneficial ownership is not correct on the date of delivery of the
above-captioned Securities in bearer form as to all of such Securities.

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

Dated: ___________________, 20__

                                  [Name of Person Entitled to Receive Bearer
                                     Security]

                                  ______________________________________________
                                              (Authorized Signatory)

                                       79
<PAGE>
                                   EXHIBIT B
                FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
                 CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF
                      A PORTION OF A TEMPORARY GLOBAL NOTE
                                  CERTIFICATE

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

      This is to certify with respect to $_____________ principal amount of the
above-captioned Securities (i) that we have received from each of the persons
appearing in our records as persons entitled to a portion of such principal
amount (our "Qualified Account Holders") a certificate with respect to such
portion substantially in the form attached hereto, and (ii) that we are not
submitting herewith for exchange any portion of the temporary global Security
representing the above-captioned Securities excepted in such certificates.

      We further certify that as of the date hereof we have not received any
notification from any of our Qualified Account Holders to the effect that the
statements made by such Qualified Account Holders with respect to any portion of
the part submitted herewith for exchange are no longer true and cannot be relied
upon as of the date hereof.

Dated: ___________________, 20__
[To be dated no earlier than the Exchange Date]

                                  [Euroclear Bank, S.A./N.V., as Operator of the
                                   Euroclear System] [Clearstream Banking, S.A.]

                                  By:___________________________________________
<PAGE>
                                   EXHIBIT C
                FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
            CLEARSTREAM TO OBTAIN INTEREST PRIOR TO AN EXCHANGE DATE
                                  CERTIFICATE

--------------------------
[Insert title or sufficient description of Securities]

      This is to certify that, as of the Interest Payment Date on [Insert Date],
the undersigned, which is a holder of an interest in the temporary global
Security representing the above Securities, is not a United States person.

      As used herein, "United States person" means any citizen or resident of
the United States, any corporation, partnership or other entity created or
organized in or under the laws of the United States and any estate or trust the
income of which is subject to United States Federal income taxation regardless
of its source, and "United States" means the United States of America (including
the States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

      We confirm that the interest payable on such Interest Payment Date will be
paid to each of the persons appearing in our records as being entitled to
interest to be paid on the above date from whom we have received a written
certification dated not earlier than 15 days prior to such Interest Payment date
to the effect that the beneficial owner of such portion with respect to which
interest is to be paid on such date either is not a United States person or is a
United States person which is a financial institution which has provided an
Internal Revenue Service Form W-9 or is an exempt recipient as defined in United
States Treasury Regulations ss. 1.6049-4(c)(1)(ii). We undertake to retain
certificates received from our member organizations in connection herewith for
four years from the end of the calendar year in which such certificates are
received.
<PAGE>
                                   EXHIBIT D
            FORM OF CERTIFICATE TO BE GIVEN BY BENEFICIAL OWNERS TO
                   OBTAIN INTEREST PRIOR TO AN EXCHANGE DATE
                                  CERTIFICATE

--------------------------
[Insert title or sufficient description of Securities]

      This is to certify that as of the date hereof, no portion of the temporary
global Security representing the above-captioned Securities and held by you for
our account is beneficially owned by a United States person or, if any portion
thereof held by you for our account is beneficially owned by a United States
person, such United States person is a financial institution within the meaning
of Section 1.165-12(c)(1)(v) of the United States Treasury regulations which
agrees to comply with Section 165(j)(3)(A), (B) or (C) of the Internal Revenue
Code of 1986 and the regulations thereunder, and certifies that either it has
provided an Internal Revenue Service Form W-9 or is an exempt recipient as
defined in Section 1.6049-4(c)(1)(ii) of the United States Treasury regulations.

      As used herein, "United States person" means any citizen or resident of
the United States, any corporation, partnership or other entity created or
organized in or under the laws of the United States and any estate or trust the
income of which is subject to United States Federal income taxation regardless
of its source, and "United States" means the United States of America (including
the States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

      We undertake to advise you by telex if the above statement as to
beneficial ownership is not correct on the Interest Payment Date on [Insert
Date] as to any such portion of such temporary global Security.
<PAGE>
      We understand that this certificate is required in connection with certain
tax legislation in the United States. If administrative or legal proceedings are
commenced or threatened in connection with which this certificate is or would be
relevant, we irrevocably authorize you to produce this certificate or a copy
thereof to any interested party in such proceedings.

Dated: ___________________, 20__
[To be dated no earlier than 15 days prior to the Exchange Date]

                                  [Name of Person Entitled to Receive Bearer
                                     Security]

                                  ______________________________________________
                                              (Authorized Signatory)

                                  Name:
                                  Title:

      The foregoing reflects any advice received subsequent to the date of any
certificate stating that the statements contained in such certificate are no
longer correct.

Dated: ___________________, 20__
[To be dated on or after the relevant Interest Payment Date]

                                  [Euroclear Bank, S.A./N.V., as Operator of the
                                    Euroclear System] [Clearstream Banking S.A.]

                                  By:___________________________________________

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

Dated: ___________________, 20__
[To be dated on or after the 15th day before the relevant Interest Payment Date]

                                  [Name of Account Holder]

                                  By:___________________________________________
                                                (Authorized Signatory)

                                  Name:
                                  Title:

                                       2<PAGE>
                                                                     Exhibit 4.2

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

                          REGISTRATION RIGHTS AGREEMENT

                           Dated as of August 7, 2002

                                     between

                         NORTH FORK BANCORPORATION, INC.

                                       and

                            SALOMON SMITH BARNEY INC.

                                       AND

                          THE OTHER INITIAL PURCHASERS
                               REFERRED TO HEREIN

                            as the Initial Purchasers

--------------------------------------------------------------------------------
<PAGE>
                          REGISTRATION RIGHTS AGREEMENT

      REGISTRATION RIGHTS AGREEMENT (the "Agreement") dated as of August 7, 2002
among North Fork Bancorporation, Inc., a Delaware corporation (the "Company"),
and Salomon Smith Barney and the other parties referred to in Annex A hereto
(each, an "Initial Purchaser" and collectively, the "Initial Purchasers").

      This Agreement is made pursuant to the Purchase Agreement, dated July 31,
2002, by and among the Company and the Initial Purchasers (the "Purchase
Agreement"), which provides for the sale by the Company to the Initial
Purchasers of $350,000,000 aggregate principal amount of the Company's 5.875%
Subordinated Notes due 2012 (the "5.875% Notes") and $150,000,000 aggregate
principal amount of the Company's 5% Fixed Rate/Floating Rate Subordinated Notes
due 2012 (the "Fixed/Floating Rate Notes" and, together with the 5.875% Notes,
the "Securities"). In order to induce the Initial Purchasers to enter into the
Purchase Agreement and in satisfaction of a condition to the Initial Purchasers'
obligations thereunder, the Company has agreed to provide to the Initial
Purchasers and their respective direct and indirect transferees and assigns the
registration rights set forth in this Agreement. The execution and delivery of
this Agreement is a condition to the closing under the Purchase Agreement.

      In consideration of the foregoing, the parties hereto agree as follows:

      1.    Definitions. As used in this Agreement, the following capitalized
defined terms shall have the following meanings:

            "1933 Act" shall mean the Securities Act of 1933, as amended from
      time to time, and the rules and regulations of the SEC promulgated
      thereunder.

            "1934 Act" shall mean the Securities Exchange Act of 1934, as
      amended from time to time, and the rules and regulations of the SEC
      promulgated thereunder.

            "Additional Interest" shall have the meaning set forth in Section
      2(e) hereof.

            "Closing Time" shall mean August 7, 2002.

            "Depositary" shall mean The Depository Trust Company, or any other
      depositary appointed by the Company, including any agent thereof;
      provided, however, that any such depositary must at all times have an
      address in the Borough of Manhattan, The City of New York.

            "Event Date" shall have the meaning set forth in Section 2(e).

            "Exchange Offer" shall mean the exchange offer by the Company of
      Exchange Securities for Registrable Securities pursuant to Section 2(a)
      hereof.

            "Exchange Offer Registration" shall mean a registration under the
      1933 Act effected pursuant to Section 2(a) hereof.
<PAGE>
            "Exchange Offer Registration Statement" shall mean an exchange offer
      registration statement on Form S-4 (or, if applicable, on another
      appropriate form) covering the Registrable Securities, and all amendments
      and supplements to such registration statement, in each case including the
      Prospectus contained therein, all exhibits thereto and all material
      incorporated or deemed to be incorporated by reference therein.

            "Exchange Securities" shall mean the 5.875% Notes and the
      Fixed/Floating Rate Notes, issued by the Company under the Indenture
      containing terms identical to the 5.875% Notes and the Fixed/Floating Rate
      Notes (except that (i) interest thereon shall accrue from the last date to
      which interest has been paid or duly provided for on the Securities or, if
      no such interest has been paid or duly provided for, from the Interest
      Accrual Date, (ii) provisions relating to an increase in the stated rate
      of interest thereon upon the occurrence of a Registration Default shall be
      eliminated, (iii) the transfer restrictions, minimum purchase requirements
      and legends relating to restrictions on ownership and transfer thereof as
      a result of the issuance of the Securities without registration under the
      1933 Act shall be eliminated and (iv) such securities will be issuable in
      denominations of $1,000 and integral multiples of $1,000 in excess
      thereof) to be offered to Holders of Registrable Securities in exchange
      for Registrable Securities pursuant to the Exchange Offer.

            "Holders" shall mean (i) the Initial Purchasers, for so long as they
      own any Registrable Securities, and each of their respective successors,
      assigns and direct and indirect transferees who become registered owners
      of Registrable Securities under the Indenture and (ii) each Participating
      Broker-Dealer that holds Exchange Securities for so long as such
      Participating Broker-Dealer is required to deliver a prospectus meeting
      the requirements of the 1933 Act in connection with any resale of such
      Exchange Securities.

            "Indenture" shall mean the Indenture, dated as of August 7, 2002, by
      and between the Company and U.S. Bank Trust National Association, as
      trustee, as the same may be further amended or supplemented from time to
      time in accordance with the terms thereof.

            "Interest Accrual Date" means August 7, 2002.

            "Initial Purchasers" shall have the meaning set forth in the
      preamble of this Agreement.

            "Majority Holders" shall mean the Holders of a majority of the
      aggregate principal amount of Registrable Securities outstanding,
      excluding Exchange Securities referred to in clause (ii) of the definition
      of "Holders" above; provided that whenever the consent or approval of
      Holders of a specified percentage of Registrable Securities or Exchange
      Securities is required hereunder, Registrable Securities and Exchange
      Securities held by the Company or any of its affiliates (as such term is
      defined in Rule 405 under the 1933 Act) shall also be disregarded in
      determining whether such consent or approval was given by the Holders of
      such required percentage.

            "NASD" shall mean the National Association of Securities Dealers,
      Inc.

                                       2
<PAGE>
            "Notifying Broker-Dealer" shall have the meaning set forth in
      Section 3(f).

            "Participating Broker-Dealer" shall have the meaning set forth in
      Section 3(f).

            "Person" shall mean an individual, partnership, joint venture,
      limited liability company, corporation, trust or unincorporated
      organization, or a government or agency or political subdivision thereof.

            "Private Exchange Securities" shall have the meaning set forth in
      Section 2(a) hereof.

            "Prospectus" shall mean the prospectus included in a Registration
      Statement, including any preliminary prospectus, and any such prospectus
      as amended or supplemented by any prospectus supplement, including a
      prospectus supplement with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Shelf Registration
      Statement, and by all other amendments and supplements to a prospectus,
      including post-effective amendments, and in each case including all
      material incorporated or deemed to be incorporated by reference therein.

            "Purchase Agreement" shall have the meaning set forth in the
      preamble to this Agreement.

            "Registrable Securities" shall mean the Securities; provided,
      however, that any Securities shall cease to be Registrable Securities when
      (i) a Registration Statement with respect to such Securities shall have
      been declared effective under the 1933 Act and such Securities shall have
      been disposed of pursuant to such Registration Statement, (ii) such
      Securities shall have been sold to the public pursuant to Rule 144 (or any
      similar provision then in force, but not Rule 144A) under the 1933 Act,
      (iii) such Securities shall have ceased to be outstanding, (iv) such
      Securities have been exchanged for Exchange Securities which have been
      registered pursuant to the Exchange Offer Registration Statement upon
      consummation of the Exchange Offer unless, in the case of any Exchange
      Securities referred to in this clause (iv), such Exchange Securities are
      held by Participating Broker-Dealers or otherwise are not freely tradable
      without any limitations or restrictions under the 1933 Act (in which case
      such Exchange Securities will be deemed to be Registrable Securities until
      the earlier of (A) 180 days after the completion of the Exchange Offer and
      (B) such time as such Exchange Securities are sold to a purchaser in whose
      hands such Exchange Securities are freely tradeable without any
      limitations or restrictions under the 1933 Act) or (v) such Securities
      have been exchanged for Private Exchange Securities under this Agreement
      (in which case such Private Exchange Securities will be deemed to be
      Registrable Securities until the earlier of (A) 180 days after the
      completion of the Exchange Offer and (B) such time as such Private
      Exchange Securities are sold to a purchaser in whose hands such Private
      Exchange Securities are freely tradeable without any limitations or
      restrictions under the 1933 Act).

            "Registration Default" shall have the meaning set forth in Section
      2(e).

            "Registration Expenses" shall mean any and all expenses incident to
      performance of or compliance by the Company with this Agreement, including
      without limitation: (i)

                                       3
<PAGE>
      all SEC, stock exchange or NASD registration and filing fees, (ii) all
      fees and expenses incurred in connection with compliance with state or
      other securities or blue sky laws and compliance with the rules of the
      NASD (including reasonable fees and disbursements of counsel for any
      underwriters or Holders in connection with qualification of any of the
      Exchange Securities or Registrable Securities under state or other
      securities or blue sky laws and any filing with and review by the NASD),
      (iii) all expenses of any Persons in preparing, printing and distributing
      any Registration Statement, any Prospectus, any amendments or supplements
      thereto, any underwriting agreements, securities sales agreements,
      certificates representing the Securities, Private Exchange Securities (if
      any) or Exchange Securities and other documents relating to the
      performance of and compliance with this Agreement, (iv) all rating agency
      fees, (v) all fees and expenses incurred in connection with the listing,
      if any, of any of the Securities or Exchange Securities on any securities
      exchange or exchanges or on any quotation system, (vi) all fees and
      disbursements relating to the qualification of the Indenture under
      applicable securities laws, (vii) the fees and disbursements of counsel
      for the Company and the fees and expenses of independent public
      accountants for the Company or for any other Person, business or assets
      whose financial statements are included in any Registration Statement or
      Prospectus, including the expenses of any special audits or "cold comfort"
      letters required by or incident to such performance and compliance, (viii)
      the fees and expenses of a "qualified independent underwriter" as defined
      by Conduct Rule 2720 of the NASD (if required by the NASD rules) and the
      fees and disbursements of its counsel, (ix) the fees and expenses of the
      Trustee, any registrar, any depositary, any paying agent, any escrow agent
      or any custodian, in each case including fees and disbursements of their
      respective counsel, (x) the reasonable fees and expenses of the Initial
      Purchasers in connection with the Exchange Offer, including the reasonable
      fees and expenses of counsel to the Initial Purchasers in connection
      therewith, (xi) the reasonable fees and disbursements, if any, of special
      counsel representing the Holders of Registrable Securities and (xii) in
      the case of an underwritten offering, any fees and disbursements of the
      underwriters customarily paid by issuers or sellers of securities and the
      fees and expenses of any special experts retained by the Company in
      connection with any Registration Statement but excluding (except as
      otherwise provided herein) fees of counsel to the underwriters or the
      Holders and underwriting discounts and commissions and transfer taxes, if
      any, relating to the sale or disposition of Registrable Securities by a
      Holder.

            "Registration Statement" shall mean any registration statement of
      the Company relating to any offering of the Exchange Securities or
      Registrable Securities pursuant to the provisions of this Agreement
      (including, without limitation, any Exchange Offer Registration Statement
      and any Shelf Registration Statement), and all amendments and supplements
      to any such Registration Statement, including post-effective amendments,
      in each case including the Prospectus contained therein, all exhibits
      thereto and all material incorporated or deemed to be incorporated by
      reference therein.

            "Salomon Smith Barney" shall mean Salomon Smith Barney Inc. and its
      successors.

                                       4
<PAGE>
            "SEC" shall mean the Securities and Exchange Commission or any
      successor thereto.

            "Securities" shall have the meaning set forth in the preamble to
      this Agreement.

            "Shelf Registration" shall mean a registration effected pursuant to
      Section 2(b) hereof.

            "Shelf Registration Statement" shall mean a "shelf" registration
      statement of the Company pursuant to the provisions of Section 2(b) of
      this Agreement which covers all of the Registrable Securities or Private
      Exchange Securities (if any), as the case may be, on an appropriate form
      under Rule 415 under the 1933 Act, or any similar rule that may be adopted
      by the SEC, and all amendments and supplements to such registration
      statement, including post-effective amendments, in each case including the
      Prospectus contained therein, all exhibits thereto and all material
      incorporated or deemed to be incorporated by reference therein.

            "TIA" shall mean the Trust Indenture Act of 1939, as amended from
      time to time, and the rules and regulations of the SEC promulgated
      thereunder.

            "Trustee" shall mean the trustee with respect to the Securities, the
      Private Exchange Securities (if any) and the Exchange Securities under the
      Indenture.

      For purposes of this Agreement, (i) all references in this Agreement to
any Registration Statement, preliminary prospectus or Prospectus or any
amendment or supplement to any of the foregoing shall be deemed to include the
copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and
Retrieval system ("EDGAR"); (ii) all references in this Agreement to financial
statements and schedules and other information which is "contained", "included"
or "stated" in any Registration Statement, preliminary prospectus or Prospectus
(or other references of like import) shall be deemed to mean and include all
such financial statements and schedules and other information which is
incorporated or deemed to be incorporated by reference in such Registration
Statement, preliminary prospectus or Prospectus, as the case may be; (iii) all
references in this Agreement to amendments or supplements to any Registration
Statement, preliminary prospectus or Prospectus shall be deemed to mean and
include the filing of any document under the 1934 Act which is incorporated or
deemed to be incorporated by reference in such Registration Statement,
preliminary prospectus or Prospectus, as the case may be; (iv) all references in
this Agreement to Rule 144, Rule 144A or Rule 405 under the 1933 Act, and all
references to any sections or subsections thereof or terms defined therein,
shall in each case include any successor provisions thereto; and (v) all
references in this Agreement to days (but not to business days) shall mean
calendar days.

      2.    Registration Under the 1933 Act.

      (a)   Exchange Offer Registration. The Company shall (A) file with the SEC
on or prior to the 90th day after the Closing Time an Exchange Offer
Registration Statement covering the offer by the Company to the Holders to
exchange all of the Registrable Securities for a like aggregate principal amount
of Exchange Securities, (B) use its reasonable best efforts to cause such
Exchange Offer Registration Statement to be declared effective by the SEC no
later than the

                                       5
<PAGE>
180th day after the Closing Time, (C) use its reasonable best efforts to cause
such Registration Statement to remain effective until the closing of the
Exchange Offer and (D) use its reasonable best efforts to consummate the
Exchange Offer no later than 45 days after the effective date of the Exchange
Offer Registration Statement. Upon the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Exchange Offer,
it being the objective of such Exchange Offer to enable each Holder eligible and
electing to exchange Registrable Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of Rule
405 under the 1933 Act, acquires the Exchange Securities in the ordinary course
of such Holder's business and has no arrangements or understandings with any
Person to participate in the Exchange Offer for the purpose of distributing such
Exchange Securities) to trade such Exchange Securities from and after their
receipt without any limitations or restrictions under the 1933 Act or under the
securities or blue sky laws of the states of the United States.

      In connection with the Exchange Offer, the Company shall:

            (i)   promptly mail to each Holder a copy of the Prospectus forming
      part of the Exchange Offer Registration Statement, together with an
      appropriate letter of transmittal and related documents;

            (ii)  keep the Exchange Offer open for not less than 20 business
      days (or longer, if required by applicable law) after the date notice
      thereof is mailed to the Holders and, during the Exchange Offer, offer to
      all Holders who are legally eligible to participate in the Exchange Offer
      the opportunity to exchange their Registrable Securities for Exchange
      Securities;

            (iii) use the services of a depositary with an address in the
      Borough of Manhattan, The City of New York for the Exchange Offer;

            (iv)  permit Holders to withdraw tendered Registrable Securities at
      any time prior to the close of business, New York City time, on the last
      business day on which the Exchange Offer shall remain open, by sending to
      the institution specified in the Prospectus or the related letter of
      transmittal or related documents a facsimile transmission or letter
      setting forth the name of such Holder, the principal amount of Registrable
      Securities delivered for exchange, and a statement that such Holder is
      withdrawing its election to have such Securities exchanged;

            (v)   notify each Holder that any Registrable Security not tendered
      will remain outstanding and continue to accrue interest, but will not
      retain any rights under this Agreement (except in the case of the Initial
      Purchasers and Participating Broker-Dealers as provided herein); and

            (vi)  otherwise comply in all material respects with all applicable
      laws relating to the Exchange Offer.

      If, at or prior to the consummation of the Exchange Offer, any of the
Initial Purchasers holds any Securities acquired by it and having the status of
an unsold allotment in the initial distribution, the Company shall, upon the
request of any such Initial Purchaser, simultaneously

                                       6
<PAGE>
with the delivery of the Exchange Securities in the Exchange Offer, issue and
deliver to such Initial Purchaser in exchange for such Securities a like
principal amount of debt securities of the Company that are identical (except
that such debt securities shall be subject to transfer restrictions and minimum
purchase requirements, and shall bear a legend relating to restrictions on
ownership and transfer, identical to those applicable to the Securities as a
result of the issuance thereof without registration under the 1933 Act and shall
provide for the payment of Additional Interest) to the Exchange Securities (the
"Private Exchange Securities"). The Company shall use its reasonable best
efforts to have the Private Exchange Securities bear the same CUSIP number as
the Exchange Securities and, if unable to do so, the Company will, at such time
as any Private Exchange Security can be sold publicly pursuant to Rule 144(k)
under the 1933 Act, permit any such Private Exchange Security to be exchanged
for a like principal amount of Exchange Securities. The Company shall not have
any liability under this Agreement solely as a result of any such Private
Exchange Securities not bearing the same CUSIP number as the Exchange
Securities.

      The Exchange Securities and the Private Exchange Securities (if any) shall
be issued under the Indenture, which shall be qualified under the TIA. The
5.875% Notes shall provide that the Exchange Securities issued in respect
thereof, the Private Exchange Securities (if any) issued in respect thereof and
the 5.875% Notes shall vote and consent together on all matters as a single
class and shall constitute a single series of debt securities issued under the
Indenture. In addition, the Fixed/Floating Rate Notes shall provide that the
Exchange Securities issued in respect thereof, the Private Exchange Securities
(if any) issued in respect thereof and the Fixed/Floating Rate Notes shall vote
and consent together on all matters as a single class and shall constitute a
single series of debt securities issued under the Indenture.

      As soon as practicable after the close of the Exchange Offer, the Company
shall:

            (i)   accept for exchange all Registrable Securities duly tendered
      and not validly withdrawn pursuant to the Exchange Offer in accordance
      with the terms of the Exchange Offer Registration Statement and the letter
      of transmittal which is an exhibit thereto;

            (ii)  deliver, or cause to be delivered, to the Trustee for
      cancellation all Registrable Securities so accepted for exchange by the
      Company; and

            (iii) cause the Trustee promptly to authenticate and deliver
      Exchange Securities to each Holder of Registrable Securities so accepted
      for exchange equal in principal amount to the principal amount of the
      Registrable Securities of such Holder so accepted for exchange.

      Interest on each Exchange Security and each Private Exchange Security (if
any) will accrue from the last date on which interest was paid or duly provided
for on the Securities surrendered in exchange therefor or, if no interest has
been paid or duly provided for on such Securities, from the Interest Accrual
Date. The Exchange Offer shall not be subject to any conditions, other than (i)
that the Exchange Offer, or the making of any exchange by a Holder, does not
violate any applicable law or any applicable interpretation of the staff of the
SEC, (ii) that no action or proceeding shall have been instituted or threatened
in any court or by or before

                                       7
<PAGE>
any governmental agency with respect to the Exchange Offer which, in the
Company's judgment, would reasonably be expected to impair the ability of the
Company to proceed with the Exchange Offer, and (iii) that the Holders tender
the Registrable Securities to the Company in accordance with the Exchange Offer.
Each Holder of Registrable Securities (other than Participating Broker-Dealers)
who wishes to exchange such Registrable Securities for Exchange Securities in
the Exchange Offer will be required to represent that (i) it is not an affiliate
(as defined in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange
Securities to be received by it will be acquired in the ordinary course of
business and (iii) it has no arrangement with any Person to participate in the
distribution (within the meaning of the 1933 Act) of the Exchange Securities,
and shall be required to make such other representations as may be reasonably
necessary under applicable SEC rules, regulations or interpretations to render
the use of Form S-4 or another appropriate form under the 1933 Act available. To
the extent permitted by law, the Company shall inform the Initial Purchasers of
the names and addresses of the Holders of Securities to whom the Exchange Offer
is made and, to the extent such information is available to the Company, the
names and addresses of the beneficial owners of such Securities, and the Initial
Purchasers shall have the right to contact such Holders and beneficial owners
and otherwise facilitate the tender of Registrable Securities in the Exchange
Offer.

      (b)   Shelf Registration. (i) If, because of any change in law or
applicable interpretations thereof by the staff of the SEC, the Company is not
permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof,
or (ii) if for any other reason (A) the Exchange Offer Registration Statement is
not declared effective within 180 days following the Closing Time or (B) the
Exchange Offer is not consummated within 45 days after effectiveness of the
Exchange Offer Registration Statement (provided that if the Exchange Offer
Registration Statement shall be declared effective after such 180-day period or
if the Exchange Offer shall be consummated after such 45-day period, then the
Company's obligations under this clause (ii) arising from the failure of the
Exchange Offer Registration Statement to be declared effective within such
180-day period or the failure of the Exchange Offer to be consummated within
such 45-day period, respectively, shall terminate), or (iii) upon the request of
any Holder (other than an Initial Purchaser holding Securities acquired directly
from the Company) within 30 days following the consummation of the Exchange
Offer who is not eligible to participate in the Exchange Offer or who elects to
participate in the Exchange Offer but does not receive Exchange Securities which
are freely tradeable without any limitations or restrictions under the 1933 Act,
or (iv) upon the request of any of the Initial Purchasers within 90 days
following the consummation of the Exchange Offer (provided that, in the case of
this clause (iv), such Initial Purchaser shall hold Registrable Securities
(including, without limitation, Private Exchange Securities) from an initial
allotment that it acquired directly from the Company), the Company shall, at its
cost:

            (A)   as promptly as practicable, but no later than (a) the 180th
      day after the Closing Time or (b) the 60th day after any such filing
      obligation arises, whichever is later, file with the SEC a Shelf
      Registration Statement relating to the offer and sale of the Registrable
      Securities by the Holders from time to time in accordance with the methods
      of distribution elected by the Majority Holders of such Registrable
      Securities and set forth in such Shelf Registration Statement;

            (B)   use its reasonable best efforts to cause such Shelf
      Registration Statement to be declared effective by the SEC as promptly as
      practicable, but in no event later than the

                                       8
<PAGE>
      225th day after the Closing Time (or, in the case of a request by any of
      the Initial Purchasers pursuant to clause (iv) above, within 90 days after
      such request). In the event that the Company is required to file a Shelf
      Registration Statement pursuant to clause (iii) or (iv) above, the Company
      shall file and use its reasonable best efforts to have declared effective
      by the SEC both an Exchange Offer Registration Statement pursuant to
      Section 2(a) with respect to all Registrable Securities and a Shelf
      Registration Statement (which may be a combined Registration Statement
      with the Exchange Offer Registration Statement) with respect to offers and
      sales of Registrable Securities held by such Holder or such Initial
      Purchaser, as applicable;

            (C)   use its reasonable best efforts to keep the Shelf Registration
      Statement continuously effective, supplemented and amended as required, in
      order to permit the Prospectus forming part thereof to be usable by
      Holders for a period of two years after the latest date on which any
      Securities are originally issued by the Company (subject to extension
      pursuant to the last paragraph of Section 3) (or, solely in the case of
      clause (iv) above of this Section 2(b), 180 days after completion of the
      Exchange Offer) or, if earlier, when all of the Registrable Securities
      covered by such Shelf Registration Statement (i) have been sold pursuant
      to the Shelf Registration Statement in accordance with the intended method
      of distribution thereunder, (ii) become eligible for resale pursuant to
      Rule 144(k) under the 1933 Act or (iii) cease to be Registrable
      Securities; and

            (D)   notwithstanding any other provisions hereof, use its
      reasonable best efforts to ensure that (i) any Shelf Registration
      Statement and any amendment thereto and any Prospectus forming a part
      thereof and any supplements thereto comply in all material respects with
      the 1933 Act and the rules and regulations thereunder, (ii) any Shelf
      Registration Statement and any amendment or supplement thereto does not,
      when it becomes effective, contain an untrue statement of a material fact
      or omit to state a material fact required to be stated therein or
      necessary to make the statements therein not misleading and (iii) any
      Prospectus forming part of any Shelf Registration Statement and any
      amendment or supplement to such Prospectus does not include an untrue
      statement of a material fact or omit to state a material fact necessary in
      order to make the statements therein, in the light of the circumstances
      under which they were made, not misleading.

      The Company shall not permit any securities other than Registrable
Securities to be included in the Shelf Registration Statement without the prior
written consent of Salomon Smith Barney. The Company further agrees, if
necessary, to supplement or amend the Shelf Registration Statement if reasonably
requested by the Majority Holders with respect to information relating to the
Holders and otherwise as required by Section 3(b) below, to use its reasonable
best efforts to cause any such amendment to become effective and such Shelf
Registration Statement to become usable as soon as practicable thereafter and to
furnish to the Holders of Registrable Securities copies of any such supplement
or amendment promptly after its being used or filed with the SEC.

      (c)   Expenses. The Company shall pay all Registration Expenses in
connection with the registration pursuant to Section 2(a) and 2(b) and, in the
case of any Shelf Registration Statement, will reimburse the Holders or the
Initial Purchasers for the reasonable fees and disbursements of one counsel (in
addition to any local counsel) designated in writing by the

                                       9
<PAGE>
Majority Holders (or, if a Shelf Registration Statement is filed solely pursuant
to clause (iv) of the first paragraph of Section 2(b), designated by the Initial
Purchasers) to act as counsel for the Holders of the Registrable Securities in
connection therewith. Each Holder shall pay all fees and disbursements of its
counsel other than as set forth in the preceding sentence or in the definition
of Registration Expenses and all underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to a Shelf Registration Statement.

      (d)   Effective Registration Statement.

            (i)   The Company shall be deemed not to have used its reasonable
      best efforts to cause the Exchange Offer Registration Statement or any
      Shelf Registration Statement, as the case may be, to become, or to remain,
      effective during the requisite periods set forth herein if the Company
      voluntarily takes any action that could reasonably be expected to result
      in any such Registration Statement not being declared effective or
      remaining effective or in the Holders of Registrable Securities
      (including, under the circumstances contemplated by Section 3(f) hereof,
      Exchange Securities) covered thereby not being able to exchange or offer
      and sell such Registrable Securities during that period unless (A) such
      action is required by applicable law or (B) such action is taken by the
      Company in good faith and for valid business reasons (but not including
      avoidance of the Company's obligations hereunder), including the
      acquisition or divestiture of assets or a material corporate transaction
      or event so long as the Company promptly complies with the notification
      requirements of Section 3(k) hereof, if applicable. Nothing in this
      paragraph shall prevent the accrual of Additional Interest on any
      Registrable Securities.

            (ii)  An Exchange Offer Registration Statement pursuant to Section
      2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b)
      hereof shall not be deemed to have become effective unless it has been
      declared effective by the SEC; provided, however, that if, after such
      Registration Statement has been declared effective, the offering of
      Registrable Securities pursuant to a Registration Statement is interfered
      with by any stop order, injunction or other order or requirement of the
      SEC or any other governmental agency or court, such Registration Statement
      shall be deemed not to have been effective during the period of such
      interference until the offering of Registrable Securities pursuant to such
      Registration Statement may legally resume.

            (iii) During any 365 day period, the Company may, by notice as
      described in Section 3(e), suspend the availability of a Shelf
      Registration Statement (and, if the Exchange Offer Registration Statement
      is being used in connection with the resale of Exchange Securities by
      Participating Broker Dealers as contemplated by Section 3(f), the Exchange
      Offer Registration Statement) and the use of the related Prospectus for up
      to 45 consecutive days each, but no more than an aggregate of 90 days
      during any 365 day period, upon the happening of any event or the
      discovery of any fact or the taking of any action referred to in Section
      3(e)(vi), but subject to compliance by the Company with its obligations
      under the last paragraph of Section 3.

                                       10
<PAGE>
      (e)   Increase in Interest Rate. In the event that:

            (i)   the Exchange Offer Registration Statement is not filed with
      the SEC on or prior to the 90th day following the Closing Time, or

            (ii)  the Exchange Offer Registration Statement is not declared
      effective by the SEC on or prior to the 180th day following the Closing
      Time, or (iii) the Exchange Offer is not consummated on or prior to the
      45th day following the effective date of the Exchange Offer Registration
      Statement, or

            (iv)  if required, a Shelf Registration Statement is not filed with
      the SEC on or prior to (A) the 180th day following the Closing Time or (B)
      the 60th day after the filing obligation arises, whichever is later, or

            (v)   if required, a Shelf Registration Statement is not declared
      effective on or prior to the 225th day following the Closing Time (or, if
      a Shelf Registration Statement is required to be filed upon the request of
      any Initial Purchaser, within 90 days after such request), or

            (vi)  a Shelf Registration Statement is declared effective by the
      SEC but such Shelf Registration Statement ceases to be effective or such
      Shelf Registration Statement or the Prospectus included therein ceases to
      be usable in connection with resales of Registrable Securities for any
      reason and (A) the aggregate number of days in any consecutive 365-day
      period for which the Shelf Registration Statement or such Prospectus shall
      not be effective or usable exceeds 90 days, (B) the Shelf Registration
      Statement or such Prospectus shall not be effective or usable for more
      than two periods (regardless of duration) in any consecutive 365-day
      period or (C) the Shelf Registration Statement or such Prospectus shall
      not be effective or usable for a period of more than 45 consecutive days,
      or

            (vii) the Exchange Offer Registration Statement is declared
      effective by the SEC but, if the Exchange Offer Registration Statement is
      being used in connection with the resale of Exchange Securities as
      contemplated by Section 3(f)(B) of this Agreement, the Exchange Offer
      Registration Statement ceases to be effective or the Exchange Offer
      Registration Statement or the Prospectus included therein ceases to be
      usable in connection with resales of Exchange Securities for any reason
      during the 180-day period referred to in Section 3(f)(B) of this Agreement
      (as such period may be extended pursuant to the last paragraph of Section
      3 of this Agreement) and (A) the aggregate number of days in any
      consecutive 365-day period for which the Exchange Offer Registration
      Statement or such Prospectus shall not be effective or usable exceeds 90
      days, (B) the Exchange Offer Registration Statement or such Prospectus
      shall not be effective or usable for more than two periods (regardless of
      duration) in any consecutive 365-day period or (C) the Exchange Offer
      Registration Statement or the Prospectus shall not be effective or usable
      for a period of more than 30 consecutive days,

(each of the events referred to in clauses (i) through (vii) above being
hereinafter called a "Registration Default"), the per annum interest rate borne
by the Registrable Securities shall be

                                       11
<PAGE>
increased ("Additional Interest") by one-quarter of one percent (0.25%) per
annum immediately following such 90-day period in the case of clause (i) above,
immediately following such 180-day period in the case of clause (ii) above,
immediately following such 45-day period in the case of clause (iii) above,
immediately following any such 180-day period or 60-day period, whichever ends
later, in the case of clause (iv) above, immediately following any such 225-day
period or 90-day period, whichever ends first, in the case of clause (v) above,
immediately following the 90th day in any consecutive 365-day period, as of the
first day of the third period in any consecutive 365-day period or immediately
following the 45th consecutive day, whichever occurs first, that a Shelf
Registration Statement shall not be effective or a Shelf Registration Statement
or the Prospectus included therein shall not be usable as contemplated by clause
(vi) above, or immediately following the 90th day in any consecutive 365-day
period, as of the first day of the third period in any consecutive 365-day
period or immediately following the 30th consecutive day, whichever occurs
first, that the Exchange Offer Registration Statement shall not be effective or
the Exchange Offer Registration Statement or the Prospectus included therein
shall not be usable as contemplated by clause (vii) above, which rate will be
increased by an additional one-quarter of one percent (0.25%) per annum
immediately following the first 90-day period that any Additional Interest
continues to accrue under any circumstances; provided that the aggregate
increase in such annual interest rate under this Section 2(e) may in no event
exceed one-half of one percent (0.50%) per annum. Upon the filing of the
Exchange Offer Registration Statement after the 90-day period described in
clause (i) above, the effectiveness of the Exchange Offer Registration Statement
after the 180-day period described in clause (ii) above, the consummation of the
Exchange Offer after the 45-day period described in clause (iii) above, the
filing of the Shelf Registration Statement after the 180-day period or 60-day
period day, as the case may be, described in clause (iv) above, the
effectiveness of a Shelf Registration Statement after the 225-day period or
90-day period, as the case may be, described in clause (v) above, the Shelf
Registration Statement once again being effective or the Shelf Registration
Statement and the Prospectus included therein becoming usable in connection with
resales of Registrable Securities, as the case may be, in the case of clause
(vi) above, or the Exchange Offer Registration Statement once again becoming
effective or the Exchange Offer Registration Statement and the Prospectus
included therein becoming usable in connection with resales of Exchange
Securities, as the case may be, in the case of clause (vii) thereof, the
interest rate borne by the Securities from the date of such filing,
effectiveness, consummation or resumption of effectiveness or useability, as the
case may be, shall be reduced to the original interest rate so long as no other
Registration Default shall have occurred and shall be continuing at such time
and the Company is otherwise in compliance with this paragraph; provided,
however, that, if after any such reduction in interest rate, one or more
Registration Defaults shall again occur, the interest rate shall again be
increased pursuant to the foregoing provisions.

      The Company shall notify the Trustee within three business days after each
and every date on which an event occurs or fails to occur in respect of which
Additional Interest is required to be paid (an "Event Date"). Additional
Interest shall be paid by depositing with the Trustee, in trust, for the benefit
of the Holders of Registrable Securities, on or before the applicable
seminannual interest payment date, immediately available funds in sums
sufficient to pay the Additional Interest then due. The Additional Interest due
shall be payable on each interest payment date to the record Holder of
Securities entitled to receive the interest payment to be paid on such date as
set forth in the Indenture. Each obligation to pay Additional Interest shall be
deemed to accrue from and including the day following the applicable Event Date.

                                       12
<PAGE>
      Anything herein to the contrary notwithstanding, any Holder who was, at
the time the Exchange Offer was pending and consummated, eligible to exchange,
and did not validly tender, its Securities for Exchange Securities in the
Exchange Offer will not be entitled to receive any Additional Interest. For
purposes of clarity, it is hereby acknowledged and agreed that, under current
interpretations of law by the SEC, Initial Purchasers holding unsold allotments
of Securities acquired from the Company are not eligible to participate in the
Exchange Offer.

      (f)   Specific Enforcement. Without limiting the remedies available to the
Initial Purchasers and the Holders, the Company acknowledges that any failure by
the Company to comply with its obligations under Sections 2(a) through 2(d)
hereof may result in material irreparable injury to the Initial Purchasers, the
Holders or the Participating Broker-Dealers for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, the Initial Purchasers,
any Holder and any Participating Broker-Dealer may obtain such relief as may be
required to specifically enforce the Company's obligations under Sections 2(a)
through 2(d) hereof.

      3.    Registration Procedures. In connection with the obligations of the
Company with respect to the Registration Statements pursuant to Sections 2(a)
and 2(b) hereof, the Company shall:

            (a)   prepare and file with the SEC a Registration Statement or, if
      required, Registration Statements, within the time periods specified in
      Section 2, on the appropriate form under the 1933 Act, which form (i)
      shall be selected by the Company, (ii) shall, in the case of a Shelf
      Registration Statement, be available for the sale of the Registrable
      Securities by the selling Holders thereof and (iii) shall comply as to
      form in all material respects with the requirements of the applicable form
      and include or incorporate by reference all financial statements required
      by the SEC to be filed therewith, and use its reasonable best efforts to
      cause such Registration Statement to become effective and remain effective
      in accordance with Section 2 hereof;

            (b)   prepare and file with the SEC such amendments and
      post-effective amendments to each Registration Statement as may be
      necessary under applicable law to keep such Registration Statement
      effective for the applicable period; cause each Prospectus to be
      supplemented by any required prospectus supplement, and as so supplemented
      to be filed pursuant to Rule 424 under the 1933 Act; and comply with the
      provisions of the 1933 Act and the 1934 Act with respect to the
      disposition of all Securities covered by each Registration Statement
      during the applicable period in accordance with the intended method or
      methods of distribution by the selling Holders thereof;

            (c)   in the case of a Shelf Registration, (i) notify each Holder of
      Registrable Securities, at least ten business days prior to filing, that a
      Shelf Registration Statement with respect to the Registrable Securities is
      being filed and advising such Holders that the distribution of Registrable
      Securities will be made in accordance with the method elected by the
      Majority Holders; (ii) furnish to each Holder of Registrable Securities,
      to counsel for the Initial Purchasers, to counsel for the Holders, if any,
      and to each underwriter of an underwritten offering of Registrable
      Securities, if any, without charge, as many copies of

                                       13
<PAGE>
      each Prospectus, including each preliminary Prospectus, and any amendment
      or supplement thereto and such other documents as such Holder, counsel or
      underwriter may reasonably request, including financial statements and
      schedules and, if such Holder, counsel or underwriter so requests, all
      exhibits (including those incorporated by reference) in order to
      facilitate the public sale or other disposition of the Registrable
      Securities; and (iii) subject to the penultimate paragraph of this Section
      3, the Company hereby consents to the use of the Prospectus, including
      each preliminary Prospectus, or any amendment or supplement thereto by
      each of the Holders and underwriters of Registrable Securities in
      connection with the offering and sale of the Registrable Securities
      covered by any Prospectus or any amendment or supplement thereto;

            (d)   use its reasonable best efforts to register or qualify the
      Registrable Securities under all applicable state securities or "blue sky"
      laws of such jurisdictions as any Holder of Registrable Securities covered
      by a Registration Statement and each underwriter of an underwritten
      offering of Registrable Securities shall reasonably request, to cooperate
      with the Holders and the underwriters of any Registrable Securities in
      connection with any filings required to be made with the NASD, to keep
      each such registration or qualification effective during the period such
      Registration Statement is required to be effective and do any and all
      other acts and things which may be reasonably necessary or advisable to
      enable such Holder to consummate the disposition in each such jurisdiction
      of such Registrable Securities owned by such Holder; provided, however,
      that the Company shall not be required to (i) qualify as a foreign
      corporation or as a dealer in securities in any jurisdiction where it
      would not otherwise be required to qualify but for this Section 3(d) or
      (ii) take any action which would subject it to general service of process
      or taxation in any such jurisdiction if it is not then so subject;

            (e)   in the case of a Shelf Registration, notify each Holder of
      Registrable Securities and counsel for such Holders promptly and, if
      requested by such Holder or counsel, confirm such advice in writing
      promptly (i) when a Registration Statement has become effective and when
      any post-effective amendments and supplements thereto become effective,
      (ii) of any request by the SEC or any state securities authority for
      post-effective amendments or supplements to a Registration Statement or
      Prospectus or for additional information after a Registration Statement
      has become effective, (iii) of the issuance by the SEC or any state
      securities authority of any stop order suspending the effectiveness of a
      Registration Statement or the initiation of any proceedings for that
      purpose, (iv) if between the effective date of a Registration Statement
      and the closing of any sale of Registrable Securities covered thereby the
      representations and warranties of the Company contained in any
      underwriting agreement, securities sales agreement or other similar
      agreement, if any, relating to such offering cease to be true and correct,
      (v) of the receipt by the Company of any notification with respect to the
      suspension of the qualification of the Registrable Securities for sale in
      any jurisdiction or the initiation or threatening of any proceeding for
      such purpose, (vi) of the suspension of use of the Prospectus as a result
      of the happening of any event or the discovery of any facts or the taking
      of any action during the period a Shelf Registration Statement is
      effective which is contemplated in Section 2(d)(i)(A) or 2(d)(i)(B) or
      which makes any statement made in such Shelf Registration Statement or the
      related Prospectus untrue in any material respect or which constitutes an
      omission to state a material fact in such Shelf Registration

                                       14
<PAGE>
      Statement or Prospectus and (vii) of any determination by the Company that
      a post-effective amendment to a Registration Statement would be
      appropriate. Without limitation to any other provisions of this Agreement,
      the Company agrees that this Section 3(e) shall also be applicable,
      mutatis mutandis, with respect to the Exchange Offer Registration
      Statement and the Prospectus included therein to the extent that such
      Prospectus is being used by Participating Broker-Dealers as contemplated
      by Section 3(f);

            (f)   (A) in the case of an Exchange Offer, (i) include in the
      Exchange Offer Registration Statement (x) a "Plan of Distribution" section
      substantially in the form set forth in Annex B hereto or other such form
      as is reasonably acceptable to Salomon Smith Barney covering the use of
      the Prospectus included in the Exchange Offer Registration Statement by
      broker-dealers who have exchanged their Registrable Securities for
      Exchange Securities for the resale of such Exchange Securities and (y) a
      statement to the effect that any such broker-dealers who wish to use the
      related Prospectus in connection with the resale of Exchange Securities
      acquired as a result of market-making or other trading activities will be
      required to notify the Company to that effect, together with instructions
      for giving such notice (which instructions shall include a provision for
      giving such notice by checking a box or making another appropriate
      notation on the related letter of transmittal) (each such broker-dealer
      who gives notice to the Company as aforesaid being hereinafter called a
      "Notifying Broker-Dealer"), (ii) furnish to each Notifying Broker-Dealer
      who desires to participate in the Exchange Offer, without charge, as many
      copies of each Prospectus included in the Exchange Offer Registration
      Statement, including any preliminary prospectus, and any amendment or
      supplement thereto, as such broker-dealer may reasonably request, (iii)
      include in the Exchange Offer Registration Statement a statement that any
      broker-dealer who holds Registrable Securities acquired for its own
      account as a result of market-making activities or other trading
      activities (a "Participating Broker-Dealer"), and who receives Exchange
      Securities for Registrable Securities pursuant to the Exchange Offer, may
      be a statutory underwriter and must deliver a prospectus meeting the
      requirements of the 1933 Act in connection with any resale of such
      Exchange Securities, (iv) subject to the penultimate paragraph of this
      Section 3, the Company hereby consents to the use of the Prospectus
      forming part of the Exchange Offer Registration Statement or any amendment
      or supplement thereto by any Notifying Broker-Dealer in connection with
      the sale or transfer of Exchange Securities, and (v) include in the
      transmittal letter or similar documentation to be executed by an exchange
      offeree in order to participate in the Exchange Offer the following
      provision:

            "If the undersigned is not a broker-dealer, the undersigned
      represents that it is not engaged in, and does not intend to engage in, a
      distribution of Exchange Securities. If the undersigned is a broker-dealer
      that will receive Exchange Securities for its own account in exchange for
      Registrable Securities, it represents that the Registrable Securities to
      be exchanged for Exchange Securities were acquired by it as a result of
      market-making activities or other trading activities and acknowledges that
      it will deliver a prospectus meeting the requirements of the 1933 Act in
      connection with any resale of such Exchange Securities pursuant to the
      Exchange Offer; however, by so acknowledging and by delivering a
      prospectus, the undersigned will not be deemed to admit that it is an
      "underwriter" within the meaning of the 1933 Act;"

                                       15
<PAGE>
            (B)   to the extent any Notifying Broker-Dealer participates in the
      Exchange Offer, (i) the Company shall use its reasonable best efforts to
      maintain the effectiveness of the Exchange Offer Registration Statement
      for a period of 180 days (subject to extension pursuant to the last
      paragraph of this Section 3) following the last date on which exchanges
      are accepted pursuant to the Exchange Offer, and (ii) the Company will
      comply, insofar as relates to the Exchange Offer Registration Statement,
      the Prospectus included therein and the offering and sale of Exchange
      Securities pursuant thereto, with its obligations under Section 2(b)(D),
      the last paragraph of Section 2(b), Section 3(c), 3(d), 3(e), 3(i), 3(j),
      3(k), 3(o) and 3(p), and the last two paragraphs of this Section 3 as if
      all references therein to a Shelf Registration Statement, the Prospectus
      included therein and the Holders of Registrable Securities referred,
      mutatis mutandis, to the Exchange Offer Registration Statement, the
      Prospectus included therein and the applicable Notifying Broker-Dealers
      and, for purposes of this Section 3(f), all references in any such
      paragraphs or sections to the "Majority Holders" shall be deemed to mean,
      solely insofar as relates to this Section 3(f), the Notifying
      Broker-Dealers who are the Holders of the majority in aggregate principal
      amount of the Exchange Securities which are Registrable Securities;

            (C)   the Company shall not be required to amend or supplement the
                  Prospectus contained in the Exchange Offer Registration
                  Statement as would otherwise be contemplated by Section 3(b)
                  or 3(k) hereof, or take any other action as a result of this
                  Section 3(f), at any time after the 180th day (subject to
                  extension pursuant to the last paragraph of this Section 3)
                  after the last date on which exchanges are accepted pursuant
                  to the Exchange Offer, and neither Notifying Broker-Dealers
                  nor any other Person shall be authorized by the Company to,
                  and shall not, deliver such Prospectus after such period in
                  connection with resales contemplated by this Section 3; and

            (D)   In the case of any Exchange Offer Registration Statement, the
                  Company agrees to deliver to the Initial Purchasers on behalf
                  of the Participating Broker-Dealer upon the effectiveness of
                  the Exchange Offer Registration Statement (i) an opinion of
                  counsel or opinions of counsel reasonably satisfactory to the
                  Initial Purchasers, (ii) officers' certificates substantially
                  in the form customarily delivered in a public offering of debt
                  securities and (iii) a comfort letter or comfort letters in
                  customary form to the extent permitted by Statement on
                  Auditing Standards No. 72 of the American Institute of
                  Certified Public Accountants (or if such a comfort letter is
                  not permitted, an agreed upon procedures letter in customary
                  form) from the Company's independent certified public
                  accountants (and, if necessary, any other independent
                  certified public accountants of any subsidiary of the Company
                  or of any business acquired by the Company for which financial
                  statements are, or are required to be, included in the
                  Registration Statement) at least as broad in scope and
                  coverage as the comfort letter or comfort letters delivered to
                  the Initial Purchasers in connection with the initial sale of
                  the Securities to the Initial Purchasers;

                                       16
<PAGE>
            (g)   (i) in the case of an Exchange Offer, furnish counsel for the
      Initial Purchasers and (ii) in the case of a Shelf Registration, furnish
      counsel for the Holders of Registrable Securities and counsel for any
      underwriters of Registrable Securities copies of any request by the SEC or
      any state securities authority for amendments or supplements to a
      Registration Statement or Prospectus or for additional information;

            (h)   use its reasonable best effort to obtain the withdrawal of any
      order suspending the effectiveness of a Registration Statement as soon as
      practicable and provide immediate notice to each Holder of the withdrawal
      of any such order;

            (i)   in the case of a Shelf Registration, furnish to each Holder of
      Registrable Securities, without charge, at least one conformed copy of
      each Registration Statement and any post-effective amendments thereto
      (without documents incorporated or deemed to be incorporated therein by
      reference or exhibits thereto, unless requested), if such documents are
      not available via the SEC EDGAR database;

            (j)   in the case of a Shelf Registration, cooperate with the
      selling Holders of Registrable Securities to facilitate the timely
      preparation and delivery of certificates representing Registrable
      Securities to be sold and not bearing any restrictive legends; and cause
      such Registrable Securities to be in such denominations (consistent with
      the provisions of the Indenture) and in a form eligible for deposit with
      the Depositary and registered in such names as the selling Holders or the
      underwriters, if any, may reasonably request in writing at least one
      business day prior to the closing of any sale of Registrable Securities;

            (k)   in the case of a Shelf Registration, upon the occurrence of
      any event or the discovery of any facts as contemplated by Section
      3(e)(vi) hereof, use its reasonable best efforts to prepare a supplement
      or post-effective amendment to a Registration Statement or the related
      Prospectus or any document incorporated or deemed to be incorporated
      therein by reference or file any other required document so that, as
      thereafter delivered to the purchasers of the Registrable Securities, such
      Prospectus will not contain at the time of such delivery any untrue
      statement of a material fact or omit to state a material fact necessary in
      order to make the statements therein, in light of the circumstances under
      which they were made, not misleading. The Company agrees to notify each
      Holder to suspend use of the Prospectus as promptly as practicable after
      the occurrence of such an event, and each Holder hereby agrees to suspend
      use of the Prospectus until the Company has amended or supplemented the
      Prospectus to correct such misstatement or omission or, alternatively, to
      notify the Holders that no such amendment or supplement is necessary. At
      such time as such public disclosure is otherwise made or the Company
      determines that such disclosure is not necessary, in each case to correct
      any misstatement of a material fact or to include any omitted material
      fact, the Company agrees promptly to notify each Holder of such
      determination and to furnish each Holder such number of copies of the
      Prospectus, as amended or supplemented, as such Holder may reasonably
      request;

            (l)   obtain CUSIP numbers for all Exchange Securities or
      Registrable Securities, as the case may be, not later than the effective
      date of a Registration Statement, and

                                       17
<PAGE>
      provide the Trustee with printed or word-processed certificates for the
      Exchange Securities or Registrable Securities, as the case may be, in a
      form eligible for deposit with the Depositary;

            (m)   (i) cause the Indenture to be qualified under the TIA in
      connection with the registration of the Exchange Securities or Registrable
      Securities, as the case may be, (ii) cooperate with the Trustee and the
      Holders to effect such changes, if any, to the Indenture as may be
      required for the Indenture to be so qualified in accordance with the terms
      of the TIA and (iii) execute, and use its best efforts to cause the
      Trustee to execute, all documents as may be required to effect such
      changes, if any, and all other forms and documents required to be filed
      with the SEC to enable the Indenture to be so qualified in a timely
      manner;

            (n)   in the case of a Shelf Registration, the holders of a majority
      in principal amount of the Registrable Securities registered pursuant to
      such Shelf Registration Statement shall have the right to direct the
      Company to effect not more than one underwritten registration and, in
      connection with such underwritten registration, the Company shall enter
      into agreements (including underwriting agreements or similar agreements)
      and take all other customary and appropriate actions (including those
      reasonably requested by the holders of a majority in principal amount of
      the Registrable Securities being sold) in order to expedite or facilitate
      the disposition of such Registrable Securities and in such connection, in
      a manner that is reasonable and customary:

                  (i)   make such representations and warranties to the Holders
            of such Registrable Securities and the underwriters, in form,
            substance and scope as are customarily made by issuers to
            underwriters in similar underwritten offerings as may be reasonably
            requested by such Holders and underwriters;

                  (ii)  obtain opinions of counsel to the Company (which counsel
            and opinions (in form, scope and substance) shall be reasonably
            satisfactory to the managing underwriters, and the Holders of a
            majority in principal amount of the Registrable Securities being
            sold) addressed to each selling Holder and the underwriters,
            covering the matters customarily covered in opinions requested in
            sales of securities or underwritten offerings and such other matters
            as may be reasonably requested by such Holders and underwriters;

                  (iii) obtain "cold comfort" letters and updates thereof with
            respect to such Shelf Registration Statement and the Prospectus
            included therein, all amendments and supplements thereto and all
            documents incorporated or deemed to be incorporated by reference
            therein from the Company's independent certified public accountants
            and from the independent certified public accountants for any other
            Person or any business or assets whose financial statements are
            included or incorporated by reference in the Shelf Registration
            Statement, each addressed to the underwriters, and use reasonable
            best efforts to have such letters addressed to the selling Holders
            of Registrable Securities, such letters to be in customary form and
            covering matters of the type customarily covered in "cold comfort"
            letters to underwriters in connection with similar underwritten
            offerings and such letters to

                                       18
<PAGE>
            be delivered at the time of the pricing of such underwritten
            registration with an update to such letter to be delivered at the
            time of closing of such underwritten registration;

                  (iv)  if an underwriting agreement or other similar agreement
            is entered into, cause the same to set forth indemnification and
            contributions provisions and procedures substantially equivalent to
            the indemnification and contributions provisions and procedures set
            forth in Section 5 hereof with respect to the underwriters and all
            other parties to be indemnified pursuant to Section 5 hereof or such
            other indemnification and contributions as shall be satisfactory to
            the Company, the applicable underwriters and the Holders of the
            majority in principal amount of the Registrable Securities being
            sold; and

                  (v)   deliver such other documents and certificates as may be
            reasonably requested and as are customarily delivered in similar
            underwritten offerings.

      The documents referred to in Sections 3(n)(ii) and 3(n)(v) shall be
      delivered at the closing under any underwriting or similar agreement as
      and to the extent required thereunder. In the case of any such
      underwritten offering, the Company shall provide written notice to the
      Holders of all Registrable Securities of such underwritten offering at
      least 30 days prior to the filing of a prospectus supplement for such
      underwritten offering. Such notice shall (x) offer each such Holder the
      right to participate in such underwritten offering, (y) specify a date,
      which shall be no earlier than 15 days following the date of such notice,
      by which such Holder must inform the Company of its intent to participate
      in such underwritten offering and (z) include the instructions such Holder
      must follow in order to participate in such underwritten offering;

            (o)   in the case of a Shelf Registration, make available for
      inspection by representatives of the Holders of the Registrable Securities
      and any underwriters participating in any disposition pursuant to a Shelf
      Registration Statement and any counsel or accountant retained by such
      Holders or underwriters, all financial statements and other records,
      documents and properties of the Company reasonably requested by any such
      Persons, and cause the respective officers, directors, employees, and any
      other agents of the Company to supply all information reasonably requested
      by any such Persons in connection with a Shelf Registration Statement;

            (p)   (i) in the case of an Exchange Offer, a reasonable time prior
      to the filing of any Exchange Offer Registration Statement, any Prospectus
      forming a part thereof, any amendment to an Exchange Offer Registration
      Statement or amendment or supplement to such Prospectus, provide copies of
      such documents to the Initial Purchasers, and make such changes in any
      such documents prior to the filing thereof as the Initial Purchasers or
      their counsel may reasonably request; (ii) in the case of a Shelf
      Registration, a reasonable time prior to filing any Shelf Registration
      Statement, any Prospectus forming a part thereof, any amendment to such
      Shelf Registration Statement or amendment or supplement to such
      Prospectus, provide copies of such document to the Holders of Registrable
      Securities, to the Initial Purchasers, to the underwriter or underwriters,
      of an underwritten offering of Registrable Securities, and to counsel for
      any such Holders,

                                       19
<PAGE>
      Initial Purchasers or underwriters, and make such changes in any such
      document prior to the filing thereof as the Holders of Registrable
      Securities, the Initial Purchasers, any such underwriter or underwriters
      or any of their respective counsel may reasonably request; and (iii) cause
      the representatives of the Company to be available for discussion of such
      documents as shall be reasonably requested by the Holders of Registrable
      Securities, the Initial Purchasers on behalf of such Holders or any
      underwriter, and shall not at any time make any filing of any such
      document of which such Holders, the Initial Purchasers on behalf of such
      Holders, their counsel or any underwriter shall not have previously been
      advised and furnished a copy or to which such Holders, the Initial
      Purchasers on behalf of such Holders, their counsel or any underwriter
      shall reasonably object within a reasonable time period;

            (q)   in the case of a Shelf Registration, use its reasonable best
      efforts to cause the Registrable Securities to be rated with the
      appropriate rating agencies, if so requested by the Majority Holders of
      Registrable Securities or by the underwriter or underwriters of an
      underwritten offering, unless the Registrable Securities are already so
      rated;

            (r)   otherwise use its reasonable best efforts to comply with all
      applicable rules and regulations of the SEC and, with respect to each
      Registration Statement and each post-effective amendment, if any, thereto
      and each filing by the Company of an Annual Report on Form 10-K, make
      available to its security holders, as soon as reasonably practicable, an
      earnings statement covering at least twelve months which shall satisfy the
      provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;

            (s)   cooperate and assist in any filings required to be made with
      the NASD and in the performance of any due diligence investigation by any
      underwriter and its counsel;

            (t)   in the case of a Shelf Registration, a reasonable time prior
      to the filing of any Registration Statement, any Prospectus, any amendment
      to a Registration Statement or amendment or supplement to a Prospectus or
      any document which is to be incorporated by reference into a Registration
      Statement or a Prospectus after the initial filing of a Registration
      Statement, provide copies of such document to the Initial Purchasers on
      behalf of such Holders; and make representatives of the Company as shall
      be reasonably requested by the Holders of Registrable Securities, or the
      Initial Purchasers on behalf of such Holders, available for discussion of
      such document; and

            (u)   in the case of a Shelf Registration, use its reasonable best
      efforts to cause all Registrable Securities to be listed on any securities
      exchange on which similar debt securities issued by the Company are then
      listed if requested by the Majority Holders or by the underwriter or
      underwriters of an underwritten offering of Registrable Securities, if
      any.

      In the case of a Shelf Registration Statement, the Company may (as a
condition to such Holder's participation in the Shelf Registration) require each
Holder of Registrable Securities to furnish to the Company such information
regarding such Holder and the proposed distribution by such Holder of such
Registrable Securities as the Company may from time to time reasonably

                                       20
<PAGE>
request in writing and require such Holder to agree in writing to be bound by
all provisions of this Agreement applicable to such Holder.

      In the case of a Shelf Registration Statement, each Holder agrees and, in
the event that any Participating Broker-Dealer is using the Prospectus included
in the Exchange Offer Registration Statement in connection with the sale of
Exchange Securities pursuant to Section 3(f), each such Participating
Broker-Dealer agrees that, upon receipt of any notice from the Company of the
happening of any event or the discovery of any facts of the kind described in
Section 3(e)(ii), 3(e)(iii) or 3(e)(v) through 3(e)(vii) hereof, such Holder or
Participating Broker-Dealer, as the case may be, will forthwith discontinue
disposition of Registrable Securities pursuant to a Registration Statement until
receipt by such Holder or Participating Broker-Dealer, as the case may be, of
(i) the copies of the supplemented or amended Prospectus contemplated by Section
3(k) hereof or (ii) written notice from the Company that the Shelf Registration
Statement or the Exchange Offer Registration Statement, respectively, are once
again effective or that no supplement or amendment is required. If so directed
by the Company, such Holder or Participating Broker-Dealer, as the case may be,
will deliver to the Company (at the Company's expense) all copies in its
possession, other than permanent file copies then in its possession, of the
Prospectus covering such Registrable Securities current at the time of receipt
of such notice. Nothing in this paragraph shall prevent the accrual of
Additional Interest on any Securities or Exchange Securities.

      If the Company shall give any such notice to suspend the disposition of
Registrable Securities pursuant to the immediately preceding paragraph, the
Company shall use its reasonable best efforts to file and have declared
effective (if an amendment) as soon as practicable thereafter an amendment or
supplement to the Shelf Registration Statement or the Exchange Offer
Registration Statement or both, as the case may be, or the Prospectus included
therein and shall extend the period during which the Shelf Registration
Statement or the Exchange Offer Registration Statement or both, as the case may
be, shall be maintained effective pursuant to this Agreement (and, if
applicable, the period during which Participating Broker-Dealers may use the
Prospectus included in the Exchange Offer Registration Statement pursuant to
Section 3(f) hereof) by the number of days during the period from and including
the date of the giving of such notice to and including the earlier of the date
when the Holders or Participating Broker-Dealers, respectively, shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions and the effective date of written notice from the Company to
the Holders or Participating Broker-Dealers, respectively, that the Shelf
Registration Statement or the Exchange Offer Registration Statement,
respectively, are once again effective or that no supplement or amendment is
required.

      4.    Underwritten Registrations. In the event that the Company fails to
effect the Exchange Offer or file any Shelf Registration Statement and maintain
the effectiveness of any Shelf Registration Statement as provided herein, the
Company shall not file any Registration Statement with respect to any securities
(within the meaning of Section 2(l) of the 1933 Act) of the Company other than
Registrable Securities.

      If any of the Registrable Securities covered by any Shelf Registration are
to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will manage the offering will be selected
by the Majority Holders of such Registrable

                                       21
<PAGE>
Securities included in such offering, subject to the consent of the Company,
which consent shall not be unreasonably withheld.

      No Holder of Registrable Securities may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder's
Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.

      5.    Indemnification and Contribution.

      (a)   The Company agrees to indemnify and hold harmless each Initial
Purchaser, each Holder, each Participating Broker-Dealer, each underwriter who
participates in an offering of Registrable Securities (each, an "Underwriter")
and each Person, if any, who controls any Initial Purchaser, Holder,
Participating Broker-Dealer or Underwriter within the meaning of either Section
15 of the 1933 Act or Section 20 of the 1934 Act, as follows:

            (i)   against any and all loss, liability, claim, damage and expense
      whatsoever, as incurred, arising out of any untrue statement or alleged
      untrue statement of a material fact contained in any Registration
      Statement pursuant to which Exchange Securities or Registrable Securities
      were registered under the 1933 Act, including all documents incorporated
      therein by reference, or any omission or alleged omission therefrom of a
      material fact required to be stated therein or necessary to make the
      statements therein not misleading, or arising out of any untrue statement
      or alleged untrue statement of a material fact contained in any
      preliminary prospectus or Prospectus or any omission or alleged omission
      therefrom of a material fact necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading;

            (ii)  against any and all loss, liability, claim, damage and expense
      whatsoever, as incurred, to the extent of the aggregate amount paid in
      settlement of any litigation, or any investigation or proceeding by any
      governmental agency or body, commenced or threatened, or of any claim
      whatsoever based upon any such untrue statement or omission, or any such
      alleged untrue statement or omission; provided that any such settlement is
      effected with the written consent of the Company; and

            (iii) against any and all expense whatsoever, as incurred (including
      the fees and disbursements of counsel chosen by any indemnified party),
      reasonably incurred in investigating, preparing or defending against any
      litigation, or any investigation or proceeding by any governmental agency
      or body, commenced or threatened, or any claim whatsoever based upon any
      such untrue statement or omission, or any such alleged untrue statement or
      omission, to the extent that any such expense is not paid under
      subparagraph (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information

                                       22
<PAGE>
furnished to the Company by any Initial Purchaser, Holder, Participating
Broker-Dealer or Underwriter with respect to such Initial Purchaser, Holder,
Participating Broker-Dealer or Underwriter, as the case may be, expressly for
use in the Registration Statement (or any amendment thereto) or the Prospectus
(or any amendment or supplement thereto) or made in reliance upon the Statements
of Eligibility and Qualification of Trustees (Form T-1) under the 1939 Act filed
as exhibits to the Registration Statement.

      (b)   Each Holder, each Initial Purchaser, each Participating
Broker-Dealer and each Underwriter, severally but not jointly, agrees to
indemnify and hold harmless the Company, each director of the Company, each
officer of the Company, each other Initial Purchaser, each other Participating
Broker-Dealer, each other Underwriter and each other selling Holder and each
Person, if any, who controls the Company, any Initial Purchaser, any
Underwriter, any Participating Broker-Dealer or any other selling Holder within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against
any and all loss, liability, claim, damage and expense described in the
indemnity contained in Section 5(a) hereof, as incurred, but only with respect
to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Shelf Registration Statement (or any amendment thereto) or any
Prospectus included therein (or any amendment or supplement thereto) in reliance
upon and in conformity with written information with respect to such Holder,
Initial Purchaser, Underwriter or Participating Broker-Dealer furnished to the
Company by such Holder, Initial Purchaser, Underwriter or Participating
Broker-Dealer, respectively, expressly for use in the Shelf Registration
Statement (or any amendment thereto) or such Prospectus (or any amendment or
supplement thereto); provided, however, that no such Holder, Initial Purchaser,
Underwriter or Participating Broker-Dealer shall be liable for any claims
hereunder in excess of the amount of net proceeds received by such Holder from
the sale of Registrable Securities pursuant to such Shelf Registration
Statement.

      (c)   Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure so to notify an
indemnifying party shall not relieve such indemnifying party from any liability
which it may have otherwise than on account of this indemnity agreement. An
indemnifying party may participate at its own expense in the defense of such
action; provided, however, that counsel to the indemnifying party shall not
(except with the consent of the indemnified party) also be counsel to the
indemnified party. In no event shall the indemnifying parties be liable for the
fees and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for all indemnified parties in connection with
any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances. No
indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in
respect of which indemnification or contribution could be sought under this
Section 5 (whether or not the indemnified parties are actual or potential
parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party.

                                       23
<PAGE>
      (d)   In order to provide for just and equitable contribution in
circumstances in which the indemnity agreement provided for in this Section 5 is
for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses
referred to therein, then each indemnifying party shall contribute to the
aggregate amount of such losses, liabilities, claims, damages and expenses
incurred by such indemnified party, as incurred, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party or parties
on the one hand and of the indemnified party or parties on the other hand in
connection with the statements or omissions that resulted in such losses,
liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party or
parties on the one hand and the indemnified party or parties on the other hand
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by such indemnifying party
or parties or such indemnified party or parties, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

      (e)   The Company, the Holders, and the Initial Purchasers agree that it
would not be just or equitable if contribution pursuant to this Section 5 were
determined by pro rata allocation (even if the Initial Purchasers were treated
as one entity for such purpose) or by any other method of allocation that does
not take account of the equitable considerations referred to in paragraph (d)
above. The aggregate amount of losses, liabilities, claims, damages and expenses
incurred by an indemnified party and referred to above in this Section 5 shall
be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission.

      Notwithstanding the provisions of this Section 5, no Initial Purchaser or
Holder, Participating Broker-Dealer or Underwriter shall be required to
contribute any amount in excess of the amount by which the total price at which
Registrable Securities sold by it were offered exceeds the amount of any damages
that such Initial Purchaser, Holder, Participating Broker-Dealer or Underwriter
has otherwise been required to pay by reason of any such untrue or alleged
untrue statement or omission or alleged omission.

      No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

      For purposes of this Section 5, each Person, if any, who controls an
Initial Purchaser, Holder, Participating Broker-Dealer or Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have
the same rights to contribution as such Initial Purchaser, Holder, Participating
Broker-Dealer or Underwriter, as the case may be, and each director of the
Company, each officer of the Company who signed the Registration Statement and
each Person, if any, who controls the Company within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to
contribution as the Company. The respective obligations of the Initial
Purchasers, Holders, Participating Broker-Dealers and

                                       24
<PAGE>
Underwriters to contribute pursuant to this Section 5 are several in proportion
to the principal amount of Securities purchased by them and not joint.

      The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
any Initial Purchaser, Holder, Participating Broker-Dealer or Underwriter or any
Person controlling any Initial Purchaser, Holder, Participating Broker-Dealer or
Underwriter, or by or on behalf of the Company, its officers or directors or any
Person controlling the Company, (iii) acceptance of any of the Exchange
Securities and (iv) any sale of Registrable Securities or Exchange Securities
pursuant to a Shelf Registration Statement.

      6.    Miscellaneous.

      (a)   Rule 144 and Rule 144A. For so long as the Company is subject to the
reporting requirements of Section 13 or 15 of the 1934 Act, the Company
covenants that it will file all reports required to be filed by it under Section
13(a) or 15(d) of the 1934 Act and the rules and regulations adopted by the SEC
thereunder, that if it ceases to be so required to file such reports, it will
upon the request of any Holder or beneficial owner of Registrable Securities (i)
make publicly available such information (including, without limitation, the
information specified in Rule 144(c)(2) under the 1933 Act) as is necessary to
permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to
be delivered, promptly following a request by any Holder or beneficial owner of
Registrable Securities or any prospective purchaser or transferee designated by
such Holder or beneficial owner, such information (including, without
limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as
is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and (iii)
take such further action that is reasonable in the circumstances, in each case
to the extent required from time to time to enable such Holder to sell its
Registrable Securities without registration under the 1933 Act within the
limitation of the exemptions provided by (x) Rule 144 under the 1933 Act, as
such Rule may be amended from time to time, (y) Rule 144A under the 1933 Act, as
such Rule may be amended from time to time, or (z) any similar rules or
regulations hereafter adopted by the SEC. Upon the request of any Holder or
beneficial owner of Registrable Securities, the Company will deliver to such
Holder a written statement as to whether it has complied with such requirements.

      (b)   No Inconsistent Agreements. The Company has not entered into nor
will the Company on or after the date of this Agreement enter into any agreement
which is inconsistent with the rights granted to the Holders of Registrable
Securities in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not and will not in any way
conflict with and are not and will not be inconsistent with the rights granted
to the holders of any of the Company's other issued and outstanding securities
under any other agreements entered into by the Company or any of its
subsidiaries.

      (c)   Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless the Company has obtained the written consent of Holders of at
least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or
departure.

                                       25
<PAGE>
      (d)   Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telecopier, or any courier guaranteeing overnight delivery (i)
if to a Holder or Participating Broker-Dealer (other than an Initial Purchaser),
at the most current address set forth on the records of the registrar under the
Indenture, (ii) if to an Initial Purchaser, at the most current address given by
such Initial Purchaser to the Company by means of a notice given in accordance
with the provisions of this Section 6(d), which address initially is the address
set forth in the Purchase Agreement; (iii) if to the Company, initially at the
address set forth in the Purchase Agreement and thereafter at such other
address, notice of which is given in accordance with the provisions of this
Section 6(d) and (iv) if to any Underwriter, at the most current address given
by such Underwriter to the Company by means of a notice given in accordance with
the provisions of this Section 6(d), which address initially shall be the
address set forth in the applicable underwriting agreement.

      All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five business
days after being deposited in the mail, first class, postage prepaid, if mailed;
when receipt is acknowledged, if telecopied; and on the next business day if
timely delivered to an air courier guaranteeing overnight delivery.

      Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

      (e)   Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms hereof or of the Purchase Agreement or the Indenture.
If any transferee of any Holder shall acquire Registrable Securities, in any
manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all of the terms of this Agreement, and by taking and
holding such Registrable Securities, such Person shall be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement, including the restrictions on resale set forth in this Agreement
and, if applicable, the Purchase Agreement, and such Person shall be entitled to
receive the benefits hereof.

      (f)   Third Party Beneficiary. Each Holder and Participating Broker-Dealer
shall be a third party beneficiary of the agreements made hereunder between the
Company, on the one hand, and the Initial Purchasers, on the other hand, and
shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of
other Holders hereunder. Each Holder, by its acquisition of Securities, shall be
deemed to have agreed to the provisions of Section 5(b) hereof.

      (g)   Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

      (h)   Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                                       26
<PAGE>
      (i)   Restriction on Resales. If (i) the Company or any of its
subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act) shall
redeem, purchase or otherwise acquire any Registrable Security or any Exchange
Security which is a "restricted security" within the meaning of Rule 144 under
the 1933 Act, the Company will deliver or cause to be delivered such Registrable
Security or Exchange Security, as the case may be, to the Trustee for
cancellation and neither the Company nor any of its subsidiaries or affiliates
will hold or resell such Registrable Security or Exchange Security or issue any
new Security or Exchange Security to replace the same.

      (j)   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      (k)   Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

                            [SIGNATURE PAGE FOLLOWS]

                                       27
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above.

                                   NORTH FORK BANCORPORATION, INC.

                                   By: /s/ Daniel Healy
                                       --------------------------------------
                                       Name: Daniel Healy
                                       Title: Executive Vice President and Chief
                                              Financial Officer
<PAGE>
Confirmed and accepted
     as of the date first above written:

SALOMON SMITH BARNEY INC.
And the other parties referred to in Annex A hereto

By:  SALOMON SMITH BARNEY INC.

By:  /s/ James H. Harasimowicz
     ------------------------------------------------
     Name: James H. Harasimowicz
     Title: Managing Director

For itself and on behalf of the other Initial Purchasers
<PAGE>
                                                                         ANNEX A

                               INITIAL PURCHASERS

                            SALOMON SMITH BARNEY INC.

                              LEHMAN BROTHERS INC.

                          KEEFE, BRUYETTE & WOODS, INC.

                        SANDLER O'NEILL & PARTNERS, L.P.
<PAGE>
                                                                         ANNEX B

                              PLAN OF DISTRIBUTION

      Each broker-dealer that receives new notes for its own account under the
exchange offer must acknowledge that it will deliver a prospectus in connection
with any resale of those notes. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer for resales of
new notes received in exchange for original notes that had been acquired as a
result of market-making or other trading activities. We have agreed that, for a
period of 180 days after the expiration date of the exchange offer, we will make
this prospectus, as it may be amended or supplemented, available to any
broker-dealer for use in connection with any such resale. Any broker-dealers
required to use this prospectus and any amendments or supplements to this
prospectus for resales of the new notes must notify us of this fact by checking
the box on the letter of transmittal requesting additional copies of these
documents.

      Notwithstanding the foregoing, we are entitled under the registration
rights agreements to suspend the use of this prospectus by broker-dealers under
specified circumstances. For example, we may suspend the use of this prospectus
if:

-  the SEC or any state securities authority requests an amendment or
   supplement to this prospectus or the related registration statement or
   additional information;

-  the SEC or any state securities authority issues any stop order suspending
   the effectiveness of the registration statement or initiates proceedings
   for that purpose;

-  we receive notification of the suspension of the qualification of the new
   notes for sale in any jurisdiction or the initiation or threatening of any
   proceeding for that purpose;

-  the suspension is required by law; or

-  an event occurs which makes any statement in this prospectus untrue in any
   material respect or which constitutes an omission to state a material fact
   in this prospectus.

      If we suspend the use of this prospectus, the 180-day period referred to
above will be extended by a number of days equal to the period of the
suspension.

      We will not receive any proceeds from any sale of new notes by
broker-dealers. New notes received by broker-dealers for their own account under
the exchange offer may be sold from time to time in one or more transactions in
the over-the-counter market, in negotiated transactions, through the writing of
options on those notes or a combination of those methods, at market prices
prevailing at the time of resale, at prices related to prevailing market prices
or at negotiated prices. Any resales may be made directly to purchasers or to or
through brokers or dealers who may receive compensation in the form of
commissions or concessions from the selling broker-dealer or the purchasers of
the new notes. Any broker-dealer that resells new notes received by it for its
own account under the exchange offer and any broker or dealer that

                                       28
<PAGE>
participates in a distribution of the new notes may be deemed to be an
"underwriter" within the meaning of the Securities Act and any profit on any
resale of new notes and any commissions or concessions received by these persons
may be deemed to be underwriting compensation under the Securities Act. The
letter of transmittal states that, by acknowledging that it will deliver and by
delivering a prospectus, a broker- dealer will not be deemed to admit that it is
an "underwriter" within the meaning of the Securities Act.

      We have agreed to pay all expenses incidental to the exchange offer other
than commissions and concessions of any broker or dealer and will indemnify
holders of the notes, including any broker-dealers, against certain liabilities,
including liabilities under the Securities Act.

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